Home‎ > ‎Policies‎ > ‎6000_Finances‎ > ‎

6520 Policy_Payroll Deductions

The Board of Education directs the Superintendent to ensure that deductions are made from an employee’s
paycheck as required by law (e.g., State and Federal withholding and employment taxes).  The Board also
authorizes payroll deductions for other purposes as appropriate.
 
The Board declares its willingness to enter into an agreement with any of its employees whereby the employee
agrees to take a reduction in salary with respect to amounts earned after the effective date of such agreement in
return for the Board's agreement to use a corresponding amount to purchase a qualified investment for such
employee from any company authorized to transact the business as specified in law in accordance with Section
457 or 403(b) of the Internal Revenue Code and applicable State code, and in accordance with the District's
administrative guidelines. However, it shall be clearly understood that the Board's only function shall be the
deduction and remittance of employee funds.
 

403(b) Account Procedures of the District

The District shall offer to its employees the opportunity to defer amounts to a plan qualified under Section 403(b)
of the Internal Revenue Code of 1986, as amended (the "Code"). The Superintendent, or such person as
designated from time to time by the Superintendent, shall establish such procedures as deemed necessary and
appropriate to best serve the interests of the District and its employees.
 
The "Administrative Procedures Regarding the Wauwatosa School District’s 403(b) Program" will serve as the
administrative rules and procedures to direct this qualified plan. A detailed copy of the "Procedures" is available for
review in the Business Office.
 
Said agreement shall comply with all of the provisions of law and may be terminated as said law provides upon
notice in writing by either party. Employees shall notify the Superintendent's Office in writing if they wish to
participate in such a program.
 
Approved/Adopted:  July 13, 2009
ĉ
Shari Weinstock,
Aug 8, 2011, 10:02 AM
Comments