Currently the Board of Education provides for deductions to be made from Payroll for Tax Sheltered Annuity Plans in which employees are enrolled.

To assist employees and control solicitation of the Tax Shelter Annuity companies, the following policy is to be established:

1. There will be no more than five (5) Tax Shelter Annuity companies allowed to be represented in the Morris School District at any one time and only one authorized agent shall represent each company. The companies currently represented are:

1. Great West Assurance Co.
2. Fidelity Investments
3. Washington National
4. Valic
5. Lincoln Life Insurance Company
6. Lincoln Investment Planning, Inc.

2. Those qualifying employees whose Tax Shelter Annuity company provides Documentation of contributions exceeding MAC amounts (maximum annual Contribution) will be allowed to exceed the 403 (b) yearly limits.

3. No employee of the Morris School District shall contribute to more than one (1) Tax Shelter Annuity Company during a calendar year.  Doing so will void any Service Provider Agreement between Morris School District and the Tax Shelter Annuity company.

4. The participating companies must have more than one (1) employee contributing to the plan. 

5. The Board of Education shall incur no administrative costs in connection with the collection and distribution of deductions.

6. It is within the capability of the payroll process to make said deductions.

7. The participating Tax Sheltered Annuity companies shall only be authorized to solicit new clients and/or make changes to its existing clientele during designated periods of the day as established by each principal at each school, but only during the month of November for an effective date of January 1, and/or during the month of May for an effective date of July 1.  This arrangement must be made by prior appointment.  No two companies can be soliciting on the same day.

8. No employee of the Morris School District shall represent any of the above named companies during school hours for the purpose of solicitation.

Date:
May 27, 1997
November 10, 1997  Revised
June 28, 1999  Revised
November 19, 2001  First Reading
January 14, 2002  Second Reading
April 29, 2002  Revised First Reading
May 13, 2002  Second Reading
April 28, 2003  Revised First Reading
May 12, 2003  Second Reading
November 14, 2005  Revised First Reading
December 12, 2005  Revised Second Reading

Key Words
Tax Sheltered Annuity; Tax Shelter; Annuity