N.Y. Education Law § 260-c: Reduction of salaries for tax-deferred annuities

§ 260-c. Reduction of salaries for tax-deferred annuities. The 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 of its employees to reduce the annual salary,

as otherwise earned and payable by law, of such employee for the purpose

of providing a tax-deferred annuity for such employee under the

retirement system in which such employee is currently a member, but only

if such retirement system specifically provides for such tax-deferred

annuities, and subject to any provisions and limitations applicable

thereto. Any such agreement may be terminated 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.