(1) An employee is not eligible to participate in the deferred compensation plan authorized in section 24-51-1601 unless his or her employer is affiliated with such plan.
An employer, as defined in section 24-51-101 (20), may affiliate with the deferredcompensation plan by making application to the association. All applications shall be subject to approval by the association. Upon affiliation, employees of the employer are eligible to begin deferring salary to the deferred compensation plan.
All employers that are affiliated with the deferred compensation plan prior to July 1,2009, including entities that are not affiliated employers of the association, as employer is defined in section 24-51-101 (20), shall remain affiliated and shall not have to apply to the association pursuant to subsection (2) of this section.
Any employee who is employed by an entity that is affiliated with the deferred compensation plan shall be entitled to participate in the plan regardless of whether that individual is a member or retiree of the association.
Source: L. 2009: Entire part added, (SB 09-066), ch. 73, p. 258, § 22, effective March 31.