[§88E-2]  State deferred compensation plan. 
The State may establish a deferred compensation plan in accordance with section
457 of the Internal Revenue Code of 1954, as amended, for the benefit of
employees to defer a portion of their compensation to a future period of time. 
Participation in the plan shall be by written agreement between the employee
and the State.  The county may enter into a formal agreement with the State to
extend the plan to employees of the county; provided that the agreement designates
one of the county's agencies to locally coordinate the plan.  Participation in
the plan by a county employee shall be by written agreement between the
employee and the county.  An employee may authorize deductions to be made from
the employee's wages for the purpose of participation in the plan. [L Sp 1981
1st, c 7, pt of §1]