The governing body of any municipality may provide for salary saving or retirement annuities, and may deduct from the salary or wages of any employee, included in the life insurance, salary sharing, or retirement annuity plan, the pro rata share of the cost of the insurance, and pay the premium for the insurance out of the deducted moneys. The governing body may determine which particular class or group of employees is protected by the insurance contracts, provided that when the class or group has been determined, an insurance contract may not be made or entered into without the consent of at least sixty percent of the class or group.

Source: SL 1939, ch 192 ; SDC Supp 1960, § 45.0201-1 (1); SL 2026, ch 33 , § 26.