Cal. Gov. Code § 19993
Deferred Compensation
Redline — January 1, 2011 → current.View current text →
Current — January 1, 2019
As of January 1, 2011
(a) The department may establish for officers and employees a deferred compensation plan. Participation in such plan shall be by written agreement between such officers and employees and the state which shall provide for deferral of a portion of such officers’ or employees’ wages. Officers and employees may authorize deductions to be made from their wages for the purpose of participating in such deferred compensation plan.
(a) The department may establish for officers and employees a tax-advantaged retirement savings plan in accordance with Section 457(b) of the Internal Revenue Code. Participation in the plan shall be by agreement between the officers and employees and the state which shall provide for deduction of a portion of those officers’ or employees’ wages. Officers and employees may authorize deductions to be made from their wages for the purpose of participating in the tax-advantaged retirement savings plan.
(b) If the provisions of this section are in conflict with the provisions of a memorandum of understanding reached pursuant to Section 3517.5, the memorandum of understanding shall be controlling without further legislative action, except that if such provisions of a memorandum of understanding require the expenditure of funds, the provisions shall not become effective unless approved by the Legislature in the annual Budget Act.
(b) If the provisions of this section are in conflict with the provisions of a memorandum of understanding reached pursuant to Section 3517.5, the memorandum of understanding shall be controlling without further legislative action, except that if such provisions of a memorandum of understanding require the expenditure of funds, the provisions shall not become effective unless approved by the Legislature in the annual Budget Act.
Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.