2006 New York Code - Members\' Contributions And Their Use; Annuity Savings Fund.

 
    § 321. Members' contributions and their use; annuity savings fund.  a.
  The  annuity  savings  funds  shall  be  the  fund  in  which  shall  be
  accumulated all contributions made  by  members  to  provide  for  their
  annuities and their withdrawal allowances.
    b.  Upon  the  basis  of tables adopted by the comptroller and regular
  interest, the actuary shall determine the rate of contribution for  each
  member. Such rate shall be computed as the constant proportion of annual
  compensation  which,  when  deducted  from each payment of such member's
  prospective earnable compensation until he shall attain age sixty, would
  provide, at that time, an annuity equal to one-one hundred  fortieth  of
  his  final  average  salary for each year of member service for which he
  shall be entitled to credit. This method of computation  of  a  member's
  rate of contribution shall be appropriately modified in case of a member
  for whom such a rate is otherwise fixed pursuant to any other section of
  this article.
    c. The rate of contribution of a member who is over age fifty-nine, at
  the  time of his last becoming a member, shall be the same as if his age
  were fifty-nine.
    d. The comptroller shall certify each member's rate of contribution to
  his employer. Each employer by whom a member is  employed  shall  deduct
  from  the  compensation  of  such  member, on each payroll and for every
  payroll period, the proportion of such member's compensation based  upon
  his rate of contribution. In determining the amount earnable by a member
  in  a  payroll  period,  the comptroller may consider the rate of annual
  compensation payable  to  such  member  on  the  first  day  thereof  as
  continuing  throughout  such  period. If an employee was not a member on
  the first day of a payroll period, deductions from compensation for such
  period may be omitted. No deductions shall be made from the compensation
  of a member over age sixty who has credit for at least thirty-five years
  of government service and who elects to discontinue his contributions to
  the annuity savings fund. The contributions  herein  provided  shall  be
  made  notwithstanding  that the minimum compensation provided by law for
  any member shall be reduced thereby.
    e. The chief fiscal officer of each employer  promptly  shall  certify
  and  file a copy of each payroll with the comptroller. Each such payroll
  and certification shall be in a form approved by  the  comptroller.  The
  comptroller,   in   his   discretion,  may  waive  the  requirements  of
  certification and filing as to any particular payroll.
    f. Deductions from the compensation of a member shall  constitute  his
  contributions.  Such  contributions  shall  be  remitted promptly to the
  comptroller. The comptroller shall deposit them in the  annuity  savings
  fund and they shall be credited, together with regular interest thereon,
  and special interest, if any, to the member's individual account in such
  fund.  Regular  interest  upon  accumulated contributions in the annuity
  savings fund, and special interest, if any, shall be transferred to such
  fund from the pension accumulation fund at  the  close  of  each  fiscal
  year.
    g. If a member shall have deposited in the annuity savings fund of the
  New  York  state  employees'  retirement system, before June thirteenth,
  nineteen hundred thirty-nine, amounts in addition to  the  contributions
  then  required  by  law,  the  same shall be included in his accumulated
  contributions. Interest thereon, however, shall be credited only at such
  rate as in the opinion of the comptroller  is  the  prevailing  rate  of
  interest  allowed  on  savings bank deposits. A member, at any time, may
  withdraw such additional amounts and such interest thereon, in whole  or
  in  part.  The  total  of such withdrawn amounts may be redeposited by a
  single payment at any time. If such additional amounts be not  withdrawn
  before  retirement,  they thereupon shall be used to purchase an annuity
  on account of such member. Such annuity shall  be  in  addition  to  the
  retirement  allowance  to which he would otherwise be entitled. It shall
  be computed on the basis of regular interest and  the  mortality  tables
  which are used in computing other annuities under this article.
    h. Valuation of maintenance in certain cases.
    1.  A member of the policemen's and firemen's retirement system, whose
  retirement contributions to the New  York  state  employees'  retirement
  system  were  determined  by  fixing  the  value  of  his maintenance at
  one-half the cash compensation received by him and  whose  contributions
  were  subsequently  reduced  by the fixing of a lower value for the same
  maintenance theretofore furnished, may elect to have  his  contributions
  computed  on the basis of his gross compensation as established prior to
  such reduction in value of maintenance, provided that:
    (a) His retirement contributions  prior  to  October  first,  nineteen
  hundred  forty-three,  were based on such higher value of maintenance as
  determined by the comptroller and  his  retirement  contributions  after
  such  date  were  reduced because of the fixation of such lower value of
  maintenance, or
    (b) His retirement contributions prior to  April  sixteenth,  nineteen
  hundred  forty-six,  were  based  on such higher value of maintenance as
  determined by the board of supervisors of the county of Monroe  and  his
  retirement  contributions  after  such  date were reduced because of the
  fixation of such lower value of maintenance, or
    (c)  He  was  employed  by  the  county  of   Westchester   on   March
  twenty-ninth, nineteen hundred forty-eight, his retirement contributions
  prior to March thirty-first, nineteen hundred forty-seven, were based on
  such  higher value of maintenance and his retirement contributions after
  January first, nineteen hundred forty-eight, were reduced because of the
  fixation of such lower value of maintenance, or
    (cc) His retirement contributions prior to the initial fixation of the
  value of his maintenance pursuant to section two hundred one or  section
  two  hundred  five of the county law, were based on such higher value of
  maintenance  as  determined  by  the  comptroller  and  his   retirement
  contributions  after  the  date of such fixation were reduced because of
  the fixation of such lower value of maintenance, or
    (d) He was employed by  the  county  of  Onondaga  on  April  twelfth,
  nineteen  hundred  forty-nine,  his  retirement  contributions  prior to
  December fifteenth, nineteen hundred forty-seven,  were  based  on  such
  higher  value  of  maintenance  and  his  retirement contributions after
  December fifteenth, nineteen hundred forty-seven, were  reduced  because
  of the fixation of such lower value of maintenance, or
    (e)  He  was  or  shall  have  been  employed  in  a  county  or  city
  tuberculosis hospital which was or shall have been  transferred  to  the
  state  pursuant  to section twenty-two hundred sixty-eight of the public
  health law, his retirement contributions prior to such transfer were  or
  shall  have  been  based  on  such  higher  value of maintenance and his
  retirement contributions after such transfer were  or  shall  have  been
  reduced because of the fixation of such lower value of maintenance.
    2.  Upon  filing such election and paying the additional contributions
  required thereby, such member shall be entitled  to  have  his  pension,
  retirement  allowance  or  other rights and privileges in the retirement
  system computed in accordance with  such  gross  compensation,  provided
  that:
    (a)  In  a  case  covered by subparagraph (a) of paragraph one of this
  subdivision h, such election was so filed with  the  comptroller  on  or
  before  April  first,  nineteen  hundred  forty-six, and such additional
  contributions are paid from and after October  first,  nineteen  hundred
  forty-three, or
    (b)  In  a  case  covered by subparagraph (b) of paragraph one of this
  subdivision h, such election was so filed with  the  comptroller  on  or
  before  January first, nineteen hundred forty-eight, and such additional
  contributions are paid from and after April sixteenth, nineteen  hundred
  forty-six, or
    (c)  In  a  case  covered by subparagraph (c) of paragraph one of this
  subdivision h, such election was so filed with  the  comptroller  on  or
  before  January  first, nineteen hundred forty-nine, and such additional
  contributions are paid  from  and  after  March  thirty-first,  nineteen
  hundred forty-seven, or
    (cc)  In  a case covered by subparagraph (cc) of paragraph one of this
  subdivision h, such election was so filed with  the  comptroller  on  or
  before  October  first, nineteen hundred fifty-five, and such additional
  contributions are paid from and after the date of the  initial  fixation
  of the value of his maintenance pursuant to such subparagraph, or
    (d)  In  a  case  covered by subparagraph (d) or paragraph one of this
  subdivision h, such election was so filed with the county auditor on  or
  before  November first, nineteen hundred forty-nine, and such additional
  contributions are paid  from  and  after  December  fifteenth,  nineteen
  hundred forty-seven, or
    (e)  In  a  case  covered by subparagraph (e) of paragraph one of this
  subdivision h, such election is so filed  with  the  comptroller  on  or
  before April first, nineteen hundred fifty, or within one year after the
  date   of  such  transfer,  whichever  is  later,  and  such  additional
  contributions are paid from and after the date of such transfer.
    3.  The  gross  compensation  of  such  member  shall  be  the  amount
  established   on   the  basis  of  such  higher  value  of  maintenance.
  Contributions based on such gross compensation shall continue to be made
  until such member retires  or  until  such  election  is  terminated  as
  provided in paragraph four of this subdivision h.
    4.  An  election  made pursuant to paragraph one of this subdivision h
  shall be  terminated  if  and  when  the  compensation  of  the  member,
  including  cash  and  the  current value of maintenance, shall equal the
  gross compensation of such member as fixed on the basis  of  the  higher
  value of maintenance described in such paragraph one, provided that:
    (a)  In  a  case  covered by subparagraph (a) of paragraph one of this
  subdivision h,  such  current  value  of  maintenance  shall  have  been
  determined  by  the director of the budget pursuant to section forty-two
  of the civil service law, or
    (b) In a case covered by subparagraph (b) of  paragraph  one  of  this
  subdivision  h,  such  current  value  of  maintenance  shall  have been
  determined by the board of supervisors of the county of Monroe, or
    (c) In a case covered by subparagraph (c) of  paragraph  one  of  this
  subdivision  h,  such  current  value  of  maintenance  shall  have been
  determined by the board of supervisors of the county of Westchester, or
    (cc) In a case covered by subparagraph (cc) of paragraph one  of  this
  subdivision  h,  such  current  value  of  maintenance  shall  have been
  determined by the board of supervisors of the county, or
    (d) In a case covered by subparagraph (d) of  paragraph  one  of  this
  subdivision  h,  such  current  value  of  maintenance  shall  have been
  determined by the board of supervisors of Onondaga county, or
    (e) In a case covered by subparagraph (e) of  paragraph  one  of  this
  subdivision  h,  such  current  value  of  maintenance  shall  have been
  determined by the director of the budget pursuant to section one hundred
  thirty-five of the civil service law.
    i. Additional contributions.
    1. Any member of the policemen's and firemen's retirement system, upon
  forms prescribed and furnished by the comptroller,  may  elect  to  make
  additional  contributions at the rate of fifty per centum of his rate of
  normal contribution for the purpose of purchasing additional annuity.
    2.  Additional contributions made pursuant to this subdivision i shall
  be included in the member's accumulated contributions,  except  that  in
  computing a retirement allowance:
    (a)   For  ordinary  disability  pursuant  to  section  three  hundred
  sixty-two of this article, or
    (b) In any other case under this article where the inclusion  of  such
  additional contributions in the computation of an annuity would have the
  effect  of  decreasing  the  amount of a pension that otherwise would be
  payable,
  such additional contributions shall be treated as  excess  contributions
  and shall be used to provide an annuity in addition to the annuity which
  otherwise  would  be payable in such case. Such additional annuity shall
  be computed on the basis of regular interest and  the  mortality  tables
  which are used in computing other annuities under this article.
    3.  One  year  or more after the filing thereof, a member may withdraw
  his  election  to  make  additional  contributions  pursuant   to   this
  subdivision   i.  Such  withdrawal  shall  be  by  written  notice  duly
  acknowledged and filed with the comptroller.
    j. Where a member's  rate  of  contribution  is  reduced  because  his
  employer   contributes    toward  pensions-providing-for-increased-take-
  home-pay pursuant to section three hundred seventy-a  of  this  article,
  such  member  may by written notice duly acknowledged and filed with the
  comptroller within one year after such  reduction  or  within  one  year
  after  he  last became a member, whichever is later, elect to waive such
  reduction. One year or more after  the  filing  thereof,  a  member  may
  withdraw  any  such waiver by written notice duly acknowledged and filed
  with the comptroller. Where a member makes an  election  to  waive  such
  reduction,   he  shall  contribute  to  the  policemen's  and  firemen's
  retirement system as otherwise provided in this article.
    k. A member in the employ of the state who retires on or  after  April
  first,  nineteen  hundred seventy-three may elect to withdraw his excess
  contributions at the time of his retirement; provided, however,  in  the
  case of persons who last became members on or after July first, nineteen
  hundred  seventy-three,  the  provisions of this subdivision shall apply
  only  to  those  who  retire  prior  to  July  first,  nineteen  hundred
  seventy-four.  Such  election  shall be duly executed and filed with the
  comptroller.  The  term  excess  contributions  shall  mean  accumulated
  contributions  in  excess of the amount thereof necessary to provide the
  required pension  or  retirement  allowance  specified  under  the  plan
  applicable   to  the  member.  In  no  case  shall  such  withdrawal  of
  contributions  result  in  an  increase  in  the  pension  benefit.  The
  provisions  of this subdivision shall not apply to a member of the state
  police in collective negotiating units established pursuant  to  article
  fourteen of the civil service law.
    l.  Voluntary  contributions.  1.  Any  member  of the policemen's and
  firemen's retirement system who is not otherwise required by law to make
  contributions may elect to make voluntary contributions for the  purpose
  of purchasing additional annuity.
    2.  Voluntary contributions made pursuant to this subdivision shall be
  included in the  member's  accumulated  contributions,  except  that  in
  computing a retirement allowance:
    (a)   For  ordinary  disability  pursuant  to  section  three  hundred
  sixty-two of this chapter, or
    (b) In any other case under this chapter where the inclusion  of  such
  voluntary  contributions in the computation of an annuity would have the
  effect of decreasing the amount of a pension  that  otherwise  would  be
  payable,
  such  voluntary  contributions  shall be treated as excess contributions
  and shall be used to provide an annuity in addition to the annuity which
  otherwise would be payable in such case. Such additional  annuity  shall
  be  computed  on  the basis of regular interest and the mortality tables
  which are used in computing other annuities under this chapter.
    3. Any member electing to make such voluntary contributions shall file
  such election with the comptroller on a form prescribed for such purpose
  by the comptroller. Such election shall specify a rate  of  contribution
  in a whole number percentage no greater than ten percent of the member's
  salary,  such contributions to be remitted to the comptroller by regular
  payroll deductions from the compensation of  the  member.  The  rate  of
  contribution  shall  be subject to change by the member only once in any
  twelve month period. These contributions may be withdrawn by the  member
  in  accordance with section three hundred fifty-one of this chapter only
  once in any twelve month period.
    4. Any member  electing  to  make  such  voluntary  contributions  may
  withdraw his election to make such contributions at any time and thereby
  terminate  such  contributions, provided, however, that such termination
  of voluntary contributions shall preclude the member from again electing
  to make such contributions for a period of twelve months.
    5. Any member electing to make such voluntary  contributions  pursuant
  to  this  subdivision shall be deemed by such act to have: (a) withdrawn
  his election to make additional contributions pursuant to subdivisions i
  and j of this section, and (b) made  all  his  excess  contributions  in
  accordance with this subdivision.