NY Ret & SS L § 321 (2021)
2021 New York Laws RSS - Retirement and Social Security Article 8 - New York State and Local Police and Fire Retirement System Title 4 - Funds of the System; Members' Contributions and Employers' Contributions 321 - Members' Contributions and Their Use; Annuity Savings Fund.

§  321. Members' contributions and their use; annuity savings fund. a. The  annuity  savings  funds  shall  be  the  fund  in  which  shall  be accumulated  all  contributions  made  by  members  to provide for their annuities and their withdrawal allowances.   b. Upon the basis of tables adopted by  the  comptroller  and  regular interest,  the actuary shall determine the rate of contribution for each member. Such rate shall be computed as the constant proportion of annual compensation which, when deducted from each  payment  of  such  member's prospective earnable compensation until he shall attain age sixty, would provide,  at  that time, an annuity equal to one-one hundred fortieth of his final average salary for each year of member service  for  which  he shall  be  entitled  to credit. This method of computation of a member's rate of contribution shall be appropriately modified in case of a member for whom such a rate is otherwise fixed pursuant to any other section of this article.   c. The rate of contribution of a member who is over age fifty-nine, at the time of his last becoming a member, shall be the same as if his  age were fifty-nine.   d. The comptroller shall certify each member's rate of contribution to his  employer.  Each  employer by whom a member is employed shall deduct from the compensation of such member, on  each  payroll  and  for  every payroll  period, the proportion of such member's compensation based upon his rate of contribution. In determining the amount earnable by a member in a payroll period, the comptroller may consider  the  rate  of  annual compensation  payable  to  such  member  on  the  first  day  thereof as continuing throughout such period. If an employee was not  a  member  on the first day of a payroll period, deductions from compensation for such period may be omitted. No deductions shall be made from the compensation of a member over age sixty who has credit for at least thirty-five years of government service and who elects to discontinue his contributions to the  annuity  savings  fund.  The contributions herein provided shall be made notwithstanding that the minimum compensation provided by  law  for any member shall be reduced thereby.   e.  The  chief  fiscal officer of each employer promptly shall certify and file a copy of each payroll with the comptroller. Each such  payroll and  certification  shall  be in a form approved by the comptroller. The comptroller,  in  his  discretion,  may  waive   the   requirements   of certification and filing as to any particular payroll.   f.  Deductions  from the compensation of a member shall constitute his contributions. Such contributions shall  be  remitted  promptly  to  the comptroller.  The  comptroller shall deposit them in the annuity savings fund and they shall be credited, together with regular interest thereon, and special interest, if any, to the member's individual account in such fund. Regular interest upon accumulated  contributions  in  the  annuity savings fund, and special interest, if any, shall be transferred to such fund  from  the  pension  accumulation  fund at the close of each fiscal year.   g. If a member shall have deposited in the annuity savings fund of the New York state employees' retirement  system,  before  June  thirteenth, nineteen  hundred  thirty-nine, amounts in addition to the contributions then required by law, the same shall  be  included  in  his  accumulated contributions. Interest thereon, however, shall be credited only at such rate  as  in  the  opinion  of the comptroller is the prevailing rate of interest allowed on savings bank deposits. A member, at  any  time,  may withdraw  such additional amounts and such interest thereon, in whole or in part. The total of such withdrawn amounts may  be  redeposited  by  a single  payment at any time. If such additional amounts be not withdrawn before retirement, they thereupon shall be used to purchase  an  annuity  on  account  of  such  member.  Such annuity shall be in addition to the retirement allowance to which he would otherwise be entitled.  It  shall be  computed  on  the basis of regular interest and the mortality tables which are used in computing other annuities under this article.   h. Valuation of maintenance in certain cases.   1. A member of the police and fire retirement system, whose retirement contributions  to  the  New York state employees' retirement system were determined by fixing the value of his or her maintenance at one-half the cash compensation received by him or her and  whose  contributions  were subsequently  reduced  by  the  fixing  of  a  lower  value for the same maintenance  theretofore  furnished,  may  elect  to  have  his  or  her contributions  computed on the basis of his or her gross compensation as established prior to such reduction in value  of  maintenance,  provided that:  (a)  His  retirement  contributions  prior  to October first, nineteen hundred forty-three, were based on such higher value of  maintenance  as determined  by  the  comptroller  and his retirement contributions after such date were reduced because of the fixation of such  lower  value  of maintenance, or  (b)  His  retirement  contributions prior to April sixteenth, nineteen hundred forty-six, were based on such higher  value  of  maintenance  as determined  by  the board of supervisors of the county of Monroe and his retirement contributions after such date were  reduced  because  of  the fixation of such lower value of maintenance, or  (c)   He   was   employed  by  the  county  of  Westchester  on  March twenty-ninth, nineteen hundred forty-eight, his retirement contributions prior to March thirty-first, nineteen hundred forty-seven, were based on such higher value of maintenance and his retirement contributions  after January first, nineteen hundred forty-eight, were reduced because of the fixation of such lower value of maintenance, or  (cc) His retirement contributions prior to the initial fixation of the value  of his maintenance pursuant to section two hundred one or section two hundred five of the county law, were based on such higher  value  of maintenance   as  determined  by  the  comptroller  and  his  retirement contributions after the date of such fixation were  reduced  because  of the fixation of such lower value of maintenance, or  (d)  He  was  employed  by  the  county  of Onondaga on April twelfth, nineteen hundred  forty-nine,  his  retirement  contributions  prior  to December  fifteenth,  nineteen  hundred  forty-seven, were based on such higher value of  maintenance  and  his  retirement  contributions  after December  fifteenth,  nineteen hundred forty-seven, were reduced because of the fixation of such lower value of maintenance, or  (e)  He  was  or  shall  have  been  employed  in  a  county  or  city tuberculosis  hospital  which  was or shall have been transferred to the state pursuant to section twenty-two hundred sixty-eight of  the  public health  law, his retirement contributions prior to such transfer were or shall have been based on  such  higher  value  of  maintenance  and  his retirement  contributions  after  such  transfer were or shall have been reduced because of the fixation of such lower value of maintenance.   2. Upon filing such election and paying the  additional  contributions required  thereby,  such  member  shall be entitled to have his pension, retirement allowance or other rights and privileges  in  the  retirement system  computed  in  accordance  with such gross compensation, provided that:  (a) In a case covered by subparagraph (a) of  paragraph  one  of  this subdivision  h,  such  election  was so filed with the comptroller on or before April first, nineteen  hundred  forty-six,  and  such  additional  contributions  are  paid  from and after October first, nineteen hundred forty-three, or  (b)  In  a  case  covered by subparagraph (b) of paragraph one of this subdivision h, such election was so filed with  the  comptroller  on  or before  January first, nineteen hundred forty-eight, and such additional contributions are paid from and after April sixteenth, nineteen  hundred forty-six, or  (c)  In  a  case  covered by subparagraph (c) of paragraph one of this subdivision h, such election was so filed with  the  comptroller  on  or before  January  first, nineteen hundred forty-nine, and such additional contributions are paid  from  and  after  March  thirty-first,  nineteen hundred forty-seven, or  (cc)  In  a case covered by subparagraph (cc) of paragraph one of this subdivision h, such election was so filed with  the  comptroller  on  or before  October  first, nineteen hundred fifty-five, and such additional contributions are paid from and after the date of the  initial  fixation of the value of his maintenance pursuant to such subparagraph, or  (d)  In  a  case  covered by subparagraph (d) or paragraph one of this subdivision h, such election was so filed with the county auditor on  or before  November first, nineteen hundred forty-nine, and such additional contributions are paid  from  and  after  December  fifteenth,  nineteen hundred forty-seven, or  (e)  In  a  case  covered by subparagraph (e) of paragraph one of this subdivision h, such election is so filed  with  the  comptroller  on  or before April first, nineteen hundred fifty, or within one year after the date   of  such  transfer,  whichever  is  later,  and  such  additional contributions are paid from and after the date of such transfer.   3.  The  gross  compensation  of  such  member  shall  be  the  amount established   on   the  basis  of  such  higher  value  of  maintenance. Contributions based on such gross compensation shall continue to be made until such member retires  or  until  such  election  is  terminated  as provided in paragraph four of this subdivision h.   4.  An  election  made pursuant to paragraph one of this subdivision h shall be  terminated  if  and  when  the  compensation  of  the  member, including  cash  and  the  current value of maintenance, shall equal the gross compensation of such member as fixed on the basis  of  the  higher value of maintenance described in such paragraph one, provided that:  (a)  In  a  case  covered by subparagraph (a) of paragraph one of this subdivision h,  such  current  value  of  maintenance  shall  have  been determined  by  the director of the budget pursuant to section forty-two of the civil service law, or  (b) In a case covered by subparagraph (b) of  paragraph  one  of  this subdivision  h,  such  current  value  of  maintenance  shall  have been determined by the board of supervisors of the county of Monroe, or  (c) In a case covered by subparagraph (c) of  paragraph  one  of  this subdivision  h,  such  current  value  of  maintenance  shall  have been determined by the board of supervisors of the county of Westchester, or  (cc) In a case covered by subparagraph (cc) of paragraph one  of  this subdivision  h,  such  current  value  of  maintenance  shall  have been determined by the board of supervisors of the county, or  (d) In a case covered by subparagraph (d) of  paragraph  one  of  this subdivision  h,  such  current  value  of  maintenance  shall  have been determined by the board of supervisors of Onondaga county, or  (e) In a case covered by subparagraph (e) of  paragraph  one  of  this subdivision  h,  such  current  value  of  maintenance  shall  have been determined by the director of the budget pursuant to section one hundred thirty-five of the civil service law.   i. Additional contributions.    1. Any member of the police and fire  retirement  system,  upon  forms prescribed   and  furnished  by  the  comptroller,  may  elect  to  make additional contributions at the rate of fifty per centum of his  or  her rate  of  normal  contribution  for the purpose of purchasing additional annuity.   2.  Additional contributions made pursuant to this subdivision i shall be included in the member's accumulated contributions,  except  that  in computing a retirement allowance:  (a)   For  ordinary  disability  pursuant  to  section  three  hundred sixty-two of this article, or  (b) In any other case under this article where the inclusion  of  such additional contributions in the computation of an annuity would have the effect  of  decreasing  the  amount of a pension that otherwise would be payable,   such additional contributions shall be treated as excess contributions and shall be used to provide an annuity in addition to the annuity which otherwise would be payable in such case. Such additional  annuity  shall be  computed  on  the basis of regular interest and the mortality tables which are used in computing other annuities under this article.   3. One year or more after the filing thereof, a  member  may  withdraw his   election   to  make  additional  contributions  pursuant  to  this subdivision  i.  Such  withdrawal  shall  be  by  written  notice   duly acknowledged and filed with the comptroller.   j. Where a member's rate of contribution is reduced because his or her employer                        contributes                       toward pensions-providing-for-increased-take-home-pay pursuant to section three hundred seventy-a of this article, such member  may  by  written  notice duly  acknowledged  and filed with the comptroller within one year after such reduction or within one year after he or she last became a  member, whichever  is  later,  elect  to  waive such reduction. One year or more after the filing thereof, a member  may  withdraw  any  such  waiver  by written notice duly acknowledged and filed with the comptroller. Where a member  makes  an  election  to  waive  such  reduction, he or she shall contribute to  the  police  and  fire  retirement  system  as  otherwise provided in this article.   k.  A  member in the employ of the state who retires on or after April first, nineteen hundred seventy-three may elect to withdraw  his  excess contributions  at  the time of his retirement; provided, however, in the case of persons who last became members on or after July first, nineteen hundred seventy-three, the provisions of this  subdivision  shall  apply only  to  those  who  retire  prior  to  July  first,  nineteen  hundred seventy-four. Such election shall be duly executed and  filed  with  the comptroller.  The  term  excess  contributions  shall  mean  accumulated contributions in excess of the amount thereof necessary to  provide  the required  pension  or  retirement  allowance  specified  under  the plan applicable  to  the  member.  In  no  case  shall  such  withdrawal   of contributions  result  in  an  increase  in  the  pension  benefit.  The provisions of this subdivision shall not apply to a member of the  state police  in  collective negotiating units established pursuant to article fourteen of the civil service law.   l. Voluntary contributions. 1. Any  member  of  the  police  and  fire retirement  system  who  is  not  otherwise  required  by  law  to  make contributions may elect to make voluntary contributions for the  purpose of purchasing additional annuity.   2.  Voluntary contributions made pursuant to this subdivision shall be included in the  member's  accumulated  contributions,  except  that  in computing a retirement allowance:  (a)   For  ordinary  disability  pursuant  to  section  three  hundred sixty-two of this chapter, or  (b)  In  any other case under this chapter where the inclusion of such voluntary contributions in the computation of an annuity would have  the effect  of  decreasing  the  amount of a pension that otherwise would be payable, such voluntary contributions shall be treated  as  excess  contributions and shall be used to provide an annuity in addition to the annuity which otherwise  would  be payable in such case. Such additional annuity shall be computed on the basis of regular interest and  the  mortality  tables which are used in computing other annuities under this chapter.   3. Any member electing to make such voluntary contributions shall file such election with the comptroller on a form prescribed for such purpose by  the  comptroller. Such election shall specify a rate of contribution in a whole number percentage no greater than ten percent of the member's salary, such contributions to be remitted to the comptroller by  regular payroll  deductions  from  the  compensation  of the member. The rate of contribution shall be subject to change by the member only once  in  any twelve  month period. These contributions may be withdrawn by the member in accordance with section three hundred fifty-one of this chapter  only once in any twelve month period.   4.  Any  member  electing  to  make  such  voluntary contributions may withdraw his election to make such contributions at any time and thereby terminate such contributions, provided, however, that  such  termination of voluntary contributions shall preclude the member from again electing to make such contributions for a period of twelve months.   5.  Any  member electing to make such voluntary contributions pursuant to this subdivision shall be deemed by such act to have:  (a)  withdrawn his election to make additional contributions pursuant to subdivisions i and  j  of  this  section,  and (b) made all his excess contributions in accordance with this subdivision.