(a)
(1) The administration of the state government employees' deferred compensation program shall be under the direction of the Director of the Employee Benefits Division.
(2) Administration of other deferred compensation programs authorized by this subchapter shall be under the direction of the appropriate officer designated by the county, city, town, or other political subdivision.
(b) The administrator of the deferred compensation program is authorized and empowered to promulgate any and all rules deemed necessary to carry out the intent and purposes of this subchapter.
(c) Deferrals of compensation shall be made in each instance by the appropriate disbursing officer and shall be paid over to an annuity contract or to a trust or custodial account maintained for the deferred compensation program without unreasonable delay.
(d) The administrator of the deferred compensation program may contract with a private corporation or institution for providing trust, custodial, investment, record keeping, legal, accounting, and other administrative services, and the cost of such services may be paid from the assets of the deferred compensation program.