§ 260-C — Reduction of salaries for tax-deferred annuities

§ 260-c. Reduction of salaries for tax-deferred annuities. The 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 of its employees to reduce the annual salary,\nas otherwise earned and payable by law, of such employee for the purpose\nof providing a tax-deferred annuity for such employee under the\nretirement system in which such employee is currently a member, but only\nif such retirement system specifically provides for such tax-deferred\nannuities, and subject to any provisions and limitations applicable\nthereto. Any such agreement may be terminated upon written notice by\neither such employee or such board. Nothing contained in this section\nshall be construed to diminish or impair any benefits to which such\nemployee or his legal representatives or beneficiaries would be\notherwise entitled had such salary reduction agreement not been entered\ninto in accordance with the provisions of this section.\n