There is a newer version of the New York Consolidated Laws
2006 New York Code - Pensions-for-increased-take-home-pay.
§ 13-546 Pensions-for-increased-take-home-pay. a. 1. The board of
estimate, by resolution adopted prior to June first, nineteen hundred
sixty, may elect that the provisions of subdivisions b, e and f of this
section shall be applicable to and for the benefit of all contributors.
2. In the event that the board of estimate adopts such a resolution,
the provisions of subdivisions b, e and f of this section shall, on the
date on which such subdivision b becomes operative, become applicable to
and for the benefit of all contributors.
3. On and after June first, nineteen hundred sixty, the board of
estimate may not rescind such election.
b. In the event that the board of estimate, pursuant to the provisions
of subdivision a of this section, elects that the provisions of this
subdivision and subdivisions e and f of this section shall be applicable
to and for the benefit of contributors, then beginning with the payroll
period the first day of which is nearest to July first, nineteen hundred
sixty, and ending with the payroll period immediately prior to that the
first day of which is nearest to June thirtieth, nineteen hundred
sixty-one, the contribution of each contributor, exclusive of any
increase in such contribution pursuant to section 13-525 or subdivision
two of section 13-554 of this chapter or any reduction thereof pursuant
to subdivision one of section one hundred thirty-eight-b of the
retirement and social security law, shall be reduced by two and one-half
per centum of the salary of such member. Where a member's rate of
contribution, exclusive of any increase thereof pursuant to such section
13-525 or subdivision two of such section 13-554, or any reduction
thereof pursuant to subdivision one of such section one hundred
thirty-eight-b, and before reduction thereof pursuant to this
subdivision, is equal to or less than two and one-half per centum, such
rate shall be discontinued.
c. 1. The board of estimate, by resolution adopted prior to June
first, nineteen hundred sixty-one, may elect that the provisions of
subdivisions d, e and f of this section shall be applicable to and for
the benefit of all contributors.
2. In the event that the board of estimate adopts such a resolution,
the provisions of subdivisions d, e and f of this section shall, on the
date on which such subdivision d becomes operative, become applicable to
and for the benefit of all contributors.
3. On and after June first, nineteen hundred sixty-one, the board of
estimate may not rescind such election.
4. In making an election pursuant to the provisions of paragraphs one
and two of this subdivision, the board of estimate shall select the
percentage by which the contributions of contributors shall be reduced
pursuant to the provisions of subdivision d of this section. Such
percentage shall be two and one-half per centum or five per centum,
whichever such board, in its discretion, shall designate in the
resolution making such election. Such percentage shall not be changed
after it has been designated in such resolution.
d. In the event that the board of estimate, pursuant to the provisions
of subdivision c of this section, elects that the provisions of this
subdivision and of subdivisions e and f of this section shall be
applicable to and for the benefit of contributors, then beginning with
the payroll period the first day of which is nearest to July first,
nineteen hundred sixty-one, and ending with the payroll period
immediately prior to that the first day of which is nearest to June
thirtieth, nineteen hundred sixty-two, the contribution of each
contributor, exclusive of any increase in such contribution pursuant to
section 13-525 or subdivision two of section 13-554 of this chapter or
any reduction thereof pursuant to subdivision one of section one hundred
thirty-eight-b of the retirement and social security law, shall be
reduced by the percentage selected by the board of estimate pursuant to
the provisions of paragraph four of subdivision c of this section. Where
a member's rate of contribution, exclusive of any increase thereof
pursuant to such section 13-525 or subdivision two of such section
13-554, or any reduction thereof pursuant to subdivision one of such
section one hundred thirty-eight-b, and before reduction thereof
pursuant to this subdivision, is equal to or less than such percentage,
such rate shall be discontinued.
e. 1. Any reduction or discontinuance of a member's contribution, as
the case may be, made pursuant to the provisions of this section, shall:
(i) Be subject to waiver by the member as provided in subdivision six
of section 13-521 of this chapter, and
(ii) Take precedence over the member's privilege under subdivision one
of section one hundred thirty-eight-b of the retirement and social
security law, to decrease his or her annuity contribution for the
purpose of paying his or her contributions for old-age survivors and
disability insurance coverage or the tax imposed upon him or her
pursuant to the federal insurance contribution act.
2. A contributor to whom or for whose benefit the provisions of
subdivison b or d of this section, or both, are applicable under the
provisions of subdivisions a and c of this section, or to whom or for
whose benefit the provisions of paragraph four of subdivision g,
paragraph four of subdivision i, paragraph one of subdivision j,
paragraph one of subdivision k, paragraph one of subdivision l,
paragraph one of subdivision m, paragraph one of subdivision n,
paragraph one of subdivision o or paragraph one of subdivision p of this
section are applicable, and who waives any reduction or discontinuance
(to which he or she is entitled under the provisions of this section) of
his or her contribution, shall be entitled to a
pension-providing-for-increased-take-home-pay and death benefit to the
same extent as if such waiver had not been made.
f. 1. With respect to each contributor to whom or for whose benefit
the provisions of subdivision b or d of this section, or both, are
applicable under the provisions of subdivisions a and c of this section,
or to whom or for whose benefit the provisions of paragraph four of
subdivision g, paragraph four of subdivision i, paragraph one of
subdivision j, paragraph one of subdivision k, paragraph one of
subdivision l, paragraph one of subdivision m, paragraph one of
subdivision n, paragraph one of subdivision o or paragraph one of
subdivision p of this section are applicable, contributions shall be
made to the contingent reserve fund by the city with respect to the
period of such applicability, at a rate fixed by the actuary which shall
be computed to be sufficient to provide the death benefit hereunder and
pension-providing-for-increased-take-home-pay which are or may become
payable on account of such contributor.
2. Such a benefit and such a
pension-providing-for-increased-take-home-pay shall be based on a
reserve-for-increased-take-home-pay.
3. (a) Notwithstanding any other provision of this title or any other
law to the contrary, all contributions due from the city to the
contingent reserve fund with respect to the fiscal year nineteen hundred
seventy-one--nineteen hundred seventy-two and with respect to each
fiscal year thereafter under the provisions of paragraph one of this
subdivision f shall be payable with regular interest thereon in the
second fiscal year after the fiscal year with respect to which such
contributions are due.
(b) In any case where during the fiscal year nineteen hundred
seventy-one--nineteen hundred seventy-two or any succeeding fiscal year,
any amount would have been currently deposited and credited to a
variable annuity program participant's individual account in the
variable pension accumulation fund, if subparagraph (a) of this
paragraph three had not been enacted, an equal amount shall be
transferred from the contingent reserve fund and shall be deposited and
credited to such account at the same time and in the same manner as if
such subparagraph (a) had not been enacted.
g. Provisions relating to fiscal year nineteen hundred
sixty-two--nineteen hundred sixty-three. 1. The board of estimate, by
resolution adopted prior to June first, nineteen hundred sixty-two, may
elect that the provisions of paragraph four of this subdivision g and
the provisions of subdivisions e and f of this section shall be
applicable to and for the benefit of all contributors.
2. In the event that such board adopts such a resolution, the
provisions of such paragraph four and of such subdivisions e and f
shall, on the date on which such paragraph becomes operative, become
applicable to and for the benefit of all contributors.
3. On and after June first, nineteen hundred sixty-two, such board may
not rescind such an election.
4. In the event that such board, pursuant to the provisions of
paragraphs one and two of this subdivision g, elects that the provisions
of this paragraph four and of such subdivisions e and f shall be
applicable to and for the benefit of all contributors, then beginning
with the payroll period the first day of which is nearest to July first,
nineteen hundred sixty-two and ending with the payroll period
immediately prior to that the first day of which is nearest to June
thirtieth, nineteen hundred sixty-three, the contribution of each
contributor, exclusive of any increase in such contribution pursuant to
section 13-525 or subdivision two of section 13-554 of this chapter or
any reduction thereof pursuant to subdivision one of section one hundred
thirty-eight-b of the retirement and social security law, shall be
reduced by five per centum of the salary of such contributor.
h. Where the rate of contribution of a contributor to whom or for
whose benefit the provisions of paragraph four of subdivision g or
paragraph four of subdivision i of this section are applicable,
exclusive of any increase in such rate pursuant to section 13-525 or
subdivision two of section 13-554 of this chapter, or any reduction
thereof pursuant to subdivision one of section one hundred
thirty-eight-b of the retirement and social security law, and before
reduction thereof pursuant to either of such paragraphs four, is equal
to or less than five per centum, such rate shall be discontinued.
i. Provisions relating to fiscal year nineteen hundred
sixty-three--nineteen hundred sixty-four and certain subsequent fiscal
years.
1. (a) Fiscal year nineteen hundred sixty-three--nineteen hundred
sixty-four. The board of estimate, by resolution adopted prior to June
first, nineteen hundred sixty, may elect that the provisions of
subdivisions b, e and f of this section shall be applicable to and for
the benefit of all contributors.
(b) Fiscal year nineteen hundred sixty-four--nineteen hundred
sixty-five. The mayor, by executive order adopted prior to June first,
nineteen hundred sixty-four, may elect that the provisions of paragraph
four of this subdivision i and the provisions of subdivisions e and f of
this section shall be applicable to and for the benefit of all
contributors.
(c) Fiscal year nineteen hundred sixty-five--nineteen hundred
sixty-six. The mayor, by executive order adopted prior to June
nineteenth, nineteen hundred sixty-five, may elect that the provisions
of paragraph four of this subdivision i and the provisions of
subdivisions e and f of this section shall be applicable to and for the
benefit of all contributors. On and after June nineteenth, nineteen
hundred sixty-five, the mayor may not rescind such an election. The
provisions of paragraph three of this subdivision i shall not apply to
an election made under this subparagraph (c).
(d) Fiscal year nineteen hundred sixty-six--nineteen hundred
sixty-seven. The mayor, by executive order adopted prior to June
nineteenth, nineteen hundred sixty-six, may elect that the provisions of
paragraph four of this subdivision i and the provisions of subdivisions
e and f of this section shall be applicable to and for the benefit of
all contributors. On and after June nineteenth, nineteen hundred
sixty-six, the mayor may not rescind such an election. The provisions of
paragraph three of this subdivision i shall not apply to an election
made under this subparagraph (d).
(e) Fiscal year nineteen hundred sixty-seven--nineteen hundred
sixty-eight. The mayor, by executive order adopted prior to June
seventeenth, nineteen hundred sixty-seven, may elect that the provisions
of paragraph four of this subdivision i and the provisions of
subdivisions e and f of this section shall be applicable to and for the
benefit of all contributors. On and after June seventeenth, nineteen
hundred sixty-seven, the mayor may not rescind such an election. The
provisions of paragraph three of this subdivision i shall not apply to
an election made under this subparagraph (e).
(f) Provisions for fiscal year nineteen hundred sixty-eight--nineteen
hundred sixty-nine relating to city university of New York contributors.
The mayor, by executive order adopted prior to June seventeenth,
nineteen hundred sixty-eight, may elect that the provisions of paragraph
four of this subdivision i and the provisions of subdivisions e and f of
this section shall be applicable to and for the benefit of all
contributors who are employees of the city university of New York. On
and after June seventeenth, nineteen hundred sixty-eight, the mayor may
not rescind such an election. The provisions of paragraph three of this
subdivision i shall not apply to an election made under this
subparagraph.
(g) Provisions for fiscal year nineteen hundred sixty-nine--nineteen
hundred seventy relating to transferred contributors and contributors
other than contributors who are employees of the board of education or
the city university of New York. The mayor by executive order adopted
prior to June sixteenth, nineteen hundred sixty-nine, may elect that the
provisions of paragraph four of this subdivision i and the provisions of
subdivisions e and f of this section shall be applicable to and for the
benefit of (1) all contributors who are transferred contributors and (2)
all contributors other than contributors who are employees of the board
of education of the city or city university of New York. On and after
June sixteenth, nineteen hundred sixty-nine, the mayor may not rescind
such an election. The provisions of paragraph three of this subdivision
i shall not apply to an election made under this subparagraph.
(h) Provisions for fiscal year nineteen hundred seventy--nineteen
hundred seventy-one relating to transferred contributors and
contributors other than contributors who are employees of the board of
education or city university of New York. The mayor by executive order
adopted prior to June sixteenth, nineteen hundred seventy may elect that
the provisions of paragraph four of this subdivision i and the
provisions of subdivisions e and f of this section shall be applicable
to and for the benefit of (1) all contributors who are transferred
contributors and (2) all contributors other than contributors who are
employees of the board of education of the city or city university of
New York. On and after June sixteenth, nineteen hundred seventy, the
mayor may not rescind such an election. The provisions of paragraph
three of this subdivision i shall not apply to an election under this
subparagraph.
(i) Provisions for fiscal year nineteen hundred seventy-one--nineteen
hundred seventy-two relating to transferred contributors and
contributors other than contributors who are employees of the board of
education or city university of New York. The mayor by executive order
adopted prior to the date forty-five days after the adjournment of the
regular session of the legislature in nineteen hundred seventy-one may
elect that the provisions of paragraph four of this subdivision i and
the provisions of subdivisions e and f of this section shall be
applicable to and for the benefit of (1) all contributors who are
transferred contributors and (2) all contributors other than
contributors who are employees of the board of education of the city or
city university of New York. On and after such date forty-five days
after such adjournment, the mayor may not rescind such an election. The
provisions of paragraph three of this subdivision i shall not apply to
an election under this subparagraph.
(j) Provisions for fiscal year nineteen hundred seventy-two-nineteen
hundred seventy-three relating to transferred contributors and other
contributors who are not employees of the board of education or city
university of New York. The mayor, by executive order adopted prior to
the date forty-five days after the adjournment of the regular session of
the legislature in nineteen hundred seventy-two or June seventeenth of
such year, whichever is later, may elect that the provisions of
paragraph four of this subdivision i and the provisions of subdivisions
c and f of this section shall be applicable to and for the benefit of
(1) all contributors who are transferred contributors and (2) all other
contributors who are not employees of the board of education of the city
or city university of New York. On and after such date forty-five days
after such adjournment or such June seventeenth, whichever is later, the
mayor may not rescind such an election. The provisons of paragraph three
of this subdivision i shall not apply to an election under this
subparagraph.
2. In the event that the mayor adopts such an executive order, the
provisions of such paragraph four and of such subdivisions e and f
shall, on the applicable date on which such paragraph becomes operative
with respect to the corresponding fiscal year specified in paragraph one
of this subdivision i, become applicable to and for the benefit of all
contributors who are designated in paragraph one of this subdivision i
as eligible for the benefit of such order with respect to such fiscal
year.
3. On and after June first, of the fiscal year described in an
executive order issued pursuant to paragraphs one and two of this
subdivision i, the mayor may not rescind such an election.
4. In the event that the mayor, pursuant to the provisions of
paragraphs one and two of this subdivision i, elects that the provisions
of this paragraph four and of such subdivisions e and f shall be
applicable to and for the benefit of all contributors designated in the
applicable provisions of such paragraph one as eligible for the benefit
of such election, then beginning with the payroll period the first day
of which is nearest to July first, of the fiscal year described in an
executive order issued pursuant to paragraphs one and two of this
subdivision i and ending with the payroll period immediately prior to
that the first day of which is nearest to June thirtieth, of such fiscal
year, the contribution of each contributor so designated as eligible
with respect to such fiscal year, exclusive of any increase in such
contribution pursuant to section 13-525 or subdivision two of section
13-554 of this chapter or any reduction thereof pursuant to subdivision
one of section one hundred thirty-eight-b of the retirement and social
security law, shall be reduced by five per centum of the salary of such
contributor.
j. Provisions relating to the period September first, nineteen hundred
sixty-seven through September seven, nineteen hundred sixty-nine for
board of education contributors. 1.(a) Subject to the provisions of
sub-paragraph (b) of this paragraph one, beginning with the payroll
period the first day of which is nearest September first, nineteen
hundred sixty-seven, and ending with the payroll period immediately
prior to that the first day of which is nearest to June thirtieth,
nineteen hundred sixty-eight, the contribution of each contributor who
is an employee of the board of education of the city of New York,
exclusive of any increase in such contribution pursuant to section
13-525 or subdivision two of section 13-554 of this chapter or any
reduction thereof pursuant to subdivision one of section one hundred
thirty-eight-b of the retirement and social security law, shall be
reduced by three per centum of the salary of such contributor.
(b) The reduction provided for by subparagraph (a) of this paragraph
one shall be in addition to any reduction made during the period
mentioned in such subparagraph (a) pursuant to subparagraph (e) of
paragraph one of subdivision i of this section. The amount of the
reduction made pursuant to subparagraph (a) of this paragraph one in the
contribution of any such contributor for such portion of the period
mentioned in such subparagraph (a) as precedes the effective date of
this subdivision shall be refunded by the retirement board without
interest unless such reduction has been waived pursuant to subdivision e
of this section. Where the rate of contribution of such contributor,
exclusive of any increase in such rate pursuant to section 13-525 or
subdivision two of section 13-554, or any reduction thereof pursuant to
subdivision one of section one hundred thirty-eight-b of the retirement
and social security law, and before reduction thereof pursuant to
subparagraph (a) of this paragraph is equal to or less than three per
cent during the period mentioned in such subparagraph (a), such rate
shall be discontinued.
(c) Beginning with the payroll period the first day of which is
nearest to June thirtieth, nineteen hundred sixty-eight and ending with
the payroll period immediately prior to that the first day of which is
nearest to September seventh, nineteen hundred sixty-nine, the
contribution of each contributor who is an employee of the board of
education of the city of New York, exclusive of any increase in such
contribution pursuant to section 13-525 or subdivision two of section
13-554 of this chapter or any reduction thereof pursuant to subdivision
one of section one hundred thirty-eight-b of the retirement and social
security law, shall be reduced by eight per centum of the salary of such
contributor. Where the rate of contribution of such contributor,
exclusive of any increase in such rate pursuant to section 13-525 or
subdivision two of section 13-554, or any reduction thereof pursuant to
subdivision one of section one hundred thirty-eight-b of the retirement
and social security law, and before reduction thereof pursuant to this
subparagraph (c), is equal to or less than eight per cent, such rate
shall be discontinued.
2. The provisions of subdivisions e and f of this section shall be
applicable to and for the benefit of all contributors who are employees
of the board of education of the city of New York.
k. Provisions relating to the period September first, nineteen hundred
sixty-nine through August thirty-first, nineteen hundred seventy for
board of education contributors.
1. Beginning with the payroll period the first day of which is
September first, nineteen hundred sixty-nine and ending with the payroll
period the last day of which is August thirty-first, nineteen hundred
seventy, the contribution of each contributor who is an employee of the
board of education of the city, exclusive of any increase in such
contribution pursuant to section 13-525 or subdivision two of section
13-554 of this chapter or any reduction thereof pursuant to subdivision
one of section one hundred thirty-eight-b of the retirement and social
security law, shall be reduced by eight per centum of the salary of such
contributor. Where the rate of contribution of such contributor,
exclusive of any increase in such rate pursuant to section 13-525 or
subdivision two of section 13-554, or any reduction thereof pursuant to
subdivision one of section one hundred thirty-eight-b of the retirement
and social security law, and before reduction thereof pursuant to this
subdivision k, is equal to or less than eight per cent, such rate shall
be discontinued.
2. The provisions of subdivision e and f of this section shall be
applicable to and for the benefit of all contributors who are employees
of the board of education of the city.
l. Provisions relating to the period September first, nineteen hundred
sixty-eight through August thirty-first, nineteen hundred seventy for
city university of New York contributors. 1. (a) Subject to the
provisions of subparagraph (b) of this paragraph one, the mayor by
executive order adopted prior to June sixteenth, nineteen hundred
sixty-nine, may elect that, beginning with the payroll period the first
day of which is nearest September first, nineteen hundred sixty-eight,
and ending with the payroll period immediately prior to that the first
day of which is nearest to June thirtieth, nineteen hundred sixty-nine,
the contribution of each contributor who is an employee of the city
university of New York, exclusive of any increase in such contribution
pursuant to section 13-525 or subdivision two of section 13-554 of this
chapter or any reduction thereof pursuant to subdivision one of section
one hundred thirty-eight-b of the retirement and social security law,
shall be reduced by three percentum of the salary of such contributor.
On and after June sixteenth, nineteen hundred sixty-nine, the mayor may
not rescind such an election.
(b) Any reduction made pursuant to subparagraph (a) of this paragraph
one shall be in addition to any reduction made during the period
mentioned in such subparagraph (a) pursuant to subparagraph (f) of
paragraph one of subdivision i of this section. The amount of any
reduction made pursuant to subparagraph (a) of this paragraph one in the
contribution of any such contributor for such portion of the period
mentioned in such subparagraph (a) as precedes July first, nineteen
hundred sixty-nine, shall be refunded by the retirement board without
interest unless such reduction has been waived pursuant to subdivision e
of this section. Where the rate of contribution of such contributor,
exclusive of any increase in such rate pursuant to section 13-525 or
subdivision two of section 13-554, or any reduction thereof pursuant to
subdivision one of section one hundred thirty-eight-b of the retirement
and social security law, and before reduction thereof pursuant to
subparagraph (a) of this paragraph is equal to or less than three
percent during the period mentioned in such subparagraph (a), such rate,
if such reduction be made pursuant to such subparagraph (a), shall be
discontinued.
(c) The mayor by executive order adopted prior to June sixteenth,
nineteen hundred sixty-nine may elect that beginning with the payroll
period the first day of which is nearest to June thirtieth, nineteen
hundred sixty-nine and ending with the payroll period the last day of
which is August thirty-first, nineteen hundred seventy, the contribution
of each contributor who is an employee of the city university of New
York, exclusive of any increase in such contribution pursuant to section
13-525 or subdivision two of section 13-554 of this chapter or any
reduction thereof pursuant to subdivision one of section one hundred
thirty-eight-b of the retirement and social security law, shall be
reduced by eight percentum of the salary of such contributor. Where the
rate of contribution of such contributor, exclusive of any increase in
such rate pursuant to section 13-525 or subdivision two of section
13-554, or any reduction thereof pursuant to subdivision one of section
one hundred thirty-eight-b of the retirement and social security law,
and before reduction thereof pursuant to this subparagraph (c), is equal
to or less than eight per cent, such rate, if such reduction be made
pursuant to this subparagraph (c), shall be discontinued. On and after
June sixteenth, nineteen hundred sixty-nine, the mayor may not rescind
such an election.
2. The provisions of subdivisions e and f of this section shall be
applicable to and for the benefit of all contributors who are employees
of the city university of New York.
m. Provisions relating to the period September first, nineteen hundred
seventy through August thirty-first, nineteen hundred seventy-one for
board of education contributors.
1. (a) Beginning with the payroll period the first day of which is
July first, nineteen hundred seventy and ending with the payroll period
the last day of which is August thirty-first, nineteen hundred
seventy-one, the contribution of each contributor who is an employee of
the board of education of the city, exclusive of any increase in such
contribution pursuant to section 13-525 or subdivision two of section
13-554 of this chapter or any reduction thereof pursuant to subdivision
one of section one hundred thirty-eight-b of the retirement and social
security law, shall, if a bill entitled "An act to amend the
administrative code of the city of New York, in relation to providing
additional rights, privileges and benefits for contributors to the New
York city teachers' retirement system, including optional retirement
plans" is enacted into law, be reduced by five percentum of the salary
of such contributor. Where the rate of contribution of such
contributor, exclusive of any increase in such rate pursuant to such
section 13-525 or subdivision two of such section 13-554, or any
reduction thereof pursuant to subdivision one of section one hundred
thirty-eight-b of the retirement and social security law, and before
reduction thereto pursuant to this paragraph one, is equal to or less
than five per cent, such rate shall be discontinued.
(b) If such bill referred to in subparagraph (a) of this paragraph one
is enacted, (i) the reduction in contributions of contributors provided
for in subparagraph (a) of this paragraph one with respect to the months
of July and August, nineteen hundred seventy shall be in lieu of and
shall supersede the reductions in contributions of contributors provided
for with respect to such months by paragraph one of subdivision k of
this section, and (ii) the reduction in contributions of contributors
provided for with respect to such months by paragraph one of such
subdivision k shall not be made.
2. In the event that the bill hereinabove entitled is not enacted into
law, then beginning with the payroll period the first day of which is
September first, nineteen hundred seventy and ending with the payroll
period the last day of which is August thirty-first, nineteen hundred
seventy-one, the contribution of each contributor who is an employee of
the board of education of the city, exclusive of any increase in such
contribution pursuant to section 13-525 or subdivision two of section
13-554 of this chapter or any reduction thereof pursuant to subdivision
one of section one hundred thirty-eight-b of the retirement and social
security law, shall be reduced by eight per centum of the salary of such
contributor. Where the rate of contribution of such contributor,
exclusive of any increase in such rate pursuant to such section 13-525
or subdivision two of such section 13-554, or any reduction thereof
pursuant to subdivision one of section one hundred thirty-eight-b of the
retirement and social security law, and before reduction thereof
pursuant to this paragraph two, is equal to or less than eight per cent,
such rate shall be discontinued.
3. The provisions of subdivisions e and f of this section shall be
applicable to and for the benefit of all contributors who are employees
of the board of education of the city.
n. Provisions relating to the period September first, nineteen hundred
seventy through August thirty-first, nineteen hundred seventy-one for
city university of New York contributors.
1. (a) Beginning with the payroll period the first day of which is
July first, nineteen hundred seventy and ending with the payroll period
the last day of which is August thirty-first, nineteen hundred
seventy-one, the contribution of each contributor who is an employee of
the city university of New York, exclusive of any increase in such
contribution pursuant to section 13-525 on subdivision two of section
13-554 of section one hundred thirty-eight-b of the retirement and
social security law, shall, if a bill entitled "An act to amend the
administrative code of the city of New York, in relation to providing
additional rights, privileges and benefits for contributors to the New
York city teachers' retirement system, including optional retirement
plans" is enacted into law, be reduced by five percentum of the salary
of such contributor. Where the rate of contribution of such
contributor, exclusive of any increase in such rate pursuant to section
13-525 or subdivision two of section 13-554, or any reduction thereof
pursuant to subdivision one of section one hundred thirty-eight-b of the
retirement and social security law, and before reduction thereof
pursuant to this paragraph one, is equal to or less than five per cent,
such rate, if such reduction be made pursuant to this paragraph one,
shall be discontinued.
(b) If the bill referred to in subparagraph (a) of this paragraph one
is enacted, (i) the reduction in contributions of contributors provided
for in subparagraph (a) of this paragraph one with respect to the months
of July and August, nineteen hundred seventy shall be in lieu of and
shall supersede the reductions in contributions of contributors provided
for with respect to such months by subparagraph (c) of paragraph one of
subdivision l of this section, and (ii) the reduction in contributions
of contributors provided for with respect to such months by such
subparagraph (c) shall not be made.
2. In the event that the bill hereinabove entitled is not enacted into
law, then beginning with the payroll period the first day of which is
September first, nineteen hundred seventy and ending with the payroll
period the last day of which is August thirty-first, nineteen hundred
seventy-one, the contribution of each contributor who is an employee of
the city university of New York, exclusive of any increase in such
contribution pursuant to section 13-525 or subdivision two of section
13-554 of this chapter or any reduction thereof pursuant to subdivision
one of section one hundred thirty-eight-b of the retirement and social
security law, shall be reduced by eight percentum of the salary of such
contributor. Where the rate of contribution of such contributor,
exclusive of any increase in such rate pursuant to section 13-525 or
subdivision two of section 13-554, or any reduction thereof pursuant to
subdivision one of section one hundred thirty-eight-b of the retirement
and social security law, and before reduction thereof pursuant to this
paragraph two, is equal to or less than eight per cent, such rate, if
such reduction be made pursuant to this paragraph two, shall be
discontinued.
3. The provisions of subdivisions e and f of this section shall be
applicable to and for the benefit of all contributors who are employees
of the city university of New York.
o. Provisions relating to the period September first, nineteen hundred
seventy-one through August thirty-first, nineteen hundred seventy-two
for board of education and city university of New York contributors. 1.
Beginning with the payroll period the first day of which is September
first, nineteen hundred seventy-one and ending with the payroll period
the last day of which is August thirty-first, nineteen hundred
seventy-two, the contribution of each contributor who is an employee of
the board of education or city university of New York, exclusive of any
increase in such contribution pursuant to section 13-525 or subdivision
two of section 13-554 of this chapter or any reduction thereof pursuant
to subdivision one of section one hundred thirty-eight-b of the
retirement and social security law, shall be reduced by five percentum
of the salary of such contributor. Where the rate of contribution of
such contributor, exclusive of any increase in such rate pursuant to
such section 13-525 or subdivision two of such section 13-554, or any
reduction thereof pursuant to subdivision one of section one hundred
thirty-eight-b of the retirement and social security law, and before
reduction thereof pursuant to this paragraph one, is equal to or less
than five per cent, such rate shall be discontinued.
2. The provisions of subdivisions e and f of this section shall be
applicable to and for the benefit of all contributors who are employees
of the board of education or city university of New York.
p. Provisions relating to the period September first, nineteen hundred
seventy-two through August thirty-first, nineteen hundred seventy-three
for board of education and city university of New York. 1. The mayor, by
executive order adopted prior to the date forty-five days after the
adjournment of the regular session of the legislature in nineteen
hundred seventy-two or June seventeenth of such year, whichever is
later, may elect that beginning with the payroll period the first day of
which is September first, nineteen hundred seventy-two and ending with
the payroll period the last day of which is August thirty-first,
nineteen hundred seventy-three, the contribution of each contributor who
is an employee of the board of education or city university of New York,
exclusive of any increase in such contribution pursuant to section
13-525 or subdivision two of section 13-554 of this chapter of any
reduction thereof pursuant to subdivision one of section one hundred
thirty-eight-b of the retirement and social security law, shall be
reduced by five percentum of the salary of such contributor. If such
election is made by the mayor, then in any case where the rate of
contribution of any such contributor, exclusive of any increase in such
rate pursuant to such section 13-525 or subdivision two of such section
13-554, or any reduction thereof pursuant to subdivision one of section
one hundred thirty-eight-b of the retirement and social security law,
and before reduction thereof pursuant to this paragraph one, is equal to
or less than five per cent, such rate shall be discontinued.
2. The provisions of subdivisions e and f of this section shall be
applicable to and for the benefit of all contributors who are employees
of the board of education or city university of New York.
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