Human Resources Administrative Practice Manual:
Employee Benefits & Services
Annuity Programs
| Citation Reference | |
|---|---|
| Official Title | Policy on Annuity Benefits |
| Abbreviated Title | Annuity Benefits |
| Volume | Human Resources |
| Responsible Office | Human Resources |
| Originally issued | July 1, 1983 |
| Revised | December 2007 |
Policy Statement
Institutions of the University System are authorized to enter into tax sheltered annuity plans and are authorized to enter into deferred compensation plans.
Reason for Policy
This policy ensures establishes the authority under which institutions of the University System may offer Tax Sheltered Annuities to their employees and have such contributions to such an investment vehicle handled on a pretax basis by payroll deduction while also affording the appropriate level of flexibility needed at the institutional level.
Entities Affected By This Policy
All units of the University System of Georgia are covered by this policy.
Who Should Read This Policy
All Human Resources personnel within the University System of Georgia should be aware of this policy.
Contacts
| Contact | Phone | Email/URL |
|---|---|---|
| Associate Vice Chancellor for Life & Health Benefits | 404-962-3235 | tom.scheer@usg.edu |
| Institution Chief Human Resources Officers | See University System HR Officer Listing at http://www.usg.edu/hr/officers/ |
Website Address for This Policy
Related Documents/Resources
None
Definitions
These definitions apply to these terms as they are used in this policy:
- Board of Regents: The governing body of the University System of Georgia
Overview
Institutions of the University System are authorized to enter into tax sheltered annuity plans and are authorized to enter into deferred compensation plans to make available for employees a non-forfeitable annuity contract /or a non-forfeitable deferred compensation contract under the provisions of Internal Revenue Code, Section 403(b), and Internal Revenue Code, Section 457(b), respectively.
Process/Procedures
Campuses are responsible for complying with IRS regulations.
Responsibilities
The responsibilities each party has in connection with the Policy on Annuity Programs are:
| Party | Responsibility |
|---|---|
| Associate Vice Chancellor for Life and Health Benefits | Ensure compliance with policy. |
| Institution Chief Human Resources Officers | Ensure compliance with policy |
Forms
Contact your campus Human Resources Office
Appendices
None
Social Security Benefits