§ 399-A. Reduction of salaries for tax-deferred annuities. The board
of higher 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 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.