Tax deferred annuities for employees.

The regents or trustees of any of the state's institutions of higher education are authorized to provide and pay for tax deferred annuities for their respective employees in lieu of a portion of salary or wages as authorized under the provisions of 26 U.S.C., section 403(b), as amended by Public Law 87-370, 75 Stat. 796 as now or hereafter amended.[ 1969 ex.s. c 223 s 28B.10.480. Prior: 1965 c 54 s 1, part. Formerly RCW 28.02.120, part.]