§ 260-B — Reduction of salaries for purchase of annuities

§ 260-b. Reduction of salaries for purchase of annuities. Each board\nof trustees of a library system, cooperative library system, public\nlibrary or free association library in its discretion, may enter into a\nwritten agreement with any employee of such board to reduce the annual\nsalary as otherwise payable by law of such employee for the purpose of\npurchasing an annuity for such employee. Any such agreement may be\nterminated at any time upon written notice by either such employee or\nsuch board. Nothing contained in this section shall be construed to\ndiminish or impair any benefits to which such employee or his legal\nrepresentatives or beneficiaries would be otherwise entitled had such\nsalary reduction agreement not been entered into in accordance with the\nprovisions of this section.\n