In addition to the mandated deductions of Federal and State Income Tax and Social Security, the Board of Education authorizes deductions from salary payments at the option of the employee for the following purposes:
1. Health Insurance;
2. Dues for membership in the following associations: NEA, NYSUT, PCSTA, CSEA and SAANYS;
3. Credit Union; and
4. Tax Sheltered Annuities.
The Board agrees to purchase annuities for employees in accordance with the provisions of section 403(b) of the Internal Revenue Code of 1954 as amended. The Superintendent is authorized to approve, on behalf of the Board, applications from employees for agreements with the district for reductions in contract salary, the amount of such reduction to be remitted to the company specified by the employee in the agreement for the purpose of purchasing a non-forfeitable annuity contract or annuity account qualifying for purposes of section 403(b).
Adoption date: January 1, 1993
Reviewed on: November 25, 2003