Section 42. Payments for credit for service for the federal government or certain public authorities or corporations

a. The payments required by
  this section shall be made by:
    1.  Members  who  elect  to  continue  their  membership  pursuant  to
  subdivision  d  of  section  forty  of  this  article  even though their
  government service was discontinued because of  the  transfer  of  their
  offices  to  the  federal  government  or  to  any  public  authority or
  corporation organized pursuant to the laws of this state, and  which  is
  not a participating employer.
    2.   Officers   or   employees  of  the  federal  government  who  are
  contributing members pursuant to paragraph  four  of  subdivision  c  of
  section forty of this article.
    3.  Members  who  claim  service  credit pursuant to paragraph four of
  subdivision b of section forty-one of this article for  federal  service
  previously rendered by them.
    b.  Memberships pursuant to paragraph four of subdivision c of section
  forty of this article shall be conditioned upon the payment  in  regular
  monthly installments into:
    1.  The annuity savings fund of a proportion of the salary paid to the
  member in such employment computed upon his rate of contribution, and
    2. The annuity savings fund of a sum  computed  to  be  sufficient  to
  provide  the  full cost of the service retirement benefits to which such
  member could have become entitled as an incident of his  membership  and
  which  would  have been payable from the pension reserve fund if he were
  in government service, and
    3. The pension accumulation fund of a sum, computed upon the  rate  of
  contribution  necessary  to provide the full cost of all benefits, other
  than service retirement benefits, to which such member could have become
  entitled as an incident of his  membership  if  he  were  in  government
  service.
    In  the case of such a membership which was last begun or last resumed
  prior to March twenty-ninth, nineteen hundred forty-four and  which  now
  is  continuing  pursuant  to  such  paragraph  four  of subdivision c of
  section forty of this article, and so long as federal  service  of  such
  member  shall  continue hereafter without interruption, the member shall
  make only the payments required by former  section  fifty-two-c  of  the
  civil  service  law,  as amended by chapter seven hundred ninety-four of
  the laws of nineteen hundred thirty-nine.  Federal  service  covered  by
  such  former section fifty-two-c of the civil service law shall not, for
  the purposes of this paragraph, be deemed to have  been  interrupted  by
  the  rendition  of  service  to the state immediately after such federal
  service and the return to such  federal  service  not  later  than  four
  months after the termination of such service to the state.
    c.  Memberships  pursuant  to  subdivision  d of section forty of this
  article shall  be  conditioned  upon  the  payment  in  regular  monthly
  installments into:
    1.  The annuity savings fund of a proportion of the salary paid to the
  member in such employment computed upon his rate of contribution, and
    2. The pension accumulation fund  of  a  further  proportion  of  such
  salary  to cover the state contribution on his account computed upon the
  rate of contribution that would have been payable by the  state  in  his
  behalf  had he continued in government service. The payments required to
  be made by this paragraph two may be made by the  member's  employer  in
  his behalf.
  In  the  event the office in which a member was employed was transferred
  as provided in subdivision d of section forty of this article  prior  to
  January  first,  nineteen  hundred  thirty-three,  such  member shall be

  required to make only the payments provided for in paragraph one of this
  subdivision c.
    d.  The  granting  of  service  credit  pursuant  to paragraph four of
  subdivision b of section forty-one of this article shall be  conditioned
  upon the payment, in a lump sum or in regular monthly installments, over
  a  period no greater than the number of months of service for which such
  credit is being purchased, into:
    1. The annuity savings fund of a sum equal to the  amount  that  would
  have  been  in  such fund to his credit if he had actually been a member
  contributing thereto during the entire period of such  federal  service,
  computed on the basis of his present salary, regular interest and tables
  as adopted by the comptroller, and
    2.  The  annuity  savings  fund  of a sum computed to be sufficient to
  provide the full cost of an annuity at retirement, equal to the  pension
  and  pension-providing-for-increased-take-home-pay,  if any, which would
  be provided out of the pension reserve fund if such federal service  had
  been government service, and
    3.  The  pension accumulation fund of a sum, computed upon the rate of
  contribution necessary to provide the full cost of all  benefits,  other
  than service retirement benefits, to which he would have become entitled
  if such federal service had been government service.
    e.  The  United States government may make the payments required to be
  made by paragraphs two and three of subdivision b or by  paragraphs  two
  and three of subdivision d of this section. The sums so paid by it shall
  be  credited  to  the pension accumulation fund. Only to the extent that
  payments are so made by  the  United  States  government  shall  service
  credit  purchased  pursuant  to  this  section  be used in determining a
  member's pension for any type of service retirement benefit.
    f. If a member is contributing  pursuant  to  section  seventy-one  or
  seventy-one-a  of  this  article  and  elects  or has elected to pay for
  federal service under subdivisions b,  c  or  d  of  this  section,  his
  payments  into  the  annuity savings fund shall be computed in an amount
  sufficient to provide the full cost of  an  annuity  at  age  fifty-five
  equal  to  the  service  retirement  allowance  he  would receive at age
  fifty-five for such federal service  under  the  provisions  of  section
  seventy-one or seventy-one-a had it been government service.