2007 Minnesota Statutes

354C.17 TAX SHELTER PROVISIONS.
    Subdivision 1. Agreements; salary adjustments. For the purpose of permitting participation
in a tax shelter for employment income under the applicable pension provisions of the Internal
Revenue Code, the Board of Trustees of the Minnesota State Colleges and Universities may enter
into agreements with its employees to reduce or to adjust downward the salaries for persons
covered by the supplemental retirement plan under section 354C.11, and to pay as the employer an
amount equivalent to the salary reduction or the salary downward adjustment in the same manner
as deductions would have been paid by the employee under section 354C.12, subdivision 1.
    Subd. 2. Rules. The Board of Trustees of the Minnesota State Colleges and Universities may
adopt rules and procedures consistent with this chapter to permit, if possible, participation in a tax
shelter under the applicable provisions of the Internal Revenue Code.
History: 1995 c 141 art 4 s 24; 1995 c 212 art 4 s 64