Section 370-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 policemen's and firemen's  retirement
  system  in the employ of such a participating employer, exclusive of any
  increase thereof pursuant to subdivision  i  of  section  three  hundred
  twenty-one  of  this  chapter  or  of  any reduction thereof pursuant to
  subdivision one of section one hundred thirty-eight-b of  article  three
  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  three hundred 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 article three of this chapter,
  to decrease his annuity contribution  for  the  purpose  of  paying  his
  contributions  for old-age, survivors, and disability insurance coverage
  of  the  tax  imposed  upon  him  pursuant  to  the  federal   insurance
  contributions 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  three
  hundred  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 contributions 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.  The  foregoing
  provisions   of  this  subdivision  shall  be  inapplicable  as  to  any
  participating employers other than those  who  had  filed  a  resolution
  prior  to  April  first,  nineteen  hundred  sixty-seven, 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 three
  hundred sixteen, three hundred seventeen and three hundred 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 pension 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  years  of
  service or attainment of specified age pursuant to the provisions of any
  section  of  this  article,  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 three hundred  thirty  or
  three  hundred  thirty-one  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 reductions 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.