§ 42. 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 forty of this article even though their\ngovernment service was discontinued because of the transfer of their\noffices 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 four of subdivision c of\nsection forty of this article.\n 3. Members who claim service credit pursuant to paragraph four of\nsubdivision b of secti
Free access — add to your briefcase to read the full text and ask questions with AI
§ 42. 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 forty of this article even though their\ngovernment service was discontinued because of the transfer of their\noffices 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 four of subdivision c of\nsection forty of this article.\n 3. Members who claim service credit pursuant to paragraph four of\nsubdivision b of section forty-one of this article for federal service\npreviously rendered by them.\n b. Memberships pursuant to paragraph four of subdivision c of section\nforty of this article shall be conditioned upon the payment in regular\nmonthly 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 which was last begun or last resumed\nprior to March twenty-ninth, nineteen hundred forty-four and which now\nis continuing pursuant to such paragraph four of subdivision c of\nsection forty of this article, and so long as federal service of such\nmember shall continue hereafter without interruption, the member shall\nmake only the payments required by former section fifty-two-c of the\ncivil service law, as amended by chapter seven hundred ninety-four of\nthe laws of nineteen hundred thirty-nine. Federal service covered by\nsuch former section fifty-two-c of the civil service law shall not, for\nthe purposes of this paragraph, be deemed to have been interrupted by\nthe rendition of service to the state immediately after such federal\nservice and the return to such federal service not later than four\nmonths after the termination of such service to the state.\n c. Memberships pursuant to subdivision d of section forty of this\narticle 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 forty of this article prior to\nJanuary first, nineteen hundred thirty-three, such member shall be\nrequired to make only the payments provided for in paragraph one of this\nsubdivision c.\n d. The granting of service credit pursuant to paragraph four of\nsubdivision b of section forty-one of this article shall be conditioned\nupon the payment, in a lump sum or in regular monthly installments, over\na period no greater than the number of months of service for which such\ncredit 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 States 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 seventy-one or\nseventy-one-a of this article and elects or has elected to pay for\nfederal service under subdivisions b, c or d of this section, his\npayments into the annuity savings fund shall be computed in an amount\nsufficient to provide the full cost of an annuity at age fifty-five\nequal to the service retirement allowance he would receive at age\nfifty-five for such federal service under the provisions of section\nseventy-one or seventy-one-a had it been government service.\n