1. For the purposes of purchasing insurance and at the request of two hundred fifty or more state officers or employees, the state officer in charge of the payroll system shall deduct from the wages or salaries of the state officers or employees an amount specified by each of the officers or employees for payment to any company authorized to do business in this state if the following conditions are met:
a. The request for the payroll deduction is made in writing to the officer in charge of the payroll system.
b. The pay period during which the deduction is made, the frequency, and the amount of the deduction are compatible with the payroll system.
c. The insurance coverage is not provided by the state.
2. The moneys deducted under this section shall be paid promptly to the company designated by the state officers or employees. The deduction may be made even though the compensation paid to an officer or employee is reduced to an amount below the minimum prescribed by law. Payment to an officer or employee of compensation less the deduction shall constitute a full discharge of claims and demands for services rendered by the officer or employee during the period covered by the payment. The request for the deduction may be withdrawn at any time by filing a written notification of withdrawal with the state officer in charge of the payroll system.
3. Any annuity purchased with moneys deducted pursuant to this section is deemed to be an individual annuity for purposes of chapter 508C, and not an unallocated annuity.
83 Acts, ch 196, § 3, 12
CS83, § 79.17
86 Acts, ch 1063, § 1; 91 Acts, ch 40, § 1; 92 Acts, ch 1162, § 1
C93, § 70A.17
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