The payroll department is authorized to make deductions for Credit Union purposes beginning January 1, 1966, for all contract certificated and classified employees.
Tax Sheltered Annuities
RESOLVED:
That the Board of Education of Central School District No. 5, Town of Colonie, agrees to purchase annuities for employees in accordance with the provisions of Section 403(b) of the Internal Revenue Code of 1954, as amended.
NOW, Therefore, the School Business Administrator of the aforesaid School District is hereby authorized to approve, on behalf of the Board of Education, applications from employees for agreements with the School District for reductions in contract salary, the amount of such reduction to be remitted to the company specified by the employee in the agreement for the purpose of purchasing a non-forfeitable annuity contract or annuity account qualifying for purposes of Section 403(b).
Ref:
Civil Practice Law and Rules §§5231; 5341; 5342
Civil Service Law §§75; 208; 210
Education Law §§1527; 1604(31-a); 1709(34-a); 1709(35); 3020-a; 3109
General Municipal Law §§92-a; 93; 93-a; 93-b; 93-c
Workers’ Compensation Law §§209; 212
Internal Revenue Code of 1954 (amended) Sec. 403(b)
Note: Prior policies, Credit Union Deductions, 4157.1 and 4237.1; and Tax Sheltered Annuities, 4157.3
Policy Adopted: November 8, 1965
Amended: April 3, 1967
Amended: May 18, 1998