412.4 - CLASSIFIED EMPLOYEE TAX SHELTER PROGRAMS (6/14/2023)

Employees may elect to have amounts withheld from their pay for items authorized by law, subject to agreement of the district. The board may authorize the administration to make a payroll deduction for classified employees' tax sheltered annuity premiums purchased from a company or program if chosen by the board.

Classified employees wishing to have payroll deductions for tax sheltered annuities will make a written request to the superintendent.  Request for purchase or change of tax-sheltered annuities may be made by submitting a 403b Salary Reduction Form to the business office at least 10 calendar days before the  payroll date for which the change is to take effect.

Legal Reference:          

• Small Business Job Protection Act of 1996, Section 1450(a), repealing portions of IRS REG § 1.403(b)-1(b)(3).
• Iowa Code §§ 260C; 273; 294.16.
• 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:  November 9, 2005        

Last Reviewed:  June 14, 2023

EAST BUCHANAN CSD BOARD POLICY