What should an employer do to adopt a tax-deferred plan?
Adoption of a tax-deferred plan is optional for the employer. To adopt a tax-deferred plan, an employer must pass a board resolution. Once the board adopts the tax-deferred plan, the employer must notify STRS Ohio at least 60 days before the effective date of the plan. A copy of the resolution authorizing the plan should accompany the Notification of Adoption of a Tax-deferred Payroll Deduction Plan form. View a sample board resolution authorizing a tax-deferred plan.
