Any certificated employee of a district having an annuity reserve fund may enter into an amendment of his or her employment contract for the purpose of effecting a reduction in salary. The reduction shall be deposited by the employer, at the employee’s request, in the district’s annuity reserve fund. The deposits shall be used to provide the employee an annuity within the meaning of Section 403(b) of the Internal Revenue Code of 1986 (26 U.S.C.A. Sec. 403(b)).
Cal. Educ. Code § 24807.5
Administration of the District Retirement Salary Plan
Known as the E. Richard Barnes Act
The act spans §§ 22000–25115 (716 sections).
Repealed and added by Stats. 1993, Ch. 893, Sec. 2
Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.