Section 35-501 – Salary Reduction Savings Plan Generally
(a) There is a salary reduction savings plan for eligible participants as allowed by § 401(k) of the Internal Revenue Code. (b) The Board shall obtain approval from the Internal Revenue Service for the salary reduction savings plan.
Section 35-502 – Participants in Plan
An individual is eligible to participate in the salary reduction savings plan if the individual is: (1) an officer of this State; or (2) an employee of this State, including a contractual employee.