NY Ret & SS L § 70-A (2021)
2021 New York Laws RSS - Retirement and Social Security Article 2 - New York State Employees' Retirement System Title 8 - General Provisions Relating to Retirement; Retirement Plans Applicable to Members Generally 70-A - Pensions-for-Increased-Take-Home-Pay.

§  70-a.  Pensions-for-increased-take-home-pay.    a. Beginning with a   payroll period commencing  as  specified  by  a  participating  employer   electing  to  contribute  pursuant to the provisions of this section the   contribution of each member of the retirement system in  the  employ  of   such  a  participating  employer,  exclusive  of  any  increase  thereof   pursuant to subdivision i of section twenty-one of this  chapter  or  of   any reduction thereof pursuant to subdivision one of section one hundred   thirty-eight-b  of  this chapter, shall be reduced by five per centum of   the compensation  of  such  member.  Beginning  with  a  payroll  period   commencing   as  specified  by  a  participating  employer  specifically   electing, as provided in subdivision c of this section, to contribute at   the  higher  rate  pursuant  to  the  provisions  of  this  section  the   contribution  of  each  member of the retirement system in the employ of   such  a  participating  employer,  exclusive  of  any  increase  thereof   pursuant  to  subdivision  i of section twenty-one of this chapter or of   any reduction thereof pursuant to subdivision one of section one hundred   thirty-eight-b of this chapter, shall be reduced by an additional  three   per  centum of the compensation of such member. Where a member's rate of   contribution as so qualified is less than the per centum  by  which  his   contribution  is  reduced,  such  rate  shall  be  discontinued.  Such a   reduction or discontinuance, as the case may be, shall:1. Be subject to waiver by the member as provided in subdivision j  of   section twenty-one of this article, as added by this act, and2.  Take  precedence over the member's privilege under subdivision one   of section one hundred thirty-eight-b of this  chapter,  as  amended  by   this act, to decrease his annuity contribution for the purpose of paying   his  contributions  for  old-age,  survivors,  and  disability insurance   coverage or the tax imposed upon him pursuant to the  federal  insurance   contribution act.aa.  Beginning with a payroll period commencing on or after such date,   as specified by a participating employer electing to contribute pursuant   to the provisions of this subdivision, the contribution of  each  member   of the retirement system in the employ of such a participating employer,   whose  rate  of contribution is in excess of eight per centum, exclusive   of any increase thereof pursuant to subdivision i of section  twenty-one   of  this chapter or of any reduction thereof pursuant to subdivision one   of section one hundred thirty-eight-b of this chapter or  subdivision  a   of  this  section,  shall  be  suspended. In the case of a participating   employer any member may by written notice duly  acknowledged  and  filed   with  the comptroller beginning with the payroll period commencing on or   after such date as specified by a participating employer within one year   after the effective date of this act or within one year  after  he  last   became  a  member,  whichever is later, elect to waive the suspension of   his contribution provided by this subdivision.  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 the suspension of his contributions as herein   provided,  he  shall  contribute  to  the retirement system as otherwise   provided in this chapter.However, commencing with the payroll period the first day of which  is   nearest  to  July  first,  nineteen  hundred  sixty-six,  the  foregoing   provisions  of  subdivision  aa  shall  be  inapplicable   as   to   any   participating  employers  other  than  those  who had filed a resolution   prior to the effective date of this act to participate thereunder.b. For such period of time as the  provisions  of  subdivision  a  and   subdivision  aa  of this section shall be in effect, contributions shall   be made to the pension accumulation fund by or on account of  the  state   and  each  such participating employer, as provided in sections sixteen,    seventeen and forty-two of this article, at a rate fixed by the  actuary   which  shall  be computed to be sufficient to provide death benefits and   pensions-providing-for-increased-take-home-pay which are or  may  become   payable  on  account  of members in the employ of the state or of such a   participating employer.  Such a benefit or pensions shall be based on  a   reserve-for-increased-take-home-pay which shall be equivalent to the per   centum  of  the  member's  compensation  during such period by which his   contribution is reduced, or would otherwise be reduced if  his  rate  of   contribution   equaled   or  exceeded  eight  per  centum,  pursuant  to   subdivision a of this section, plus in the case of  any  member  in  the   employ  of  the state or of any employee of a participating employer who   has elected to participate pursuant to the provisions  of  this  section   whose   rate  of  contribution  before  any  reduction  as  provided  in   subdivision a of this section exceeds eight per centum, the  per  centum   of  his  compensation  during  such  period by which his contribution is   suspended pursuant to subdivision aa,  plus  regular  interest  thereon.   Commencing  with  the  payroll  period  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  upon  completion  of  twenty   years of service pursuant to subdivision c of section eighty, completion   of  twenty-five  years  of  service pursuant to subdivision d of section   eighty-one, subdivision d of section  eighty-three,  paragraph  four  of   subdivision   d   of  section  eighty-four,  subdivision  e  of  section   eighty-five, subdivision d of section eighty-six and  subdivision  d  of   section  eighty-seven,  completion  of  thirty-five years of service and   attainment of age sixty pursuant to subdivision d of section twenty-one,   or completion of years of service or attainment of specified  age  under   any  other  similar  requirement of this article heretofore or hereafter   enacted, 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.c. By  the  adoption,  filing  and  approval,  where  required,  of  a   resolution  in  the  manner  provided  by sections thirty, thirty-one or   thirty-two of this article, as the case may be, a participating employer   may elect  to  make  contributions  to  the  pension  accumulation  fund   pursuant to this section for the purpose of providing death benefits and   pensions-providing-for-increased-take-home-pay.  Such  resolution  shall   specify the first payroll period after the date of such filing for which   reduction shall be made pursuant to subdivision a of this section in the   contributions of members in its employ  and  the  per  centum  of  their   compensation  by which their contributions shall be reduced, which shall   be five per centum unless eight per centum is specifically elected.d. In the case of persons who last became members  on  or  after  July   first,  nineteen  hundred  seventy-three, the provisions of this section   shall apply only until the payroll period immediately prior to that  the   first   day  of  which  is  nearest  to  July  first,  nineteen  hundred   seventy-four.