(b) Notwithstanding any provision of paragraph (a) of this subdivision
or any other provision of law to the contrary, but subject to the
provisions of subdivision d of section six hundred thirteen of the
retirement and social security law in the case of any electing employee
initially appointed on or after July first, nineteen hundred ninety-two,
contributions at the rate of three percentum of his or her city salary
shall be deducted as the employee contribution by the comptroller.
(c) Notwithstanding any other provision of this section or any other
law to the contrary, (1) on and after April first, two thousand eight
for a member who joined the optional retirement program established
pursuant to this article before April first, two thousand twelve and who
has ten or more years of membership in such optional retirement program,
the city shall contribute one-third of the three percent employee
contribution required pursuant to the provisions of this section on
behalf of such employee; and (2) on and after April first, two thousand
nine for a member who joined the optional retirement program established
pursuant to this article before April first, two thousand twelve and who
has ten or more years of membership in such optional retirement program,
the city shall contribute two-thirds of the three percent employee
contribution required pursuant to the provisions of this section on
behalf of such employee; and (3) on and after April first, two thousand
ten for a member who joined the optional retirement program established
pursuant to this article before April first, two thousand twelve and who
has ten or more years of membership in such optional retirement program,
the city shall contribute the three percent employee contribution
required pursuant to the provisions of this section on behalf of such
employee. The provisions of this paragraph shall not apply to any
electing employee who becomes a member of the optional retirement
program on or after April first, two thousand twelve.
(d) Notwithstanding any other law to the contrary, beginning April
first, two thousand thirteen any electing employee appointed on or after
April first, two thousand twelve, the rate at which each such employee
shall contribute in any current plan year (January first to December
thirty-first) shall be determined by reference to the wages of such
member in the second plan year (January first to December thirty-first)
preceding such current plan year as follows:
(1) members with wages of forty-five thousand dollars per annum or
less shall contribute three per centum of annual wages;
(2) members with wages greater than forty-five thousand per annum, but
not more than fifty-five thousand per annum shall contribute three and
one-half per centum of annual wages;
(3) members with wages greater than fifty-five thousand per annum, but
not more than seventy-five thousand per annum shall contribute four and
one-half per centum of annual wages;
(4) members with wages greater than seventy-five thousand per annum
but not more than one hundred thousand per annum shall contribute five
and three-quarters per centum of annual wages; and
(5) members with wages greater than one hundred thousand per annum
shall contribute six per centum of annual wages.
Notwithstanding the foregoing, during each of the first three plan
years (January first to December thirty-first) in which such member has
established membership in the Board of Higher Education Optional
Retirement Program, such employee shall contribute a percent of annual
wages in accordance with the preceding schedule based upon a projection
of annual wages provided by the employer.
3. Payment of contributions pursuant to subdivisions one and two of
this section shall be made to the designated insurer or insurers upon
audit and warrant of the comptroller.
4. In the case of an electing employee initially appointed on or after
the effective date of the election to offer such programs established by
the board, no contributions pursuant to subdivisions one and two of this
section shall be made by the city until his completion of one year of
service and continuance in service thereafter. Employee contributions,
if any, required during this initial year of service shall be deducted
and held by the comptroller. At the end of his initial year of service,
a single contribution in an amount determined pursuant to subdivisions
one and two of this section, with interest at the rate of four percentum
per annum, shall be made, upon audit and warrant of the comptroller, to
the designated insurer or insurers, on behalf of such employee continued
in service. In the case of an electing employee who does not continue in
service with the board beyond his initial year of service, the amount of
employee contribution, if any, deducted from his salary shall be
refunded to him, with interest at the rate of four percentum per annum.
5. The provisions of subdivision four of this section shall not apply
to any electing employee who, at the time of initial appointment, owns a
contract determined by the board to be similar to those contracts to be
purchased under the optional retirement program and issued by the
designated insurer or insurers.
Structure New York Laws