§88-94 Withholding of income taxes. A retired member, if the retired member consents in writing, may have withheld from the retired member's pension, annuity, or retirement allowance payment an equivalent percentage of such payment as will in the aggregate approximate such member's federal income tax liability as would result from such pension, annuity, or retirement allowance within the meaning of the United States Internal Revenue Code; payment of such taxes as withheld shall be the liability of the system. The board of trustees shall promulgate rules and regulations to administer the purposes of this section. [L 1966, c 11, §§2, 3; HRS §88-85; am L 1969, c 110, pt of §1; gen ch 1985]