As our office has discussed in Legal Update Memos No. 06-2007(CC), 06-2008(CC), 10-2008(CC), and 16-2008(CC), the United States Internal Revenue Service (“IRS”) published new regulations governing Tax Shelter Annuities (“TSA”) allowed under Title 26 of the United States Code section 403(b). The regulations apply to K-12 public school districts, county offices of education, and community college districts (“districts”). The regulations place significant new administrative burdens upon district that choose to offer a 403(b) TSA to its employees., search terms:Interna Revenue Service, Tax Shelter Annuities, 403(b), Information Sharing Agreement.
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