§88F-3  Board of trustees.  (a)  Theauthority to establish the plan and implement this chapter is vested in theboard of trustees which currently administers the state deferred compensationplan under chapter 88E.

(b)  The board shall adopt, in accordance withchapter 91, rules necessary to implement this chapter; provided that rulesnecessary for the plan to be in compliance with federal laws or regulations maybe adopted without regard to chapter 91.  The board may engage services, asnecessary, to establish, administer, or maintain the plan under its direction. An administrator may be engaged only after a solicitation of proposals frominterested persons in accordance with specifications deemed appropriate by theboard. [L 1996, c 212, pt of §2; am L 2000, c 253, §128]