§ 398-A — Reduction of salaries for investment in custodial accounts

New York § 398-A

• Jurisdiction: New York
• Law EDN: Education
• Title 1: General Provisions Article 1 Short Title and Definitions (§§
• Art. 8-C: Special Annuity

Text

§ 398-a. Reduction of salaries for investment in custodial accounts.\nEach employer, in his discretion, may enter into a written agreement\nwith any employee to reduce the annual salary as otherwise payable by\nlaw of such employee for the purpose of investing in a custodial account\nas permitted under section 403(b) of the United States Internal Revenue\nCode, as amended, for such employee. Any such agreement may be\nterminated at any time upon written notice by either such employee or\nemployer and shall be governed by the otherwise consistent provisions of\nsection three hundred ninety-nine of this article. Nothing contained in\nthis section shall be construed to diminish or impair any benefits to\nwhich such employee or his legal representatives or beneficiaries would\nbe otherwise entitled had such salary reduction agreement not been\nentered into in accordance with the provisions of this section.\n