NY Educ L § 530 (2021)
2021 New York Laws EDN - Education Title 1 - General Provisions Article 11 - State Teachers' Retirement System for Public School Teachers 530 - Pensions-Providing-for-Increased-Take-Home-Pay-for-Teachers.

§ 530. Pensions-providing-for-increased-take-home-pay-for-teachers. 1.   Notwithstanding any other provision of law to the contrary, a. beginning   on the first day of July, nineteen hundred sixty-five, and ending on the   thirtieth  day  of  June,  nineteen hundred seventy, the contribution of   each member of the  retirement  system  who  is  a  teacher  within  the   provisions  of  subdivision  four  of  section  five hundred one of this   article who is not in the employ of the state of New York or who is  not   in the employ of a community college shall be reduced by five per centum   of the compensation paid such member, andb.  beginning  on the first day of July, nineteen hundred sixty-seven,   and ending on the thirtieth day of June, nineteen hundred  seventy,  the   contribution  of  each  member of the retirement system who is a teacher   within the provisions of subdivision four of section five hundred one of   this article who is not in the employ of the state of New York or who is   not in the employ  of  a  community  college  shall  be  reduced  by  an   additional three per centum of the compensation paid such member.Where  a  member's rate of contribution is less than the per centum by   which his contribution is reduced, such rate shall  be  discontinued.  A   member  whose  rate  of  contribution  shall  be reduced pursuant to the   provisions of this subdivision shall be deemed to have elected  to  have   his  rate  so  reduced  unless  he  files  an  election  pursuant to the   provisions of subdivision two of this section.2. Any member whose rate of contribution is reduced  pursuant  to  the   provisions  of  subdivision one of this section may by a written notice,   duly acknowledged and filed with the retirement board  within  one  year   after  such  reduction or within one year after he last became a member,   whichever is later, elect to make an additional contribution in addition   to other contributions otherwise allowed in this article  equal  to  the   amount  of  such  reduction.  One  year or more after the filing of such   notice a member may withdraw such election by filing  a  written  notice   duly acknowledged and filed with the retirement board.3.  For  the period of time as the provisions of this section shall be   in effect, contributions for each member of the  system  whose  rate  of   contribution  is  reduced by virtue of the provisions of subdivision one   of this section shall be made to the pension accumulation  fund  by  his   employer  in the same manner and at the same time as other contributions   made by the employer as employer of members of the retirement system  at   a  rate fixed by the actuary which shall be computed to be sufficient to   provide pensions-providing-for-increased-take-home-pay-for-teachers  and   other  benefits  which become payable on account of members not employed   by the state of New York or by a community college. The actuary  engaged   by  the  retirement board shall compute an additional contribution to be   known  as  the   "special   deficiency   contribution   to   provide   a   reserve-for-increased-take-home-pay-for-teachers."  The  amount  of  the   reserve-for-increased-take-home-pay-for-teachers shall  be  the  present   value  of  that  per  centum  of  the member's compensation by which his   contribution is reduced, or would otherwise be reduced if  his  rate  of   contribution equaled or exceeded eight per centum, during the period for   which  his  rate  of contribution was reduced as provided in subdivision   one, plus regular and additional  interest  thereon  to  the  date  that   pension and other benefits become payable.4.  Upon  retirement  a  member  whose  rate  of contribution shall be   reduced pursuant to the provisions of subdivision one  of  this  section   will  receive,  in  addition  to  the annuity and other pension benefits   provided by this article, a pension which is the actuarial equivalent of   the reserve-for-increased-take-home-pay-for-teachers to which he may  be   entitled, if any. 5.  In  addition  to  the  return of accumulated contributions and the   death benefit provided by the provisions of section five hundred  twelve   of  this  article,  upon  the  death  of  a  member  who died before the   effective date of his retirement and  was  in  service  upon  which  his   membership  was based when he died or was on the payroll in such service   and paid within a period of twelve months prior to his death and had not   been otherwise gainfully employed since he ceased to be on such payroll,   and provided further, he had credit for one or  more  years  of  service   while         actually         a         member,         then        the   reserve-for-increased-take-home-pay-for-teachers  attributable  to  such   member  shall  be  paid  in  the same manner and at the same time as the   death benefit is paid by reason  of  such  member's  membership  in  the   retirement system.6.  The  reserve-for-increased-take-home-pay-for-teachers  shall  be a   portion of the pension accumulation fund and upon the  retirement  of  a   new        entrant        an       amount       equal       to       the   reserve-for-increased-take-home-pay-for-teachers for such  member  shall   be transferred from the pension accumulation fund to the pension reserve   fund.7.  If  a  person  has  been  a  member  of  the retirement system and   contributions  have  been  made   by   his   employer   to   provide   a   reserve-for-increased-take-home-pay-for-teachers  and  such  person  has   ceased to be a member of the system and upon  rejoining  the  retirement   system  claims  credit for such period, the member shall not be required   to pay for such years of service as a contribution shall have been  made   by  his employer for pensions-providing-for-increased-take-home-pay-for-   teachers pursuant to the provisions of this section.8. The provisions of this section shall not apply to  any  member  for   any  period or periods during which he ceases or has ceased contributing   toward retirement pursuant to subdivision one of  section  five  hundred   sixteen  of  this  article,  provided,  however,  that such member shall   receive credit pursuant to this section for such period or  periods  for   which he contributes or has contributed toward retirement.9.  Each member of the retirement system as defined in subdivision one   of this section who is employed in the  city  school  districts  of  the   cities of Buffalo and Yonkers may have his contribution reduced pursuant   to  this  section by five percentum of the compensation paid such member   during  the  school  year  commencing  July  first,   nineteen   hundred   sixty-four,  provided  his  employer  shall  adopt  and  file  with  the   retirement board a resolution  to  such  effect  prior  to  July  first,   nineteen hundred sixty-four.