18A.250 Deferred compensation system.

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18A.250 Deferred compensation system. (1) The authority shall establish and maintain a deferred compensation plan for the employees of the State of Kentucky. Participation in such plan shall be by agreement between such employees and the authority and shall provide for the deferral of such amount of compensation as requested by the employee. Participating employees must authorize that such deductions be made from their wages for the purpose of participation in such program. Amounts so deducted shall be deposited in the State Treasury to the credit of the trust fund. (2) The board is directed to develop and obtain, for the benefit of employees, a qualified employee plan that includes a qualified cash or deferred arrangement as described in Section 401(K)(2) of the Internal Revenue Code. The board is directed to develop a program for participants to borrow from their account or accounts in the plan. The plan shall be in addition to other plans offered by the board, and shall be offered to employees upon receipt of appropriate approval of the Internal Revenue Service or on January 1, 1985, whichever occurs later. (3) Notwithstanding the provisions of KRS 337.060, agreements to participate and plan elections made by employees pursuant to subsections (1) and (2) of this section may be made in writing or by electronic record, signature, or contract as determined by the authority and in accordance with the provisions of KRS 369.101 to 369.120. Agreements and elections, including but not limited to hardship withdrawal applications, loan applications, beneficiary designations, and withdrawal requests made by participating employees under the plan, shall not be denied legal effect or enforceability if made electronically to the extent permitted by the authority. Effective: July 15, 2010 History: Amended 2010 Ky. Acts ch. 122, sec. 2, effective July 15, 2010. -- Amended 1998 Ky. Acts ch. 154, sec. 51, effective July 15, 1998. -- Amended 1990 Ky. Acts ch. 483, sec. 6, effective July 13, 1990. -- Amended 1988 Ky. Acts ch. 154, sec. 2, effective July 15, 1988. -- Amended 1984 Ky. Acts ch. 234, sec. 1, effective July 13, 1984. -- Repealed, reenacted, and amended as KRS 18A.250, 1982 Ky. Acts ch. 448, sec. 50, effective July 15, 1982. -- Amended 1980 Ky. Acts ch. 352, sec. 1. -- Created 1974 Ky. Acts ch. 143, sec. 6. Formerly codified as KRS 18.550.