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This entry was published on 2014-09-22
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Reduction of salaries for purchase of annuities
Education (EDN) CHAPTER 16, TITLE 1, ARTICLE 5, PART 2
§ 260-b. Reduction of salaries for purchase of annuities. Each board
of trustees of a library system, cooperative library system, public
library or free association library in its discretion, may enter into a
written agreement with any employee of such board to reduce the annual
salary as otherwise payable by law of such employee for the purpose of
purchasing an annuity for such employee. Any such agreement may be
terminated at any time upon written notice by either such employee or
such board. Nothing contained in this section shall be construed to
diminish or impair any benefits to which such employee or his legal
representatives or beneficiaries would be otherwise entitled had such
salary reduction agreement not been entered into in accordance with the
provisions of this section.