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408 TAX SHELTERED ANNUITY PROGRAM

A. Employee Participation Full time salaried employees of the district shall be eligible for participation in the tax–sheltered annuity program. A full time employee is defined as one receiving a regular paycheck during the school year with a minimum of twenty (20) hours per week. B. Participating Companies A company may participate in the tax–sheltered annuity program of the district in one of the following ways: 1. Represent a minimum of four annuitants; 2. Represent a new employee transferring from another district with an annuity program. 3. Continuously represent any number of annuitants in the school district at the date of the adoption of this policy. The school district does not guarantee, approve, recommend or subscribe to any program, plan or policy written by any company. They will be determined to be participating companies only because of the a fore mentioned criteria. C. Payment and Application Dates 1. The last date for submitting completed annuity applications is June 1st of the preceding fiscal year, or January 1st of the current calendar year. 2. Payments to the companies will be made once each month. If the companies have a listing or billing form, this will be completed by the district. 3. The amount indicated on the application is considered to be all tax-sheltered and no amounts included thereon shall be included on the federal or state tax form prepared by the school district. 4. This school district will make no special deductions for life insurance connected with any annuity program. D. Termination An annuity will be terminated immediately upon written request from the annuitant. This request will subsequently be submitted to the Administration for approval. E. Solicitation Companies are not allowed to arbitrarily solicit new customers or service their customers on the school district premises. They are allowed to meet with staff members on the school premises only if they have previously scheduled an appointment.

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