§ 530 — Pensions-providing-for-increased-take-home-pay-for-teachers

§ 530. Pensions-providing-for-increased-take-home-pay-for-teachers. 1.\nNotwithstanding any other provision of law to the contrary, a. beginning\non the first day of July, nineteen hundred sixty-five, and ending on the\nthirtieth day of June, nineteen hundred seventy, the contribution of\neach member of the retirement system who is a teacher within the\nprovisions of subdivision four of section five hundred one of this\narticle who is not in the employ of the state of New York or who is not\nin the employ of a community college shall be reduced by five per centum\nof the compensation paid such member, and\n b. beginning on the first day of July, nineteen hundred sixty-seven,\nand ending on the thirtieth day of June, nineteen hundred seventy, the\ncontribution of each member of the retirement system who is a teacher\nwithin the provisions of subdivision four of section five hundred one of\nthis article who is not in the employ of the state of New York or who is\nnot in the employ of a community college shall be reduced by an\nadditional three per centum of the compensation paid such member.\n Where a member's rate of contribution is less than the per centum by\nwhich his contribution is reduced, such rate shall be discontinued. A\nmember whose rate of contribution shall be reduced pursuant to the\nprovisions of this subdivision shall be deemed to have elected to have\nhis rate so reduced unless he files an election pursuant to the\nprovisions of subdivision two of this section.\n 2. Any member whose rate of contribution is reduced pursuant to the\nprovisions of subdivision one of this section may by a written notice,\nduly acknowledged and filed with the retirement board within one year\nafter such reduction or within one year after he last became a member,\nwhichever is later, elect to make an additional contribution in addition\nto other contributions otherwise allowed in this article equal to the\namount of such reduction. One year or more after the filing of such\nnotice a member may withdraw such election by filing a written notice\nduly acknowledged and filed with the retirement board.\n 3. For the period of time as the provisions of this section shall be\nin effect, contributions for each member of the system whose rate of\ncontribution is reduced by virtue of the provisions of subdivision one\nof this section shall be made to the pension accumulation fund by his\nemployer in the same manner and at the same time as other contributions\nmade by the employer as employer of members of the retirement system at\na rate fixed by the actuary which shall be computed to be sufficient to\nprovide pensions-providing-for-increased-take-home-pay-for-teachers and\nother benefits which become payable on account of members not employed\nby the state of New York or by a community college. The actuary engaged\nby the retirement board shall compute an additional contribution to be\nknown as the "special deficiency contribution to provide a\nreserve-for-increased-take-home-pay-for-teachers." The amount of the\nreserve-for-increased-take-home-pay-for-teachers shall be the present\nvalue of that per centum of the member's compensation by which his\ncontribution is reduced, or would otherwise be reduced if his rate of\ncontribution equaled or exceeded eight per centum, during the period for\nwhich his rate of contribution was reduced as provided in subdivision\none, plus regular and additional interest thereon to the date that\npension and other benefits become payable.\n 4. Upon retirement a member whose rate of contribution shall be\nreduced pursuant to the provisions of subdivision one of this section\nwill receive, in addition to the annuity and other pension benefits\nprovided by this article, a pension which is the actuarial equivalent of\nthe reserve-for-increased-take-home-pay-for-teachers to which he may be\nentitled, if any.\n 5. In addition to the return of accumulated contributions and the\ndeath benefit provided by the provisions of section five hundred twelve\nof this article, upon the death of a member who died before the\neffective date of his retirement and was in service upon which his\nmembership was based when he died or was on the payroll in such service\nand paid within a period of twelve months prior to his death and had not\nbeen otherwise gainfully employed since he ceased to be on such payroll,\nand provided further, he had credit for one or more years of service\nwhile actually a member, then the\nreserve-for-increased-take-home-pay-for-teachers attributable to such\nmember shall be paid in the same manner and at the same time as the\ndeath benefit is paid by reason of such member's membership in the\nretirement system.\n 6. The reserve-for-increased-take-home-pay-for-teachers shall be a\nportion of the pension accumulation fund and upon the retirement of a\nnew entrant an amount equal to the\nreserve-for-increased-take-home-pay-for-teachers for such member shall\nbe transferred from the pension accumulation fund to the pension reserve\nfund.\n 7. If a person has been a member of the retirement system and\ncontributions have been made by his employer to provide a\nreserve-for-increased-take-home-pay-for-teachers and such person has\nceased to be a member of the system and upon rejoining the retirement\nsystem claims credit for such period, the member shall not be required\nto pay for such years of service as a contribution shall have been made\nby his employer for pensions-providing-for-increased-take-home-pay-for-\nteachers pursuant to the provisions of this section.\n 8. The provisions of this section shall not apply to any member for\nany period or periods during which he ceases or has ceased contributing\ntoward retirement pursuant to subdivision one of section five hundred\nsixteen of this article, provided, however, that such member shall\nreceive credit pursuant to this section for such period or periods for\nwhich he contributes or has contributed toward retirement.\n 9. Each member of the retirement system as defined in subdivision one\nof this section who is employed in the city school districts of the\ncities of Buffalo and Yonkers may have his contribution reduced pursuant\nto this section by five percentum of the compensation paid such member\nduring the school year commencing July first, nineteen hundred\nsixty-four, provided his employer shall adopt and file with the\nretirement board a resolution to such effect prior to July first,\nnineteen hundred sixty-four.\n