§ 3109-A — Reduction of salaries for tax-deferred annuities

§ 3109-A. Reduction of salaries for tax-deferred annuities. The board\nof education of a city having a population of one million or more, in\nits discretion, may enter into a written agreement with any of its\nemployees or with any employee of a school district within such city to\nreduce the annual salary, as otherwise earned and payable by law, of\nsuch employee for the purpose of providing a tax-deferred annuity for\nsuch employee under the retirement system in which such employee is\ncurrently a member, but only if such retirement system specifically\nprovides for such tax-deferred annuities, and subject to any provisions\nand limitations applicable thereto. Any such agreement may be\nterminated upon written notice by either such employee or such board.\nNothing contained in this section shall be construed to diminish or\nimpair any benefits to which such employee or his legal representatives\nor beneficiaries would be otherwise entitled had such salary reduction\nagreement not been entered into in accordance with the provisions of\nthis section.\n