38-871
|
38-871. Annuity and deferred compensation governing committee; members; powers and duties A. A governing committee for tax deferred annuity and deferred compensation plans is established that consists of the following seven members: 1. Three employees of the state appointed by the governor. 2. The director of the department of administration or the director's designee. 3. The superintendent of financial institutions or the superintendent's designee. 4. The director of insurance or the director's designee. 5. The director of the Arizona state retirement system or the director's designee. B. The governing committee may: 1. Investigate and approve tax deferred compensation and annuity programs which give employees of the state income tax benefits authorized by title 26, United States Code Annotated. 2. In carrying out the purposes of this article, enter into agreements with life insurance companies authorized to do business in this state and with bank trustees or custodians and investment counseling firms registered with the securities exchange commission. C. The governing committee shall: 1. Arrange for consolidated billing and efficient administrative services in order that any such plans approved shall operate without cost or contribution from the state except for the incidental expense of administering the payroll salary deduction or reduction and remittance thereof to the trustee or custodian of the plan or plans. 2. Meet monthly or more frequently as the chairman of the committee deems necessary. 3. Arrange for an annual financial audit of the programs and a performance audit of the programs at least once every three years. 4. Adopt rules governing the solicitation of employees by persons offering tax deferred compensation or annuity plans to such employees. |