SECTION 210:1-3-4. Annuities contracts

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(a)   The State Board of Education, governing body of the State Department of Education, adopted a Resolution October 25, 1963 in accordance with the internal Revenue Code, Section 403b, making the tax-sheltered annuity program available to its employees.
(b)   The member (employee) signs an amended contract with the State Board of Education. This is done by either taking a reduction in salary, waiving a salary increase, amending salary contract to include one-time longevity payment, amending salary contract to include annual leave upon retirement, or amending salary contract to include rollovers from other sources of income.
(c)   The amount of reduction or increases of the gross salary is transmitted on special forms provided by the office of the State Board of Education which is the office of record for the State Department of Education.

                    
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