New York Laws
Article 8-C - Special Annuity
398-A - Reduction of Salaries for Investment in Custodial Accounts.

ยง 398-a. Reduction of salaries for investment in custodial accounts.
Each employer, in his discretion, may enter into a written agreement
with any employee to reduce the annual salary as otherwise payable by
law of such employee for the purpose of investing in a custodial account
as permitted under section 403(b) of the United States Internal Revenue
Code, as amended, for such employee. Any such agreement may be
terminated at any time upon written notice by either such employee or
employer and shall be governed by the otherwise consistent provisions of
section three hundred ninety-nine of this article. 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.