§ 6250. Definitions. Wherever used in this article: 1. The term “city university” means the city university of New York under the jurisdiction of the board of higher education of the city of New York. 2. The term “board” means the board of higher education of the city of New York. 3. The term “eligible […]
§ 6251. Optional retirement program established. 1. There is hereby established an optional retirement program which shall provide for the purchase of contracts providing retirement and death benefits for or on behalf of electing employees. Under such program the city and such employee shall contribute, to the extent authorized or required, towards the purchase of […]
§ 6252. Rates of contribution. 1. Employer contributions. In the case of any electing employee initially appointed on or before June thirtieth, nineteen hundred ninety-two, the city shall, during continuance of his employment, makes contributions at the rate of nine percentum of that portion of his city salary upon which contributions are or may hereafter […]
§ 6253. Election. 1. Election of the optional retirement program. (a) Each eligible employee initially appointed on or after the effective date of the election to offer such program established by the board shall, within thirty days of his entry into service, elect (i) to join the New York city teachers’ retirement system in accordance […]
§ 6254. Social security. Every electing employee shall have old-age, survivors, and disability insurance coverage provided by the federal social security act in accordance with the provisions of article three of the retirement and social security law.
§ 6255. City not liable for payment of benefits. Neither the city nor the board shall be a party to any contract purchased in whole or in part with contributions made under the optional retirement program established and administered pursuant to this article. No retirement, death, or other benefits shall be payable by the city […]
§ 6256. Inconsistent provisions of other acts superseded. Insofar as the provisions of this article are inconsistent with the provisions of any other act, general or special, the provisions of this article shall be controlling.
§ 6257. Deductions from benefits of certain retired members. 1. Notwithstanding any other provision of law, a member who is retired from the board of higher education optional retirement program shall have the right, at any time after such member’s retirement, to execute and file a deduction authorization card with the designated insurer or insurers […]
