New York Codes, Rules and Regulations › Title 9 - EXECUTIVE DEPARTMENT › Subtitle S - Division of Housing and Community Renewal › Chapter III - Low Rent Housing › Subchapter D - Accounting Manual For Public Housing Agencies › Part 1640 - General Information › Subpart 1640-8 - Employees Retirement Benefits › Section 1640-8.1 - Adoption of New York State Employees Retirement System

Current through Register Vol. 46, No. 28, July 10, 2024
Local agencies may secure retirement benefits for their
						  employees by adopting the New York State Employees Retirement System, pursuant
						  to sections 55 and 56 of the State Civil Service Law. A municipality may adopt
						  the system by filing a certified copy of an appropriate resolution approved by
						  the local legislative body, with the State Comptroller. A local housing
						  authority may adopt the system by passage of an appropriate resolution, a
						  certified copy of which is filed with the Comptroller, but the acceptance of
						  the employees of the authority for membership in the system is optional with
						  the State Comptroller. Full information as to the adoption and operation of the
						  system, payroll procedures, rates of contribution, etc., may be had by writing
						  to the State Comptroller, Albany, New York. The general comments which follow
						  are intended to be informative, rather than exhaustive, and are based on
						  information supplied by the Comptroller:
(a) The election to adopt the New York State
						Employees Retirement System is optional with the local agency. The election,
						once made, is, however, irrevocable.
(b) On adoption of the system, all persons
						employed as of the date of adoption will have the opportunity to elect whether
						or not to become members of the system. After adoption, all new employees who
						are in the competitive or noncompetitive class of the classified Civil Service
						must become members of the system as of date of appointment. For others,
						membership is optional.
(c) Persons
						employed as of the date of adoption of the system who elect to become members
						within the first year after adoption must, by law, receive credit for service
						rendered prior to the date of adoption. The credit for prior service represents
						a charge to the local agency but is free to the employee. After adoption and
						membership of any employee, the cost is shared by the local agency and the
						employee. In order that there be no lapse in service, it is advisable for all
						employees to pay the necessary contributions on all salary received from the
						date of adoption until membership is consummated. If the applications for
						membership are received one month after date of adoption, the Comptroller will
						register the employees for membership in the system as of the date of adoption
						and the local agency will be advised as to the contributions to be taken from
						future salary. The prompt establishment of the employee's rate of contribution
						is recommended.
(d) The over-all
						rate of contribution by the local agency is made up of the following:
(1) A normal contribution rate to balance the
						contribution of the employer member.
(2) A special deficiency contribution rate to
						apply to the aggregate payroll of members for a period of 30 years.
(3) An administration contribution
						rate.