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New York Retirement & Social Security - Article 3 - § 138-B Use of Annuity Contributions to Pay Old-age and Survivors Insurance Contributions

Legal Research Home > New York Laws > New York Retirement & Social Security (RSS) > New York Retirement & Social Security - Article 3 - § 138-B Use of Annuity Contributions to Pay Old-age and Survivors Insurance Contributions

 
    §  138-b.  Use  of  annuity contributions to pay old-age and survivors
  insurance contributions.  1. Where a retirement system or plan  provides
  retirement  allowances  consisting  of  separate  pensions  and separate
  annuities, each member thereof whose position is also covered by old-age
  and survivors insurance pursuant to this article and each member thereof
  whose wages in a position entitling him to membership in such retirement
  system or plan are subject to the tax imposed by the  federal  insurance
  contribution  act  shall  have the privilege, by written notice filed as
  prescribed by the head of such system or plan, of decreasing his annuity
  contribution to the system or plan by not to exceed the amounts required
  to pay his  contributions  for  such  old-age  and  survivors  insurance
  coverage  or  by  not  to exceed the amounts required to pay the tax, if
  any, imposed upon him pursuant to  the  federal  insurance  contribution
  act, including, in each case, retroactive coverage where it is provided.
  Where   and  during  such  period  of  time  that  a  member's  rate  of
  contribution  is  reduced  because  his  employer   contributes   toward
  pensions-providing-for-increased-take-home-pay   pursuant   to   section
  seventy-a of this chapter or a similar provision of law,  the  privilege
  provided  by  this  section  shall  be  available  only to the extent of
  annuity contributions which the member is still required to make to  the
  retirement system or plan.
    2.  No  pension  otherwise payable by such a retirement system or plan
  shall  be  increased  by  reason  of  any  such  reduction  in   annuity
  contributions.
    3.  The head of each such system or plan shall have power, by rule and
  regulation,  to  prescribe  terms  and  conditions  for  the   exercise,
  withdrawal and re-exercise of such privilege. Such rules and regulations
  shall  be  in  the  best  interests  of  such  system or plan and of the
  affected employees and for the protection of the efficient operation and
  management of the system or plan.

Last modified: February 18, 2012