2023 New York Laws › EDN - Education › Title 1 - General Provisions › Article 11 - State Teachers' Retirement System for Public School Teachers › 516 - Annuity Savings Fund; Contributions and Payments.

§ 516. Annuity  savings fund; contributions and payments.  The annuity
  savings fund shall be  the  fund  in  which  shall  be  accumulated  the
  deductions made from the compensation of contributors.  Contributions to
  and  payments  from  the  annuity  savings  fund  shall  be  made in the
  following manner:
1.  Each  employer  shall  deduct  from  the  compensation   of   each
  contributor  on  each and every payroll of such contributor for each and
  every payroll period subsequent to the date upon which such  contributor
  became a member an amount equal to four per centum of such contributor's
  earnable  compensation  in the cases of teachers who last became members
  on or before the thirtieth day of June, nineteen hundred forty-eight and
  five per centum of earnable compensation in the cases  of  teachers  who
  last  became members on or after the first day of July, nineteen hundred
  forty-eight except if membership is renewed upon restoration  to  active
  service  after  retirement  for  disability,  regular  interest shall be
  credited at the rate allowed to the member at the  time  his  retirement
  for  disability  last  became  effective. But no employer shall make any
  deduction for annuity purposes from the compensation of a member who has
  completed at least thirty-five  years  of  total  service,  or  who  has
  attained  the  age  of sixty and completed at least twenty-five years of
  total state service, if such member elects not to contribute.
2. In determining the amount earnable by a contributor  in  a  payroll
  period,  the  retirement  board  may  consider  the rate of compensation
  payable to such member on  the  first  day  of  the  payroll  period  as
  continuing  throughout  such  payroll period, and it may omit deductions
  from compensation for any period less than a full payroll  period  if  a
  teacher  was  not  a contributor on the first day of the payroll period,
  and to facilitate the making of deductions, it may modify the  deduction
  required  of  any  contributor  by  such  an  amount as shall not exceed
  one-tenth of one per centum of the compensation upon the basis of  which
  said deduction is to be made.
3.  a.  In  addition  to the deductions from compensation hereinbefore
  required, any contributor may redeposit in the annuity savings fund by a
  single payment an amount equal to the total  amount  which  he  withdrew
  therefrom  as  provided  in this article, or he may deposit therein by a
  single payment an amount computed to be sufficient,  together  with  the
  retirement  allowance  otherwise  provided  to  provide  for him a total
  retirement allowance of  one-half  of  his  final  average  salary  upon
  superannuation  retirement,  or  any  member  or  annuitant  may deposit
  therein by a single payment an amount permitted so to  be  deposited  by
  the  retirement  board for the purpose of purchasing additional annuity,
  provided that no such member or annuitant shall be permitted to purchase
  a total additional annuity thereby  in  excess  of  one-half  his  final
  average  salary; such additional annuity shall afford the usual optional
  privileges. Such additional amounts so deposited shall become a part  of
  his accumulated contributions.
b.  Notwithstanding  anything  to  the  contrary  in  this article, in
  addition to the deposits hereinbefore permitted by this subdivision, any
  contributor to this system, who is actually on the payroll of  a  school
  district  or  the  state,  may, for the purpose of purchasing additional
  annuity, deposit in the annuity savings fund once in any school year  by
  a  single  payment  an  amount  not  in excess of four per centum of his
  earnable rate of compensation for the school year immediately  preceding
  the  date when such payment is made.  Any such amount so deposited shall
  be credited with regular interest and, on the  basis  of  said  rate  of
  interest,   shall   become  a  part  of  the  contributor's  accumulated
  contributions in all respects including  computation  of  benefits  upon
  retirement.
c.  Any  member by written notice duly acknowledged and filed with the
  retirement  board  before  the  first  day  of  July,  nineteen  hundred
  sixty-seven or within two years after he last became a member, whichever
  is  later,  may  elect  to  contribute  pursuant  to this paragraph c of
  subdivision  three  of this section in order to qualify for an increased
  pension for total service in excess of  twenty-five  years.  After  such
  election  the  rate  of  deduction  from  earnable compensation shall be
  increased by two and one-half per centum in the cases  of  teachers  who
  last  became  members  on  or before the thirtieth day of June, nineteen
  hundred forty-eight and by three per centum in the cases of teachers who
  last became members on or after the first day of July, nineteen  hundred
  forty-eight  and  such  deductions  shall  be  added  to the accumulated
  contributions of each  member.  Where  a  member  elects  to  contribute
  pursuant  to this paragraph c of subdivision three of this section, such
  additional contributions shall be made  from  the  first  day  of  July,
  nineteen  hundred  fifty-seven  or  from  the  first  day  of  the month
  following the expiration of thirty days subsequent to the filing of  his
  election,  whichever is later, except that if the member is contributing
  pursuant to subdivision one  of  section  five  hundred  eleven-a,  such
  additional  contributions  pursuant  to  this paragraph c of subdivision
  three of this section shall be made from the first day of July following
  the completion of twenty-five years of total service. If such a  member,
  upon  the  completion  of  twenty-five years of total service, wishes to
  forfeit his right to special service retirement under the provisions  of
  section  five  hundred  eleven-a,  he  may  cease  making  contributions
  pursuant to subdivision one of such section, leave such contributions in
  the retirement system and commence making contributions pursuant to this
  paragraph c of subdivision three of this section  in  order  to  receive
  credit for service rendered after the completion of twenty-five years of
  total  service.  If  such  a  member, upon the completion of twenty-five
  years of total service wishes to maintain his right to  special  service
  retirement,   he  shall  continue  to  make  contributions  pursuant  to
  subdivision one of section five hundred  eleven-a  and  commence  making
  contributions pursuant to this paragraph c.  Contributions made pursuant
  to  this  paragraph c shall cease on the first day of July following the
  completion of thirty-five years  of  total  service,  except  that,  any
  member  who  has completed more than twenty-five years of service on the
  first day of July, nineteen hundred sixty-seven may deposit  in  a  lump
  sum  an  amount equivalent to the sum of the contributions he would have
  made prior to the first day of July, nineteen hundred  sixty-seven,  had
  this  paragraph c become effective as of the date when twenty-five years
  of service was completed or as of any date thereafter which  the  member
  may elect for the purpose of determining the amount to be so deposited.
d.  Members  of the retirement system who elect to contribute pursuant
  to paragraph c of subdivision  three  of  this  section,  shall  receive
  credit  for  each  year,  not  in excess of ten, of service in excess of
  twenty-five  years  for  which  contributions  were  made  pursuant   to
  paragraph c of subdivision three of this section.
4. The accumulated contributions of a contributor returned to him upon
  his  withdrawal  or  paid to his estate or designated beneficiary in the
  event of his death as provided in this article shall be  paid  from  the
  annuity savings fund.
5.  Upon the retirement of a contributor his accumulated contributions
  shall be transferred from  the  annuity  savings  fund  to  the  annuity
  reserve fund.
6.  The retirement board may adopt rules and regulations providing for
  the withdrawal at retirement by members of the accumulated contributions
  credited to their individual accounts in the annuity savings fund.  Such

  rules  and regulations shall provide that the application for withdrawal
  of contributions be filed no earlier than the date the member files  the
  application  for  retirement  and  no  later  than the day preceding the
  effective  date  of  retirement.  Provided, however, this section has no
  application to members subject to article fourteen or article fifteen of
  the retirement and social security law.