Laws of New York (Last Updated: November 21, 2014) |
EDN Education |
Title I. GENERAL PROVISIONS |
Article 3. EDUCATION DEPARTMENT |
Part 5. EDUCATION DEPARTMENT OPTIONAL RETIREMENT PROGRAM |
Section 182. Rates of contribution
Latest version.
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1. Employer contributions. In the case of any electing employee initially appointed on or before June thirtieth, nineteen hundred ninety-two, the state shall, during continuance of his employment, make contributions at the rate of nine percentum of that portion of his state salary upon which contributions are or may hereafter be paid to the secretary of the treasury of the United States pursuant to article three of the retirement and social security law and at the rate of twelve percentum of that portion of his state salary above said amount, out of moneys which shall be appropriated to the department for such purpose. In the case of any electing employee initially appointed on or after July first, nineteen hundred ninety-two, the state shall, during continuance of his employment, make contributions at the rate of eight percentum of his state salary during the first seven years of such employment and at the rate of ten percentum of his state salary, thereafter, out of moneys which shall be appropriated to the department for such purpose. For purposes of this subdivision, that portion of the employee's salary upon which contributions are paid to the secretary of the treasury of the United States pursuant to article three of the retirement and social security law shall not exceed sixteen thousand five hundred dollars. 2. Employee contributions. In the case of any electing employee, contributions at the rate of three percentum of his state salary shall be deducted by the state comptroller as the employee contribution, provided however, that such employee contribution shall be made by the state in accordance with subdivision one of this section during such period as (a) either section seventy-a of the retirement and social security law or section five hundred twenty-eight of the education law provides that the contribution of each member of the New York state employees' retirement system or the New York state teachers' retirement system in the employ of the state shall be reduced by at least eight percentum of his compensation, or (b) employee contributions to either such system are no longer required by reason of such system becoming noncontributory for state employees. 3. Payment of contributions pursuant to subdivisions one and two of this section shall be made to the designated insurer or insurers upon audit and warrant of the state comptroller.