Each district employee is authorized in his/her sole and absolute discretion to purchase a tax-sheltered annuity through payroll deduction. However, the district retains the right to limit the number of active companies. The following conditions apply:
1. Companies presently not offering tax-sheltered annuities may request to be included in the active companies.
2. If a new employee has transferred from another public school district and already owns a comparable tax-sheltered annuity contract purchased by that district, from another insurance company, the Board shall accommodate the employee in continuing such annuity contract, if requested.
3. Authorized premiums will be allocated only from the reduced portion of salaries earned after the effective date of modification to the employment contract between the Board and the employee affected. Requests for modification shall be made by the employee in writing.