voluntary deductions.) An insurance company is to be interpreted as one individual company and not a number of companies represented by one agency. 3. A minimum deduction of $25.00 per month is required from each participating tax-sheltered annuity member. Payroll deductions will only be made on a twelve (12) month basis. 4. In accordance with IRS Guidelines, employees may only make one (1) change in an annuity contract during any calendar year. 5. Once each five (5) years (beginning with the calendar year 1997), each tax-sheltered deduction will be reviewed and those which have dropped below the required twenty (20) deductions will no longer be able to participate in payroll deduction unless steps are taken to bring the number of employees up to the minimum. When participation drops below the required level, the employees and companies will be notified at the beginning of the review year that discontinuation is a possibility 6. Any written material referring to the District (or member employees) must not be used without express approval from the District Business Administration. Organizations must agree not to issue statements or provide materials that imply that their programs are endorsed by the District 7. The District shall maintain deduction slots for no more than twelve (12) annuity programs in any contract year. New companies wishing to offer an additional annuity opportunity, should a slot become available, will be placed on a waiting list maintained by the Business Office. As openings occur, the District Benefits Committee will meet with potential company representatives in the spring to select a new company based on criteria developed by the Benefits Committee. Representatives shall have a copy of the criteria and will make a presentation to the Benefits Committee. Only companies approved by the Benefits Committee will be recommended to the Board for approval to start deductions with the September 20 payroll. The selected companies will then have until September 1 of the year in which they are selected to enroll the required twenty (20) employees. 8. All companies requesting payroll deductions by the Duchesne County School District must type the following agreement language in its entirety on their own business stationery, have an authorized organization officer sign the agreement, and return it to the District Business Administrator: We acknowledge receipt of a copy of the Duchesne County School District TSA guidelines. We agree and undertake to comply with the guidelines and hereby certify that we are in compliance. We further undertake and agree to hold the District and any employee harmless from any claim, demand, damages, cost of litigation, penalties, tax (of any nature, including any claim from any party without limitation, Internal Revenue Service or any other governmental authority), or in any manner arising out of or by reason of the purchase by employees of tax deferred programs offered by our organization.
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(Organization Name)
(Signature of Authorized Officer)
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(Address)
(Name & Title – Please Print)
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