§ 342 — Payments for credit for service for the federal government or certain public authorities or corporations

§ 342. Payments for credit for service for the federal government or\ncertain public authorities or corporations. a. The payments required by\nthis section shall be made by:\n 1. Members who elect to continue their membership pursuant to\nsubdivision d of section three hundred forty of this article even though\ntheir government service was discontinued because of the transfer of\ntheir offices to the federal government or to any public authority or\ncorporation organized pursuant to the laws of this state, and which is\nnot a participating employer.\n 2. Officers or employees of the federal government who are\ncontributing members pursuant to paragraph two of subdivision c of\nsection three hundred forty of this article.\n 3. Members who claim service credit pursuant to paragraph four of\nsubdivision b of section three hundred forty-one of this article for\nfederal service previously rendered by them.\n b. Memberships pursuant to paragraph two of subdivision c of section\nthree hundred forty of this article shall be conditioned upon the\npayment in regular monthly installments into:\n 1. The annuity savings fund of a proportion of the salary paid to the\nmember in such employment computed upon his rate of contribution, and\n 2. The annuity savings fund of a sum computed to be sufficient to\nprovide the full cost of the service retirement benefits to which such\nmember could have become entitled as an incident of his membership and\nwhich would have been payable from the pension reserve fund if he were\nin government service, and\n 3. The pension accumulation fund of a sum, computed upon the rate of\ncontribution necessary to provide the full cost of all benefits, other\nthan service retirement benefits, to which such member could have become\nentitled as an incident of his membership if he were in government\nservice.\n In the case of such a membership in the state employees' retirement\nsystem which was last begun or last resumed prior to March twenty-ninth,\nnineteen hundred forty-four and which now is continuing pursuant to such\nparagraph four of subdivision c of section three hundred forty of this\narticle, and so long as federal service of such member shall continue\nhereafter without interruption, the member shall make only the payments\nrequired by former section fifty-two-c of the civil service law, as\namended by chapter seven hundred ninety-four of the laws of nineteen\nhundred thirty-nine. Federal service covered by such former section\nfifty-two-c of the civil service law shall not, for the purposes of this\nparagraph, be deemed to have been interrupted by the rendition of\nservice to the state immediately after such federal service and the\nreturn to such federal service not later than four months after the\ntermination of such service to the state.\n c. Membership pursuant to subdivision d of section three hundred forty\nof this article shall be conditioned upon the payment in regular monthly\ninstallments into:\n 1. The annuity savings fund of a proportion of the salary paid to the\nmember in such employment computed upon his rate of contribution, and\n 2. The pension accumulation fund of a further proportion of such\nsalary to cover the state contribution on his account computed upon the\nrate of contribution that would have been payable by the state in his\nbehalf had he continued in government service. The payments required to\nbe made by this paragraph two may be made by the member's employer in\nhis behalf.\nIn the event the office in which a member was employed was transferred\nas provided in subdivision d of section three hundred forty of this\narticle prior to January first, nineteen hundred thirty-three, such\nmember shall be required to make only the payments provided for in\nparagraph one of this subdivision c.\n d. The granting of service credit pursuant to paragraph four of\nsubdivision b of section three hundred forty-one of this article shall\nbe conditioned upon the payment, in a lump sum or in regular monthly\ninstallments, over a period no greater than the number of months of\nservice for which such credit is being purchased, into:\n 1. The annuity savings fund of a sum equal to the amount that would\nhave been in such fund to his credit if he had actually been a member\ncontributing thereto during the entire period of such federal service,\ncomputed on the basis of his present salary, regular interest and tables\nas adopted by the comptroller, and\n 2. The annuity savings fund of a sum computed to be sufficient to\nprovide the full cost of an annuity at retirement, equal to the pension\nand pension-providing-for-increased-take-home-pay, if any, which would\nbe provided out of the pension reserve fund if such federal service had\nbeen government service, and\n 3. The pension accumulation fund of a sum, computed upon the rate of\ncontribution necessary to provide the full cost of all benefits, other\nthan service retirement benefits, to which he would have become entitled\nif such federal service had been government service.\n e. The United State government may make the payments required to be\nmade by paragraphs two and three of subdivision b or by paragraphs two\nand three of subdivision d of this section. The sums so paid by it shall\nbe credited to the pension accumulation fund. Only to the extent that\npayments are so made by the United States government shall service\ncredit purchased pursuant to this section be used in determining a\nmember's pension for any type of service retirement benefit.\n f. If a member is contributing pursuant to section three hundred\nseventy-one or three hundred seventy-one-a of this article and elects or\nhas elected to pay for federal service under subdivisions b, c or d of\nthis section, his payments into the annuity savings fund shall be\ncomputed in an amount sufficient to provide the full cost of an annuity\nat age fifty-five equal to the service retirement allowance he would\nreceive at age fifty-five for such federal service under the provisions\nof section three hundred seventy-one or three hundred seventy-one-a had\nit been government service.\n