Section 35-402 – Participants in Plan
An individual is eligible to participate in the tax sheltered annuity plan if the individual: (1) is eligible for coverage under § 403(b) of the Internal Revenue Code; and (2) is an officer or employee of: (i) this State; or (ii) any other governmental entity in this State, including a county board of education.
Section 35-403 – Contributions
Subject to the conditions that the Board may set and in accordance with a contract between the participant and the employer, a participant may have contributions made to the tax sheltered annuity plan on the participant’s behalf by a salary reduction or in place of a salary increase.
Section 35-404 – Effect on Other Plans
This section does not prohibit a county board of education from adopting a plan for its employees that qualifies under § 403(b) of the Internal Revenue Code.
Section 35-401 – Tax Sheltered Annuity Plan Generally
There is a tax sheltered annuity plan for eligible participants as allowed by § 403(b) of the Internal Revenue Code.