(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.
(Amended by Stats. 2018, Ch. 903, Sec. 4. (SB 1504) Effective January 1, 2019.)
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