There is a tax sheltered annuity plan for eligible participants as allowed by § 403(b) of the Internal Revenue Code.

An individual is eligible to participate in the tax sheltered annuity plan if the individual: is eligible for coverage under § 403(b) of the Internal Revenue Code; and is an officer or employee of: this State; or any other governmental entity in this State, including a county board of education.

Subject to the conditions that the Board may set and in accordance with a contract between the participant and the employer, a participant may have contributions made to the tax sheltered annuity plan on the participant’s behalf by a salary reduction or in place of a salary increase.

This section does not prohibit a county board of education from adopting a plan for its employees that qualifies under § 403(b) of the Internal Revenue Code.