§ 370-a. Pensions-for-increased-take-home-pay. a. Beginning with a
payroll period commencing as specified by a participating employer
electing to contribute pursuant to the provisions of this section the
contribution of each member of the police and fire retirement system in
the employ of such a participating employer, exclusive of any increase
thereof pursuant to subdivision i of section three hundred twenty-one of
this chapter or of any reduction thereof pursuant to subdivision one of
section one hundred thirty-eight-b of article three of this chapter,
shall be reduced by five per centum of the compensation of such member.
Beginning with a payroll period commencing as specified by a
participating employer, specifically electing, as provided in
subdivision c of this section, to contribute at the higher rate pursuant
to the provisions of this section the contribution of each member of the
retirement system in the employ of such a participating employer,
exclusive of any increase thereof pursuant to subdivision i of section
twenty-one of this chapter or of any reduction thereof pursuant to
subdivision one of section one hundred thirty-eight-b of this chapter,
shall be reduced by an additional three per centum of the compensation
of such member. Where a member's rate of contribution as so qualified is
less than the per centum by which his contribution is reduced, such rate
shall be discontinued. Such a reduction or discontinuance, as the case
may be, shall:

1. Be subject to waiver by the member as provided in subdivision j of
section three hundred twenty-one of this article, as added by this act,
and

2. Take precedence over the member's privilege under subdivision one
of section one hundred thirty-eight-b of article three of this chapter,
to decrease his annuity contribution for the purpose of paying his
contributions for old-age, survivors, and disability insurance coverage
of the tax imposed upon him pursuant to the federal insurance
contributions act.

aa. Beginning with a payroll period commencing on or after such date,
as specified by a participating employer electing to contribute pursuant
to the provisions of this subdivision, the contribution of each member
of the retirement system in the employ of such a participating employer,
whose rate of contribution is in excess of eight per centum, exclusive
of any increase thereof pursuant to subdivision i of section three
hundred twenty-one of this chapter or of any reduction thereof pursuant
to subdivision one of section one hundred thirty-eight-b of this chapter
or subdivision a of this section, shall be suspended. In the case of a
participating employer any member may by written notice duly
acknowledged and filed with the comptroller beginning with the payroll
period commencing on or after such date as specified by a participating
employer within one year after the effective date of this act or within
one year after he last became a member, whichever is later, elect to
waive the suspension of his contributions provided by this subdivision.
One year or more after the filing thereof, a member may withdraw any
such waiver by written notice duly acknowledged and filed with the
comptroller. Where a member makes an election to waive the suspension of
his contributions as herein provided, he shall contribute to the
retirement system as otherwise provided in this chapter. The foregoing
provisions of this subdivision shall be inapplicable as to any
participating employers other than those who had filed a resolution
prior to April first, nineteen hundred sixty-seven, to participate
thereunder.

b. For such period of time as the provisions of subdivision a and
subdivision aa of this section shall be in effect, contributions shall
be made to the pension accumulation fund by or on account of the state
and each such participating employer, as provided in sections three
hundred sixteen, three hundred seventeen and three hundred forty-two of
this article, at a rate fixed by the actuary which shall be computed to
be sufficient to provide death benefits and
pensions-providing-for-increased-take-home-pay which are or may become
payable on account of members in the employ of the state or of such a
participating employer. Such a benefit or pension shall be based on a
reserve-for-increased-take-home-pay which shall be equivalent to the per
centum of the member's compensation during such period by which his
contribution is reduced, or would otherwise be reduced if his rate of
contribution equaled or exceeded eight per centum, pursuant to
subdivision a of this section, plus in the case of any member in the
employ of the state or of any employee of a participating employer who
has elected to participate pursuant to the provisions of this section
whose rate of contribution before any reduction as provided in
subdivision a of this section exceeds eight per centum, the per centum
of his compensation during such period by which his contribution is
suspended pursuant to subdivision aa, plus regular interest thereon.
Commencing with the payroll period which is nearest to April first,
nineteen hundred sixty-one, 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 upon completion of years of
service or attainment of specified age pursuant to the provisions of any
section 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.

c. By the adoption, filing and approval, where required, of a
resolution in the manner, provided by sections three hundred thirty or
three hundred thirty-one of this article, as the case may be, a
participating employer may elect to make contributions to the pension
accumulation fund pursuant to this section for the purpose of providing
death benefits and pensions-providing-for-increased-take-home-pay. Such
resolution shall specify the first payroll period after the date of such
filing for which reductions shall be made pursuant to subdivision a of
this section in the contributions of members in its employ and 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 elected.

d. In the case of persons who last became members on or after July
first, nineteen hundred seventy-three, the provisions of this section
shall apply only until the payroll period immediately prior to that the
first day of which is nearest to July first, nineteen hundred
seventy-four.