N.Y. Public Authorities Law § 1738: Retirement of employees

§ 1738. Retirement of employees. 1. Employees of the authority shall

be eligible to join the board of education retirement system as

established in section twenty-five hundred seventy-five of the education

law and pursuant to the usual rules of that system, provided that a new

employee who upon appointment by or transfer to the authority is a

member of the New York city employees retirement system may remain a

member of the New York city employees retirement system if, within

ninety days of the effective date of the transfer to or appointment by

the authority, the employee exercises an election to do so. Furthermore,

the retirement rights of employees of the city board employed on the

effective date of this title shall not be impaired by reason of the

enactment of this title into law.

2. a. Notwithstanding the provisions of any other general or local

law, administrative code or ordinance to the contrary, any employee of

the authority who was suspended on or after December first, two thousand

two because of economy measures taken by the authority, and who returned

to such service prior to January eighth, two thousand eight, shall be

deemed to have been in continuous service in determining length of

service for retirement purposes; provided, however, that for retirement

purposes, a member receiving such service credit shall pay the

additional member contributions prescribed by paragraph b of this

subdivision. Notwithstanding any other provision of law to the contrary,

a person who otherwise meets the requirements of this paragraph for

obtaining retirement service credit for such period of suspension, and

who, after returning to such service from such period of suspension,

retired for service or disability from a position with the authority

prior to the effective date of this subdivision, may obtain retirement

service credit for such period of suspension by (i) filing with the

retirement system an application to purchase such retirement service

credit within one hundred twenty days after the effective date of this

subdivision, and (ii) paying to the retirement system the amount

required by paragraph b of this subdivision within one year after the

effective date of this subdivision.

b. In addition to the regular member contributions that may be payable

for his or her current service, such member shall pay by deductions from

his or her compensation the following additional member contributions:

(i) all regular member contributions which such member would have been

required to pay to the retirement system for such period of suspension

if he or she had been in service during such period of suspension; and

(ii) if such member is a participant in a special plan, the additional

member contributions attributable to participation in such special plan

which he or she would have been required to pay to the retirement system

for such period of suspension if he or she had been in service during

such period of suspension; and

(iii) an amount equivalent to the additional costs to the employer of

providing retirement service credit to such member for such period of

suspension, as determined by the actuary for the retirement system.

c. The deductions for the additional member contributions referred to

in paragraph b of this subdivision shall be made in accordance with such

equitable method and over such equitable period of time as shall be

prescribed by the executive director of the member's retirement system

with the approval of the board of trustees.

d. The additional member contributions referred to in subparagraph (i)

of paragraph b of this subdivision shall be paid into the account

established by the retirement system for the deposit and accumulation of

such member's regular member contributions. The additional member

contributions referred to in subparagraph (ii) of paragraph b of this

subdivision shall be paid into the contingent reserve fund of such

retirement system and shall be subject to the provisions of law which

govern additional member contributions in the special plan in which such

member is a participant. The additional member contributions referred to

in subparagraph (iii) of paragraph b of this subdivision shall be paid

into the contingent reserve fund of such retirement system and shall not

be subject to any retirement system right or privilege of such member,

unless such right or privilege is granted by other provisions of law

which specifically refer to additional member contributions made

pursuant to subparagraph (iii) of paragraph b of this subdivision.

e. At any time prior to completion of the deductions for the

additional member contributions referred to in paragraph b of this

subdivision, payment of the remainder of the total of such additional

contributions required by such paragraph may be made in a lump sum.