412.04 - Classified 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 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.

Licensed employees wishing to have payroll deductions for tax-sheltered annuities will make a written request to the business manager.   A salary reduction agreement must also be presented to the business manager before deductions can be made.

 

 

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.

Cross Reference:  706                                    Payroll Procedures

Approved  5/18/2020                            
Reviewed                                                                               
Revised