New York Education Law Section 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.

Last modified: February 3, 2019