§ 375-B — Non-contributory retirement plan for members of participating employers

§ 375-b. Non-contributory retirement plan for members of participating\nemployers. a. Notwithstanding any other provision of law to the\ncontrary, no further contributions to the retirement system as provided\nin subdivision b of section three hundred twenty-one of this chapter,\nshall be required of any member in the employ of such a participating\nemployer electing to participate pursuant to the provisions of this\nsection; provided, however, in the case of persons who last became\nmembers on or after July first, nineteen hundred seventy-three, such\nrequired contributions shall be waived only until the payroll period\nimmediately prior to that the first day of which is nearest to July\nfirst, nineteen hundred seventy-four.\n b. 1. By the adoption, filing and approval, where required of a\nresolution in the manner provided by sections three hundred thirty or\nthree hundred thirty-one of this chapter, as the case may be, a\nparticipating employer who had previously elected to make contributions\nunder the provisions of subdivision aa of section three hundred\nseventy-a of this chapter, may elect to make contributions to the\npension accumulation fund for the purpose of providing a\nnon-contributory retirement plan pursuant to this section.\n 2. By the adoption, filing and approval, where required, of a\nresolution in the manner provided by sections three hundred thirty or\nthree hundred thirty-one of this chapter, as the case may be, a\nparticipating employer who had not previously elected to contribute\nunder the provisions of subdivision aa of section three hundred\nseventy-a of this chapter, may elect to make contributions to the\npension accumulation fund for the purpose of providing a\nnon-contributory retirement plan pursuant to this section. Such\nresolution shall specify the first payroll period after the date of such\nfiling for which no further contributions shall be required of members\nin its employ.\n c. Contributions shall be made to the pension accumulation fund by or\non account of each participating employer, as provided in sections three\nhundred sixteen, three hundred seventeen and three hundred forty-two of\nthis chapter, at a rate fixed by the actuary which shall be computed to\nbe sufficient to provide the benefits established by section three\nhundred seventy-five-c of this chapter on account of members in the\nemploy of such participating employers.\n d. Nothing contained in this section shall impair the right of\npersons, who became members before August nineteenth, nineteen hundred\nsixty-six, to make contributions pursuant to subdivision i of section\nthree hundred twenty-one of this chapter.\n e. Any member who has elected to contribute at a certain rate of\ncontribution in accordance with the provisions of subdivision j of\nsection three hundred twenty-one of this chapter, shall continue to\ncontribute at such rate until his election under said subdivision is\nwithdrawn.\n f. Any member in service on August nineteenth, nineteen hundred\nsixty-six, may by written notice duly acknowledged and filed with the\ncomptroller on or before August eighteenth, nineteen hundred\nsixty-seven, elect to contribute to the retirement system. Where a\nmember makes an election to contribute, as herein provided for, he shall\ncontribute to the retirement system as otherwise provided in this\nchapter. One year or more after the filing of the notice of election to\ncontribute, the member may withdraw such election and elect not to\ncontribute.\n