412.4 Classified Employee Tax Shelter Programs

Code No. 412.4


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

Classified employees wishing to have payroll deductions for tax sheltered annuities will make a written request to the superintendent.

Employees must notify HR by the 15th of each month for any changes. 

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 §§ 20.9; 260C; 273; 294.16 (2013).
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  9/23/2015

Revised 1/25/2023

Grinnell-Newburg School District, Grinnell, I