§ 138-B — Use of annuity contributions to pay old-age and survivors insurance contributions

New York § 138-B

• Jurisdiction: New York
• Law RSS: Retirement & Social Security
• Art. 3: Federal Old-age and Survivors Insurance Coverage For Certain Public Employees

Text

§ 138-b. Use of annuity contributions to pay old-age and survivors\ninsurance contributions. 1. Where a retirement system or plan provides\nretirement allowances consisting of separate pensions and separate\nannuities, each member thereof whose position is also covered by old-age\nand survivors insurance pursuant to this article and each member thereof\nwhose wages in a position entitling him to membership in such retirement\nsystem or plan are subject to the tax imposed by the federal insurance\ncontribution act shall have the privilege, by written notice filed as\nprescribed by the head of such system or plan, of decreasing his annuity\ncontribution to the system or plan by not to exceed the amounts required\nto pay his contributions for such old-age and survivors insurance\ncoverage or by not to exceed the amounts required to pay the tax, if\nany, imposed upon him pursuant to the federal insurance contribution\nact, including, in each case, retroactive coverage where it is provided.\nWhere and during such period of time that a member's rate of\ncontribution is reduced because his employer contributes toward\npensions-providing-for-increased-take-home-pay pursuant to section\nseventy-a of this chapter or a similar provision of law, the privilege\nprovided by this section shall be available only to the extent of\nannuity contributions which the member is still required to make to the\nretirement system or plan.\n 2. No pension otherwise payable by such a retirement system or plan\nshall be increased by reason of any such reduction in annuity\ncontributions.\n 3. The head of each such system or plan shall have power, by rule and\nregulation, to prescribe terms and conditions for the exercise,\nwithdrawal and re-exercise of such privilege. Such rules and regulations\nshall be in the best interests of such system or plan and of the\naffected employees and for the protection of the efficient operation and\nmanagement of the system or plan.\n