§ 530. Pensions-providing-for-increased-take-home-pay-for-teachers. 1.
Notwithstanding any other provision of law to the contrary, a. beginning
on the first day of July, nineteen hundred sixty-five, and ending on the
thirtieth day of June, nineteen hundred seventy, the contribution of
each member of the retirement system who is a teacher within the
provisions of subdivision four of section five hundred one of this
article who is not in the employ of the state of New York or who is not
in the employ of a community college shall be reduced by five per centum
of the compensation paid such member, and

b. beginning on the first day of July, nineteen hundred sixty-seven,
and ending on the thirtieth day of June, nineteen hundred seventy, the
contribution of each member of the retirement system who is a teacher
within the provisions of subdivision four of section five hundred one of
this article who is not in the employ of the state of New York or who is
not in the employ of a community college shall be reduced by an
additional three per centum of the compensation paid such member.

Where a member's rate of contribution is less than the per centum by
which his contribution is reduced, such rate shall be discontinued. A
member whose rate of contribution shall be reduced pursuant to the
provisions of this subdivision shall be deemed to have elected to have
his rate so reduced unless he files an election pursuant to the
provisions of subdivision two of this section.

2. Any member whose rate of contribution is reduced pursuant to the
provisions of subdivision one of this section may by a written notice,
duly acknowledged and filed with the retirement board within one year
after such reduction or within one year after he last became a member,
whichever is later, elect to make an additional contribution in addition
to other contributions otherwise allowed in this article equal to the
amount of such reduction. One year or more after the filing of such
notice a member may withdraw such election by filing a written notice
duly acknowledged and filed with the retirement board.

3. For the period of time as the provisions of this section shall be
in effect, contributions for each member of the system whose rate of
contribution is reduced by virtue of the provisions of subdivision one
of this section shall be made to the pension accumulation fund by his
employer in the same manner and at the same time as other contributions
made by the employer as employer of members of the retirement system at
a rate fixed by the actuary which shall be computed to be sufficient to
provide pensions-providing-for-increased-take-home-pay-for-teachers and
other benefits which become payable on account of members not employed
by the state of New York or by a community college. The actuary engaged
by the retirement board shall compute an additional contribution to be
known as the "special deficiency contribution to provide a
reserve-for-increased-take-home-pay-for-teachers." The amount of the
reserve-for-increased-take-home-pay-for-teachers shall be the present
value of that per centum of the member's compensation by which his
contribution is reduced, or would otherwise be reduced if his rate of
contribution equaled or exceeded eight per centum, during the period for
which his rate of contribution was reduced as provided in subdivision
one, plus regular and additional interest thereon to the date that
pension and other benefits become payable.

4. Upon retirement a member whose rate of contribution shall be
reduced pursuant to the provisions of subdivision one of this section
will receive, in addition to the annuity and other pension benefits
provided by this article, a pension which is the actuarial equivalent of
the reserve-for-increased-take-home-pay-for-teachers to which he may be
entitled, if any.

5. In addition to the return of accumulated contributions and the
death benefit provided by the provisions of section five hundred twelve
of this article, upon the death of a member who died before the
effective date of his retirement and was in service upon which his
membership was based when he died or was on the payroll in such service
and paid within a period of twelve months prior to his death and had not
been otherwise gainfully employed since he ceased to be on such payroll,
and provided further, he had credit for one or more years of service
while actually a member, then the
reserve-for-increased-take-home-pay-for-teachers attributable to such
member shall be paid in the same manner and at the same time as the
death benefit is paid by reason of such member's membership in the
retirement system.

6. The reserve-for-increased-take-home-pay-for-teachers shall be a
portion of the pension accumulation fund and upon the retirement of a
new entrant an amount equal to the
reserve-for-increased-take-home-pay-for-teachers for such member shall
be transferred from the pension accumulation fund to the pension reserve
fund.

7. If a person has been a member of the retirement system and
contributions have been made by his employer to provide a
reserve-for-increased-take-home-pay-for-teachers and such person has
ceased to be a member of the system and upon rejoining the retirement
system claims credit for such period, the member shall not be required
to pay for such years of service as a contribution shall have been made
by his employer for pensions-providing-for-increased-take-home-pay-for-
teachers pursuant to the provisions of this section.

8. The provisions of this section shall not apply to any member for
any period or periods during which he ceases or has ceased contributing
toward retirement pursuant to subdivision one of section five hundred
sixteen of this article, provided, however, that such member shall
receive credit pursuant to this section for such period or periods for
which he contributes or has contributed toward retirement.

9. Each member of the retirement system as defined in subdivision one
of this section who is employed in the city school districts of the
cities of Buffalo and Yonkers may have his contribution reduced pursuant
to this section by five percentum of the compensation paid such member
during the school year commencing July first, nineteen hundred
sixty-four, provided his employer shall adopt and file with the
retirement board a resolution to such effect prior to July first,
nineteen hundred sixty-four.