NY Educ L § 528 (2021)
2021 New York Laws EDN - Education Title 1 - General Provisions Article 11 - State Teachers' Retirement System for Public School Teachers 528 - Pensions-Providing-for-Increased-Take-Home-Pay.

§ 528. Pensions-providing-for-increased-take-home-pay. 1.   Notwithstanding any other provision of law to the contrary,a. beginning with the payroll period the first day of which is nearest   to  April  first,  nineteen  hundred  sixty, and ending with the payroll   period immediately prior to that the first day of which  is  nearest  to   April  first,  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 in the   employ of the state of New York shall be reduced by five per  centum  of   the compensation paid such member, andb. beginning with the payroll period the first day of which is nearest   to April first, nineteen hundred sixty-four, and ending with the payroll   period  immediately  prior  to that the first day of which is nearest to   April first, 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  in  the   employ  of the state of New York shall be reduced by an additional three   per centum of the compensation paid such member, andc. beginning with the payroll period the first day of which is nearest   to April first, nineteen hundred sixty-six, and ending with the  payroll   period  immediately  prior  to that the first day of which is nearest to   April first, 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  in  the   employ  of the state of New York whose rate of contribution is in excess   of eight per centum shall be suspended.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 the   state of New York in the same manner and  at  the  same  time  as  other   contributions made by the state 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 and   other benefits which become payable on account of members in the  employ   of  the state. 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."  The   amount of the reserve-for-increased-take-home-pay 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 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   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 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 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 the state as his employer to provide a   reserve-for-increased-take-home-pay 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 the state for   pensions-providing-for-increased-take-home-pay    pursuant    to     the   provisions of this section.8.  Commencing  with  the  payroll  period  the  first day of which is   nearest to April first, nineteen hundred sixty-one,  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.