NY Ret & SS L § 342 (2021)
2021 New York Laws RSS - Retirement and Social Security Article 8 - New York State and Local Police and Fire Retirement System Title 6 - Right to Membership, Service Credit and Transfers Between Retirement Systems 342 - Payments for Credit for Service for the Federal Government or Certain Public Authorities or Corporations.

§  342.  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 three hundred 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  two  of subdivision c of   section three hundred forty of this article.3. Members who claim service credit  pursuant  to  paragraph  four  of   subdivision  b  of  section  three hundred forty-one of this article for   federal service previously rendered by them.b. Memberships pursuant to paragraph two of subdivision c  of  section   three  hundred  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 in the  state  employees'  retirement   system 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 three hundred 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. Membership pursuant to subdivision d of section three hundred 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 three hundred 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 three hundred 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 State 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 three hundred   seventy-one or three hundred 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 three hundred seventy-one or three hundred seventy-one-a had   it been government service.