Policy: 5501
Personnel
Tax Sheltered Annuity (403B) and Tax Deferred Governmental (457) Plans
The Board of Directors may contract with an eligible employee to defer any portion of his/her compensation at an eligible employee’s direction. The District may provide for participation in a tax deferred annuity program, as defined by Section IRC 403(b) and IRC 457 plans.
The Board will direct the Superintendent or designee to enter into a tax deferred annuity arrangement, upon receipt of all documents required by the school District under the administrative procedure for tax deferred annuities, when five or more eligible employees request an arrangement with a company of the employee’s choice.
Procedures shall address:
A. Employee responsibilities for carrying out the tax deferred annuity program.
B. How and when employees can be contacted by representatives of the companies that comply with all of the requirements set forth in the administrative procedures.
C. The assurance that the school District shall be held harmless for any actions occurring after the authorized funds have been disbursed to the company designated by the employee.
D. The employee’s responsibility for determining that the disbursement does not exceed the limits set forth in applicable law.
Revised 12/2008
Previously Policy No. 7500, 6020