NY Educ L § 516 (2021)
2021 New York Laws EDN - Education Title 1 - General Provisions Article 11 - State Teachers' Retirement System for Public School Teachers 516 - Annuity Savings Fund; Contributions and Payments.

§ 516. Annuity  savings fund; contributions and payments.  The annuity   savings fund shall be  the  fund  in  which  shall  be  accumulated  the   deductions made from the compensation of contributors.  Contributions to   and  payments  from  the  annuity  savings  fund  shall  be  made in the   following manner:1.  Each  employer  shall  deduct  from  the  compensation   of   each   contributor  on  each and every payroll of such contributor for each and   every payroll period subsequent to the date upon which such  contributor   became a member an amount equal to four per centum of such contributor's   earnable  compensation  in the cases of teachers who last became members   on or before the thirtieth day of June, nineteen hundred forty-eight and   five per centum of earnable compensation in the cases  of  teachers  who   last  became members on or after the first day of July, nineteen hundred   forty-eight except if membership is renewed upon restoration  to  active   service  after  retirement  for  disability,  regular  interest shall be   credited at the rate allowed to the member at the  time  his  retirement   for  disability  last  became  effective. But no employer shall make any   deduction for annuity purposes from the compensation of a member who has   completed at least thirty-five  years  of  total  service,  or  who  has   attained  the  age  of sixty and completed at least twenty-five years of   total state service, if such member elects not to contribute.2. In determining the amount earnable by a contributor  in  a  payroll   period,  the  retirement  board  may  consider  the rate of compensation   payable to such member on  the  first  day  of  the  payroll  period  as   continuing  throughout  such  payroll period, and it may omit deductions   from compensation for any period less than a full payroll  period  if  a   teacher  was  not  a contributor on the first day of the payroll period,   and to facilitate the making of deductions, it may modify the  deduction   required  of  any  contributor  by  such  an  amount as shall not exceed   one-tenth of one per centum of the compensation upon the basis of  which   said deduction is to be made.3.  a.  In  addition  to the deductions from compensation hereinbefore   required, any contributor may redeposit in the annuity savings fund by a   single payment an amount equal to the total  amount  which  he  withdrew   therefrom  as  provided  in this article, or he may deposit therein by a   single payment an amount computed to be sufficient,  together  with  the   retirement  allowance  otherwise  provided  to  provide  for him a total   retirement allowance of  one-half  of  his  final  average  salary  upon   superannuation  retirement,  or  any  member  or  annuitant  may deposit   therein by a single payment an amount permitted so to  be  deposited  by   the  retirement  board for the purpose of purchasing additional annuity,   provided that no such member or annuitant shall be permitted to purchase   a total additional annuity thereby  in  excess  of  one-half  his  final   average  salary; such additional annuity shall afford the usual optional   privileges. Such additional amounts so deposited shall become a part  of   his accumulated contributions.b.  Notwithstanding  anything  to  the  contrary  in  this article, in   addition to the deposits hereinbefore permitted by this subdivision, any   contributor to this system, who is actually on the payroll of  a  school   district  or  the  state,  may, for the purpose of purchasing additional   annuity, deposit in the annuity savings fund once in any school year  by   a  single  payment  an  amount  not  in excess of four per centum of his   earnable rate of compensation for the school year immediately  preceding   the  date when such payment is made.  Any such amount so deposited shall   be credited with regular interest and, on the  basis  of  said  rate  of   interest,   shall   become  a  part  of  the  contributor's  accumulated   contributions in all respects including  computation  of  benefits  upon   retirement. c.  Any  member by written notice duly acknowledged and filed with the   retirement  board  before  the  first  day  of  July,  nineteen  hundred   sixty-seven or within two years after he last became a member, whichever   is  later,  may  elect  to  contribute  pursuant  to this paragraph c of   subdivision  three  of this section in order to qualify for an increased   pension for total service in excess of  twenty-five  years.  After  such   election  the  rate  of  deduction  from  earnable compensation shall be   increased by two and one-half per centum in the cases  of  teachers  who   last  became  members  on  or before the thirtieth day of June, nineteen   hundred forty-eight and by three per centum in the cases of teachers who   last became members on or after the first day of July, nineteen  hundred   forty-eight  and  such  deductions  shall  be  added  to the accumulated   contributions of each  member.  Where  a  member  elects  to  contribute   pursuant  to this paragraph c of subdivision three of this section, such   additional contributions shall be made  from  the  first  day  of  July,   nineteen  hundred  fifty-seven  or  from  the  first  day  of  the month   following the expiration of thirty days subsequent to the filing of  his   election,  whichever is later, except that if the member is contributing   pursuant to subdivision one  of  section  five  hundred  eleven-a,  such   additional  contributions  pursuant  to  this paragraph c of subdivision   three of this section shall be made from the first day of July following   the completion of twenty-five years of total service. If such a  member,   upon  the  completion  of  twenty-five years of total service, wishes to   forfeit his right to special service retirement under the provisions  of   section  five  hundred  eleven-a,  he  may  cease  making  contributions   pursuant to subdivision one of such section, leave such contributions in   the retirement system and commence making contributions pursuant to this   paragraph c of subdivision three of this section  in  order  to  receive   credit for service rendered after the completion of twenty-five years of   total  service.  If  such  a  member, upon the completion of twenty-five   years of total service wishes to maintain his right to  special  service   retirement,   he  shall  continue  to  make  contributions  pursuant  to   subdivision one of section five hundred  eleven-a  and  commence  making   contributions pursuant to this paragraph c.  Contributions made pursuant   to  this  paragraph c shall cease on the first day of July following the   completion of thirty-five years  of  total  service,  except  that,  any   member  who  has completed more than twenty-five years of service on the   first day of July, nineteen hundred sixty-seven may deposit  in  a  lump   sum  an  amount equivalent to the sum of the contributions he would have   made prior to the first day of July, nineteen hundred  sixty-seven,  had   this  paragraph c become effective as of the date when twenty-five years   of service was completed or as of any date thereafter which  the  member   may elect for the purpose of determining the amount to be so deposited.d.  Members  of the retirement system who elect to contribute pursuant   to paragraph c of subdivision  three  of  this  section,  shall  receive   credit  for  each  year,  not  in excess of ten, of service in excess of   twenty-five  years  for  which  contributions  were  made  pursuant   to   paragraph c of subdivision three of this section.4. The accumulated contributions of a contributor returned to him upon   his  withdrawal  or  paid to his estate or designated beneficiary in the   event of his death as provided in this article shall be  paid  from  the   annuity savings fund.5.  Upon the retirement of a contributor his accumulated contributions   shall be transferred from  the  annuity  savings  fund  to  the  annuity   reserve fund.6.  The retirement board may adopt rules and regulations providing for   the withdrawal at retirement by members of the accumulated contributions   credited to their individual accounts in the annuity savings fund.  Such    rules  and regulations shall provide that the application for withdrawal   of contributions be filed no earlier than the date the member files  the   application  for  retirement  and  no  later  than the day preceding the   effective  date  of  retirement.  Provided, however, this section has no   application to members subject to article fourteen or article fifteen of   the retirement and social security law.