§ 116-17.2. Flexible Compensation Plan. - North Carolina Statutes

§ 116‑17.2. Flexible Compensation Plan.

Notwithstanding any other provisions of law relating to the salaries ofemployees of The University of North Carolina, the Board of Governors of TheUniversity of North Carolina is authorized to provide a plan of flexiblecompensation to eligible employees of constituent institutions for benefitsavailable under Section 125 and related sections of the Internal Revenue Codeof 1986 as amended. This plan shall not include those benefits provided toemployees under Articles 1, 3, and 6 of Chapter 135 of the General Statutes norany vacation leave, sick leave, or any other leave that may be carried forwardfrom year to year by employees as a form of deferred compensation. In providinga plan of flexible compensation, the Board of Governors may authorizeconstituent institutions to enter into agreements with their employees forreductions in the salaries of employees electing to participate in the plan offlexible compensation provided by this section. With the approval of theDirector of the Budget, savings in the employer's share of contributions underthe Federal Insurance Contributions Act on account of the reduction in salarymay be used to pay some or all of the administrative expenses of the program.Should the Board of Governors 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. 3; 1991 (Reg.Sess., 1992), c. 1044, s. 14(h); 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).)