(a) The coach’s salary will be reduced monthly by a stated amount that is not less than $25 a month, or the coach will forgo monthly a salary increase of a stated amount that is not less than $25 a month; and
(b) The governing board will contribute monthly an amount equal to the stated amount determined under paragraph (a) of this subsection for the month to a designated qualified football coaches plan. The amount contributed by the employer shall not exceed the stated amount.
(2) The amount by which an eligible football coach’s salary or wages is reduced by reason of the salary reduction or forgoing of a salary increase authorized by subsection (1) of this section shall continue to be included as regular compensation for the purpose of computing the retirement, pension and Social Security benefits earned by the coach, but that amount shall not be considered current taxable income for the purpose of computing federal and state income taxes withheld on behalf of that coach.
(3) For the purposes of this section:
(a) "Eligible football coach" means a staff member of a public university listed in ORS 352.002 who primarily coaches football as a full-time employee of a four-year university described in 26 U.S.C. 170(b)(1)(A)(ii).
(b) "Qualified football coaches plan" has the meaning given that term in 29 U.S.C. 1002(37). [1991 c.604 §1; 1993 c.160 §1; 1997 c.11 §5; 2003 c.14 §114; 2013 c.768 §116; 2015 c.767 §68]
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