Tax Deferred Annuity/Compensation
The board may contract with a staff member to defer any portion of his compensation in a credit union, savings and loan association, bank or other such financial institution or insurance company as set forth in RCW 41.04.250. In addition, the district may, at the staff member's direction, provide and pay for a tax deferred annuity for the purpose of funding a tax deferred annuity program.
The board shall enter into a tax deferred annuity contract when five or more staff members request the school district to enter into a contract with a company of the staff members' choice authorized to do business in the state of Washington through a Washington-licensed insurance agent.
The superintendent is directed to create a tax deferred annuity program at the request of five or more staff members. Procedures shall address:
- Staff responsibilities for carrying out the deferred annuity program,
- How and when staff members can be contacted by representatives of
companies licensed to do business in the state of Washington provided that no staff member shall be personally contacted during the normal work day,
- Assurance that the district shall be held harmless for any actions occurring after the authorized funds have been disbursed to the company designated by the staff member.
Current practice codified 1988
Adopted:
5/7/90
9/1/92
LEGAL REFS.:
RCW 28A.58.560 through 28A.58.570
RCW 28A.58.740
RCW 28A.67.095 through 28A.67.096
RCW 41.04.250
RCW 41.56.110
RCW 41.59.060
RCW 41.59.100
CONTRACT REFS.:
Lake Washington Education Association Agreement, Article X
School District Trades Bargaining Council Agreement, Article II
Public Professional and Office-Clerical Employees and Drivers Local Union No. 763, Article II
Lake Washington Association of Educational Office Personnel/CPEA-WEA-NEA, Article XIX and Appendix B
Lake Washington Instructional Assistants Represented by Service Employees International Union, Local #6, Articles V and XVII
CROSS REFS.:
Payroll Procedures/Payday Schedules (DL/DLA)