§ 3109-A. Reduction of salaries for tax-deferred annuities. The board
of education of a city having a population of one million or more, in
its discretion, may enter into a written agreement with any of its
employees or with any employee of a school district within such city to
reduce the annual salary, as otherwise earned and payable by law, of
such employee for the purpose of providing a tax-deferred annuity for
such employee under the retirement system in which such employee is
currently a member, but only if such retirement system specifically
provides for such tax-deferred annuities, and subject to any provisions
and limitations applicable thereto. Any such agreement may be
terminated upon written notice by either such employee or such 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.