Section 13-226. Pensions-for-increased-take-home-pay

a.  1. The mayor, by
  executive order, adopted prior  to  the  first  day  of  June,  nineteen
  hundred  sixty-three,  may  direct  that  beginning  with the first full
  payroll period following January first,  nineteen  hundred  sixty-three,
  and  ending with the payroll period immediately prior to that, the first
  day of which is nearest to June thirtieth, nineteen hundred  sixty-four,
  the  contribution  of each member made pursuant to subdivision b or e of
  section 13-225 of this subchapter, exclusive  of  any  increase  thereof
  pursuant  to  subdivisions c and d of section 13-225 of this subchapter,
  or of any reduction thereof pursuant to subdivision one of  section  one
  hundred  thirty-eight-b of the retirement and social security law, shall
  be reduced by two and one-half  percent  of  the  compensation  of  such
  member.  Such  a  reduction  shall be subject to waiver by the member as
  provided in subdivision d of this section and shall take precedence over
  the member's privilege under subdivision  one  of  section  one  hundred
  thirty-eight-b  of  the  retirement and social security law, to decrease
  his or her annuity contribution for the purpose of  paying  his  or  her
  contributions  for old age, survivors, and disability insurance coverage
  or the tax imposed upon him or her pursuant  to  the  federal  insurance
  contribution  act. Such executive order may also provide for a method or
  procedure for the refunding or crediting to a member by the pension fund
  of the amount of the reduction in his or her deductions for  any  period
  prior to the adoption of such executive order.
    2.  The  mayor,  by executive order, adopted prior to the first day of
  June, nineteen hundred sixty-four, may direct that  beginning  with  the
  first  full  payroll  period  following  July  first,  nineteen  hundred
  sixty-four, and ending with the  payroll  period  immediately  prior  to
  that,  the  first  day  of  which is nearest to June thirtieth, nineteen
  hundred sixty-five, the contribution of each  member  made  pursuant  to
  subdivision  b  or  e of section 13-225 of this subchapter, exclusive of
  any increase thereof pursuant to subdivisions c and d of section  13-225
  of  this subchapter, or of any reduction thereof pursuant to subdivision
  one of section one hundred thirty-eight-b of the retirement  and  social
  security  law,  shall  be  reduced  by  two  and one-half percent of the
  compensation of such member.   Such a  reduction  shall  be  subject  to
  waiver  by  the  member as provided in subdivision d of this section and
  shall take precedence over the member's privilege under subdivision  one
  of  section  one  hundred  thirty-eight-b  of  the retirement and social
  security law, to decrease  his  or  her  annuity  contribution  for  the
  purpose  of  paying his or her contributions for old age, survivors, and
  disability insurance coverage  or  the  tax  imposed  upon  him  or  her
  pursuant to the federal insurance contribution act.
    3.  The  mayor,  by executive order, adopted prior to June nineteenth,
  nineteen hundred sixty-five, may direct that beginning  with  the  first
  full  payroll  period following July first, nineteen hundred sixty-five,
  and ending with the payroll period immediately prior to that, the  first
  day  of  which is nearest to June thirtieth, nineteen hundred sixty-six,
  the contribution of each member made pursuant to subdivision b or  e  of
  section  13-225  of  this  subchapter, exclusive of any increase thereof
  pursuant to subdivisions c and d of section 13-225 of  this  subchapter,
  or  of  any reduction thereof pursuant to subdivision one of section one
  hundred thirty-eight-b of the retirement and social security law,  shall
  be  reduced  by  two  and  one-half  percent of the compensation of such
  member. Such a reduction shall be subject to waiver  by  the  member  as
  provided in subdivision d of this section and shall take precedence over
  the  member's  privilege  under  subdivision  one of section one hundred
  thirty-eight-b of the retirement and social security  law,  to  decrease
  his  or  her  annuity  contribution for the purpose of paying his or her

  contributions for old age, survivors and disability  insurance  coverage
  or  the  tax  imposed  upon him or her pursuant to the federal insurance
  contribution act.
    4.  The  mayor,  by  executive order adopted prior to June nineteenth,
  nineteen hundred sixty-six, may direct that  beginning  with  the  first
  full  payroll  period  following July first, nineteen hundred sixty-six,
  and ending with the payroll period immediately prior to that, the  first
  day of which is nearest to June thirtieth, nineteen hundred sixty-seven,
  the  contribution  of each member made pursuant to subdivision b or e of
  section 13-225 of this subchapter, exclusive  of  any  increase  thereof
  pursuant  to subdivisions c and d of section 13-225, or of any reduction
  thereof  pursuant  to   subdivision   one   of   section   one   hundred
  thirty-eight-b  of  the  retirement  and  social  security law, shall be
  reduced by two and one-half percent of the compensation of such  member.
  Such a reduction shall be subject to waiver by the member as provided in
  subdivision  d  of  this  section  and  shall  take  precedence over the
  member's  privilege  under  subdivision  one  of  section  one   hundred
  thirty-eight-b  of  the  retirement and social security law, to decrease
  his or her annuity contribution for the purpose of  paying  his  or  her
  contributions  for  old age, survivors and disability insurance coverage
  or the tax imposed upon him or her pursuant  to  the  federal  insurance
  contribution act.
    5.  The  mayor,  by executive order adopted prior to June seventeenth,
  nineteen hundred sixty-seven, may direct that beginning with the payroll
  period, the first day of  which  is  nearest  to  July  first,  nineteen
  hundred  sixty-seven,  and  ending  with  the payroll period immediately
  prior to that, the first day of which  is  nearest  to  June  thirtieth,
  nineteen  hundred  sixty-eight,  the  contribution  of  each member made
  pursuant to subdivision b or e of section  13-225  of  this  subchapter,
  exclusive  of  any  increase thereof pursuant to subdivisions c and d of
  section 13-225 of this subchapter, or of any reduction thereof  pursuant
  to  subdivision  one  of  section  one  hundred  thirty-eight-b  of  the
  retirement and social security law, shall be reduced by two and one-half
  per cent of the compensation of such member. Such a reduction  shall  be
  subject  to  waiver  by  the member as provided in subdivision d of this
  section and shall take precedence  over  the  member's  privilege  under
  subdivision  one of section one hundred thirty-eight-b of the retirement
  and social security law, to decrease his or her annuity contribution for
  the purpose of paying his or her contributions for  old  age,  survivors
  and  disability  insurance  coverage  or the tax imposed upon him or her
  pursuant to the federal insurance contribution act.
    6. a. (1) Subject to the provisions of item two of  this  subparagraph
  a, beginning with the first full payroll period following January first,
  nineteen  hundred  sixty-seven,  and  ending  with  the  payroll  period
  immediately prior to that, the  first  day  of  which  is  nearest  June
  thirtieth, nineteen hundred sixty-eight, the contribution of each member
  made  pursuant  to  subdivision  b  or  e  of  section  13-225  of  this
  subchapter, exclusive of any increase thereof pursuant to subdivisions c
  and d of section 13-225 of this subchapter, or of any reduction  thereof
  pursuant to subdivision one of section one hundred thirty-eight-b of the
  retirement and social security law, shall be reduced by two and one-half
  per cent of the compensation of such member.
    (2)  The  reduction  provided  for  by item one of this subparagraph a
  shall be in addition to any reduction made during the  period  mentioned
  in   such  item  one  pursuant  to  paragraphs  four  or  five  of  this
  subdivision. The amount of the reduction made pursuant to  item  one  of
  this  subparagraph in the deductions of any such member for such portion

  of the period mentioned in such item one as precedes the effective  date
  of this paragraph shall be refunded without interest.
    (3)  Beginning  with  the  payroll  period  the  first day of which is
  nearest to June thirtieth, nineteen hundred sixty-eight, and ending with
  the payroll period immediately prior to that, the first day of which  is
  nearest   to   June   thirtieth,   nineteen   hundred  seventy-one,  the
  contribution of each member made pursuant  to  subdivision  b  or  e  of
  section  13-225  of  this  subchapter, exclusive of any increase thereof
  pursuant to subdivision c or d of section 13-225 of this subchapter,  or
  of  any  reduction  thereof  pursuant  to subdivision one of section one
  hundred thirty-eight-b of the retirement and social security law,  shall
  be reduced by five percent of the compensation of such member.
    b.  The  reductions referred to in paragraph a of this subdivision six
  shall be subject to waiver by the member as provided in subdivision d of
  this section and shall take precedence over the member's privilege under
  subdivision one of section one hundred thirty-eight-b of the  retirement
  and social security law, to decrease his or her annuity contribution for
  the  purpose of paying his or her contribution for old age, survivor and
  disability insurance coverage  or  the  tax  imposed  upon  him  or  her
  pursuant to the federal insurance contribution act.
    7.  The mayor, by executive order adopted prior to the date forty-five
  days after the adjournment of the regular session of the legislature  in
  nineteen hundred seventy-one, may direct that beginning with the payroll
  period,  the  first  day of which is nearest to June thirtieth, nineteen
  hundred seventy-one, and ending  with  the  payroll  period  immediately
  prior  to  that,  the  first  day of which is nearest to June thirtieth,
  nineteen hundred seventy-two,  the  contribution  of  each  member  made
  pursuant  to  subdivision  b  or e of section 13-225 of this subchapter,
  exclusive of any increase thereof pursuant to  subdivision  c  or  d  of
  section  13-225 of this subchapter, or of any reduction thereof pursuant
  to  subdivision  one  of  section  one  hundred  thirty-eight-b  of  the
  retirement and social security law, shall be reduced by five per cent of
  the  compensation  of  such member. Such a reduction shall be subject to
  waiver by the member as provided in subdivision d of  this  section  and
  shall  take precedence over the member's privilege under subdivision one
  of section one hundred  thirty-eight-b  of  the  retirement  and  social
  security  law,  to  decrease  his  or  her  annuity contribution for the
  purpose of paying his or her contributions for old  age,  survivors  and
  disability  insurance  coverage  or  the  tax  imposed  upon  him or her
  pursuant to the federal insurance contribution act.
    8. The mayor, by executive order adopted prior to the date  forty-five
  days  after the adjournment of the regular session of the legislature in
  nineteen hundred seventy-two or June seventeenth of such year, whichever
  is later, may direct that beginning with the payroll period,  the  first
  day of which is nearest to June thirtieth, nineteen hundred seventy-two,
  and  ending with the payroll period immediately prior to that, the first
  day  of  which  is  nearest  to   June   thirtieth,   nineteen   hundred
  seventy-three,   the  contribution  of  each  member  made  pursuant  to
  subdivision b or e of section 13-225 of this  subchapter,  exclusive  of
  any increase thereof pursuant to subdivision c or d of section 13-225 of
  this subchapter, or of any reduction thereof pursuant to subdivision one
  of  section  one  hundred  thirty-eight-b  of  the retirement and social
  security law, shall be reduced by five per cent of the  compensation  of
  such  member.  Such a reduction shall be subject to waiver by the member
  as provided in subdivision d of this section and shall  take  precedence
  over the member's privilege under subdivision one of section one hundred
  thirty-eight-b  of  the  retirement and social security law, to decrease
  his or her annuity contribution for the purpose of  paying  his  or  her

  contributions  for  old age, survivors and disability insurance coverage
  or the tax imposed upon him or her pursuant  to  the  federal  insurance
  contribution act.
    b. For such period of time as the reduction pursuant to the provisions
  of subdivision a of this section shall be in effect, contributions shall
  be  made  to  the contingent reserve fund by the city at a rate fixed by
  the actuary, which shall be computed to be  sufficient  to  provide  the
  death           benefit           hereunder,           and           the
  pension-providing-for-increased-take-home-pay which are  or  may  become
  payable on account of such member.
    c.        Such        a        benefit        and        such        a
  pension-providing-for-increased-take-home-pay  shall  be  based   on   a
  reserve-for-increased-take-home-pay,  which shall be a sum consisting of
  the total of all products obtained by multiplying  the  compensation  of
  the  member,  during  each  period  of reduction of member contributions
  under this section, by  the  percentage  of  reduction  of  his  or  her
  contributions applicable under this section with respect to such period,
  plus  regular  interest  on  such  sum, and additional interest, if any,
  thereon.
    d. Where a member's rate of contribution is reduced because  the  city
  contributes  towards  the  pension-providing-for-increased-take-home-pay
  pursuant to this  section,  such  member  may  by  written  notice  duly
  acknowledged  and filed with the pension fund within one year after such
  reduction or within one year after he  or  she  last  became  a  member,
  whichever  is  later,  elect  to  waive such reduction. One year or more
  after the filing thereof, a member  may  withdraw  any  such  waiver  by
  written  notice  duly acknowledged and filed with the retirement system.
  Where a member makes an election to waive such reduction he or she shall
  contribute to the pension fund as otherwise provided in this subchapter.
    e. A member who waives a reduction of contribution  pursuant  to  this
  section  or  who  elects  or  has  elected  to  discontinue  his  or her
  contributions pursuant to  subdivision  b  of  section  13-225  of  this
  subchapter         shall         be         entitled         to        a
  pension-providing-for-increased-take-home-pay and death benefits to  the
  same extent as if such waiver or election had not been made.
    f. The benefits provided pursuant to paragraph one of subdivision a of
  this section apply only to members of the pension fund who are in active
  service  in  the  police  force  on or after the date of adoption of the
  executive order by the mayor pursuant to such paragraph one.