N.Y. Education Law § 530: Pensions-providing-for-increased-take-home-pay-for-teachers

§ 530. Pensions-providing-for-increased-take-home-pay-for-teachers. 1.

Notwithstanding any other provision of law to the contrary, a. beginning

on the first day of July, nineteen hundred sixty-five, and ending on the

thirtieth day of June, nineteen hundred seventy, the contribution of

each member of the retirement system who is a teacher within the

provisions of subdivision four of section five hundred one of this

article who is not in the employ of the state of New York or who is not

in the employ of a community college shall be reduced by five per centum

of the compensation paid such member, and

b. beginning on the first day of July, nineteen hundred sixty-seven,

and ending on the thirtieth day of June, nineteen hundred seventy, the

contribution of each member of the retirement system who is a teacher

within the provisions of subdivision four of section five hundred one of

this article who is not in the employ of the state of New York or who is

not in the employ of a community college shall be reduced by an

additional three per centum of the compensation paid such member.

Where a member's rate of contribution is less than the per centum by

which his contribution is reduced, such rate shall be discontinued. A

member whose rate of contribution shall be reduced pursuant to the

provisions of this subdivision shall be deemed to have elected to have

his rate so reduced unless he files an election pursuant to the

provisions of subdivision two of this section.

2. Any member whose rate of contribution is reduced pursuant to the

provisions of subdivision one of this section may by a written notice,

duly acknowledged and filed with the retirement board within one year

after such reduction or within one year after he last became a member,

whichever is later, elect to make an additional contribution in addition

to other contributions otherwise allowed in this article equal to the

amount of such reduction. One year or more after the filing of such

notice a member may withdraw such election by filing a written notice

duly acknowledged and filed with the retirement board.

3. For the period of time as the provisions of this section shall be

in effect, contributions for each member of the system whose rate of

contribution is reduced by virtue of the provisions of subdivision one

of this section shall be made to the pension accumulation fund by his

employer in the same manner and at the same time as other contributions

made by the employer as employer of members of the retirement system at

a rate fixed by the actuary which shall be computed to be sufficient to

provide pensions-providing-for-increased-take-home-pay-for-teachers and

other benefits which become payable on account of members not employed

by the state of New York or by a community college. The actuary engaged

by the retirement board shall compute an additional contribution to be

known as the "special deficiency contribution to provide a

reserve-for-increased-take-home-pay-for-teachers." The amount of the

reserve-for-increased-take-home-pay-for-teachers shall be the present

value of that per centum of the member's compensation by which his

contribution is reduced, or would otherwise be reduced if his rate of

contribution equaled or exceeded eight per centum, during the period for

which his rate of contribution was reduced as provided in subdivision

one, plus regular and additional interest thereon to the date that

pension and other benefits become payable.

4. Upon retirement a member whose rate of contribution shall be

reduced pursuant to the provisions of subdivision one of this section

will receive, in addition to the annuity and other pension benefits

provided by this article, a pension which is the actuarial equivalent of

the reserve-for-increased-take-home-pay-for-teachers to which he may be

entitled, if any.

5. In addition to the return of accumulated contributions and the

death benefit provided by the provisions of section five hundred twelve

of this article, upon the death of a member who died before the

effective date of his retirement and was in service upon which his

membership was based when he died or was on the payroll in such service

and paid within a period of twelve months prior to his death and had not

been otherwise gainfully employed since he ceased to be on such payroll,

and provided further, he had credit for one or more years of service

while actually a member, then the

reserve-for-increased-take-home-pay-for-teachers attributable to such

member shall be paid in the same manner and at the same time as the

death benefit is paid by reason of such member's membership in the

retirement system.

6. The reserve-for-increased-take-home-pay-for-teachers shall be a

portion of the pension accumulation fund and upon the retirement of a

new entrant an amount equal to the

reserve-for-increased-take-home-pay-for-teachers for such member shall

be transferred from the pension accumulation fund to the pension reserve

fund.

7. If a person has been a member of the retirement system and

contributions have been made by his employer to provide a

reserve-for-increased-take-home-pay-for-teachers and such person has

ceased to be a member of the system and upon rejoining the retirement

system claims credit for such period, the member shall not be required

to pay for such years of service as a contribution shall have been made

by his employer for pensions-providing-for-increased-take-home-pay-for-

teachers pursuant to the provisions of this section.

8. The provisions of this section shall not apply to any member for

any period or periods during which he ceases or has ceased contributing

toward retirement pursuant to subdivision one of section five hundred

sixteen of this article, provided, however, that such member shall

receive credit pursuant to this section for such period or periods for

which he contributes or has contributed toward retirement.

9. Each member of the retirement system as defined in subdivision one

of this section who is employed in the city school districts of the

cities of Buffalo and Yonkers may have his contribution reduced pursuant

to this section by five percentum of the compensation paid such member

during the school year commencing July first, nineteen hundred

sixty-four, provided his employer shall adopt and file with the

retirement board a resolution to such effect prior to July first,

nineteen hundred sixty-four.