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DLB Tax Sheltered Annuities

TAX SHELTERED ANNUITIES

So that employees of Regional School Unit 1 may obtain the benefitsbenefit of tax sheltered annuities, the followingBoard policyhereby mayauthorizes bethe followed:adoption of a Tax Sheltered Annuity Plan. The Superintendent or designee is authorized to sign a written Tax Sheltered Annuity Plan (the “Plan”) on behalf of the Board. The Plan shall provide that:

A. TheAny boardemployee shallmay offerparticipate payrollin deductionthe serviceTax Sheltered Annuity Plan, subject to anythe employee who wishes to purchase a tax sheltered annuitylimitations of his/herthe choice,Plan providedand allthe conditionsInternal containedRevenue in this policy are carried out.Code.

B. Any and all agents or agenciesagency wishing to sell tax deferred or tax sheltered annuities to employees of Regional School Unit 1 shallmust file with the Superintendent or designee evidence of their right orits license to sell such annuities in the State of Maine. The final determination will be made by the superintendent or his/her designee.

C. WhileOnly those providers of annuities who agree to comply with the boardterms willof neitherthe endorsePlan norshall rejectbe anypermitted particularto participate as an annuity programprovider it recognizesunder the meritTax thatSheltered wouldAnnuity flowPlan. fromIn professionalaccordance organizationwith endorsementthe Plan, the Board retains the right to limit the number of selectedannuity programs.providers authorized to sell annuities to employees.

D. At no time will the school administration permit solicitation onby the partproviders of agenciestax sheltered annuities be permitted in school buildings or on school properties during regular school hours.

D. In order to comply with regulations, it is necessary that the superintendent or his/her designee sign the application agreeing to the wage reduction for annuity purchase purposes.

Adopted: April, 1, 1980

Revised: April 13, 19921992, March 27, 2023

Reviewed and Adopted: May 8, 2006, January 23, 2012

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