287.350 - Federal requirements prerequisite for operation of plan; taxation of deferred income by State or political subdivision.
287.350 Federal requirements prerequisite for operation of plan; taxation of deferred income by State or political subdivision.
1. No plan in the Program becomes effective and no deferral may be made until the plan meets the requirements of 26 U.S.C. § 401(a), 401(k), 403(b), 457 or 3121, including, without limitation, a FICA alternative plan, or any other federal law authorizing a plan to reduce taxable compensation or other forms of compensation, as applicable, for eligibility.
2. Income deferred during a period in which no income tax is imposed by the State or a political subdivision may not be taxed when paid to the employee.
(Added to NRS by 1977, 895; A 1979, 798; 1987, 1824; 2001, 1005; 2003, 1409)