Regulations.
The Mayor shall promulgate regulations which enable employees to participate in a voluntary tax-sheltered income deferment program which meets the requirements of § 457 of the Internal Revenue Code of 1954 , and the regulations and interpretations thereunder. The regulations shall include, but not be limited to: Provision for the receipt of the compensation deferred and for the use of such funds in accordance with any investment election permitted employees participating in the employee deferred compensation program; Provision for a contract agreement between the Mayor and any employee who desires to defer compensation under the employee deferred compensation program; and Provision for and limitations on the types of instruments, securities, accounts or other items in which compensation deferred under the employee deferred compensation program may be invested.
Annotations
Sept. 26, 1984, D.C. Law 5-118, § 3, 31 DCR 4034 enacted, Apr. 9, 1997, D.C. Law 11-254, § 2, 44 DCR 1575 District of Columbia Deferred Compensation Committee Established: See Mayor’s Order 85-135, August 2, 1985. Section 457 of the Internal Revenue Code of 1954, referred to in the first sentence of the introductory language of the section, is classified to 26 U.S.C. § 457. 1981 Ed., § 47-3602.
Sourced from the DC Council Open Law Library (public domain).
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