DLB - Tax Sheltered Annuities

TAX SHELTERED ANNUITIES

So that employees may obtain the benefit of tax sheltered annuities, the School Committee

hereby authorizes the adoption of a Tax Sheltered Annuity Plan. The Superintendent/Principal is authorized to sign a written Tax Sheltered Annuity Plan (the” Plan”) on behalf of the School Committee. 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/Principal 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 School Committee retains the right to limit the number of annuity providers authorized to sell annuities to employees.

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.

Adopted:   February 12, 2002

Reviewed:   December 8, 2022