N.J.S.A. 18A:66-128 — Reduction of salary for obtaining certain benefits.

18A:66-128 Reduction of salary for obtaining certain benefits. 18A:66-128. Any reduction in salary agreed to by any employee pursuant to the provisions of this article shall be deemed to be a reduction in salary for the purpose of obtaining the benefits afforded under section 403(b) or section 457, 26 U.S.C. ss.403(b) and 457, of the Federal Internal Revenue Code and shall not be deemed to be a reduction in salary in any other matter, the determination of which is based upon the amount of the employee's includable compensation as set forth in sections 403(b) and 457(b) of the federal Internal Revenue Code. L.1967, c.271; amended 2003, c.155, s.2.

This is the verbatim text of N.J.S.A. 18A:66-128, retrieved from the New Jersey Legislature's public statute corpus. Statutes are amended periodically — for the most current version, check the external source link above. Kyzer is not a law firm and this page is not legal advice.