§ 3109 — Reduction of salaries for purchase of annuities

§ 3109. Reduction of salaries for purchase of annuities. Each board\nof education, trustee or trustees in any school district, and each board\nof cooperative educational services or county vocational education and\nextension board, in its discretion, may enter into a written agreement\nwith any employee of such school district or board to reduce the annual\nsalary as otherwise payable by law of such employee for the purpose of\npurchasing an annuity or investing in a custodial account as permitted\nunder section 403(b) of the United States Internal Revenue Code, as\namended, for such employee. Any such agreement may be terminated at any\ntime upon written notice by either such employee or such school district\nor 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