§ 528. Pensions-providing-for-increased-take-home-pay.\n1. Notwithstanding any other provision of law to the contrary,\n a. beginning with the payroll period the first day of which is nearest\nto April first, nineteen hundred sixty, and ending with the payroll\nperiod immediately prior to that the first day of which is nearest to\nApril first, nineteen hundred seventy, the contribution of each member\nof the retirement system who is a teacher within the provisions of\nsubdivision four of section five hundred one of this article in the\nemploy of the state of New York shall be reduced by five per centum of\nthe compensation paid such member, and\n b. beginning with the payroll period the first day of which is nearest\nto April first, nineteen hundred sixty-four, and ending with the payroll\nperiod immediately prior to that the first day of which is nearest to\nApril first, nineteen hundred seventy, the contribution of each member\nof the retirement system who is a teacher within the provisions of\nsubdivision four of section five hundred one of this article in the\nemploy of the state of New York shall be reduced by an additional three\nper centum of the compensation paid such member, and\n c. beginning with the payroll period the first day of which is nearest\nto April first, nineteen hundred sixty-six, and ending with the payroll\nperiod immediately prior to that the first day of which is nearest to\nApril first, nineteen hundred seventy, the contribution of each member\nof the retirement system who is a teacher within the provisions of\nsubdivision four of section five hundred one of this article in the\nemploy of the state of New York whose rate of contribution is in excess\nof eight per centum shall be suspended.\n Where a member's rate of contribution is less than the per centum by\nwhich his contribution is reduced, such rate shall be discontinued. A\nmember whose rate of contribution shall be reduced pursuant to the\nprovisions of this subdivision shall be deemed to have elected to have\nhis rate so reduced unless he files an election pursuant to the\nprovisions of subdivision two of this section.\n 2. Any member whose rate of contribution is reduced pursuant to the\nprovisions of subdivision one of this section may by a written notice,\nduly acknowledged and filed with the retirement board within one year\nafter such reduction or within one year after he last became a member,\nwhichever is later, elect to make an additional contribution in addition\nto other contributions otherwise allowed in this article equal to the\namount of such reduction. One year or more after the filing of such\nnotice a member may withdraw such election by filing a written notice\nduly acknowledged and filed with the retirement board.\n 3. For the period of time as the provisions of this section shall be\nin effect, contributions for each member of the system whose rate of\ncontribution is reduced by virtue of the provisions of subdivision one\nof this section shall be made to the pension accumulation fund by the\nstate of New York in the same manner and at the same time as other\ncontributions made by the state as employer of members of the retirement\nsystem at a rate fixed by the actuary which shall be computed to be\nsufficient to provide pensions-providing-for-increased-take-home-pay and\nother benefits which become payable on account of members in the employ\nof the state. The actuary engaged by the retirement board shall compute\nan additional contribution to be known as the "special deficiency\ncontribution to provide a reserve-for-increased-take-home-pay." The\namount of the reserve-for-increased-take-home-pay shall be the present\nvalue of that per centum of the member's compensation by which his\ncontribution is reduced, or would otherwise be reduced if his rate of\ncontribution equaled or exceeded eight per centum, during the period for\nwhich his rate of contribution was reduced as provided in subdivision\none, plus regular
‹ Prev All New York sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.