§ 529 — Pensions providing for increased take home pay for certain teachers

§ 529. Pensions providing for increased take home pay for certain\nteachers. Notwithstanding any other provisions of law to the contrary,\nbeginning with the payroll period the first day of which is nearest to\nApril first, nineteen hundred sixty-one and ending with the payroll\nperiod immediately prior to that the first day of which is nearest to\nApril first, nineteen hundred seventy, any member of the retirement\nsystem who is a teacher within the provisions of subdivision four of\nsection five hundred one of this article in the employ of a community\ncollege shall be deemed for the purposes of providing pensions for\nincreased take home pay to be a teacher within the provisions of section\nfive hundred twenty-eight of this article, provided that the board of\ntrustees of the community college employing such teacher files with the\nretirement board a certified copy of the resolution, approved by the\nlocal sponsor acting through its local legislative body or board or\nother appropriate governing agency, of such board of trustees resolving\nthat teachers employed in such community college shall be eligible for\npensions providing for increased take home pay. Such resolutions shall\nalso specify the per centum of their compensation by which their\ncontributions shall be reduced, which shall be five per centum unless\neight per centum is specifically designated. In the event that such an\napproved resolution is so filed, the contributions of such teachers so\nemployed in such community college shall be reduced by either five per\ncentum or eight per centum of their compensation, as provided in such\nresolution, in the manner prescribed in section five hundred\ntwenty-eight of this article beginning with the payroll period the first\nday of which is nearest to the first day of the month following the day\nsuch certified approved resolution is filed, and thereafter the\ncontributions for each member of the retirement system employed by such\ncommunity college whose rate of contribution is reduced by virtue of the\nprovisions of this section and section five hundred twenty-eight of this\narticle shall be made to the pension accumulation fund by such community\ncollege, the local sponsor, the local legislative body or board or other\nappropriate governing agency in the same manner and at the same time as\nother contributions are made by such community college, the local\nsponsor, the local legislative body or board or other appropriate\ngoverning agency as the employer of members of the retirement system at\na rate to be fixed in accordance with the procedure prescribed in\nsection five hundred twenty-eight of this article, and all applicable\nprovisions of said section five hundred twenty-eight subject to the\napplicable per centum of a teacher's compensation by which his\ncontribution shall be reduced shall apply to such community college, the\nlocal sponsor, the local legislative body or board or other appropriate\ngoverning agency and to members of the retirement system employed by\nsuch board of trustees.\n