California Education Code

§ 24975

EDC § 24975 Effective Jan 1, 2014Div. 1 · Title 1 · Part 13 · Ch. 37

Statute text

(a)The board may develop one or more deferred compensation plans under Section 457 of the Internal Revenue Code that an employer may choose to establish and offer to its employees who are members or participants of the plan under this part or Part 14 (commencing with Section 26000) or any employee of a local public agency or political subdivision of this state that employs persons to perform creditable service subject to coverage by the plan under this part.

(b)If an employer adopts a deferred compensation plan described in subdivision (a):

(1)The employer shall enter into a written contractual arrangement with the system under which the system, or a third-party administrator acting on behalf of the system, shall provide investment, recordkeeping, and administrative services for the deferred compensation plan.

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Legislative history

Amended by Stats. 2013, Ch. 558, Sec. 47. (AB 1379) Effective January 1, 2014.