I am an employee of Nassau County and currently collect a NYS pension from my prior employment with the New York Police Department. I receive what is called a 211 Waiver which allows me to collect my pension while working for another NYS government municipality. I am precluded from joining the New York State and Local Retirement System due to my employment under the Section 211 of NYS Retirement and Social Security Law, and therefore not eligible to receive another pension from NYS. I was told that I may be permitted to opt out of contributing to Social Security as long as I am contributing at least 7.5% of my gross salary to a tax shelter annuity plan such as a deferred compensation program. Are you familiar with this, and if I do opt of contributing will it affect my future Social Security benefits?
I'm sorry, but no I'm not familiar with what you're describing. People can't opt out of paying Social Security taxes on employment that is covered by Social Security, but I don't know if there is something specific with regard to your employment or employer that might make your earnings non-covered under certain circumstances.
I don't have enough information about your past and current earnings to know how it would affect your future Social Security if you stopped paying Social Security taxes. However, our maximization software allows you to enter current and future earnings in order to determine the effect that it would have on your benefit rate.