1. (a) As used in this section, "compensation" means the total of all money paid to an elected town officer for performing duties as a town officer, regardless of the source of funds from which the money is paid. The term includes all employee benefits paid to a town officer, including life insurance, health insurance, disability insurance, retirement benefits, and pension benefits.

2. (b) A town officer may waive the officer's compensation for any year by filing a notice that satisfies the following:

   1. (1) The notice is in writing.

   2. (2) The notice states in substance all of the following:

      1. (A) The position held by the town officer.
      2. (B) The calendar year covered by the notice.
      3. (C) That the town officer waives compensation under this section.
      4. (D) That the town officer understands that the notice is irrevocable beginning January 1 of the year covered by the notice.
   3. (3) The notice is signed by the town officer who wants to waive compensation.
3. (c) A town officer who wants to waive compensation under this section must file the notice with the town clerk-treasurer before January 1 of the year covered by the notice.
4. (d) A notice filed under this section is irrevocable beginning January 1 of the year covered by the notice.

5. (e) A town officer who files a notice under this section:

   1. (1) is not entitled to compensation for duties performed in the year covered by the notice; and
   2. (2) may not be paid compensation for duties performed in the year covered by the notice.

As added by P.L.67-2001, SEC.1.