WHITTIER UNION HIGH SCHOOL DISTRICT Whittier, California AR 4151.5 4351.5 TAX-SHELTERED ANNUITIES AND DEFERRED COMPENSATION CERTIFICATED Admin Reg 11-21-63 Revised 12-11-07 Renumbered 10-26-10 A certificated employee may elect to receive a part of their annual salary in the form of an annuity contract in accordance with provisions of Section 403 (B) of the Internal Revenue Code. Purchase of such annuity contract in lieu of salary is to be through: 1.

State Teacher's Retirement System Shelter Contributions

2.

National Education Association, Educators' Life Insurance Company of America

3.

An approved list of insurance companies (commercial carriers) maintained by the Personnel Office determined on the basis of election of a tax-sheltered annuity plan by the certificated employee (Insurance Code Section 770.3)

4.

Employees may also elect to receive a part of their annual salary in the form of deferred compensation in accordance with the provisions of Sections 403 (B) and 457 of the Internal Revenue Code and Section 42651 of the Education Code. The depository for all funds withheld for this purpose will be the Credit Union of Southern California and/or the Orange County Teachers’ Federal Credit Union. The Assistant Superintendent, Personnel, is authorized to approve disbursement of funds to the employee by the Credit Union.