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杏吧直播间 State University
POLICY NUMBER: V H
SUBJECT: TAX-SHELTERED ANNUITIES
APPLIES TO: FACULTY AND STAFF
EFFECTIVE DATE: July 1, 1993
REVISED FROM: February 17, 1990

TAX-SHELTERED ANNUITIES

Internal Revenue Code, Section 403 (b), permits employees of the University to purchase tax-sheltered annuities for the purpose of deferring federal and state income taxes until a later date.

1. Intent of 403 (b) Plans

   1. Under such a plan a portion of an employee's annual salary is not taxed at the time the salary is earned. It is withheld from an employee's salary and paid to Kentucky Teachers' Retirement System, TIAA/CREF, and/or mutual fund groups to be held until the employee wishes to withdraw the funds at which time taxes would be paid.

   2. The intent of such plans is to create a retirement fund and defer taxes until retirement when an employee would normally be in a lower tax bracket. Appropriate taxes must be paid at the time the funds are withdrawn.

2. Approved Companies
   All insurance companies licensed by the state of Kentucky and authorized by the Commissioner of Finance for payroll deductions shall be permitted to offer tax-sheltered annuity programs to 杏吧直播间 State University under the following conditions:

   1. The proposed tax-sheltered annuity program will be submitted in writing to the Director of Human Resources.

   2. If necessary, an appointment will be made for the company's representative to meet the Director of Human Resources and Director of Procurement Services to answer questions concerning the company and/or its proposal.

   3. Upon approval of the Director of Human Resources and Director of Procurement Services, the insurance company may proceed to obtain twenty signed applications needed for final approval. Once the plan has been approved, there will not be a minimum number of participants required to keep the plan in force.

   4. There will not be a cap on the number of companies allowed.

   5. 杏吧直播间 State University will make payroll deductions from the salaries of employees signing tax-sheltered annuity contracts.

   6. All tax-sheltered annuity program proposals will be kept on file in Human Resources and will be available for examination and comparison by all 杏吧直播间 State University employees.

State policy prohibits solicitation in state offices during office hours. This policy also applies to 杏吧直播间 State University.