§ 115D-25.2. Flexible Compensation Plan. - North Carolina Statutes

§ 115D‑25.2. Flexible Compensation Plan.

Notwithstanding any other provisions of law relating to the salaries ofemployees of community college boards of trustees, the State Board of CommunityColleges is authorized to provide a plan of flexible compensation to eligibleemployees of constituent institutions for benefits available under Section 125and related 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 constituent institutions to enter into agreementswith their employees for reductions in the salaries of employees electing toparticipate in the plan of flexible compensation provided by this section. Withthe approval of the Director of the Budget, savings in the employer's share ofcontributions under the Federal Insurance Contributions Act on account of thereduction in salary may be used to pay some or all of the administrativeexpenses of the program. Should the State Board decide to contract with a thirdparty to administer the terms and conditions of a plan of flexible compensationas provided by this section, it may select such a contractor only upon athorough and completely advertised competitive procurement process. (1989 (Reg. Sess., 1990), c. 1059, s. 2; 1991 (Reg.Sess., 1992), c. 1044, s. 14(g); 1993, c. 561, s. 42; 1993 (Reg. Sess., 1994),c. 769, s. 28.A; 1997‑443, s. 33.20(a); 1999‑237, s. 28.27(a).)