§ 530. Pensions-providing-for-increased-take-home-pay-for-teachers. 1.\nNotwithstanding any other provision of law to the contrary, a. beginning\non the first day of July, nineteen hundred sixty-five, and ending on the\nthirtieth day of June, nineteen hundred seventy, the contribution of\neach member of the retirement system who is a teacher within the\nprovisions of subdivision four of section five hundred one of this\narticle who is not in the employ of the state of New York or who is not\nin the employ of a community college shall be reduced by five per centum\nof the compensation paid such member, and\n b. beginning on the first day of July, nineteen hundred sixty-seven,\nand ending on the thirtieth day of June, nineteen hundred seventy, the\ncontribution of each member of the retirement system who is a teacher\nwithin the provisions of subdivision four of section five hundred one of\nthis article who is not in the employ of the state of New York or who is\nnot in the employ of a community college shall be reduced by an\nadditional three per centum of the compensation paid such member.\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 his\nemployer in the same manner and at the same time as other contributions\nmade by the employer as employer of members of the retirement system at\na rate fixed by the actuary which shall be computed to be sufficient to\nprovide pensions-providing-for-increased-take-home-pay-for-teachers and\nother benefits which become payable on account of members not employed\nby the state of New York or by a community college. The actuary engaged\nby the retirement board shall compute an additional contribution to be\nknown as the "special deficiency contribution to provide a\nreserve-for-increased-take-home-pay-for-teachers." The amount of the\nreserve-for-increased-take-home-pay-for-teachers 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 and additional interest thereon to the date that\npension and other benefits become payable.\n 4. Upon retirement a member whose rate of contribution shall be\nreduced pursuant to the provisions of subdivision one of this section\nwill receive, in addition to the annuity and other pension benefits\nprovided by this article, a pension which is the actuarial equivalent of\nthe reserve-for-increased-take-home-pay-for-teachers to which he may be\nentitled, if any.\n 5. In addition to the return of accumulated contributions and the\ndeath benefit provided by the provi
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