N.Y. Education Law § 260-b: Reduction of salaries for purchase of annuities

§ 260-b. Reduction of salaries for purchase of annuities. Each board

of trustees of a library system, cooperative library system, public

library or free association library in its discretion, may enter into a

written agreement with any employee of such board to reduce the annual

salary as otherwise payable by law of such employee for the purpose of

purchasing an annuity for such employee. Any such agreement may be

terminated at any time upon written notice by either such employee or

such board. Nothing contained in this section shall be construed to

diminish or impair any benefits to which such employee or his legal

representatives or beneficiaries would be otherwise entitled had such

salary reduction agreement not been entered into in accordance with the

provisions of this section.