MSAD 9 POLICY MANUAL
File: DLB
TAX SHELTERED ANNUITIES
So that employees may obtain the benefit of tax sheltered annuities, the Board hereby authorizes the adoption of a Tax Sheltered Annuity Plan. The Superintendent is authorized to sign a written Tax Sheltered Annuity Plan (the “Plan”) on behalf of the Board. The Plan shall provide that:
A. Any employee may participate in the Tax Sheltered Annuity Plan, subject to the limitations of the Plan and the Internal Revenue Code.
B. Any agent or agency wishing to sell tax sheltered annuities to employees must file with the Superintendent evidence of its license to sell such annuities in the State of Maine.
C. Only those providers of annuities who agree to comply with the terms of the Plan shall be permitted to participate as an annuity provider under the Tax Sheltered Annuity Plan. In accordance with the Plan, the Board retains the right to limit the number of annuity providers authorized to sell annuities to employees.
An agent must present evidence of intent from three or more employees wishing to enroll in any plan not already set up with the district. (Exceptions will be granted only with the permission of the Superintendent and only in approved cases where any employee is attempting to transfer a plan in which s/he is already enrolled at the time of hire.)
D. At no time will solicitation by providers of tax sheltered annuities be permitted in school buildings or on school property during regular school hours.
E. There will be only two open months in each calendar year for changes in the programs of individuals. Transactions must be completed during one of those two months. Changes will not be made at other times or in other months of the year. The two months are September and February.
Adopted: December 14, 1999
Reviewed: January 22, 2002