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