N.Y. Retirement & Social Security Law § 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

certain public authorities or corporations. a. The payments required by

this section shall be made by:

1. Members who elect to continue their membership pursuant to

subdivision d of section three hundred forty of this article even though

their government service was discontinued because of the transfer of

their offices to the federal government or to any public authority or

corporation organized pursuant to the laws of this state, and which is

not a participating employer.

2. Officers or employees of the federal government who are

contributing members pursuant to paragraph two of subdivision c of

section three hundred forty of this article.

3. Members who claim service credit pursuant to paragraph four of

subdivision b of section three hundred forty-one of this article for

federal service previously rendered by them.

b. Memberships pursuant to paragraph two of subdivision c of section

three hundred forty of this article shall be conditioned upon the

payment in regular monthly installments into:

1. The annuity savings fund of a proportion of the salary paid to the

member in such employment computed upon his rate of contribution, and

2. The annuity savings fund of a sum computed to be sufficient to

provide the full cost of the service retirement benefits to which such

member could have become entitled as an incident of his membership and

which would have been payable from the pension reserve fund if he were

in government service, and

3. The pension accumulation fund of a sum, computed upon the rate of

contribution necessary to provide the full cost of all benefits, other

than service retirement benefits, to which such member could have become

entitled as an incident of his membership if he were in government

service.

In the case of such a membership in the state employees' retirement

system which was last begun or last resumed prior to March twenty-ninth,

nineteen hundred forty-four and which now is continuing pursuant to such

paragraph four of subdivision c of section three hundred forty of this

article, and so long as federal service of such member shall continue

hereafter without interruption, the member shall make only the payments

required by former section fifty-two-c of the civil service law, as

amended by chapter seven hundred ninety-four of the laws of nineteen

hundred thirty-nine. Federal service covered by such former section

fifty-two-c of the civil service law shall not, for the purposes of this

paragraph, be deemed to have been interrupted by the rendition of

service to the state immediately after such federal service and the

return to such federal service not later than four months after the

termination of such service to the state.

c. Membership pursuant to subdivision d of section three hundred forty

of this article shall be conditioned upon the payment in regular monthly

installments into:

1. The annuity savings fund of a proportion of the salary paid to the

member in such employment computed upon his rate of contribution, and

2. The pension accumulation fund of a further proportion of such

salary to cover the state contribution on his account computed upon the

rate of contribution that would have been payable by the state in his

behalf had he continued in government service. The payments required to

be made by this paragraph two may be made by the member's employer in

his behalf.

In the event the office in which a member was employed was transferred

as provided in subdivision d of section three hundred forty of this

article prior to January first, nineteen hundred thirty-three, such

member shall be required to make only the payments provided for in

paragraph one of this subdivision c.

d. The granting of service credit pursuant to paragraph four of

subdivision b of section three hundred forty-one of this article shall

be conditioned upon the payment, in a lump sum or in regular monthly

installments, over a period no greater than the number of months of

service for which such credit is being purchased, into:

1. The annuity savings fund of a sum equal to the amount that would

have been in such fund to his credit if he had actually been a member

contributing thereto during the entire period of such federal service,

computed on the basis of his present salary, regular interest and tables

as adopted by the comptroller, and

2. The annuity savings fund of a sum computed to be sufficient to

provide the full cost of an annuity at retirement, equal to the pension

and pension-providing-for-increased-take-home-pay, if any, which would

be provided out of the pension reserve fund if such federal service had

been government service, and

3. The pension accumulation fund of a sum, computed upon the rate of

contribution necessary to provide the full cost of all benefits, other

than service retirement benefits, to which he would have become entitled

if such federal service had been government service.

e. The United State government may make the payments required to be

made by paragraphs two and three of subdivision b or by paragraphs two

and three of subdivision d of this section. The sums so paid by it shall

be credited to the pension accumulation fund. Only to the extent that

payments are so made by the United States government shall service

credit purchased pursuant to this section be used in determining a

member's pension for any type of service retirement benefit.

f. If a member is contributing pursuant to section three hundred

seventy-one or three hundred seventy-one-a of this article and elects or

has elected to pay for federal service under subdivisions b, c or d of

this section, his payments into the annuity savings fund shall be

computed in an amount sufficient to provide the full cost of an annuity

at age fifty-five equal to the service retirement allowance he would

receive at age fifty-five for such federal service under the provisions

of section three hundred seventy-one or three hundred seventy-one-a had

it been government service.