NY Pub Auth L § 1738 (2021)
2021 New York Laws PBA - Public Authorities Article 8 - Miscellaneous Authorities Title 6 - The New York City School Construction Authority Act 1738 - Retirement of Employees.

§  1738.  Retirement of employees. 1. Employees of the authority shall be eligible  to  join  the  board  of  education  retirement  system  as established in section twenty-five hundred seventy-five of the education law  and pursuant to the usual rules of that system, provided that a new employee who upon appointment by or  transfer  to  the  authority  is  a member  of  the  New  York city employees retirement system may remain a member of the New York  city  employees  retirement  system  if,  within ninety  days  of the effective date of the transfer to or appointment by the authority, the employee exercises an election to do so. Furthermore, the retirement rights of employees of the city  board  employed  on  the effective  date  of  this  title  shall not be impaired by reason of the enactment of this title into law.   2. a. Notwithstanding the provisions of any  other  general  or  local law,  administrative  code or ordinance to the contrary, any employee of the authority who was suspended on or after December first, two thousand two because of economy measures taken by the authority, and who returned to such service prior to January eighth, two thousand  eight,  shall  be deemed  to  have  been  in  continuous  service in determining length of service for retirement purposes; provided, however, that for  retirement purposes,   a  member  receiving  such  service  credit  shall  pay  the additional member  contributions  prescribed  by  paragraph  b  of  this subdivision. Notwithstanding any other provision of law to the contrary, a  person  who  otherwise  meets  the requirements of this paragraph for obtaining retirement service credit for such period of  suspension,  and who,  after  returning  to  such service from such period of suspension, retired for service or disability from a  position  with  the  authority prior  to  the effective date of this subdivision, may obtain retirement service credit for such period of suspension  by  (i)  filing  with  the retirement  system  an  application  to purchase such retirement service credit within one hundred twenty days after the effective date  of  this subdivision,  and  (ii)  paying  to  the  retirement  system  the amount required by paragraph b of this subdivision within one  year  after  the effective date of this subdivision.   b. In addition to the regular member contributions that may be payable for his or her current service, such member shall pay by deductions from his or her compensation the following additional member contributions:  (i) all regular member contributions which such member would have been required  to  pay to the retirement system for such period of suspension if he or she had been in service during such period of suspension; and  (ii) if such member is a participant in a special plan, the additional member contributions attributable to participation in such special  plan which he or she would have been required to pay to the retirement system for  such  period  of suspension if he or she had been in service during such period of suspension; and  (iii) an amount equivalent to the additional costs to the employer  of providing  retirement  service  credit to such member for such period of suspension, as determined by the actuary for the retirement system.   c. The deductions for the additional member contributions referred  to in paragraph b of this subdivision shall be made in accordance with such equitable  method  and  over  such  equitable period of time as shall be prescribed by the executive director of the member's  retirement  system with the approval of the board of trustees.   d. The additional member contributions referred to in subparagraph (i) of  paragraph  b  of  this  subdivision  shall  be paid into the account established by the retirement system for the deposit and accumulation of such  member's  regular  member  contributions.  The  additional  member contributions  referred  to  in subparagraph (ii) of paragraph b of this subdivision shall be paid into  the  contingent  reserve  fund  of  such  retirement  system  and  shall be subject to the provisions of law which govern additional member contributions in the special plan in which such member is a participant. The additional member contributions referred to in  subparagraph  (iii) of paragraph b of this subdivision shall be paid into the contingent reserve fund of such retirement system and shall not be subject to any retirement system right or privilege of  such  member, unless  such  right  or  privilege is granted by other provisions of law which  specifically  refer  to  additional  member  contributions   made pursuant to subparagraph (iii) of paragraph b of this subdivision.   e.  At  any  time  prior  to  completion  of  the  deductions  for the additional member contributions referred  to  in  paragraph  b  of  this subdivision,  payment  of  the remainder of the total of such additional contributions required by such paragraph may be made in a lump sum.