SIU University Guidelines

Section 3.7 Financial Services: Human Resources -
Tax-Deferred Annuities (2 Policies of the Board of Trustees, Section 2-D)
Issued: October 2001
Replaces:

1. Administration of the Program--The Human Resource Directors at the respective campuses, under the direction of the Vice President for Financial Services, shall be the officer designated to administer this program in accordance with the referenced policy and these guidelines. At least annually, the Best Practices Committee (consisting of the Vice Chancellors for Administration at SIUC and SIUE, and the Associate Provost for Finance and Administration at the School of Medicine) shall review the program and submit, if necessary, any suggested changes in the program to the Vice President for Financial Services.
2. Conditions of Agreement with Employees
1. An employee who desires to participate in this program shall elect to do so in writing on forms provided by each campus personnel office.
2. An employee may change or revoke his/her salary reduction agreement with the University only in accordance with applicable state and federal laws and Internal Revenue Service regulations.
3. A minimum annual deferral of $240 is required. Reductions will be restricted to whole dollars or whole percentages rounded by payroll to the nearest whole dollar.
3. Conditions of Approval Affecting Participating Companies
1. A company desiring approval to offer tax shelter programs to employees of Southern Illinois University shall submit a written application to the Human Resource Director of the appropriate campus along with evidence that the company has met all the requirements set forth in 2 Policies of the Board D and the guidelines listed below.
• The company must procure, or have pending, forty (40) contracts within Southern Illinois University with a minimum total monthly premium of at least $2,500.
• The company must designate one representative to serve as a contact with the University in regard to all matters concerning annuities purchased by the University. The representative must provide proof of company representation. It will be the responsibility of the company representative to designate agents who are readily accessible to service participants for each of the campuses. Each agent must be licensed to sell the company’s products
2. A company which at any time fails to meet all the requirements of 2 Policies of the Board D and these guidelines shall be removed from the list of approved companies.
• Any company found delinquent shall be notified in writing at its last known address by certified mail, return receipt requested, of said deficiency, that it has been suspended from the approved list and that it has thirty (30) calendar days from date of receipt or attempt at delivery to cure a deficiency of which it has been duly notified shall be removed from the list of approved companies.
3. Any denial or revocation of the privilege of company participation may be appealed in writing to the President.

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