PERSONNEL
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 authorize 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 business manager.
Note: The school district time frame for adding or changing tax-sheltered annuities should be reflected in this policy, if the school district uses one. The time frame should be inserted in the blank in the second paragraph.
Note: Boards should adopt IASB sample policies to meet the needs of the local district. Please ensure that the language contained in local policy is consistent with language contained in other district documents (e.g., handbooks, master contracts, etc.).
For more detailed discussion of this issue, see IASB’s Policy Primer, Vol. 25 #4 – May 1, 2017.
Legal Reference:
Iowa Code §§ 260C; 273; 294.16.
I.C. Iowa Code
Description
Iowa Code § 260C
Community Colleges
Iowa Code § 273
AEAs
Iowa Code § 294.16
Teachers - Investment Contracts
Cross References
Code
Description
706.02
Payroll Deductions
Approved: 1/21/99
Reviewed: 1/18/2021
Revised: 3/16/09, 12/16/2024