Section 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.