Washington § 28A.400.240 - Deferred compensation plan for school district or educational service district employees — Limitations.

Full text of Washington Revised Code of Washington § 28A.400.240 — Deferred compensation plan for school district or educational service district employees — Limitations., with citation guidance and answers to common questions.

§ 28A.400.240. Deferred compensation plan for school district or educational service district employees — Limitations.

In addition to any other powers and duties, any school district or educational service district may contract with any classified or certificated employee to defer a portion of that employee's income, which deferred portion shall in no event exceed the appropriate internal revenue service exclusion allowance for such plans, and shall subsequently with the consent of the employee, deposit or invest in a credit union, savings and loan association, bank, mutual savings bank, or purchase life insurance, shares of an investment company, or a fixed and/or variable annuity contract, for the purpose of funding a deferred compensation program for the employee, from any life underwriter or registered representative duly licensed by this state who represents an insurance company or an investment company licensed to contract business in this state. In no event shall the total investments or payments, and the employee's nondeferred income for any year exceed the total annual salary, or compensation under the existing salary schedule or classification plan applicable to such employee in such year. Any income deferred under such a plan shall continue to be included as regular compensation, for the purpose of computing the retirement and pension benefits earned by any employee, but any sum so deducted shall not be included in the computation of any taxes withheld on behalf of any such employee.
[ 2001 c 266 s 1; 1975 1st ex.s. c 205 s 1; 1974 ex.s. c 11 s 1. Formerly RCW 28A.58.740.]

Source: official Washington text · Last verified 2026-08-27

Related Washington Legal Topics

Frequently Asked Questions About Washington § 28A.400.240

What does Revised Code of Washington § 28A.400.240 cover?

Section 28A.400.240 ("Deferred compensation plan for school district or educational service district employees — Limitations.") is part of the Revised Code of Washington, the codified statutory law of Washington. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.

How do I cite Washington § 28A.400.240?

A common citation format is "Revised Code of Washington § 28A.400.240" (Washington). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.

Is this the official text of Washington law?

No. This page is for research and education and may not include the most recent amendments. For official current law, check the Washington official source linked on this page or consult a licensed Washington attorney.

How does Washington § 28A.400.240 apply to my situation?

Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Washington can advise on how this section applies to you. Contact your state or local bar association for a referral.

Sources & Verification

Not legal advice. Verify against the official source and consult a licensed attorney in Washington.