2023 New York Laws › RSS - Retirement and Social Security › Article 8 - New York State and Local Police and Fire Retirement System › Title 9 - General Provisions Relating to Retirement; Retirement Plans Applicable to Members Generally › 370-A - Pensions-for-Increased-Take-Home-Pay.

§  370-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 police and fire retirement system  in
  the  employ  of such a participating employer, exclusive of any increase
  thereof pursuant to subdivision i of section three hundred twenty-one of
  this chapter or of any reduction thereof pursuant to subdivision one  of
  section  one  hundred  thirty-eight-b  of article three 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 three hundred twenty-one of this article, as added by this  act,
  and
2.  Take  precedence over the member's privilege under subdivision one
  of section one hundred thirty-eight-b of article three of this  chapter,
  to  decrease  his  annuity  contribution  for  the purpose of paying his
  contributions for old-age, survivors, and disability insurance  coverage
  of   the  tax  imposed  upon  him  pursuant  to  the  federal  insurance
  contributions 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 three
  hundred 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 contributions 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. The foregoing
  provisions  of  this  subdivision  shall  be  inapplicable  as  to   any
  participating  employers  other  than  those  who had filed a resolution
  prior to April  first,  nineteen  hundred  sixty-seven,  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  three
  hundred  sixteen, three hundred seventeen and three hundred 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 pension 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  years  of
  service or attainment of specified age pursuant to the provisions of any
  section  of  this  article,  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 three hundred  thirty  or
  three  hundred  thirty-one  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 reductions 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.