[§78-30]  Cafeteria plans.  (a)  Eachchief executive may establish a wage and salary reduction benefit program whichqualifies as a cafeteria plan within the meaning of section 125 of the InternalRevenue Code of 1986, as amended.  The cafeteria plan shall allow eligibleemployees to elect to reduce their pretax compensation in return for payment bythe jurisdiction of the expenses of eligible benefits.

(b)  In addition to any other powers and dutiesauthorized by law, each chief executive may enter into all contracts necessaryto establish, administer, or maintain the cafeteria plans.

(c)  The contributions, interest earned, andforfeited participant balances may be held in trust outside of thejurisdiction's treasury for the benefit of the participants and the plan.  Thefunds in trust shall not be subject to the jurisdiction's general creditors. Interest earned or forfeited participant balances may be used to defrayparticipant fees and other administrative costs. [L 2000, c 253, pt of §74]