[§88E-12]  Deferred amounts as compensation. Any compensation deferred pursuant to a plan established under this chaptershall be deemed regular compensation for the purpose of computing contributionsor benefits under existing retirement, pension, or social security systemsapplicable to participating employees but shall not be included in thecomputation of federal income taxes withheld on behalf of any participatingemployee. [L Sp 1981 1st, c 7, pt of §1]