The board authorizes the administration to make a payroll deduction for employees' tax sheltered annuity premiums purchased from any company the employee chooses or through an Iowa-licensed salesperson selected by the employee. However, the district will abide by IRS rulings concerning tax sheltered annuities.
Employees wishing to have payroll deductions for tax sheltered annuities will make a written request to the business manager.
The requirements stated in the Master Contract between employees in that collective bargaining unit and the board regarding the tax sheltered annuities of such employees will be followed.
Legal Reference: Iowa Code §§ 20.9; 260C; 273; 294.16 (1995).
1988 Op. Att'y Gen. 38.
1976 Op. Att'y Gen. 462, 602.
1966 Op. Att'y Gen. 211, 220.
Cross Reference: 706 Payroll Procedures
Approved March 8, 2000 Reviewed January 12, 2011 Revised