8-25-104 - Responsibility for implementing programs Payroll deductions Billing and administration. - Tennessee Statutes

8-25-104. Responsibility for implementing programs Payroll deductions Billing and administration.

(a)  (1)  The responsibility for implementing the deferred compensation program for employees of state agencies shall be delegated to the chair of the consolidated retirement board, with the approval of the commissioner of finance and administration, the chair of the finance, ways and means committee of the senate and the chair of the finance, ways and means committee of the house of representatives.

     (2)  The responsibility for implementation of the deferred compensation plan for employees of institutions of higher education shall be delegated to the chancellor of the board of regents for employees of institutions thereunder, and to the president of the University of Tennessee for employees of institutions thereunder.

     (3)  The responsibility for implementing the deferred compensation plan for state employees who are not paid on either the centralized state payroll system or by an institution of higher education, may be delegated as determined by the chair of the consolidated retirement board.

     (4)  Whenever plans are operated for state employees, including employees of institutions of higher education, pursuant to authority delegated herein to officials other than the chair of the consolidated retirement board, they shall be operated under the terms and conditions set out in contracts entered into by the chair of the consolidated retirement board for the purpose of effectuating this part. This subdivision (a)(4) shall not apply to deferred or tax-sheltered compensation plans maintained on behalf of employees of institutions of higher education pursuant to § 403(b) of the Internal Revenue Code, codified in 26 U.S.C. § 403(b). Any such § 403(b) plans shall be operated under the terms and conditions set out in contracts entered into by the chancellor of the board of regents for any § 403(b) plan maintained on behalf of employees of institutions thereunder, and by the president of the University of Tennessee for any § 403(b) plan maintained on behalf of employees of institutions thereunder.

     (5)  The responsibility for implementing the deferred compensation program for all other employees, as defined hereunder, shall be delegated to the appropriate officer, board, or committee, as designated by the local legislative body of such other agencies, counties or municipalities.

(b)  Payroll deductions shall be made, in each instance, by the appropriate payroll officer.

(c)  The chair of the consolidated retirement board or appropriately designated local officer, board or committee of such deferred compensation program may contract with a private corporation, institution, and/or custodial bank to provide consolidated billing and all or any other administrative services deemed necessary, in order that any such plans adopted shall operate without cost to or contribution from the state of Tennessee, except for the incidental expense of administering the payroll-salary deductions.

[Acts 1973, ch. 359, § 4; T.C.A., § 8-4304; Acts 1980, ch. 562, § 2; 1983, ch. 282, § 2; 1993, ch. 67, § 7; 2009, ch. 142, § 9.]