4.1420 Deferrals allowed-Authorization- Commencement.
(a) Only compensation from an employer in which has not yet been paid shall be deferred under the plan.
(b) Upon receipt of a payroll authorization form signed by the participant, which designates the amount of compensation to be deferred, compensation shall be deferred each payroll date by the employer, provided there are sufficient funds to make the designated deferral. The authorization form shall be transmitted by the administrator to the territorial comptroller.
(c) Deferrals shall commence as soon as practicable, but not earlier than the first day of the next calendar month following the date on which the board accepts the participation agreement.History: Rule 11-87, eff 17 Jun 87.