Authorized; treatment of benefits; employee eligibility; exclusion from certain review and collective bargaining provisions.

(a)

(1) There shall be established an employee deferred compensation program which meets the requirements of this section and § 457 of the Internal Revenue Code of 1954 and the regulations and interpretations thereunder.

(2) The employee deferred compensation program shall be in addition to any other retirement, pension, or benefit system established by law, and no deferral of income under the employee deferred compensation program shall effect a reduction of the amount of any other retirement, pension or other benefit provided by law. Any amount deferred under the employee deferred compensation program shall be included in the employee’s compensation for purposes of computing contributions to existing life insurance, retirement systems, F.I.C.A. or any other system keyed to the employee’s scheduled rate of pay, but shall not be included for the purposes of computing federal or District income tax withholdings on behalf of any such employee.

(3) Any amount of compensation deferred under the employee deferred compensation program and any income attributable to the amount so deferred, shall be includible in the employee’s District gross income pursuant to Chapter 18 of this title only for the taxable years in which such compensation or other income is paid or otherwise made available to the employee or other beneficiary, and shall be subject to District income tax withholding for such year pursuant to Chapter 18 of this title .