Seattle College District Procedure
TITLE: Tax Deferred Annuity Plans
Classified staff, administrators, manager/professionals and full-time faculty who work at least 50% of full-time on an ongoing basis, and part-time faculty who have worked at least two consecutive quarters at 50% or more of full-time to quality for health benefits, may participate in authorized tax-deferred annuity plans through payroll reduction.
Employees may participate in more than one authorized tax-deferred annuity plan, as long as their total tax-deferral does not exceed the limits prescribed by law.
676.20 Employee Participation:
Employees must sign a salary reduction agreement with SCD, indicating the vendor, the amount to be deferred from each paycheck, and the date from which the deferral begins. Vendors will receive a supply of salary reduction agreements from the benefits office, which must be submitted to the benefits office at least ten days in advance of a paydate in order to be effective on that date.
Employees may begin, change or stop payroll reductions at any time by submitting a new salary reduction agreement to the benefits office. Employees are responsible for communicating their actions to the vendor involved. Vendors are responsible for assuring that salary reductions are within the limits prescribed by law. SCD reserves the right to stop a payroll reduction that exceeds limits prescribed by law.
676.30 Vendor Contact with Employees:
Vendors may supply written materials regarding their products for distribution in a packet to all eligible employees once each year in the Fall. Materials should contain the means for employees to contact vendors to obtain further information about their products. The benefits office will communicate directly with each vendor to obtain these materials. The benefits office will also keep a supply of materials for distribution to new employees and upon request throughout the year.
Vendors will be allowed to give group presentations on campus a maximum of two times per year per campus. Vendors must contact the business office on campus to arrange for group presentations or individual meetings. Although group presentations may include elements of financial planning and education, all communications to employees regarding these meetings must clearly indicate the name of the vendor whose product is being represented.
One meeting between vendors and individual employees may be allowed on work time as arranged with supervisors. Any further meetings with employees must be outside work hours.
Vendors may not obtain or use mailing or phone lists to contact employees. Announcements for group presentations must be approved by and distributed under the direction of the campus business offices.
676.40 Adding Vendors to Annuity Plans Offered:
Vendors inquiring about providing tax-deferred annuities to employees of the College must be referred to the District Benefits Office.
Prospective vendors must supply written information about their products and their affiliation with the company(s) being represented. This information will be reviewed by the Vice Chancellor for Business and Finance.
Upon approval by the vice chancellor, the benefits manager will inform the vendor of the District's guidelines, which are in accordance with federal and state regulations, and will prepare the necessary contract between the vendor and Seattle College District. After the contract has been executed, the benefits manager will update and distribute the list of authorized vendors to each campus business office and provide a campus contact list and instructions to the new vendor.
The benefits office will produce a general announcement regarding the addition of a new vendor and distribute a brochure provided by the vendor, which includes information on how employees may contact the vendor, to all eligible employees.
The new vendor must solicit a minimum of five employees for participation in their plan. If a vendor is unable to solicit five employees within a year from signing the agreement with SCD, that vendor may be removed from the list of authorized vendors.
676.50 Any employee who has a plan will be allowed to transfer that plan into the District if the Company meets the District and the state criteria.
Chancellor’s Cabinet – Revision & Adoption History
Companion Document : Pol
Adoption Date : 1975/06/10
Revision Date : 1999/05/20