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:
(1) 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;
(2) Provision for a contract agreement between the Mayor and any employee who desires to defer compensation under the employee deferred compensation program;
(3) 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; and
(4) Rules to implement the Deferred Compensation Program Enrollment Amendment Act of 2018 [(Law 22-102)] within 180 days of [June 5, 2018].
(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; June 5, 2018, D.C. Law 22-102, § 2(b), 65 DCR 3774.)
1981 Ed., § 47-3602.
Section 7031 of D.C. Law 22-168 repealed section 3 of D.C. Law 22-102 amending the applicability restriction impacting this section. Therefore the amendments of this section by D.C. Law 22-102 have been implemented.
Applicability of D.C. Law 22-102: § 3 of D.C. Law 22-102 provided that the change made to this section by § 2(b) of D.C. Law 22-102 is subject to the inclusion of the law’s fiscal effect in an approved budget and financial plan. Therefore that amendment has not been implemented.
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.
District of Columbia Deferred Compensation Committee Established: See Mayor’s Order 85-135, August 2, 1985.