This text of New York § 1738 (Retirement of employees) is published on Counsel Stack Legal Research, covering New York primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
§ 1738. Retirement of employees.
1.Employees of the authority shall\nbe eligible to join the board of education retirement system as\nestablished in section twenty-five hundred seventy-five of the education\nlaw and pursuant to the usual rules of that system, provided that a new\nemployee who upon appointment by or transfer to the authority is a\nmember of the New York city employees retirement system may remain a\nmember of the New York city employees retirement system if, within\nninety days of the effective date of the transfer to or appointment by\nthe authority, the employee exercises an election to do so. Furthermore,\nthe retirement rights of employees of the city board employed on the\neffective date of this title shall not be impaired by reason of the\nenactment of this title i
Free access — add to your briefcase to read the full text and ask questions with AI
§ 1738. Retirement of employees. 1. Employees of the authority shall\nbe eligible to join the board of education retirement system as\nestablished in section twenty-five hundred seventy-five of the education\nlaw and pursuant to the usual rules of that system, provided that a new\nemployee who upon appointment by or transfer to the authority is a\nmember of the New York city employees retirement system may remain a\nmember of the New York city employees retirement system if, within\nninety days of the effective date of the transfer to or appointment by\nthe authority, the employee exercises an election to do so. Furthermore,\nthe retirement rights of employees of the city board employed on the\neffective date of this title shall not be impaired by reason of the\nenactment of this title into law.\n 2. a. Notwithstanding the provisions of any other general or local\nlaw, administrative code or ordinance to the contrary, any employee of\nthe authority who was suspended on or after December first, two thousand\ntwo because of economy measures taken by the authority, and who returned\nto such service prior to January eighth, two thousand eight, shall be\ndeemed to have been in continuous service in determining length of\nservice for retirement purposes; provided, however, that for retirement\npurposes, a member receiving such service credit shall pay the\nadditional member contributions prescribed by paragraph b of this\nsubdivision. Notwithstanding any other provision of law to the contrary,\na person who otherwise meets the requirements of this paragraph for\nobtaining retirement service credit for such period of suspension, and\nwho, after returning to such service from such period of suspension,\nretired for service or disability from a position with the authority\nprior to the effective date of this subdivision, may obtain retirement\nservice credit for such period of suspension by (i) filing with the\nretirement system an application to purchase such retirement service\ncredit within one hundred twenty days after the effective date of this\nsubdivision, and (ii) paying to the retirement system the amount\nrequired by paragraph b of this subdivision within one year after the\neffective date of this subdivision.\n b. In addition to the regular member contributions that may be payable\nfor his or her current service, such member shall pay by deductions from\nhis or her compensation the following additional member contributions:\n (i) all regular member contributions which such member would have been\nrequired to pay to the retirement system for such period of suspension\nif he or she had been in service during such period of suspension; and\n (ii) if such member is a participant in a special plan, the additional\nmember contributions attributable to participation in such special plan\nwhich he or she would have been required to pay to the retirement system\nfor such period of suspension if he or she had been in service during\nsuch period of suspension; and\n (iii) an amount equivalent to the additional costs to the employer of\nproviding retirement service credit to such member for such period of\nsuspension, as determined by the actuary for the retirement system.\n c. The deductions for the additional member contributions referred to\nin paragraph b of this subdivision shall be made in accordance with such\nequitable method and over such equitable period of time as shall be\nprescribed by the executive director of the member's retirement system\nwith the approval of the board of trustees.\n d. The additional member contributions referred to in subparagraph (i)\nof paragraph b of this subdivision shall be paid into the account\nestablished by the retirement system for the deposit and accumulation of\nsuch member's regular member contributions. The additional member\ncontributions referred to in subparagraph (ii) of paragraph b of this\nsubdivision shall be paid into the contingent reserve fund of such\nretirement system and shall be subject to the provisions of law which\ngovern additional member contributions in the special plan in which such\nmember is a participant. The additional member contributions referred to\nin subparagraph (iii) of paragraph b of this subdivision shall be paid\ninto the contingent reserve fund of such retirement system and shall not\nbe subject to any retirement system right or privilege of such member,\nunless such right or privilege is granted by other provisions of law\nwhich specifically refer to additional member contributions made\npursuant to subparagraph (iii) of paragraph b of this subdivision.\n e. At any time prior to completion of the deductions for the\nadditional member contributions referred to in paragraph b of this\nsubdivision, payment of the remainder of the total of such additional\ncontributions required by such paragraph may be made in a lump sum.\n