(A) The program is structured in a manner to keep the program from being classified as an employee benefit plan subject
to the federal Employee Retirement Income Security Act.
(B) The payroll deduction IRA arrangements offered by the program qualify for the favorable federal income tax treatment ordinarily accorded to IRA arrangements under the Internal Revenue Code.
(C) The board has defined in regulation the roles and responsibilities of employers in a manner to keep the program from being classified as an employee benefit plan subject to the federal Employee Retirement Income Security Act.
(D) The board has adopted a third-party administrator operational model that limits employer interaction and transactions with the employee to the extent feasible.
9795.
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