2023 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.