§ 115D‑25. Purchase of annuity or retirement income contracts for employees.
Notwithstanding any provision of law relating to salaries or salaryschedules for the pay of faculty members, administrative officers, or any otheremployees of community colleges, the board of trustees of any of the aboveinstitutions may authorize the finance officer or agent of same to enter intoannual contracts with any of the above officers, agents and employees whichprovide for reductions in salaries below the total established compensation orsalary schedule for a term of one year. The financial officer or agent shalluse the funds derived from the reduction in the salary of the officer, agent oremployee to purchase a nonforfeitable annuity or retirement income contract forthe benefit of said officer, agent or employee. An officer, agent or employeewho has agreed to a salary reduction for this purpose shall not have the rightto receive the amount of the salary reduction in cash or in any other wayexcept the annuity or retirement income contract. Funds used for the purchaseof an annuity or retirement income contract shall not be in lieu of any amountearned by the officer, agent or employee before his election for a salaryreduction has become effective. The agreement for salary reductions referredto in this section shall be effected under any necessary regulations andprocedures adopted by the State Board of Community Colleges and on formsprepared by the State Board of Community Colleges. Notwithstanding any otherprovisions of this section or law, the amount by which the salary of anofficer, agent or employee is reduced pursuant to this section shall not beexcluded, but shall be included, in computing and making payroll deductions forsocial security and retirement system purposes, and in computing and providingmatching funds for retirement system purposes.
In lieu of the annuity and related contracts provided for under thissection, interests in custodial accounts pursuant to Section 401(f), Section403(b)(7), and related sections of the Internal Revenue Code of 1986 as amendedmay be purchased for the benefit of qualified employees under this section withthe funds derived from the reduction in the salaries of such employees. (1965, c. 366; 1979, c. 462, s. 2; c. 896, s. 13;1979, 2nd Sess., c. 1130, s. 1; 1987, c. 564, s. 11; 1989, c. 526, s. 2.)
§ 115D‑25. Purchase of annuity or retirement income contracts for employees.
Notwithstanding any provision of law relating to salaries or salaryschedules for the pay of faculty members, administrative officers, or any otheremployees of community colleges, the board of trustees of any of the aboveinstitutions may authorize the finance officer or agent of same to enter intoannual contracts with any of the above officers, agents and employees whichprovide for reductions in salaries below the total established compensation orsalary schedule for a term of one year. The financial officer or agent shalluse the funds derived from the reduction in the salary of the officer, agent oremployee to purchase a nonforfeitable annuity or retirement income contract forthe benefit of said officer, agent or employee. An officer, agent or employeewho has agreed to a salary reduction for this purpose shall not have the rightto receive the amount of the salary reduction in cash or in any other wayexcept the annuity or retirement income contract. Funds used for the purchaseof an annuity or retirement income contract shall not be in lieu of any amountearned by the officer, agent or employee before his election for a salaryreduction has become effective. The agreement for salary reductions referredto in this section shall be effected under any necessary regulations andprocedures adopted by the State Board of Community Colleges and on formsprepared by the State Board of Community Colleges. Notwithstanding any otherprovisions of this section or law, the amount by which the salary of anofficer, agent or employee is reduced pursuant to this section shall not beexcluded, but shall be included, in computing and making payroll deductions forsocial security and retirement system purposes, and in computing and providingmatching funds for retirement system purposes.
In lieu of the annuity and related contracts provided for under thissection, interests in custodial accounts pursuant to Section 401(f), Section403(b)(7), and related sections of the Internal Revenue Code of 1986 as amendedmay be purchased for the benefit of qualified employees under this section withthe funds derived from the reduction in the salaries of such employees. (1965, c. 366; 1979, c. 462, s. 2; c. 896, s. 13;1979, 2nd Sess., c. 1130, s. 1; 1987, c. 564, s. 11; 1989, c. 526, s. 2.)
§ 115D‑25. Purchase of annuity or retirement income contracts for employees.
Notwithstanding any provision of law relating to salaries or salaryschedules for the pay of faculty members, administrative officers, or any otheremployees of community colleges, the board of trustees of any of the aboveinstitutions may authorize the finance officer or agent of same to enter intoannual contracts with any of the above officers, agents and employees whichprovide for reductions in salaries below the total established compensation orsalary schedule for a term of one year. The financial officer or agent shalluse the funds derived from the reduction in the salary of the officer, agent oremployee to purchase a nonforfeitable annuity or retirement income contract forthe benefit of said officer, agent or employee. An officer, agent or employeewho has agreed to a salary reduction for this purpose shall not have the rightto receive the amount of the salary reduction in cash or in any other wayexcept the annuity or retirement income contract. Funds used for the purchaseof an annuity or retirement income contract shall not be in lieu of any amountearned by the officer, agent or employee before his election for a salaryreduction has become effective. The agreement for salary reductions referredto in this section shall be effected under any necessary regulations andprocedures adopted by the State Board of Community Colleges and on formsprepared by the State Board of Community Colleges. Notwithstanding any otherprovisions of this section or law, the amount by which the salary of anofficer, agent or employee is reduced pursuant to this section shall not beexcluded, but shall be included, in computing and making payroll deductions forsocial security and retirement system purposes, and in computing and providingmatching funds for retirement system purposes.
In lieu of the annuity and related contracts provided for under thissection, interests in custodial accounts pursuant to Section 401(f), Section403(b)(7), and related sections of the Internal Revenue Code of 1986 as amendedmay be purchased for the benefit of qualified employees under this section withthe funds derived from the reduction in the salaries of such employees. (1965, c. 366; 1979, c. 462, s. 2; c. 896, s. 13;1979, 2nd Sess., c. 1130, s. 1; 1987, c. 564, s. 11; 1989, c. 526, s. 2.)
