Original Adopted Date: 8-11-97 Last Revised Date: 8-22-22 Last Reviewed Date: 11-28-16
The board authorizes the administration to make a payroll deduction for classified employees' tax-sheltered annuity premiums purchased from a company or program chosen by the board and collective bargaining units.
The requirements stated in the Master Agreement/Staff Handbook between employees in that classified collective bargaining unit and the board regarding employee tax shelter programs shall be followed.
Classified employees wishing to have payroll deductions for tax-sheltered annuities shall make a written request on the form provided to the business manager.
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 §§ 20.9; 260C; 273; 294.16 (2013).
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