LegalFix

75-B - Non-Contributory Retirement Plan for Members of Participating Employers.

NY Ret & SS L § 75-B (2019) (N/A)
Copy with citation
Copy as parenthetical citation

(2) 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 chapter, as the case may be, a participating employer who had not previously elected to contribute under the provisions of subdivision aa of section seventy-a of this chapter, may elect to make contributions to the pension accumulation fund for the purpose of providing a non-contributory retirement plan pursuant to this section. Such resolution shall specify the first payroll period after the date of such filing for which no further contributions shall be required of members in its employ. c. Contributions shall be made to the pension accumulation fund by or on account of each participating employer, as provided in sections sixteen, seventeen and forty-two of this chapter, at a rate fixed by the actuary which shall be computed to be sufficient to provide the benefits established by section seventy-five-c of this chapter on account of members in the employ of such participating employers. d. Nothing contained in this section shall impair the right of persons, who became members before August nineteenth, nineteen hundred sixty-six, to make contributions pursuant to subdivision i of section twenty-one of this chapter. e. Any member who has elected to contribute at a certain rate of contribution in accordance with the provisions of subdivision j of section twenty-one of this chapter, shall continue to contribute at such rate until his election under said subdivision is withdrawn. f. Any member in service on August nineteenth, nineteen hundred sixty-six, may by written notice duly acknowledged and filed with the comptroller on or before August eighteenth, nineteen hundred sixty-seven, elect to contribute to the retirement system. Where a member makes an election to contribute, as herein provided for, he shall contribute to the retirement system as otherwise provided in this chapter. One year or more after the filing of the notice of election to contribute, the member may withdraw such election and elect not to contribute.

LegalFix

Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.

LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.

The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.

You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.

The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.

Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.

We have updated our Terms of Service, Privacy Policy, and Disclosures. By continuing to browse this site, you agree to our Terms of Service, Privacy Policy, and Disclosures.