2005 Idaho Code - 59-513 — DEFERRED COMPENSATION PROGRAMS FOR EMPLOYEES OF STATE OR POLITICAL SUBDIVISIONS

                                  TITLE  59
                          PUBLIC OFFICERS IN GENERAL
                                  CHAPTER 5
                             SALARIES OF OFFICERS
    59-513.  DEFERRED COMPENSATION PROGRAMS FOR EMPLOYEES OF STATE OR
POLITICAL SUBDIVISIONS. The state of Idaho, the state board of education for
those employees eligible for participation in the optional retirement programs
created in sections 33-107A and 33-107B, Idaho Code, and any county, city, or
political subdivision of the state acting through its governing body, is
hereby authorized to contract with an employee to defer all or a portion of
that employee's income, and may subsequently with the consent of the employee,
invest such deferred income in a funding medium for the purpose of funding a
deferred compensation program for the employee.
    The state board of examiners shall supervise and regulate the deferred
compensation program for state employees, and may adopt rules to implement
such a program; provided however, that the state board of education shall
supervise and regulate any deferred compensation program it establishes and
may adopt rules to implement such a program.
    The governing body of any county, city, or political subdivision of the
state, shall supervise and regulate the deferred compensation program for its
employees.
    In no event shall the amount of income an employee elects to defer exceed
the total annual salary, or compensation under the existing salary schedule or
classification plan applicable to such employee in such year. Any income
deferred under such a plan shall continue to be included as regular
compensation for the purpose of computing the retirement contributions and
pension benefits earned by any employee, but any sum so deferred shall not be
included in the computation of any income taxes withheld on behalf of any such
employee.
    Coverage of an employee under a deferred compensation plan under this
section shall not render such employee ineligible for simultaneous membership
and participation in the pension systems for public employees which are
otherwise provided for.
    For the purposes of this section the state controller is authorized to
make such deductions from salary for any employee of the state who has
authorized such deductions in writing, and the state board of examiners may
designate administrative agents for the state of Idaho to execute all
necessary agreements pertaining to the deferred compensation program.
    For the purposes of this section, the term "employee" includes elected or
appointed officials.