4.27.0 Tax-Sheltered Annuity Program Maximum Exclusion Allowance

A. Purpose

Under a plan approved by the U. T. System Board of Regents, employees of The University of Texas at Tyler may purchase tax-sheltered annuities under section 403(b) of the Internal Revenue Code from insurance companies licensed in Texas, or products from authorized
403(b)(7) mutual fund organizations.

B. Persons Affected

All employees that participate in the tax-sheltered annuity program.

C. Definitions

N/A

D. Policy and Procedures

  1. The institutional chief business officer or his or her designee at The University of Texas at Tyler is authorized to sign applications for tax-sheltered annuities with the company requested by the employee. The agreement made will continue until a revised agreement form is completed.
  2. The participation and method of purchase of tax-sheltered annuities must be in accordance with Article 6228a-5, Vernon’s Texas Civil Statutes (V.T.C.S.), the Internal Revenue Code, and Maximum Exclusion Allowance (MEA) worksheets issued by the U. T. System Office of Human Resources.

E. Responsibilities

See Policy and Procedures section.

F. Review

This policy shall be reviewed by Human Resources every five years or as legislation changes.

ORIGINALLY APPROVED: 12/01/2001 

LAST AMENDED: 04/22/2009 

REVIEWED:  AY 2014-15