The Livingston Parish School Board, for the purpose of providing tax-sheltered annuities to its teachers and other employees, may purchase annuities from any insurer authorized to do business in Louisiana. For this purpose, the School Board may enter into agreements with any of its teachers and other employees to provide that the teacher's or other employee's salary may be reduced by the amount set aside to purchase his or her annuity, even though such reduction may bring the net salary paid below the minimum salary required by law.
Deductions for approved annuities may be authorized by the Board once a minimum of fifty (50) people have signed up for the proposed plan.
Ref: La. Rev. Stat. Ann. §17:1315; Board minutes, 3-25-71, 5-17-71.