1. A political subdivision may agree with any of its employees to defer the compensation
due to them in accordance with a program approved by the committee which may consist
of one or more plans authorized by 26 U.S.C. § 401(a) or 457. An employee may defer compensation under one or more plans in the program.
2. The political subdivision shall withhold the amount of compensation which an employee
has, by such an agreement, directed the political subdivision to defer.
3. The political subdivision may invest the withheld money in any investment permitted
by law and approved by the committee.
4. The investments must be underwritten and offered in compliance with all applicable
federal and state laws and regulations, and may be offered only by persons who are
authorized and licensed under all applicable state and federal regulations.
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
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