Tax sheltered annuity contracts shall provide for the purchase of either fixed or variable annuities or a combination thereof. Such contracts shall comply with sections 401(g) and 403(b) of the U.S. internal revenue code of 1954, as amended.

(Authorized by K.S.A. 76-11a03; effective, E-78-6, Jan. 20, 1977; amended, E-78-11, March 24, 1977; effective May 1, 1978.)