Proposed Revision to 803.1 - Retirement; Tax Sheltered Annuities
Board policy
1. Units of the Montana
University System are The Commissioner of Higher
Education is authorized to negotiate for and purchase "tax
sheltered" annuities and deferred compensation plans for employees of the
Montana University System under the provision of the 1954 Internal Revenue
Code, Section 403(b), and the laws of the State of Montana.
Procedures:
1. The employee must agree to a reduction
in salary or wages paid in the same amount as the cost of the annuity or
compensation plan.
2. The Commissioner of Higher Education is
authorized to approve necessary amendments to contracts of
employment or to delegate such approval power may delegate to
the presidents or chancellors of the various institutions campuses the
authority to approve necessary plan documents and amendments.
3. Employee salary adjustments and payroll
deductions are authorized for non-contract personnel by the local
administration, also consistent with State law.
History:
Item 186-003, May 13, 1963 (superseded); Item 12-003-R0676, Authorization for Units of the Montana University System to Negotiate for and Purchase Tax Sheltered Annuities and Deferred Compensation Plans for Employees, June 7, 1976.