SPP 503: Tax-Sheltered Plans

To allow employees to participate in supplemental retirement plans

Internal Revenue Code §§ 403(b) and 457

Arizona Board of Regents Policy Manual - 6-603

All employees who make contributions from their salaries to the Federal Income Continuation Act (FICA) program

An employee may, by executing a salary reduction agreement, elect to accept a reduction in salary for the purpose of purchasing a tax deferred annuity and/or mutual fund from a university-approved vendor or from the State Deferred Compensation Fund.

The salary reduction agreement shall be no less than $200 per year, and no more than the maximum exclusion allowance, unless the employee is eligible for the special catch-up provision.

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