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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