The deferred compensation program may offer any of the following investment options and none other:
(1) Savings accounts in federally insured banking institutions.
(2) United States government bonds or debt instruments.
(3) Life insurance and annuity contracts, provided the companies offering such contracts are subject to regulation by the Insurance Commissioner of the State.
(4) Investment funds registered under the Investment Company Act of 1940.
(5) Securities which are traded on the New York Stock Exchange National Association of Securities Dealers Automated Quotations (NASDAQ) and American Stock Exchange.