N.Y. Retirement & Social Security Law § 42: Payments for credit for service for the federal government or certain public authorities or corporations

§ 42. 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 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 four of subdivision c of

section forty of this article.

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

subdivision b of section forty-one of this article for federal service

previously rendered by them.

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

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 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 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. Memberships pursuant to subdivision d of section 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 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 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 States 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 seventy-one or

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

seventy-one or seventy-one-a had it been government service.