Section 35-501 - Salary reduction savings plan generally.
§ 35-501. Salary reduction savings plan generally.
(a) In general.- There is a salary reduction savings plan for eligible participants as allowed by § 401(k) of the Internal Revenue Code.
(b) Federal approval required.- The Board shall obtain approval from the Internal Revenue Service for the salary reduction savings plan.
[1994, ch. 6, § 2.]