N.Y. Retirement & Social Security Law § 375-b: Non-contributory retirement plan for members of participating employers

§ 375-b. Non-contributory retirement plan for members of participating

employers. a. Notwithstanding any other provision of law to the

contrary, no further contributions to the retirement system as provided

in subdivision b of section three hundred twenty-one of this chapter,

shall be required of any member in the employ of such a participating

employer electing to participate pursuant to the provisions of this

section; provided, however, in the case of persons who last became

members on or after July first, nineteen hundred seventy-three, such

required contributions shall be waived only until the payroll period

immediately prior to that the first day of which is nearest to July

first, nineteen hundred seventy-four.

b. 1. By the adoption, filing and approval, where required of a

resolution in the manner provided by sections three hundred thirty or

three hundred thirty-one of this chapter, as the case may be, a

participating employer who had previously elected to make contributions

under the provisions of subdivision aa of section three hundred

seventy-a of this chapter, may elect to make contributions to the

pension accumulation fund for the purpose of providing a

non-contributory retirement plan pursuant to this section.

2. By the adoption, filing and approval, where required, of a

resolution in the manner provided by sections three hundred thirty or

three hundred thirty-one of this chapter, as the case may be, a

participating employer who had not previously elected to contribute

under the provisions of subdivision aa of section three hundred

seventy-a of this chapter, may elect to make contributions to the

pension accumulation fund for the purpose of providing a

non-contributory retirement plan pursuant to this section. Such

resolution shall specify the first payroll period after the date of such

filing for which no further contributions shall be required of members

in its employ.

c. Contributions shall be made to the pension accumulation fund by or

on account of each participating employer, as provided in sections three

hundred sixteen, three hundred seventeen and three hundred forty-two of

this chapter, at a rate fixed by the actuary which shall be computed to

be sufficient to provide the benefits established by section three

hundred seventy-five-c of this chapter on account of members in the

employ of such participating employers.

d. Nothing contained in this section shall impair the right of

persons, who became members before August nineteenth, nineteen hundred

sixty-six, to make contributions pursuant to subdivision i of section

three hundred twenty-one of this chapter.

e. Any member who has elected to contribute at a certain rate of

contribution in accordance with the provisions of subdivision j of

section three hundred twenty-one of this chapter, shall continue to

contribute at such rate until his election under said subdivision is

withdrawn.

f. Any member in service on August nineteenth, nineteen hundred

sixty-six, may by written notice duly acknowledged and filed with the

comptroller on or before August eighteenth, nineteen hundred

sixty-seven, elect to contribute to the retirement system. Where a

member makes an election to contribute, as herein provided for, he shall

contribute to the retirement system as otherwise provided in this

chapter. One year or more after the filing of the notice of election to

contribute, the member may withdraw such election and elect not to

contribute.