Ohio University Policy and Procedure

Tax-Sheltered Annuities




Procedure No.:   41.131

Page No.:        1 of 1

Date Issued:     11/1/82

Issued By:       W.L. Kennard



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PURPOSE:

To provide the policy and procedure implementing Am. H.B. 805, Section 9.91, which grants employees the right to designate the licensed agent, broker or company through whom the University shall arrange for the placement or purchase of tax-sheltered annuities, provided the annuity meets the requirements of section 403 (b) of the Internal Revenue Code of 1954, 26 U.S.C.A. 403 (b) and the designated agent, broker or company is designated by at least one percent of the full time faculty and staff.

PROCEDURE:

  1. The Personnel Director shall determine the number of full time faculty and staff annually for the purposes of applying the one percent rule. The number shall be determined as of November 1 and the total determined shall be used for the purposes of this policy through the following October 31. Once an agent, broker or company is approved, changes in the number of full time employees will not apply.

  2. The Specifications other than those listed in this procedure, such as financial matters required of the agent, broker or company are available in the Office of the Treasurer.

  3. The Agents, brokers or companies shall obtain the approval of the Personnel Director prior to solicitating employees.

  4. The University will not:

    A. Permit solicitations for enrollment on campus during scheduled work hours.

    B. Furnish employee print-outs or address labels.

    C. Furnish University facilities for meetings.

    D. Participate in or publicise enrollment campaigns.

  5. The Agents, brokers or companies shall present to the Personnel Director employee signed salary reduction contracts equal to at least one percent of the full time faculty and staff at the time they request to be a designated agent, broker or company.

  6. The Provost shall approve the contract with the agent, broker or company upon the recommendation of the Treasurer in accordance with applicable State laws. The University's sole obligation to the approved agents, brokers or companies will be to provide the mechanics for payroll deduction and remitting the funds to the carriers.



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Dick Piccard revised this file (http://www.ohio.edu/policy/41-131.html) on May 15, 2013.

Please E-mail any comments or suggestions to "policy@ohio.edu".