§ 650. Definitions The following definitions shall apply throughout this chapter unless the context requires otherwise: (1) “Deferred compensation agreement” means any agreement authorized by this chapter entered into between a public agency and an employee of that agency providing for a reduction in the employee’s compensation in return for the agency’s promise to make […]
§ 651. Deferred compensation plans authorized (a) Subject to collective bargaining rights of employees involved, the State or any county, municipality, school district, or supervisory union may, through any public agency, enter into a contractual agreement with any employee of that agency to defer, in whole or in part, that employee’s compensation. Payroll reductions shall […]
§ 652. Taxation Any deferred compensation agreement shall be in accordance with the requirements of the rulings and regulations of the Internal Revenue Service and as such any sum deferred shall not be subject to taxation until distribution is actually made or made available to the employee. (Added 1973, No. 175 (Adj. Sess.), eff. July […]
§ 653. Supplementary payments Any deferred compensation agreement made pursuant to this chapter shall be in addition to any retirement, pension or benefit programs otherwise available to employees of the public agency entering into the agreement. Furthermore, the current compensation of any employee agreeing to a current reduction under subsection 651(a) of this title shall […]
