§ 70-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 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 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 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 this chapter, as amended by
this act, to decrease his annuity contribution for the purpose of paying
his contributions for old-age, survivors, and disability insurance
coverage or the tax imposed upon him pursuant to the federal insurance
contribution 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 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 contribution 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.

However, commencing with the payroll period the first day of which is
nearest to July first, nineteen hundred sixty-six, the foregoing
provisions of subdivision aa shall be inapplicable as to any
participating employers other than those who had filed a resolution
prior to the effective date of this act 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 sixteen,
seventeen and 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 pensions 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 twenty
years of service pursuant to subdivision c of section eighty, completion
of twenty-five years of service pursuant to subdivision d of section
eighty-one, subdivision d of section eighty-three, paragraph four of
subdivision d of section eighty-four, subdivision e of section
eighty-five, subdivision d of section eighty-six and subdivision d of
section eighty-seven, completion of thirty-five years of service and
attainment of age sixty pursuant to subdivision d of section twenty-one,
or completion of years of service or attainment of specified age under
any other similar requirement of this article heretofore or hereafter
enacted, 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 thirty, thirty-one or
thirty-two 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
reduction 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.