NY Ret & SS L § 42 (2021)
2021 New York Laws RSS - Retirement and Social Security Article 2 - New York State Employees' Retirement System Title 5 - Right to Membership, Service Credit and Transfers Between Retirement Systems 42 - Payments for Credit for Service for the Federal Government or Certain Public Authorities or Corporations.

§  42.  Payments  for credit for service for the federal government or   certain public authorities or corporations.  a. The payments required by   this section shall be made by:1.  Members  who  elect  to  continue  their  membership  pursuant  to   subdivision  d  of  section  forty  of  this  article  even though their   government service was discontinued because of  the  transfer  of  their   offices  to  the  federal  government  or  to  any  public  authority or   corporation organized pursuant to the laws of this state, and  which  is   not a participating employer.2.   Officers   or   employees  of  the  federal  government  who  are   contributing members pursuant to paragraph  four  of  subdivision  c  of   section forty of this article.3.  Members  who  claim  service  credit pursuant to paragraph four of   subdivision b of section forty-one of this article for  federal  service   previously rendered by them.b.  Memberships pursuant to paragraph four of subdivision c of section   forty of this article shall be conditioned upon the payment  in  regular   monthly installments into:1.  The annuity savings fund of a proportion of the salary paid to the   member in such employment computed upon his rate of contribution, and2. The annuity savings fund of a sum  computed  to  be  sufficient  to   provide  the  full cost of the service retirement benefits to which such   member could have become entitled as an incident of his  membership  and   which  would  have been payable from the pension reserve fund if he were   in government service, and3. The pension accumulation fund of a sum, computed upon the  rate  of   contribution  necessary  to provide the full cost of all benefits, other   than service retirement benefits, to which such member could have become   entitled as an incident of his  membership  if  he  were  in  government   service.In  the case of such a membership which was last begun or last resumed   prior to March twenty-ninth, nineteen hundred forty-four and  which  now   is  continuing  pursuant  to  such  paragraph  four  of subdivision c of   section forty of this article, and so long as federal  service  of  such   member  shall  continue hereafter without interruption, the member shall   make only the payments required by former  section  fifty-two-c  of  the   civil  service  law,  as amended by chapter seven hundred ninety-four of   the laws of nineteen hundred thirty-nine.  Federal  service  covered  by   such  former section fifty-two-c of the civil service law shall not, for   the purposes of this paragraph, be deemed to have  been  interrupted  by   the  rendition  of  service  to the state immediately after such federal   service and the return to such  federal  service  not  later  than  four   months after the termination of such service to the state.c.  Memberships  pursuant  to  subdivision  d of section forty of this   article shall  be  conditioned  upon  the  payment  in  regular  monthly   installments into:1.  The annuity savings fund of a proportion of the salary paid to the   member in such employment computed upon his rate of contribution, and2. The pension accumulation fund  of  a  further  proportion  of  such   salary  to cover the state contribution on his account computed upon the   rate of contribution that would have been payable by the  state  in  his   behalf  had he continued in government service. The payments required to   be made by this paragraph two may be made by the  member's  employer  in   his behalf.   In  the  event the office in which a member was employed was transferred   as provided in subdivision d of section forty of this article  prior  to   January  first,  nineteen  hundred  thirty-three,  such  member shall be    required to make only the payments provided for in paragraph one of this   subdivision c.d.  The  granting  of  service  credit  pursuant  to paragraph four of   subdivision b of section forty-one of this article shall be  conditioned   upon the payment, in a lump sum or in regular monthly installments, over   a  period no greater than the number of months of service for which such   credit is being purchased, into:1. The annuity savings fund of a sum equal to the  amount  that  would   have  been  in  such fund to his credit if he had actually been a member   contributing thereto during the entire period of such  federal  service,   computed on the basis of his present salary, regular interest and tables   as adopted by the comptroller, and2.  The  annuity  savings  fund  of a sum computed to be sufficient to   provide the full cost of an annuity at retirement, equal to the  pension   and  pension-providing-for-increased-take-home-pay,  if any, which would   be provided out of the pension reserve fund if such federal service  had   been government service, and3.  The  pension accumulation fund of a sum, computed upon the rate of   contribution necessary to provide the full cost of all  benefits,  other   than service retirement benefits, to which he would have become entitled   if such federal service had been government service.e.  The  United States government may make the payments required to be   made by paragraphs two and three of subdivision b or by  paragraphs  two   and three of subdivision d of this section. The sums so paid by it shall   be  credited  to  the pension accumulation fund. Only to the extent that   payments are so made by  the  United  States  government  shall  service   credit  purchased  pursuant  to  this  section  be used in determining a   member's pension for any type of service retirement benefit.f. If a member is contributing  pursuant  to  section  seventy-one  or   seventy-one-a  of  this  article  and  elects  or has elected to pay for   federal service under subdivisions b,  c  or  d  of  this  section,  his   payments  into  the  annuity savings fund shall be computed in an amount   sufficient to provide the full cost of  an  annuity  at  age  fifty-five   equal  to  the  service  retirement  allowance  he  would receive at age   fifty-five for such federal service  under  the  provisions  of  section   seventy-one or seventy-one-a had it been government service.