406.6 - Licensed Employee Tax Shelter Programs

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

Licensed employees wishing to have payroll deductions for tax-sheltered annuities will make a written request to the superintendent.  Requests for purchase or change of tax-sheltered annuities may be made by the first of the month prior to the payroll deduction.

 

 

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 11/1/2004                             Reviewed 12/17/2007                            Revised 01/19/2009
                                                                              01/16/2012                                          06/17/2019
                                                                              01/23/2017
                                                                              06/17/2019

                                                                              06/20/2022