§ 529. Pensions providing for increased take home pay for certain
teachers. Notwithstanding any other provisions of law to the contrary,
beginning with the payroll period the first day of which is nearest to
April first, nineteen hundred sixty-one and ending with the payroll
period immediately prior to that the first day of which is nearest to
April first, nineteen hundred seventy, any member of the retirement
system who is a teacher within the provisions of subdivision four of
section five hundred one of this article in the employ of a community
college shall be deemed for the purposes of providing pensions for
increased take home pay to be a teacher within the provisions of section
five hundred twenty-eight of this article, provided that the board of
trustees of the community college employing such teacher files with the
retirement board a certified copy of the resolution, approved by the
local sponsor acting through its local legislative body or board or
other appropriate governing agency, of such board of trustees resolving
that teachers employed in such community college shall be eligible for
pensions providing for increased take home pay. Such resolutions shall
also specify the per centum of their compensation by which their
contributions shall be reduced, which shall be five per centum unless
eight per centum is specifically designated. In the event that such an
approved resolution is so filed, the contributions of such teachers so
employed in such community college shall be reduced by either five per
centum or eight per centum of their compensation, as provided in such
resolution, in the manner prescribed in section five hundred
twenty-eight of this article beginning with the payroll period the first
day of which is nearest to the first day of the month following the day
such certified approved resolution is filed, and thereafter the
contributions for each member of the retirement system employed by such
community college whose rate of contribution is reduced by virtue of the
provisions of this section and section five hundred twenty-eight of this
article shall be made to the pension accumulation fund by such community
college, the local sponsor, the local legislative body or board or other
appropriate governing agency in the same manner and at the same time as
other contributions are made by such community college, the local
sponsor, the local legislative body or board or other appropriate
governing agency as the employer of members of the retirement system at
a rate to be fixed in accordance with the procedure prescribed in
section five hundred twenty-eight of this article, and all applicable
provisions of said section five hundred twenty-eight subject to the
applicable per centum of a teacher's compensation by which his
contribution shall be reduced shall apply to such community college, the
local sponsor, the local legislative body or board or other appropriate
governing agency and to members of the retirement system employed by
such board of trustees.