Section 57. The treasurer of any county, on behalf of that county, may contract with an employee to defer a portion of that employee's compensation and may, for the purposes of funding a deferred compensation program for said employee, established in accordance with the U.S. Internal Revenue Code, (the ''Code''), invest the deferred portion of the employee's income in a life insurance or annuity contract, mutual fund, or a bank investment trust. The treasurer shall, before making any such investment, solicit bids from insurance companies authorized to conduct business within the commonwealth pursuant to chapter one hundred and seventy-five, mutual fund managers, and banks, which bids shall be sealed, and opened at a time and place designated by the treasurer. Any bid submitted by an insurance company, mutual fund, or bank investment trust to fund the deferred compensation program shall, where applicable, clearly indicate the interest rate which shall be paid on the deferred funds, any commissions which will be paid to the salesmen, any load imposed for the purpose of administering the funds, mortality projections, expected payouts, tax implications for participating employees and such other information as the treasurer may require. Any contract entered into between an employee and the county pursuant to this section shall include all such information in terms the employee can reasonably be expected to understand.
As used in this section the word ''employee'' shall have the same meaning as ''employee'' in section one of chapter thirty-two and shall include consultants and independent contractors who are natural persons paid by the county.
Notwithstanding any provisions to the contrary, the treasurer shall not be required to solicit bids to invest the deferred portion of an employee's income provided: (a) the treasurer elects to invest such funds in the same investment products as provided through the deferred compensation plan for employees of the commonwealth administered by the state treasurer, provided such plan resulted from the solicitation of bids in accordance with bidding requirements comparable to those required under this section; or (b) the treasurer elects to invest such funds in the investment products offered pursuant to a plan developed through a competitive selection process, provided that such plan resulted from the solicitation of bids by a group of any combination of three or more city, town, county or public authority treasurers acting as a ''Common Group'' for purposes of soliciting such proposals in accordance with bidding requirements comparable to those required under this section.
An employee may defer compensation so long as such deferral is the lesser of seven thousand five hundred dollars or thirty-three and one-third per cent of his includible compensation for a taxable year, except that for one or more of the last three taxable years ending before he attains normal retirement age under the plan, the employee may defer the lesser of fifteen thousand dollars or the sum of (1) seven thousand five hundred dollars or thirty-three and one-third per cent of his includible compensation for a such year, plus (2) a sum not more than the total deferrable compensation for prior taxable years that had not in fact been deferred in such years.
Such deferred compensation program shall be in addition to and not a part of the retirement program or pension system as provided under said chapter thirty-two and any other benefit program provided by law for such employee. Any compensation deferred under such a plan shall continue to be included as regular compensation, as defined in section one of said chapter thirty-two, for the purpose of computing the retirement and pension benefits earned by any such employee, but any compensation so deferred shall not be included in the computation of any taxes on behalf of any such employee.
Structure Massachusetts General Laws
Part I - Administration of the Government
Title VI - Counties and County Officers
Chapter 35 - County Treasurers, State Supervision of County Accounts and County Finances
Section 1 - Qualifications; Election; Tenure
Section 2 - Assistant Treasurer; Bond; Duties
Section 4 - Salaries; Source of Payment
Section 7 - Commissioners Acting by Appointment; Compensation; Travel Expenses
Section 8 - Traveling Expenses
Section 9 - Wilful Violation of Duty; Penalties
Section 10 - Collection and Disbursement of County Funds; Investment of Funds
Section 10a - Disbursement of Matching Funds for Federally Funded Programs
Section 11 - Payment of Expenses, etc.; Restrictions
Section 14 - Statement of Law Authorizing Payment of Accounts; Liability for Payments; Exceptions
Section 15 - Accounts; Form and Contents
Section 18 - Suffolk and Nantucket Counties; Applicability of Laws
Section 19a - Accumulated Vacation Allowance; Payment Upon Death or Separation From Service
Section 19b - Deceased Officers and Employees; Payment of Salary to Next of Kin; Effect
Section 19c - Deposits in Credit Union; Pension or Retirement Allowances
Section 20 - Prosecution of Suits Upon Bonds, Notes, etc.; Joinder of Treasurer as Party
Section 21 - Delinquency of Officers as to Money Payments; Notification of District Attorney
Section 22 - Disposition of Surplus Money; Deposits; Investments; Interest
Section 22a - Deposit of Funds Restricted
Section 23 - Money Paid Into Courts; Disposition; Interest
Section 23a - Unclaimed Funds; Disposition
Section 24 - Overdue Accounts; Interest Charge
Section 25 - Annual Report; Contents
Section 26 - Annual Report of County Commissioners; Contents
Section 27 - Annual Reports; Publication and Distribution
Section 27a - Treasurer and Custodian of Certain Funds
Section 28 - Estimates of County Receipts and Expenditures; Preparation; Recordation
Section 30 - Taxes; Approval; Computation
Section 31 - Taxes; Apportionment, Assessment and Collection
Section 32a - Contributory Retirement Systems; Anticipated Costs; Recovery of Pension Costs
Section 34 - Expenses and Liabilities Incurred Prior to Appropriations; Limitations; Exceptions
Section 34a - Expenses Incurred Prior to Appropriation; Highway Agreements Excepted
Section 35 - Enforcement of Provisions; Conditions
Section 36 - County Receipts, Cash on Hand and Expenditures; Monthly Account
Section 36a - Emergency Borrowing for Extraordinary Expenditures
Section 37 - Borrowing Funds in Anticipation of Tax Income
Section 37a - Bonds and Notes; Method of Payment; Use of Proceeds; Limitations
Section 37b - Temporary Notes; Refunding; Payment
Section 38 - Sale of Notes or Securities; Bids Required; Exceptions
Section 38a - Bonds Issued Subject to Call and Redemption
Section 38b - Refunding Bonds and Notes; Issuance; Limitations
Section 39a - Forms for Note Issues; Contents, Etc.
Section 39b - Notes; Procedure for Issuance
Section 39c - Bearer Notes; Procedure for Issuance
Section 39d - Payment of Notes; Notice
Section 39e - Certification Fee; Refunds
Section 39f - Effect of Certification
Section 39g - Facsimile of County Seal on Bonds, etc.; Validity
Section 39h - Facsimile of County Seal on Bonds, etc.; Authorization of Making and Use
Section 40 - Fines; Accounting; Returns
Section 41 - Payments to Treasurers; Sworn Statements
Section 42 - Auditor of Boston; Additional Duty
Section 43 - Exchange of Order Instruments for Bearer Instruments; Penalty for Noncompliance
Section 43a - Surety Bonds of Officers and Employees; Payment of Premiums
Section 47 - Penalty for Noncompliance With Orders
Section 48 - Establishment of Board; Membership; Election; Tenure, Etc.
Section 49 - Classification of Positions; ''salary'' Defined
Section 51 - Personnel Board; Powers and Duties; Discharge of Employees, Etc.
Section 51b - Salary Schedules
Section 52 - Classification and Allocation of Offices and Positions; Review
Section 53 - County Commissioners; Powers and Duties
Section 53a - Director of Affirmative Action; Affirmative Action Plan; Reports
Section 55 - Salaries to Be Full Compensation; Overtime Pay, Etc.
Section 56 - Suffolk County; Applicability of Act; Classification Agencies in Other Counties