§ 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.