2023 New York Laws › EDN - Education › Title 1 - General Provisions › Article 11 - State Teachers' Retirement System for Public School Teachers › 530 - Pensions-Providing-for-Increased-Take-Home-Pay-for-Teachers.

§ 530. Pensions-providing-for-increased-take-home-pay-for-teachers. 1.
  Notwithstanding any other provision of law to the contrary, a. beginning
  on the first day of July, nineteen hundred sixty-five, and ending on the
  thirtieth  day  of  June,  nineteen hundred seventy, the contribution of
  each member of the  retirement  system  who  is  a  teacher  within  the
  provisions  of  subdivision  four  of  section  five hundred one of this
  article who is not in the employ of the state of New York or who is  not
  in the employ of a community college shall be reduced by five per centum
  of the compensation paid such member, and
b.  beginning  on the first day of July, nineteen hundred sixty-seven,
  and ending on the thirtieth day of June, nineteen hundred  seventy,  the
  contribution  of  each  member of the retirement system who is a teacher
  within the provisions of subdivision four of section five hundred one of
  this article who is not in the employ of the state of New York or who is
  not in the employ  of  a  community  college  shall  be  reduced  by  an
  additional three per centum of the compensation paid such member.
Where  a  member's rate of contribution is less than the per centum by
  which his contribution is reduced, such rate shall  be  discontinued.  A
  member  whose  rate  of  contribution  shall  be reduced pursuant to the
  provisions of this subdivision shall be deemed to have elected  to  have
  his  rate  so  reduced  unless  he  files  an  election  pursuant to the
  provisions of subdivision two of this section.
2. Any member whose rate of contribution is reduced  pursuant  to  the
  provisions  of  subdivision one of this section may by a written notice,
  duly acknowledged and filed with the retirement board  within  one  year
  after  such  reduction or within one year after he last became a member,
  whichever is later, elect to make an additional contribution in addition
  to other contributions otherwise allowed in this article  equal  to  the
  amount  of  such  reduction.  One  year or more after the filing of such
  notice a member may withdraw such election by filing  a  written  notice
  duly acknowledged and filed with the retirement board.
3.  For  the period of time as the provisions of this section shall be
  in effect, contributions for each member of the  system  whose  rate  of
  contribution  is  reduced by virtue of the provisions of subdivision one
  of this section shall be made to the pension accumulation  fund  by  his
  employer  in the same manner and at the same time as other contributions
  made by the employer as employer of members of the retirement system  at
  a  rate fixed by the actuary which shall be computed to be sufficient to
  provide pensions-providing-for-increased-take-home-pay-for-teachers  and
  other  benefits  which become payable on account of members not employed
  by the state of New York or by a community college. The actuary  engaged
  by  the  retirement board shall compute an additional contribution to be
  known  as  the   "special   deficiency   contribution   to   provide   a
  reserve-for-increased-take-home-pay-for-teachers."  The  amount  of  the
  reserve-for-increased-take-home-pay-for-teachers shall  be  the  present
  value  of  that  per  centum  of  the member's compensation by which his
  contribution is reduced, or would otherwise be reduced if  his  rate  of
  contribution equaled or exceeded eight per centum, during the period for
  which  his  rate  of contribution was reduced as provided in subdivision
  one, plus regular and additional  interest  thereon  to  the  date  that
  pension and other benefits become payable.
4.  Upon  retirement  a  member  whose  rate  of contribution shall be
  reduced pursuant to the provisions of subdivision one  of  this  section
  will  receive,  in  addition  to  the annuity and other pension benefits
  provided by this article, a pension which is the actuarial equivalent of
  the reserve-for-increased-take-home-pay-for-teachers to which he may  be
  entitled, if any.
5.  In  addition  to  the  return of accumulated contributions and the
  death benefit provided by the provisions of section five hundred  twelve
  of  this  article,  upon  the  death  of  a  member  who died before the
  effective date of his retirement and  was  in  service  upon  which  his
  membership  was based when he died or was on the payroll in such service
  and paid within a period of twelve months prior to his death and had not
  been otherwise gainfully employed since he ceased to be on such payroll,
  and provided further, he had credit for one or  more  years  of  service
  while         actually         a         member,         then        the
  reserve-for-increased-take-home-pay-for-teachers  attributable  to  such
  member  shall  be  paid  in  the same manner and at the same time as the
  death benefit is paid by reason  of  such  member's  membership  in  the
  retirement system.
6.  The  reserve-for-increased-take-home-pay-for-teachers  shall  be a
  portion of the pension accumulation fund and upon the  retirement  of  a
  new        entrant        an       amount       equal       to       the
  reserve-for-increased-take-home-pay-for-teachers for such  member  shall
  be transferred from the pension accumulation fund to the pension reserve
  fund.
7.  If  a  person  has  been  a  member  of  the retirement system and
  contributions  have  been  made   by   his   employer   to   provide   a
  reserve-for-increased-take-home-pay-for-teachers  and  such  person  has
  ceased to be a member of the system and upon  rejoining  the  retirement
  system  claims  credit for such period, the member shall not be required
  to pay for such years of service as a contribution shall have been  made
  by  his employer for pensions-providing-for-increased-take-home-pay-for-
  teachers pursuant to the provisions of this section.
8. 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 pursuant to subdivision one of  section  five  hundred
  sixteen  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.
9.  Each member of the retirement system as defined in subdivision one
  of this section who is employed in the  city  school  districts  of  the
  cities of Buffalo and Yonkers may have his contribution reduced pursuant
  to  this  section by five percentum of the compensation paid such member
  during  the  school  year  commencing  July  first,   nineteen   hundred
  sixty-four,  provided  his  employer  shall  adopt  and  file  with  the
  retirement board a resolution  to  such  effect  prior  to  July  first,
  nineteen hundred sixty-four.