New York Codes Rules Regulations (Last Updated: March 27,2024) |
TITLE 2. Department of Audit and Control |
Chapter VI. New York State and Local Employees' Retirement System and New York State and Local Police and Fire Retirement System |
Part 323. Commencement Date of Member Contributions Under Article 14, the Coordinated-Escalator Retirement Plan |
Sec. 323.1. Background
Latest version.
- Section 517 of the Retirement and Social Security Law requires that members covered by the provisions of article 14 of the Retirement and Social Security Law contribute three percent of annual wages to the retirement system in which they have membership. Section 517 also empowers the head of a retirement system to promulgate such regulations as may be necessary and appropriate with respect to the deduction of such contributions from members' wages.