N.Y. Education Law § 3109: Reduction of salaries for purchase of annuities

§ 3109. Reduction of salaries for purchase of annuities. Each board

of education, trustee or trustees in any school district, and each board

of cooperative educational services or county vocational education and

extension board, in its discretion, may enter into a written agreement

with any employee of such school district or board to reduce the annual

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

purchasing an annuity or investing in a custodial account as permitted

under section 403(b) of the United States Internal Revenue Code, as

amended, for such employee. Any such agreement may be terminated at any

time upon written notice by either such employee or such school district

or 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.