{"data":{"id":"us-ky/krs-18a.270","jurisdiction":"us-ky","citation":"KRS 18A.270","heading":"Local programs.","body":"(1) Any city, county, or other political subdivision or combination of these entities may\nestablish for its employees a deferred compensation program. Notwithstanding the\nprovisions of KRS 337.060, participation shall be by written agreement or by\nelectronic r ecord, signature, or contract and in accordance with the provisions of\nKRS 369.101 to 369.120 between such employees and the legislative authority of\nthe city, county, or other political subdivision providing for the deferral of such\ncompensation and the s ubsequent investment and administration of such funds.\nAgreements and elections, including but not limited to hardship withdrawal\napplications, loan applications, beneficiary designations, and withdrawal requests\nmade by participating employees under the plans, shall not be denied legal effect or\nenforceability if made electronically to the extent permitted by the authority.\n(2) Such subdivision, acting through its legislative authority, may appoint such agency\nor department as it deems appropriate to estab lish and administer a deferred\ncompensation plan pursuant to KRS 18A.230 to 18A.275. For purposes of funding\nsuch agreements between the city, county, or other such political subdivision and\nthe participating employees, the agency or department as designat ed by the\nlegislative authority to establish and administer such plans may invest such funds in\nsuch investments deemed appropriate by said agency or department, including, but\nnot limited to annuity contracts.\n(3) In no case shall such investment be other  than permitted by KRS 18A.230 to\n18A.275 and not prohibited by Section 179 of the Kentucky Constitution and must\nbe offered by such persons or companies authorized and duly licensed by the State\nof Kentucky and applicable federal regulatory agencies to of fer such insurance or\ninvestment programs in compliance with all relevant provisions of KRS 18A.230 to\n18A.275.\n(4) Such a deferred compensation program is in addition to any retirement or pension\nsystem or any other benefit program provided by law for emp loyees of the city,\ncounty, or other political subdivision. Any income deferred under such a plan shall\ncontinue to be included as regular compensation for the purpose of computing the\nretirement and pension benefits earned by any employee but any sum so d educted\nshall not be included in the computation of any income taxes withheld for any such\nemployee.\n(5) This section does not limit the power or authority of any municipal corporation or\nother political subdivision to provide other such plans or programs for deferring\ncompensation of their officials and employees.","path":["KRS Chapter 18A"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=1429","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:48:40Z","sha256":"69c2904f3b5987af774fcc0381f9dac04b3204e0108fecda8d6e6bd30a5f9fef","source_id":"us-ky","stale":false,"prev":"us-ky/krs-18a.265","next":"us-ky/krs-18a.275"},"notice":"GroundRules: Original legal text. Not legal advice."}