Arizona Laws 38-877. Voluntary participation; authorization; payroll salary deductions; employer contributions
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A. A participant may participate in the deferred compensation plan established pursuant to this article. A participant in the deferred compensation plan shall authorize the participant’s employer in writing to make reductions or deductions in the participant’s remuneration as provided in an executed deferred compensation agreement.
Terms Used In Arizona Laws 38-877
- Deferred compensation plan: means an eligible deferred compensation plan as defined in section 457(b) of the internal revenue code. See Arizona Laws 38-875
- Employer: means any entity that participates as an employer in a retirement system or plan that is administered by the board. See Arizona Laws 38-875
- Participant: means any individual who is employed by an employer and who is enrolled in one of the retirement systems or plans administered by the board. See Arizona Laws 38-875
- Writing: includes printing. See Arizona Laws 1-215
B. Each employer shall initiate payroll salary reductions or deductions for the deferred compensation plan as directed by their employees who are participating in the deferred compensation plan.
C. An employer may make contributions to the deferred compensation plan as selected by the employer and allowed by law.