D.C. Code § 47-3602

Current through codified legislation effective October 30, 2024

Section 47-3602 - Regulations

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].

D.C. Code § 47-3602

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.

District of Columbia Deferred Compensation Committee Established: See Mayor's Order 85-135, August 2, 1985.

Applicability

Section 7031 of D.C. Law 22-168 repealed section 3 of D.C. Law 22-102 amending the applicability restriction impacting this section.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.