At the request of an employee the governing body or the county board of supervisors shall by contractual agreement acquire an individual or group life insurance contract, annuity contract, interest in a mutual fund, security or any other deferred payment contract for the purpose of funding a deferred compensation program for an employee, from any company the employee may choose that is authorized to do business in this state or through an Iowa-licensed salesperson that the employee selects on a group or individual basis. The deferred compensation program shall be administered so that the director of revenue and finance or the director's designees remit one sum for the entire program according to a single billing.
This section is in addition to any benefit program provided by law for employees of the state or its political subdivisions.
[C73, 75, 77, 79, 81, S81, § 509A.12; 81 Acts, ch 117, § 1087]
94 Acts, ch 1183, §80
Referred to in § 331.324
Iowa General Assembly
Search: Iowa Code 1995
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