1. A political subdivision may agree with any of its employees to defer the compensation due to them in accordance with a program approved by the committee which may consist of one or more plans authorized by 26 U.S.C. 401(a) or 457. An employee may defer compensation under one or more plans in the program. 2. The political subdivision shall withhold the amount of compensation which an employee has, by such an agreement, directed the political subdivision to defer. 3. The political subdivision may invest the withheld money in any investment permitted by law and approved by the committee. 4. The investments must be underwritten and offered in compliance with all applicable federal and state laws and regulations, and may be offered only by persons who are authorized and licensed under all applicable state and federal regulations.
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