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

§ 399-A. Reduction of salaries for tax-deferred annuities. The board\nof higher education of a city having a population of one million or\nmore, in its discretion, may enter into a written agreement with any of\nits employees to reduce the annual salary, as otherwise earned and\npayable by law, of such employee for the purpose of providing a\ntax-deferred annuity for such employee under the retirement system in\nwhich such employee is currently a member; but only if such retirement\nsystem specifically provides for such tax-deferred annuities, and\nsubject to any provisions and limitations applicable thereto. Any such\nagreement may be terminated upon written notice by either such employee\nor such 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