POLICY: 6Hx28:3C-15
Responsible Executive: Vice President, Organizational Development and Human Resources
Policy Contacts:
Specific Authority: 1001.64, F.S.
Law Implemented: 1001.64, F.S.
Effective Date: 12-14-2010
Date of Last Policy Review: 12-14-2010
Policy Statement:
This plan is being created to maximize additional tax savings permitted under EGTRRA, Economic Growth and Tax Relief Reconciliation Act of 2001. This plan will supplement the existing 401(a) Qualified Retirement Plan by exempting terminal sick leave, terminal vacation leave, retirement incentive payments, and other payments as deemed appropriate by the president to eligible participants from employee and employer FICA taxes and deferring employee income tax on these payments. Payments to the 403(b) qualified retirement plan will be made only after contributions to the 401(a) plan have reached the maximum allowed by law. This is a mandatory plan for full-time employees who are eligible to participate.
Policy History:
Adopted 12-10-02; Amended 12-14-10; Formerly 6Hx28:07-41
Related Policies:
Policy 6Hx28:3C-14 - 401(a) Qualified Retirement Plan
Procedures:
The definition of eligible participants, procedures for completing the appropriate paperwork , and description of the required payments and when those payments occur are identical to those specified in the procedures associated with college policy 401(a) Qualified Retirement Plan. The
college will reimburse an employee for the cost of the tax reporting/1099R fee and check writing/mailing fee should an employee submit an application to withdraw all monies from the plan within one month of separation from the college.
Procedure History:
Adopted 12-14-10
Date of Last Procedure Review: 12-14-2010