Kan. Admin. Regs. § 91-29-3 - Maximum reduction; contracts
(a) The maximum
amount of reduction in compensation to be contributed by each participating
employee to a tax sheltered annuity shall be as limited by the provisions of
the U.S. internal revenue code of 1954, as amended. Such tax sheltered
annuities shall be purchased by contract by the state board for those employees
who voluntarily reduce their salaries to provide the funds with which to
purchase such annuities.
Tax Sheltered Annuities
(b) The state board may contract with:
(1) Any company, firm, association,
corporation or financial institution, hereinafter called "company," authorized
to do business in this state that issues an approved annuity contract. An
approved annuity contract shall meet the provisions of the U. S. internal
revenue code of 1954, as amended, and shall qualify by reason of a
determination letter provided by the internal revenue service. The
determination letter and a specimen annuity contract shall be filed with the
state board of education and division of accounts and reports, department of
administration.
(2) Any life
insurance company organized and operated, without profit to any private
shareholder or individual, exclusively for the purpose of aiding and
strengthening educational institutions by issuing insurance and annuity
contracts only to or for the benefit of such institutions and individuals
engaged in the services of such institutions, whether or not such company be
authorized to do business in Kansas. No premium tax or income tax shall be due
or payable on such annuity contract or contracts for such retirement programs
issued by a company such as described in this paragraph, except that neither
the purchase nor the issuance of such retirement annuities from or by such a
company shall constitute the effecting of a contract of insurance.
(c) Any company mutually entering
into a contract with state board shall provide its official name and address to
which remittances shall be forwarded. Any such contractual arrangement shall be
only for the purpose of meeting the requirements of the company and shall not
be considered as any type of endorsement of it. The Kansas commissioner of
education is hereby authorized to execute such contracts on behalf of the state
board .
Notes
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