An individual is eligible to participate in the deferred compensation plan if the individual is: an officer of this State; an employee of this State, including a contractual employee; an employee of the Northeast Maryland Waste Disposal Authority; an independent contractor who performs service under § 21–304(c) of the Education Article; or an employee of the Maryland Small Business Retirement Savings Board who has been determined by the Board to be an eligible employee under the federal Internal Revenue Code.