(1) An eligible football coach and the State Board of Higher Education may enter into an agreement to provide that:
(a) The coach’s salary will be reduced monthly by a stated amount that is not less than $25 a month, or the coach will forgo monthly a salary increase of a stated amount that is not less than $25 month; and
(b) The State Board of Higher Education will contribute monthly an amount equal to the stated amount determined under paragraph (a) of this subsection for the month to a designated qualified football coaches plan. The amount contributed by the employer shall not exceed the stated amount.
(2) The amount by which an eligible football coach’s salary or wages is reduced by reason of the salary reduction or forgoing of a salary increase authorized by subsection (1) of this section shall continue to be included as regular compensation for the purpose of computing the retirement, pension and Social Security benefits earned by the coach, but that amount shall not be considered current taxable income for the purpose of computing federal and state income taxes withheld on behalf of that coach.
(3) For the purposes of this section:
(a) “Eligible football coach” means a staff member of the Oregon University System who primarily coaches football as a full-time employee of a four-year university described in 26 U.S.C. 170(b)(1)(A)(ii).
(b) “Qualified football coaches plan” has the meaning given that term in 29 U.S.C. 1002(37). [1991 c.604 §1; 1993 c.160 §1; 1997 c.11 §5; 2003 c.14 §114]Section: Previous 243.791 243.793 243.795 243.800 243.810 243.820 243.830 243.850 243.860 243.862 243.864 243.866 243.868 243.870 243.872 Next
Last modified: August 7, 2008