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Article 3.5. Tax Deferred Retirement Benefit. Purpose.   

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It is the purpose of the Board of Trustees in adopting this Article, to implement the authority of the Board to afford employees of the California State University an opportunity to participate in a retirement benefit program which satisfies the provisions of the United States Internal Revenue Code, Section 403(b) as amended. Generally, participation in this program will involve a reduction in the salary of each participating employee in an agreed amount. The amount reduced will be applied as a contribution to a qualified 403 (b) plan on behalf of such employee.

The Board of Trustees does not necessarily recommend that any individual employee participate in the retirement benefit program authorized by this Article. Rather, the Board is of the view that the decision on whether or not to participate is personal to each employee, who must personally consider and determine the relative merits of the retirement benefit program and its alternatives. The Board is not responsible for and does not warrant any particular tax consequence to employees who elect to participate.

Authority cited:

Education Code 66600

Education Code 89030

Education Code 89035

Education Code 89500


Education Code 89505

(Amended by Register 82; No. 39.)