NY Educ L § 6252 (2021)
2021 New York Laws EDN - Education Title 7 - State and City Colleges and Institutions-Cornell University Article 125-A - Board of Higher Education Optional Retirement Program 6252 - Rates of Contribution.

§ 6252. Rates  of contribution. 1. Employer contributions. In the case of  any  electing  employee  initially  appointed  on  or  before   June thirtieth,   nineteen   hundred   ninety-two,  the  city  shall,  during continuance of his employment, makes contributions at the rate  of  nine percentum  of  that  portion of his city salary upon which contributions are or may hereafter be paid to the secretary of  the  treasury  of  the United  States  pursuant  to  article three of the retirement and social security law and at the rate of twelve percentum of that portion of  his city salary above said amount, out of monies which shall be appropriated to  the  city  university for such purposes. In the case of any electing employee initially appointed on or after July  first,  nineteen  hundred ninety-two,  the  city shall, during continuance of his employment, make contributions at the rate of eight percentum of his city  salary  during the  first  seven  years  of  such  employment  and  at  the rate of ten percentum of his city salary, thereafter, out of monies which  shall  be appropriated  to  the  city university for such purpose. For purposes of this subdivision, that portion  of  the  employee's  salary  upon  which contributions  are  or  may  thereafter  be paid to the secretary of the treasury  of  the  United  States  pursuant  to  article  three  of  the retirement and social security law shall be deemed not to exceed sixteen thousand five hundred dollars.   2.  Employee  contributions. (a) In the case of any electing employee, contributions at the rate of three percentum of his city salary shall be deducted as the  employee  contribution  by  the  comptroller,  provided however  that  such  employee  contribution shall be made by the city in accordance with subdivision one of this section during  such  period  as either  section  seventy-a  of the retirement and social security law or section B3-36.1 or section B20-41.1 of the administrative  code  of  the city of New York provides that the contribution of any member of the New York  city  employees'  retirement system or the New York city teachers' retirement system in the employ of the city shall be reduced by at least eight percentum of his compensation; and provided further, however, that such employee contribution with respect to the fiscal year of  the  city beginning on July first, nineteen hundred seventy-two and ending on June thirtieth,  nineteen  hundred  seventy-three  shall be made by the city, notwithstanding any of the foregoing provisions of this  subdivision  to the contrary.  (b) Notwithstanding any provision of paragraph (a) of this subdivision or  any  other  provision  of  law  to  the contrary, but subject to the provisions of subdivision d of  section  six  hundred  thirteen  of  the retirement  and social security law in the case of any electing employee initially appointed on or after July first, nineteen hundred ninety-two, contributions at the rate of three percentum of his or her  city  salary shall be deducted as the employee contribution by the comptroller.  (c)  Notwithstanding  any other provision of this section or any other law to the contrary, (1) on and after April first,  two  thousand  eight for  a  member  who  joined  the optional retirement program established pursuant to this article before April first, two thousand twelve and who has ten or more years of membership in such optional retirement program, the city shall  contribute  one-third  of  the  three  percent  employee contribution  required  pursuant  to  the  provisions of this section on behalf of such employee; and (2) on and after April first, two  thousand nine for a member who joined the optional retirement program established pursuant to this article before April first, two thousand twelve and who has ten or more years of membership in such optional retirement program, the  city  shall  contribute  two-thirds  of  the three percent employee contribution required pursuant to the  provisions  of  this  section  on behalf  of such employee; and (3) on and after April first, two thousand  ten for a member who joined the optional retirement program  established pursuant to this article before April first, two thousand twelve and who has ten or more years of membership in such optional retirement program, the  city  shall  contribute  the  three  percent  employee contribution required pursuant to the provisions of this section on  behalf  of  such employee.  The  provisions  of  this  paragraph  shall  not apply to any electing employee who  becomes  a  member  of  the  optional  retirement program on or after April first, two thousand twelve.  (d)  Notwithstanding  any  other  law to the contrary, beginning April first, two thousand thirteen any electing employee appointed on or after April first, two thousand twelve, the rate at which each  such  employee shall  contribute  in  any  current plan year (January first to December thirty-first) shall be determined by reference  to  the  wages  of  such member  in the second plan year (January first to December thirty-first) preceding such current plan year as follows:  (1) members with wages of forty-five thousand  dollars  per  annum  or less shall contribute three per centum of annual wages;  (2) members with wages greater than forty-five thousand per annum, but not  more  than fifty-five thousand per annum shall contribute three and one-half per centum of annual wages;  (3) members with wages greater than fifty-five thousand per annum, but not more than seventy-five thousand per annum shall contribute four  and one-half per centum of annual wages;  (4)  members  with  wages greater than seventy-five thousand per annum but not more than one hundred thousand per annum shall  contribute  five and three-quarters per centum of annual wages; and  (5)  members  with  wages  greater than one hundred thousand per annum shall contribute six per centum of annual wages.   Notwithstanding the foregoing, during each of  the  first  three  plan years  (January first to December thirty-first) in which such member has established  membership  in  the  Board  of  Higher  Education  Optional Retirement  Program,  such employee shall contribute a percent of annual wages in accordance with the preceding schedule based upon a  projection of annual wages provided by the employer.   3.  Payment  of  contributions pursuant to subdivisions one and two of this section shall be made to the designated insurer  or  insurers  upon audit and warrant of the comptroller.   4. In the case of an electing employee initially appointed on or after the effective date of the election to offer such programs established by the board, no contributions pursuant to subdivisions one and two of this section  shall  be  made by the city until his completion of one year of service and continuance in service thereafter.  Employee  contributions, if  any,  required during this initial year of service shall be deducted and held by the comptroller. At the end of his initial year of  service, a  single  contribution in an amount determined pursuant to subdivisions one and two of this section, with interest at the rate of four percentum per annum, shall be made, upon audit and warrant of the comptroller,  to the designated insurer or insurers, on behalf of such employee continued in service. In the case of an electing employee who does not continue in service with the board beyond his initial year of service, the amount of employee  contribution,  if  any,  deducted  from  his  salary  shall be refunded to him, with interest at the rate of four percentum per annum.   5. The provisions of subdivision four of this section shall not  apply to any electing employee who, at the time of initial appointment, owns a contract  determined by the board to be similar to those contracts to be purchased under the  optional  retirement  program  and  issued  by  the designated insurer or insurers.