Any member or officer of the General Assembly may elect to have withheld from the compensation paid to such member or officer those sums of moneys required during each pay period for federal income tax, state income tax and social security. Any member or officer of the General Assembly making such election shall notify the State Treasurer in writing thereof, and the State Treasurer, upon receiving notice of such election, shall withhold from the compensation paid to the member or officer of the General Assembly those sums of moneys required during each pay period for federal income tax, state income tax and social security and make payment thereof in accordance with federal and state laws.