Code No. 406.3

Staff Personnel

Tax Shelter Programs

The Board authorizes the administration to make a payroll deduction for employees’ tax sheltered premiums purchased from any company the employee chooses or through an Iowa-licensed salesperson selected by the employee.

Employees wishing to have payroll deductions for tax sheltered plans shall make a written request to the board secretary.

The Board authorizes an employee to enter into salary reduction agreements in the first month of each calendar quarter.

Legal Reference:     Small Business Job Protection Act of 1996,

                                 Section1450(a), repealing portions of IRS REG - 1.403(b)-1(b) (3).

                                 Iowa Code  20.9; 260C; 273; 294.16 (1995).

                                 1988 Op. Att’y Gen. 38.

                                 1976 Op. Att’y Gen. 462, 602.

                                 1966 Op. Att’y Gen. 211, 220.

Cross Reference:    400 Series     Payroll Deductions

Approved:    January 27, 1997           

Reviewed:    April 18, 2006