406.6 - Licensed Employee Tax Shelter Programs

The board authorizes the administration to make a payroll deduction for licensed employees' tax sheltered annuity premiums purchased from a company or program chosen by the board and collective bargaining unit.

Licensed employees wishing to have payroll deductions for tax sheltered annuities shall make a written request to the superintendent or the board secretary.

The requirements stated in the Master Contract between employees in that certified collective bargaining unit and the board regarding the tax sheltered annuities of such employees shall be followed.

 

 

Legal Reference:  Small Business Job Protection Act of 1996, Section 1450 (a), repealing portions of IRS REG SS 1.403(b)-1(b)(3).
                                       Iowa Code §§ 20.9; 260C; 273; 294.16 (1995) (2007)
                                       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:   April 1996            
Reviewed:  January 2017, May 2020