Legislation

Search OpenLegislation Statutes
This entry was published on 2014-09-22
The selection dates indicate all change milestones for the entire volume, not just the location being viewed. Specifying a milestone date will retrieve the most recent version of the location before that date.
SECTION 138-B
Use of annuity contributions to pay old-age and survivors insurance contributions
Retirement & Social Security (RSS) CHAPTER 51-A, ARTICLE 3
§ 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.