§ 6252 — Rates of contribution

New York § 6252

• Jurisdiction: New York
• Law EDN: Education
• Title 7: State and City Colleges and Institutions-cornell University
• Art. 125-A: Board of Higher Education Optional Retirement Program

Text

§ 6252. Rates of contribution. 1. Employer contributions. In the case\nof any electing employee initially appointed on or before June\nthirtieth, nineteen hundred ninety-two, the city shall, during\ncontinuance of his employment, makes contributions at the rate of nine\npercentum of that portion of his city salary upon which contributions\nare or may hereafter be paid to the secretary of the treasury of the\nUnited States pursuant to article three of the retirement and social\nsecurity law and at the rate of twelve percentum of that portion of his\ncity salary above said amount, out of monies which shall be appropriated\nto the city university for such purposes. In the case of any electing\nemployee initially appointed on or after July first, nineteen hundred\nninety-two, the city shall, during continuance of his employment, make\ncontributions at the rate of eight percentum of his city salary during\nthe first seven years of such employment and at the rate of ten\npercentum of his city salary, thereafter, out of monies which shall be\nappropriated to the city university for such purpose. For purposes of\nthis subdivision, that portion of the employee's salary upon which\ncontributions are or may thereafter be paid to the secretary of the\ntreasury of the United States pursuant to article three of the\nretirement and social security law shall be deemed not to exceed sixteen\nthousand five hundred dollars.\n 2. Employee contributions. (a) In the case of any electing employee,\ncontributions at the rate of three percentum of his city salary shall be\ndeducted as the employee contribution by the comptroller, provided\nhowever that such employee contribution shall be made by the city in\naccordance with subdivision one of this section during such period as\neither section seventy-a of the retirement and social security law or\nsection B3-36.1 or section B20-41.1 of the administrative code of the\ncity of New York provides that the contribution of any member of the New\nYork city employees' retirement system or the New York city teachers'\nretirement system in the employ of the city shall be reduced by at least\neight percentum of his compensation; and provided further, however, that\nsuch employee contribution with respect to the fiscal year of the city\nbeginning on July first, nineteen hundred seventy-two and ending on June\nthirtieth, nineteen hundred seventy-three shall be made by the city,\nnotwithstanding any of the foregoing provisions of this subdivision to\nthe contrary.\n (b) Notwithstanding any provision of paragraph (a) of this subdivision\nor any other provision of law to the contrary, but subject to the\nprovisions of subdivision d of section six hundred thirteen of the\nretirement and social security law in the case of any electing employee\ninitially appointed on or after July first, nineteen hundred ninety-two,\ncontributions at the rate of three percentum of his or her city salary\nshall be deducted as the employee contribution by the comptroller.\n (c) Notwithstanding any other provision of this section or any other\nlaw to the contrary, (1) on and after April first, two thousand eight\nfor a member who joined the optional retirement program established\npursuant to this article before April first, two thousand twelve and who\nhas ten or more years of membership in such optional retirement program,\nthe city shall contribute one-third of the three percent employee\ncontribution required pursuant to the provisions of this section on\nbehalf of such employee; and (2) on and after April first, two thousand\nnine for a member who joined the optional retirement program established\npursuant to this article before April first, two thousand twelve and who\nhas ten or more years of membership in such optional retirement program,\nthe city shall contribute two-thirds of the three percent employee\ncontribution required pursuant to the provisions of this section on\nbehalf of such employee; and (3) on and after April first, two thousand\nten for a member who joined the optional retirement program established\npursuant to this article before April first, two thousand twelve and who\nhas ten or more years of membership in such optional retirement program,\nthe city shall contribute the three percent employee contribution\nrequired pursuant to the provisions of this section on behalf of such\nemployee. The provisions of this paragraph shall not apply to any\nelecting employee who becomes a member of the optional retirement\nprogram on or after April first, two thousand twelve.\n (d) Notwithstanding any other law to the contrary, beginning April\nfirst, two thousand thirteen any electing employee appointed on or after\nApril first, two thousand twelve, the rate at which each such employee\nshall contribute in any current plan year (January first to December\nthirty-first) shall be determined by reference to the wages of such\nmember in the second plan year (January first to December thirty-first)\npreceding such current plan year as follows:\n (1) members with wages of forty-five thousand dollars per annum or\nless shall contribute three per centum of annual wages;\n (2) members with wages greater than forty-five thousand per annum, but\nnot more than fifty-five thousand per annum shall contribute three and\none-half per centum of annual wages;\n (3) members with wages greater than fifty-five thousand per annum, but\nnot more than seventy-five thousand per annum shall contribute four and\none-half per centum of annual wages;\n (4) members with wages greater than seventy-five thousand per annum\nbut not more than one hundred thousand per annum shall contribute five\nand three-quarters per centum of annual wages; and\n (5) members with wages greater than one hundred thousand per annum\nshall contribute six per centum of annual wages.\n Notwithstanding the foregoing, during each of the first three plan\nyears (January first to December thirty-first) in which such member has\nestablished membership in the Board of Higher Education Optional\nRetirement Program, such employee shall contribute a percent of annual\nwages in accordance with the preceding schedule based upon a projection\nof annual wages provided by the employer.\n 3. Payment of contributions pursuant to subdivisions one and two of\nthis section shall be made to the designated insurer or insurers upon\naudit and warrant of the comptroller.\n 4. In the case of an electing employee initially appointed on or after\nthe effective date of the election to offer such programs established by\nthe board, no contributions pursuant to subdivisions one and two of this\nsection shall be made by the city until his completion of one year of\nservice and continuance in service thereafter. Employee contributions,\nif any, required during this initial year of service shall be deducted\nand held by the comptroller. At the end of his initial year of service,\na single contribution in an amount determined pursuant to subdivisions\none and two of this section, with interest at the rate of four percentum\nper annum, shall be made, upon audit and warrant of the comptroller, to\nthe designated insurer or insurers, on behalf of such employee continued\nin service. In the case of an electing employee who does not continue in\nservice with the board beyond his initial year of service, the amount of\nemployee contribution, if any, deducted from his salary shall be\nrefunded to him, with interest at the rate of four percentum per annum.\n 5. The provisions of subdivision four of this section shall not apply\nto any electing employee who, at the time of initial appointment, owns a\ncontract determined by the board to be similar to those contracts to be\npurchased under the optional retirement program and issued by the\ndesignated insurer or insurers.\n