§ 24-51-1603 — Contributions to the deferred compensation plan

(1) An
employee of an employer affiliated with the deferred compensation plan pursuant
to section 24-51-1602 (2) or (3) may participate in the deferred compensation plan
authorized in section 24-51-1601 by electing with his or her employer to defer
receipt of salary by specifying an amount contributed by payroll deduction. The
amount of such deferral by the employee shall be subject to any limitations
established by federal law. The amount deferred, including investment earnings,
shall be exempt from federal and state income taxes until the ultimate distribution
of such contributions has been made to the participant, former participant, or
beneficiary.

(2) All voluntary deferrals by a participating member shall be included in the
salary of such member in accordance with section 24-51-101 (42) for the purpose of
calculating member and employer contributions pursuant to the provisions of
section 24-51-401. The member contribution provisions of section 24-51-401 shall
not apply to any deferral made by a retiree.

(3) Consistent with the provisions of section 24-51-401 (1.7)(c) and (1.7)(d),
the employer shall deliver all deferred compensation contributions to the trust fund
via the service provider designated by the association, if applicable, within five days
after the date the employees are paid.

Legislative History

Source: L. 2009: Entire part added, (SB 09-066), ch. 73, p. 259, � 22, effective March 31.