A. Local public employees shall be eligible to participate in a deferred compensation plan approved by the board upon the filing of a local public body's participation agreement, conforming to board requirements, applicable to its local public employees and such other participants permitted by the plan as the local public body may elect. Such filing shall be made at such dates and places and in such manner as the board requires.
B. A local public body may terminate its local public employees' and other qualified participants' future participation in a board-approved plan any time not less than two years after the date participation has become effective, upon the local public body's filing of written or electronic notice conforming to board requirements.
History: Laws 1981, ch. 155, § 8; 1985, ch. 161, § 5; 2017, ch. 20, § 4.
ANNOTATIONSThe 2017 amendment, effective June 16, 2017, revised the process for local public employee participation in a deferred compensation plan; in Subsection A, after "upon the filing of", deleted "the governing authority's written notice" and added "a local public body's participation agreement, conforming to board requirements", after "applicable to", deleted "all the" and added "its", and after "such manner as the board", deleted "determines" and added "requires"; and in Subsection B, after "upon the", deleted "governing authority's" and added "local public body's", after "filing of written", added "or electronic", after "notice", deleted "at such dates and places as the" and added "conforming to", and after "board", deleted "determines" and added "requirements".