40A:9-17 - Deductions for payment to credit unions, or to insurance companies or banks, savings banks or savings and loan associations for individual retirement annuity or account
40A:9-17.Ā Deductions for payment to credit unions, or to insurance companies or banks, savings banks or savings and loan associations for individual retirement annuity or account
Whenever any person holding public office, position or employment, whose compensation is paid by any county or municipality or by any board, body, agency or commission thereof, or any board of education, shall indicate in writing to the proper disbursing officer his desire to have any deductions madeĀ from his compensation for payment:Ā a. to a credit union, organized under theĀ laws of this State or of the United States, the membership of which is limitedĀ to public employees, or b. to an insurance company authorized to do business inĀ this State for the purchase of an individual retirement annuity written on aĀ group or individual basis, as defined by section 408(b) of the Federal InternalĀ Revenue Code of 1954 as amended (26 U.S.C. s. 408(b)), or c. to any State orĀ federally chartered bank, savings bank, or savings and loan associationĀ selected by the employer for deposit into an individual retirement account, asĀ defined by section 408(a) of the Federal Internal Revenue Code of 1954 asĀ amended (26 U.S.C. s. 408(a)), such deductions shall be made by the properĀ disbursing officer, when directed so to do by resolution of the governing bodyĀ of any county or municipality or by resolution of the board, body, agency orĀ commission or board of education of which he is the disbursing officer, andĀ shall be transmitted to the treasurer of the credit union, insurance company orĀ the bank, savings bank, or savings and loan association.Ā Any such written authorization may be withdrawn upon filing notice of such withdrawal with theĀ proper disbursing officer.
L.1971, c. 200, s. 1, eff. July 1, 1971.Ā Amended by L.1983, c. 445, s. 1, eff. Jan. 9, 1984.
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Whenever any person holding public office, position or employment, whose compensation is paid by any county or municipality or by any board, body, agency or commission thereof, or any board of education, shall indicate in writing to the proper disbursing officer his desire to have any deductions madeĀ from his compensation for payment:Ā a. to a credit union, organized under theĀ laws of this State or of the United States, the membership of which is limitedĀ to public employees, or b. to an insurance company authorized to do business inĀ this State for the purchase of an individual retirement annuity written on aĀ group or individual basis, as defined by section 408(b) of the Federal InternalĀ Revenue Code of 1954 as amended (26 U.S.C. s. 408(b)), or c. to any State orĀ federally chartered bank, savings bank, or savings and loan associationĀ selected by the employer for deposit into an individual retirement account, asĀ defined by section 408(a) of the Federal Internal Revenue Code of 1954 asĀ amended (26 U.S.C. s. 408(a)), such deductions shall be made by the properĀ disbursing officer, when directed so to do by resolution of the governing bodyĀ of any county or municipality or by resolution of the board, body, agency orĀ commission or board of education of which he is the disbursing officer, andĀ shall be transmitted to the treasurer of the credit union, insurance company orĀ the bank, savings bank, or savings and loan association.Ā Any such written authorization may be withdrawn upon filing notice of such withdrawal with theĀ proper disbursing officer.
L.1971, c. 200, s. 1, eff. July 1, 1971.Ā Amended by L.1983, c. 445, s. 1, eff. Jan. 9, 1984.
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