§ 115C-341.1. Flexible Compensation Plan. - North Carolina Statutes

§ 115C‑341.1. Flexible Compensation Plan.

Notwithstanding any other provisions of law relating to the salaries ofemployees of local boards of education, the State Board of Education isauthorized to provide a plan of flexible compensation to eligible employees oflocal school administrative units for benefits available under Section 125 andrelated sections of the Internal Revenue Code of 1986 as amended. This planshall not include those benefits provided to employees under Articles 1, 3, and6 of Chapter 135 of the General Statutes nor any vacation leave, sick leave, orany other leave that may be carried forward from year to year by employees as aform of deferred compensation. In providing a plan of flexible compensation,the State Board may authorize local school administrative units to enter intoagreements with their employees for reductions in the salaries of employeeselecting to participate in the plan of flexible compensation provided by thissection. Should the State Board decide to contract with a third party toadminister the terms and conditions of a plan of flexible compensation asprovided by this section, it may select such a contractor only upon a thoroughand completely advertised competitive procurement process. (1989 (Reg. Sess., 1990), c. 1059, s. 1; 1991 (Reg.Sess., 1992), c. 1044, s. 14(f); 1993, c. 561, s. 42; 1993 (Reg. Sess., 1994),c. 769, s. 7.28A; 1997‑443, s. 33.20(a); 1999‑237, s. 28.27(a).)