This text of New York § 1204 (Member contributions) 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.
§ 1204. Member contributions. Members who are subject to the\nprovisions of this article shall contribute three percent of annual\nwages to the retirement system in which they have membership, except\nthat beginning April first, two thousand thirteen for members who first\nbecome members of the New York state and local police and fire\nretirement system on or after April first, two thousand twelve, the rate\nat which each such member shall contribute in any current plan year\n(April first to March thirty-first) shall be determined by reference to\nthe wages of such member in the second plan year (April first to March\nthirty-first) preceding such current plan year as follows:\n a. members with wages of forty-five thousand dollars per annum or less\nshall contribute three per centum of a
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§ 1204. Member contributions. Members who are subject to the\nprovisions of this article shall contribute three percent of annual\nwages to the retirement system in which they have membership, except\nthat beginning April first, two thousand thirteen for members who first\nbecome members of the New York state and local police and fire\nretirement system on or after April first, two thousand twelve, the rate\nat which each such member shall contribute in any current plan year\n(April first to March thirty-first) shall be determined by reference to\nthe wages of such member in the second plan year (April first to March\nthirty-first) preceding such current plan year as follows:\n a. members with wages of forty-five thousand dollars per annum or less\nshall contribute three per centum of annual wages;\n b. 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 c. 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 d. members with wages greater than seventy-five thousand per annum but\nnot more than one hundred thousand per annum shall contribute five and\nthree-quarters per centum of annual wages; and\n e. 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 (April first to March thirty-first) in which such member has\nestablished membership in the New York state and local police and fire\nretirement system, such member shall contribute a percentage of annual\nwages in accordance with the preceding schedule based upon a projection\nof annual wages provided by the employer. Notwithstanding the foregoing,\nwhen determining the rate at which each such member who became a member\nof the New York state and local police and fire retirement system on or\nafter April first, two thousand twelve shall contribute for any plan\nyear (April first to March thirty-first) between April first, two\nthousand twenty-two and April first, two thousand twenty-six, such rate\nshall be determined by reference to employees annual base wages of such\nmember in the second plan year (April first to March thirty-first)\npreceding such current plan year. Base wages shall include regular pay,\nshift differential pay, location pay, and any increased hiring rate pay,\nbut shall not include any overtime payments. Effective April first, two\nthousand twelve, all members subject to the provisions of this article\nshall not be required to make member contributions on annual wages\nexcluded from the calculation of final average salary pursuant to\nsection twelve hundred three of this article. Nothing in this section,\nhowever, shall be construed or deemed to allow members to receive a\nrefund of any member contributions on such wages paid prior to April\nfirst, two thousand twelve.\n Members who are enrolled in a retirement plan that limits the amount\nof creditable service a member can accrue shall not be required to make\ncontributions pursuant to this section after accruing the maximum amount\nof service credit allowed by the retirement plan in which they are\nenrolled. The state comptroller shall promulgate such regulations as may\nbe necessary and appropriate with respect to the deduction of such\ncontribution from members' wages and for the maintenance of any special\nfund or funds with respect to amounts so contributed. In no way shall\nthe member contributions made pursuant to this section be used to\nprovide for pension increases or annuities of any kind.\n