G-31-2 Tax-Sheltered Annuities
The College will honor employees' requests to participate in tax-sheltered annuity programs as allowed by Section 403b of the Internal Revenue Service Code. In order to minimize the administrative work of maintaining the plan, the following employees will be excluded from the plan as allowed by Section 403b:
- Students who are excluded from FICA and FUTA taxes.
- Employees who contribute less than $200 per year.
- Nonresident aliens who have no earned income from US sources.
- Employees who work fewer than 20 hours per week.
Employees currently enrolled in a plan and working less than 20 hours per week will
be allowed to continue in the plan. Employees whose hours are involuntarily dropped
below 20 per week and are enrolled in a plan may also continue in the plan. From the
effective date of this policy, the College will honor employee requests to add a company
to the 403b approved vendor list if at least ten employees of the College want to
enroll with the company. Once a company's enrollment drops below ten employees, the
company will be removed from the approved vendor list and will no longer be available.
Current enrollees may continue to contribute.
529 Oregon College Savings Plan
The College will honor employees' requests to participate in the 529 Oregon College Savings Plan. In order to minimize the administrative work of maintaining the plan, the following employees will be excluded from the plan.
- Students who are excluded from FICA and FUTA taxes.
- Non-resident aliens who have no earned income from US sources.
- Employees who work fewer than 20 hours per week.
Employees currently enrolled in a plan and working 20 hours per week will be allowed to continue in the plan. Employees, whose hours are involuntarily dropped below 20 per week and are enrolled in a plan, may also continue in the plan.