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This entry was published on 2014-09-22
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Reduction of salaries for tax-deferred annuities
Education (EDN) CHAPTER 16, TITLE 1, ARTICLE 5, PART 2
§ 260-c. Reduction of salaries for tax-deferred annuities. The 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 of its employees to reduce the annual salary,
as otherwise earned and payable by law, of such employee for the purpose
of providing a tax-deferred annuity for such employee under the
retirement system in which such employee is currently a member, but only
if such retirement system specifically provides for such tax-deferred
annuities, and subject to any provisions and limitations applicable
thereto. Any such agreement may be terminated 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.