[§88E-2]  State deferred compensation plan. The State may establish a deferred compensation plan in accordance with section457 of the Internal Revenue Code of 1954, as amended, for the benefit ofemployees to defer a portion of their compensation to a future period of time. Participation in the plan shall be by written agreement between the employeeand the State.  The county may enter into a formal agreement with the State toextend the plan to employees of the county; provided that the agreement designatesone of the county's agencies to locally coordinate the plan.  Participation inthe plan by a county employee shall be by written agreement between theemployee and the county.  An employee may authorize deductions to be made fromthe employee's wages for the purpose of participation in the plan. [L Sp 19811st, c 7, pt of §1]