(a) As used in this section:
(1) "Deferred compensation plan" means the Arkansas Diamond Deferred Compensation Plan or subsequent deferred compensation plan administered by the Executive Director of the Employee Benefits Division of the Department of Finance and Administration under this subchapter; and
(2)
(A) "Employee" means a person employed full time by the state and the state employer participates in the Arkansas Diamond Deferred Compensation Plan on or after January 1, 2014.
(B) "Employee" does not mean a person employed by a city, county, town, or other political subdivision that has adopted the Arkansas Diamond Deferred Compensation Plan.
(b)
(1) An employee beginning employment or reemployment on or after January 1, 2014, shall be enrolled in the deferred compensation plan.
(2) However, an employee may elect not to participate in the deferred compensation plan.
(c)
(1) The amount of the contribution for an employee participating in the deferred compensation plan under subdivision (b)(1) of this section is three percent (3%) of the employee's annual compensation.
(2) An employee may elect to contribute an amount greater than or less than the amount required under subdivision (c)(1) of this section.
(d) If an employee elects not to participate in the deferred compensation plan within ninety (90) days of the employee's first contribution, the Executive Director of the Employee Benefits Division of the Department of Finance and Administration may refund to the employee the balance of the employee's deferred compensation plan account.
(e) The Executive Director of the Employee Benefits Division of the Department of Finance and Administration shall provide notice to each employee subject to this section:
(1) Within thirty (30) days of an employee's first contribution; and
(2) At the beginning of each plan year.
(f) The Director of the Department of Finance and Administration shall promulgate rules to:
(1) Implement this section; and
(2) Comply with federal law to:
(A) Maintain the deferred compensation plan's tax qualification status by the federal government to remain tax exempt and tax qualified; and
(B) Protect an employee's deferred compensation plan account.
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