N.Y. Education Law § 398-a: Reduction of salaries for investment in custodial accounts

§ 398-a. Reduction of salaries for investment in custodial accounts.

Each employer, in his discretion, may enter into a written agreement

with any employee to reduce the annual salary as otherwise payable by

law of such employee for the purpose of 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

employer and shall be governed by the otherwise consistent provisions of

section three hundred ninety-nine of this article. 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.