Subchapter 1: [Police Department, Subchapter One Pension Fund]
§ 13-201 Definitions.
As used in this subchapter the following terms shall mean and include:
(a) A person who was a member of the police force in the department at the time when this section shall take effect.
(b) In any case where a member, while serving as a member of the police force, is appointed police commissioner or a deputy police commissioner, he or she shall, while serving as police commissioner or deputy police commissioner, continue to be a member of the pension fund. For the purposes of this subchapter, a member whose membership is continued pursuant to this paragraph (b) or whose membership is restored pursuant to paragraph one of subdivision f of section 13-206 of this subchapter, shall during the period of such continuance or restoration of membership, as the case may be, be deemed to be a member of the police force and the police department and his or her service as police commissioner or deputy police commissioner during such period shall be deemed to be service in such force and department.
§ 13-202 Board of trustees.
1. The police commissioner who shall be chairperson of the board and who shall be entitled to cast one and one-half votes.
2. The comptroller of the city who shall be entitled to cast one and one-half votes.
3. A representative of the mayor who shall be appointed by the mayor and who shall be entitled to cast one and one-half votes.
4. The commissioner of finance of the city who shall be entitled to cast one and one-half votes.
5. The president of the patrolmen’s benevolent association of the city of New York who shall be entitled to cast one vote.
6. The first vice-president of the patrolmen’s benevolent association of the city of New York who shall be entitled to cast one vote.
7. The second vice-president of the patrolmen’s benevolent association of the city of New York who shall be entitled to cast one vote.
8. The chairperson of the board of trustees of the patrolmen’s benevolent association of the city of New York who shall be entitled to cast one vote.
9. The president of the captains’ endowment association of the police department of the city of New York who shall be entitled to cast one-half vote.
10. The president of the lieutenants’ benevolent association, police department, city of New York who shall be entitled to cast one-half vote.
11. The president of the sergeants’ benevolent association of the city of New York who shall be entitled to cast one-half vote.
12. The president of the detectives’ endowment association of the city of New York who shall be entitled to cast one-half vote.
§ 13-203 Composition of pension fund.
The police pension fund shall consist of the following:
(1) Five per cent. of the semi-monthly pay, salary or compensation of each member of the force who shall elect to contribute on the basis of retirement after twenty-five years of service in such force, or
(2) Six per cent. of the semi-monthly pay, salary or compensation of each member of the force who shall elect to contribute on the basis of retirement after twenty years of service in such force which sum shall be deducted semi-monthly by the comptroller from the pay, salary, or compensation of each member and forthwith paid to the board of trustees of such fund. Every member shall be deemed to consent and agree to such deductions and shall receipt in full for his or her pay, salary or compensation, and payment less such deductions shall be a full and complete discharge and acquittance of all claims and demands whatsoever for the services rendered by such member during the period covered by such payment, except his or her claim to the benefits to which he or she may be entitled under the provisions of this subchapter.
b. Each member shall signify in writing to the board of trustees within thirty days after this section shall take effect, his or her election to contribute on the basis of retirement either after twenty years of service or after twenty-five years of service.
c. In the case of a member receiving extra pay, salary or compensation for additional duties assigned to him or her, the comptroller shall make such semi-monthly deductions on the basis of such extra pay, salary or compensation unless such member shall signify in writing to the board of trustees his or her election to have his or her benefits and obligations computed on the basis of the pay, salary or compensation received by him or her prior to the time when he or she first received such extra compensation. Members who heretofore or are now receiving such extra pay, salary or compensation shall so signify within thirty days after this section shall take effect. Members who hereafter receive such extra pay, salary or compensation shall so signify within thirty days after the first receipt thereof. If any member has or shall have received extra pay, salary or compensation for an aggregate of five years or more or for the period of time fixed by section 14-114 of this code, the comptroller shall continue to make such semi-monthly deductions on the basis of such extra pay, salary or compensation, notwithstanding that such member does not continue to receive it, unless such member shall signify to the board of trustees in writing his or her election to have his or her benefits and obligations computed on the basis of the pay, salary or compensation actually received by him or her. Additional deductions made pursuant to this subdivision shall entitle such member to a pension on the basis of such extra pay, salary or compensation. The provisions of this subdivision shall not diminish or impair the benefits provided in subdivision c of section 14-114 of this code.
§ 13-204 Reduction of contributions by members.
The mayor, by executive order adopted prior to the first day of June, nineteen hundred sixty-three, may direct that beginning with the first full payroll period following January first, nineteen hundred sixty-three and ending with the payroll period immediately prior to that, the first day of which is nearest to June thirtieth, nineteen hundred sixty-four, the deductions from the semi-monthly pay, salary or compensation of each member made pursuant to the provisions of this subchapter shall be reduced by two and one-half per cent of such pay, salary or compensation. Such executive order may also provide for a method or procedure for the refunding or crediting to a member by the pension fund of the amount of the reduction in his or her deductions for any period prior to the adoption of such executive order. The benefits provided pursuant to this section shall apply only to members of the pension fund who are in active service in the police force on or after the date of adoption of such executive order.
§ 13-205 Reduction of contributions by members.
(2) The reduction provided for by paragraph one of this subdivision shall be in addition to any reduction made during the period mentioned in such paragraph one pursuant to subdivision c or d of this section. The amount of the reduction made pursuant to paragraph one of this subdivision in the deductions of any such member for such portion of the period mentioned in such paragraph one as precedes the effective date of this subdivision shall be refunded without interest.
(3) Beginning with the payroll period the first day of which is nearest to June thirtieth, nineteen hundred sixty-eight, and ending with the payroll period immediately prior to that, the first day of which is nearest to June thirtieth, nineteen hundred seventy-one, the deductions from the semi-monthly pay, salary or compensation of each member made pursuant to the provisions of this subchapter shall be reduced by five per cent of such pay, salary or com- pensation.
§ 13-206 Payment of pensions; disability; retirement for service.
1. In case of total permanent disability at any time caused in or induced by the actual performance of the duties of his or her position, the amount of annual pension to be allowed shall be not less than three-fourths of the annual salary of such member at the date of his or her retirement.
1-a. In any case where a member is allowed, pursuant to paragraph one of this subdivision a, a pension equal to but not exceeding three-fourths of the annual salary of such member at the date of his or her retirement, such member shall receive, in addition, the amount of the deductions, without interest, made from his or her pay, salary or compensation pursuant to subdivision nine of section 13-203 of this subchapter, such amount to be paid either in a lump sum or in the form of an annuity which is the actuarial equivalent of such amount of deductions, as the member may elect. Such annuity, if so elected, shall be computed on the basis of the mortality tables adopted pursuant to section 13-221 of this chapter, as in effect on the date of retirement of such member, and on the basis of regular interest.
2. In case of partial permanent disability at any time caused in or induced by the actual performance of the duties of his or her position, which disqualifies him or her only from performing active duty in the police force, the member so disabled shall be relieved by the commissioner from active service and assigned to the performance of such light duties as a police surgeon of such department may certify him or her to be qualified to perform, or he or she shall be retired on his or her own application at not less than three-fourths of his or her salary at the date of his or her retirement from the service, on an examination, as provided by subdivision d of this section, showing that his or her disability is permanent.
2-a. In any case where a member is allowed, pursuant to paragraph two of this subdivision a, a pension equal to but not exceeding threefourths of his or her salary at the date of his or her retirement from the service, such member shall receive, in addition, the amount of the deductions, without interest, made from his or her pay, salary or compensation pursuant to subdivision nine of section 13-203 of this subchapter, such amount to be paid either in a lump sum or in the form of an annuity which is the actuarial equivalent of such amount of deductions, as the member may elect. Such annuity, if so elected, shall be computed on the basis of the mortality tables adopted pursuant to section 13-221 of this chapter, as in effect on the date of retirement of such member, and on the basis of regular interest.
3. In case of total permanent disability not caused in or induced by the actual performance of the duties of his or her position, which shall occur after the expiration of ten years’ service in such department, but before he or she has performed service in the force for a period greater than the minimum period for service retirement elected by him or her, the amount of annual pension to be allowed shall be one-half of the annual salary of such member at the date of his or her retirement from the service.
4. In case of partial permanent disability not caused in or induced by the actual performance of the duties of his or her position, which may occur after ten years’ service in such department, the member so disabled may be relieved by the commissioner from active service, but shall remain a member of the police force, subject to the rules governing such force, and be assigned to the performance of such light duties as a police surgeon of such department may certify him or her to be qualified to perform, or, if such member be retired after the expiration of ten years’ service, but before he or she has performed service in the force for a period greater than the minimum period for service retirement elected by him or her, the annual pension to be paid to such member shall be one-half of the annual salary of such member at the date of his or her retirement from the service.
5. In case of total permanent disability not caused in or induced by the actual performance of the duties of his or her position, which may occur before the expiration of ten years’ service in such department, the amount of annual pension to be allowed shall be one-third of the annual salary of such member at the date of his or her retirement from the service.
6. In case of partial permanent disability not caused in or induced by the actual performance of the duties of his or her position, which may occur before ten years’ service in such department, the member so disabled shall be relieved by the commissioner from active service, but shall remain a member of the police force, subject to the rules governing such force, and be assigned to the performance of such light duties as a police surgeon of such department may certify him or her to be qualified to perform, or, if such member be retired before the expiration of ten years’ service, the annual pension to be paid to such member shall be one-third of the annual salary of such member at the date of his or her retirement from the service.
1. an annual pension during his or her lifetime, of a sum not less than one-half his or her full salary at the date of his or her retirement from the service; and
2. if such member is awarded and granted, pursuant to paragraph one of this subdivision b, an annual pension equal to but not exceeding one-half of his or her full salary at the date of his or her retirement from the service, and if such member, at the time of such retirement, has performed service in the force for a number of years greater than the minimum period for service retirement elected by him or her, an annual pension, in addition to the pension provided for by paragraph one of this subdivision b, which shall be equal to:
(i) one-fortieth of his or her full salary or compensation on the date of his or her retirement from the service, multiplied by the number of years of service in the force performed by him or her after completion of such minimum period of service elected by him or her, if such member elected a minimum period of twenty years; or
(ii) one-fiftieth of his or her full salary or compensation on the date of his or her retirement from the service, multiplied by the number of years of service in the force performed by him or her after completion of such minimum period of service elected by him or her, if such member elected a minimum period of twenty-five years.
1. Shall have elected to contribute on the basis of retirement after twenty years of service and who has or shall have performed service in the force for at least twenty years, or
2. Shall have elected to contribute on the basis of retirement after twenty-five years of service and who has or shall have performed service in the force for at least twenty-five years, upon his or her own application in writing to and filed with the board setting forth at what time, not less than thirty days subsequent to the execution and filing thereof, he or she desires to be retired, shall be retired as of the date specified in said application from such force and service, and placed on the roll of the pension fund, and awarded and granted, to be paid from such fund, an annual pension during his or her lifetime, not less than one-half of his or her full salary at the date of his or her retirement from service, and provided further that at the time so specified for his or her retirement his or her term or tenure of office or employment shall not have terminated or have been forfeited, provided further that upon his or her request in writing the member shall be granted a leave of absence from the date of filing said application until the date the retirement becomes effective.
(2) Subject to the provisions of paragraphs three and four of this subdivision f, upon his or her subsequent retirement as police commissioner or deputy police commissioner, as the case may be, he or she shall receive the pension, if any, which he or she was receiving or entitled to receive immediately prior to his or her appointment as police commissioner or deputy police commissioner, and in addition, a further pension of one-sixtieth of his or her average annual salary earned during his or her credited service after restoration to membership pursuant to paragraph one of this subdivision f, multiplied by the number of years of his or her credited service during such restoration.
(3) Subject to the provisions of paragraph four of this subdivision f, where any such retiree who is appointed police commissioner or deputy police commissioner shall have earned at least three years of member credit for service during the period of his or her restoration to membership pursuant to paragraph one of this subdivision f, the total service credit to which he or she was entitled at the time of his or her earlier retirement may, at his or her election, again be credited to him or her and upon his or her subsequent retirement as police commissioner or deputy police commissioner, as the case may be, he or she shall be credited in addition with all service during such period of restoration to membership.
(4) Such total service credit to which he or she was entitled at the time of his or her earlier retirement shall be credited as provided in paragraph three of this subdivision f only in the event that he or she returns to the pension fund with regular interest the actuarial equivalent of the amount of the amount of the pension he or she received; provided, however, that in the event that such amount is not so repaid, the actuarial equivalent thereof shall be deducted from his or her subsequent pension.
§ 13-207 [Minimum disability pension.]
§ 13-208 Extra service pension credit.
Except as provided in subdivisions a and b of section 13-206 of this subchapter:
§ 13-209 Payment of pensions; death.
(a) For each full calendar year, on and after January first, nineteen hundred and sixty-five, of a sum as a pension to be paid out of such fund and in an amount not to exceed, except as herein provided, one-half of the annual salary or compensation payable, on July first, nineteen hundred and sixty-five, to a member of the uniformed force of rank, seniority, and other salary-determining status, equal to that of the deceased member on the date of his or her decease but in no case less than one-half of the salary payable to a first grade patrolman on July first, nineteen hundred and sixty-five, and
(b) For any portion of a calendar year, on and after January first, nineteen hundred and sixty-five, the appropriate pro rata portion of the amount which would be payable, under the provisions of subparagraph (a) of this paragraph one, for the full calendar year which includes such portion of a year, if a pension were payable under this subdivision d for such full calendar year.
(2) Such pension shall be payable to the same persons and shall be subject to the same terms and conditions, including provisions as to termination, as to the pension which would otherwise be payable, on and after January first, nineteen hundred and sixty-five, pursuant to subdivision b of this section or any applicable predecessor provision, by reason of the death of such member.
(3) The pension payable pursuant to the provisions of paragraphs one and two of this subdivision d shall be in lieu of any pension which would otherwise be payable on or after January first, nineteen hundred and sixty-five pursuant to the provisions of such subdivision b, or predecessor provision, and, except as otherwise provided in paragraph one of subdivision e of section 13-686 of this title, shall be in lieu of any supplemental retirement allowance which would otherwise be payable, on and after such date, under the provisions of subchapter six of chapter five of this title or any other law.
§ 13-210 Return of deductions on discontinuance of membership or on death.
§ 13-211 Time of payment of pensions.
All pensions payable out of the police pension fund shall be paid in equal monthly installments, each one-twelfth, in amount, of the sum allowed as the annual pension or in ratably smaller amounts when the benefit begins after the first day of the month or ends before the last day of the month.
§ 13-212 Exemption from tax and legal process.
The right of a person to a pension, an allowance, to the return of contributions, the pension itself, any optional benefit, any other right accrued or accruing to any person under the provisions of this subchapter and the moneys in the fund provided for by this subchapter, are hereby exempt from any state or municipal tax, and shall not be subject to execution, garnishment, attachment, or any other process whatsoever, and shall be unassignable except as in this article specifically provided.
§ 13-213 False swearing.
Every person who knowingly or wilfully in anywise procures the making or presentation of any false or fraudulent affidavit or affirmation concerning any claim for pension or payment thereof shall in every such case forfeit a sum not exceeding two hundred fifty dollars, to be sued for and recovered by and in the name of such board of trustees, which when recovered, shall be paid to and thereupon become a part of such fund. Any person who shall wilfully swear falsely in any oath, or affirmation, in obtaining or procuring any pension or payment thereof, under the provisions of this subchapter, shall be guilty of perjury.
§ 13-213.1 Transfer of assets, liabilities and administration of pension fund, subchapter one to pension fund, subchapter two: payment of certain benefits by pension fund, subchapter two.
1. “Pension fund, subchapter one”. The police pension fund provided for in this subchapter.
2. “Pension fund, subchapter two”. The police pension fund provided for in subchapter two of this chapter.
3. “Police subchapter one beneficiary”. Any person who is entitled under the laws in effect immediately prior to July first, nineteen hundred ninety-five to receive benefits from pension fund, subchapter one.
Subchapter 2: [Police Department, Subchapter Two Pension Fund]
§ 13-214 Definitions.
The following words and phrases as used in this subchapter unless a different meaning is plainly required by the context, shall have the following meanings:
(b) The provisions of paragraph (a) of this subdivision shall not apply to any actuarial valuation, determination or appraisal which is made pursuant to this chapter and which is used to determine the amount of any contribution required to be paid by the city or other public employer into the contingent reserve fund of the pension fund in the nineteen hundred seventy-seven-nineteen hundred seventy-eight fiscal year of the city or any subsequent fiscal year thereof.
(c) (i) Subject to the provisions of subparagraph (ii) of paragraph (f) of this subdivision, for the purpose of any actuarial valuation, determination or appraisal which is made pursuant to this chapter and which is used to determine the amount of any contribution required to be paid, by the city or other public employer into the contingent reserve fund of the pension fund in the nineteen hundred seventy-seven-nineteen hundred seventy-eight fiscal year of the city and in each succeeding fiscal year thereof to and including the nineteen hundred seventy-nine-nineteen hundred eighty fiscal year thereof, “regular interest” shall mean interest at five and one-half per centum per annum, compounded annually.
(ii) Subject to the provisions of subparagraph (ii) of paragraph (f) of this subdivision, and except as otherwise provided in paragraphs (1) and (4) of subdivision b of section 13-228 of this subchapter with respect to determination of the amount of the balance sheet liability as of June thirtieth, nineteen hundred eighty and balance sheet liability contributions, for the purpose of any actuarial valuation, determination or appraisal which is made pursuant to this chapter and which is used to determine the amount of any contribution required to be paid by the city or other public employer into the contingent reserve fund of the pension fund in the nineteen hundred eighty-nineteen hundred eighty-one fiscal year of the city and in each succeeding fiscal year thereof to and including the nineteen hundred eighty-one-nineteen hundred eighty-two fiscal year thereof, “regular interest” shall mean interest at the rate of seven and one-half per centum per annum, compounded annually.
(iii) Subject to the provisions of subparagraph (ii) of paragraph (f) of this subdivision, and except as otherwise provided in paragraphs (1)and (4) of subdivision b of section 13-228 of this subchapter with respect to determination of the amount of the balance sheet liability as of June thirtieth, nineteen hundred eighty and balance sheet liability contributions, for the purpose of any actuarial valuation, determination or appraisal which is made pursuant to this subchapter and which is used to determine the amount of any contribution required to be paid by the city (or other obligors required to pay public employer contributions on account of members) into the contingent reserve fund of the pension fund in the nineteen hundred eighty-two-nineteen hundred eighty-three fiscal year of the city and in each succeeding fiscal year thereof to and including the nineteen hundred eighty-seven-nineteen hundred eighty-eight fiscal year thereof, “regular interest” shall mean interest at the rate of eight per centum per annum, compounded annually.
(iv) Subject to the provisions of subparagraph (ii) of paragraph (f) of this subdivision, and except as otherwise provided in paragraphs (1) and (4) of subdivision b of section 13-228 of this subchapter with respect to determination of the amount of the balance sheet liability as of June thirtieth, nineteen hundred eighty and balance sheet liability contributions, for the purpose of any actuarial valuation, determination or appraisal which is made pursuant to this subchapter and which is used to determine the amount of any contribution required to be paid by the city (or other obligors required to pay public employer contributions on account of members) into the contingent reserve fund of the pension fund in the nineteen hundred eighty-eight-nineteen hundred eighty-nine fiscal year of the city and the nineteen hundred eighty-nine-nineteen hundred ninety fiscal year thereof, “regular interest” shall mean interest at the rate of eight and one-quarter per centum per annum, compounded annually.
(d) Subject to the provisions of subparagraph (ii) of paragraph (f) of this subdivision, and except as otherwise provided in paragraphs (1) and (4) of subdivision b of section 13-228 of this subchapter with respect to determination of the amount of the balance sheet liability as of June thirtieth, nineteen hundred eighty and balance sheet liability contributions, for the purpose of any actuarial valuation, determination or appraisal which is made pursuant to this subchapter and which is used to determine the amount of any contribution required to be paid by the city or other public employer into the contingent reserve fund of the pension fund in the city’s nineteen hundred ninety-nineteen hundred ninety-one fiscal year and in any subsequent fiscal year thereof, “regular interest” shall mean interest at such rate per annum, compounded annually, as shall be prescribed by the legislature in section 13-638.2 of this title.
(e) On or after May first, nineteen hundred eighty-nine and not later than October thirty-first of such year, the board shall submit to the governor, the temporary president and minority leader of the senate, the speaker of the assembly, the majority and minority leaders of the assembly, the state superintendent of insurance, the chairperson of the permanent commission on public employee pension and retirement systems, the mayor of the city and the members of the board of estimate and city council thereof, the written recommendations of the board as to the rate of interest and effective period thereof which should be established by law as “regular interest” for the purpose specified in paragraph (d) of this subdivision.
(f) (i) Subject to the provisions of subparagraph (c) of paragraph two of subdivision b of section 13-228 of this subchapter, nothing contained in paragraphs (b), (c), (d) and (e) of this subdivision shall be construed as prescribing for the purpose of crediting interest to individual accounts in the annuity savings fund or to reserves-for-increased-take-home-pay or for any other purpose besides that specified in such paragraphs, a rate of regular interest other than as prescribed in paragraph (a) or paragraph (g) of this subdivision.
(ii) Subject to the provisions of section 13-638.2 of this title, nothing contained in paragraphs (c) and (d) of this subdivision shall be construed as requiring the original unfunded accrued liability contribution, as defined in subparagraph (a) of paragraph (3) of subdivision b of section 13-228 of this subchapter, and the revised unfunded accrued liability contribution, as defined in subparagraph (b) of such paragraph (3), and the nineteen hundred eighty unfunded accrued liability adjustment, as defined in subparagraph (c) of such paragraph (3), and the nineteen hundred eighty-two unfunded accrued liability adjustment, as defined in subparagraph (d) of such paragraph (3) to be determined in any manner other than as prescribed in such subparagraphs. Subject to the provisions of section 13-638.2 of this title, nothing contained in paragraphs (c) and (d) of this subdivision shall be construed as requiring any balance sheet liability or balance sheet liability contribution computed pursuant to the provisions of paragraph (4) of subdivision b of such section 13-228 of this subchapter to be determined in any manner other than as prescribed in such paragraph (4).
(g) (i) Commencing on August first, nineteen hundred eighty-three, and continuing thereafter, “regular interest”, in the cases of persons who were members on July thirty-first, nineteen hundred eighty-three or who thereafter became or become members, shall mean, subject to the provisions of subparagraph (ii) to (x), inclusive, of this paragraph (g), interest at seven per centum per annum, compounded annually.
(ii) (A) (1) Subject to the provisions of sub-items (2) and (3) of this item (A), regular interest at the rate of seven per centum per annum, compounded annually, shall be used as the actuarial interest assumption for determining any actuarial equivalent benefit payable to or on account of any seven percent member for actuarial equivalent benefit purposes.
(2) Where an actuarial equivalent benefit is required by board resolution to be determined for any seven percent member for actuarial equivalent benefit purposes through the use of the modified Option 1 pension computation formula (as defined in subdivision twenty-eight of this section), the actuarial interest assumptions used in making such determination shall be as prescribed in such formula.
(3) Where it is provided by board resolution that a portion of an actuarial equivalent benefit shall be determined for any such seven percent member on the basis of gender-neutral mortality tables, and that the remainder of such benefit shall be determined on the basis of mortality tables which are not gender-neutral, regular interest at the rate of seven per centum per annum, compounded annually, shall be used as the actuarial interest assumption for determining the portion of such benefit required by such resolution to be determined on the basis of gender-neutral mortality tables and such rate of regular interest shall not apply to the determination of the remainder of such benefit.
(B) Notwithstanding that the process of determining whether a member is a seven percent member for actuarial equivalent benefit purposes may include, for the purpose of ascertaining the highest applicable benefit, alternative hypothetical benefit calculations utilizing a rate of regular interest other than such rate of seven per centum, nothing contained in subparagraph (i) of this paragraph (g) or in item (A) of this subparagraph (ii) shall be construed as requiring that in the determination of any actuarial equivalent benefit payable to or on account of any member who is not a seven percent member for actuarial equivalent benefit purposes, any rate of interest be used as the actuarial interest assumption other than regular interest, compounded annually, as prescribed by the applicable provisions of paragraph (a) of this subdivision.
(iii) The provisions of item (A) of subparagraph (ii) of this paragraph (g) shall not apply to any person who, prior to August first, nineteen hundred eighty-three, retired as a member of the pension fund for service or superannuation or for ordinary or accident disability and was such a retiree immediately prior to such August first, provided however, that if any such retiree returned or returns to city-service and, on or after July thirty-first, nineteen hundred eighty-three, was or is restored to membership in the pension fund as required or permitted by law, the provisions of such item (A), from and after the date of such restoration to membership, shall apply to such restored member with respect to determination of any actuarial equivalent benefit which is both (A) a benefit to which he or she became or becomes entitled upon his or her subsequent retirement or subsequent discontinuance of service so as to qualify for benefits, and (B) a benefit which is not a continuation, without change, of a benefit which had previously become payable to him or her by reason of his or her prior retirement; provided further that nothing contained in the preceding provisions of this subparagraph shall be construed as making the provisions of item (A) of such subparagraph (ii) applicable to any such restored member who was not or is not a seven percent member for actuarial equivalent benefit purposes at the time for such subsequent retirement or subsequent discontinuance of service.
(iv) (A) Subject to the provisions of items (B) and (C) of this subparagraph (iv), the provisions of item (A) of subparagraph (ii) of this paragraph (g) shall not apply to any member who, (1) prior to August first, nineteen hundred eighty-three, discontinued service under such circumstances that such member became a discontinued member, and (2) was such a discontinued member immediately prior to such August first.
(B) If such a discontinued member returned or returns to city-service and on or after July thirty-first, nineteen hundred eighty-three and before payability of his or her retirement allowance as such member began or begins, again becomes an active member pursuant to the applicable provisions of section 13-256 of this subchapter, the provisions of item (A) of such subparagraph (ii) shall apply to him or her on and after the date of such resumption of active membership; provided that nothing contained in the preceding provisions of this item (B) shall be construed as making the provisions of item (A) of such subparagraph (ii) applicable to any such member who was not or is not a seven percent member for actuarial equivalent benefit purposes at the time of subsequent retirement or subsequent discontinuance of service so as to qualify for benefits.
(C) If a discontinued member referred to in item (A) of this subparagraph (iv) returned or returns to city-service and on or after July thirty-first, nineteen hundred eighty-three and on or after the date on which payability of his or her retirement allowance as such member began or begins, again became or becomes an active member pursuant to the applicable provisions of section 13-256 of the code, the provisions of item (A) of such subparagraph (ii), on and after the date of such resumption of active membership, shall apply to him or her with respect to determination of any actuarial equivalent benefit which is both (1) a benefit to which he or she became or becomes entitled upon his or her subsequent retirement or subsequent discontinuance of service so as to qualify for benefits, and (2) a benefit which is not a continuation, without change, of a benefit which had previously become payable to him or her by reason of his or her prior discontinuance of service; provided that nothing contained in the preceding provisions of this item (C) shall be construed as making item (A) of such subparagraph (ii) applicable to any such member who was not or is not a seven percent member for actuarial equivalent benefit purposes at such time of subsequent retirement or subsequent discontinuance of service.
(v) (A) Subject to the provisions of item (B) of this subparagraph (v) and to the provisions of subparagraph (viii) of this paragraph (g), the selection of mode of benefit (as defined in subdivision twenty-nine of this section) made prior to the date of enactment (as such date is certified pursuant to section forty-one of the legislative law) of this paragraph (g) by a person entitled to a recomputation of benefits pursuant to the best-of-three-computations method (as defined in subdivision thirty-one of this section) in relation to the retirement allowance (or any component thereof) which became payable to him or her prior to such date of enactment shall be the selection of mode of benefit applicable to the recomputed retirement allowance (or any corresponding component thereof) to which he or she is entitled under the best-of-three-computations method (as defined in subdivision thirty of this section), and any such person entitled to a recomputation of benefits pursuant to the best-of-three-computations method shall not be entitled to make any change in such selection of mode of benefit.
(B) (1) Notwithstanding the provisions of item (A) of this subparagraph (v), a person entitled to a recomputation of benefits pursuant to the best-of-three-computations method shall be entitled, to the extent and in the manner prescribed in the succeeding sub-items of this item (B), to change the original selection of mode of benefit applicable to the retirement allowance (or any component thereof) which became payable to him or her prior to the date of enactment of this paragraph (g).
(2) In any case where the original selection of mode of benefit of a person entitled to a recomputation of benefits pursuant to the best-of-three-computations method was a selection of a joint and survivor option (as defined in subdivision thirty-two of this section), no change from such original selection of a joint and survivor option may be made under this item (B) to any other selection of mode of benefit if the designated beneficiary selected with respect to such joint and survivor option by such person entitled to a recomputation is not alive at the time of filing of the form whereby such person entitled to a recomputation seeks to change, pursuant to this item (B), his or her original selection of such joint and survivor option.
(3) Except for a change of selection of mode of benefit prohibited by sub-item two of this item (B), any original selection of mode of benefit may be changed pursuant to this item (B) to another selection of mode of benefit, provided all of the conditions set forth in sub-items four, six and eight of this item (B) are met.
(4) Subject to the provisions of sub-items seven and eight of this item (B), a person entitled to a recomputation of benefits pursuant to the best-of-three-computations method may, pursuant to this item (B), effect any such permissible change of his or her original selection of mode of benefit by executing, acknowledging and filing with the pension fund, within the applicable period of time prescribed by sub-item six of this item, a new selection of mode of benefit. If the original selection of mode of benefit of the person filing such new selection was a selection of a joint and survivor option, such new selection shall be void and of no effect unless (a) the designated beneficiary named in such original selection of a joint and survivor option signs and acknowledges, in the form for such new selection of mode of benefit, a consent to such changed selection of mode of benefit, and (b) such original designated beneficiary is alive on the date of filing of such new selection.
(5) The pension fund shall mail to each person entitled to a recomputation of benefits pursuant to the best-of-three-computations method a letter showing amounts of benefits, as recomputed for such person under the best-of-three-computations method, for modes of benefit other than joint and survivor options, together with a statement advising such person that upon request the amounts of recomputed benefits under joint and survivor options will be provided.
(6) The period of time within which any such person entitled to a recomputation may file a new selection of mode of benefit as provided for in sub-items three and four of this item (B) shall be sixty days after the date of issuance set forth in such letter mailed to such person pursuant to sub-item five of this item; provided, however, that if, pursuant to the request of such person, a later letter setting forth benefits information in relation to new selection of a mode of benefit is mailed to such person by the pension fund, such period of time for filing a new selection of mode of benefit shall be thirty days after the date of issuance set forth in such later letter.
(7) Upon the filing of a new selection of mode of benefit pursuant to this item (B) by any such person entitled to a recomputation, such new selection shall be irrevocable and such person shall not be entitled to file any other selection of mode of benefit with respect to such retirement allowance (or any component thereof) which became payable to him or her prior to the date of enactment of this paragraph (g).
(8) No new selection of mode of benefit filed pursuant to the preceding sub-items of this item (B) shall be valid or effective as a change of mode of benefit or for any other purpose unless the person entitled to a recomputation of benefits pursuant to the best-of-three-computations method who files such new selection is alive on the date (hereinafter referred to as the “validating date”) three hundred sixty-five days after the date of filing of such new selection of mode of benefit. If such person filing such new selection of mode of benefit is alive on the validating date with respect to such new selection, such new selection shall become valid and effective on such validating date; provided, however, that from and after the effective date of retirement of such person making such valid and effective new selection of mode of benefit (if he or she retired for service or superannuation or for ordinary or accident disability) or from and after the date on which payability of the original benefits of such person began (if he or she was a discontinued member), such new selection of mode of benefit shall supersede such original selection of mode of benefit and shall apply to and govern the amount of benefits payable to such person or to his or her designated beneficiary or estate.
(vi) Subject to the provisions of subparagraph (viii) of this paragraph (g), in any case where a member who retired before August first, nineteen hundred eighty-three for service or superannuation or for ordinary or accident disability returned or returns to city-service and, on or after July thirty-first, nineteen hundred eighty-three, re-entered or re-enters membership in the pension fund, nothing contained in subparagraphs (i) to (iv), inclusive of this paragraph (g) shall be construed as authorizing or permitting him or her to change any selection of mode of benefit (as defined in subdivision twenty-nine of this section) made by him or her with respect to any benefit which, upon his or her subsequent retirement or discontinuance of service so as to qualify for benefits, is payable to him or her as a continuation, without change, of a benefit which had previously become payable to him or her by reason of his or her prior retirement.
(vii) Subject to the provisions of subparagraph (viii) of this paragraph (g), in any case where a discontinued member referred to in item (A) of subparagraph (iv) of this paragraph returned or returns to city-service and, on or after July thirty-first, nineteen hundred eighty-three, again became or becomes an active member pursuant to applicable provisions of law, nothing contained in subparagraphs (i) to (iv), inclusive, of this paragraph (g) shall be construed as authorizing or permitting him or her to change any selection of mode of benefit made by him or her with respect to any benefit which, upon his or her subsequent retirement or discontinuance of service so as to qualify for benefits, is payable to him or her as a continuation, without change, of a benefit which had previously become payable to him or her by reason of his or her prior discontinuance of service.
(viii) Nothing contained in subparagraphs (v), (vi) and (vii) of this paragraph (g) shall be construed as preventing:
(A) any person subject to such subparagraph (v) who, on or after July thirty-first, nineteen hundred eighty-three, re-entered or re-enters city-service and again became or becomes an active member; or
(B) any re-entered member referred to in such subparagraph (vi) or subparagraph (vii); upon his or her subsequent retirement, from exercising any right, which any other applicable law grants to him or her under such circumstances, to make a selection of mode of benefit (as defined in subdivision twenty-nine of this section).
(ix) Notwithstanding the provisions of subparagraph (i) of this paragraph (g) prescribing a rate of regular interest of seven per centum per annum, compounded annually, for specified members described in such subparagraph (i), the rate of regular interest which shall be applied to fix the rate of interest on any loan to any such member eligible to borrow shall be four per centum per annum, compounded annually.
(x) The rate of regular interest applicable to determination of the rate of member contribution of any member whose last membership began prior to the date of enactment (as certified pursuant to section forty-one of the legislative law) of this paragraph (g) shall be the rate of regular interest which was applicable, under the provisions of law in effect prior to such date of enactment, to the determination of the rate of member contribution of such member, and nothing contained in the preceding subparagraphs of this paragraph (g) shall be construed as applicable to the determination of the rate of member contribution of any such member whose last membership so began or as changing or affecting the rate of member contribution of any such member.
(a) A member who meets all of the following conditions:
(i) subparagraph (i) of paragraph (g) of subdivision eight of this section (relating to the definition of members as to whom regular interest at seven per centum per annum, compounded annually, applies) applies to such member; and
(ii) an actuarial equivalent benefit has become payable to or on account of such member; and
(iii) it is provided by a resolution adopted by the board (A) that a mortality table which does not differentiate on the basis of sex shall be used to calculate such actuarial equivalent benefit or a portion of such benefit, or (B) that the modified Option 1 pension computation formula (as defined in subdivision twenty-eight of this section) shall be used to calculate such actuarial equivalent benefit.
(b) Except in cases to which the modified Option 1 pension computation formula applies pursuant to a resolution adopted by the board, nothing contained in subparagraph (iii) of paragraph (a) of this subdivision twenty-six shall be construed as referring to or including any calculation of an actuarial equivalent benefit (or portion of such benefit) payable to any person where such calculation is required by board resolution to be made throught the use of a sex-differentiated mortality table.
(a) The method of computing the Option 1 pension component of a retirement allowance payable to a Tier I member and the amount of the Option 1 benefit payable to the beneficiary or estate of such member who selected or selects Option 1 as to such pension component, which method of computation is as prescribed by the succeeding paragraphs of this subdivision twenty-eight.
(b) The initial reserve for such pension component shall be computed through use of mortality tables which do not differentiate on the basis of sex (hereinafter referred to as “gender-neutral mortality tables”) and an interest assumption consisting of regular interest of seven per centum per annum, compounded annually.
(c) Solely for the purpose of use as the minuend from which the payments of such pension component to such member are subtracted in order to determine the amount of the Option 1 benefit payable, upon such member’s death, to such member’s beneficiary or estate by reason of such Option 1 selection in relation to such pension component, the present value of such member’s maximum pension, as it was at the time of such member’s retirement, shall be deemed to be the greatest of:
(i) such present value determined on the basis of gender-neutral mortality tables and an interest assumption consisting of regular interest of seven per centum per annum, compounded annually; or
(ii) such present value determined on the basis of the female mortality tables and the regular interest applicable to such member in effect immediately prior to the date of enactment (as certified pursuant to section forty-one of the legislative law) of this subdivision twenty-eight; or
(iii) such present value determined on the basis of the male mortality tables and the regular interest applicable to such member in effect immediately prior to the date of enactment of this sub- division.
(d) The pension component payable to such member shall be computed on the basis of gender-neutral mortality tables and an interest assumption consisting of regular interest of seven per centum per annum, compounded annually; so that:
(i) the present value, as it was at the time of such member’s retirement, of such component; plus
(ii) the present value, as it was at the time of such member’s retirement, of the amount payable to such member’s Option 1 beneficiary or estate upon the death of the member as provided for by the applicable provisions of paragraph (e) of this subdivision; shall be equal to the Option 1 initial reserve determined for such pension component with respect to such member pursuant to the provisions of paragraph (b) of this subdivision.
(e) Where such member dies before he or she has received payments on account of such pension component equal to the present value of such member’s maximum pension as computed pursuant to paragraph (c) of this subdivision, the Option 1 benefit payable to the beneficiary or estate of such deceased member by reason of such Option 1 selection in relation to such pension component, shall be the remainder obtained by subtracting from such present value determined pursuant to such paragraph (c) in relation to such pension component, the total of such Option 1 payments on account of such pension component received by or payable to such member for the period prior to his or her death.
(f) In relation to the Option 1 benefits determined pursuant to the method of computation set forth in this subdivision twenty-eight by reason of discontinuance of city-service by a discontinued member, the phrase “time of such member’s retirement”, as set forth in paragraphs (c) and (d) of this subdivision, shall be deemed, for the purpose of this subdivision, to mean the date of commencement of the retirement allowance of such discontinued member.
(a) A method (as prescribed by a resolution of the board) under which a retirement allowance (or portion thereof) payable to a member is required to be determined for such member so as to be the greatest of:
(i) such retirement allowance (or portion thereof) determined on the basis of gender-neutral mortality tables and regular interest at the rate of seven per centum per annum; or
(ii) such retirement allowance (or portion thereof) determined on the basis of female mortality tables and the regular interest applicable to such member as of a time prescribed in such resolution; or
(iii) such retirement allowance (or portion thereof) determined on the basis of male mortality tables and the regular interest applicable to such member as of a time prescribed in such resolution.
(b) Where, under the provisions of any such resolution of the board, the modified Option 1 pension computation formula (as defined in subdivision twenty-eight of this section) applies to any member, the term “best-of-three-computations method”, where used in relation to such member, shall be deemed to include such modified Option 1 pension computation formula, to the extent that such formula governs the determination of the pension component (or portion thereof) of such member’s retirement allowance.
(a) such person, during the period beginning on August first, nineteen hundred eighty-three and ending on the date next preceding the date of enactment (as such date is certified pursuant to section forty-one of the legislative law) of this subdivision thirty-one, (i) retired for service or superannuation or for ordinary or accident disability or (ii) discontinued service so as to become a discontinued member; and
(b) such person’s retirement allowance (or a portion thereof), by reason of such retirement or discontinuance of service is required by a resolution adopted by the board to be redetermined pursuant to the best-of-three-computations method (as defined in subdivision thirty of this section); and
(c) a first payment on account of his or her retirement allowance (as such retirement allowance was determined prior to the date of enactment of this subdivision) was made prior to such date of enactment.
(a) Any option under which, at the time when such option is selected, a choice is made which includes both:
(i) a benefit payable for the lifetime of the retired or vested member by whom or in whose behalf such option is selected; and
(ii) a benefit (A) which consists of an amount equal to or constituting a percentage of such retired or vested member’s benefit and (B) which is payable for the lifetime of a designated beneficiary selected at the time when such option is selected.
(b) In any case where an option described in paragraph (a) of this subdivision thirty-two includes a provision prescribing that if the designated beneficiary predeceases such retired or vested member, a maximum benefit shall become payable to such member, such option shall nevertheless be deemed to be a joint and survivor option.
(a) with respect to any payroll period for a member (other than a member who is not required to contribute during such payroll period because of his or her currently effective election to discontinue member contributions pursuant to subdivision b of section 13-225 of this subchapter), the term “member contributions eligible for pick up by the employer” shall mean the amount of member contributions which, in the absence of an employer pick up program applicable to such member pursuant to section 13-225.1 of this subchapter (providing for pick up of required member contributions), would be required by law to be deducted, on account of such member’s normal rate of contribution, from the compensation of such member for such payroll period, after (1) giving effect to any reduction in such contributions required under any program for increased-take-home-pay or pursuant to subdivision one of section one hundred thirty-eight-b of the retirement and social security law and (2) excluding any deductions from such compensation (or redeposits, restorations or payments) on account of (i) loans or withdrawals of excess contributions or (ii) any election by such member to increase his or her contributions pursuant to subdivision c or subdivision d of section 13-225 of this subchapter or (iii) any other cause not attributable to the member’s normal rate of contribution after reduction, if any, in such rate as described in subpararaph one of this paragraph (a).
(b) If no deductions on account of a member’s normal rate of contribution are required by law to be made from the compensation of any member for any payroll period, such member shall not have, for such payroll period, any member contributions eligible for pick up by the employer. The amount of any member’s member contributions eligible for pick up by the employer for any payroll period shall be determined solely on the basis of compensation paid to such member for such payroll period by his or her public employer. A member shall not have any member contributions eligible for pick up by the employer with respect to any payroll period for which he or she is not paid compensation by his or her public employer.
§ 13-215 Membership; composition and eligibility.
(1) all persons in city-service, as defined in this subchapter, in positions in the competitive class of the civil service, who shall serve probationary periods, or who shall receive permanent appointments in the police force after the time when this section shall take effect; and
(2) all persons in city-service, as defined in this subchapter, who hold a position of surgeon of police classified in the non-competitive class of the civil service.
§ 13-216 Board of trustees.
1. The police commissioner who shall be chairperson of the board and who shall be entitled to cast one and one-half votes.
2. The comptroller of the city who shall be entitled to cast one and one-half votes.
3. A representative of the mayor who shall be appointed by the mayor and who shall be entitled to cast one and one-half votes.
4. The director of finance of the city who shall be entitled to cast one and one-half votes.
5. The president of the patrolmen’s benevolent association of the city of New York who shall be entitled to cast one vote.
6. The first vice-president of the patrolmen’s benevolent association of the city of New York who shall be entitled to cast one vote.
7. The second vice-president of the patrolmen’s benevolent association of the city of New York who shall be entitled to cast one vote.
8. The chairperson of the board of trustees of the patrolmen’s benevolent association of the city of New York who shall be entitled to cast one vote.
9. The president of the captains’ endowment association of the police department of the city of New York who shall be entitled to cast one-half vote.
10. The president of the lieutenants’ benevolent association, police department, city of New York who shall be entitled to cast one-half vote.
11. The president of the sergeants’ benevolent association of the city of New York who shall be entitled to cast one-half vote.
12. The president of the detectives’ endowment association of the city of New York who shall be entitled to cast one-half vote.
13. (i) Where, during any six month period during a fiscal year, as defined in subdivision three of section 13-268 of the code, the equity portion of the assets of the pension fund is less than forty-five percent, subparagraph (ii) of this paragraph shall be effective during the succeeding fiscal year.
(ii) Two investment representatives, one of whom shall be appointed by the mayor and one of whom shall be appointed by the comptroller upon the occurrence of the condition specified in subparagraph (i) of this paragraph. Each such representative shall be entitled to cast one vote only in relation to determinations of the board:
(A) as to whether the assets of the pension fund shall be invested in equities or fixed income securities and the proportion of the assets of the pension fund to be invested in equities and fixed income securities; and
(B) as to the identity, nature, character and amounts of the equities (within the proportion as determined under item (A) of this subparagraph) to be acquired, held, sold, disposed of or otherwise dealt with by the pension fund; and
(C) as to any steps necessary to effectuate any of the functions set forth in items (A) and (B) of this subparagraph; and
(D) as to delegation by the board, pursuant to law, of the functions described in items (A), (B) and (C) of this subparagraph. §2. Subdivision b of section 13-216 of the administrative code of the city of New York, as amended by chapter 247 of the laws of 1988, is amended to read as follows:
b-1. Every act of the board of trustees in relation to the investment matters referred to in paragraph thirteen of subdivision a of this section shall be by resolution which shall be adopted only by a vote of at least eighty-fourteenths of the whole number of votes authorized to be cast by all of the members of the board empowered to vote on such investment matters.
2. If a budget has not been adopted by the commencement of the new fiscal year, the budget for the preceding fiscal year shall be deemed to have been extended for the new fiscal year until such time as a new budget is adopted.
3. Any budget in effect pursuant to paragraph one or two of this subdivision may be modified during such succeeding fiscal year.
4. Notwithstanding any other provision of law, the board of trustees shall have the power either directly or by delegation to the executive director, to obtain by employment or by contract the goods, property and services necessary to fulfill its powers, duties and responsibilities within the appropriation authorized by the board of trustees pursuant to paragraph one of this subdivision.
5. (i) The pension fund shall be considered an entity separate from the city of New York police department. The board of trustees of the pension fund shall work closely with the city of New York police department.
(ii) The provisions of chapter seventeen of the New York city charter shall continue to apply to the police pension fund and such fund shall constitute an agency for the purposes of such chapter. The board of trustees shall not obtain any legal services by the retention of employees or by contract unless the corporation counsel shall consent thereto.
6. All contracts for goods or services entered into by the police pension fund shall be procured as prescribed in chapter thirteen of the New York city charter; provided, however, that where the provisions of such chapter thirteen require action by the mayor in regard to a particular procurement (except for mayoral action pursuant to subdivision c of section three hundred thirty-four of the New York city charter) such action shall not be taken by the mayor or such appointee of the mayor but shall be taken by the board of trustees or the executive director pursuant to a resolution adopted by the board of trustees delegating such authority to the executive director.
§ 13-217 Rules and regulations.
Each member shall be subject, until retirement, to all the provisions of this subchapter and to all the rules and regulations adopted by such board applying to members.
§ 13-218 Credit for service.
(2) (a) Subject to the provisions of subparagraph (b) of this paragraph, and period of allowable service rendered as an “EMT member”, as defined in paragraph one of subdivision a of section 13-157.2 of this title, as added by chapter five hundred seventy-seven of the laws of two thousand, which immediately precedes service in the police force, and any period of allowable service rendered (i) as a peace officer, as defined in section 2.10 of the criminal procedure law, (ii) in the title of sheriff, deputy sheriff, marshal or district attorney investigator, or (iii) in any position specified in appendix A of operations order 2-25 of the police department of the city of New York dated December eleventh, two thousand two which immediately precedes service in the police force, and any period of allowable service in the uniformed transit police force, uniformed correction force, housing police service and the uniformed force of the department of sanitation immediately preceding service in the police force, credit for which immediately preceding allowable service was or is obtained pursuant to paragraph one of this subdivision, shall be deemed to be service in the police force for purposes of eligibility for benefits and to determine the amount of benefits under the police pension fund.
(b) In any case where, by reason of credit for such immediately preceding service, the date of completion of such member’s minimum period for service retirement under the police pension fund became or becomes earlier than such date would have been or would be if such credit for immediately preceding service had not been so acquired, there shall be effected with respect to such member:
(i) such increase in such member’s normal rate of contribution, effective as of the date on which such member last became a member of the police pension fund, as may be necessary to reflect such earlier date of eligibility for service retirement; and
(ii) the charging of such member who acquired or acquires such credit for such immediately preceding service with a contribution rate deficiency:
(A) which shall accrue from the date on which such member last became a member of the police pension fund; and
(B) which shall be in such amount as shall be the product of the increase provided in item (i) of this subparagraph (b) and the member’s compensation during the period of time provided in sub-item (A) of this item (ii); and
(C) which, unless paid by such member in such manner as shall be prescribed by rules and regulations adopted by the board of trustees of such pension fund, shall require an appropriate adjustment of any benefit which may become payable to or on account of such member.
(3) Nothing contained in subparagraph (b) of paragraph two of this subdivision d shall cause a member who acquires or acquired service credit by reason of the provisions of subparagraph (a) of such paragraph two to be denied:
(a) the right or entitlement, if any, to terminate or reduce contributions to such pension fund or to a refund of or credit for contributions paid during a period when the member would have been entitled to terminate or reduce such contributions if he or she had such service credit on the date when he or she last became a member of the pension fund; or
(b) any other right, benefit or entitlement of a similarly situated member of such pension fund with equal total service credit consisting only of service in the uniformed force of the police department, provided that the foregoing provisions of this paragraph three shall not be construed in a manner inconsistent with the provisions of subparagraph (b) of paragraph two of this subdivision d.
(2) A member of the police pension fund, subchapter two of this chapter, who acquires service credit by reason of the provisions of paragraph one of this subdivision shall be entitled to any other right, benefit or entitlement of a similarly situated member of such pension fund with equal total service credit consisting only of service in the uniformed force of the police department.
| Name | Tax Registry # | Name | Tax Registry # |
|---|---|---|---|
| Catherine Wyman | 872015 | Maureen Kirwan | 867289 |
| Kathleen Jappe | 866563 | Kathleen Driscoll | 866837 |
| Martina Guidone | 866846 | Carol Conry | 867273 |
| Kathleen Fogarty | 866680 | Kathleen Reynolds | 872113 |
| Gail Petersen | 866867 | Catherine DeLaRionda | 866830 |
| Alicia Parker | 866201 | Charlene Davey | 866437 |
| Catherine Codd | 870819 | Mary Boyd | 866818 |
| Karen Krizan | 867507 | Laura Pascual | 866684 |
| Kathleen Sammon | 866682 | Kerry Schreiner | 866565 |
| Patricia Scarlett | 866900 | Kathleen Groger | 866840 |
| Eleanor Del Rosario | 866867 | Anita Matusiak | 866879 |
| Yvonne Mitchell | 868415 | Mary Jo Yakowenko | 867916 |
| Lorraine Martucciello |
~
(b) The period of such retroactivity shall be deemed to be service in the police force for purposes of eligibility for benefits and to determine the amounts of benefits under the police pension fund.
(2) A member of the police pension fund, subchapter two of this chapter, who acquires service credit by reason of the provisions of paragraph one of this subdivision shall be entitled to any other right, benefit or entitlement of a similarly situated member of such pension fund with equal total service credit consisting only of service in the uniformed force of the police department.
h.* (1) Any member of the pension fund who, prior to June thirtieth, nineteen hundred ninety-two, would have been entitled to transfer membership in another public retirement system to the pension fund pursuant to any provision of law, but who failed to make a timely election to do so, may elect to transfer such membership to the pension fund by filing a written request for such transfer with the first retirement system within one year after the effective date of this subdivision.
(2) All transfers of membership to the pension fund pursuant to this subdivision shall be in accordance with the procedures set forth in the transfer provisions that would have been applicable if the member had made a timely election to transfer. Where a transfer is made pursuant to this subdivision, and such applicable transfer provisions would have required a transfer of pension reserves, the first retirement system shall transfer to the pension fund all pension reserves that would have been transferred to the pension fund if the member had made a timely election to transfer.
(3) Service credit transferred to the pension fund pursuant to this subdivision shall be credit in the same manner and for the same purposes as it would have been credited if the member had made a timely election to transfer, and the member shall pay to the pension fund all member contributions, plus interest, which would have been paid or credited if such service credit had been transferred to the pension fund on the date of such member’s entry into the pension fund.
h.* Notwithstanding the provisions of subdivision c of this section, any member who is absent without pay for child care leve of absence pursuant to regulations of the New York city police department shall be eligible for credit for such period of child care leave provided such member files a claim for such service credit with the pension fund by December thirty-first, two thousand one or within ninety days following termination of the child care leave, whichever is later, and contributes to the pension fund an amount which such member would have contributed during the period of such child care leave, together with interest thereon. Service credit provided pursuant to this subdivision shall not exceed one year of credit for each period of authorized child care leave. In the event there is a conflict between the provisions of this subdivision and the provisions of any other law or code to the contrary, the provisions of this subdivision shall govern.
§ 13-219 Re-entry into membership after withdrawal of contributions.
If a member has received benefits under section 13-240 of this subchapter, his or her member-service credit at the time of leaving service shall be restored in full provided such member returns to service within five years after leaving service and redeposits the total amount so withdrawn. Subsequent contributions shall be at the rate applicable to his age on re-entry to service.
§ 13-220 Pension fund; a corporation.
The pension fund shall have the powers and privileges of a corporation and by its name all of its business shall be transacted, all of its funds invested, all warrants for money drawn and payments made, and all of its cash and securities and other property held.
§ 13-221 Pension fund; adoption of tables and certification of rates.
The actuary appointed by the board of estimate shall be the technical adviser of the board on all matters regarding the operation of the funds provided for by this subchapter and shall perform such other duties as are required of him or her. He or she shall keep in convenient form such data as shall be necessary for the actuarial valuation of such funds. Every five years, he or she shall make an actuarial investigation into the mortality, service and compensation experience of the members and beneficiaries as defined by this subchapter and he or she shall make a valuation, as of June thirtieth of each year, of the assets and liabilities of the various funds provided for by this subchapter at such times as he or she shall determine. Upon the basis of such investigation such board shall:
§ 13-222 Pension fund; reports.
Such board shall publish annually in the City Record a report for the preceding year showing a valuation of the assets and liabilities of the funds provided for by this subchapter as certified by the actuary, and a statement as to the accumulated cash and securities of the funds as certified by the comptroller, and shall set forth in such report such other facts, recommendations and data as may be of value in the advancement of knowledge concerning employees’ pensions and annuities.
§ 13-223 Medical board.
(2) The board, the commissioner of health and the commissioner of citywide administrative services shall each have power to appoint one or more but not exceeding four alternate physicians, who shall hold office at the pleasure of such appointing board or official. Whenever the board of trustees of the retirement system shall so direct, the functions, powers and duties of the medical board, in addition to being performed and exercised by the three physicians appointed pursuant to paragraph one of this subdivision, shall be performed and exercised by one or more groups of three physicians as hereinafter prescribed. Each such group of three physicians shall function separately as the medical board and each such group may consist partly of a physician or physicians appointed pursuant to such paragraph one and partly of one or more alternate physicians or may consist entirely of alternate physicians; provided, however, that one of the physicians or alternate physicians in each such group shall be appointed by the board, one by the commissioner of health and one by the commissioner of citywide administrative services.
§ 13-224 The funds; component funds.
The funds provided for herein are the annuity savings fund, the annuity reserve fund, the dependent benefit contingent reserve fund, the dependent benefit reserve fund, the contingent reserve fund and the pension reserve fund.
§ 13-225 Contributions of members and their use; annuity savings fund.
(2) Notwithstanding the foregoing provisions of paragraph (one) of this subdivision a, the rate of contribution required to be made on and after the first day of the first payroll period beginning after January first, nineteen hundred sixty-eight by any member who became a member after June thirtieth, nineteen hundred forty-seven and prior to June thirtieth, nineteen hundred sixty-seven shall be his or her rate as of June twenty-ninth, nineteen hundred sixty-seven, as computed pursuant to paragraph (one) of this subdivision a, including any increase thereof pursuant to subdivisions c and d of this section or any decrease thereof pursuant to section 13-226 of this subchapter or subdivision one of section one hundred thirty-eight-b of the retirement and social security law, hereinafter referred to as his or her “computed prior rate”, less the difference between the rate which was computed for such member on the date he or she last became a member pursuant to paragraph (one) of the subdivision a, exclusive of any increase thereof pursuant to subdivisions c and d of this section or any decrease thereof pursuant to paragraph (one) of this subdivision or section 13-226 of this subchapter or pursuant to subdivision one of section one hundred thirty-eight-b of the retirement and social security law, and the rate which would have been computed for such member on the date he or she last became a member, pursuant to paragraph (one) of this subdivision, had he or she been entitled on that date to regular interest at four per cent; provided that the adjusted rate of contribution computed pursuant to this paragraph shall be subject to change pursuant to subdivisions c and d of this section, section 13-226 of this subchapter or pursuant to subdivision one of section one hundred thirty-eight-b of the retirement and social security law.
(3) for any member to whom the last paragraph applies, and beginning with the first day of the first payroll period commencing after June thirtieth, nineteen hundred sixty-seven and ending with the last day of the last payroll period before the first payroll period beginning after January first, nineteen hundred sixty-eight, the amount of contribution paid by him or her which represents the difference between the “computed prior rate” of such member and his or her adjusted rate of contribution as computed pursuant to paragraph (two) of this subdivision a shall be refunded upon the member’s election, or, otherwise, shall be deemed additional contributions for the purpose of purchasing additional annuity, but such additional contributions shall not enter into the computation for allowance on ordinary disability retirement as described in section 13-251 of this subchapter.
§ 13-225.1 Employer pick up of member contributions.
(i) the obligation of such member to pay New York state and New York city income and/or wages or earnings taxes and the withholding of such taxes; and
(ii) the determination of the amount of such member’s member contributions eligible for pick up by the employer; and
(iii) the determination of the amount of any retirement allowance or other pension fund benefit payable to or on account of such member or any other pension fund right, benefit or privilege of such member; the amount of the member contributions picked up pursuant to this section shall be deemed to be a part of the employee compensation of such member, and such member’s gross compensation (as it would be in the absence of a pick up program applicable to him or her hereunder) shall not be deemed to be changed by such member’s particiaption* in such program.
(2) Nothing contained in paragraph one of this subdivision c shall be construed as superseding the provisions of section four hundred thirty-one of the retirement and social security law or any similar provision of law which limits the salary base for computing retirement benefits payable by a public retirement system.
(2) The picked up member contributions of any member paid into the annuity savings fund by the city pursuant to this section shall be credited to a separate account within the individual account of such member in such fund, so that a separate record of the amount of such picked up contributions is maintained.
(3) Nothing contained in this subdivision d shall be construed as granting member contributions picked up under this section any status, under federal law, other than as employer contributions, pursuant to subsection h of section four hundred fourteen of the United States internal revenue code, for the federal purposes for which such subsection h so classifies such picked up contributions.
§ 13-226 Pensions-for-increased-take-home-pay.
2. The mayor, by executive order, adopted prior to the first day of June, nineteen hundred sixty-four, may direct that beginning with the first full payroll period following July first, nineteen hundred sixty-four, and ending with the payroll period immediately prior to that, the first day of which is nearest to June thirtieth, nineteen hundred sixty-five, the contribution of each member made pursuant to subdivision b or e of section 13-225 of this subchapter, exclusive of any increase thereof pursuant to subdivisions c and d of section 13-225 of this subchapter, or of any reduction thereof pursuant to subdivision one of section one hundred thirty-eight-b of the retirement and social security law, shall be reduced by two and one-half percent of the compensation of such member. Such a reduction shall be subject to waiver by the member as provided in subdivision d of this section and shall take precedence over the member’s privilege under subdivision one of section one hundred thirty-eight-b of the retirement and social security law, to decrease his or her annuity contribution for the purpose of paying his or her contributions for old age, survivors, and disability insurance coverage or the tax imposed upon him or her pursuant to the federal insurance contribution act.
3. The mayor, by executive order, adopted prior to June nineteenth, nineteen hundred sixty-five, may direct that beginning with the first full payroll period following July first, nineteen hundred sixty-five, and ending with the payroll period immediately prior to that, the first day of which is nearest to June thirtieth, nineteen hundred sixty-six, the contribution of each member made pursuant to subdivision b or e of section 13-225 of this subchapter, exclusive of any increase thereof pursuant to subdivisions c and d of section 13-225 of this subchapter, or of any reduction thereof pursuant to subdivision one of section one hundred thirty-eight-b of the retirement and social security law, shall be reduced by two and one-half percent of the compensation of such member. Such a reduction shall be subject to waiver by the member as provided in subdivision d of this section and shall take precedence over the member’s privilege under subdivision one of section one hundred thirty-eight-b of the retirement and social security law, to decrease his or her annuity contribution for the purpose of paying his or her contributions for old age, survivors and disability insurance coverage or the tax imposed upon him or her pursuant to the federal insurance contribution act.
4. The mayor, by executive order adopted prior to June nineteenth, nineteen hundred sixty-six, may direct that beginning with the first full payroll period following July first, nineteen hundred sixty-six, and ending with the payroll period immediately prior to that, the first day of which is nearest to June thirtieth, nineteen hundred sixty-seven, the contribution of each member made pursuant to subdivision b or e of section 13-225 of this subchapter, exclusive of any increase thereof pursuant to subdivisions c and d of section 13-225, or of any reduction thereof pursuant to subdivision one of section one hundred thirty-eight-b of the retirement and social security law, shall be reduced by two and one-half percent of the compensation of such member. Such a reduction shall be subject to waiver by the member as provided in subdivision d of this section and shall take precedence over the member’s privilege under subdivision one of section one hundred thirty-eight-b of the retirement and social security law, to decrease his or her annuity contribution for the purpose of paying his or her contributions for old age, survivors and disability insurance coverage or the tax imposed upon him or her pursuant to the federal insurance contribution act.
5. The mayor, by executive order adopted prior to June seventeenth, nineteen hundred sixty-seven, may direct that beginning with the payroll period, the first day of which is nearest to July first, nineteen hundred sixty-seven, and ending with the payroll period immediately prior to that, the first day of which is nearest to June thirtieth, nineteen hundred sixty-eight, the contribution of each member made pursuant to subdivision b or e of section 13-225 of this subchapter, exclusive of any increase thereof pursuant to subdivisions c and d of section 13-225 of this subchapter, or of any reduction thereof pursuant to subdivision one of section one hundred thirty-eight-b of the retirement and social security law, shall be reduced by two and one-half per cent of the compensation of such member. Such a reduction shall be subject to waiver by the member as provided in subdivision d of this section and shall take precedence over the member’s privilege under subdivision one of section one hundred thirty-eight-b of the retirement and social security law, to decrease his or her annuity contribution for the purpose of paying his or her contributions for old age, survivors and disability insurance coverage or the tax imposed upon him or her pursuant to the federal insurance contribution act.
6. a. (1) Subject to the provisions of item two of this subparagraph a, beginning with the first full payroll period following January first, nineteen hundred sixty-seven, and ending with the payroll period immediately prior to that, the first day of which is nearest June thirtieth, nineteen hundred sixty-eight, the contribution of each member made pursuant to subdivision b or e of section 13-225 of this subchapter, exclusive of any increase thereof pursuant to subdivisions c and d of section 13-225 of this subchapter, or of any reduction thereof pursuant to subdivision one of section one hundred thirty-eight-b of the retirement and social security law, shall be reduced by two and one-half per cent of the compensation of such member.
(2) The reduction provided for by item one of this subparagraph a shall be in addition to any reduction made during the period mentioned in such item one pursuant to paragraphs four or five of this subdivision. The amount of the reduction made pursuant to item one of this subparagraph in the deductions of any such member for such portion of the period mentioned in such item one as precedes the effective date of this paragraph shall be refunded without interest.
(3) Beginning with the payroll period the first day of which is nearest to June thirtieth, nineteen hundred sixty-eight, and ending with the payroll period immediately prior to that, the first day of which is nearest to June thirtieth, nineteen hundred seventy-one, the contribution of each member made pursuant to subdivision b or e of section 13-225 of this subchapter, exclusive of any increase thereof pursuant to subdivision c or d of section 13-225 of this subchapter, or of any reduction thereof pursuant to subdivision one of section one hundred thirty-eight-b of the retirement and social security law, shall be reduced by five percent of the compensation of such member.
b. The reductions referred to in paragraph a of this subdivision six shall be subject to waiver by the member as provided in subdivision d of this section and shall take precedence over the member’s privilege under subdivision one of section one hundred thirty-eight-b of the retirement and social security law, to decrease his or her annuity contribution for the purpose of paying his or her contribution for old age, survivor and disability insurance coverage or the tax imposed upon him or her pursuant to the federal insurance contribution act.
7. The mayor, by executive order adopted prior to the date forty-five days after the adjournment of the regular session of the legislature in nineteen hundred seventy-one, may direct that beginning with the payroll period, the first day of which is nearest to June thirtieth, nineteen hundred seventy-one, and ending with the payroll period immediately prior to that, the first day of which is nearest to June thirtieth, nineteen hundred seventy-two, the contribution of each member made pursuant to subdivision b or e of section 13-225 of this subchapter, exclusive of any increase thereof pursuant to subdivision c or d of section 13-225 of this subchapter, or of any reduction thereof pursuant to subdivision one of section one hundred thirty-eight-b of the retirement and social security law, shall be reduced by five per cent of the compensation of such member. Such a reduction shall be subject to waiver by the member as provided in subdivision d of this section and shall take precedence over the member’s privilege under subdivision one of section one hundred thirty-eight-b of the retirement and social security law, to decrease his or her annuity contribution for the purpose of paying his or her contributions for old age, survivors and disability insurance coverage or the tax imposed upon him or her pursuant to the federal insurance contribution act.
8. The mayor, by executive order adopted prior to the date forty-five days after the adjournment of the regular session of the legislature in nineteen hundred seventy-two or June seventeenth of such year, whichever is later, may direct that beginning with the payroll period, the first day of which is nearest to June thirtieth, nineteen hundred seventy-two, and ending with the payroll period immediately prior to that, the first day of which is nearest to June thirtieth, nineteen hundred seventy-three, the contribution of each member made pursuant to subdivision b or e of section 13-225 of this subchapter, exclusive of any increase thereof pursuant to subdivision c or d of section 13-225 of this subchapter, or of any reduction thereof pursuant to subdivision one of section one hundred thirty-eight-b of the retirement and social security law, shall be reduced by five per cent of the compensation of such member. Such a reduction shall be subject to waiver by the member as provided in subdivision d of this section and shall take precedence over the member’s privilege under subdivision one of section one hundred thirty-eight-b of the retirement and social security law, to decrease his or her annuity contribution for the purpose of paying his or her contributions for old age, survivors and disability insurance coverage or the tax imposed upon him or her pursuant to the federal insurance contribution act.
§ 13-227 Contributions of members and their use; annuity reserve fund and dependent benefit reserve funds.
§ 13-228 Contributions of the city and their use; contingent reserve fund.
(i) annually an amount to be known as the normal contribution; and
(i-a) all unfunded accrued liability installments as required by section 13-638.2 of this title or any other provision of law; and
(i-b) any other payments to the contingent reserve fund as required by applicable law; and
(ii) in equal annual installments during the period beginning with fiscal year nineteen hundred seventy-seven-nineteen hundred seventy-eight and ending on the last day of fiscal year nineteen hundred seventy-nine-nineteen hundred eighty, an additional amount which shall be known as the original unfunded accrued liability contribution, and which shall be determined as provided for in subparagraph a of paragraph (3) of this subdivision b; and
(iii) in each city fiscal year during the period beginning with fiscal year nineteen hundred eighty-nineteen hundred eighty-one and ending on the last day of fiscal year two thousand fourteen-two thousand fifteen, the annual installment, applicable to such fiscal year, of an additional amount which shall be known as the revised unfunded accrued liability contribution and which shall be determined as provided for in subparagraph (b) of paragraph (3) of this subdivision; and
(iv) in each city fiscal year during the period beginning with fiscal year nineteen hundred eighty-one-nineteen hundred eighty-two and ending on the last day of fiscal year two thousand twenty-two thousand twenty-one, the annual installment, applicable to such fiscal year, of an additional amount which shall be known as the balance sheet liability contribution and which shall be determined as provided for in paragraph (4) of this subdivision; and
(v) in fiscal year nineteen hundred eighty-nineteen hundred eighty-one, the amount of one year’s interest, at the rate of seven and one-half per centum per annum, on the amount of the balance sheet liability as of June thirtieth, nineteen hundred eighty, as determined pursuant to the provisions of paragraph four of this subdivision; and
(vi) in each city fiscal year, beginning with fiscal year nineteen hundred eighty—nineteen hundred eighty-one and ending on the last day of fiscal year nineteen hundred ninety-four—nineteen hundred ninety-five, the amount required to fulfill the public employer obligation, if any, which accrued in such fiscal year, to make contributions on account of increased-take-home-pay; and
(vii) in each city fiscal year, beginning with fiscal year nineteen hundred eighty—nineteen hundred eighty-one and ending on the last day of fiscal year nineteen hundred ninety-four—nineteen hundred ninety-five, the amount required to fulfill the public employer obligation, which accrued in such fiscal year under the provisions of subdivision twenty of section two hundred forty-three of the military law, to pay in behalf of members qualifying for such benefit, member contributions with respect to certain periods of the military service of such members.
(b) (i) If the nineteen hundred eighty unfunded accrued liability adjustment determined pursuant to subparagraph (c) of paragraph (3) of this subdivision b is a credit, the total of the amounts required to be contributed by the city to the contingent reserve fund in each city fiscal year, commencing with the nineteen hundred eighty-nineteen hundred eighty-one fiscal year and ending with the two thousand nine-two thousand ten fiscal year, pursuant to items (i), (iii), (iv), (v), (vi) and (vii) of subparagraph (a) of this paragraph one shall be reduced by the amount of one annual installment of such unfunded accrued liability adjustment.
(ii) If the nineteen hundred eighty unfunded accrued liability adjustment determined pursuant to such subparagraph (c) is a charge, the city shall contribute in each city fiscal year, commencing with the nineteen hundred eighty-nineteen hundred eighty-one fiscal year and ending with the two thousand nine-two thousand ten fiscal year, in addition to the amounts required to be contributed under the provisions of subparagraph (a) of this paragraph, one annual installment of such unfunded accrued liability adjustment.
(iii) The total of the amounts required to be contributed to the contingent reserve fund in each city fiscal year commencing with the nineteen hundred eighty-two-nineteen hundred eighty-three fiscal year and ending with the two thousand eleven-two thousand twelve fiscal year pursuant to items (i), (iii), (iv), (v), (vi) and (vii) of subparagraph (a) of this paragraph one and the applicable provisions of items (i) and (ii) of this subparagraph (b) and otherwise pursuant to law shall be reduced by the amount of one annual installment of the nineteen hundred eighty-two unfunded accrued liability adjustment determined pursuant to subparagraph (d) of paragraph three of this subdivision b.
(iv)* The total of the amounts required to be contributed to the contingent reserve fund in each city fiscal year commencing with the nineteen hundred eighty-five-nineteen hundred eighty-six fiscal year and ending with the two thousand fourteen-two thousand fifteen fiscal year pursuant to items (i), (iii), (iv), (v), (vi) and (vii) of subparagraph (a) of this paragraph one and the applicable provisions of items (i) and (ii) of this subparagraph (b) and otherwise pursuant to law shall be increased by the amount of one annual installment of the nineteen hundred eighty-five unfunded accrued liability adjustment determined pursuant to subparagraph (e) of paragraph three of this subdivision b.
(iv)* For the purpose of effectuating the nineteen hundred eighty-eight unfunded accrued liability adjustment provided for in section 13-638.1 of the code, contributions to the contingent reserve fund shall be made by the responsible obligor (as defined in paragraph six of subdivision a of such section) or credits shall be allowed to such obligor against contributions otherwise payable by such obligor, as the case may be, to the extent and in the manner provided for in such section. The annual determination of the normal contribution for fiscal years occurring during the period beginning on July first, nineteen hundred eighty-eight and ending on June thirtieth, nineteen hundred ninety-eight shall appropriately take account of the nineteen hundred eighty-eight unfunded accrued liability adjustment and the provisions of subparagraph (b) of paragraph two of this subdivision b shall be deemed to be comformably modified for such purpose.
(c) (i) Any amount required by the provisions of items (iii), (iv), (v), (vi) and (vii) of subparagraph (a) of this paragraph and items (ii) and (iv) of subparagraph (b) of this paragraph and section 13-704 of this title to be contributed to the contingent reserve fund in the city’s nineteen hundred eighty-nineteen hundred eighty-one fiscal year or any subsequent fiscal year shall be payable with interest on such amount at a rate per centum per annum equal to the rate per centum per annum required to be used for the purpose of any actuarial valuation, determination or appraisal made to determine the amount of the normal contribution payable to the contingent reserve fund in such fiscal year.
(ii) Any amount required to be contributed to the contingent reserve fund in any fiscal year of the city preceding the nineteen hundred eighty-nineteen hundred eighty-one fiscal year shall be deemed to have been required to be paid with interest on such amount at a rate per centum per annum equal to the rate per centum per annum required to be used for the purpose of any actuarial valuation, determination or appraisal made to determine the amount of the normal contribution payable to the contingent reserve fund in such fiscal year.
(iii) It is hereby declared that the provisions of items (i) and (ii) of this subparagraph (c), insofar as they relate to provisions of this subchapter or other laws requiring payment of employer contributions to the pension fund prior to the date of enactment of the act which added this subparagraph (c), express the intent of such provisions of this subchapter or other laws requiring such payment.
(iv) The city shall make all payments to the pension fund required by applicable law in accordance with the time of payment requirements set forth in subdivision c of section 13-231 of this chapter. Commencing with payments due in fiscal year two thousand twelve—two thousand thirteen, in any fiscal year in which the city does not make all or any portion of such required payments to the pension fund in a timely manner, the city shall be required to pay interest to the pension fund on such overdue amounts, as determined by the actuary. The actuary shall determine, at such time as he or she deems appropriate, interest payments on such overdue amounts using a rate of interest equivalent to the valuation rate of interest (as defined in paragraph eleven of subdivision a of section 13-638.2 of this title). The city shall make such interest payments on overdue amounts to the pension fund in the manner and at such time as the actuary deems appropriate.
(2) Normal contribution.—
(a) (i) Notwithstanding the succeeding provisions of this subparagraph or the provisions of subparagraph (a-one), (b), (c) or (d) of this paragraph, for fiscal year two thousand eleven—two thousand twelve, and for each fiscal year thereafter, the amount of the normal contribution payable to the contingent reserve fund shall be determined pursuant to the provisions of subparagraph (e) of this paragraph. Upon the basis of the latest mortality and other tables herein authorized and regular interest, the actuary shall determine, as of June thirtieth, nineteen hundred eighty and as of each succeeding June thirtieth, the amount of the total liability for all benefits provided in this subchapter, in article eleven of the retirement and social security law, article fourteen of such law (if and when applicable) and in any other law prescribing benefits payable by the pension fund on account of all members and beneficiaries, excluding the liability on account of future increased-take-home-pay contributions, if any, and the liability for benefits attributable to the annuity savings fund, provided, however, that in determining such total liability for all benefits as of June thirtieth, nineteen hundred ninety-five and as of each succeeding June thirtieth, the actuary shall include (A) the liability on account of future increased-take-home-pay contributions, if any, (B) the liability on account of future public employer obligations under the provisions of subdivision twenty of section two hundred forty-three of the military law, to pay in behalf of members qualifying for such benefit, member contributions with respect to certain periods of the military service of such members and (C) the liability for benefits attributable to the annuity savings fund.
(ii) For the purposes of subparagraphs (b) and (c) of this paragraph two, the actuary shall determine, as of June thirtieth, nineteen hundred ninety-five and as of each succeeding June thirtieth, the total liability of the pension fund which shall be an amount equal to the sum of (A) the total liability for all benefits as determined pursuant to item (i) of this subparagraph and (B) the amount, as estimated by the actuary, of the total liability of the pension fund on account of all payments which the pension fund may be required to make for base fiscal years (as defined by the applicable provisions of paragraph one of subdivision b of section 13-232.1 of this subchapter and paragraph one of subdivision b of section 13-232.3 of this subchapter) beginning on or after July first, nineteen hundred ninety-four to the police officer’s variable supplements fund, pursuant to subdivisions d, e and f of such section 13-232.1 and to the police superior officer’s variable supplements fund pursuant to subdivisions d, e and f of such section 13-232.3.
(a-1) Notwithstanding any other provision of law to the contrary, for the purpose of calculating the amount of the normal contribution due from the city to the contingent reserve fund pursuant to subparagraph (c) of this paragraph in fiscal year two thousand five-two thousand six, and in each fiscal year thereafter, both the total liability of the pension fund, as calculated by the actuary in accordance with subparagraph (a) of this paragraph, and the normal rate of contribution, as calculated by the actuary in accordance with subparagraph (b) of this paragraph, shall be determined as of June thirtieth of the second fiscal year preceding the fiscal year in which the normal contribution is payable, provided, however, that (i) the actuary shall use for such calculations the mortality and other tables that are applicable at the time he or she performs such calculations; (ii) the total funds on hand, as determined by the actuary pursuant to sub-item (F) of item (i) of subparagraph (b) of this paragraph, shall be adjusted by adding to such amount the present value of all employer contributions required to be paid into the contingent reserve fund in the fiscal year next preceding the fiscal year in which the normal contribution is payable, as determined by the actuary; and (iii) the present value of the prospective future salaries of all members, as computed by the actuary for the purposes of item (ii) of subparagraph (b) of this paragraph, shall be reduced by the present value of the salaries expected to be paid to all members in the fiscal year next preceding the fiscal year in which the normal contribution is payable, as determined by the actuary.
(b) The normal rate of contribution shall be the rate per centum obtained;
(i) by deducting from the amount of such total liability the sum of;
(A) (1) the amount obtained by adding together the present value of all required future revised unfunded accrued liability contributions and the present value of all required future payments of the nineteen hundred eighty unfunded accrued liability adjustment, determined pursuant to subparagraph (c) of paragraph three of this subdivision b, if such adjustment is a charge; or
(2) the remainder obtained by subtracting from the present value of all required future revised unfunded accrued liability contributions, the present value of all future installments of the nineteen hundred eighty unfunded accrued liability adjustment required to be credited, if such nineteen hundred eighty adjustment is a credit;
(3) minus (whether (1) or (2) of this sub-item (A) is applicable) the present value of all future installments of the nineteen hundred eighty-two unfunded accrued liability adjustment; and
(A-1) the present value of all future installments of the nineteen hundred eighty-five unfunded accrued liability adjustment determined pursuant to subparagraph (e) of paragraph three of this subdivision b; and
(B) the present value of all required future balance sheet liability contributions, plus, in the case of the determination of the normal contribution payable in fiscal year nineteen hundred eighty-nineteen hundred eighty-one, the present value, as of June thirtieth, nineteen hundred eighty, of the payment of interest on the balance sheet liability as required by item (v) of subparagraph (a) of paragraph one of this subdivision b; and
(C) the present value of all future member contributions on account of dependent benefits; and
(D) the present value of all required future payments, pursuant to section 13-704 of this title, of installments of losses in excess of installments of gains on dispositions of securities within the meaning of such section; and
(E) in the case of the determination of the normal contribution payable in each fiscal year commencing with fiscal year nineteen hundred ninety-five—nineteen hundred ninety-six, the present value of future member contributions of all members; and
(F) the total funds on hand, including the amount of any unpaid moneys appropriated pursuant to section 13-231 of this subchapter and, in the case of the determination of the normal contribution payable in each fiscal year commencing with fiscal year nineteen hundred ninety-five—nineteen hundred ninety-six, including the amount in the annuity savings fund; and
(G) the present value of all other future installments of accrued liability contributions to the pension fund required by the applicable provisions of section 13-638.3 of this title which are not covered by the preceding sub-items of this item (i); and
(ii) by dividing the remainder by one per centum of the present value of the prospective future salaries of all members, as computed by the actuary on the basis of the latest mortality and service tables adopted pursuant to section 13-221 of this subchapter, and on the basis of regular interest. The normal rate of contribution determined by the actuary shall not be less than zero, shall be certified by the actuary after each such valuation and shall continue in force until the next succeeding valuation and certification.
(c) (i) The amount of the normal contribution due from the city to the contingent reserve fund in each city fiscal year, commencing with the nineteen hundred eighty-nineteen hundred eighty-one fiscal year and ending with the two thousand four-two thousand five fiscal year, shall be the amount obtained by multiplying the normal rate of contribution, as determined by the actuary as of June thirtieth next preceding such fiscal year, by the aggregate annual salaries of the members on such next preceding June thirtieth, and shall be payable in such fiscal year next following such June thirtieth, together with such regular interest thereon which may be due, if any, as calculated by the actuary.
(ii) The amount of the normal contribution due from the city to the contingent reserve fund in each city fiscal year, commencing with the two thousand five-two thousand six fiscal year, shall be the amount obtained by multiplying the normal rate of contribution, as determined by the actuary as of the second June thirtieth preceding the fiscal year in which the normal contribution is payable, in accordance with the provisions of subparagraphs (a-1) and (b) of this paragraph, by the aggregate amount of the salaries expected to be paid to the members during the fiscal year in which the normal contribution is payable, as determined by the actuary, and such normal contribution shall be payable in the second fiscal year following the June thirtieth as of which the normal rate of contribution is determined, together with such regular interest thereon which may be due, if any, as calculated by the actuary.
(iii) In the case of the normal contribution payable in the nineteen hundred eighty-nineteen hundred eighty-one fiscal year and in any subsequent fiscal year, the term “regular interest”, as used in this subparagraph (c), shall mean regular interest as defined by the applicable provisions of subparagraph (ii) or subparagraph (iii) of paragraph (c) or paragraph (d) of subdivision eight of section 13-214 of this subchapter.
(d) (i) For the purposes of this subparagraph (d), the terms “pension fund, subchapter one” and “police subchapter one beneficiary” shall have the meanings set forth in paragraphs one and three, respectively, of subdivision a of section 13-213.1 of this chapter.
(ii) The amount of the normal contribution due from the city to the contingent reserve fund in the city’s nineteen hundred ninety-four—nineteen hundred ninety-five fiscal year shall be equal to the amount of the normal contribution for such fiscal year, as calculated in accordance with the provisions of subparagraph (c) of this paragraph, minus the sum (calculated by the actuary to reflect regular interest in accordance with the provisions of subparagraph (c) of this paragraph) of the following:
(A) the amount of the assets deemed to have been transferred on July first, nineteen hundred ninety-four from pension fund, subchapter one to this pension fund and credited to the contingent reserve fund in accordance with the provisions of subdivisions b and c of section 13-213.1 of this chapter, as if such transfer actually had been made on such July first; and
(B) the amount of the benefits payable during the nineteen hundred ninety-four—nineteen hundred ninety-five fiscal year by pension fund, subchapter one to police subchapter one beneficiaries; and
(C) the amount of supplemental benefits payable during the nineteen hundred ninety-four—nineteen hundred ninety-five fiscal year, including the increase in certain of such benefits provided by paragraph four of subdivision a of section 13-687 of this title, as added by the chapter of the laws of nineteen hundred ninety-five which added this subparagraph, by the city supplemental pension fund established under section 13-650 of this title to police subchapter one beneficiaries.
(e) (i) Notwithstanding the preceding subparagraphs of this paragraph or any other provision of law to the contrary, the normal contribution payable to the contingent reserve fund in fiscal year two thousand eleven—two thousand twelve, and in each fiscal year thereafter, shall be the entry age normal contribution, as determined by the actuary pursuant to this subparagraph in a manner consistent with the entry age actuarial cost method. The actuary shall determine the entry age normal contribution for each such fiscal year as of June thirtieth of the second fiscal year preceding the fiscal year in which such normal contribution is payable, based on the latest mortality and other tables applicable at the time he or she performs such calculations, and the valuation rate of interest as provided for the pension fund in paragraph two of subdivision b of section 13-638.2 of this title.
(ii) In calculating the entry age normal contribution payable in any such fiscal year pursuant to this subparagraph, the actuary, in his or her discretion, may make certain adjustments in the calculation methodology, provided that such adjustments are generally accepted as consistent with the entry age actuarial cost method, and are designed, in general, to fund, on a level basis over the working lifetimes of members from their ages at entry, the actuarial present value of benefits to which such members are expected to become entitled, as determined by the actuary. Such generally accepted adjustments in the calculation methodology, in the discretion of the actuary, may include, but are not limited to, the calculation of the entry age normal contribution (A) on an individual member basis by calculating the amount of the entry age normal contribution attributable to each individual member, and then adding together such individual member amounts, (B) on an aggregate basis for all members or (C) on any combination of an individual member basis and an aggregate basis which is consistent with the entry age actuarial cost method, and the preceding provisions of this item.
(iii) For each such fiscal year, the actuary, in his or her discretion, shall determine, in accordance with the provisions of item (ii) of this subparagraph, the methodology for calculating the entry age normal contribution payable for that particular fiscal year.
(iv) The methodology determined by the actuary in accordance with item (iii) of this subparagraph may provide for the actuary to calculate the entry age normal contribution on an individual member basis by (A) multiplying the entry age normal contribution rate for each individual member, as determined by the actuary, by the salary expected to be paid to that member during the fiscal year in which such normal contribution is payable, and (B) calculating the sum of the individual entry age normal contributions attributable to all such members. The actuary, in his or her discretion, may make any adjustments to such methodology for determining the entry age normal contribution on an individual basis which he or she deems appropriate, and which are consistent with the provisions of item (ii) of this subparagraph.
(v) In the alternative, the methodology determined by the actuary in accordance with item (iii) of this subparagraph may provide for the actuary to calculate the entry age normal contribution on an aggregate basis by multiplying the entry age normal contribution rate for all members in the aggregate, as determined by the actuary, by the aggregate amount of the salaries expected to be paid to all members during the fiscal year in which the normal contribution is payable. The actuary, in his or her discretion, may make any adjustments to such methodology for determining the entry age normal contribution on an aggregate basis which he or she deems appropriate, and which are consistent with the provisions of item (ii) of this subparagraph.
(vi) In the alternative, the methodology determined by the actuary in accordance with item (iii) of this subparagraph may provide for the calculation of the entry age normal contribution on any other basis which the actuary deems appropriate, and which is consistent with the entry age actuarial cost method and the provisions of item (ii) of this subparagraph.
(vii) (A) Where the methodology determined by the actuary in accordance with item (iii) of this subparagraph requires the determination of an entry age normal contribution rate for each individual member in order to calculate the entry age normal contribution for each individual member, the actuary shall determine such rate for each such member in accordance with the entry age actuarial cost method, and such rate, as determined by the actuary for each such member, shall be consistent with a method designed, in general, to fund, on a level basis over the working lifetime of that particular member from his or her age at entry, the actuarial present value of benefits to which such member is expected to become entitled, as determined by the actuary.
(B) Where the methodology determined by the actuary in accordance with item (iii) of this subparagraph requires the determination of an entry age normal contribution rate for all members in the aggregate in order to calculate the entry age normal contribution for all members in the aggregate, the actuary shall determine such rate in accordance with the entry age actuarial cost method, and such rate, as determined by the actuary, shall be consistent with a method designed, in general, to fund, on a level basis over the working lifetimes of members from their ages at entry, the actuarial present value of benefits to which such members are expected to become entitled, as determined by the actuary.
(3) Unfunded accrued liability contributions.—
(a) The original unfunded accrued liability contribution shall be an amount which, if paid to the contingent reserve fund in forty equal annual installments, commencing with payment of a first installment in the city’s nineteen hundred seventy-seven-nineteen hundred seventy-eight fiscal year would be the actuarial equivalent, on the basis of five and one-half percentum interest and the actuarial tables in effect as of July first, nineteen hundred seventy-seven, of the difference between the accrued liability excluding the liability for benefits attributable to the annuity savings fund on June thirtieth, nineteen hundred seventy-five and the total funds on hand, excluding the amount in the annuity savings fund, but including the amount of any unpaid moneys appropriated pursuant to section 13-231 of this subchapter.
(b) (i) The revised unfunded accrued liability contribution shall be an amount determined as prescribed in items (ii), (iii), (iv), (v), (vi) and (vii) of this subparagraph (b).
(ii) To the amount of the difference constituting the unfunded accrued liability as of June thirtieth, nineteen hundred seventy-five heretofore determined pursuant to the provisions of this paragraph three as in effect on July first, nineteen hundred seventy-seven, there shall be added interest thereon at the rate of five and one-half per centum per annum for the period from July first, nineteen hundred seventy-five to June thirtieth, nineteen hundred eighty.
(iii) (A) There shall be computed, in the manner provided for in subitem (B) of this item (iii), the discounted value of each of the installments of the unfunded accrued liability contribution which, in the absence of the enactment of chapter nine hundred fifty-seven of the laws of nineteen hundred eighty-one, where payable or would have been payable in the city’s nineteen hundred seventy-seven-nineteen hundred seventy-eight, nineteen hundred seventy-eight-nineteen hundred seventy-nine, nineteen hundred seventy-nine-nineteen hundred eighty, nineteen hundred eighty-nineteen hundred eighty-one and nineteen hundred eighty-one-nineteen hundred eighty-two fiscal years.
(B) Such discounted value of each such installment shall be computed as of January first of the city’s second fiscal year preceding the fiscal year in which such installment was payable or would have been payable and on the basis of five and one-half per centum interest per annum on the amount of such installment.
(C) There shall be computed with respect to such discounted value of each such installment, interest thereon from January first of such second fiscal year preceding the fiscal year in which such installment was or would have been payable to June thirtieth, nineteen hundred eighty at the rate of five and one-half per centum per annum.
(D) The discounted values of all of such installments with respect to such fiscal years, computed as provided for in sub-items (A) and (B) of this item (iii), together with interest on each such installment as provided for in sub-item (C) of this item, shall be added together.
(iv) From the sum computed pursuant to item (ii) of this subparagraph (b), the sum computed pursuant to item (iii) of this subparagraph shall be subtracted.
(v) With respect to each city fiscal year occurring during the period beginning on July first, nineteen hundred eighty and ending on June thirtieth, nineteen hundred eighty-two, the revised unfunded accrued liability contribution shall be the annual installment, applicable to such fiscal year, of an amount which, if paid to the contingent reserve fund in thirty-five equal annual installments, commencing with payment of a first installment in the city’s nineteen hundred eighty-nineteen hundred eighty-one fiscal year, would be the actuarial equivalent, on the basis of seven and one-half per centum interest per annum, of the remainder computed pursuant to item (iv) of this subparagraph.
(vi) With respect to each city fiscal year occurring during the period beginning on July first, nineteen hundred eighty-two and ending on June thirtieth, nineteen hundred eighty-eight, the revised unfunded accrued liability contribution shall be the annual installment, applicable to such fiscal year, of an amount which, if paid to the contingent reserve fund in thirty-three equal annual installments, commencing with payment of a first installment in the city’s nineteen hundred eighty-two-nineteen hundred eighty-three fiscal year, would be the actuarial equivalent, on the basis of eight per centum interest per annum, of the present value, as of June thirtieth, nineteen hundred eighty-two on the basis of seven and one-half per centum interest per annum, of those installments of the unfunded accrued liability contribution computed pursuant to item (v) of this subparagraph (b), which installments are hypothetically allocated by such item (v) to designated city fiscal years succeeding June thirtieth, nineteen hundred eighty-two.
(vii) With respect to each city fiscal year occurring during the period beginning on July first, nineteen hundred eighty-eight and ending on June thirtieth, two thousand fifteen, the revised unfunded accrued liability contribution shall be the annual installment, applicable to such fiscal year, of an amount which, when paid to the contingent reserve fund in twenty-seven equal annual installments, commencing with payment of a first installment in the city’s nineteen hundred eighty-eight-nineteen hundred eighty-nine fiscal year, shall be the actuarial equivalent, on the basis of eight and one-quarter per centum interest per annum, of the present value, as of June thirtieth, nineteen hundred eighty-eight on the basis of eight per centum interest per annum, of those installments of the unfunded accrued liability contribution computed pursuant to item (vi) of this subparagraph (b), which installments are hypothetically allocated by such item (vi) to designated city fiscal years succeeding June thirtieth, nineteen hundred eighty-eight.
(c) (i) The nineteen hundred eighty unfunded accrued liability adjustment shall be an amount determined as prescribed in items (ii), (iii), (iv) and (v) of this subparagraph (c).
(ii) (A) Upon the basis of the actuarial tables in effect as of June thirtieth, nineteen hundred eighty, for valuation purposes and interest at the rate of seven and one-half per centum per annum, there shall be determined, as of June thirtieth, nineteen hundred eighty, the amount of the total liability for all benefits provided in this subchapter, in article eleven of the retirement and social security law, in article fourteen of the retirement and social security law (if applicable) and in any other law prescribing benefits payable by the pension fund on account of all members and beneficiaries, excluding the liability on account of future increased-take-home-pay contributions, if any, and the liability for benefits attributable to the annuity savings fund.
(B) From such total liability computed pursuant to sub-item (A) of this item (ii), there shall be subtracted the sum of:
(1) the present value, as of June thirtieth, nineteen hundred eighty, of all future normal costs of the pension fund, computed pursuant to the entry age normal cost method of determining such normal costs; and
(2) the present value, as of such June thirtieth, of all future installments of the balance sheet liability contribution (as defined in paragraph four of this subdivision b); and
(3) the present value, as of such June thirtieth, of all then required future payments, pursuant to section 13-704 of this title, of installments of losses in excess of installments of gains on dispositions of securities within the meaning of such section; and
(4) the present value, as of such June thirtieth, of future member contributions of members, if any, subject to article fourteen of the retirement and social security law; and
(5) the total funds on hand as of such June thirtieth, excluding the amount in the annuity savings fund, but including the amount of any unpaid moneys appropriated pursuant to section 13-231 of this subchapter.
(iii) (A) If the amount computed pursuant to sub-item (B) of item (ii) of this subparagraph (c) is larger than the amount computed pursuant to item (iv) of subparagraph (b) of this paragraph (3), the latter amount shall be subtracted from the former amount and the remainder resulting from such subtraction shall constitute a charge.
(B) If the amount computed pursuant to sub-item (B) of item (ii) of this subparagraph (c) is smaller than the amount computed pursuant to item (iv) of subparagraph (b) of this paragraph, the former amount shall be subtracted from the latter amount and the remainder resulting from such subtraction shall constitute a credit.
(iv) (A) If the remainder computed pursuant to item (iii) of this subparagraph is a charge, the nineteen hundred eighty unfunded accrued liability adjustment shall be an amount which, if paid to the contingent reserve fund in thirty equal annual installments, commencing with payment of a first installment in the city’s nineteen hundred eighty-nineteen hundred eighty-one fiscal year, would be the actuarial equivalent, on the basis of seven and one-half per centum interest per annum, of such remainder.
(B) If the remainder computed pursuant to item (iii) of this subparagraph is a credit, the nineteen hundred eighty unfunded accrued liability adjustment shall be an amount which, if credited in thirty equal annual installments (the first of which installments is to be credited in the city’s nineteen hundred eighty-nineteen hundred eighty-one fiscal year) in reduction of the amount which the city would otherwise be required to pay to the contingent reserve fund pursuant to items (i), (iii), (iv), (v), (vi) and (vii) of subparagraph (a) of paragraph (1) of this subdivision b or otherwise pursuant to law, would be the actuarial equivalent, on the basis of seven and one-half per centum interest per annum, of such remainder.
(v) (A) With respect to determination of the amount of contributions payable to the contingent reserve fund in each of the city’s nineteen hundred eighty-nineteen hundred eighty-one and nineteen hundred eighty-one-nineteen hundred eighty-two fiscal years, the annual installment of the nineteen hundred eighty unfunded accrued liability adjustment computed pursuant to item (iv) of this subparagraph (c), which installment is applicable to such fiscal year, shall be applied as a charge or a credit, as the case may be, in relation to such contributions payable in such fiscal year.
(B) With respect to determination of the amount of contributions payable to the contingent reserve fund in each city fiscal year occurring during the period beginning on July first, nineteen hundred eighty-two and ending on June thirtieth, nineteen hundred eighty-eight, the nineteen hundred eighty unfunded accrued liability adjustment shall be an amount which, if paid (if a charge) or credited (if a credit) in twenty-eight equal annual installments, commencing with a payment or credit, as the case may be, in the city’s nineteen hundred eighty-two-nineteen hundred eighty-three fiscal year, would be the actuarial equivalent, on the basis of eight per centum interest per annum, of the present value, as of June thirtieth, nineteen hundred eighty-two on the basis of seven and one-half per centum interest per annum, of those installments of the nineteen hundred eighty unfunded accrued liability adjustment computed pursuant to item (iv) of this subparagraph (c), which installments are hypothetically allocated by such item (iv) to designated city fiscal years succeeding June thirtieth, nineteen hundred eighty-two.
(C) With respect to determination of the amount of contributions payable to the contingent reserve fund in each city fiscal year occurring during the period beginning on July first, nineteen hundred eighty-eight and ending on June thirtieth, two thousand ten, the nineteen hundred eighty unfunded accrued liability adjustment shall be an amount which, when paid (if a charge) or credited (if a credit) in twenty-two equal annual installments, commencing with a payment or credit, as the case may be, in the city’s nineteen hundred eighty-eight-nineteen hundred eighty-nine fiscal year, shall be the actuarial equivalent, on the basis of eight and one-quarter per centum interest per annum, of the present value, as of June thirtieth, nineteen hundred eighty-eight on the basis of eight per centum interest per annum, of those installments of the nineteen hundred eighty unfunded accrued liability adjustment computed pursuant to sub-item (b)* of this item (v), which installments are hypothetically allocated by such sub-item (b) to designated city fiscal years succeeding June thirtieth, nineteen hundred eighty-eight.
(D) With respect to determination of the amount of contributions payable to the contingent reserve fund in each of such city fiscal years referred to in sub-item (B) or sub-item (C) of this item (v), the annual installment of the nineteen hundred eighty unfunded accrued liability adjustment computed pursuant to sub-item (B) or sub-item (C) of this item (v), which installment is applicable to such fiscal year, shall be applied as a charge or credit, as the case may be, in relation to such contributions payable in such fiscal year.
(d) (i) The nineteen hundred eighty-two unfunded accrued liability adjustment shall be an amount determined as prescribed in items (ii), (iii), (iv) and (v) of this subparagraph (d).
(ii) Upon the basis of the actuarial tables in effect as of June thirtieth, nineteen hundred eighty-one for valuation purposes and interest at the rate of seven and one-half per centum per annum, there shall be determined, as of June thirtieth, nineteen hundred eighty-two, the amount of the actuarial accrued liability of the pension fund, computed pursuant to the entry age normal cost method of ascertaining such actuarial accrued liability.
(iii) Upon the basis of the actuarial tables in effect as of June thirtieth, nineteen hundred eighty-two for valuation purposes and interest at the rate of eight per centum per annum, there shall be determined, as of June thirtieth, nineteen hundred eighty-two, the amount of the actuarial accrued liability of the pension fund, computed pursuant to the entry age normal cost method of ascertaining such actuarial accrued liability.
(iv) With respect to determination of the amount of contributions payable to the contingent reserve fund in each city fiscal year occurring during the period beginning on July first, nineteen hundred eighty-two and ending on June thirtieth, nineteen hundred eighty-eight, the nineteen hundred eighty-two unfunded accrued liability adjustment shall be an amount which, if credited in thirty equal annual installments (the first of which installments is to be credited in the city’s nineteen hundred eighty-two-nineteen hundred eighty-three fiscal year) in reduction of the amounts which the city would otherwise be required to pay to the contingent reserve fund pursuant to items (i), (iii), (iv), (vi) and (vii) of subparagraph (a) of paragraph (1) of this subdivision b or otherwise pursuant to law, would be the actuarial equivalent, on the basis of eight per centum interest per annum, of the excess of the amount computed pursuant to item (ii) of this subparagraph (d) over the amount computed pursuant to item (iii) of this subparagraph.
(v) With respect to determination of the amount of contributions payable to the contingent reserve fund in each city fiscal year occurring during the period beginning on July first, nineteen hundred eighty-eight and ending on June thirtieth, two thousand twelve, the nineteen hundred eighty-two unfunded accrued liability adjustment shall be an amount which, when credited in twenty-four equal annual installments (the first of which installments is to be credited in the city’s nineteen hundred eighty-eight-nineteen hundred eighty-nine fiscal year) in reduction of the amounts which the city would otherwise be required to pay to the contingent reserve fund pursuant to items (i), (iii), (iv), (vi) and (vii) of subparagraph (a) of paragraph (1) of this subdivision b or otherwise pursuant to law, shall be the actuarial equivalent, on the basis of eight and one-quarter per centum interest per annum, of the present value, as of June thirtieth, nineteen hundred eighty-eight on the basis of eight per centum interest per annum, of those installments of the nineteen hundred eighty-two unfunded accrued liability adjustment computed pursuant to item (iv) of this subparagraph (d), which installments are hypothetically allocated by such item to designated city fiscal years succeeding June thirtieth, nineteen hundred eighty-eight.
(e) (i) The nineteen hundred eighty-five unfunded accrued liability adjustment shall be an amount determined as prescribed in items (ii), (iii) and (iv) of this subparagraph (e).
(ii) Upon the basis of the actuarial tables in effect for valuation purposes with respect to determination of the normal contribution payable to the contingent reserve fund in the city’s nineteen hundred eighty-four-nineteen hundred eighty-five fiscal year and interest at the rate of eight per centum per annum, there shall be determined, as of June thirtieth, nineteen hundred eighty-five, the amount of the actuarial accrued liability of the pension fund, computed pursuant to the entry age normal cost method of ascertaining such actuarial accrued liability.
(iii) Upon the basis of the actuarial tables in effect for valuation purposes with respect to determination of the normal contribution payable to the contingent reserve fund in the city’s nineteen hundred eighty-five-nineteen hundred eighty-six fiscal year and interest at the rate of eight per centum per annum, there shall be determined, as of June thirtieth, nineteen hundred eighty-five, the amount of the actuarial accrued liability of the pension fund, computed pursuant to the entry age normal cost method of ascertaining such actuarial accrued liability.
(iv) (A) The nineteen hundred eighty-five unfunded accrued liability adjustment, for each city fiscal year occurring during the period beginning on July first, nineteen hundred eighty-five and ending on June thirtieth, nineteen hundred eighty-eight, shall be an amount which if paid to the contingent reserve fund in thirty equal annual installments, commencing with payment of a first installment in the city’s nineteen hundred eighty-five-nineteen hundred eighty-six fiscal year, would be the actuarial equivalent, on the basis of eight per centum interest per annum, of the excess of the amount computed pursuant to item (iii) of this subparagraph (e) over the amount computed pursuant to item (ii) of this subparagraph.
(B) The nineteen hundred eighty-five unfunded accrued liability adjustment for each city fiscal year occurring during the period beginning on July first, nineteen hundred eighty-eight and ending on June thirtieth, two thousand fifteen, shall be an amount which, when paid to the contingent reserve fund in equal annual installments, commencing with payment of a first installment in the city’s nineteen hundred eighty-eight-nineteen hundred eighty-nine fiscal year, shall be the actuarial equivalent, on the basis of eight and one-quarter per centum interest per annum, of the present value, as of the June thirtieth, nineteen hundred eighty-eight on the basis of eight per centum interest per annum, of those installments of the unfunded accrued liability adjustment computed pursuant to sub-item (A) of this item (iv), which installments are hypothetically allocated by such sub-item (A) to designated city fiscal years succeeding June thirtieth, nineteen hundred eighty-eight.
(4) (a) As used in this section, the following words and phrases, unless a different meaning is plainly required by the context, shall have the following meanings:
(i) (A) “Normal contribution for balance sheet liability purposes”. The hypothetical amount which the normal contribution payable in each city fiscal year occurring during the period beginning on July first, nineteen hundred seventy-four and ending on June thirtieth, nineteen hundred eighty would have equalled if such normal contribution had been required by law to be paid to the contingent reserve fund in the city fiscal year in which the obligation to make such normal contribution had been required by law to be determined in the manner provided for in subitems (B), (C) and (D) of this item (i).
(B) Upon the basis of the mortality and other tables effective under this subchapter as of July first, nineteen hundred seventy-seven and interest at the rate of five and one-half per centum per annum, the actuary shall determine, as of June thirtieth next preceding each such fiscal year for which such normal contribution is being determined (hereinafter referred to as the “subject fiscal year”) the amount of the then total liability for all benefits provided in this subchapter, in article eleven of the retirement and social security law, in any other law prescribing benefits payable by the pension fund in article fourteen of such law (if applicable) and in any other law prescribing benefits payable by the pension fund on account of all then members and beneficiaries, excluding the then liability on account of future annual contributions, for balance sheet liability purposes, on account of reserves-for-increased-take-home-pay (as defined in item (iv) of this subparagraph (a)*, if any, and the then liability for benefits attributable to the annuity savings fund.
(C) The hypothetical normal rate of contribution with respect to the subject fiscal year shall be the rate per centum obtained:
(1) by deducting from the amount of such total liability the sum of:
(A) the present value of all then required future unfunded accrued liability contributions for balance sheet liability purposes (as defined in item (ii) of this subparagraph (a)); and
(B) the present value of all then required future annual contributions, for balance sheet liability purposes, on account of amortization of losses on dispositions of certain securities within the meaning of section 13-704 of this title (as defined in item (iii) of this subparagraph (a)); and
(C) the present value of future member contributions of members, if any, subject to article fourteen of the retirement and social security law; and
(D) the amount obtained by adding together the total funds on hand (excluding therefrom the amount in the annuity savings fund) and the balance sheet liability as of such June thirtieth next preceding the subject fiscal year; and
(2) by dividing the remainder by one per centum of the then present value of the prospective future salaries of all members, as computed on the basis of the mortality and service tables adopted pursuant to section 13-221 of this subchapter and in effect on July first, nineteen hundred seventy-seven, and on the basis of interest at the rate of five and one-half per centum per annum.
(D) The amount of the normal contribution for balance sheet liability purposes hypothetically payable in the subject fiscal year shall be the amount obtained (1) by multiplying such hypothetical normal contribution rate computed with respect to the subject fiscal year by the aggregate annual salaries of the members as of June thirtieth of the subject fiscal year and (2) by adding to the product of such multiplication, interest on such product at the rate of five and one-half per centum per annum for a period of six months.
(ii) “Unfunded accrued liability contribution for balance sheet liability purposes”.
(A) With respect to the city’s nineteen hundred seventy-four-nineteen hundred seventy-five fiscal year, such term shall mean a hypothetical amount which, if paid to the contingent reserve fund in forty equal annual installments, beginning with payment of a first installment in the city’s nineteen hundred seventy-four-nineteen hundred seventy-five fiscal year, would be the actuarial equivalent, on the basis of interest at the rate of five and one-half per centum per annum, of the remainder computed in the manner prescribed by sub-items (B) and (C) of this item (ii).
(B) Upon the basis of the actuarial tables in effect as of July first, nineteen hundred seventy-seven for valuation purposes and interest at the rate of five and one-half per centum per annum, there shall be computed, as of June thirtieth, nineteen hundred seventy-four, the amount of the total liability for all benefits provided by this subchapter, in article eleven of the retirement and social security law and in any other law prescribing benefits payable by the pension fund on account of all members and beneficiaries, excluding the liability on account of future increased-take-home-pay contributions and the liability for benefits attributable to the annuity savings fund.
(C) From such total liability computed pursuant to sub-item (B) of this item (ii) there shall be subtracted the sum of:
(1) the present value, as of June thirtieth, nineteen hundred seventy-four, of all future normal costs of the pension fund, computed pursuant to the entry age normal cost method of determining such normal cost; and
(2) the present value, as of such June thirtieth, of all then required future payments, pursuant to section 13-704 of this title (as then in effect), of installments of losses in excess of installments of gains on dispositions of securities within the meaning of such section; and
(3) the sum obtained by adding together the balance sheet liability as of such June thirtieth (as such liability is determined pursuant to the provisions of subparagraph (b) of this paragraph four) and the total funds on hand as of such June thirtieth, excluding the amount in the annuity savings fund, but including the amount of any unpaid moneys appropriated pursuant to section 13-231 of this subchapter.
(D) With respect to each of the city’s fiscal years occurring during the period from July first, nineteen hundred seventy-five to June thirtieth, nineteen hundred eighty, such term shall mean a hypothetical amount which, if paid to the contingent reserve fund in forty equal annual installments, beginning with payment of a first installment in the city’s nineteen hundred seventy-five-nineteen hundred seventy-six fiscal year, would be the actuarial equivalent, on the basis of interest at the rate of five and one-half per centum per annum, of the remainder computed pursuant to sub-items (E) and (F) of this item (ii).
(E) Upon the basis of the actuarial tables in effect as of July first, nineteen hundred seventy-seven for valuation purposes and interest at the rate of five and one-half per centum per annum, there shall be computed, as of June thirtieth, nineteen hundred seventy-five, the amount of the total liability for all benefits provided by this chapter, in article eleven of the retirement and social security law and in any other law prescribing benefits payable by the retirement system on account of all members and beneficiaries, excluding the liability on account of future increased-take-home-pay contributions and the liability for benefits attributable to the annuity savings fund.
(F) From such total liability computed pursuant to sub-item (E) of this item (ii), there shall be subtracted the sum of:
(1) the present value, as of June thirtieth, nineteen hundred seventy-five, of all future normal costs of the pension fund, computed pursuant to the entry age normal cost method of determining such normal costs; and
(2) the present value, as of such June thirtieth, of all then required future payments, pursuant to section 13-704 of this title (as then in effect), of installments of losses in excess of installments of gains on dispositions of securities within the meaning of such section; and
(3) the sum obtained by adding together the balance sheet liability as of such June thirtieth (as such liability is determined pursuant to the provisions of subparagraphs (c) to (i) inclusive, of this paragraph four) and the total funds on hand, as of such June thirtieth, excluding the amount in the annuity savings fund, but including the amount of any unpaid moneys appropriated pursuant to section 13-231 of this subchapter.
(iii) “Annual contribution, for balance sheet liability purposes, on account of amortization of losses on dispositions of certain securities within the meaning of section 13-704 of this title”. A hypothetical annual payment to the contingent reserve fund in each of the city’s fiscal years occurring during the period beginning on July first, nineteen hundred seventy-four and ending on June thirtieth, nineteen hundred eighty, of the amount of the excess of installments (payable in such year) of losses on prior dispositions of securities within the meaning of section 13-704 of this title over the installments (creditable in such year) of gains on such prior dispositions, which annual amount shall be determined in the manner provided in subdivision h of such section 13-704 of this title.
(iv) “Annual contribution, for balance sheet liability purposes, on account of reserves-for-increased-take-home-pay”. A hypothetical annual payment to the contingent reserve fund in each of the city’s fiscal years occurring during the period from July first, nineteen hundred seventy-four to June thirtieth, nineteen hundred eighty, of the amount required to fulfill the public employer obligation, which accrued in such year, to make contributions on account of increased-take-home-pay.
(v) “Annual military law contribution for balance sheet liability purposes”. A hypothetical annual payment to the contingent reserve fund in each of the city’s fiscal years occurring during the period beginning on July first, nineteen hundred seventy-four and ending on June thirtieth, nineteen hundred eighty, of the amount required to fulfill the public employer obligation, which accrued in such year under the provisions of subdivision twenty of section two hundred forty-three of the military law, to pay in behalf of members qualifying for such benefit, member contributions with respect to certain periods of military service of such members.
(vi) “Deficiency contribution”. The annual amount which, under the provisions of paragraph one of this subdivision b and paragraph three thereof, as such provisions were in effect during the period from July first, nineteen hundred seventy-two to June thirtieth, nineteen hundred seventy-seven, the city was required to pay to the contingent reserve fund in each of the city’s nineteen hundred seventy-four-nineteen hundred seventy-five, nineteen hundred seventy-five-nineteen hundred seventy-six and nineteen hundred seventy-six-nineteen hundred seventy-seven fiscal years.
(vii) “Contribution on account of amortization, pursuant to section 13-704 of this title, of losses on dispositions of certain securities”. The total annual amount by which the sum of the installments of losses, payable pursuant to section 13-704 of this title (as in effect prior to July first, nineteen hundred eighty) in each of the city’s fiscal years occurring during the period from July first, nineteen hundred seventy-four to June thirtieth, nineteen hundred eighty in relation to dispositions of securities within the meaning of such section, exceeds the sum of the installments of gains creditable in the same fiscal year in relation to the same dispositions of securities.
(b) The balance sheet liability as of June thirtieth, nineteen hundred seventy-four shall be the sum of two hundred fifty-two million, three hundred fifty-two thousand, six hundred ninety-nine dollars ($252,352,699), consisting of the sum of:
(i) the discounted value, as of June thirtieth, nineteen hundred seventy-four, of the sum of ninety-five million, seven hundred thousand dollars ($95,700,000), which constituted the amount payable into the contingent reserve fund in the city’s nineteen hundred seventy-four-nineteen hundred seventy-five fiscal year by the city in fulfillment of its obligations to make contributions to the pension fund payable in such fiscal year, such discounting being calculated on the basis of interest at the rate of five and one-half per centum per annum and a discount period of six months extending retroactively from January first, nineteen hundred seventy-five to June thirtieth, nineteen hundred seventy-four, and such discounted value being the sum of ninety-three million, one hundred seventy-two thousand, eighty-five dollars ($93,172,085); and
(ii) the discounted value, as of June thirtieth, nineteen hundred seventy-four, of the sum of one hundred seventy-two million, four hundred ninety-one thousand, nine hundred ninety-four dollars ($172,491,994), which constituted the amount payable to the contingent reserve fund in the city’s nineteen hundred seventy-five-nineteen hundred seventy-six fiscal year by the city in fulfillment of its obligations to make contributions to the pension fund payable in such fiscal year, such discounting being calculated on the basis of interest at the rate of five and one-half per centum per annum and a discount period of eighteen months extending retroactively from January first, nineteen hundred seventy-six to June thirtieth, nineteen hundred seventy-four, and such discounted value being the sum of one hundred fifty-nine million, one hundred eighty thousand, six hundred fourteen dollars ($159,180,614).
(c) The balance sheet liability, as of each June thirtieth succeeding June thirtieth, nineteen hundred seventy-four to and including June thirtieth, nineteen hundred eighty, shall be determined as provided for in subparagraphs (d) to (j), inclusive, of this paragraph four.
(d) To the amount of the balance sheet liability as of June thirtieth next preceding the June thirtieth (which last-mentioned June thirtieth is hereinafter referred to as the “subject June thirtieth”) as of which the balance sheet liability is being determined as provided for in subparagraph (c) of this paragraph four, there shall be added one year’s interest on such amount at the rate of five and one-half per centum per annum.
(e) With respect to the city’s fiscal year ending on the subject June thirtieth (hereinafter referred to as the “subject fiscal year”) there shall be added together the contribution components hereinafter specified in this subparagraph (e), which components, for the purposes of this paragraph four, are hypothetically deemed to have accrued in the subject fiscal year and to have been payable therein, as follows:
(i) the amount of the normal contribution for balance sheet liability purposes (as defined in item (i) of subparagraph (a) of this paragraph four); and
(ii) the amount of the applicable installment of the unfunded accrued liability contribution for balance sheet liability purposes (as defined in item (ii) of subparagraph (a) of this paragraph); and
(iii) the amount of the annual contribution, for balance sheet liability purposes, on account of amortization of losses on dispositions of certain securities within the meaning of section 13-704 of this title (as defined in item (iii) of subparagraph (a) of this paragraph); and
(iv) the amount of the annual contribution, for balance sheet liability purposes, on account of reserves-for-increased-take-home-pay (as defined in item (iv) of subparagraph (a) of this paragraph); and
(v) the amount of the annual military law contribution for balance sheet liability purposes (as defined in item (v) of subparagraph (a) of this paragraph).
(f) To the amount resulting from the addition prescribed by subparagraph (e) of this paragraph four, there shall be added interest thereon at the rate of five and one-half per centum per annum from January first of the subject fiscal year to June thirtieth of such fiscal year.
(g) The amount computed pursuant to subparagraph (d) of this paragraph four in relation to the balance sheet liability as of June thirtieth next preceding the subject June thirtieth (together with one year’s interest on such balance sheet liability as provided for in such subparagraph) shall be added to the amount computed pursuant to subparagraph (f) of this paragraph in relation to the subject fiscal year.
(h) From the amount computed pursuant to subparagraph (g) of this paragraph, there shall be subtracted the sum of:
(i) the total amount of the sums paid to the contingent reserve fund during the subject fiscal year by the city on account of its obligations, which accrued during the city’s second fiscal year preceding the subject fiscal year, to provide:
(A) the normal contribution payable in the subject fiscal year under the provisions of paragraphs one and two of this subdivision b as then in effect; and
(B) the installment of the deficiency contribution (as defined in item (vi) of subparagraph (a) of this paragraph four) or the installment of the original unfunded accrued liability contribution, (as defined in subparagraph (a) of paragraph three of this subdivision b), as the case may be, payable in the subject fiscal year; and
(C) the amount of the contribution on account of amortization, pursuant to section 13-704 of this title, of losses on dispositions of certain securities (as defined in item (vii) of subparagraph (a) of this paragraph four) payable in the subject fiscal year; and
(D) the amount payable in the subject fiscal year on account of reserves-for-increased-take-home-pay; and
(E) the amount payable in the subject fiscal year in behalf of members pursuant to subdivision twenty of section two hundred forty-three of the military law; plus
(ii) interest on such total amount referred to in item (i) of this subparagraph (h) at the rate of five and one-half per centum per annum from January first of the subject fiscal year to June thirtieth thereof.
(i) The remainder resulting from the subtraction prescribed by subparagraph (h) of this paragraph four shall be the balance sheet liability as of June thirtieth of the subject fiscal year.
(j) The balance sheet liability as of June thirtieth, nineteen hundred eighty shall be the amount resulting from the successive computations of the balance sheet liability as of each June thirtieth succeeding June thirtieth, nineteen hundred seventy-four up to and including June thirtieth, nineteen hundred eighty, as prescribed by subparagraphs (c) to (i), inclusive, of this paragraph four.
(k) The balance sheet liability contribution payable in the city’s nineteen hundred eighty-one-nineteen hundred eighty-two fiscal year shall be the first annual installment of an amount which, if paid to the contingent reserve fund in forty equal annual installments, commencing with payment of a first installment in the city’s nineteen hundred eighty-one-nineteen hundred eighty-two fiscal year, would be the actuarial equivalent, as of June thirtieth, nineteen hundred eighty-one, on the basis of seven and one-half per centum interest per annum, of an amount equal to the balance sheet liability as of June thirtieth, nineteen hundred eighty.
(l) The balance sheet liability contribution payable in each city fiscal year during the period beginning on July first, nineteen hundred eighty-two and ending on June thirtieth, nineteen hundred eighty-eight shall be one annual installment of an amount which, if paid to the contingent reserve fund in thirty-nine equal installments, commencing with a first payment in the city’s nineteen hundred eighty-two-nineteen hundred eighty-three fiscal year, would be the actuarial equivalent, as of June thirtieth, nineteen hundred eighty-two, on the basis of eight per centum interest per annum, of the present value, as of June thirtieth, nineteen hundred eighty-two on the basis of seven and one-half per centum interest per annum, of those installments of the balance sheet liability contribution computed pursuant to subparagraph (k) of this paragraph (4), which installments are hypothetically allocated by such subparagraph (k) to designated city fiscal years succeeding June thirtieth, nineteen hundred eighty-two.
(m) The balance sheet liability contribution payable in each city fiscal year during the period beginning on July first, nineteen hundred eighty-eight and ending on June thirtieth, two thousand twenty-one shall be one annual installment of an amount which, when paid to the contingent reserve fund in thirty-three equal annual installments, commencing with a first payment in the city’s nineteen hundred eighty-eight-nineteen hundred eighty-nine fiscal year, shall be the actuarial equivalent, as of June thirtieth, nineteen hundred eighty-eight, on the basis of eight and one-quarter per centum interest per annum, of the present value, as of June thirtieth, nineteen hundred eighty-eight on the basis of eight per centum interest per annum, of those installments of the balance sheet liability contribution computed pursuant to subparagraph (1) of this paragraph (4), which installments are hypothetically allocated by such subparagraph (1) to designated city fiscal years succeeding June thirtieth, nineteen hundred eighty-eight.
(5) Contributions to the contingent reserve fund payable by the city in fiscal years of the city beginning on or after July first, nineteen hundred ninety shall be governed by the provisions of this section, as modified and supplemented by sections 13-638.2 and 13-638.3 of this title, and such other laws as may be applicable.
(6) (a) On the basis of interest at the rate of eight and one-half per centum per annum and the actuarial tables in effect as of July first, nineteen hundred ninety-four, the actuary shall determine the present value as of such July first, of the future liability of the pension fund for paying all benefits and supplemental benefits on and after such date to police subchapter one beneficiaries (as defined in paragraph three of subdivision a of section 13-213.1 of this chapter), which liability is deemed to have been transferred to and assumed by the fund pursuant to subdivisions d, e and g of section 13-213.1 of this chapter as if such transfers actually had been made on such July first.
(b) The city shall pay to the contingent reserve fund in ten equal annual installments, commencing with payment of a first installment in the city’s nineteen hundred ninety-four—nineteen hundred ninety-five fiscal year, an amount which, when paid in such installments, is the actuarial equivalent of the amount determined pursuant to subparagraph (a) of this paragraph.
§ 13-229 Contributions of the city and their use; pension reserve fund.
The pension reserve fund shall be the fund from which shall be paid all pensions, and all pensions-provided-for-increased-take-home-pay, and all benefits in lieu of pensions, and all benefits in lieu of pensions-providing-for-increased-take-home-pay, if any, allowable by the city on account of the city-service of members. Should any pension or pension-providing-for-increased-take-home-pay payable from such pension reserve fund be cancelled, the pension reserve or reserve-for-increased-take-home-pay thereon shall thereupon be transferred from the pension reserve fund to the contingent reserve fund. Should any pension or pension-providing-for-increased-take-home-pay payable from such fund be reduced, the amount of the annual reduction in such pension or pension-providing-for-increased-take-home-pay shall be paid annually into the contingent reserve fund during the period of such reduction.
§ 13-230 Contributions of public benefit corporations and their use.
Notwithstanding the requirements of section 13-228 of this subchapter, of the amounts due from the city, all amounts due to the contingent reserve fund on account of any members of the pension fund during the period of their employment by any authority or body corporate and politic constituting a public benefit corporation or its successor, shall be paid by such employing authority or body corporate and politic or successor.
§ 13-231 Guarantee of funds.
(A) first, to pay into the funds of the pension fund the amounts of regular interest which are required to be paid into such funds in such fiscal year by reason of being required to be allowed to such funds pursuant to the provisions of section 13-234 of this subchapter, and to pay into such funds the amount of supplementary interest, if any, required to be so paid in such fiscal year under the applicable provisions of such section, and to pay into the annuity savings fund the amounts of special interest, if any, required to be so paid in such fiscal year under the applicable provisions of such section, and to pay into the contingent reserve fund the amounts of additional interest, if any, required to be paid in such fiscal year under the applicable provisions of such section;
(B) second, to pay into the contingent reserve fund the amount of any losses in excess of gains (i) which net losses the pension fund sustained during such fiscal year by reason of sales or other dispositions of securities, and (ii) for which net losses the pension fund is required to be reimbursed in such fiscal year, and (iii) to which net losses section 13-704 of this title, relating to graduated crediting of gains and amortization of losses on dispositions of certain securities, does not apply;
(C) third, if the total amount of such income, interest and dividends received during such fiscal year is in excess of the total amount required to make, in such fiscal year, the payments prescribed by subparagraphs (A) and (B) of this paragraph, the amount of such excess shall be paid into the contingent reserve fund and shall become a part of the assets of such fund.
(2) Notwithstanding the provisions of paragraph one of this subdivision or any other law to the contrary, any such income, interest or dividends which are received by the pension fund may be used for the purpose specified in section 13-705 of this title (relating to expenses incurred in the acquisition, management and protection of investments), regardless of when received and prior to use for the purposes stated in such paragraph one.
(3) (A) Notwithstanding any other provision of this section or any other law to the contrary, the term “all income, interest and dividends derived from deposits and investments”, as used in paragraph two of this subdivision (as such subdivision was in effect prior to July first, nineteen hundred eighty), shall be construed, in relation to disposition of all income, interest and dividends received by the pension fund in each of the city’s nineteen hundred seventy-six-nineteen hundred seventy-seven and nineteen hundred seventy-seven-nineteen hundred seventy-eight obligations fiscal years (as such fiscal years were defined by paragraph one of this subdivision prior to such July first) as meaning the remainder obtained:
(i) by subtracting from such income, interest and dividends the amount of any expenses charged thereto pursuant to the provisions of section 13-705 of this title; and
(ii) by subtracting from such amount computed pursuant to item (i) of this subparagraph (A) the amount, if any, required to be paid therefrom pursuant to section 13-232 of this subchapter; and
(iii) by subtracting from the amount computed pursuant to item (ii) of this subparagraph (A) the sum of:
(1) the amounts of regular, supplementary and special interest required to be allowed and paid into the appropriate funds of the retirement system in such fiscal year pursuant to the applicable provisions of section 13-234 of this subchapter; and
(2) the amount of any losses in excess of gains (a) which net losses were sustained by the pension fund during such fiscal year and which net losses were sustained by reason of sales or other dispositions of securities, and (b) to which net losses the provisions of section 13-704 of this title do not apply.
(B) for the purposes of the order of priority governing the disposition, in the payment fiscal year with respect to each such obligations fiscal year, of such remainder computed pursuant to subparagraph (A) of this paragraph three (as such disposition was prescribed by the provisions of this subdivision as in effect during each such payment fiscal year) the provisions of subparagraphs (A) and (B) of such paragraph two shall be deemed to have been inapplicable and the order of priority for such disposition shall be first, the use set forth in subparagraph (C) of such paragraph, second, the use set forth in subparagraph (D) of such paragraph, third, the use set forth in subparagraph (E) of such paragraph and fourth, the use set forth in subparagraph (F) of such paragraph, as such subparagraphs were in effect during such payment fiscal year.
(4) (a) Subject to the provisions of paragraph five of this subdivision b, all income, interest and dividends which were derived from deposits and investments authorized by this title and which were received during each of the city’s nineteen hundred seventy-eight-nineteen hundred seventy-nine and nineteen hundred seventy-nine-nineteen hundred eighty fiscal years shall be used (after payment therefrom of the sum, if any, required to be paid pursuant to section 13-232 of this subchapter* in each such fiscal year for the purposes hereinafter stated in this subparagraph (a), in the order of priority herein stated, as follows:
(A) first, (i) to pay into the funds of the pension fund the amounts of regular interest which are required to be paid into such funds in such fiscal year wherein such income, interest and dividends were received, which interest is so payable by reason of being required to be allowed to such funds in such fiscal year pursuant to the provisions of section 13-234 of this subchapter, and (ii) to pay into such funds the amounts of supplementary interest required to be so paid in such fiscal year under the applicable provisions of such section, and (iii) to pay into the annuity savings fund the amounts of special interest required to be so paid in such fiscal year under the applicable provisions of such section, and (iv) to pay into the contingent reserve fund the amounts of additional interest required to be paid in such fiscal year under the applicable provisions of such section;
(B) second, to pay into the contingent reserve fund the amount of any losses in excess of gains (i) which net losses were sustained by the pension fund during such fiscal year in which such income, interest and dividends were received and which net losses were sustained by reason of sales or other dispositions of securities, and (ii) for which net losses the pension fund is required to be reimbursed in such fiscal year, and (iii) to which net losses section 13-704 of this title, relating to graduated crediting of gains and amortization of losses on dispositions of certain securities, does not apply; and
(C) third, to pay into the contingent reserve fund the amount, if any, by which,
(i) the total of all losses which the pension fund sustained during such fiscal year by reason of sales of securities within the meaning of such section 13-704 of this title and which the responsible public employer, as defined in paragraph four of subdivision a of such section 13-704 of this title, would otherwise be required to amortize pursuant to such section, exceeds
(ii) the total of all gains which were realized during such fiscal year by reason of sales of securities within the meaning of such section and which would otherwise be required by such section to be credited in favor of the responsible public employer in installments.
(b) if the total amount of such income, interest and dividends received during each such fiscal year referred to in subparagraph (a) of this paragraph four is in excess of the total amount required to make, in the same fiscal year, the payments prescribed by items (A), (B) and (C) of such subparagraph (a), the amount of such excess shall be paid into the contingent reserve fund as of June thirtieth of such fiscal year and shall become a part of the assets of such fund as of such date.
(5) Notwithstanding the provisions of paragraph four of this subdivision or any other law to the contrary, any such income, interest or dividends which were received by the pension fund in either such fiscal year referred to in such paragraph four may be used for the purpose specified in section 13-705 of this title (relating to expenses incurred in the acquisition, management and protection of investment) prior to use for the purposes stated in such paragraph four.
(2) In the city’s nineteen hundred eighty-nineteen hundred eighty-one fiscal year and in each city fiscal year thereafter, the equal monthly payments shall be in respect of obligations which accrue in such fiscal year and shall be made in such fiscal year on or before the last day of each month.
(3) The board of trustees of the pension fund may waive the requirements of the foregoing provisions of this subdivision with respect to time of payment to such fund, provided that any such waiver of time of payment in any instance shall not apply to the time of subsequent payments unless there shall be a subsequent waiver.
§ 13-232 Payments to variable supplements funds.
1. “Base fiscal year”. Any fiscal year of the city beginning on or after July first, nineteen hundred sixty-nine, with respect to which fiscal year a computation of earnings differential, based on equity investments made or held by the pension fund during such fiscal year, is being made pursuant to this section.
2. “Current fiscal year”. The fiscal year of the city next succeeding the base fiscal year.
3. “Prior base fiscal year”. Any fiscal year of the city which begins on or after July first, nineteen hundred sixty-nine and which precedes the base fiscal year.
4. “Earnings differential”. The amount (expressed as a positive or negative quantity) by which the equity experience factor (expressed as a positive or negative quantity) with respect to the base fiscal year differs from the interest comparison factor with respect to the base fiscal year. If such equity experience factor is greater than such interest comparison factor, the difference between the two shall be expressed as a positive quantity. If such interest comparison factor is greater than such equity experience factor, the difference between the two shall be expressed as a negative quantity.
5. (a) “Equity experience factor”. An amount (expressed as a positive or negative quantity) equal to (i) the income earned by the pension fund during the base fiscal year from its investments in equities, plus (ii) the capital gains, realized or unrealized, occurring during such fiscal year by reason of such investments, less (iii) the capital losses, realized or unrealized, occurring during such fiscal year by reason of such investments.
(b) In the event that any equity is sold during the base fiscal year, the expense of such sale, including but not limited to broker’s commissions, shall be deducted from capital gain or added to capital loss, in determining whether such sale produced a capital gain or a capital loss and the amount thereof.
6. “Income.” Any yield of equities, including but not limited to dividends, other than capital gains.
7. “Hypothetical fixed income securities earnings.”
(a) The aggregate of the hypothetical interest yields computed pursuant to subparagraphs (b), (c) and (d) of this paragraph seven.
(b) The board shall compute with respect to each investment made or maintained by the pension fund in an equity during the base fiscal year, the amount of interest which would have been hypothetically earned during such fiscal year, under the methods of calculation prescribed in this subparagraph seven, if an amount equal to such investment had instead been hypothetically invested in fixed income securities and such securities had been held by such fund for a period (in the base fiscal year) co-extensive with the period during which such equity was held by such fund in the base fiscal year.
(c) For the purposes of this section, the amount of any such investment in an equity during the base fiscal year shall be deemed to be:
(i) the market value of the equity on the first day of the base fiscal year, in the case of any such equity acquired by the pension fund prior to the commencement of such fiscal year and held by such fund on the first day of such fiscal year; and
(ii) the total amount paid by such fund to acquire the equity, including but not limited to broker’s commissions and other expenses of such acquisition, in the case of any such equity which is acquired by such fund during the base fiscal year.
(d) For the purposes of this section, the amount of interest which would have been earned by the pension fund on such hypothetical fixed income securities during the base fiscal year shall be deemed to be the amount obtained:
(i) by multiplying the amount of the investment in such equity, determined as prescribed by subparagraph (c) of this paragraph seven, by the assumed rate of interest for the base fiscal year; and
(ii) by prorating the interest so computed, in any case where the investment in such equity was maintained by the pension fund for a part of the base fiscal year.
8. “Assumed rate of interest”.
(a) In relation to any base fiscal year, a hypothetical rate of interest, fixed as hereinafter in this paragraph eight prescribed, which shall be used for the purpose of the computing, pursuant to paragraph seven of this subdivision a, amounts of interest which would have been hypothetically earned on hypothetical investments of the pension fund in fixed income securities during such fiscal year.
(b) The board shall fix the assumed rate of interest with respect to each base fiscal year. In the event of a tie vote with respect to the fixation of such rate, it shall be fixed by an arbitrator designated by the board. If there is a tie vote as to the designation of such an arbitrator, such rate shall be fixed by an arbitrator appointed by the supreme court, on the application of any member of the board. The cost of any arbitration pursuant to the foregoing provisions of this subparagraph (b) shall be paid from transferable earnings.
9. “Six per cent interest offset”. In relation to any base fiscal year, the excess, if any, of the hypothetical fixed income securities earnings with respect to such year, over the amount which such earnings would be if they have been computed on the basis of an interest rate of six per cent, rather than on the basis of the assumed rate of interest; provided, however, that there shall be no six per cent interest offset with respect to any base fiscal year unless the hypothetical fixed income securities earnings with respect to such fiscal year exceeds the equity experience factor with respect to such fiscal year; and provided further that no six per cent interest offset with respect to any base fiscal year shall in any event exceed the amount obtained by subtracting the equity experience factor with respect to such fiscal year from the hypothetical fixed income securities earnings with respect to such fiscal year.
10. “Interest comparison factor”. In relation to any base fiscal year, the amount obtained by subtracting the six per cent interest offset, if any, with respect to such fiscal year, from the hypothetical fixed income securities earnings with respect to such fiscal year.
11. “Cumulative earnings differential for the base fiscal year”. In relation to a base fiscal year, the amount (expressed as a positive or negative quantity) obtained by adding to the earnings differential for such base fiscal year, the total of all earnings differentials for all prior base fiscal years.
12. “Transferable earnings”. In relation to a base fiscal year, the total amount required by the provisions of subdivision c of this section to be distributed, with respect to such base fiscal year, in the manner provided by subdivision d of this section.
13. “Cumulative distributions of transferable earnings for prior base fiscal years”. In relation to a base fiscal year, the total of all payments of transferable earnings made or required to be made by the pension fund to the police officer’s variable supplements fund and the superior police officers’ variable supplements fund with respect to all prior base fiscal years pursuant to subdivisions c and d of this section.
14. *Police officer’s variable supplements fund”. The police officer’s variable supplements fund established by subchapter three of this chapter.
15. “Police superior officers’ variable supplements fund”. The police superior officers’ variable supplements fund established by subchapter four of this chapter.
16. “Superior police officers”. Members of the uniformed force of the police department who (a) hold the position of sergeant or any position of higher rank in such force, or (b) are detectives.
(1) the earnings differential with respect to such base fiscal year, and the interest offset, if any, with respect to such fiscal year;
(2) the total contributions made to the police pension fund, subchapter two, with respect to such base fiscal year on behalf of all members of the uniformed force of the police department who are police officers, as of the last day of such base fiscal year; and
(3) the total contributions made to the police pension fund, subchapter two, with respect to such base fiscal year on behalf of all members of the uniformed force of the police department who are superior police officers, as of such last day.
(2) On or before August thirty-first of the current fiscal year, the pension fund shall pay from the contingent reserve fund to the police officer’s variable supplements fund and the superior police officers’ variable supplements fund their respective shares of such transferable earnings with respect to the base fiscal year, as such shares are computed pursuant to paragraph one of this subdivision d.
§ 13-232.1 Payments to police officer’s variable supplements fund for base fiscal years commencing on or after July first, nineteen hundred eighty-eight.
1. “Base fiscal year”. Any fiscal year of the city beginning on or after July first, nineteen hundred eighty-eight.
2. “Prior base fiscal year”. Any fiscal year of the city which begins on or after July first, nineteen hundred eighty-eight and which precedes the base fiscal year.
3. “Cumulative earnings factor as of June thirtieth, nineteen hundred eighty-eight”.
(a) An amount, expressed as a positive or negative quantity, as the case may be, which shall be determined in accordance with the method set forth in subpararaph (b) of this paragraph three.
(b) (i) The cumulative earnings differential for the base fiscal year (as defined in paragraph eleven of subdivision a of section 13-232 of this subchapter), as applicable to the nineteen hundred eighty-seven-nineteen hundred eighty-eight base fiscal year (as so defined) shall be computed pursuant to the provisions of such section 13-232.
(ii) The cumulative distributions of transferable earnings for prior base fiscal years (as defined in paragraph thirteen of subdivision a of such section 13-232) shall be computed pursuant to such section 13-232 with respect to such nineteen hundred eighty-seven-nineteen hundred eighty-eight base fiscal year.
(iii) The amount of transferable earnings (as defined in paragraph twelve of subdivision a of such section 13-232), if any, for the nineteen hundred eighty-seven-nineteen hundred eighty-eight base fiscal year, determined pursuant to such section 13-232, shall be added to the cumulative distributions of transferable earnings computed pursuant to item (ii) of this subparagraph (b).
(iv) The sum resulting from the addition prescribed by item (iii) of this subparagraph (b) shall be subtracted from the amount computed pursuant to item (i) of this subparagraph. The remainder resulting from the subtraction shall be the cumulative earnings factor as of June thirtieth, nineteen hundred eighty-eight.
4. “Earnings differential”. The amount (expressed as a positive or negative quantity) by which the equity experience factor (expressed as a positive or negative quantity) with respect to the base fiscal year differs from the hypothetical fixed income securities earnings with respect to the base fiscal year. If such equity experience factor is greater than such hypothetical fixed income securities earnings, the difference between the two shall be expressed as a positive quantity. If such hypothetical fixed income securities earnings are greater than such equity experience factor, the difference between the two shall be expressed as a negative quantity.
5. “Cumulative earnings factor”.
(a) The cumulative earnings factor for any base fiscal year shall be determined as follows:
(i) If the cumulative earnings factor for the immediately preceding base fiscal year was a positive quantity, the cumulative earnings factor for the base fiscal year shall be equal to the earnings differential for the base fiscal year.
(ii) If the cumulative earnings factor for the immediately preceding base fiscal year was a negative quantity, the cumulative earnings factor for the base fiscal year shall be equal to the sum of:
(A) the earnings differential for the base fiscal year; and
(B) the cumulative earnings factor for the immediately preceding base fiscal year, increased with interest at a rate equal to the assumed rate of interest fixed with respect to such base fiscal year pursuant to the provisions of paragraph eight of subdivision a of section 13-232 of this subchapter, as made applicable to this section 13-232.1 by subdivision a hereof.
(b) In applying the provisions of this paragraph five for the base fiscal year nineteen hundred eighty-eight-nineteen hundred eighty-nine, the term defined in paragraph three of this subdivision b as “cumulative earnings factor as of June thirtieth, nineteen hundred eighty-eight” shall be substituted for the term “cumulative earnings factor for the immediately preceding base fiscal year”.
6. “POVSF cumulative earnings factor”. With respect to any base fiscal year, the amount obtained by multiplying the cumulative earnings factor for such base fiscal year by a fraction, the numerator of which shall be the total contributions made to the police pension fund, subchapter two, with respect to such base fiscal year on behalf of all members of the uniformed force of the police department who are police officers, as of the last day of such base fiscal year, and the denominator of which shall be the total contributions made to such police pension fund with respect to such base fiscal year on behalf of all persons who are members of the uniformed force of the police department as of the last day of such base fiscal year.
7. “POVSF unfunded accrued liability”. In any case where the valuation of assets and liabilities of the police officer’s variable supplements fund by the actuary pursuant to subdivision e of section 13-270 of this chapter shows that for any base fiscal year, such liabilities exceed such assets, the term “POVSF unfunded accrued liability” shall mean the amount of the excess of such liabilities over the amount of such assets for such base fiscal year.
8. “Police officer”. A member of either this pension fund or the police pension fund provided for in subchapter one of this chapter who, at the time of retirement for service, was not a police superior officer as defined in subdivision four of section 13-278 of this chapter.
§ 13-232.2 Payments to police superior officers’ variable supplements fund for base fiscal years included in the period commencing on July first, nineteen hundred eighty-eight and ending on June thirtieth, nineteen hundred ninety-two.
1. “Base fiscal year”. Any fiscal year of the city included in the period beginning on July first, nineteen hundred eighty-eight and ending on June thirtieth, nineteen hundred ninety-two.
2. “Prior base fiscal year”. Any fiscal year of the city which begins on or after July first, nineteen hundred eighty-eight and which precedes the base fiscal year.
3. “Cumulative earnings factor as of June thirtieth, nineteen hundred eighty-eight”.
(a) An amount, expressed as a positive or negative quantity, as the case may be, which shall be determined in accordance with the method set forth in subparagraph (b) of this paragraph three.
(b) (i) The cumulative earnings differential for the base fiscal year (as defined in pararaph eleven of subdivision a of section 13-232 of this subchapter), as applicable to the nineteen hundred eighty-seven-nineteen hundred eighty-eight base fiscal year (as so defined) shall be computed pursuant to the provisions of such section 13-232.
(ii) The cumulative distributions of transferable earnings for prior base fiscal years (as defined in paragraph thirteen of subdivision a of such section 13-232) shall be computed pursuant to such section 13-232 with respect to such nineteen hundred eighty-seven-nineteen hundred eighty-eight base fiscal year.
(iii) The amount of transferable earnings (as defined in paragraph twelve of subdivision a of such section 13-232), if any, for the nineteen hundred eighty-seven-nineteen hundred eighty-eight base fiscal year, determined pursuant to such section 13-232, shall be added to the cumulative distributions of transferable earnings computed pursuant to item (ii) of this subparagraph (b).
(iv) The sum resulting from the addition prescribed by item (iii) of this subparagraph (b) shall be subtracted from the amount computed pursuant to item (i) of this subparagraph.
(v) The remainder resulting from the subtraction shall be the cumulative earnings factor as of June thirtieth, nineteen hundred eighty-eight.
4. “Equity experience factor”.
(a) An amount (expressed as a positive or negative quantity) which shall be determined for each base fiscal year in accordance with the method of computation set forth in the succeeding subparagraphs of this paragraph four.
(b) The amount of income earned by the pension fund during the base fiscal year from its investment in equities shall be computed.
(c) To each such amount of income for a base fiscal year there shall be added the capital gains, realized and unrealized, occurring during such base fiscal year by reason of such investments.
(d) From the sum resulting from the addition prescribed by subparagraph (c) of this paragraph there shall be subtracted the capital losses, realized or unrealized, occurring during such base fiscal year by reason of such investment.
(e) In the event that any equity is sold during the base fiscal year, the expense of such sale, including but not limited to broker’s commissions, shall be deducted from capital gain or added to capital loss, in determining whether such sale produced a capital gain or a capital loss and the amount thereof.
(f) (i) With respect to base fiscal years occurring during the period beginning on July first, nineteen hundred eighty-eight and ending on June thirtieth, nineteen hundred ninety, the remainder resulting from the subtraction prescribed by subparagraph (d) of this paragraph shall be adjusted so that it equals the amount which it would have been in the absence of the enactment of chapter two hundred forty-seven of the laws of nineteen hundred eighty-eight and chapter five hundred eighty-one of the laws of nineteen hundred eighty-nine.
(ii) With respect to each base fiscal year included in the period beginning on July first, nineteen hundred ninety and ending on June thirtieth, nineteen hundred ninety-two, the remainder resulting from the subtraction prescribed by subparagraph (d) of this paragraph shall be adjusted so that it equals the amount which it would have been in the absence of the enactment of chapter two hundred forty-seven of the laws of nineteen hundred eighty-eight.
(iii) For the purpose of determining the entitlement, with respect to any base fiscal year included in the period beginning on July first, nineteen hundred ninety and ending on June thirtieth, nineteen hundred ninety-two, of the police superior officers’ variable supplements fund to receive payment of any sum from the pension fund pursuant to this section, the cumulative earnings factor for such base fiscal year shall be calculated in the same manner as if (A) that part of this subparagraph, which part, prior to July twenty-sixth, nineteen hundred ninety-one, referred to chapter five hundred eighty-one of the laws of nineteen hundred eighty-nine, had never been enacted and (B) items (ii) and (iii) of this subparagraph, as such items were in effect prior to July twenty-sixth, nineteen hundred ninety-one, had never been enacted.
(g) Any adjustment required to be made pursuant to the provisions of subparagraph (f) of this paragraph shall be computed pursuant to a scientific method recommended to the board by the actuary and approved by the board; provided that if the board is unable to approve, by the required majority vote, any such formula recommended by the actuary, such adjustment shall be computed pursuant to a scientific formula recommended by the actuary and approved by an arbitrator designated pursuant to the procedure set forth in subparagraph (b) of paragraph eight of subdivision a of section 13-232 of this subchapter.
(h) The equity experience factor for such base fiscal year shall be the amount remaining after the adjustment prescribed by subparagraphs (f) and (g) of this paragraph has been made.
5. “Hypothetical fixed income securities earnings”.
(a) The aggregate of the hypothetical interest yields computed pursuant to subparagraphs (b), (c) and (d) of this paragraph five.
(b) The board shall compute with respect to each investment made or maintained by the pension fund in an equity during the base fiscal year, the amount of interest which would have been hypothetically earned during such fiscal year, under the methods of calculation prescribed in this paragraph five, if an amount equal to such investment had instead been hypothetically invested in fixed income securities and such securities had been held by such fund for a period (in the base fiscal year) co-extensive with the period during which such equity was held by such fund in the base fiscal year.
(c) For the purposes of this section, the amount of any such investment in an equity during the base fiscal year shall be deemed to be:
(i) the market value of the equity on the first day of the base fiscal year, in the case of any such equity acquired by the pension fund prior to the commencement of such fiscal year and held by such fund on the first day of such fiscal year; and
(ii) the total amount paid by such fund to acquire the equity, including but not limited to broker’s commissions and other expenses of such acquisition, in the case of any such equity which is acquired by such fund during the base fiscal year.
(d) For the purposes of this section, the amount of interest which would have been earned by the pension fund on such hypothetical fixed income securities during the base fiscal year shall be deemed to be the amount obtained:
(i) by multiplying the amount of the investment in such equity, determined as prescribed by subparagraph (c) of this paragraph five, by the assumed rate of interest for the base fiscal year; and
(ii) by prorating the interest so computed, in any case where the investment in such equity was maintained by the pension fund for a part of the base fiscal year; and
(iii) by multiplying the amount of interest computed for the full base fiscal year pursuant to items (i) and (ii) of this subparagraph by a fraction, the numerator of which is the amount designated as the equity experience factor with respect to such base fiscal year by subparagraph (h) of paragraph four of this subdivision b and the denominator of which is the remainder produced by the subtraction prescribed by subparagraph (d) of such paragraph four with respect to such base fiscal year; and
(iv) by adding together the products of all such multiplications performed pursuant to item (iii) of this subparagraph in relation to all such equities held by the pension fund during such fiscal year.
6. “Cumulative earnings factor”.
(a) The cumulative earnings factor for any base fiscal year shall be determined as follows:
(i) If the cumulative earnings factor for the immediately preceding base fiscal year was a positive quantity, the cumulative earnings factor for the base fiscal year shall be equal to the earnings differential for the base fiscal year.
(ii) If the cumulative earnings factor for the immediately preceding base fiscal year was a negative quantity, the cumulative earnings factor for the base fiscal year shall be equal to the sum of:
(A) the earnings differential for the base fiscal year; and
(B) the cumulative earnings factor for the immediately preceding base fiscal year.
(b) In applying the provisions of this subdivision six for the base fiscal year nineteen hundred eighty-eight-nineteen hundred eighty-nine, the term defined in paragraph three of this subdivision b as “cumulative earnings factor as of June thirtieth, nineteen hundred eighty-eight” shall be substituted for the term “cumulative earnings factor for the immediately preceding base fiscal year”.
7. “PSOVSF cumulative earnings factor”. With respect to any base fiscal year, the amount obtained by multiplying the cumulative earnings factor for such base fiscal year by a fraction, the numerator of which shall be the total contributions made to the pension fund with respect to such base fiscal year on behalf of all members of the uniformed force of the police department who are police superior officers, as of the last day of such base fiscal year, and the denominator of which shall be the total contributions made to the pension fund with respect to such base fiscal year on behalf of all persons who are members of the uniformed force of the police department as of the last day of such base fiscal year.
8. “Police superior officers”. Members of the uniformed force of the police department who (a) hold the position of sergeant or any position of higher rank in such force, or (b) are detectives.
9. “Police superior officers’ variable supplements fund”. The police superior officers’ variable supplements fund established by subchapter four of this chapter.
§ 13-232.3 Payments to police superior officers’ variable supplements fund for base fiscal years commencing on or after July first, nineteen hundred ninety-two.
(1) “Base fiscal year”. Any fiscal year of the city beginning on or after July first, nineteen hundred ninety-two.
(2) “Prior base fiscal year”. Any fiscal year of the city which begins on or after July first, nineteen hundred ninety-two and which precedes the base fiscal year.
(3) “Cumulative earnings factor as of June thirtieth, nineteen hundred ninety-two”. An amount, expressed as a positive or negative quantity, as the case may be, which shall be equal to the cumulative earnings factor for the nineteen hundred ninety-one—nineteen hundred ninety-two base fiscal year computed pursuant to section 13-232.2 of this subchapter.
(4) “Earnings differential”. The amount (expressed as a positive and negative quantity) by which the equity experience factor (expressed as a positive or negative quantity) with respect to the base fiscal year differs from the hypothetical fixed income securities earnings with respect to the base fiscal year. If such equity experience factor is greater then such hypothetical fixed income securities earnings, the difference between the two shall be expressed as a positive quantity. If such hypothetical fixed income securities earnings are greater then such equity experience factor, the difference between the two shall be expressed as a negative quantity.
(5) “Cumulative earnings factor”.
(a) The cumulative earnings factor for any base fiscal year shall be determined as follows:
(i) If the cumulative earnings factor for the immediately preceding base fiscal year was a positive quantity, the cumulative earnings factor for the base fiscal year shall be equal to the earnings differential for the base fiscal year.
(ii) If the cumulative earnings factor for the immediately preceding base fiscal year was a negative quantity, the cumulative earnings factor for the base fiscal year shall be equal to the sum of:
(A) the earnings differential for the base fiscal year; and
(B) the cumulative earnings factor for the immediately preceding base fiscal year, increased with interest at a rate equal to the assumed rate of interest fixed with respect to such base fiscal year pursuant to the provisions of paragraph eight of subdivision a of section 13-232 of this subchapter, as made applicable to this section 13-232.3 by subdivision a hereof.
(b) In applying the provisions of this paragraph five for the base fiscal year nineteen hundred ninety-two—nineteen hundred ninety-three, the term defined in paragraph three of this subdivision b as “cumulative earnings factor as of June thirtieth, nineteen hundred ninety-two” shall be substituted for the term “cumulative earnings factor the the immediately preceding base fiscal year”.
(6) “PSOVSF cumulative earnings factor”. With respect to any base fiscal year, the amount obtained by multiplying the cumulative earnings factor for such base fiscal year by a fraction, the numerator of which shall be the total contributions made to the pension fund with respect to such base fiscal year on behalf of all members of the uniformed force of the police department who are police superior officers, as of the last day of such base fiscal year, and the denominator of which shall be the total contributions made to the pension fund with respect to such base fiscal year on behalf of all persons who are members of the uniformed force of the police department as of the last day of such base fiscal year.
(7) “PSOVSF unfunded accrued liability”. In any case where the valuation of assets and liabilities off the police supeerior officers’ variable supplements fund by the actuary pursuant to subdivision e of section 13-280 of this chapter shows that for any base fiscal year, such liabilities exceed such assets, the term “PSOVSF unfunded accrued liability” shall mean the amount of the excess of such liabilities over the amount of such assets for such base fiscal year.
(8) “Police superior officers”. Members of the uniformed force of the police department who (a) hold the position of sergeant or any position of higher rank in such force, or (b) are detectives.
§ 13-233 Trustees of funds; investments.
(1) Not more than fifty per cent of the assets of the pension fund shall be invested in such securities; and
(2) Not more than five per cent of such assets shall be invested in the securities of any one corporation and its subsidiaries; and
(3) Not more than two per cent of the total issued and outstanding equity securities of any one corporation shall be owned by the pension fund.
§ 13-234 Allowance of interest.
(2) Subject to the provisions of subdivision j of this section, during the period commencing on July first, nineteen hundred eighty and ending on June thirtieth, nineteen hundred eighty-two, special interest at the rate of three and one-half per centum per annum, compounded annually, shall be allowed with respect to the individual account of each member in the annuity savings fund.
(3) (a) Subject to the provisions of subdivision j of this section, during the period commencing on July first, nineteen hundred eighty-two and ending on July thirty-first, nineteen hundred eighty-three, special interest at the rate of four per centum per annum, compounded annually, shall be allowed with respect to the individual account of each member in the annuity savings fund.
(b) Subject to the provisions of subdivision j of this section, during the period commencing on August first, nineteen hundred eighty-three and ending on June thirtieth, nineteen hundred eighty-five, special interest at the rate of one per centum per annum, compounded annually, shall be allowed with respect to the individual account of each member in the annuity savings fund.
(c) Subject to the provisions of subdivision j of this section, during the period commencing on July first, nineteen hundred eighty-five and ending on June thirtieth, nineteen hundred eighty-eight, special interest at the rate of one per centum per annum, compounded annually, shall be allowed with respect to the individual account of each member in the annuity savings fund.
(d) Subject to the provisions of subdivision j of this section, during the period commencing on July first, nineteen hundred eighty-eight and ending on June thirtieth, nineteen hundred ninety, special interest at the rate of one and one-quarter per centum per annum, compounded annually, shall be allowed with respect to the individual account of each member of the annuity savings fund.
(4) Such special interest provided for by paragraphs (1), (2) and (3) of this subdivision shall be credited to such individual account of each member entitled thereto in the same manner and at the same time as regular interest is required to be credited to such account with respect to the same period of time. Such special interest shall not be considered in determining rates of contributions of members. Nothing contained in this subdivision h shall be construed as applicable to any member who is subject to the provisions of article fourteen of the retirement and social security law.
(2) Subject to the provisions of subdivision j of this section, in determining the reserve-for-increased-take-home-pay of each member entitled to such a reserve, additional interest at the rate of three and one-half per centum per annum compounded annually shall be included for each city fiscal year occurring during the period beginning on July first, nineteen hundred eighty and ending on June thirtieth, nineteen hundred eighty-two.
(3) (a) Subject to the provisions of subdivision j of this section, in determining the reserve-for-increased-take-home-pay of each member entitled to such a reserve, additional interest at the rate of four per centum per annum compounded annually shall be included for each city fiscal year and portion thereof occurring during the period beginning on July first, nineteen hundred eighty-two and ending on July thirty-first, nineteen hundred eighty-three.
(b) Subject to the provisions of subdivision j of this section, in determining the reserve-for-increased-take-home-pay of each member entitled to such a reserve, additional interest at the rate of one per centum per annum compounded annually shall be included for each city fiscal year and portion thereof occurring during the period beginning on August first, nineteen hundred eighty-three and ending on June thirtieth, nineteen hundred eighty-five.
(c) Subject to the provisions of subdivision j of this section, in determinating the reserve-for-increased-take-home-pay of each member entitled to such a reserve, additional interest at the rate of one per centum per annum, compounded annually, shall be included for each city fiscal year occurring during the period beginning on July first, nineteen hundred eighty-five and ending on June thirtieth, nineteen hundred eighty-eight.
(d) Subject to the provisions of subdivision j of this section, in determining the reserve-for-increased-take-home-pay of each member entitled to such a reserve, additional interest at the rate of one and one-quarter per centum per annum, compounded annually, shall be included for each city fiscal year occurring during the period beginning on July first, nineteen hundred eighty-eight and ending on June thirtieth, nineteen hundred ninety.
(4) Additional interest shall not be considered in determining rates of contribution of members. Nothing contained in this subdivision shall be construed as applicable to any member who is subject to the provisions of article fourteen of the retirement and social security law.
(2) (a) The provisions of subparagraph (a) of paragraph (3) of subdivision h of this section, to the extent that such subparagraph grants special interest for any period prior to December sixteenth, nineteen hundred eighty-two, and the provisions of subparagraph (a) of paragraph (3) of subdivision 1 of this section, to the extent that such subparagraph grants additional interest for any period prior to such date, shall not apply to any person who was not a member on such date and shall not apply to any person to whom, on such date, a deferred retirement allowance or any part of such a retirement allowance was payable pursuant to the provisions of section 13-256 of this subchapter.
(b) The provisions of subparagraph (d) of paragraph (3) of subdivision h of this section, to the extent that such subparagraph grants special interest for any period prior to the date of enactment of this subparagraph (b) of this paragraph (2) (as such date is certified pursuant to section forty-one of the legislative law), and the provisions of subparagraph (d) of paragraph (3) of subdivision 1 of this section, to the extent that such subparagraph (d) grants additional interest for any period prior to such date, shall not apply to any person who was not a member on such date and shall not apply to any person to whom, on such date, a deferred retirement allowance or any part of such a retirement allowance was payable pursuant to the provisions of section 13-256 of this subchapter.
(2) Subject to the provisions of paragraph (4) of this subdivision k, in addition to regular interest annually allowed for the period from July first, nineteen hundred eighty to June thirtieth, nineteen hundred eighty-two on the mean amount for the preceding year in each of the funds provided for in accordance with the provisions of this subchapter, there shall be annually allowed with respect to such period supplementary interest at the rate of three and one-half per centum per annum on such mean amount for the preceding year in each of such funds. Such supplementary interest shall be annually credited to such funds at the same time and in the same manner as regular interest is credited to such funds with respect to such period.
(3) (a) Subject to the provisions of paragraph (4) of this subdivision k, in addition to regular interest annually allowed for the period from July first, nineteen hundred eighty-two to July thirty-first, nineteen hundred eighty-three, on the mean amount for the preceding year in each of the funds provided for in accordance with the provisions of this subchapter, there shall be annually allowed with respect to such period supplementary interest at the rate of four per centum per annum on such mean amount for the preceding year in each of such funds. Such supplementary interest shall be annually credited to such funds at the same time and in the same manner as regular interest is credited to such funds with respect to such period.
(b) Subject to the provisions of paragraph four of this subdivision k, in addition to regular interest annually allowed for the period from August first, nineteen hundred eighty-three to June thirtieth, nineteen hundred eighty-five, on the mean amount for the preceding year in each of the funds provided for in accordance with the provisions of this article, there shall be annually allowed with respect to such period supplementary interest at the rate of one per centum per annum on such mean amount for the preceding year in each of such funds. Such supplementary interest shall be annually credited to such funds at the same time and in the same manner as regular interest is credited to such funds with respect to such period.
(c) Subject to the provisions of paragraph (4) of this subdivision k, in addition to regular interest annually allowed for the period from July first, nineteen hundred eighty-five to June thirtieth, nineteen hundred eighty-eight on the mean amount for the preceding year in each of the funds provided for in accordance with the provisions of this subchapter, there shall be annually allowed with respect to such period supplementary interest at the rate of one per centum per annum on such mean amount for the preceding year in each of such funds. Such supplementary interest shall be annually credited to such funds at the same time and in the same manner as regular interest is credited to such funds with respect to such period.
(d) Subject to the provisions of paragraph (4) of this subdivision k, in addition to regular interest annually allowed for the period from July first, nineteen hundred eighty-eight to June thirtieth, nineteen hundred ninety on the mean amount for the preceding year in each of the funds provided for in accordance with the provisions of this subchapter, there shall be annually allowed with respect to such period supplementary interest at the rate of one and one-quarter per centum per annum on such mean amount for the preceding year in each of such funds. Such supplementary interest shall be annually credited to such funds at the same time and in the same manner as regular interest is credited to such funds with respect to such period.
(4) The provisions of paragraphs (1), (2) and (3) of this subdivision k shall not apply to or affect (a) the allowance of interest on or the crediting of interest to accounts of members or discontinued members in the annuity savings fund or (b) the allowance of interest on or crediting of interest to reserve-for-increased-take-home-pay of members or discontinued members or (c) the determination of the amount of any benefit payable to any member or beneficiary.
(1) as to whether legislation should be enacted providing for the crediting of special interest to members after June thirtieth, nineteen hundred ninety and if so, the recommended rate thereof and duration of such crediting; and
(2) as to whether legislation should be enacted providing that in the determination of reserves-for-increased-take-home-pay of members entitled to such a reserve, additional interest shall be included for any period after June thirtieth, nineteen hundred ninety, and if so, the recommended rate thereof and the period as to which such interest should be included; and
(3) as to whether legislation should be enacted providing for the crediting of supplementary interest after June thirtieth, nineteen hundred ninety to such funds to which subdivision k of this section is applicable and if so, the recommended rate thereof and duration of such crediting.
§ 13-235 Custodian of funds.
The comptroller shall be custodian of the several funds provided for by this subchapter. Such funds, and all moneys which shall form a part thereof, or which shall hereafter accrue to them, shall be in his or her custody for the purposes of this subchapter subject to the direction, control and approval of such board as to disposition, investment, management and report.
§ 13-236 Payments from funds.
All payments from such funds shall be made by such comptroller upon a voucher signed by the secretary of the board.
§ 13-237 Fund for current needs.
For the purpose of meeting disbursements for pensions, pensions-providing-for-increased-take-home-pay, annuities and other payments, there may be kept an available fund, not exceeding ten per cent of the total amount in the several funds provided for by this subchapter, on deposit in any bank in this state organized under the laws thereof or under the laws of the United States, or in any trust company incorporated by any law of this state, provided such bank or trust company shall furnish adequate security for such fund, and further provided that the sum deposited in any one bank or trust company shall not exceed twenty-five per cent of the paid-up capital and surplus of such bank or trust company.
§ 13-238 Prohibition upon trustees and employees.
Except as provided in this subchapter, the trustees and employees assigned to the board are prohibited from having any interest, directly or indirectly, in the gains or profits of any investment of the pension fund or as such, directly or indirectly, from receiving any pay or emolument for their services. The trustees and such employees, directly or indirectly, for themselves or as agents or partners of others, shall not borrow any of its funds or deposits or in any manner use the same except to make such current and necessary payments as are authorized by such board; nor shall any such trustee or any such employee become an indorser or surety or become in any manner an obligor for moneys loaned by or borrowed of such pension fund.
§ 13-239 Rules regulating loans to members.
Any member who shall have been a member continuously at least three years, may borrow from the pension fund, subject to such rules and regulations as may be approved by such board, an amount not exceeding ninety per centum of the amount of his or her accumulated contributions provided that the amount so borrowed together with interest thereon, can be repaid before attainment of age sixty-three years by additional deductions of ten per centum from his or her compensation made at the same time compensation is paid to the member. The amount so borrowed together with regular interest creditable to the account of the member on any unpaid balance thereof shall be repaid to the pension fund in equal instalments by deduction from the compensation of the member at the time the compensation is paid, but such instalments shall be at least two per centum of the member’s earnable compensation and at least sufficient to repay before attainment of age sixty-three years, the amount borrowed with interest thereon. Notwithstanding anything to the contrary in this subchapter, the additional deductions required to repay the loan shall be made, and the interest paid on the loan shall be credited to the proper funds of the pension fund. In lieu of loan, any member whose rate of contribution is cancelled, may withdraw from his or her account and may restore thereto in any year as he or she may elect any sum in excess of the maximum in his or her annuity savings account and due thereto at the end of the calendar year in which he or she became entitled to cancel his or her rate. The actuarial equivalent of any unpaid balance of a loan at the time any benefit may become payable shall be deducted from the benefit otherwise payable except that each loan made pursuant to this section shall be insured by the pension fund, without cost to the member, against the death of such member in an amount up to but not exceeding twenty-five thousand dollars as follows:
§ 13-240 Termination of membership; discontinuance of service.
Should a member discontinue city-service except by death or retirement, he or she shall be paid such part of the amount of the accumulated deductions standing to the credit of his or her individual account in the annuity savings fund as he or she shall demand. Such board, however, in its discretion, may withhold for not more than one year after a member last rendered city-service all or part of his or her accumulated deductions, if after a previous discontinuance of service he or she withdrew from the annuity savings fund all or part of the amount of his or her accumulated deductions and failed to redeposit such withdrawn amount in such fund.
§ 13-241 Termination of membership; election to city, county or state office.
Should a member previously in city-service as a city official or employee be elected a city, county or state official, he or she may on application therefor and approval by the mayor, withdraw from the pension fund, and upon such withdrawal, he or she shall be paid such part of the amount of the accumulated deductions standing to the credit of his or her individual account in the annuity savings fund as he or she shall be entitled to receive.
§ 13-242 Termination of membership; miscellaneous.
Membership in the pension fund shall cease upon the occurrence of any one of the following conditions:
§ 13-243 Death benefits; ordinary death benefits.
1. His or her accumulated deductions; and, in addition thereto,
2. If such member is in city-service or is on a civil service preferred eligible list by reason of city-service, unless a pension be payable by the city under the provisions of section 13-244 of this subchapter, an amount equal to the compensation earnable by him or her while a member, during the six months immediately preceding his or her death, and, if the total number of years in which allowable service was rendered exceeds ten, then an amount equal to the compensation earnable by him or her in city-service while a member during the twelve months immediately preceding his or her death, and in addition, in either such case, the reserve-for-increased-take-home-pay.
1. His or her accumulated deductions; and in addition thereto,
2. The amount of reserve equal to the present value of the pension he or she would have received if he or she had retired and became entitled to pension on the day immediately preceding his or her death. The beneficiary of such deceased member shall have the right to accept such benefits in lump sum or in such periodic payments, on an annuity basis, as such beneficiary shall elect.
§ 13-244 Death benefits; accidental death benefits.
Upon the accidental death of a member before retirement, provided that evidence shall be submitted to such board proving that the death of such member was the natural and proximate result of an accident sustained while a member and while in the performance of duty at some definite time and place and that such death was not the result of wilful negligence on his or her part, his or her accumulated deductions shall be paid to his or her estate, or to such persons as he or she has nominated or shall nominate by written designation, duly acknowledged and filed with such board. Upon application by or on behalf of the dependent of such deceased member, such board shall grant a lump sum payment of the reserve-for-increased-take-home-pay and, in addition thereto, a pension of one-half of the final compensation of such employee, which pension shall in no case be less than one-half of the full salary payable to a first grade police officer on the date of death of such employee:
§ 13-245 Accidental death benefits in the case of deaths occurring prior to July first, nineteen hundred sixty-five.
(1) For each full calendar year, on and after January first, nineteen hundred and sixty-five, an amount equal to one-half of the annual salary or compensation payable, on July first, nineteen hundred and sixty-five, to a member of the uniformed force of rank, seniority and other salary-determining status, equal to that of the deceased member on the date of his or her death, but in no case less than one-half of the salary payable, to a first grade police officer on July first, nineteen hundred sixty-five, and
(2) For any portion of a calendar year, on and after January first, nineteen hundred and sixty-five, the appropriate pro rata portion of the amount which would be payable, under the provisions of paragraph one of this subdivision a, for the full calendar year which includes such portion of a year, if a pension were payable under this section for such full calendar year.
§ 13-246 Retirement; minimum age or period for service retirement.
Any member in city-service who shall have attained the minimum age or period of service retirement elected by him or her upon such member’s own written application to and filed with the board setting forth at what time, not less than thirty days subsequent to the execution and filing thereof, he or she desires to be retired, shall be retired as of the date specified in said application, provided that at the time so specified for his or her retirement, his or her term or tenure of office or employment shall not have terminated or have been forfeited, provided further that upon such member request in writing the member shall be granted a leave of absence from the date of filing said application until the date the retirement becomes effective.
§ 13-247 Retirement; selection of either twenty or twenty-five years of city-service.
§ 13-248 Retirement; selection of age fifty-five.
Any person becoming a member who was not previously a member or who during his or her last previous membership in the pension fund contributed on the basis of a minimum retirement age of fifty-five, may elect, prior to the certification of his or her rate of contribution, to contribute on the basis of a minimum retirement age of fifty-five by a written election duly executed and acknowledged and filed with the board. The minimum age of retirement for such members so electing shall be fifty-five years, and all contributions and benefits payable by or on account of such member shall be computed on the basis of such minimum retirement age.
§ 13-249 Method of computing certain pensions.
In lieu of any other retirement benefits granted to him or her upon retirement from the police force, any member who shall have served as a chief inspector/chief of operations of the police department on or after July first, nineteen hundred sixty-six, shall be entitled upon retirement to a retirement allowance which shall consist of an annuity which is the actuarial equivalent of his or her accumulated deductions at the time of his or her retirement from the police force and a pension which, when added to such annuity, will make such retirement allowance equal to two-thirds of his or her salary as chief inspector. For the purpose of computing the annuity portion of such retirement allowance, such member’s accumulated deductions shall be the required amount of such deductions at the time of such member’s retirement from the police force, without any increase resulting from excess contributions and without any decrease resulting from withdrawals, loans, optional modification, payment of his or her contributions for old age and survivor’s insurance coverage, or from any other transaction authorized by law.
§ 13-250 Continuance of retirement allowance upon election to public office.
Notwithstanding the provisions of any general, special, local law, charter, administrative code or rule or regulation to the contrary, the payment of any pension from the police pension fund, subchapter two of this chapter, shall not be revoked, repealed or diminished by reason of the pensioner holding or receiving any compensation as the result of his or her election to a public office under the state of New York, or of any city, county or other political subdivision or agency or board of the state of New York.
§ 13-251 Retirement; for ordinary disability.
Medical examination of a member in city-service for ordinary disability shall be made upon the application of the commissioner, or upon the application of such member or of a person acting in his or her behalf, stating that such member is physically or mentally incapacitated for the performance of duty and ought to be retired. If such medical examination shows that such member is physically or mentally incapacitated for the performance of duty and ought to be retired, the medical board shall so report and the board shall retire such member for ordinary disability not less than thirty nor more than ninety days after the execution and filing of application therefor with the pension fund.
§ 13-252 Retirement; for accident disability.
Medical examination of a member in city-service for accident disability and investigation of all statements and certifications by him or her or on his or her behalf in connection therewith shall be made upon the application of the commissioner, or upon the application of a member or of a person acting in his or her behalf, stating that such member is physically or mentally incapacitated for the performance of city-service, as a natural and proximate result of such city-service, and certifying the time, place and conditions of such city-service performed by such member resulting in such alleged disability and that such alleged disability was not the result of wilful negligence on the part of such member and that such member should, therefore, be retired. If such medical examination and investigation shows that such member is physically or mentally incapacitated for the performance of city-service as a natural and proximate result of an accidental injury received in such city-service while a member, and that such disability was not the result of wilful negligence on the part of such member and that such member should be retired, the medical board shall so certify to the board, stating the time, place and conditions of such city-service performed by such member resulting in such disability, and such board shall retire such member for accident disability forthwith.
§ 13-252.1 Accidental disability retirement; World Trade Center presumption.
(b) The New York City Police Pension Fund (NYCPPF) board of trustees is hereby authorized to promulgate rules and regulations to implement the provisions of this paragraph.
(b) The NYCPPF board of trustees shall consider a reclassification of the member’s retirement as an accidental disability retirement effective as of the date of such reclassification.
(c) Such member’s retirement option shall not be changed as a result of such reclassification.
(d) The member’s former employer at the time of the member’s retirement shall have an opportunity to be heard on the member’s application for reclassification by the NYCPPF board of trustees according to procedures developed by the NYCPPF board of trustees.
(e) The NYCPPF board of trustees is hereby authorized to promulgate rules and regulations to implement the provisions of this paragraph.
§ 13-253 Dependent benefits for surviving spouses and orphans.
§ 13-254 Safeguards on disability retirement.
§ 13-255 Retirement allowances; for service.
Upon retirement for service, a member shall receive a retirement allowance which shall consist of:
(a) a pension of one-sixtieth of his or her average annual earnings from his or her date of eligibility for retirement to the actual date of retirement; and
(b) a pension-providing-for-increased-take-home-pay which shall be the actuarial equivalent of the reserve-for-increased-take-home-pay to which he or she may be entitled, if any, for all periods of such service in the police force rendered both (1) after the completion of such required minimum service in such police force and (2) after December thirty-first, nineteen hundred sixty-six.
§ 13-256 Vested retirement rights.
(1) discontinues police service on or after July first, nineteen hundred sixty-nine, other than by death, retirement or dismissal; and
(2) prior to such discontinuance, completed five or more years of allowable police service; and
(3) does not withdraw his or her accumulated deductions in whole or in part; and
(4) at least thirty days prior to the date of such discontinuance, files a duly executed application for a deferred retirement allowance hereunder; shall have a vested right to receive a deferred retirement allowance as provided in this section.
(2) Such retirement allowance shall become payable on the earliest date on which such discontinued member could have retired for service if discontinuance had not occurred.
(1) an annuity which is the actuarial equivalent of an amount equal to the member’s accumulated deductions for the period of his or her police service, plus any accumulated contributions transferred to his or her credit pursuant to section forty-three of the retirement and social security law, as the total of such accumulated deductions and contributions is on the earliest date on which such member could have retired for service; and
(2) a pension, which together with his or her annuity shall be equal to:
(i) in the case of any discontinued member whose minimum period for service retirement is twenty years, two and one-half per cent of his or her annual earnable compensation on the date of his or her discontinuance of police service, multiplied by a number equal to the number of years of allowable police service credited to him or her on the date of such discontinuance, plus the number of his or her years of service for which credit was transferred pursuant to section forty-three of the retirement and social security law; or
(ii) in the case of any discontinued member whose minimum period for service retirement is twenty-five years, two per cent of his or her annual earnable compensation on the date of his or her discontinuance of police service, multiplied by a number equal to the number of years of allowable police service credited to him or her on the date of his or her discontinuance of police service, plus the number of years of his or her service for which credit was transferred pursuant to section forty-three of the retirement and social security law; and
(3) for each year, or fraction thereof, of his or her service credit transferred from the New York city employees’ retirement system, a pension of fifty-five per cent of one-sixtieth of his or her final compensation if such service credit was for service rendered prior to October first, nineteen hundred fifty-one, or seventy-five per cent of one-sixtieth of his or her final compensation if such service was rendered on or after October first, nineteen hundred fifty-one.
(2) Such member may again become a member of the pension fund if, within ninety days after his or her return to service, he or she files a duly executed and acknowledged application for such membership.
(3) If such beneficiary shall again become a member of the pension fund, the payment of his or her annuity shall also be suspended and forfeited and his or her annuity reserve shall be transferred to his or her credit in the annuity savings fund and he or she shall become such member as a new entrant; provided, however, that he or she shall contribute to such fund at the rate (before modification, if any, to which such discontinued member may be entitled pursuant to section 13-226 of this subchapter) at which he or she would have been contributing if he or she had not discontinued police service. Upon his or her subsequent retirement, he or she shall be credited with all of his or her service as a member subsequent to his or her last restoration to membership and he or she shall receive therefor a retirement allowance, payable in such form as he or she shall select under section 13-261 of this subchapter, consisting of:
(i) an annuity which is the actuarial equivalent of his or her accumulated deductions at the time of such retirement; and
(ii) a pension equal to one-sixtieth of his or her average annual earnings from the date of his or her re-entry into membership to the date of his or her subsequent retirement, multiplied by the number of years of his or her allowable service in the police force rendered by him or her from such date of re-entry; and
(iii) a pension-providing-for-increased-take-home-pay which is the actuarial equivalent of the reserve-for-increased-take-home-pay to which he or she may be entitled, if any, for the period of his or her allowable service in the police force rendered by him or her from such date of re-entry.
(4) In addition, upon his or her subsequent retirement, he or she shall receive the pension which he or she was receiving or entitled to receive immediately prior to his or her last restoration.
(5) In lieu of suspension during restoration to police service of any benefits payable in the event of his or her death by reason of any optional selection in respect to his or her pension, any such beneficiary may pay to the fund or funds from which his or her ordinary pension was payable, the amount by which his or her ordinary pension exceeded the optional pension heretofore granted to him or her, in which event such optional benefit shall continue and be payable in the event of his or her death as though no payment was suspended.
§ 13-256.1 Discharge or dismissal.
§ 13-257 Retirement allowances; for ordinary disability.
Upon retirement for ordinary disability, a member shall receive a retirement allowance which shall consist of:
(2) The retirement allowance not exceeding one-quarter of his or her annual earnable compensation on date of retirement, that would be paid to him or her were his or her service and present annual earnable compensation on the date of retirement to continue until attainment by him or her of his or her minimum age of service retirement.
§ 13-258 Retirement allowances; for accident disability.
Upon retirement for accident disability, a member shall receive a retirement allowance which shall consist of:
§ 13-259 Accidental disability benefits in the case of retirements prior to July first, nineteen hundred sixty-five.
§ 13-260 Retirement allowances; restrictions on.
§ 13-261 Retirement; options in which retirement allowances may be taken.
§ 13-261.1 Modified Option 1 pension computation formula.
(1) became members prior to the date of enactment (as certified pursuant to section forty-one of the legislative law) of this section; and
(2) retired or retire, on or after August first, nineteen hundred eighty-three, for service or superannuation or for ordinary or accident disability, or on or after such August first, discontinued or discontinue service so as to become a discontinued member; shall be determined under the modified Option 1 pension computation formula (as defined in subdivision twenty-eight of section 13-214 of the code).
(1) that any member who is subject to the modified Option 1 pension computation formula may elect, at such time and in accordance with such procedures as are prescribed in such resolution, that such formula shall not apply to such member and that the initial reserve determined for the purpose of providing the benefits payable by reason of his or her selection of Option 1 and the pension component of his or her Option 1 allowance shall be determined on the basis of gender-neutral mortality tables and regular interest of seven per centum per annum, compounded annually; and
(2) that the benefit payable, upon the death of the member making such election, to his or her beneficiary or estate shall be the difference between such Option 1 initial reserve and the total of the payments of such pension component received by or payable to such member for the period prior to his or her death; and
(3) that where any member subject to the modified Option 1 pension computation formula retired before the effective date of the board resolution adopted pursuant to subdivision a of this section, and where the first payment on account of the retirement allowance of any discontinued member subject to such formula was made before the effective date of such resolution, such retiree or discontinued member, within such period of time after such effective date and in accordance with such procedures as are prescribed in such resolution, may elect the method of Option 1 benefit determination set forth in the preceding paragraphs of this subdivision b.
§ 13-261.2 Death of applicant before effective date of retirement.
1. if a member is entitled to an ordinary disability retirement allowance under the provisions of this subchapter, the benefits provided pursuant to section 13-251 of this subchapter shall be payable unless the member would otherwise be entitled to a greater benefit pursuant to section 13-243 of this subchapter, in which event the greater benefit shall be payable; or
2. if a member is entitled to an accidental disability retirement allowance under the provisions of this subchapter, the benefits provided pursuant to section 13-252 of this subchapter shall be payable unless the member would otherwise be entitled to a greater benefit pursuant to section 13-244 of this subchapter, in which event the greater benefit shall be payable.
§ 13-261.3 Retired employees; change of options.
Notwithstanding any other provision of law to the contrary, no beneficiary shall be permitted to change any optional selection after it has become effective, provided, however, that if:
§ 13-262 Benefits upon re-entry into membership; after retirement.
(2) If he or she had not served the period of service elected by him or her or is under the minimum service retirement age elected by him or her, he or she shall again become a member of the pension system. Except as otherwise provided in paragraph three of this subdivision a, if he or she has served the minimum period of service elected by him or her or has attained the minimum service retirement age elected by him or her he or she may file a duly executed and acknowledged application therefor within ninety days after his or her return to service and thereupon again become a member of such fund.
(3) In the case of any such beneficiary who is appointed police commissioner or a deputy police commissioner, he or she shall again become a member of the pension system and shall remain such a member while serving as police commissioner or deputy police commissioner.
(4) The annuity reserve of any such member whose membership is restored as above provided in this section shall be transferred to his or her credit in the annuity savings fund, and he or she shall contribute to such fund as if he or she were a new entrant.
(5) Upon the subsequent retirement of any such member whose membership is so restored, he or she shall be credited with all his or her service as a member subsequent to his or her last restoration to membership, and shall receive a retirement allowance therefor as if he or she were a new entrant, payable in such form as he or she shall select under section 13-261 of this subchapter.
(6) In lieu of suspension during restoration to city-service of any benefits payable in the event of his or her death by reason of any optional selection in respect to his or her pension and the pension-providing-for-increased-take-home-pay, if any, a beneficiary may pay to the fund or funds from which his or her ordinary pension and his or her pension-providing-for-increased-take-home-pay, if any, were payable, the amount by which his or her ordinary pension and the pension-providing-for-increased-take-home-pay, if any, exceeded the optional pension and the pension-providing-for-increased-take-home-pay, if any, heretofore granted to him or her, in which event such optional benefit shall continue and be payable in the event of his or her death as though no payment were suspended.
(7) In addition, upon his or her subsequent retirement, he or she shall receive the pension and the pension-providing-for-increased-take-home-pay, if any, which he or she was receiving or entitled to receive immediately prior to his or her last restoration.
(2) Such total service credit to which he or she was entitled at the time of his or her earlier retirement shall be credited as provided in paragraph one of this subdivision b only in the event that he or she returns to the pension fund with regular interest the actuarial equivalent of the amount of the retirement allowance he or she received; provided, however, that in the event that such amount is not so repaid, the actuarial equivalent thereof shall be deducted from his or her subsequent retirement allowance.
§ 13-263 Monthly payments.
A pension-providing-for-increased-take-home-pay, an annuity, a dependent benefit, or a retirement allowance granted under the provisions of this subchapter shall be paid in equal monthly instalments or in ratably smaller amounts when the benefit begins after the first day of the month or ends before the last day of the month.
§ 13-264 Exemption from tax and legal process.
The right of a person to a pension-providing-for-increased-take-home-pay, an annuity, a dependent benefit, or a retirement allowance, to the return of contribution, the pension-providing-for-increased-take-home-pay, annuity, dependent benefit, or a retirement allowance itself, any optional benefit, any other right accrued or accruing to any person under the provisions of this chapter, and the moneys in the various funds provided for by this chapter are hereby exempt from any state or municipal tax, and shall not be subject to execution, garnishment, attachment, or any other process whatsoever, and shall be unassignable except as in this chapter specifically provided. Notwithstanding the foregoing provisions of this section, a retired member shall have the right, at any time after the retired member’s retirement, to execute and file a dues deduction authorization card or an authorization in writing with the New York city police pension fund authorizing the deduction from the retired member’s retirement allowance of membership dues or premiums for employee organization sponsored group insurance plans and the payment thereof to a retiree organization of which the retired member certifies he or she is then a member and which the retired member certifies is then affiliated with either an employee organization certified or recognized as the collective bargaining representative of all employees in the negotiating unit of which the retired member was a part prior to his or her retirement or an employee organization with which such employee organization is then affiliated. The comptroller shall thereafter deduct from the retirement allowance of such retired member the amount of membership dues required to be paid by such retired member or premiums for employee organization sponsored group insurance plans and shall transmit the sum so deducted to said retiree organization. Such authorization shall continue in effect until revoked in writing by such retired member. The board shall determine the cost of administering deductions for premiums for employee organization sponsored group insurance plans and the cost incurred by the pension fund and the comptroller in administering the same shall be paid by the employee organization.
§ 13-264.1 Eligible rollover distributions.
§ 13-265 Protection against fraud or mistake.
Any person who shall knowingly make any false statement, or shall falsify or permit to be falsified any record or records of this pension fund, shall be guilty of a misdemeanor. Should any change of error in records result in any member or beneficiary receiving from the pension fund more or less than he or she would have been entitled to receive otherwise, on the discovery of any such error such board shall correct such error, and, as far as practicable, shall adjust the payments in such a manner that the actuarial equivalent of the benefit to which he or she was entitled shall be paid.
§ 13-266 State supervision.
The pension fund shall be subject to the supervision of the department of insurance in accordance with the provisions of sections three hundred seven through three hundred twelve of the insurance law, so far as the same are applicable thereto, and are not inconsistent with the provisions of this subchapter.
§ 13-267 Limitation on other statutes; application of article.
No other provision of law which provides wholly or partly at the expense of the city for pensions or retirement benefits for employees in the city-service, shall apply to such employees who are entitled to be members or beneficiaries of the pension fund provided for by this subchapter, their surviving spouses or their other dependents.
§ 13-267.1 Excess benefit plan.
(1) “Retirement benefits” shall mean benefits payable to a beneficiary by the pension fund or a variable supplements fund established pursuant to subchapter three or four of this chapter which are subject to the limitations imposed by section 415(b) of the Internal Revenue Code.
(2) “Beneficiary” shall mean a person who is receiving retirement benefits from the pension fund.
(3) “Excess benefit plan” shall mean the excess benefit plan established by this section for the sole purpose of paying benefits as permitted under section 415(m) of the Internal Revenue Code.
(4) “Eligible participant” shall mean a beneficiary who is entitled to replacement benefits from the excess benefit plan for a plan year in accordance with subdivisions d and e of this section.
(5) “Replacement benefits” shall mean the benefits payable by the excess benefit plan to an eligible participant as determined pursuant to subdivision e of this section.
(6) “Internal Revenue Code” shall mean the Federal Internal Revenue Code of 1986, as amended.
(7) “Plan year” shall mean the limitation year of the pension fund as provided in section six hundred twenty of the retirement and social security law.
(2) Replacement benefits pursuant to this section shall be paid at the same time and in the same manner as the retirement benefits which are being replaced. At no time shall an eligible participant be permitted directly or indirectly to defer compensation under the excess benefit plan.
(2) Such required employer contributions shall be paid into the excess benefit fund from an allocation of the employer contribution amounts paid pursuant to section 13-228 of this subchapter and other applicable provisions of law. Such allocation of employer contribution amounts shall be paid into the excess benefit fund at such times and in such amounts as determined by the actuary.
(3) The benefit liabilities of the excess benefit plan shall be funded on a plan year to plan year basis, provided, however, that any employer contributions to the excess benefit fund, including any investment earnings on such contributions, which are not used to pay replacement benefits for the current plan year shall be used to pay replacement benefits for future plan years.
Subchapter 3: [Police officer’s Variable Supplements Fund]
§ 13-268 Definitions.
As used in this subchapter, the following words and phrases shall have the following meanings, unless a different meaning is plainly required by the context:
1-a. “Minimum period”. The minimum period of credited service which a member of pension fund, subchapter one or pension fund, subchapter two is required by law to perform in order to be eligible to retire for service with immediate payability of retirement allowance.
1-b. “Police officer”. A member of either pension fund referred to in subdivision one-a of this section who, at the time of retirement for service by reason of fulfillment of the minimum period, was not a police superior officer as defined in subdivision four of section 13-278 of subchapter four of this chapter.
§ 13-269 Police officer’s variable supplements fund.
§ 13-270 Board of trustees.
1. The representative of the mayor who is a member of the board of trustees of pension fund, subchapter two, who shall be entitled to cast one vote. The mayor may, by instrument in writing filed in his or her office and with the board, designate one or more members of his or her office to act in the place of such representative at meetings of the board, in the event of such representative’s absence therefrom.
2. The comptroller of the city, who shall be entitled to cast one vote. Any deputy comptroller authorized pursuant to subdivision b of section ninety-four of the New York city charter, to act in the place of the comptroller as a member of the board of trustees of pension fund, subchapter two, may be authorized by the comptroller, in accordance with the provisions of such subdivision b, to act in the place of the comptroller as a member of the board.
2-a. The commissioner of finance, who shall be entitled to cast one vote. Such commissioner may, by instrument in writing filed in his or her office and with the board, designate one or more members of his or her office to act in his or her place at meetings of the board, in the event of such commissioner’s absence therefrom.
3. Two members of the association designated by it, who shall each be entitled to cast one vote. The members so designated shall be officers of the association who are members of the board of trustees of pension fund, subchapter two. Each such designee may at any time, by written authorization filed with the board, authorize any other officer of the association to act in his or her place as a member of the board in the event of such designee’s absence from any meeting thereof; provided that the by-laws or constitution of the association provide for the designation of a representative for such purpose.
(2) The actuary shall base such annual valuation of liabilities only (A) upon the person who, as of each such June thirtieth, are pension fund beneficiaries and (B) upon the persons who, being police officers in service as of such June thirtieth, may be actuarially expected to retire thereafter as police officers for service with twenty or more years of service creditable toward the minimum period.
(3) The liabilities determined in such valuation shall be equal to the actuarial present value of accumulated plan benefits. The actuarial assumptions used by the actuary in making such annual valuation of liabilities, including assumptions as to interest rate, mortality of pension fund beneficiaries and number of police officers in service as of June thirtieth who will retire for service with twenty or more years of service creditable toward the minimum period, shall be adopted by the board on the recommendation of the actuary.
(4) For the purposes of such annual valuation of the assets of the variable supplements fund, such assets shall be valued at their fair market value as of each June thirtieth.
§ 13-271 Payment of supplemental benefits.
(2) Subject to the provisions of paragraphs three and four of this subdivision a, and the provisions of subpragraphs (i) and (ii) of paragraph one of subdivision b of this section, for the period from January first, nineteen hundred eighty-eight to December thirty-first, nineteen hundred eighty-eight, variable supplements shall be payable monthly for each month of eligibility therefor under the provisions of this subchapter and the benefit plan and payment resolution as in effect immediately prior to July first, nineteen hundred eighty-eight:
(i) to persons who, having retired on or before June thirtieth, nineteen hundred eighty-eight, were or are pension fund beneficiaries eligible for monthly payments with respect to such period from January first, nineteen hundred eighty-eight to December thirty-first, nineteen hundred eighty-eight, or a part thereof, under such prior law, benefit plan and resolution; and
(ii) to persons who, as of June thirtieth, nineteen hundred eighty-eight, were in service as members of the police pension fund, subchapter two and who retired during the period from July first, nineteen hundred eighty-eight to November thirtieth, nineteen hundred eighty-eight so as to become pension fund beneficiaries who would be entitled, if such prior law, plan and resolution were in effect for such period, to receive monthly payments thereunder for such period from such July first or a part thereof.
(3) The number of full calendar months in the calendar year nineteen hundred eighty-eight for which each such pension fund beneficiary referred to in paragraph two of this subdivision a is entitled to receive monthly payments under such prior law, plan and resolution in accordance with the provision of such paragraph two shall be multiplied by one-twelfth of the sum of twenty-five hundred dollars.
(4) The total of the monthly amounts payable to each such pension fund beneficiary for full calendar months in such calendar year under the provisions of such paragraph two shall be subtracted from the applicable product computed pursuant to paragraph three of this subdivision a.
(5) Subject to the provisions of subparagraphs (i) and (ii) of paragraph one of subdivision b of this section, on or about December fifteenth, nineteen hundred eighty-eight, the variable supplements fund shall pay to each such eligible beneficiary referred to in paragraph two of this subdivision a, an amount equal to the remainder resulting from the subtraction prescribed by paragraph four of this subdivision, as applicable to such pension fund beneficiary.
(6) Nothing contained in the preceding paragraphs of this subdivision a shall be construed as entitling any pension fund beneficiary therein described to any payment for any month in which the retirement or death of such pension fund beneficiary occurred or occurs.
(7) For calendar years succeeding December thirty-first, nineteen hundred eighty-eight, the variable supplements fund, subject to the provisions of subparagraphs (i) and (ii) of paragraph one of subdivision b of this section, shall pay to each pension fund beneficiary who retired prior to July first, nineteen hundred eighty-eight, variable supplements payments as follows:
(i) for each calendar year following calendar year nineteen hundred eighty-eight, but not including the calendar year of the beneficiary’s death, a single annual payment to be paid on or about December fifteenth of such year, as follows:
| Calendar Year | Supplement |
|---|---|
| 1989 | $ 3,000 |
| 1990 | $ 3,500 |
| 1991 | $ 4,000 |
| 1992 | $ 4,500 |
| 1993 | $ 5,000 |
| 1994 | $ 5,500 |
| 1995 | $ 6,000 |
| 1996 | $ 6,500 |
| 1997 | $ 7,000 |
| 1998 | $ 7,500 |
| 1999 | $ 8,000 |
| 2000 | $ 8,500 |
| 2001 | $ 9,000 |
| 2002 | $ 9,500 |
| 2003 | $10,000 |
| 2004 | $10,500 |
| 2005 | $11,000 |
| 2006 | $11,500 |
| 2007 and each calendar year thereafter | $12,000 |
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(ii) for the calendar year of the beneficiary’s death (for those pension fund beneficiaries who die on or after February first, nineteen hundred eighty-nine), an amount calculated by multiplying one-twelfth times the supplement applicable to the year of death, as provided in the chart set forth in subparagraph (i) of this paragraph seven, by the number of full calendar months the beneficiary lived during that calendar year prior to the month of his or her death.
(8) For calendar years succeeding December thirty-first, nineteen hundred eighty-eight, the variable supplements fund, subject to the provisions of subparagraphs (i) and (ii) of paragraph one of subdivision b of this section, shall pay to each person who, as of June thirtieth, nineteen hundred eighty-eight, was in service as a member of pension fund, subchapter two and who retired for service thereafter so as to become a pension fund beneficiary, variable supplements payments as follows:
(i) for the calendar year of retirement (for those beneficiaries who retire on or after January first, nineteen hundred eighty-nine), an amount calculated by multiplying one-twelfth times the supplement applicable to the year of retirement, as provided for in the chart set forth in subparagraph (i) of paragraph seven of this subdivision a, by the number of calendar months elapsing from and including the month next following the month of retirement to the end of such calendar year of retirement, such payment to be made on or about December fifteenth of such year;
(ii) for each calendar year following the year of retirement, but not including the calendar year of the beneficiary’s death, a single annual payment equal to the supplement provided for with respect to each such calendar year as set forth in the chart in subparagraph (i) of such paragraph seven, which payment shall be made on or about December fifteenth of such year;
(iii) for the calendar year of the beneficiary’s death (for those beneficiaries who die on or after February first, nineteen hundred eighty-nine), an amount calculated by multiplying one-twelfth times the supplement applicable to the year of death, as provided for in the chart set forth in subparagraph (i) of such paragraph seven, by the number of full calendar months the beneficiary lived during that calendar year prior to the month of his or her death; and
(iv) if the retirement and death of a beneficiary occur in the same calendar year, aggregate payments under (i) and (iii) above shall be made only in respect to calendar months following the month of retirement and preceding the month of death.
(9) The variable supplements fund, subject to the provisions of subparagraphs (i) and (iii) of paragraph one of subdivision b of this section, shall pay to each person who becomes a member of pension fund, subchapter two on or after July first, nineteen hundred eighty-eight, and who retires for service so as to become a pension fund beneficiary, variable supplements payments as follows:
(i) (A) subject to the provisions of subparagraph (iv) of this paragraph, for the calendar year of retirement, where such retirement occurs before January first, two thousand eight, an amount calculated by multiplying one-twelfth times the sum of twenty-five hundred dollars by the number of calendar months elapsing from and including the month next following the month of retirement to the end of such calendar year of retirement, such payment to be made on or about December fifteenth of such year;
(B) subject to the provisions of subparagraph (iv) of this paragraph, for the calendar year of retirement, where such retirement occurs on or after January first, two thousand eight, an amount calculated by multiplying one-twelfth times the sum of twelve thousand dollars by the number of calendar months elapsing from and including the month next following the month of retirement to the end of such calendar year of retirement, such payment to be made on or about December fifteenth of such year;
(ii) subject to the provisions of subparagraph (ii-a) of this paragraph, for each calendar year following the year of retirement, but not including the calendar year of the beneficiary’s death, a single annual payment to be paid on or about December fifteenth of such year, as follows:
| CALENDAR YEAR OF ANNIVERSARYOF RETIREMENT (references hereinafterto”anniversary year”mean calendar year of anniversary) | SUPPLEMENT |
|---|---|
| First anniversary year | The sum of (1) a lower-based component equal to one-twelfth of the base sum of $2500 multiplied by the number of whole calendar months from and including the first month of such calendar year to and including the month in which the anniversary of the date of retirement occurs, and (2) a higher-based component equal to one-twelfth of the base sum of $3000 multiplied by the number of months remaining in such calendar year |
| Second anniversary year and each succeeding anniversary year to and including the nineteenth anniversary year | The sum of a lower-based component and a higher-based component computed pursuant to the formula, above, for the first anniversary year, except that for each such anniversary year succeeding the first, the lower-based component shall be computed on a base sum $500 higher than the base sum required to be used in computing the lower-based component for the next preceding anniversary year and the higher based component shall be computed on a base sum $500 higher than the base sum required to be used in computing the higher-based component for such next preceding anniversary year |
| Twentieth anniversary year and each succeeding anniversary year | $12,000 |
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(ii-a) for each calendar year which occurs both after the year of retirement and after December thirty-first, two thousand seven (but not including the calendar year of the beneficiary’s death), notwithstanding any provision of subparagraph (ii) of this paragraph which otherwise would be applicable, a single annual payment of twelve thousand dollars, which payment (A) shall be in lieu of any other amount which otherwise would be payable under subparagraph (ii) of this paragraph for such calendar year and (B) shall be made on or about December fifteenth of such year;
(iii) (A) for the calendar year of the beneficiary’s death, where such death occurs both after the year of retirement and prior to January first, two thousand eight, an amount calculated in accordance with the formula which would apply to the year of death under subparagraph (ii) of this paragraph nine if such death had not occurred, but prorated on the basis of the number of full calendar months the beneficiary lived during the year of death prior to the month of his or her death; (B) for the calendar year of the beneficiary’s death, where such death occurs both after the year of retirement and in the calendar year two thousand eight or thereafter, an amount calculated by multiplying one-twelfth of twelve thousand dollars by the number of months the beneficiary lived during the year of death prior to the month of his or her death; and
(iv) if the retirement and death of a beneficiary occur in the same calendar year, aggregate payments under subparagraphs (i) and (iii) above shall be made only in respect to calendar months following the month of retirement and preceding the month of death.
(ii) For any pension fund beneficiary referred to in paragraph two or paragraph seven or paragraph eight of subdivision a of this section, whose variable supplements payments are being reduced pursuant to subparagraph (i) of this paragraph one because such other supplemental retirement allowance is also payable to that beneficiary, the reduction provided for in such subparagraph (i) shall cease as to such beneficiary on the later of (A) the first day of the month next following the month in which such beneficiary attains age sixty-two; or (B) January first, two thousand seven.
(iii) For any pension fund beneficiary referred to in paragraph nine of subdivision a of this section, whose variable supplements payments are being reduced pursuant to subparagraph (i) of this paragraph one because such other supplemental retirement allowance is also payable to that beneficiary, the reduction provided for in such subparagraph (i) shall cease as to such beneficiary on the later of (A) the first day of the month following the month in which such beneficiary attains age sixty-two; or (B) the earlier of (1) the first day of the month next following the month in which the nineteenth anniversary of the retirement of such beneficiary occurs or (2) January first, two thousand eight.
(iv) In any case where the reduction of variable supplements payments to a pension fund beneficiary has ceased pursuant to subparagraph (ii) or subparagraph (iii) of this paragraph one, that beneficiary, for the purpose of determining his or her eligibility for and the amount of any other supplemental retirement allowance, shall be deemed to have retired on the date of the cessation of such reduction specified in the applicable provisions of such subparagraph (ii) or subparagraph (iii).
(v) The payment of all variable supplements payable pursuant to subdivision a of this section are hereby made obligations of the city, and the city hereby guarantees that such supplements shall be paid to all eligible pension fund beneficiaries.
(2) The legislature hereby declares that the variable supplements authorized by this subchapter and the granting and receipt thereof:
(i) shall not create or constitute membership in a pension or retirement system and shall not create or constitute a contract with any pension fund beneficiary or with any member of pension fund, subchapter one or pension fund, subchapter two; and
(ii) shall not constitute a pension or retirement allowance or benefit under pension fund, subchapter one or pension fund, subchapter two or otherwise.
(3) Except as otherwise provided in subdivision f of this section and in sections 13-232 and 13-232.1 of this chapter, nothing contained in this subchapter shall create or impose any obligation on the part of pension fund, subchapter one or pension fund, subchapter two or the funds or monies thereof, or authorize such funds or monies to be appropriated or used for any payment under this subchapter or for any purpose thereof.
§ 13-272 Variable supplements fund; a corporation.
The variable supplements fund shall have the powers and privileges of a corporation and by its name all of its business shall be transacted, all of its funds invested, all warrants for money drawn and payments made, and all of its cash and securities and other property held.
§ 13-273 Trustees of funds; investments.
§ 13-274 Annual reports.
The board shall publish annually in the City Record a report for the preceding year showing the assets of the variable supplements fund and a statement as to the accumulated cash and securities of such fund as certified by the comptroller, and shall set forth in such reports such other facts, recommendations and data as the board may deem pertinent.
§ 13-275 Custodian of funds.
The comptroller shall be custodian of the monies and assets of the variable supplements fund. All such monies and assets included in such fund or which shall hereafter accrue to such fund shall be in his or her custody for the purposes of this subchapter subject to the direction, control and approval of such board as to disposition, investment, management and report. All payments from such fund shall be made by the comptroller upon a voucher signed by the secretary of the board.
§ 13-276 Prohibitions with respect to trustees and employees.
Except as provided in this subchapter, the trustees and employees assigned to the board are prohibited from having any interest, directly or indirectly, in the gains or profits of any investment of the variable supplements fund or as such, directly or indirectly, from receiving any pay or emolument for their services. The trustees and such employees, directly or indirectly, for themselves or as agents or partners of others, shall not borrow any of its funds or deposits or in any manner use the same except to make such current and necessary payments as are authorized by such board.
§ 13-277 State supervision.
The superintendent of insurance may examine the affairs of the variable supplements fund with the same powers and jurisdiction as are applicable in the case of an examination of a life insurance company by the superintendent under article three of the insurance law. The variable supplements fund shall be subject to assessment for expenses pursuant to the provisions of section three hundred thirteen of the insurance law, but shall not be subject to assessment for expenses under any of the provisions of section three hundred thirty-two of such law.
Subchapter 4: [Police Superior officers’ Variable Supplements Fund]
§ 13-278 Definitions.
As used in this subchapter, the following words and phrases shall have the following meanings, unless a different meaning is plainly required by the context:
1-a. “Minimum period”. The minimum period of credited service which a member of pension fund, subchapter one or pension fund, subchapter two is required by law to perform in order to be eligible to retire for service with immediate payability of retirement allowance.
1-b. “Police officer”. A member of either pension fund referred to in subdivision one-a of this section who, at the time of retirement for service by reason of fulfillment of the minimum period, was not a police superior officer.
§ 13-279 Police superior officers’ variable supplements fund.
§ 13-280 Board of trustees.
1. The representative of the mayor who is a member of the board of trustees of pension fund, subchapter two, who shall be entitled to cast two votes. The mayor may, by instrument in writing filed in his or her office and with the board, designate one or more members of his or her office to act in the place of such representative at meetings of the board, in the event of such representative’s absence therefrom.
2. The comptroller of the city, who shall be entitled to cast two votes. Any deputy comptroller authorized, pursuant to subdivision b of section ninety-four of the New York city charter, to act in the place of the comptroller as a member of the board of trustees of pension fund, subchapter two, may be authorized by the comptroller, in accordance with the provisions of such subdivision, to act in the place of the comptroller as a member of the board.
2-a. The commissioner of finance, who shall be entitled to cast two votes. Such commissioner may, by instrument in writing filed in his or her office and with the board, designate one or more members of his or her office to act in his or her place at meetings of the board, in the event of such commissioner’s absence therefrom.
3. Four representatives of the police superior officers, who shall each be entitled to cast one vote, and who shall be the four members of the board of trustees of pension fund, subchapter two, serving as such pursuant to paragraphs nine, ten, eleven and twelve of subdivision a of section 13-216 of this chapter.
(2) The actuary shall base such annual valuation of liabilities only (A) upon the persons who, as of each such June thirtieth, are pension fund beneficiaries and (B) upon the persons who, being police officers or police superior officers in service as of such June thirtieth, may be actuarially expected to retire thereafter as police superior officers for service with twenty or more years of service creditable toward the minimum period.
(3) The liabilities determined in such valuation shall be equal to the actuarial present value of accumulated plan benefits. The actuarial assumptions used by the actuary in making such annual valuation of liabilities, including assumptions as to interest rate, mortality of pension fund beneficiaries and number of police officers and police superior officers in service as of June thirtieth who will retire for service as police superior officers with twenty or more years of service creditable toward the minimum period, shall be adopted by the board on the recommendation of the actuary.
(4) For the purposes of such annual valuation of the assets of the variable supplements fund, such assets shall be valued at their fair market value as of each such June thirtieth.
§ 13-281 Payment of supplemental benefits.
(i) for each calendar year following calendar year nineteen hundred ninety-two, but not including the calendar year of the beneficiary’s death, a single annual payment to be paid on or about December fifteenth of such year, as follows:
| Calendar Year | Supplement |
|---|---|
| 1993 | $ 5,000 |
| 1994 | $ 5,500 |
| 1995 | $ 6,000 |
| 1996 | $ 6,500 |
| 1997 | $ 7,000 |
| 1998 | $ 7,500 |
| 1999 | $ 8,000 |
| 2000 | $ 8,500 |
| 2001 | $ 9,000 |
| 2002 | $ 9,500 |
| 2003 | $10,000 |
| 2004 | $10,500 |
| 2005 | $11,000 |
| 2006 | $11,500 |
| 2007 and each calendar year thereafter | $12,000 |
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(ii) for the calendar year of the beneficiary’s death (for those pension fund beneficiaries who die on or after February first, nineteen hundred ninety-three), an amount calculated by multiplying one-twelfth times the supplement applicable to the year of death, as provided in the chart set forth in subparagraph (i) of this paragraph two, by the number of full calendar months the beneficiary lives during that calendar year prior to the month of his or her death.
(3) For calendar years succeeding December thirty-first, nineteen hundred ninety-two, the variable supplements fund, subject to the provisions of subparagraphs (i) and (ii) of paragraph one of subdivision b of this section, shall pay to each person who, as of June thirtieth, nineteen hundred eighty-eight, was in service as a member of pension fund, subchapter two and who retired for service on or after January first, nineteen hundred ninety-three, so as to become a pension fund beneficiary, variable supplements payments as follows:
(i) for the calendar year of retirement, an amount calculated by multiplying one-twelfth times the supplement applicable to the year of retirement, as provided for in the chart set forth in subparagraph (i) of paragraph two of this subdivision a, by the number of calendar months elapsing from and including the month next following the month of retirement to the end of such calendar year of retirement, such payment to be made on or about December fifteenth of such year;
(ii) for each calendar year following the year of retirement, but not including the calendar year of the beneficiary’s death, a single annual payment equal to the supplement provided for with respect to each such calendar year as set forth in the chart in subparagraph (i) of such paragraph two, which payment shall be made on or about December fifteenth of such year;
(iii) for the calendar year of the beneficiary’s death (for those beneficiaries who die on or after February first, nineteen hundred ninety-three), an amount calculated by multiplying one-twelfth times the supplement applicable to the year of death, as provided for in the chart set forth in subparagraph (i) of such paragraph two, by the number of full calendar months the beneficiary lived during that calendar year prior to the month of his or her death; and
(iv) if the retirement and death of a beneficiary occur in the same calendar year, aggregate payments under subparagraphs (i) and (iii) above shall be made only in respect to calendar months following the month of retirement and preceding the month of death.
(4) The variable supplements fund, subject to the provisions of subparagraphs (i) and (iii) of paragraph one of subdivision b of this section, shall pay to each person who became or becomes a member of pension fund, subchapter two on or after July first, nineteen hundred eighty-eight, and who retires for service so as to become a pension fund beneficiary, variable supplements payments as follows:
(i) (A) subject to the provisions of subparagraph (iv) of this paragraph, for the calendar year of retirement, where such retirement occurs before January first, two thousand eight, an amount calculated by multiplying one-twelfth times the sum of twenty-five hundred dollars by the number of calendar months elapsing from and including the month next following the month of retirement to the end of such calendar year of retirement, such payment to be made on or about December fifteenth of such year;
(B) subject to the provisions of subparagraph (iv) of this paragraph, for the calendar year of retirement, where such retirement occurs on or after January first, two thousand eight, an amount calculated by multiplying one-twelfth times the sum of twelve thousand dollars by the number of calendar months elapsing from and including the month next following the month of retirement to the end of such calendar year of retirement, such payment to be made on or about December fifteenth of such year;
(ii) subject to the provisions of subparagraph (ii-a) of this paragraph, for each calendar year following the year of retirement, but not including the calendar year of the beneficiary’s death, a single annual payment to be paid on or about December fifteenth of such year, as follows:
| CALENDAR YEAR OF ANNIVERSARY OF RETIREMENT (references hereinafterto”anniversary year”mean calendar year of anniversary) | SUPPLEMENT |
|---|---|
| First anniversary year | The sum of (1) a lower-based component equal to one-twelfth of the base sum of $2,500 multiplied by the number of whole calendar months from and including the first month of such calendar year to and including the month in which the anniversary of the date of retirement occurs, and (2) a higher-based component equal to one-twelfth of the base sum of $3,000 multiplied by the number of months remaining in such calendar year |
| Second anniversary year and each succeeding anniversary year to and including the nineteenth anniversary year | The sum of a lower-based component and a higher-based component computed pursuant to the formula, above, for the first anniversary year, except that for each such anniversary year succeeding the first, the lower-based component shall be computed on a base sum $500 higher than the base sum required to be used in computing the lower-based component for the next preceding anniversary year and the higher-based component shall be computed on a base sum $500 higher than the base sum required to be used in computing the higher-based component for such next preceding anniversary year |
| Twentieth anniversary yea rand each succeeding anniversary year | $12,000 |
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(ii-a) for each calendar year which occurs both after the year of retirement and after December thirty-first, two thousand seven (but not including the calendar year of the beneficiary’s death), notwithstanding any provision of subparagraph (ii) of this paragraph which otherwise would be applicable, a single annual payment of twelve thousand dollars, which payment (A) shall be in lieu of any other amount which otherwise would be payable under subparagraph (ii) of this paragraph for such calendar year and (B) shall be made on or about December fifteenth of such year;
(iii) (A) for the calendar year of the beneficiary’s death, where such death occurs both after the year of retirement and prior to January first, two thousand eight, an amount calculated in accordance with the formula which would apply to the year of death under subparagraph (ii) of this paragraph if such death had not occurred, but prorated on the basis of the number of full calendar months the beneficiary lived during the year of death prior to the month of his or her death; (B) for the calendar year of the beneficiary’s death, where such death occurs both after the year of retirement and in the calendar year two thousand eight or thereafter, an amount calculated by multiplying one-twelfth of twelve thousand dollars by the number of months the beneficiary lived during the year of death prior to the month of his or her death; and
(iv) if the retirement and death of a beneficiary occur in the same calendar year, aggregate payments under subparagraphs (i) and (iii) of this paragraph shall be made only in respect to calendar months following the month of retirement and preceding the month of death.
(ii) For any pension fund beneficiary referred to in paragraph two or paragraph three of subdivision a of this section, whose variable supplements payments are being reduced pursuant to subparagraph (i) of this paragraph one because such other supplemental retirement allowance is also payable to that beneficiary, the reduction provided for in such subparagraph (i) shall cease as to such beneficiary on the later of (A) the first day of the month next following the month in which such beneficiary attains age sixty-two; or (B) January first, two thousand seven.
(iii) For any pension fund beneficiary referred to in paragraph four of subdivision a of this section, whose variable supplements payments are being reduced pursuant to subparagraph (i) of this paragraph one because such other supplemental retirement allowance is also payable to that beneficiary, the reduction provided for in such subparagraph (i) shall cease as to such beneficiary on the later of (A) the first day of the month next following the month in which such beneficiary attains age sixty-two; or (B) the earlier of (1) the first day of the month next following the month in which the nineteenth anniversary of the retirement of such beneficiary occurs or (2) January first, two thousand eight.
(iv) In any case where the reduction of variable supplements payments to a pension fund beneficiary has ceased pursuant to subparagraph (ii) or subparagraph (iii) of this paragraph one, that beneficiary, for the purpose of determining his or her eligibility for and the amount of any other supplemental retirement allowance, shall be deemed to have retired on the date of the cessation of such reduction specified in the applicable provisions of such subparagraph (ii) or subparagraph (iii).
(v) The payments of all variable supplements payable pursuant to subdivision a of this section are hereby made obligations of the city, and the city hereby guarantees that such supplements shall be paid to all eligible pension fund beneficiaries.
(2) The legislature hereby declares that the variable supplements authorized by this subchapter and the granting and receipt thereof:
(i) shall not create or constitute membership in a pension or retirement system and shall not create or constitute a contract with any pension fund beneficiary or with any member of pension fund, subchapter one or pension fund, subchapter two; and
(ii) shall not constitute a pension or retirement allowance or benefit under pension fund, subchapter one or pension fund, subchapter two or otherwise.
(3) Except as otherwise provided in subdivision f of this section and in sections 13-232, 13-232.2 and 13-232.3 of this chapter, nothing contained in this subchapter shall create or impose any obligation on the part of pension fund, subchapter one or pension fund, subchapter two or the funds or monies thereof, or authorize such funds or monies to be appropriated or used for any payment under this subchapter or for any purpose thereof.
§ 13-282 Variable supplements fund; a corporation.
The variable supplements fund shall have the powers and privileges of a corporation and by its name all of its business shall be transacted, all of its funds invested, all warrants for money drawn and payments made, and all of its cash and securities and other property held.
§ 13-283 Trustees of funds; investments.
§ 13-284 Annual reports.
The board shall publish annually in the City Record a report for the preceding year showing the assets of the variable supplements fund and a statement as to the accumulated cash and securities of such fund as certified by the comptroller, and shall set forth in such report such other facts, recommendations and data as the board may deem pertinent.
§ 13-285 Custodian of funds.
The comptroller shall be custodian of the monies and assets of the variable supplements fund. All such monies and assets included in such fund or which shall hereafter accrue to such fund shall be in his or her custody for the purposes of this subchapter subject to the direction, control and approval of such board as to disposition, investment, management and report. All payments from such fund shall be made by the comptroller upon a voucher signed by the secretary of the board.
§ 13-286 Prohibitions with respect to trustees and employees.
Except as provided in this subchapter, the trustees and employees assigned to the board are prohibited from having any interest, directly or indirectly, in the gains or profits of any investment of the variable supplements fund or as such, directly or indirectly, from receiving any pay or emolument for their services. The trustees and such employees, directly or indirectly, for themselves or as agents or partners of others, shall not borrow any of its funds or deposits or in any manner use the same except to make such current and necessary payments as are authorized by such board.
§ 13-287 State supervision.
The superintendent of insurance may examine the affairs of the variable supplements fund with the same powers and jurisdiction as are applicable in the case of an examination of a life insurance company by the superintendent under article three of the insurance law. The variable supplements fund shall be subject to assessment for expenses pursuant to the provisions of section three hundred thirteen of the insurance law, but shall not be subject to assessment for expenses under any of the provisions of section three hundred thirty-two of such law.
Subchapter 1: Relief and Pension Fund of the Department Of Street Cleaning
§ 13-601 Organization and membership.
The relief and pension fund of the department of street cleaning as now constituted shall be continued only for the benefit of members of such fund on December first, nineteen hundred twenty-nine, and the widows, orphans and dependent parents of such members, as hereinafter provided.
§ 13-602 Continuance of status in fund.
A member of the relief and pension fund of the department of street cleaning appointed to a position in the exempt class in the department of sanitation shall continue to have the same rights, privileges, obligations and status with respect to such fund.
§ 13-603 Composition of fund.
The relief and pension fund of the department of street cleaning shall consist of the following:
§ 13-604 Relief from contributions.
The board of estimate is authorized to adopt a resolution providing that the deduction from the pay, salary or compensation of a member made pursuant to this subchapter shall be reduced to one-half of one per centum instead of three per centum or that no such deduction at all need be made and that no contribution in lieu thereof need be made by such a member during the one-year period commencing July first, nineteen hundred sixty-two.
§ 13-605 Relief from contributions.
The mayor is authorized to adopt an executive order providing that the deduction from the pay, salary or compensation of a member made pursuant to this subchapter shall be reduced to one-half of one per centum instead of three per centum or that no such deduction at all need be made and that no contribution in lieu thereof need be made by such a member during the one-year period commencing July first, nineteen hundred sixty-three.
§ 13-606 Relief from contributions.
§ 13-607 Trustee of fund.
The commissioner of sanitation shall be the treasurer and trustee of such relief and pension fund. Before entering upon his or her duties as such treasurer and trustee, he or she shall deliver to the comptroller a bond in the penal sum of seventy-five thousand dollars, to be approved by the comptroller, conditioned for the faithful discharge and performance of his or her duties as such treasurer and trustee. Compensation shall be made to him or her for the expense of procuring sureties for such bond to be paid out of such fund.
§ 13-608 Duties of trustee.
§ 13-609 Reports and audits.
§ 13-610 Payment of pensions; disability; death.
1. To any such member who, at any time, while in the actual performance of duty, and without fault or misconduct on the part of such member, has become permanently disabled, physically or mentally, so as to be unfit to perform the duties required of such member, provided that such unfitness for duty has been certified to by a majority of the medical examiners of such department, the sum of fifty dollars per month.
2. To the spouse of any member who has been killed while in the actual performance of his or her duty, or has died from the effects of any injury received while in the actual performance of such duty, the sum of six hundred dollars per annum; and to the spouse of any member who has died and who has been ten years in the service in such department or in the former department of street cleaning, or both such departments, at the time of his or her death, or who, after having been retired on a pension, as hereinafter provided, if there shall be no child or children of such member under eighteen years of age, the sum of six hundred dollars per annum, in the discretion of such treasurer and trustee. If there be such child or children of such member under the age aforesaid, then such sum may be divided between such spouse, child or children in such proportion and in such manner as such treasurer and trustee may direct. The right of such spouse to such pension shall cease and terminate at his or her death or remarriage; or if he or she shall have been guilty of conduct which in the opinion of such treasurer and trustee renders payment inexpedient.
3. To any child or children under eighteen years of age of such member so killed or dying, or dying after retirement leaving no spouse, or if a spouse, then after her death or remarriage or loss of pension due to conduct aforesaid, the sum of six hundred dollars per annum to be paid as such treasurer and trustee shall direct until such child or children shall have attained the age of eighteen years or shall have married.
4. To the dependent parent or parents of any such member who has died and dying leaves no spouse surviving him or her or child under the age of eighteen years the sum of six hundred dollars per annum, for their support, divided between them to or either one as such treasurer and trustee may direct, to cease as to the one dying upon his or her death or after the death of one to be continued to the other in such sum as the treasurer and trustee may direct, to cease as to either upon remarriage.
§ 13-611 Retirement for service.
Any member who has performed duty for a period of ten years or upwards shall be relieved and dismissed from such force upon his or her own application, or by order of the commissioner, upon an examination by the medical examiners of such department, to be made at any time when so applied for or when so ordered, if a majority of such medical examiners certify that such member is permanently disabled, physically or mentally, so as to be unfit for duty. Such member so relieved and dismissed from such force shall be paid from such fund in monthly installments during his or her lifetime a sum not less than one-half of the annual salary or compensation of such member when so retired. A member who has performed duty on such force for a period of twenty-five years or upwards, whether continuous or rendered during different periods, upon the application of such member in writing, setting forth at what time, not less than thirty days subsequent to the execution and filing thereof, he or she desires to be retired, shall be relieved and dimissed from such force and service and shall be paid from such fund in monthly installments during his or her lifetime a sum not less than one-half of the annual salary or compensation of such member when so retired, provided that at the time so specified for his or her retirement, his or her term or tenure of office or employment shall not have terminated or been forfeited, and provided further that upon his or her request in writing the member shall be granted a leave of absence from the date of filing said application until the date the retirement becomes effective. No member shall be retired or granted a pension while there are charges of official misconduct pending against him or her. Pensions granted under this section shall be for the life of the pensioner, and shall not be revoked, repealed or diminished.
§ 13-612 Pension after service as commissioner or deputy commissioner.
Any member who has performed duty in the uniformed force of the department of street cleaning or sanitation for a period of twenty years and upwards and as commissioner or deputy commissioner of street cleaning or sanitation for a period of eighteen months or upwards, six months of which period must have been served after May twenty-second, nineteen hundred twenty-three, upon payment by him or her to the relief and pension fund of the department of street cleaning of three per cent of his or her salary as such commissioner or deputy commissioner, as the case may be, from the date of his or her appointment as such to the date of his or her retirement, may be retired by the mayor and placed upon the pension roll of the relief and pension fund of the department of street cleaning and granted an annual pension equal in amount to one-half the salary of commissioner or deputy commissioner as the case may be, at the time of such retirement. In the event that any such commissioner or deputy commissioner is a member of any other retirement system in the city, it is hereby directed that his or her membership be transferred from such other system to the relief and pension fund of the department of street cleaning, and that all deductions theretofore made from his or her compensation as commissioner or deputy commissioner as the case may be, to the fund of such other retirement system, be refunded to him or her.
§ 13-613 Exemption from execution and process.
The moneys or other property of the relief and pension fund of the department of street cleaning and all pensions or relief moneys granted and payable from such fund shall be, and the same are, exempt from levy and sale under execution, and from all processes or proceedings to enjoin payment, or to recover such moneys or property, by or on behalf of any creditor or other person having or asserting any claim against, or debt or liability of any person entitled to such pension or relief.
§ 13-614 Termination of membership; transfer to New York city employees’ retirement system.
1. He or she shall file with the secretary of such retirement system a duly executed and acknowledged instrument of election renouncing all rights in the relief and pension fund, and
2. If the accumulated deductions of such officer or employee in such retirement system have been withdrawn or refunded, he or she shall pay into such retirement system the amount thereof, together with further interest thereon at an unchanged rate from the time of withdrawal or refund, and
3. If such officer or employee cease making contributions to such retirement system by reason of being entered on the rolls of the relief and pension fund as a member thereof, he or she shall pay into the New York city employees’ retirement system the amount of accumulated deductions, computed to the time of payment, which would have been produced during such period of non-contribution by the contributions which would have been payable during such period if such officer or employee had been then a member of such retirement system.
Subchapter 2: Hunter College Retirement System of the City Of New York
§ 13-615 Merger of system with teachers’ retirement system and provisions relative thereto.
Notwithstanding anything to the contrary in this code, on the first day of July nineteen hundred thirty-eight, the administration of the funds of the Hunter college retirement system as provided for in this code shall be transferred to the teachers’ retirement board of the teachers’ retirement system of the city of New York as provided for in chapter four of this title, and all cash and securities, and other assets held by the Hunter college retirement system shall be transferred and merged with the assets held by the teachers’ retirement system of the city of New York, the reserves in the annuity savings fund, the annuity reserve fund, the contingent reserve fund, the pension reserve fund number one, and the pension reserve fund number two being credited to the corresponding funds of the same name of the teachers’ retirement system. All appropriations made for the Hunter college retirement system shall be transferred to the credit of the teachers’ retirement system. The equities in the funds of the Hunter college retirement system, which are held by the members of such system as of the thirtieth day of June, nineteen hundred thirty-eight, shall not in anywise be impaired by such transfer and the funds so transferred shall continue to be held in trust in the teachers’ retirement system for the payment of the benefits to such members for which they were set aside. On the first day of July, nineteen hundred thirty-eight, all contributors of the Hunter college retirement system shall become and shall thereafter be contributors of the teachers’ retirement system and members of the teachers’ retirement association as constituted by section 13-503 of this title. The present-teachers of the Hunter college retirement system shall become and shall thereafter be present-teachers of the teachers’ retirement system, and the new-entrants of the Hunter college retirement system shall become and shall thereafter be new-entrants of the teachers’ retirement system, with all the rights and privileges of their respective classifications as provided in chapter four of this title, with the same force and effect as if they had originally been contributors of the teachers’ retirement system and members of the teachers’ retirement association. All those who now are present-teachers of the Hunter college retirement system, upon becoming contributors of the teachers’ retirement system and members of the teachers’ retirement association as provided in this section, shall, notwithstanding anything to the contrary in chapter four of this title, continue to have all the rights and privileges to which they were entitled under the provisions of law in existence at the time of the merger. All those who were entitled to prior service credit in the Hunter college retirement system with prior service certificates issued to them before the first day of July, nineteen hundred thirty-eight, shall be entitled to such prior service as was granted in the prior service certificates issued by the Hunter college retirement board, without increase or decrease, and all such certificates are hereby validated and confirmed, to the same extent and with the same effect as if issued pursuant to express authority of law. All beneficiaries of the Hunter college retirement system as of the thirtieth day of June, nineteen hundred thirty-eight, shall continue to receive their retirement allowances thereafter in the same manner, amount, and form, from the corresponding fund or funds of the teachers’ retirement system as that from which their benefits were paid from the Hunter college retirement system. The purpose of this act is to unify and simplify the retirement of members of the educational institutions of New York city, and after the respective reports of the teachers’ retirement board and the Hunter college retirement board for the period including the thirtieth day of June, nineteen hundred thirty-eight, which reports shall include a complete statement as to the merger, no special reports shall thereafter be required concerning the membership of the Hunter college retirement system transferred to the teachers’ retirement system. After the thirtieth day of June, nineteen hundred thirty-eight, the Hunter college retirement board shall cease to function, and all the duties of such board shall thereafter be performed by the teachers’ retirement board.
Subchapter 3: Health Department Pension Fund
§ 13-616 Organization and membership.
The health department pension fund as now constituted shall be continued only for the benefit of members of such fund on October first, nineteen hundred twenty.
§ 13-617 Composition of fund.
1. The capital, interest, income, dividends, cash, deposits, securities and credits in such fund on the day this section, as amended, shall take effect.
2. Except as provided in subdivision c of this section, all moneys collected from fines and penalties for violations of the health code or health laws in the city, including fines for violations of orders issued pursuant to sections 17-104, 17-107, 17-108 and 17-165 of the code and all moneys received from the issuance or granting of permits by the board of health of the department of health and mental hygiene and by the commissioner of health and mental hygiene pursuant to the health code.
3. A sum of money equal to but not greater than one percent of the monthly pay, salary or compensation of each member of such fund, which sum shall be deducted semi-monthly by the comptroller from the pay, salary or compensation of each member, and such comptroller is hereby authorized, empowered and directed to deduct such sum of money, and forthwith to pay the same to the board of trustees of the health department pension fund.
4. If the assets in the sources enumerated in paragraphs one and three of this subdivision shall be insufficient, during an ensuing fiscal year, to pay all pensions, allowances, benefits, grants, awards and payments pursuant to this subchapter during such fiscal year, it shall be the duty of the board of trustees at the time of submitting its estimate to the director of the budget for such year, to submit a full and detailed statement of the assets of such fund and the amount required, during such year, to pay all such sums in full. There shall be included in the budget for such year a sum sufficient to provide for such deficiency. The comptroller shall pay the money so provided to the board of trustees.
§ 13-618 Relief from contributions.
The board of estimate is authorized to adopt a resolution providing that the deduction from the pay, salary or compensation of a member made pursuant to this subchapter need not be made and that no contribution in lieu thereof need be made by such a member during the one year period commencing with July first, nineteen hundred sixty-two.
§ 13-619 Relief from contributions.
The mayor is authorized to adopt an executive order providing that the deduction from the pay, salary or compensation of a member made pursuant to this subchapter need not be made and that no contribution in lieu thereof need be made by such a member during the one year period commencing with July first, nineteen hundred sixty-three.
§ 13-620 Relief from contributions.
§ 13-621 Trustees of fund.
The board of estimate shall be the board of trustees of the health department pension fund.
§ 13-622 Duties of trustees.
Such board of trustees shall have charge of and administer such fund. From time to time such board shall invest the same, or any part thereof, as they shall deem most beneficial to such fund and shall liquidate the assets of such fund to provide moneys to make payments pursuant to the provisions of this subchapter. Such board is empowered to make all necessary contracts, take all necessary and proper actions and proceedings in the premises; and make payments from such fund of pensions, allowances, benefits, grants, awards and payments granted in pursuance of this subchapter. Such trustees from time to time shall establish such rules and regulations for the administration of such fund as they may deem best. No payments whatever shall be allowed to, or made by, such trustees as reward, gratuity or compensation to any person for salary or services rendered to, or for, such board of trustees.
§ 13-623 Reports.
Such board of trustees shall report in detail to the mayor annually in the month of January, the condition of such fund and the items of their receipts and disbursements on account of the same.
§ 13-624 Pension for service.
§ 13-625 Ordinary death benefits.
Upon the death of a member in city service, there shall be paid to his or her estate, or to such person as he or she has nominated or shall nominate by written designation duly executed and filed with the board of trustees during the lifetime of the member, a sum of money equal to the compensation earnable by him or her in the city service, while a member during the twelve months immediately preceding his or her death.
§ 13-626 Order of discontinuance of pension in certain cases.
The board of trustees, in its discretion, may order any pension granted or any part thereof to cease, except as provided in section 13-624 of this chapter, but in all such cases such board shall make a written statement of the causes determining such action. Such statement shall be entered in the minutes of the board of trustees. Nothing in this subchapter or in any other act, shall render the granting or payment of such pension obligatory upon the trustees, or chargeable as a matter of right upon such fund, except as provided in section 13-624 of this chapter.
§ 13-627 Exemption from tax and legal process.
The right of a person to a pension, allowance, benefit, grant, award or payment heretofore or hereafter granted or any other right accrued or accruing to any person under the provisions of this subchapter and the money in the funds provided for by this subchapter, are hereby exempt from any state or municipal tax, shall be unassignable hereafter, and shall not be subject to execution, garnishment, attachment or any other process whatsoever.
§ 13-628 Guaranty of funds.
All pensions, allowances, benefits, grants, awards or payments and any other benefits heretofore or hereafter granted under the provisions of the health department pension fund or of this subchapter, are hereby made obligations of the city.
Subchapter 4: Miscellaneous Provisions
§ 13-629 Transfer of officers and employees to the department of traffic.
Notwithstanding the provisions of any other general, special or local law, officers and employees of any agency may, with the consent of the head of such agency, be transferred to the department of traffic in accordance with the provisions of the civil service law and the rules and regulations of the municipal civil service commission. Officers and employees of any agency who are members of any pension or retirement system and who are transferred to the department of traffic, pursuant to the provisions of this subchapter, shall continue to be members of such pension or retirement system and shall continue to have the rights, privileges, obligations and status with respect to membership in such pension or retirement system as though they had remained members of the agency from which they were transferred.
§ 13-630 Employees of community colleges.
Any person employed by the city of New York on the non-instructional staff of a community college operated pursuant to article one hundred twenty-six of the education law is eligible for membership in the New York city employees’ retirement system.
§ 13-631 Preservation of retirement and civil service rights; members of police and fire departments holding civil defense positions.
§ 13-632 Transfer of retirement system membership of certain board of education personnel to teachers’ retirement system.
(1) “Teachers’ retirement system.” The retirement system maintained under chapter four of this title.
(2) “Eligible position holder.” Any member of the board of education retirement system of the city or of the New York city employees’ retirement system who holds, under the board of education of the city, a position of such a nature that under subdivision seven of section 13-501 of this title and section 13-503 of this title, a person who receives an appointment to such position, and who does not exercise any rights which he or she may have to become a transferred contributor in another retirement system, would become, by reason of such appointment, a member of the teachers’ retirement system.
(3) “First retirement system.” The retirement system of which an eligible position holder is a member, immediately prior to the transfer of his or her retirement system membership pursuant to this section.
(4) “Board.”
(i) In the case of the New York city employees’ retirement system, the board of trustees provided for by section 13-103 of this title; and
(ii) in the case of the board of education retirement system, the retirement board thereof.
(5) “Transferred member.” An eligible position holder who has transferred his or her membership to the teachers’ retirement system pursuant to this section.
(2) In the event that any transferred member makes an election as provided for in subdivision b of section 13-568 of this title with respect to a transfer of accumulated deductions and reserve-for-increased-take-home-pay to the appropriate variable annuity funds, such transfer, notwithstanding any other provision of law to the contrary, shall not commence earlier than the first day of the seventh month after the month in which he or she transferred his or her membership to the teachers’ retirement system.
§ 13-634 Transfer of members of the police force of the board of water supply to the police department of the city of New York.
The members of the police force of the board of water supply of the city, upon the termination of their service on such force by reason of the completion of the work for which they were appointed by such board shall be severally eligible for transfer to the position of patrolman in the police department of the city upon the written request in each case of the board, accompanied by the consent, also in writing, of the person to be transferred, and the further consent of the police commissioner. The time served by any member of such board of water supply police force who has become a member of such police force of the city, whether by transfer or as a result of competitive examination and appointment, and who is still a member of the police force of the city, shall be included and counted as service in the police department of the city in determining salary and eligibility for advancement, promotion, retirement and pension as provided in this code, provided, however, that no person becoming a member of the police department of the city in the manner herein provided, shall be entitled to participate in the benefits of the police pension fund, unless he shall pay into such fund the total sum that he would have been required to pay in order to participate therein had he been a member of such force from the time he entered the service of such board of water supply, and provided further, that no person not a member of the police force of the board of water supply on the ninth day of May, nineteen hundred nineteen shall be eligible for transfer to the position of patrolman in the police department of the city in accordance with the provisions hereof. These provisions shall not be subject to any restriction relative to transfers contained in the civil service law or in the rules and regulations of the civil service commission of the state, or any subdivision thereof.
§ 13-635 Computation of length of service of physicians and surgeons.
In determining the terms of service of any member of the police force, service in the municipal and metropolitan force, or service as a physician and surgeon in the classified service in any other department of the city or service not exceeding three years as an intern duly appointed and removable by the city of New York, of any hospital owned and operated by such city, provided, that for any such period maintenance, consisting of room and board was received without accompanying cash payment and provided further, that such intern shall pay into the fund an amount equal to the amount he or she would have paid during such service if he or she had been a physician or surgeon in such force, receiving compensation based on an annual rate of five thousand dollars and subsequently in the police force of the city, as constituted prior to chapter three hundred seventy-eight of laws of eighteen hundred ninety-seven or in any police force within the limits of the city as constituted by chapter three hundred seventy-eight of the laws of eighteen hundred ninety-seven, and thereafter in the police force created by the greater New York charter as amended by chapter four hundred sixty-six of the laws of nineteen hundred one, shall be counted and held to be service in the police force of the city. Any person, however, becoming a member of the police department of the city, in the manner herein provided, shall not be entitled to participate in the benefits of the police pension fund, unless he or she shall pay into such fund the total amount that he or she would have been required to pay in order to participate therein had he or she been a member of such force from the time he or she entered the service of such other department.
§ 13-636 Trustees of the exempt firemen’s benevolent fund of the late city of Brooklyn.
§ 13-637 Pension to members of police force disabled in military or naval service of the United States.
The board of trustees of the police pension fund shall have power to retire from membership in the police force and thereupon to grant an annual pension to any member of such department, who, while in the military, naval or marine service of the United States has become permanently disabled physically or mentally, so as to be unfit to perform the full duty of his or her employment in such department. Such pension shall not exceed one-half of the annual compensation earned by such member at the time of his or her retirement and shall be paid in like manner as pensions are paid out of the police pension fund of such city.
§ 13-638 Pension to members of the fire force disabled in military or naval service of the United States.
The board of trustees of the fire department pension fund shall have the power to retire from membership in the fire department and thereupon to grant an annual pension to any member of such department, who, while in military, naval or marine service of the United States has become permanently disabled, physically or mentally, so as to be unfit to perform the full duty of his or her employment in such department. Such pension shall not exceed one-half of the annual compensation earned by such member at the time of his or her retirement and shall be paid in like manner as pensions are paid out of the fire department pension fund of such city. Such board of trustees may increase the pension of any member of such department who has been retired, prior to the sixth day of May, nineteen hundred twenty-one, by reason of disability, physical or mental, sustained while in the military, naval or marine service of the United States. Such pension as increased shall not exceed one-half of the annual salary earned by such member at the time of his or her retirement.
§ 13-638.1 Nineteen hundred eighty-eight unfunded accrued liability adjustment.*
1. “Retirement system.” Any of the following: the New York city employees’ retirement system; the teachers’ retirement system; the police pension fund provided for by subchapter two of chapter two of this title; the fire department pension fund provided for by subchapter two of chapter three of this title; and the board of education retirement system of the city.
2. “Teachers’ retirement system.” The retirement system of the teachers’ retirement association provided for by chapter four of this title.
3. “Contingent reserve fund.” The contingent reserve fund of a retirement system.
4. “Governmental entity.” The city, the state or a public authority, corporation or body corporate or other agency of government.
5. “Normal contribution.” Where used in relation to the following retirement systems, such term shall have the following meanings:
(a) New York city employees’ retirement system; the employer contribution determined pursuant to paragraph two of subdivision b of section 13-127 of the code;
(b) New York city teachers’ retirement system; the employer contribution determined pursuant to subdivision b of section 13-527 of the code;
(c) New York city police pension fund, subchapter two; the employer contribution determined pursuant to paragraph two of subdivision b of section 13-228 of the code;
(d) New York city fire department pension fund, subchapter two; the employer contribution determined pursuant to paragraph two of subdivision b of section 13-331 of the code; and
(e) Board of education retirement system of the city; the employer contribution determined pursuant to subparagraph four of paragraph two of subdivision sixteen of section twenty-five hundred seventy-five of the education law.
6. “Responsible obligor.” Any governmental entity required by any provision of law to pay contributions to a retirement system on behalf of any members thereof, whether or not such entity is the employer of such members.
7. “Valuation rate of interest.” Where used herein with respect to a retirement system in relation to any fiscal year of the city, the term “valuation rate of interest” shall mean the rate per centum per annum of interest required by law to be used for the purpose of any actuarial valuation, determination or appraisal made to determine the amount of the normal contribution payable to the contingent reserve fund of such retirement system in such fiscal year.
(1) if the amount computed with respect to such retirement system pursuant to subdivision d of this section is greater than the amount computed in relation to such system pursuant to subdivision c of this section, the nineteen hundred eighty-eight unfunded accrued liability adjustment with respect to such obligor shall be a charge in an amount which, when paid by such obligor to the contingent reserve fund of such retirement system in ten equal annual installments, commencing with payment of a first installment in the city’s nineteen hundred eighty-eight-nineteen hundred eighty-nine fiscal year, shall be the actuarial equivalent, on the basis of the valuation rate of interest for such retirement system for such nineteen hundred eighty-eight-nineteen hundred eighty-nine fiscal year, of the excess of the amount computed pursuant to such subdivision d over the amount computed pursuant to such subdivision c.
(2) if the amount computed with respect to such retirement system pursuant to subdivision c of this section is greater than the amount computed in relation to such system pursuant to subdivision d of this section, the nineteen hundred eighty-eight unfunded accrued liability adjustment with respect to such obligor shall be a credit in an amount which, when credited in ten equal annual installments (the first of which installments is to be credited in the city’s nineteen hundred eighty-eight-nineteen hundred eighty-nine fiscal year) in reduction of the contributions which such obligor would otherwise be required to pay to the contingent reserve fund pursuant to law, shall be the actuarial equivalent, on the basis of the valuation rate of interest for such retirement system for such nineteen hundred eighty-eight-nineteen hundred eighty-nine fiscal year, of the excess of the amount computed pursuant to such subdivision c over the amount computed pursuant to such subdivision d.
(1) The actuary shall determine the portion of the liability (other than any liability on account of employees of the senior colleges of the city university) computed for such retirement system pursuant to subdivision c of this section, which portion is attributable to each such obligor on the basis of the members with respect to whom such obligor is required by law to make contributions to such retirement system.
(2) The actuary shall determine the portion of the liability (other than any liability on account of employees of such senior colleges) computed pursuant to subdivision d of this section, which portion is attributable to each such obligor on such basis.
(2) If the nineteen hundred eighty-eight unfunded accrued liability adjustment determined with respect to any responsible obligor in relation to a retirement system pursuant to the preceding subdivisions of this section is a credit, the total of the amounts otherwise required to be contributed by such obligor to the contingent reserve fund of such retirement system in each city fiscal year commencing with the nineteen hundred eighty-eight-nineteen hundred eighty-nine fiscal year and ending with the nineteen hundred ninety-seven-nineteen hundred ninety-eight fiscal year pursuant to law shall be reduced by the amount of one annual installment of such nineteen hundred eighty-eight unfunded accrued liability adjustment with respect to such obligor.
(1) the state, with respect to each fiscal year of the city occurring during the period commencing on July first, nineteen hundred eighty-eight and ending on June thirtieth, nineteen hundred ninety-eight, and at the time and in the manner prescribed by the applicable provisions of section sixty-two hundred thirty-one of the education law, shall contribute to the affected retirement system an installment amount representing the state’s share of such charge for such fiscal year, as prescribed by such provisions; and
(2) the city, with respect to each such fiscal year, and at the time and in the manner prescribed by the applicable provisions of such section of the education law, shall contribute an installment amount representing the city’s share of such charge for such fiscal year, as prescribed by such provisions.
(1) then with respect to each fiscal year of the city occurring during the period beginning on July first, nineteen hundred eighty-eight and ending on June thirtieth, nineteen hundred ninety-eight, there shall be credited in favor of the state, in relation to its obligations to contribute to the affected retirement system on account of employees of such senior colleges, and at the time and in the manner prescribed by the applicable provisions of section sixty-two hundred thirty-one of the education law, an installment amount representing the state’s share of such credit for such fiscal year, as prescribed by such provisions; and
(2) with respect to each such fiscal year occurring during such period, there shall be credited in favor of the city, in relation to the city’s obligations to contribute to the affected retirement system on account of employees of such senior colleges, and at the time and in the manner prescribed by the applicable provisions of such section sixty-two hundred thirty-one, an installment amount representing the city’s share of such credit for such fiscal year, as prescribed by such provisions.
(1) shall be treated as an asset, if such adjustment with respect to such retirement system is a charge; and
(2) shall be subtracted from assets, if such adjustment with respect to such retirement system is a credit.
§ 13-638.1 Nineteen hundred eighty-eight unfunded accrued liability adjustment.*
1. “Retirement system.” Any of the following: the New York city employees’ retirement system; the teachers’ retirement system; the police pension fund provided for by subchapter two of chapter two of this title; the fire department pension fund provided for by subchapter two of chapter three of this title; and the board of education retirement system of the city.
2. “Teachers’ retirement system.” The retirement system of the teachers’ retirement association provided for by chapter four of this title.
3. “Contingent reserve fund.” The contingent reserve fund of a retirement system.
4. “Governmental entity.” The city, the state or a public authority, corporation or body corporate or other agency of government.
5. “Normal contribution.” Where used in relation to the following retirement systems, such terms shall have the following meanings:
(a) New York city employees’ retirement system—the employer contribution determined pursuant to paragraph two of subdivision b of section 13-127 of the code;
(b) New York city teachers’ retirement system—the employer contribution determined pursuant to subdivision b of section 13-527 of the code;
(c) New York city police pension fund, subchapter two—the employer contribution determined pursuant to paragraph two of subdivision b of section 13-228 of the code;
(d) New York city fire department pension fund, subchapter two—the employer contribution determined pursuant to paragraph two of subdivision b of section 13-331 of the code; and
(e) Board of education retirement system of the city—the employer contribution determined pursuant to subparagraph four of paragraph (c) of subdivision sixteen of section twenty-five hundred seventy-five of the education law.
6. “Responsible obligor.” Any governmental entity required by any provision of law to pay contributions to a retirement system on behalf of any members thereof, whether or not such entity is the employer of such members.
7. “Valuation rate of interest.” Where used herein with respect to a retirement system in relation to any fiscal year of the city, the term “valuation rate of interest” shall mean the rate per centum per annum of interest required by law to be used for the purpose of any actuarial valuation, determination or appraisal made to determine the amount of the normal contribution payable to the contingent reserve fund of such retirement system in such fiscal year.
(1) if the amount computed with respect to such retirement system pursuant to subdivision d of this section is greater than the amount computed in relation to such system pursuant to subdivision c of this section, the nineteen hundred eighty-eight unfunded accrued liability adjustment with respect to such obligor shall be a charge in an amount which, when paid by such obligor to the contingent reserve fund of such retirement system in ten equal annual installments, commencing with payment of a first installment in the city’s nineteen hundred eighty-eight-nineteen hundred eighty-nine fiscal year, shall be the actuarial equivalent, on the basis of the valuation rate of interest for such retirement system for such nineteen hundred eighty-eight-nineteen hundred eighty-nine fiscal year, of the excess of the amount computed pursuant to such subdivision d over the amount computed pursuant to such subdivision c.
(2) if the amount computed with respect to such retirement system pursuant to subdivision c of this section is greater than the amount computed in relation to such system pursuant to subdivision d of this section, the nineteen hundred eighty-eight unfunded accrued liability adjustment with respect to such obligor shall be a credit in an amount which, when credited in ten equal annual installments (the first of which installments is to be credited in the city’s nineteen hundred eighty-eight-nineteen hundred eighty-nine fiscal year) in reduction of the contributions which such obligor would otherwise be required to pay to the contingent reserve fund pursuant to law, shall be the actuarial equivalent, on the basis of the valuation rate of interest for such retirement system for such nineteen hundred eighty-eight-nineteen hundred eighty-nine fiscal year, of the excess of the amount computed pursuant to such subdivision c over the amount computed pursuant to such subdivision d.
(1) The actuary shall determine the portion of the liability (other than any liability on account of employees of the senior colleges of the city university) computed for such retirement system pursuant to subdivision c of this section, which portion is attributable to each such obligor on the basis of the members with respect to whom such obligor is required by law to make contributions to such retirement system.
(2) The actuary shall determine the portion of the liability (other than any liability on account of employees of such senior colleges) computed pursuant to subdivision d of this section, which portion is attributable to each such obligor on such basis.
(2) If the nineteen hundred eighty-eight unfunded accrued liability adjustment determined with respect to any responsible obligor in relation to a retirement system pursuant to the preceding subdivisions of this section is a credit, the total of the amounts otherwise required to be contributed by such obligor to the contingent fund of such retirement system in each city fiscal year commencing with the nineteen hundred eighty-eight-nineteen hundred eighty-nine fiscal year and ending with the nineteen hundred ninety-seven-nineteen hundred ninety-eight fiscal year pursuant to law shall be reduced by the amount of one annual installment of such nineteen hundred eighty-eight unfunded accrued liability adjustment with respect to such obligor.
(1) the state, with respect to each fiscal year of the city occurring during the period commencing on July first, nineteen hundred eighty-eight and ending on June thirtieth, nineteen hundred ninety-eight, and at the time and in the manner prescribed by the applicable provisions of section sixty-two hundred thirty-one of the education law, shall contribute to the affected retirement system an installment amount representing the state’s share of such charge for such fiscal year, as prescribed by such provisions; and
(2) the city, with respect to each such fiscal year, and at the time and in the manner prescribed by the applicable provisions of such section of the education law, shall contribute an installment amount representing the city’s share of such charge for such fiscal year, as prescribed by such provisions.
(1) then with respect to each fiscal year of the city occurring during the period beginning on July first, nineteen hundred eighty-eight and ending on June thirtieth, nineteen hundred ninety-eight, there shall be credited in favor of the state, in relation to its obligations to contribute to the affected retirement system on account of employees of such senior colleges, and at the time and in the manner prescribed by the applicable provisions of section sixty-two hundred thirty-one of the education law, an installment amount representing the state’s share of such credit for such fiscal year, as prescribed by such provisions; and
(2) with respect to each such fiscal year occurring during such period, there shall be credited in favor of the city, in relation to the city’s obligations to contribute to the affected retirement system on account of employees of such senior colleges, and at the time and in the manner prescribed by the applicable provisions of such section sixty-two hundred thirty-one, an installment amount representing the city’s share of such credit for such fiscal year, as prescribed by such provisions.
(1) shall be treated as an asset, if such adjustment with respect to such retirement system is a charge; and
(2) shall be subtracted from assets, if such adjustment with respect to such retirement system is a credit.
§ 13-638.2 Supplementary provisions regarding employer contributions to retirement systems for fiscal years beginning on or after July first, nineteen hundred eighty-nine, for amortization of consolidated unfunded accrued liabilities and balance sheet liabilities for the nineteen hundred ninety—nineteen hundred ninety-one, nineteen hundred ninety-one—nineteen hundred ninety-two and nineteen hundred ninety-two—nineteen hundred ninety-three fiscal years, and for amortization of such liabilities and certain other unfunded accrued liabilities pursuant to the level percentage of payroll method in certain fiscal years thereafter; rates of interest.
1. “Retirement system”. Any of the following: the New York city employees’ retirement system; the teachers’ retirement system; the police pension fund provided for by subchapter two of chapter two of this title; the fire department pension fund provided for by subchapter two of chapter three of this title; and the board of education retirement system of the city.
2. “Teachers’ retirement system”. The retirement system of the teachers’ retirement association provided for by chapter four of this title.
3. “NYCERS”. The New York city employees’ retirement system.
4. “NYCTRS”. The teachers’ retirement system.
5. “PPF”. The police pension fund provided for in subchapter two of chapter two of this title.
6. “FPF”. The fire department pension fund provided for by subchapter two of chapter three of this title.
7. “BERS”. The board of education retirement system of the city.
8. “Contingent reserve fund”. The contingent reserve fund of a retirement system.
9. “Governmental entity”. The city, the state or a public authority, corporation or body corporate or other agency of government.
9-a. “Fiscal year”. A fiscal year of the city as defined in section two hundred twenty-six of the New York city charter.
9-b. “Senior colleges”. The senior colleges of the city university of New York.
9-c. “UAL”. Unfunded accrued liability.
9-d. “BSL”. Balance sheet liability.
10. “Responsible obligor”. Any governmental entity required by any provision of law to pay contributions to a retirement system on behalf of any members thereof, whether or not such entity is the employer of such members.
10-a. “General UAL and BSL responsible obligor”. Any responsible obligor (as defined in paragraph ten of this subdivision) other than the state of New York and the city of New York in their capacity as senior college UAL and BSL responsible obligors (as defined in paragraph ten-b of this subdivision).
10-b. “Senior college UAL and BSL responsible obligors”. The city and the state of New York, as contributors to NYCERS and NYCTRS pursuant to their respective shares, obligations and rights as provided for in section sixty-two hundred thirty-one of the education law.
11. “Valuation rate of interest”. Where used herein with respect to a retirement system in relation to any fiscal year of the city, the term “valuation rate of interest” shall mean the rate per centum per annum of interest required by law to be used for the purpose of any actuarial valuation, determination or appraisal made to determine the amount of the normal contribution payable to the contingent reserve fund of such retirement system in such fiscal year.
12. “Special interest”.
(i) Such term, where used in relation to any retirement system, other than BERS, shall mean special interest as defined for such retirement system as follows: NYCERS—subdivision twenty-nine of section 13-101 of this title; PPF—subdivision twenty of section 13-214 of this title; FPF—subdivision twenty-four of section 13-313 of this title; and NYCTRS—subdivision thirty-five of section 13-501 of this title.
(ii) Such term, where used in relation to BERS, shall mean a distribution to the annuity savings fund, in addition to regular interest, which distribution (A) for each of the periods as to which the applicable provisions of this section grant special interest, consists of the amount prescribed by such provisions for such period and (B) for each such period, is credited in such applicable amount in the annuity savings fund accounts of members who are eligible under such provisions for crediting of such amount for such period.
13. “Additional interest”.
(i) Such term, where used in relation to any retirement system, other than BERS, shall mean additional interest as defined for such retirement system as follows: NYCERS—subdivision thirty of section 13-101 of this title; PPF—subdivision twenty-one of section 13-214 of this title; FPF—subdivision twenty-five of section 13-313 of this title; and NYCTRS—subdivision thirty-six of section 13-501 of this title.
(ii) Such term, where used in relation to BERS, shall mean a distribution to the reserve-for-increased-take-home-pay, in addition to regular interest, which distribution (A) for each of the periods as to which the applicable provisions of this section grant additional interest, consists of the amount prescribed by such provisions for such period and (B) for each such period, is included in such applicable amount in the reserve-for-increased-take-home-pay of each member who is eligible under such provisions for inclusion of such amount for such period.
14. “Supplementary interest”.
(i) Such term, where used in relation to a retirement system, other than BERS, shall mean supplementary interest as defined for such retirement system as follows: NYCERS—subdivision sixty-eight of section 13-101 of this title; PPF—subdivision twenty-four of section 13-214 of this title; FPF—subdivision twenty-six of section 13-313 of this title; and NYCTRS—subdivision forty-nine of section 13-501 of this title.
(ii) Such term, where used in relation to BERS, shall mean an annual allowance, in addition to regular interest, of interest on the mean amount for the preceding year in each of the funds creditable with supplementary interest (as defined in paragraph fifteen of this subdivision) of BERS, which allowance, (A) for each of the periods as to which the applicable provisions of this section grant supplementary interest, consists of the amount prescribed by such provisions for such period and (B) for each such period, is credited in such applicable amount to such funds at the time, in the manner, to the extent and subject to the exclusions prescribed by such provisions.
15. “Fund creditable with supplementary interest”.
(a) In the case of NYCERS, PPF, FPF and BERS, such term shall mean each constituent fund mentioned in the applicable provisions of sections 13-124, 13-224 and 13-324 of this title and in section eight of the rules and regulations of BERS, other than the annuity savings fund. In the case of NYCTRS, such term shall mean each constituent fund mentioned in section 13-520 of this title, other than the annuity savings fund, pension reserve fund number two and the expense fund.
(b) Nothing contained in this subdivision shall be construed as providing for supplementary interest with respect to any reserve-for-increased-take-home-pay of any member of a retirement system entitled to such a reserve or with respect to any accumulation-for-increased-take-home-pay (as defined in subdivision fifteen of section 13-313 of this title).
16. “Significant change in an actuarial valuation method”.
(i) Subject to the provisions of subparagraphs (ii) and (iii) of this paragraph, the term “significant change in an actuarial valuation method” shall mean any change in any actuarial premise, device or calculation system (other than the valuation rate of interest and actuarial tables) used by the actuary in valuing the assets and liabilities of a retirement system, which change causes the actuarial accrued liability (computed pursuant to the entry age normal cost method of determining such liability) of such retirement system, as determined for the first fiscal year of the city for which such change is effective, to increase or decrease by more than ten per centum above or below the amount of the actuarial accrued liability, as determined for the fiscal year next preceding such first fiscal year on the basis of the valuation rate of interest, actuarial tables and actuarial methods in effect for valuation purposes with respect to determination of the normal contribution payable to such retirement system in such next preceding fiscal year.
(ii) For the purposes of this paragraph, all changes in actuarial premises, devices or calculation systems (other that the valuation rate of interest and actuarial tables) used in valuing assets and liabilities, which changes take effect simultaneously, shall be aggregated in determining the amount of increase or decrease in the actuarial accrued liability pursuant to subparagraph (i) of this paragraph, regardless of whether any such individual simultaneous change so aggregated is a significant change in an actuarial method within the meaning of such subparagraph (i). In any case where the aggregate of such simultaneous changes causes an increase or decrease by more than ten per centum in the actuarial accrued liability of a retirement system for the first fiscal year of effectiveness of such changes as described in subparagraph (i) of this paragraph, such aggregate shall be deemed to be a significant change in an actuarial valuation method for the purposes of this section.
(iii) The provisions of this subdivision shall not apply to any changes in an actuarial computation made to correct a mathematical or factual error.
17. “Post-June thirtieth, nineteen hundred ninety-nine unfunded accrued liability adjustment”. Any unfunded accrued liability adjustment calculated pursuant to subdivision k of this section.
18. “Phase-in period”. The period beginning on July first, nineteen hundred ninety and ending on June thirtieth, nineteen hundred ninety-five.
19. “Regular installment period”. The period beginning on July first, nineteen hundred ninety-five and ending on June thirtieth, two thousand ten.
20. “Retirement system undergoing consolidated UAL funding”. Any of the following: NYCTRS, NYCERS or BERS.
21. “Charge”. An amount which is required to be paid to a retirement system as an employer contribution.
22. “Credit”. An amount which is required to be applied in reduction of employer contributions otherwise payable to a retirement system.
23. “Individual UAL amortization in effect as of June thirtieth, nineteen hundred ninety”. Any of the following, as applicable to NYCERS, NYCTRS or BERS as of June thirtieth, nineteen hundred ninety (including any portion thereof attributable to the senior colleges): the revised unfunded accrued liability contribution, the nineteen hundred eighty unfunded accrued liability adjustment, the nineteen hundred eighty-two unfunded accrued liability adjustment, the nineteen hundred eighty-five unfunded accrued liability adjustment, the nineteen hundred eighty-six unfunded accrued liability adjustment, the nineteen hundred eighty-eight unfunded accrued liability adjustment, the post-June thirtieth, nineteen hundred eighty-nine unfunded accrued liability adjustment established for BERS pursuant to subdivision k of this section and all installments of amortization of bond sale gains and losses and all installments of funding of supplemental retirement allowances.
24. “Recomputed annual installment of individual UAL amortization in effect as of June thirtieth, nineteen hundred ninety”.
(i) With respect to each retirement system undergoing consolidated UAL funding (as defined in paragraph twenty of this subdivision), an installment amount computed in accordance with the succeeding subparagraphs of this paragraph in relation to each individual UAL amortization in effect as of June thirtieth, nineteen hundred ninety (as defined in paragraph twenty-three of this subdivision) for such retirement system.
(ii) For each such retirement system, its actuary shall determine, as of June thirtieth, nineteen hundred ninety and on the basis of eight and one-quarter per centum interest per annum, the present value of all those annual installments of such individual UAL amortization in effect as of June thirtieth, nineteen hundred ninety in relation to such retirement system, which installments, in the absence of the enactment of chapter nine hundred forty-eight of the laws of nineteen hundred ninety and the act which added this paragraph, would have remained, as of such June thirtieth, due and unpaid (if a charge) or uncredited (if a credit) with respect to fiscal years succeeding such June thirtieth.
(iii) The actuary of such retirement system shall determine an amount which, if paid to its contingent reserve fund, or applied as a credit, as the case may be, commencing with a first payment or credit in the nineteen hundred ninety—nineteen hundred ninety-one fiscal year, in a number of equal annual installments equal to the number of such annual installments remaining due and unpaid or uncredited with respect to such retirement system as of June thirtieth, nineteen hundred ninety as described in subparagraph (ii) of this paragraph, would be the actuarial equivalent, as of such June thirtieth, on the basis of nine per centum interest per annum, of the present value determined pursuant to such subparagraph (ii).
(iv) With respect to each individual UAL amortization in effect as of June thirtieth, nineteen hundred ninety for a retirement system undergoing consolidated UAL funding, the recomputed annual installment of individual UAL amortization in affect* as of June thirtieth, nineteen hundred ninety shall be one equal annual installment determined with respect to such individual UAL amortization for such retirement system pursuant to subparagraph (iii) of this paragraph.
25. “Single-year aggregate of recomputed annual installments of individual UAL amortizations in effect as of June thirtieth, nineteen hundred ninety”. With respect to any retirement system undergoing consolidated UAL funding (as defined in paragraph twenty of this subdivision), such aggregate shall be the total amount obtained, in relation to any fiscal year occurring during the phase-in period (as defined in paragraph eighteen of this subdivision) by adding together all recomputed annual installments of individual UAL amortization in effect as of June thirtieth, nineteen hundred ninety (as defined in paragraph twenty-four of this subdivision), as applicable to such fiscal year for such retirement system. For the purpose of such addition, any such recomputed installments which constitute a credit shall be treated as a negative quantity.
26. “General nineteen hundred ninety BSL contribution”. Any of the following: the NYCERS general nineteen hundred ninety BSL contribution determined pursuant to subdivision v of this section, the NYCTRS general nineteen hundred ninety BSL contribution determined pursuant to subdivision x of this section or the BERS general nineteen hundred ninety BSL contribution determined pursuant to subdivision z of this section.
27. “Nineteen hundred ninety UAL credit”.
(i) An amount determined for each retirement system undergoing consolidated UAL funding (as defined in paragraph twenty of this subdivision) which shall be determined as hereinafter provided in this paragraph.
(ii) Upon the basis of the actuarial tables and actuarial methods in effect for valuation purposes with respect to determination of the normal contribution payable to the contingent reserve fund of such retirement system in the nineteen hundred ninety—nineteen hundred ninety-one fiscal year and an interest rate of nine per centum per annum, there shall be determined, as of June thirtieth, nineteen hundred ninety, the amount of the unfunded accrued liability of such retirement system, computed pursuant to the entry age normal cost method of ascertaining such unfunded accrued liability.
(iii) There shall be determined with respect to such retirement system, as of June thirtieth, nineteen hundred ninety, on the basis of an interest rate of eight and one-quarter per centum per annum, the amount obtained by adding together (A) the present values of all those annual installments of individual UAL amortizations in effect as of June thirtieth, nineteen hundred ninety (as defined in paragraph twenty-three of this subdivision), including any portion thereof attributable to the senior colleges, which installments, in the absence of the enactment of chapter nine hundred forty-eight of the laws of nineteen hundred ninety and the act which added this paragraph, would have remained, as of such June thirtieth, due and unpaid (if a charge) or uncredited (if a credit) with respect to fiscal years succeeding such June thirtieth, and (B) the present value, as of such June thirtieth, of all installments of balance sheet liability (including any portion thereof attributable to the senior colleges), which installments, in the absence of the enactment of such chapter nine hundred forty-eight and the act which added this paragraph, would have remained due and unpaid with respect to fiscal years succeeding such June thirtieth.
(iv) The nineteen hundred ninety UAL credit with respect to such retirement system shall be the remainder obtained by subtracting from the total amount of present values determined pursuant to subparagraph (iii) of this paragraph, the amount of unfunded accrued liability determined pursuant to subparagraph (ii) of this paragraph.
28. “Annual installment of the nineteen hundred ninety UAL credit”. Any of twenty equal annual installments of credit with respect to each retirement system undergoing consolidated UAL funding (as defined in paragraph twenty of this subdivision), which installments, if applied over a period of twenty fiscal years, commencing with the nineteen hundred ninety—nineteen hundred ninety-one fiscal year, would be the actuarial equivalent, as of June thirtieth, nineteen hundred ninety and on the basis of interest at the rate of nine per centum per annum, of the nineteen hundred ninety UAL credit (as defined in paragraph twenty-seven of this subdivision), as applicable to such retirement system.
29. “NYCERS phase-in installment of general nineteen hundred ninety consolidated UAL contribution”.
(i) With respect to any fiscal year included in the phase-in period (as defined in paragraph eighteen of this subdivision), such phase-in installment shall consist of an installment amount determined in relation to NYCERS in the manner hereinafter provided for in this paragraph.
(ii) The single-year aggregate of recomputed annual installments of UAL amortizations in effect as of June thirtieth, nineteen hundred ninety (as defined in paragraph twenty-five of this subdivision), as applicable to NYCERS for such fiscal year, and one NYCERS computation installment of nineteen hundred ninety BSL (as defined in paragraph thirty-seven of this subdivision) shall be added together.
(iii) From the amount resulting from such addition, there shall be subtracted the amount obtained by adding together (A) one annual installment of the nineteen hundred ninety UAL credit (as defined in paragraph twenty-eight of this subdivision), as applicable to NYCERS and (B) the amount of one NYCERS comprehensive installment of nineteen hundred ninety BSL contribution (as defined in paragraph thirty-eight of this subdivision) applicable to such fiscal year.
(iv) From the remainder resulting from such subtraction, there shall be subtracted the portion of such remainder which is attributable to the senior colleges.
(v) The remainder resulting from the subtraction prescribed by subparagraph (iv) of this paragraph shall be the NYCERS phase-in installment of general nineteen hundred ninety consolidated UAL contribution for such fiscal year.
30. “NYCERS phase-in installment of nineteen hundred ninety consolidated UAL contribution attributable to the senior colleges”. With respect to each fiscal year included in the phase-in period (as defined in paragraph eighteen of this subdivision), such phase-in installment shall consist of an installment amount for such fiscal year which shall equal the portion of the remainder computed for the same fiscal year pursuant to subparagraph (iii) of paragraph twenty-nine of this subdivision, which portion is attributable to the senior colleges.
31. “NYCTRS phase-in installment of general nineteen hundred ninety consolidated UAL contribution”.
(i) With respect to any fiscal year included in the phase-in period (as defined in paragraph eighteen of this subdivision), such phase-in installment shall consist of an installment amount determined in relation to NYCTRS in the manner hereinafter provided for in this paragraph.
(ii) The single-year aggregate of recomputed annual installments of UAL amortizations in effect as of June thirtieth, nineteen hundred ninety (as defined in paragraph twenty-five of this subdivision), as applicable to NYCTRS for such fiscal year, and one NYCTRS computation installment of nineteen hundred ninety BSL (as defined in paragraph thirty-seven of this subdivision) shall be added together.
(iii) From the amount resulting from such addition, there shall be subtracted the amount obtained by adding together (A) one annual installment of the nineteen hundred ninety UAL credit (as defined in paragraph twenty-eight of this subdivision), as applicable to NYCTRS and (B) the amount of one NYCTRS comprehensive installment of nineteen hundred ninety BSL contribution (as defined in paragraph thirty-eight of this subdivision) applicable to such fiscal year.
(iv) From the remainder resulting from such subtraction, there shall be subtracted the portion of such remainder which is attributable to the senior colleges.
(v) The remainder resulting from the subtraction prescribed by subparagraph (iv) of this paragraph shall be the NYCTRS phase-in installment of general nineteen hundred ninety consolidated UAL contribution for such fiscal year.
32. “NYCTRS phase-in installment of nineteen hundred ninety consolidated UAL contribution attributable to the senior colleges”. With respect to each fiscal year included in the phase-in period (as defined in paragraph eighteen of this subdivision), such phase-in installment shall consist of an installment amount for such fiscal year which shall equal the portion of the remainder computed for the same fiscal year pursuant to subparagraph (iv) of paragraph thirty-one of this subdivision, which portion is attributable to the senior colleges.
33. “BERS phase-in installment of general nineteen hundred ninety consolidated UAL contribution”.
(i) With respect to any fiscal year included in the phase-in period (as defined in paragraph eighteen of this subdivision), such phase-in installment shall consist of an installment amount determined in relation to BERS in the manner hereinafter provided for in this paragraph.
(ii) The single-year aggregate of recomputed annual installments of UAL amortizations in effect as of June thirtieth, nineteen hundred ninety (as defined in paragraph twenty-five of this subdivision), as applicable to BERS for such fiscal year, and one BERS computation installment of nineteen hundred ninety BSL (as defined in paragraph thirty-seven of this subdivision) shall be added together.
(iii) From the amount resulting from such addition, there shall be subtracted the amount obtained by adding together (A) one annual installment of the nineteen hundred ninety UAL credit (as defined in paragraph twenty-eight of this subdivision), as applicable to BERS and (B) the amount of one BERS comprehensive installment of nineteen hundred ninety BSL contribution (as defined in paragraph thirty-eight of this subdivision) applicable to such fiscal year.
(iv) The reminder* resulting from the subtraction prescribed by subparagraph (iii) of this paragraph shall be the BERS phase-in installment of general nineteen hundred ninety consolidated UAL contribution for such fiscal year.
34. “Unfunded accrued liability as of June thirtieth, nineteen hundred ninety”. With respect to any retirement system undergoing consolidated UAL funding (as defined in paragraph twenty of this subdivision), the unfunded accrued liability of such retirement system as determined pursuant to subparagraph (ii) of paragraph twenty-seven of this subdivision.
35. “Nineteen hundred ninety balance sheet liability”. With respect to any retirement system undergoing consolidated UAL funding (as defined in paragraph twenty of this subdivision), the total present value, determined as of June thirtieth, nineteen hundred ninety on the basis of an interest rate of nine per centum per annum, of all installments of general nineteen hundred ninety BSL contribution (as defined in paragraph twenty-six of this subdivision) and all installments of nineteen hundred ninety BSL contribution attributable to the senior colleges, if any, payable to such retirement system pursuant to the applicable provisions of subdivisions w and y of this section.
36. “Prior BSL contribution”. Any of the following as in effect on June thirtieth, nineteen hundred ninety (including any portion thereof attributable to the senior colleges): (i) the BSL contribution of NYCERS determined pursuant to item (iii) of subparagraph (k) of paragraph four of subdivision b of section 13-127 of this title; (ii) the BSL contribution of NYCTRS determined pursuant to subparagraph (c) of paragraph eleven of subdivision f of section 13-527 of this title; and (iii) the BSL contribution of BERS determined pursuant to subparagraph sixteen-b of paragraph (c) of subdivision sixteen of section twenty-five hundred seventy-five of the education law.
37. “Computation installment of nineteen hundred ninety BSL”.
(i) Any installment amount determined as hereinafter provided in this paragraph.
(ii) The actuary of NYCERS, NYCTRS and BERS shall determine with respect to each such retirement system, as of June thirtieth, nineteen hundred ninety on the basis of eight and one-quarter per centum interest per annum, the present value of the thirty-one equal annual installments of the prior BSL contribution (as defined in paragraph thirty-six of this subdivision) of such retirement system (including any portion thereof attributable to the senior colleges), which installments, in the absence of the enactment of chapter nine hundred forty-eight of the laws of nineteen hundred ninety and the act which added this subdivision, would have remained due and unpaid to such retirement system as of such June thirtieth.
(iii) The actuary shall determine an amount which, if paid to the contingent reserve fund of such retirement system in thirty-one equal annual installments, commencing with a first payment in the nineteen hundred ninety-nineteen hundred ninety-one fiscal year, would be the actuarial equivalent, on the basis of an interest rate of nine per centum per annum, of such present value.
(iv) Each of the first five of such installments determined pursuant to subparagraph (iii) of this paragraph with respect to such retirement system shall be a computation installment of nineteen hundred ninety BSL.
38. “Comprehensive installment of nineteen hundred ninety BSL contribution”.
(i) An installment amount determined by the actuary of NYCERS, NYCTRS and BERS with respect to each such retirement system in the manner hereinafter provided in this paragraph.
(ii) The actuary shall determine an amount which, if paid to the contingent reserve fund of such retirement system in twenty equal annual installments, commencing with a first payment in the nineteen hundred ninety-nineteen hundred ninety-one fiscal year, would be the actuarial equivalent, on the basis of an interest rate of nine per centum per annum, of the present value determined pursuant to subparagraph (ii) of paragraph thirty-seven of this subdivision.
(iii) Each of the first five of such installments determined pursuant to subparagraph (ii) of this paragraph with respect to such retirement system shall be a comprehensive installment of nineteen hundred ninety BSL contribution.
39. “NYCERS regular installment of general nineteen hundred ninety consolidated UAL contribution”. Any installment payable pursuant to subdivision o of this section.
40. “NYCERS regular installment of nineteen hundred ninety consolidated UAL contribution attributable to the senior colleges”. Any installment payable pursuant to subdivision p of this section.
41. “NYCTRS regular installment of general nineteen hundred ninety consolidated UAL contribution”. Any installment payable pursuant to subdivision q of this section.
42. “NYCTRS regular installment of nineteen hundred ninety consolidated UAL contribution attributable to the senior colleges”. Any installment payable pursuant to subdivision r of this section.
43. “BERS regular installment of general nineteen hundred ninety consolidated UAL contribution”. Any installment payable pursuant to subdivision s of this section.
44. “General nineteen hundred ninety consolidated UAL contribution”. Any of the following: the general nineteen hundred ninety consolidated UAL contributions for which phase-in installments are determined pursuant to paragraphs twenty-nine, thirty-one and thirty-three of this subdivision, the NYCERS general nineteen hundred ninety consolidated UAL contribution for which regular installments are determined pursuant to subdivision o of this section, the NYCTRS general nineteen hundred ninety consolidated unfunded accrued liability contribution for which regular installments are determined pursuant to subdivision q of this section or the BERS general nineteen hundred ninety consolidated unfunded accrued liability contribution for which regular installments are determined pursuant to subdivision s of this section.
45. “NYCERS installment of general nineteen hundred ninety BSL contribution”. Any installment payable pursuant to subdivision v of this section.
46. “NYCERS installment of nineteen hundred ninety BSL contribution attributable to the senior colleges”. Any installment payable pursuant to subdivision w of this section.
47. “NYCTRS installment of general nineteen hundred ninety BSL contribution”. Any installment payable pursuant to subdivision x of this section.
48. “NYCTRS installment of nineteen hundred ninety BSL contribution attributable to the senior colleges”. Any installment payable pursuant to subdivision y of this section.
49. “BERS installment of general nineteen hundred ninety BSL contribution”. Any installment payable pursuant to subdivision z of this section.
50. “UAL subject to consolidated amortization”. The amount of the unfunded accrued liability of each of NYCERS, NYCTRS and BERS (including, in the case of NYCERS and NYCTRS any such liability attributable to the senior colleges), which liability, prior to July first, nineteen hundred ninety-three, was required to be amortized by phase-in and other consolidated UAL contributions designated in subdivision bb of this section.
51. “BSL subject to consolidated amortization”. The amount of the balance sheet liability of each of NYCERS, NYCTRS and BERS (including in the case of NYCERS and NYCTRS, any such liability attributable to the senior colleges), which liability, prior to July first, nineteen hundred ninety-three, was required to be amortized by phase-in and other BSL contributions designated in subdivision bb of this section.
52. “Balance of unfunded UAL subject to consolidated amortization”. An amount, separately determined for each of NYCERS, NYCTRS and BERS by its actuary, equal to the present value (based on an interest rate of nine per centum per annum), as of June thirtieth, nineteen hundred ninety-three, of the remaining unpaid installments, as of such June thirtieth, of the amortization (as prescribed by subdivisions aa and bb of this section) of the UAL subject to the consolidated amortization of such retirement system.
53. “Balance of unfunded BSL subject to consolidated amortization”. An amount, separately determined for each of NYCERS, NYCTRS and BERS by its actuary, equal to the present value (based on an interest rate of nine per centum per annum), as of June thirtieth, nineteen hundred ninety-three, of the remaining unpaid installments, as of such June thirtieth, of the amortization (as prescribed by subdivisions aa and bb of this section) of the BSL subject to the consolidated amortization of such retirement system.
54. “Revised amortization period”. The period beginning on July first, nineteen hundred ninety-three and ending on June thirtieth, two thousand ten.
55. “Special provisions for funding and financing senior college UAL and BSL amortization”. The provisions of the education law and any other law which apply to (i) the time and manner of payment, (ii) payment financing, pre-financing and reimbursement, (iii) determination of city and state shares of payments, (iv) exclusion of UAL and BSL payment obligations from senior college operating expenses and from senior college “approved programs and services”, or (v) any other funding of financing method or responsibility, with respect to contribution installments required to be paid by senior college UAL and BSL responsible obligors of each of NYCERS and NYCTRS for the fiscal years included in the period beginning on July first, nineteen hundred ninety and ending on June thirtieth, nineteen hundred ninety-three, as designated in subdivision bb of this section.
56. “NYCERS post-June thirtieth, nineteen hundred ninety UAL established pursuant to retirement incentive and part-time employee legislation”. The sum obtained by adding together:
(i) The actuarial present value, as required to be computed by section twenty-six of chapter two hundred ten of the laws of nineteen hundred ninety, of the additional benefits payable to NYCERS beneficiaries pursuant to such chapter;
(ii) The actuarial present value, as required to be computed pursuant to section eleven of chapter one hundred seventy-eight of the laws of nineteen hundred ninety-one, of the additional benefits payable to NYCERS beneficiaries pursuant to such chapter;
(iii) The actuarial present value, as computed pursuant to section eleven of chapter six hundred forty-three of the laws of nineteen hundred ninety-two, of the additional benefits payable to NYCERS beneficiaries pursuant to such chapter; and
(iv) The additional accrued employer cost, as computed pursuant to subdivision gg of this section, of providing the rights, benefits and privileges conferred by chapter seven hundred forty-nine of the laws of nineteen hundred ninety-two upon members of NYCERS.
57. “NYCERS balance of retirement incentive and part-time employee UAL”. The amount, determined for NYCERS by its actuary, obtained by adding together the present values (based on an interest rate of nine per centum per annum), as of June thirtieth, nineteen hundred ninety-three, of the remaining unpaid annual installments, as of such June thirtieth, of the amortizations (as prescribed by the provisions of law referred to in subparagraphs (i), (ii), (iii) and (iv) of paragraph fifty-six of this subdivision) of the NYCERS post-June thirtieth, nineteen hundred ninety UAL established pursuant to retirement incentive and part-time employee legislation.
58. “NYCTRS post-June thirtieth, nineteen hundred ninety UAL established pursuant to retirement incentive legislation”. The sum obtained by adding together:
(i) The actuarial present value, as required to be computed by section twenty-six of chapter two hundred ten of the laws of nineteen hundred ninety, of the additional benefits payable to NYCTRS beneficiaries pursuant to such chapter;
(ii) The actuarial present value, as required to be computed pursuant to section eleven of chapter one hundred seventy-eight of the laws of nineteen hundred ninety-one, of the additional benefits payable to NYCTRS beneficiaries pursuant to such chapter; and
(iii) The actuarial present value, as required to be computed pursuant to section ten of chapter four hundred ninety-four of the laws of nineteen hundred ninety-two, as amended by chapter eight hundred thirty-seven of the laws of nineteen hundred ninety-two, of the additional benefits payable to NYCTRS beneficiaries pursuant to such chapters.
59. “NYCTRS balance of retirement incentive UAL”. The amount, determined for NYCTRS by its actuary, obtained by adding together the present values (based on an interest rate of nine per centum per annum), as of June thirtieth, nineteen hundred ninety-three, of the remaining unpaid annual installments, as of such June thirtieth, of the amortizations (as prescribed by the provisions of law referred to in subparagraphs (i), (ii) and (iii) of paragraph fifty-eight of this subdivision) of the NYCTRS post-June thirty*, nineteen hundred ninety UAL established pursuant to retirement incentive legislation.
60. “BERS post-June thirtieth, nineteen hundred ninety UAL established pursuant to retirement incentive and part-time employee legislation”. The sum obtained by adding together:
(i) the actuarial present value, as required to be computed by section twenty-six of chapter two hundred ten of the laws of nineteen hundred ninety, of the additional benefits payable to BERS beneficiaries pursuant to such chapter; and
(ii) the additional accrued employer cost, as computed pursuant to subdivision gg of this section, of providing the rights, benefits and privileges conferred by chapter seven hundred forty-nine of the laws of nineteen hundred ninety-two upon members of BERS.
61. “BERS balance of retirement incentive and part-time employee UAL”. The amount, determined for BERS by its actuary, obtained by adding together the present values (based on an interest rate of nine per centum per annum), as of June thirtieth, nineteen hundred ninety-three, of the remaining unpaid annual installments, as of such June thirtieth, of the amortizations (as prescribed by the provisions of law referred to in subparagraphs (i) and (ii) of paragraph sixty of this subdivision) of the BERS post-June thirtieth, nineteen hundred ninety UAL established pursuant to retirement incentive and part-time employee legislation.
62. “Retirement incentive act”. Any of the following: chapter two hundred ten of the laws of nineteen hundred ninety, chapter one hundred seventy-eight of the laws of nineteen hundred ninety-one, chapter four hundred ninety-four of the laws of nineteen hundred ninety-two, chapter six hundred forty-three of the laws of nineteen hundred ninety-two and chapter eight hundred thirty-seven of the laws of nineteen hundred ninety-two.
63. “Retirement incentive responsible obligor”. Subject to the provisions of paragraph seven of subdivision ii of this section, the term “retirement incentive responsible obligor” shall mean a responsible obligor which, under the provisions of a retirement incentive act, or any other law applicable to contributions required by a retirement incentive act to fund additional retirement incentive benefits thereunder, was required, prior to July first, nineteen hundred ninety-three, to make contributions to fund additional retirement benefits payable to beneficiaries of a retirement system under such retirement incentive act.
64. “Part-time employee responsible obligor”.
(i) With respect to NYCERS, the term “part-time employee responsible obligor” shall mean any responsible obligor to which paragraph two of subdivision gg of this section applied prior to July first, nineteen hundred ninety-three.
(ii) With respect to BERS, such term shall mean any responsible obligor to which paragraph three of such subdivision applied prior to July first, nineteen hundred ninety-three.
65. “Beneficiary.” A person in receipt of a pension, an annuity, a retirement allowance, a death benefit or any other benefit provided by a retirement system.
66. “NYCERS 1995 UAL”. The unfunded accrued liability of NYCERS as of June thirtieth, nineteen hundred ninety-five (excluding the NYCERS 1995 balance of BSL, as defined in paragraph sixty-nine of this subdivision), as determined by the actuary pursuant to the entry age normal cost method of ascertaining such unfunded accrued liability, on the basis of an interest rate of eight and three-quarters per centum per annum and the actuarial tables applicable for the purpose of determining the normal contribution to NYCERS for the nineteen hundred ninety-five—nineteen hundred ninety-six fiscal year.
67. “NYCTRS 1995 UAL”. The unfunded accrued liability of NYCTRS as of June thirtieth, nineteen hundred ninety-five (excluding the NYCTRS 1995 balance of BSL, as defined in paragraph seventy of this subdivision), as determined by the actuary pursuant to the entry age normal cost method of ascertaining such unfunded accrued liability, on the basis of an interest rate of eight and three-quarters per centum per annum and the actuarial tables applicable for the purpose of determining the normal contribution to NYCTRS for the nineteen hundred ninety-five—nineteen hundred ninety-six fiscal year.
68. “BERS 1995 UAL”. The unfunded accrued liability of BERS as of June thirtieth, nineteen hundred ninety-five (excluding the BERS 1995 balance of BSL, as defined in paragraph seventy-one of this subdivision), as determined by the actuary pursuant to the entry age normal cost method of ascertaining such unfunded accrued liability, on the basis of an interest rate of eight and three-quarters per centum per annum and the actuarial tables applicable for the purpose of determining the normal contribution to BERS for the nineteen hundred ninety-five—nineteen hundred ninety-six fiscal year.
69. “NYCERS 1995 balance of BSL”. The present value, as determined by the actuary as of June thirtieth, nineteen hundred ninety-five on the basis of an interest rate of eight and three-quarters per centum per annum, of the total of all contribution installments which, in the absence of the enactment of the act which added this paragraph, would be payable to NYCERS for fiscal years beginning on or after July first, nineteen hundred ninety-five pursuant to subparagraphs (ii) and (iv) of paragraph two of subdivision hh of this section and paragraphs four, five, six and seven of such subdivision.
70. “NYCTRS 1995 balance of BSL”. The present value, as determined by the actuary as of June thirtieth, nineteen hundred ninety-five on the basis of an interest rate of eight and three-quarters per centum per annum, of the total of all contribution installments which, in the absence of the enactment of the act which added this paragraph, would be payable to NYCTRS for fiscal years beginning on or after July first nineteen hundred ninety-five pursuant to subparagraphs (ii) and (iv) of paragraph two of subdivision hh of this section and paragraphs four, five, six and seven of such subdivision.
71. “BERS 1995 balance of BSL”. The present value, as determined by the actuary as of June thirtieth, nineteen hundred ninety-five on the basis of an interest rate of eight and three-quarters per centum per annum, of the total of all contribution installments which, in the absence of the enactment of the act which added this paragraph, would be payable to BERS for fiscal years beginning on or after July first, nineteen hundred ninety-five pursuant to subparagraph (ii) of paragraph three of subdivision hh of this section and paragraphs four, five and seven of such subdivision.
72. “Fifteen-year amortization period”. The period beginning on July first, nineteen hundred ninety-five and ending on June thirtieth, two thousand ten.
73. “NYCERS 1999 UAL”. The unfunded accrued liability of NYCERS as of June thirtieth, nineteen hundred ninety-nine attributable as of that date to the obligations set forth in item (ii) of subparagraph (a) of paragraph two of subdivision b of section 13-127 of this title, as determined by the actuary pursuant to the entry age normal cost method of ascertaining such unfunded accrued liability, on the basis of an interest rate of eight per centum per annum and the actuarial tables applicable for the purpose of determining the normal contribution to NYCERS for the nineteen hundred ninety-nine—two thousand fiscal year, provided, however, that in the event such calculation of unfunded accrued liability produces a negative amount, the NYCERS 1999 UAL shall be zero.
74. “NYCTRS 1999 UAL”. The unfunded accrued liability of NYCTRS as of June thirtieth, nineteen hundred ninety-nine attributable as of that date to the obligations set forth in paragraph (1) of subdivision b of section 13-527 of this title, as determined by the actuary pursuant to the entry age normal cost method of ascertaining such unfunded accrued liability, on the basis of an interest rate of eight per centum per annum and the actuarial tables applicable for the purpose of determining the normal contribution to NYCTRS for the nineteen hundred ninety-nine—two thousand fiscal year, provided, however, that in the event such calculation of unfunded accrued liability produces a negative amount, the NYCTRS 1999 UAL shall be zero.
75. “BERS 1999 UAL”. The unfunded accrued liability of BERS as of June thirtieth, nineteen hundred ninty-nine attributable as of that date to the obligations set forth in item (i) of subparagraph four of paragraph (c) of subdivision sixteen of section twenty-five hundred seventy-five of the education law, as determined by the actuary pursuant to the entry age normal cost method of ascertaining such unfunded accrued liability, on the basis of an interest rate of eight per centum per annum and the actuarial tables applicable for the purpose of determining the normal contribution to BERS for the nineteen hundred ninety-nine—two thousand fiscal year, provided, however, that in the event such calculation of unfunded accrued liability produces a negative amount, the NYCBERS 1999 UAL shall be zero.
76. “Eleven-year amortization period”. The period beginning on July first, nineteen hundred ninety-nine and ending on June thirtieth, two thousand ten.
(2) With respect to each retirement system, such rate of interest shall be as hereinafter set forth in this paragraph:
| Retirement System | Rate of interest per centum per annum, compounded annually | First day and last day of fiscal year or series of fiscal years for which rate is effective |
|---|---|---|
| NYCERS | 7% | July 1, 2011 to June 30, 2021 |
| NYCTRS | 7% | July 1, 2011 to June 30, 2021 |
| PPF | 7% | July 1, 2011 to June 30, 2021 |
| FPF | 7% | July 1, 2011 to June 30, 2021 |
| BERS | 7% | July 1, 2011 to June 30, 2021 |
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(2) Such special interest shall be allowed at the rates and for the periods set forth below in this paragraph:
| Retirement System | Rate of interest per centum per annum, compounded annually | First day and last day of fiscal year or series of fiscal years for which rate is effective |
|---|---|---|
| NYCERS | 1 1/4% | July 1, 2011 to June 30, 2021 |
| NYCTRS | 1 1/4% | July 1, 2011 to June 30, 2021 |
| PPF | 1 1/4% | July 1, 2011 to June 30, 2021 |
| FPF | 1 1/4% | July 1, 2011 to June 30, 2021 |
| BERS | 1 1/4% | July 1, 2011 to June 30, 2021 |
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(3) Such special interest provided for by paragraphs one and two of this subdivision shall be credited to such individual account of each member entitled thereto in the same manner and at the same time as regular interest is required to be credited to such account with respect to the same period of time. Such special interest shall not be considered in determining rates of contributions of members. Nothing contained in this subdivision f shall be construed as applicable to any member of a retirement system who is subject to the provisions of article fourteen of the retirement and social security law or article fifteen of such law.
(2) Such additional interest shall be included at the rates and for the periods set forth below in this paragraph:
| Retirement System | Rate of interest per centum per annum, compounded annually | First day and last day of fiscal year or series of fiscal years for which rate is effective |
|---|---|---|
| NYCERS | 1 1/4% | July 1, 2011 to June 30, 2021 |
| NYCTRS | 1 1/4% | July 1, 2011 to June 30, 2021 |
| PPF | 1 1/4% | July 1, 2011 to June 30, 2021 |
| FPF | 1 1/4% | July 1, 2011 to June 30, 2021 |
| BERS | 1 1/4% | July 1, 2011 to June 30, 2021 |
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(3) Additional interest shall not be considered in determining rates of contribution of members. Nothing contained in this subdivision shall be construed as applicable to any member of a retirement system who is subject to the provisions of article fourteen of the retirement and social security law or article fifteen of such law.
(A) the provisions of paragraph two of subdivision f or paragraph two of subdivision g of this section are amended so as to prescribe for any retirement system with respect to any fiscal year of the city a rate of special interest or additional interest different from that applicable to such retirement system for the next preceding fiscal year; and
(B) the date of enactment (as such date is certified pursuant to section forty-one of the legislative law) of such amendment is later than the first day of the fiscal year in which such changed rate takes effect; and
(C) during the period beginning on such first day and ending on the day next preceding such date of enactment, a member of such retirement system dies or the retirement allowance or vested rights deferred retirement allowance of such member becomes payable; the applicable rate of special interest or additional interest, as the case may be, for such next proceding fiscal year shall apply to the crediting of special interest or additional interest in favor or such member for the portion of such period preceding such death or the commencement of payability of such retirement allowance.
(2) (i) Nothing contained in subdivisions f and g of this section shall be construed as granting special or additional interest, as the case may be, to any person with respect to any period wherein (A) such person was not a member entitled to be credited with regular interest for the same period in the annuity savings fund or with respect to his or her reserve-for-increased-take-home-pay or (B) was not a discontinued member entitled to be credited as a discontinued member with regular interest for the same period.
(ii) Nothing contained in such subdivisions f and g shall be construed (A) as granting special interest with respect to the total accumulated contributions (as defined in subdivision seven of section 13-313 of this title) of an original plan member (as defined in subdivision four-b of such section 13-313) of FPF while he or she is such a member or (B) as granting additional interest with respect to an accumulation-for-increased-take-home-pay (as defined in subdivision fifteen of such section 13-313) of an original plan member while he or she is such a member.
(2) Such supplementary interest shall be allowed at the rates and for the periods set forth below in this paragraph:
| Retirement System | Rate of interest per centum per annum, compounded annually | First day and last day of fiscal year or series of fiscal years for which rate is effective |
|---|---|---|
| NYCERS | 0% | July 1, 2011 to June 30, 2021 |
| NYCTRS | 0% | July 1, 2011 to June 30, 2021 |
| PPF | 0% | July 1, 2011 to June 30, 2021 |
| FPF | 0% | July 1, 2011 to June 30, 2021 |
| BERS | 0% | July 1, 2011 to June 30, 2021 |
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(3) The provisions of paragraphs one and two of this subdivision shall not apply to or affect (i) the allowance of interest or the crediting of interest to accounts of members or discontinued members in the annuity savings fund or (ii) the allowance of interest on or the crediting of interest to reserve-for-increased-take-home-pay of members or discontinued members or (iii) the determination of the amount of any benefit payable to any member or beneficiary of a retirement system.
(1) as to whether legislation should be enacted providing for the crediting of special interest to members of such retirement system after such last fiscal year and if so, the recommended rate thereof and duration of such crediting; and
(2) as to whether legislation should be enacted providing that in the determination of reserves-for-increased-take-home-pay of members of such retirement system entitled to such a reserve, additional interest shall be included for any period after such last fiscal year, and if so, the recommended rate thereof and the period as to which such interest should be included; and
(3) as to whether legislation should be enacted providing for the crediting of supplementary interest after such last fiscal year to funds creditable with supplementary interest of such retirement system and if so, the recommended rate thereof and duration of such crediting.
(ii) Any such adjustment (or adjustments in the aggregate) shall be designed to amortize in installments over a period and by such method as shall be established by the board of trustees or retirement board of such retirement system on the recommendation of its actuary, and commencing on such first day, the increase or decrease in the actuarial accrued liability of such retirement system or pension fund resulting from any such change or changes. Such period of amortization shall be not less than ten city fiscal years nor more than twenty such years.
(iii) No unfunded accrued liability adjustment shall be established under this subdivision for any retirement system with respect to any change in actuarial tables or significant change in an actuarial valuation method, where such changed tables or changed method apply or applies to such retirement system with respect to determination of any of the NYCERS 1999 UAL, the NYCTRS 1999 UAL, the BERS 1999 UAL, the PPF 1999 UAL (as defined in paragraph thirty-two of subdivision a of section 13-638.3 of the code, as added by chapter six hundred eight of the laws of nineteen hundred ninety-one) or the FPF 1999 UAL (as defined in paragraph thirty-two of subdivision a of section 13-638.3 of the code, as added by chapter six hundred ten of the laws of nineteen hundred ninety-one), whether such change is adopted before or after July first, nineteen hundred ninety-nine. Nothing contained in this subdivision shall be construed as requiring the continuation after June thirtieth, nineteen hundred ninety-nine of the amortization of any unfunded accrued liability adjustment established under this subdivision prior to such June thirtieth.
(iv) No unfunded accrued liability adjustment shall be established under this subdivision for any retirement system with respect to any change in the valuation rate of interest, change in actuarial tables or significant change in an actuarial valuation method if (A) such unfunded accrued liabilities, when added to any existing unfunded accrued liability, would result in the total of all unfunded accrued liabilities for that retirement system equaling less than zero, or if (B) the change in unfunded actuarial liability for that retirement system would cause an increase or decrease of less than ten percent in the actuarial accrued liability (computed pursuant to the entry age normal cost method of determining such liability) and the actuary concludes that such an unfunded accrued liability need not be established.
(2) Subject to the provisions of the succeeding paragraphs of this subdivision and subdivision 1 of this section, each such unfunded accrued liability adjustment shall be calculated with respect to the affected responsible obligor, and shall be paid by or credited to such obligor, as the case may be, in accordance with the appropriate methods set forth in subdivisions b to v, inclusive, of section 13-638.1 of this subchapter.
(3) (i) Each such unfunded accrued liability adjustment (other than any such adjustment attributable to employees of the senior colleges of the city university) shall be known by a title consisting of the numerical designation of the calendar year in which the first fiscal year of the applicable amortization period begins, followed by the words “unfunded accrued liability adjustment attributable to,” followed by the name of the responsible obligor with respect to which such adjustment was calculated.
(ii) Each such unfunded accrued liability adjustment attributable to employees of such senior colleges which is calculated for NYCERS shall be known by a title consisting of the numerical designation of the calendar year in which the first fiscal year of the applicable amortization period begins, followed by the words “NYCERS unfunded accrued liability adjustment attributable to the senior colleges.”
(iii) Each such unfunded accrued liability adjustment attributable to employees of such senior colleges which is calculated for NYCTRS shall be known by a title consisting of the numerical designation of the calendar year in which the first fiscal year of the applicable amortization period begins, followed by the words “NYCTRS unfunded accrued liability adjustment attributable to the senior colleges.”
(4) For the purpose of applying the provisions of subdivisions b to v, inclusive, of section 13-638.1 as prescribed by paragraph two of this subdivision:
(i) the term “valuation rate of interest” appearing in such provisions shall mean the applicable valuation rate of interest, as defined in paragraph eleven of subdivision a of this section; and
(ii) wherever the words “nineteen hundred eighty-seven-nineteen hundred eighty-eight fiscal year” appear in such subdivisions, there shall be deemed to be substituted therefor the numerical designation of the city fiscal year next preceding the first fiscal year of the amortization period applicable pursuant to paragraph one of this subdivision; and
(iii) wherever the words, “nineteen hundred eighty-eight-nineteen hundred eighty-nine fiscal year” appear in such subdivisions, there shall be deemed to be substituted therefor the numerical designation of the first city fiscal year of such amortization period; and
(iv) wherever the words “June thirtieth, nineteen hundred eighty-eight” appear in such subdivisions, there shall be deemed to be substituted therefor the numerical designation of the month, day and year of the June thirtieth next preceding the first day of such amortization period; and
(v) wherever the words “nineteen hundred eighty-eight unfunded accrued liability adjustment” appear in such subdivisions, there shall be deemed to be substituted therefor the numerical designation of the calendar year in which such amortization period begins, followed by the words “unfunded accrued liability adjustment”; and
(vi) wherever the words “nineteen hundred ninety-seven-nineteen hundred ninety-eight” appear in such subdivisions, there shall be deemed to be substituted therefor the numerical designation of the last city fiscal year of the applicable amortization period.
k-1. All installments of contribution resulting from any unfunded accrued liability established for any retirement system prior to the establishment of the unfunded accrued liability as of June thirtieth, two thousand ten for the retirement systems pursuant to the provisions of paragraph one of subdivision k-2 of this section which are payable to any retirement system on or after July first, two thousand eleven are hereby canceled and shall not be due and payable on or after such July first.
k-2. (1) (i) The actuary for each of the retirement systems (as defined in paragraph one of subdivision a of this section), upon the basis of the latest mortality and other tables applicable at the time he or she performs the calculations, and the valuation rate of interest (as defined in paragraph eleven of subdivision a of this section), shall calculate separately for each of the retirement systems, as of June thirtieth, two thousand ten and as of each succeeding June thirtieth, an unfunded accrued liability for each of the retirement systems in accordance with the succeeding subparagraphs of this paragraph.
(ii) The actuary shall calculate, as of the applicable June thirtieth, an amount equal to the sum of (A) the total actuarial present value of all benefits payable by the retirement system pursuant to applicable law, as determined by the actuary, and (B) the liability of the retirement system, as determined by the actuary, for amounts which the retirement system may be required by applicable law to pay to any other fund on account of related benefits financed through the retirement system, without a corresponding offset in the liabilities of the retirement system.
(iii) The unfunded accrued liability of the retirement system as of the applicable June thirtieth shall be the amount obtained by deducting from the amount of such total liability of the retirement system on account of benefits, as determined by the actuary pursuant to subparagraph (ii) of this paragraph, the sum of:
(A) the actuarial present value of entry age normal contributions payable to the retirement system, as determined by the actuary as of the applicable June thirtieth in a manner consistent with the entry age actuarial cost method, and with the applicable methodologies set forth for NYCERS in subparagraph (d) of paragraph two of subdivision b of section 13-127 of this title, for the PPF in subparagraph (e) of paragraph two of subdivision b of section 13-228 of this title, for the FPF in subparagraph (e) of paragraph two of subdivision b of section 13-331 of this title, for the NYCTRS in paragraph five of subdivision b of section 13-527 of this title or for BERS in item (v) of subparagraph four of paragraph (c) of subdivision sixteen of section twenty-five hundred seventy-five of the education law;
(B) the present value of future member contributions of all members of the retirement system, as determined by the actuary as of the applicable June thirtieth;
(C) the total funds on hand of the retirement system, as determined by the actuary as of the applicable June thirtieth; and
(D) the present value of future installments of unfunded accrued liability contributions to the retirement system.
(iv) The actuary, in determining the unfunded accrued liability pursuant to this paragraph, may make any adjustments which he or she deems appropriate due to the calculation of the unfunded accrued liability as of the second June thirtieth preceding the fiscal year in which the first installment of such unfunded accrued liability becomes payable or creditable.
(2) (i) The unfunded accrued liability calculated by the actuary as of June thirtieth, two thousand ten for each retirement system pursuant to paragraph one of this subdivision shall be known as the “2010 UAL” or, with respect to NYCERS as the “NYCERS 2010 UAL”, with respect to NYCTRS as the “NYCTRS 2010 UAL”, with respect to the PPF as the “PPF 2010 UAL”, with respect to the FPF as the “FPF 2010 UAL” and with respect to BERS as the “BERS 2010 UAL”.
(ii) The 2010 UAL for each retirement system shall be amortized in twenty-one annual installments, as determined by the actuary, payable over a period of twenty-two fiscal years following its establishment as of June thirtieth, two thousand ten, with payments commencing with the two thousand eleven—two thousand twelve fiscal year. The actuary for each of the retirement systems shall determine the schedule of contribution installments so that each installment after the first shall equal one hundred three per centum of the next preceding installment.
(3) (i) The unfunded accrued liability calculated pursuant to paragraph one of this subdivision by the actuary as of June thirtieth, two thousand eleven, and as of each succeeding June thirtieth, shall be known as a “post-2010 UAL adjustment”. With respect to each retirement system, such unfunded accrued liability shall be known by the name consisting of the applicable abbreviation for the retirement system, as defined in paragraph three, four, five, six or seven of subdivision a of this section, followed by the calendar year as of which the unfunded accrued liability was established, followed by the term “UAL adjustment”.
(ii) Each post-2010 UAL adjustment for each retirement system shall be amortized in equal installments payable or creditable, as determined by the actuary, as follows:
(A) that portion of a post-2010 UAL adjustment which is attributable to actuarial gains or losses, as determined by the actuary, shall be amortized in fourteen annual installments, as determined by the actuary, payable or creditable over a period of fifteen fiscal years following the June thirtieth as of which the unfunded accrued liability was established, with payments or credits commencing with the second fiscal year succeeding the June thirtieth as of which the unfunded accrued liability was established, provided, however, that the portion of a post-2010 UAL adjustment which is attributable to actuarial gains and losses shall be an amount equal to the total amount of such post-2010 UAL adjustment minus an amount equal to the sum of the portions of such post-2010 UAL adjustment, if any, which are attributable to (1) changes in the valuation rate of interest, changes in actuarial tables and changes in actuarial methods, as determined by the actuary pursuant to item (B) of this subparagraph, and (2) recently enacted changes in benefits which were not incorporated in the unfunded accrued liability established as of the preceding June thirtieth, as determined by the actuary pursuant to item (C) of this subparagraph;
(B) that portion of a post-2010 UAL adjustment which is attributable to changes in the valuation rate of interest, changes in actuarial tables or changes in actuarial methods, as determined by the actuary, shall be amortized in nineteen annual installments, as determined by the actuary, payable or creditable over a period of twenty fiscal years following the June thirtieth as of which the unfunded accrued liability was established, with payments or credits commencing with the second fiscal year succeeding the June thirtieth as of which the unfunded accrued liability was established; or
(C) that portion of a post-2010 UAL adjustment which is attributable to recently enacted changes in benefits which were not incorporated in the unfunded accrued liability established as of the preceding June thirtieth, as determined by the actuary, shall, unless an amortization period of a different length is specified by the law enacting such benefit changes, be payable or creditable in annual installments over a period of fiscal years comparable in length to the number of years which is one less than the number of years of the remaining working lifetimes of members covered by the benefit changes, as determined by the actuary, with the payment or credit of such annual installments commencing with the second fiscal year succeeding the June thirtieth as of which the unfunded accrued liability was established, provided, however, that where the length of the amortization period for the benefit changes is not specified in the law enacting the benefit changes, the actuary, in his or her discretion, and in lieu of amortizing the portion of the unfunded accrued liability attributable to the benefit changes over a period of fiscal years comparable in length to the number of years which is one less than the number of years of the remaining working lifetimes of members covered by the benefit changes, may select an amortization period that is reasonably consistent with past practice for amortizing unfunded accrued liability attributable to the particular type of benefit changes.
(4) Notwithstanding any other provision of law to the contrary, with respect to any installment of an unfunded accrued liability or an unfunded accrued liability adjustment, in the event that such retirement system has more than one responsible obligor, the actuary for that retirement system shall determine and shall allocate to each such responsible obligor its share of that installment, as determined to be appropriate by the actuary. Each responsible obligor’s share of each such installment shall be either a charge or a credit with respect to such responsible obligor for the applicable fiscal year.
(5) For each fiscal year, commencing with the two thousand eleven—two thousand twelve fiscal year, the actuary shall determine whether the sum of the charges and credits applicable to each responsible obligor for such fiscal year with respect to the applicable retirement system shall constitute a total charge or a total credit. Where such amount for such responsible obligor for such fiscal year with respect to such retirement system is a total charge, the responsible obligor shall pay an amount equal to such total charge to the retirement system in a timely manner, as required by paragraph six of this subdivision. Where such amount for such responsible obligor for such fiscal year with respect to such retirement system is a total credit, the amount of employer contributions otherwise payable by such responsible obligor to such retirement system for such fiscal year pursuant to applicable provisions of law, as determined by the actuary, shall be reduced by the amount of such total credit, provided, however, that such total amount of employer contributions otherwise payable by such responsible obligor to such retirement system for such fiscal year shall not be reduced below an amount equivalent to the amount payable by such responsible obligor for such fiscal year for administrative expenses, as determined by the actuary in accordance with the provisions of subdivision f of section 13-103 of this title for NYCERS, subdivision h of section 13-216 of this title for the PPF, subdivision d of section 13-518 of this title for the NYCTRS or paragraph (e) of subdivision twenty-three of section twenty-five hundred seventy-five of the education law for BERS, and shall not be reduced below zero for the FPF, provided further, that where a total credit for a responsible obligor with respect to a retirement system has been offset against employer contributions otherwise payable by such obligor to such retirement system for such fiscal year by the maximum amount permissible pursuant to the preceding provisions of this paragraph, and all or a portion of such credit remains after such offset, the remaining credit shall be carried forward, together with interest calculated on such amount at the valuation rate of interest, as a credit for such obligor for the following fiscal year, as determined by the actuary.
(6) All responsible obligors shall make all unfunded accrued liability payments to a retirement system required pursuant to the provisions of this subdivision in accordance with the time of payment requirements set forth in subdivision c of section 13-133 of this title for NYCERS, subdivision c of section 13-231 of this title for the PPF, subdivision c of section 13-334 of this title for the FPF, subdivision (c) of section 13-533 of this title for the NYCTRS or paragraph (j) of subdivision sixteen of section twenty-five hundred seventy-five of the education law for BERS.
(2) In each fiscal year succeeding such June thirtieth, one of such recomputed installments shall be paid by or credited to, as the case may be, the responsible obligor or responsible obligors with respect to such retirement system in the same manner as the corresponding prior installments were paid or credited, until all such remaining installments are paid or credited in full; provided, however, that until all such installments are so disposed of, they shall be recomputed and paid or credited in recomputed form pursuant to this subdivision for each subsequent change in such valuation rate.
(2) The actuary of NYCERS shall determine an amount which, when paid into the contingent reserve fund of NYCERS in fifteen equal annual installments, commencing with payment of a first installment in the nineteen hundred ninety-five—nineteen hundred ninety-six fiscal year, shall be the actuarial equivalent, on the basis of nine per centum interest per annum, of the remainder computed pursuant to paragraph one of this subdivision.
(3) Such amount determined in relation to such installments shall be payable in regular installments as provided for in subdivision bb of this section.
(2) Such amount determined in relation to such installments shall be payable in regular installments as provided for in subdivision bb of this section.
(2) The actuary shall determine an amount which, when paid into the contingent reserve fund of NYCTRS in fifteen equal annual installments, commencing with payment of a first installment in the nineteen hundred ninety-five—nineteen hundred ninety-six fiscal year, shall be the actuarial equivalent, on the basis of nine per centum interest per annum, of the remainder computed pursuant to paragraph one of this subdivision.
(3) Such amount determined in relation to such installments shall be payable in regular installments as provided for in subdivision bb of this section.
(2) Such amount determined in relation to such installments shall be payable in installments as provided for in subdivision bb of this section.
(2) Such amount determined in relation to such installments shall be payable in installments as provided for in subdivision bb of this section.
(2) The actuary of NYCERS shall determine an amount which, when paid to the contingent reserve fund of such retirement system in twenty equal annual installments, commencing with a first payment in the nineteen hundred ninety—nineteen hundred ninety-one fiscal year, shall be the actuarial equivalent, on the basis of an interest rate of nine per centum per annum, of the remainder computed pursuant to paragraph one of this subdivision.
(3) Such amount determined in relation to such installments, which amount shall be payable in installments as provided for in subdivision bb of this section, shall constitute the NYCERS general nineteen hundred ninety BSL contribution.
(2) Such amount determined in relation to such installments, which amount shall be payable in installments as provided for in subdivision bb of this section, shall constitute the NYCERS nineteen hundred ninety BSL contribution attributable to the senior colleges.
(2) The actuary of NYCTRS shall determine an amount which, when paid to the contingent reserve fund of such retirement system in twenty equal annual installments, commencing with a first payment in the nineteen hundred ninety—nineteen hundred ninety-one fiscal year, shall be the actuarial equivalent, on the basis of nine per centum interest per annum, of the remainder computed pursuant to paragraph one of this subdivision.
(3) Such amount determined in relation to such installments, which amount shall be payable in installments as provided for in subdivision bb of this section, shall constitute the NYCTRS general nineteen hundred ninety BSL contribution.
(2) Such amount determined in relation to such installments, which amount shall be payable in installments as provided for in subdivision bb of this section, shall constitute the NYCTRS nineteen hundred ninety BSL contribution attributable to the senior colleges.
(2) Such amount determined in relation to such installments, which amount shall be payable in installments as provided for in subdivision bb of this section, shall constitute the BERS general nineteen hundred ninety BSL contribution.
aa. (1) Subject to the provisions of paragraph three of this subdivision and subject to the provisions of sections 13-130 and 13-132 of this title in the case of NYCERS, and subject to the provisions of section 13-529 thereof in the case of NYCTRS, and subject to the provisions of paragraph (j) of subdivision sixteen of section twenty-five hundred seventy-five of the education law in the case of BERS, in each fiscal year included in the period beginning on July first, nineteen hundred ninety and ending on June thirtieth, two thousand ten, the general UAL and BSL responsible obligors (as defined in paragraph ten-a of subdivision a of this section) in relation to each retirement system undergoing consolidated UAL funding (as defined in paragraph twenty of subdivision a of this section) shall pay into its contingent reserve fund:
(i) their respective shares of the installment amount allocated to such fiscal year for payment on account of general nineteen hundred ninety consolidated UAL contribution (as defined in paragraph forty-four of subdivision a of this section) of such retirement system; and
(ii) their respective shares of the installment amount allocated to such fiscal year for payment on account of the general nineteen hundred ninety BSL contribution (as defined in paragraph twenty-six of subdivision a of this section) of such retirement system.
(2) With respect to each fiscal year included in the period beginning on July first, nineteen hundred ninety and ending on June thirtieth, two thousand ten:
(i) the state, at the time and in the manner prescribed by the applicable provisions of section sixty-two hundred thirty-one of the education law, shall contribute to NYCERS or NYCTRS, as the case may be, the state’s share of:
(A) the NYCERS phase-in installment of nineteen hundred ninety consolidated UAL contribution attributable to the senior colleges (as defined in paragraph thirty of subdivision a of this section) or the NYCERS regular installment of nineteen hundred ninety consolidated UAL contribution attributable to the senior colleges (as defined in paragraph forty of subdivision a of this section) applicable to such fiscal year, as the case may be; and
(B) the NYCTRS phase-in installment of nineteen hundred ninety consolidated UAL contribution attributable to the senior colleges (as defined in paragraph thirty-two of subdivision a of this section) or the NYCTRS regular installment of nineteen hundred ninety consolidated UAL contribution attributable to the senior colleges (as defined in paragraph forty-two of subdivision a of this section) applicable to such fiscal year, as the case may be; and
(C) the NYCERS installment of nineteen hundred ninety BSL contribution attributable to the senior colleges (as defined in paragraph forty-six of subdivision a of this section) applicable to such fiscal year; and
(D) the NYCTRS installment of nineteen hundred ninety BSL contribution attributable to the senior colleges (as defined in paragraph forty-eight of subdivision a of this section); and
(ii) the city, at the time and in the manner prescribed by the applicable provisions of such section of the education law, shall contribute to each affected retirement system, the city’s share, as prescribed by such provisions, of the applicable installment amount or amounts allocated to such fiscal year for payment on account of the UAL contribution and BSL contribution referred to in subparagraph (i) of this paragraph.
(3) Each installment amount payable as provided for in paragraphs one and two of this subdivision shall be in the applicable sum prescribed in the schedule of twenty-year amortization set forth in subdivision bb of this section.
(4) Notwithstanding any provision of the preceding paragraphs of this subdivision or any other law to the contrary, the provisions of subdivisions n through z, inclusive, of this section, and the affected provisions of subdivision bb thereof, and the preceding paragraphs of this subdivision shall be superseded in the manner prescribed by the provisions of subdivision hh of this section with respect to contributions on account of UAL and BSL payable for each fiscal year included in the revised amortization period.
bb. Subject to the provisions of subdivisions k and l of this section, installments of the contributions to NYCERS, NYCTRS and BERS provided for by subdivisions n to aa, inclusive, of this section shall be paid by general UAL and BSL responsible obligors (as defined in paragraph ten-a of subdivision a of this section) and senior college responsible obligors (as defined in paragraph ten-b of subdivision a of this section) in accordance with the schedule of twenty-year amortization set forth below in this subdivision.
| SCHEDULE FOR TWENTY-YEAR AMORTIZATION OF NYCERS, NYCTRS AND BERS 1990 CONSOLIDATED UAL AND 1990 REMAINDER OF BSL(numerical references in parentheses are to paragraph numbers of definitions in subdivision a of this section) | |||
|---|---|---|---|
| Col. 1 | Col. 2 | Col. 3 | Col. 4 |
| Retirement System | Fiscal year or years in which annual amortization payments are required to be made | Obligor or obligors required to make payments | Amount payable in each fiscal year |
| Col. A NYCERS | Each fiscal year (9-a) in the phase-in period (18) | Each general UAL and BSL responsible obligor (10-a) of NYCERS | The sum obtained by adding together such obligor’s shares of (a) the NYCERS phase-in installment of general nineteen hundred ninety consolidated UAL contribution (29) applicable to such fiscal year and (b) the NYCERS installment of general nineteen hundred ninety BSL contribution (45) applicable to such fiscal year. |
| Col. B NYCERS | Each fiscal year (9-a) in the phase-in period (18) | Each of the senior college UAL and BSL responsible obligors (10-b) | The sum obtained by adding together such obligor’s shares of (a) the NYCERS phase-in installment of nineteen hundred ninety consolidated UAL contribution attributable to the senior colleges (30) applicable to such fiscal year and (b) the NYCERS installment of nineteen hundred ninety BSL contribution attributable to the senior colleges (46) applicable to such fiscal year. |
| Col. C NYCTRS | Each fiscal year (9-a) in the phase-in period (18) | Each general UAL and BSL responsible obligor (10-a) of NYCTRS | The sum obtained by adding together such obligor’s shares of (a) the NYCTRS phase-in installment of general nineteen hundred ninety consolidated UAL contribution (31) applicable to such fiscal year and (b) the NYCTRS installment of general nineteen hundred ninety BSL contribution (47) applicable to such fiscal year. |
| Col. D NYCTRS | Each fiscal year (9-a) in the phase-in period (18) | Each of the senior college UAL and BSL responsible obligors (10-b) | The sum obtained by adding together such obligor’s shares of (a) the NYCTRS phase-in installment of nineteen hundred ninety consolidated UAL contribution attributable to the senior colleges (32) applicable to such fiscal year and (b) the NYCTRS installment of nineteen hundred ninety BSL contribution attributable to the senior colleges (48) applicable to such fiscal year. |
| Col. E BERS | Each fiscal year (9-a) in the phase-in period (18) | Each general UAL and BSL responsible obligor (10-a) of BERS | The sum obtained by adding together such obligor’s shares of (a) the BERS phase-in installment of general nineteen hundred ninety consolidated UAL contribution (33) applicable to such fiscal year and (b) the BERS phase-in installment of general nineteen hundred ninety BSL contribution (49) applicable to such fiscal year. |
| Col. F NYCERS | Each fiscal year (9-a) in the regular installment period (19) | Each general UAL and BSL responsible obligor (10-a) of NYCERS | The sum obtained by adding together (a) such obligor’s share of the NYCERS regular installment of general nineteen hundred ninety consolidated UAL contribution (39) applicable to such fiscal year and (b) such obligor’s share of the NYCERS installment of general nineteen hundred ninety BSL contribution (45) applicable to such fiscal year. |
| Col. G NYCERS | Each fiscal year (9-a) in the regular installment period (19) | Each of the senior college UAL and BSL responsible obligors (10-b) | The sum obtained by adding together such obligor’s shares of (a) the NYCERS regular installment of nineteen hundred ninety consolidated UAL contribution attributable to the senior colleges (40) applicable to such fiscal year and (b) the NYCERS installment of nineteen hundred ninety BSL contribution attributable to the senior colleges (46) applicable to such fiscal year. |
| Col. H NYCTRS | Each fiscal year (9-a) in the regular installment period (19) | Each general UAL and BSL responsible obligor (10-a) of NYCTRS | The sum obtained by adding together (a) such obligor’s share of the NYCTRS regular installment of general nineteen hundred ninety consolidated UAL contribution (41) applicable to such fiscal year and (b) such obligor’s share of the NYCTRS installment of general nineteen hundred ninety BSL contribution (47) applicable to such fiscal year. |
| Col. I NYCTRS | Each fiscal year (9-a) in the regular installment period (19) | Each of the senior college UAL and BSL responsible obligors (10-b) | The sum obtained by adding together such obligor’s shares of (a) the NYCTRS regular installment of nineteen hundred ninety consolidated UAL contribution attributable to the senior colleges (42) applicable to such fiscal year and (b) the NYCTRS installment of nineteen hundred ninety BSL contribution attributable to the senior colleges (46) applicable to such fiscal year. |
| Col. J BERS | Each fiscal year (9-a) in the regular installment period (19) | Each general UAL and BSL responsible obligor (10-a) of BERS | The sum obtained by adding together (a) such obligor’s share of the BERS regular installment of general nineteen hundred ninety consolidated UAL contribution (43) applicable to such fiscal year and (b) such obligor’s share of the BERS installment of general nineteen hundred ninety BSL contribution (49) applicable to such fiscal year. |
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dd. For the purpose of determining the amount of any installment of the contributions payable to NYCERS, NYCTRS or BERS pursuant to the provisions of subdivisions n to bb, inclusive, of this section, the actuary of such retirement system may use methods of calculation other than those set forth in such provisions, so long as such other methods produce in relation to such installment an amount equal to that produced by the methods of calculation set forth in such provisions.
ee. Any amount required to be contributed to NYCERS, NYCTRS or BERS by a responsible obligor with respect to any fiscal year under the provisions of subdivisions n to bb, inclusive, of this section shall be payable with interest on such amount at the valuation rate of interest for such retirement system for such fiscal year.
ff. In the determination of the normal contribution payable to NYCERS, NYCTRS or BERS with respect to each fiscal year of the city occurring during the period beginning on July first, nineteen hundred ninety and ending on June thirtieth, two thousand ten, the present value, as of June thirtieth next preceding such fiscal year, of all future installments of the contributions payable to such retirement system pursuant to subdivisions n to bb, inclusive, of this section shall be treated as an asset of such retirement system.
gg. (1) On the basis of the valuation rate of interest and the actuarial tables in effect as of June thirtieth, nineteen hundred ninety-three, the actuary of each retirement system shall, as of such June thirtieth, determine:
(i) the additional accrued employer cost of providing the rights, benefits and privileges conferred by the provisions of the act which added this subdivision upon members of NYCERS; and
(ii) the additional accrued employer cost of providing the rights, benefits and privileges conferred by such provisions upon members of BERS.
(2) Subject to the provisions of section 13-130 and 13-131 of the code, the city shall pay to the contingent reserve fund of NYCERS in seventeen equal annual installments, commencing with payment of a first installment in the city’s nineteen hundred ninety-three-nineteen hundred ninety-four fiscal year, an amount which, when paid in such installments, is the actuarial equivalent of the amount determined pursuant to subparagraph (i) of paragraph one of this subdivision.
(3) Subject to the provisions of subparagraphs one and two of paragraph (J) of subdivision sixteen of section twenty-five hundred seventy-five of the education law, the board of education of the city shall pay to the contingent reserve fund of BERS in seventeen equal annual installments, commencing with payment of a first installment in the city’s nineteen hundred ninety-three-nineteen hundred ninety-four fiscal year, an amount which, when paid in such installments, is the actuarial equivalent of the amount determined pursuant to subparagraph (ii) of paragraph one of this subdivision.
(4) The additional employer cost of providing the rights, benefits and privileges conferred by the provisions of the act which added this subdivision upon members of NYCERS and BERS, other than the additional accrued employer cost of providing such rights, benefits and privileges to be funded in accordance with paragraphs two and three of this subdivision, shall be funded through the normal contributions to NYCERS and BERS, commencing with the normal contributions for the city’s nineteen hundred ninety-three-nineteen hundred ninety-four fiscal year.
hh. (1) All NYCERS, NYCTRS and BERS installments of UAL and BSL contribution designated in subdivision bb of this section as payable by any general UAL and BSL responsible obligor or senior college UAL and BSL responsible obligor for fiscal years occurring during the period beginning on July first, nineteen hundred ninety-three and ending on June thirtieth, two thousand ten are hereby canceled and shall not be due and payable on or after such July first.
(2) Subject to the provisions of paragraph four of this subdivision, the actuary of NYCERS and NYCTRS shall separately determine for each such retirement system:
(i) a schedule of contribution installments, one of which is payable in each fiscal year included in the revised amortization period, which installments will amortize the portion of the balance of unfunded UAL subject to consolidated amortization of NYCERS or NYCTRS, as the case may be, which portion is non* attributable to the senior colleges, together with interest on such portion;
(ii) a schedule of contribution installments, one of which is payable in each fiscal year included in the revised amortization period, which installments will amortize the portion of the balance of unfunded BSL subject to consolidated amortization of NYCERS or NYCTRS, as the case may be, which portion is not attributable to the senior colleges, together with interest on such portion;
(iii) a schedule of contribution installments, one of which is payable in each fiscal year included in the revised amortization period, which installments will amortize the portion of the balance of unfunded UAL subject to consolidated amortization of NYCERS or NYCTRS, as the case may be, which portion is attributable to the senior colleges, together with interest on such portion; and
(iv) a schedule of contribution installments, one of which is payable in each fiscal year included in the revised amortization period, which installments will amortize the portion of the balance of unfunded BSL subject to consolidated amortization of NYCERS or NYCTRS, as the case may be, which portion is attributable to the senior colleges, together with interest on such portion.
(3) Subject to the provisions of paragraph four of this subdivision, the actuary of BERS shall determine for such retirement system:
(i) a schedule of contribution installments one of which is payable in each fiscal year included in the revised amortization period, which installments will amortize the BERS balance of unfunded UAL subject to consolidated amortization, together with interest on such balance; and
(ii) a schedule of contribution installments, one of which is payable in each fiscal year included in the revised amortization period, which installments will amortize the BERS balance of unfunded BSL subject to consolidated amortization, together with interest on such balance.
(4) (i) The actuary shall determine each schedule of contribution installments referred to in paragraphs two and three of this subdivision so that each installment after the first shall equal one hundred three per centum of the next preceding installment.
(ii) In determining each such schedule, the actuary shall employ an interest rate of nine per centum per annum, compounded annually; provided that if a valuation rate of interest (as defined in paragraph eleven of subdivision a of this section) other than nine per centum per annum is prescribed by law for NYCERS, NYCTRS or BERS for any fiscal year included in the revised amortization period, the schedule contribution installments which are required to be paid, for such fiscal year in which such changed valuation rate of interest is in effect, to the retirement system to which such changed rate of interest applies, shall be redetermined by the actuary thereof on the basis of a rate of interest equal to such changed rate, compounded annually, so as to reflect such changed rate appropriately in such redetermined installments.
(5) (i) Subject to the provisions of subparagraph (ii) of this paragraph, and subject to the provisions of sections 13-130 and 13-132 of this title in the case of NYCERS, and subject to the provisions of section 13-529 thereof in the case of NYCTRS, and subject to the provisions of paragraph (j) of subdivision sixteen of section twenty-five hundred seventy-five of the education law in the case of BERS, in each fiscal year of the revised amortization period the general UAL and BSL responsible obligors of each of NYCERS, NYCTRS and BERS shall pay into its contingent reserve fund their respective shares of the contribution installments applicable to such retirement system for such fiscal year under the schedules established pursuant to subparagraphs (i) and (ii) of paragraph two of this subdivision and paragraph three thereof.
(ii) The provisions of law which apply to the time and manner of payment and payment financing of contribution installments required to be paid by general UAL and BSL responsible obligors for the fiscal years included in the period beginning on July first, nineteen hundred ninety and ending on June thirtieth, nineteen hundred ninety-three, as designated in subdivision bb of this section, shall be deemed to apply to the time and manner of payment and payment financing of the contribution installments referred to in subparagraph (i) of this paragraph.
(6) (i) Subject to the provisions of subparagraph (ii) of this paragraph, for each fiscal year of the revised amortization period, the senior college UAL and BSL responsible obligors of each of NYCERS and NYCTRS shall contribute to such retirement system their respective shares of the contribution installments applicable to such retirement system for such fiscal year under the schedules established pursuant to subparagraphs (iii) and (iv) of paragraph two of this subdivision.
(ii) The special provisions for funding and financing senior college UAL and BSL amortization (A) shall be deemed to apply to the contribution installments referred to in subparagraph (i) of this paragraph with respect to all matters to which such special provisions pertain, as described in subparagraphs (i) to (v), inclusive, of paragraph fifty-five of subdivision a of this section, and (B) shall be deemed to include such installments as if such installments were mentioned in the appropriate terms of such provisions.
(7) Any amount required to be contributed to NYCERS, NYCTRS or BERS with respect to any fiscal year under the preceding paragraphs of this subdivision shall be payable with interest on such amount at the valuation rate of interest (as defined in paragraph eleven of subdivision a of this section) for such retirement system for such fiscal year.
(8) In determination of the normal contribution payable to each of NYCERS, NYCTRS or BERS with respect to each fiscal year occurring during the revised amortization period, the present value, as of June thirtieth next preceding such fiscal year, of all future installments of the contributions payable to such retirement system pursuant to the preceding paragraphs of this subdivision be treated as an asset of such pension fund.
(9) (i) As used in this paragraph, unless the context clearly indicates otherwise, the following terms shall have the following meanings:
(A) “Authority”. The New York city housing authority.
(B) “Actuary”. The chief actuary of NYCERS.
(C) “Authority BSL”. The portion of the balance of unfunded BSL subject to consolidated amortization (as defined in paragraph fifty-three of subdivision a of this section), which portion, as determined by the actuary, is attributable to the authority.
(D) “Amortization of authority BSL”. The schedule of payments of principal and interest, to be made in each of the fiscal years of the applicable amortization period as now or hereafter prescribed by law, which is required, as now or hereafter prescribed by law, to pay off and extinguish the authority BSL.
(ii) Notwithstanding any other provision of law to the contrary, the city, acting by the mayor of the city or his delegee for such purpose, and the authority are authorized to enter into an agreement, upon such terms and conditions as the city and the authority deem proper, whereby the city, for such amount and form of consideration (including but not limited to direct payment to or credit in favor of the city) as the city deems proper, assumes in whole or in part as such parties may agree, the obligation which the authority would otherwise have pursuant to law to pay the amortization of authority BSL.
(iii) Immediately following the execution and delivery of such an agreement, which contains due and appropriate attestation that its execution has been duly authorized by the city and the authority, a copy of such agreement, duly certified as a correct copy by the city clerk and the secretary of the authority, shall be filed by the city with the executive director of NYCERS and the city comptroller.
(iv) Immediately after the authority has provided to the city the consideration which such agreement requires the authority to furnish to the city for the assumption by the city of such obligation in relation to payment of amortization of authority BSL, the city shall file with the executive director of NYCERS and the city comptroller, a statement executed by the officer of the city who executed such agreement in its behalf, certifying that such consideration has been received by the city from the authority in compliance with the terms of such agreement.
(v) Upon the completion of such filings as required by subparagraphs (iii) and (iv) of this paragraph, (A) the authority, to the extent provided for in such agreement, shall be released and discharged from the obligation which it would otherwise have pursuant to law with respect to payment of amortization of authority BSL and (B) the city, to the extent provided for in such agreement, shall be obligated to pay such amortization to NYCERS and shall be deemed to be substituted in the place of the authority, to such extent, as the responsible obligor required by law to pay such amortization.
(10) Notwithstanding any provision of the preceding paragraphs of this subdivision or any other law to the contrary, the provisions of such preceding paragraphs shall be superseded in the manner prescribed by the provisions of subdivision jj of this section with respect to contributions on account of UAL and BSL payable for each fiscal year included in the fifteen-year amortization period.
(2) Subject to the provisions of paragraph three of this subdivision, the actuary of NYCERS, NYCTRS and BERS shall separately determine for each such retirement system a schedule of contribution installments, one of which is payable in each fiscal year included in the revised amortization period, which installments will amortize the NYCERS balance of retirement incentive and part-time employee UAL, the NYCTRS balance of retirement incentive UAL and the BERS balance of retirement incentive and part-time employee UAL, together with interest on such balances.
(3) (i) The actuary shall determine each schedule of contribution installments referred to in paragraph two of this subdivision so that each installment after the first shall equal one hundred three per centum of the next preceding installment.
(ii) In determining each such schedule, the actuary shall employ an interest rate of nine per centum per annum, compounded annually; provided that if a valuation rate of interest (as defined in paragraph eleven of subdivision a of this section) other than nine per centum per annum is prescribed by law for NYCERS, NYCTRS or BERS for any fiscal year included in the revised amortization period, the schedule contribution installments which are required to be paid, for such fiscal year in which such changed valuation rate of interest is in effect, to the retirement system to which such changed rate of interest applies, shall be redetermined by the actuary thereof on the basis of a rate of interest equal to such changed rate, compounded annually, so as to reflect such changed rate appropriately in such redetermined installments.
(4) (i) Subject to the provisions of subparagraph (ii) of this paragraph, and subject to the provisions of sections 13-130, 13-131 and 13-132 of this title in the case of NYCERS, and subject to the provisions of section 13-528 and 13-529 thereof in the case of NYCTRS, and subject to the provisions of paragraph (j) of subdivision sixteen of section twenty-five hundred seventy-five of the education law in the case of BERS, in each fiscal year of the revised amortization period the respective retirement incentive responsible obligors and part-time employee responsible obligors of each of NYCERS and BERS, and the retirement incentive responsible obligors, in the case of NYCTRS, shall pay into the contingent reserve fund of such retirement system their respective shares of the contribution installments applicable to such retirement system for such fiscal year under the schedules established pursuant to paragraph two of this subdivision and paragraph three thereof.
(ii) The provisions of law which apply to the time and manner of payment and payment financing of contribution installments required to be paid, prior to July first, nineteen hundred ninety-three, by such responsible obligors under the applicable retirement incentive acts and subdivision gg of this section shall be deemed to apply to the time and manner of payment and payment financing of the contribution installments referred to in subparagraph (i) of this paragraph.
(5) Any amount required to be contributed to NYCERS, NYCTRS or BERS with respect to any fiscal year under the preceding paragraphs of this subdivision shall be payable with interest on such amount at the valuation rate of interest (as defined in paragraph eleven of subdivision a of this section) for such retirement system for such fiscal year.
(6) In determining of the normal contribution payable to each of NYCERS, NYCTRS or BERS with respect to each fiscal year occurring during the revised amortization period, the present value, as of June thirtieth next preceding such fiscal year, of all future installments of the contributions payable to such retirement system pursuant to the preceding paragraphs of this subdivision be treated as an asset of such pension fund.
(7) No provision of this subdivision shall be construed as amending, modifying, superseding or repealing:
(i) the amendment to section ten of chapter four hundred ninety-four of the laws of nineteen hundred ninety-two made by chapter eight hundred thirty-seven of the laws of nineteen hundred ninety-two; or
(ii) any contract, agreement, commitment or understanding between the city and any other governmental entity whereby such other entity agreed to pay or assume all or a part of the cost of contributions required by any retirement incentive act to fund additional benefits thereunder.
(8) Notwithstanding any provision of the preceding paragraphs of this subdivision or any other law to the contrary, the provisions of paragraphs one to six, inclusive, of this subdivision shall be superseded in the manner prescribed by the provisions of subdivision jj of this section with respect to contributions on account of UAL payable for each fiscal year included in the fifteen-year amortization period.
jj. (1) All NYCERS, NYCTRS and BERS installments of contribution designated in paragraphs two, three, four, five and six of subdivision hh of this section as payable in any fiscal year succeeding June thirtieth, nineteen hundred ninety-five by any general UAL and BSL responsible obligor or senior college UAL and BSL responsible obligor and all installments of contribution designated in paragraphs two, three and four of subdivision ii of this section as payable by any retirement incentive responsible obligor of NYCERS, NYCTRS or BERS or part-time employee responsible obligor of NYCERS or BERS are hereby canceled and shall not be due and payable on or after such July first.
(2) Subject to the provisions of paragraph four of this subdivision, the actuary of NYCERS and NYCTRS shall separately determine for each such retirement system:
(i) a schedule of contribution installments, one of which is payable in each fiscal year included in the fifteen-year amortization period, which installments will amortize the portion of the NYCERS 1995 UAL or NYCTRS 1995 UAL, as the case may be, which portion is not attributable to the senior colleges, together with interest on such portion;
(ii) a schedule of contribution installments, one of which is payable in each fiscal year included in the fifteen-year amortization period, which installments will amortize the portion of the NYCERS 1995 balance of BSL or NYCTRS 1995 balance of BSL, as the case may be, which portion is not attributable to the senior colleges, together with interest on such portion;
(iii) a schedule of contribution installments, one of which is payable in each fiscal year included in the fifteen-year amortization period, which installments will amortize the portion of the NYCERS 1995 UAL or NYCTRS 1995 UAL, as the case may be, which portion is attributable to the senior colleges, together with interest on such portion; and
(iv) a schedule of contribution installments, one of which is payable in each fiscal year included in the fifteen-year amortization period, which installments will amortize the portion of the NYCERS 1995 balance of BSL or NYCTRS 1995 balance of BSL, as the case may be, which portion is attributable to the senior colleges, together with interest on such portion.
(3) Subject to the provisions of paragraph four of this subdivision, the actuary of BERS shall determine for such retirement system:
(i) a schedule of contribution installments, one of which is payable in each fiscal year included in the fifteen-year amortization period, which installments will amortize the BERS 1995 UAL, together with interest on such UAL; and
(ii) a schedule of contribution installments, one of which is payable in each fiscal year included in the fifteen-year amortization period, which installments will amortize the BERS 1995 balance of BSL, together with interest on such balance.
(4) (i) The actuary shall determine each schedule of contribution installments referred to in paragraphs two and three of this subdivision so that each installment after the first shall equal one hundred three per centum of the next preceding installment.
(ii) In determining each such schedule, the actuary shall employ an interest rate of eight and three-quarters per centum per annum, compounded annually; provided that if a valuation rate of interest (as defined in paragraph eleven of subdivision a of this section) other than eight and three-quarters per centum per annum is prescribed by law for NYCERS, NYCTRS or BERS for any fiscal year included in the fifteen-year amortization period, the schedule contribution installments which are required to be paid, for such fiscal year in which such changed valuation rate of interest is in effect, to the retirement system to which such changed rate of interest applies, shall be redetermined by the actuary thereof on the basis of a rate of interest equal to such changed rate, compounded annually, so as to reflect such changed rate appropriately in such redetermined installments.
(5) (i) Subject to the provisions of subparagraph (ii) of this paragraph, and subject to the provisions of sections 13-130 and 13-132 of this title in the case of NYCERS, and subject to the provisions of section 13-529 thereof in the case of NYCTRS, and subject to the provisions of paragraph (j) of subdivision sixteen of section twenty-five hundred seventy-five of the education law in the case of BERS, in each fiscal year of the fifteen-year amortization period, the general UAL and BSL responsible obligors of each of NYCERS, NYCTRS and BERS shall pay into its contingent reserve fund their respective shares of the contribution installments applicable to such retirement system for such fiscal year under the schedules established pursuant to subparagraphs (i) and (ii) of paragraph two of this subdivision and paragraph three thereof.
(ii) The provisions of law which apply to the time and manner of payment of contribution installments required to be paid by general UAL and BSL responsible obligors for the fiscal years included in the period beginning on July first, nineteen hundred ninety and ending on June thirtieth, nineteen hundred ninety-three, as designated in subdivision cc of this section, shall be deemed to apply to the time and manner of payment of the contribution installments referred to in subparagraph (i) of this paragraph.
(6) (i) Subject to the provisions of subparagraph (ii) of this paragraph, in each fiscal year of the fifteen-year amortization period, the senior college UAL and BSL responsible obligors of each of NYCERS and NYCTRS shall contribute to such retirement system their respective shares of the contribution installments applicable to such retirement system for such fiscal year under the schedules established pursuant to subparagraphs (iii) and (iv) of paragraph two of this subdivision.
(ii) The special provisions for funding and financing senior college UAL and BSL amortization (A) shall be deemed to apply to the contribution installments referred to in subparagraph (i) of this paragraph with respect to all matters to which such special provisions pertain, as described in subparagraphs (i) to (v), inclusive, of paragraph fifty-five of subdivision a of this section, and (B) shall be deemed to include such installments as if such installments were mentioned in the appropriate terms of such provisions.
(7) Any amount required to be contributed to NYCERS, NYCTRS or BERS with respect to any fiscal year under the preceding paragraphs of this subdivision shall be payable with interest on such amount at the valuation rate of interest (as defined in paragraph eleven of subdivision a of this section) for such retirement system for such fiscal year.
(8) In determination of the normal contribution payable to each of NYCERS, NYCTRS or BERS with respect to each fiscal year occurring during the fifteen-year amortization period, the present value, as of June thirtieth next preceding such fiscal year, of all future installments of the contributions payable to such retirement system pursuant to the preceding paragraphs of this subdivision shall be treated as an asset of the retirement system.
(9) (i) No provisions of this subdivision shall be construed as amending, modifying, superseding or repealing:
(A) the amendment to section ten of chapter four hundred ninety-four of the laws of nineteen hundred ninety-two made by chapter eight hundred thirty-seven of the laws of nineteen hundred ninety-two; or
(B) any contract, agreement, commitment or understanding between the city and any other governmental entity whereby such other entity agreed to pay or assume all or a part of the cost of contributions required by any retirement incentive act to fund additional benefits thereunder.
(ii) Any contribution required to be made by this subdivision, to the extent that such contribution amortizes any liability of a retirement system for additional benefits under a retirement incentive act, shall be deemed to be a cost of contributions required by such act to fund such additional benefits.
(10) Notwithstanding any provision of the preceding paragraphs of this subdivision or any other law to the contrary, the provisions of such preceding paragraphs shall be superseded in the manner prescribed by the provisions of subdivision kk of this section with respect to contributions on account of UAL and BSL payable for each fiscal year included in the eleven-year amortization period.
kk. (1) All NYCERS, NYCTRS and BERS installments of contribution designated in paragraphs two, three, four, five and six of subdivision jj of this section as payable in any fiscal year succeeding June thirtieth, nineteen hundred ninety-nine by any general UAL and BSL responsible obligor or senior college UAL and BSL responsible obligor and all other installments of contribution resulting from any unfunded accrued liability established on or before June thirtieth, nineteen hundred ninety-nine which are payable in any fiscal year succeeding such June thirtieth by an such obligor of NYCERS, NYCTRS or BERS are hereby canceled and shall not be due and payable on or after such July first.
(2) Subject to the provisions of paragraph three of this subdivision, the actuary of NYCERS, NYCTRS and BERS shall separately determine for each such retirement system a schedule of contribution installments, one of which is payable in each fiscal year included in the eleven-year amortization period, which installments will amortize the NYCERS 1999 UAL, NYCTRS 1999 UAL or BERS 1999 UAL, as the case may be, together with interest on such amounts.
(3) (i) The actuary shall determine each schedule of contribution installments referred to in paragraph two of this subdivision so that each installment after the first shall equal one hundred three per centum of the next preceding installment.
(ii) In determining each such schedule, the actuary shall employ an interest rate of eight per centum per annum, compounded annually; provided that if a valuation rate of interest (as defined in paragraph eleven of subdivision a of this section) other than eight per centum per annum is prescribed by law for NYCERS, NYCTRS or BERS for any fiscal year included in the eleven-year amortization period, the schedule contribution installments which are required to be paid, for such fiscal year in which such changed valuation rate of interest is in effect, to the retirement system to which such changed rate of interest applies, shall be redetermined by the actuary thereof on the basis of a rate of interest equal to such changed rate, compounded annually, so as to reflect such changed rate appropriately in such redetermined installments.
(4) (i) Subject to the provisions of subparagraph (ii) of this paragraph, and subject to the provisions of sections 13-130 and 13-132 of this title in the case of NYCERS, and subject to the provisions of section 13-529 thereof in the case of NYCTRS, and subject to the provisions of paragraph (j) of subdivision sixteen of section twenty-five hundred seventy-five of the education law in the case of BERS, in each fiscal year of the eleven-year amortization period, the responsible obligors of each of NYCERS, NYCTRS and BERS shall pay into its contingent reserve fund their respective shares of the contribution installments applicable to such retirement system for such fiscal year under the schedules established pursuant to paragraph two of this subdivision.
(ii) The applicable provisions of subdivision c of section 13-133 of this title and subdivision (c) of section 13-533 thereof and paragraph (j) of subdivision sixteen of section twenty-five hundred seventy-five of the education law shall govern the time and manner of payment, within each fiscal year, of contributions payable with respect to such fiscal year to NYCERS, NYCTRS or BERS pursuant to subparagraph (i) of this paragraph. Nothing contained in this subdivision shall be construed as amending, modifying or changing such provisions of this title or the provisions of any other law relating to the time of payment, within a fiscal year, of contributions payable to such retirement systems with respect to such fiscal year.
(5) Any amount required to be contributed to NYCERS, NYCTRS or BERS with respect to any fiscal year under the preceding paragraphs of this subdivision shall be payable with interest on such amount at the valuation rate of interest (as defined in paragraph eleven of subdivision a of this section) for such retirement system for such fiscal year.
§ 13-638.3 Funding of consolidated unfunded accrued liabilities and remainder of balance sheet liability of the police pension fund, subchapter two; amortization of such liabilities and certain liabilities for transfers to variable supplements funds pursuant to the level percentage of payroll method in certain fiscal years.*
(1) “PPF”. The police pension fund, subchapter two.
(2) “Fiscal year”. A fiscal year of the city as defined in section two hundred twenty-six of the New York city charter.
(3) “UAL”. Unfunded accrued liability.
(4) “BSL”. Balance sheet liability.
(5) “Phase-in period”. The period beginning on July first, nineteen hundred ninety and ending on June thirtieth, nineteen hundred ninety-five.
(6) “Regular installment period”. The period beginning on July first, nineteen hundred ninety-five and ending on June thirtieth, two thousand ten.
(7) “Charge”. An amount which is required to be paid to PPF as an employer contribution.
(8) “Credit”. An amount which is required to be applied in reduction of employer contributions otherwise payable to PPF.
(9) “Individual UAL amortization in effect as of June thirtieth, nineteen hundred ninety”. Any of the following, as applicable to PPF as of June thirtieth, nineteen hundred ninety: the revised unfunded accrued liability contribution, the nineteen hundred eighty unfunded accrued liability adjustment, the nineteen hundred eighty-two unfunded accrued liability adjustment, the nineteen hundred eighty-five unfunded accrued liability adjustment, the nineteen hundred eighty-eight unfunded accrued liability adjustment, all in- stallments of amortization of bond sale gains and losses and all installments of funding of supplemental retirement allowances.
(10) “Recomputed annual installment of individual UAL amortization in effect as of June thirtieth, nineteen hundred ninety”.
(i) An installment amount computed in accordance with the succeeding subparagraphs of this paragraph in relation to each PPF individual UAL amortization in effect as of June thirtieth, nineteen hundred ninety (as defined in paragraph nine of this subdivision) for such pension fund.
(ii) The actuary of PPF shall determine, as of June thirtieth, nineteen hundred ninety and on the basis of eight and one-quarter per centum interest per annum, the present value of all those annual installments of such PPF individual UAL amortization in effect as of June thirtieth, nineteen hundred ninety, which installments, in the absence of the enactment of the act which added this paragraph, would have remained, as of such June thirtieth, due and unpaid (if a charge) or uncredited (if a credit) with respect to fiscal years succeeding such June thirtieth.
(iii) The actuary of PPF shall determine an amount which, if paid to its contingent reserve fund, or applied as a credit, as the case may be, commencing with a first payment or credit in the nineteen hundred ninety—nineteen hundred ninety-one fiscal year, in a number of equal annual installments equal to the number of such annual installments remaining due and unpaid or uncredited with respect to PPF as of June thirtieth, nineteen hundred ninety as described in subparagraph (ii) of this paragraph, would be the actuarial equivalent, as of such June thirtieth, on the basis of eight and one-half per centum interest per annum, of the present value determined pursuant to such subparagraph (ii).
(iv) With respect to each PPF individual UAL amortization in effect as of June thirtieth, nineteen hundred ninety, the recomputed annual installment of individual UAL amortization in effect as of June thirtieth, nineteen hundred ninety shall be one equal annual installment determined with respect to such individual UAL amortization pursuant to subparagraph (iii) of this paragraph.
(11) “Single-year aggregate of recomputed annual installments of individual UAL amortizations in effect as of June thirtieth, nineteen hundred ninety”. Such aggregate shall be the total amount obtained, in relation to any fiscal year occurring during the phase-in period (as defined in paragraph five of this subdivision) by adding together all recomputed annual installments of individual UAL amortization in effect as of June thirtieth, nineteen hundred ninety (as defined in paragraph ten of this subdivision), as applicable to such fiscal year. For the purpose of such addition, any such recomputed installments which constitute a credit shall be treated as a negative quantity.
(12) “Nineteen hundred ninety BSL contribution”. The nineteen hundred ninety BSL contribution determined pursuant to subdivision q of this section.
(13) “Nineteen hundred ninety UAL credit”.
(i) An amount which shall be determined for PPF as hereinafter provided in this paragraph.
(ii) Upon the basis of the actuarial tables and actuarial methods in effect for valuation purposes with respect to determination of the normal contribution payable to the contingent reserve fund of PPF in the nineteen hundred ninety-nineteen hundred ninety-one fiscal year and an interest rate of eight and one-half per centum per annum, there shall be determined, as of June thirtieth, nineteen hundred ninety, the amount of the unfunded accrued liability of PPF, computed pursuant to the entry age normal cost method of ascertaining such unfunded accrued liability.
(iii) There shall be determined with respect to PPF, as of June thirtieth, nineteen hundred ninety, on the basis of an interest rate of eight and one-quarter per centum per annum, the amount obtained by adding together (A) the present values of all those annual installments of individual UAL amortizations in effect as of June thirtieth, nineteen hundred ninety (as defined in paragraph nine of this subdivision), which installments, in the absence of the enactment of the act which added this paragraph, would have remained, as of such June thirtieth, due and unpaid (if a charge) or uncredited (if a credit) with respect to fiscal years succeeding such June thirtieth, and (B) the present value, as of such June thirtieth, of all installments of balance sheet liability, which installments, in the absence of the enactment of the act which added this paragraph, would have remained due and unpaid with respect to fiscal years succeeding such June thirtieth.
(iv) Such amount of unfunded accrued liability determined pursuant to subparagraph (ii) of this paragraph shall be subtracted from such total amount of present values determined pursuant to subparagraph (iii) thereof. The resulting remainder shall be the nineteen hundred ninety UAL credit applicable to PPF.
(14) “Annual installment of the nineteen hundred ninety UAL credit”. Any of twenty equal annual installments of credit with respect to PPF, which installments, if applied over a period of twenty fiscal years, commencing with the nineteen hundred ninety-nineteen hundred ninety-one fiscal year, would be the actuarial equivalent, as of June thirtieth, nineteen hundred ninety and on the basis of interest at the rate of eight and one-half per centum per annum, of the nineteen hundred ninety UAL credit (as defined in paragraph thirteen of this subdivision).
(15) “Phase-in installment of nineteen hundred ninety consolidated UAL contribution”.
(i) With respect to any fiscal year included in the phase-in period (as defined in paragraph five of this subdivision), such phase-in installment shall consist of an installment amount determined in relation to PPF in the manner hereinafter provided for in this subparagraph.
(ii) The single-year aggregate of recomputed annual installments of UAL amortizations in effect as of June thirtieth, nineteen hundred ninety (as defined in paragraph eleven of this subdivision), as applicable for such fiscal year, and one computation installment of nineteen hundred ninety BSL (as defined in paragraph nineteen of this subdivision) shall be added together.
(iii) From the amount resulting from such addition, there shall be subtracted the amount obtained by adding together (A) one annual installment of the nineteen hundred ninety UAL credit (as defined in paragraph fourteen of this subdivision) and (B) the amount of one installment of nineteen hundred ninety BSL contribution (as defined in paragraph twelve of this subdivision).
(iv) The remainder resulting from the subtraction prescribed by subparagraph (III) of this paragraph shall be the phase-in installment of nineteen hundred ninety consolidated UAL contribution for such fiscal year.
(16) “Unfunded accrued liability as of June thirtieth, nineteen hundred ninety”. The unfunded accrued liability of PPF as determined pursuant to subparagraph (ii) of paragraph thirteen of this subdivision.
(17) “Nineteen hundred ninety balance sheet liability”. The total present value, determined as of June thirtieth, nineteen hundred ninety on the basis of an interest rate of eight and one-half per centum per annum, of all installments of nineteen hundred ninety BSL contribution (as defined in paragraph twelve of this subdivision) payable to PPF pursuant to the provisions of subdivision q of this section.
(18) “Prior BSL contribution”. The BSL contribution of PPF determined pursuant to paragraph four of subdivision b of section 13-228 of this title, as such contribution was in effect on June thirtieth, nineteen hundred ninety.
(19) “Computation installment of nineteen hundred ninety BSL”.
(i) Any installment amount determined as hereinafter provided in this paragraph.
(ii) The actuary of PPF shall determine with respect to such pension fund, as of June thirtieth, nineteen hundred ninety on the basis of eight and one-quarter per centum interest per annum, the present value of the thirty-one equal annual installments of the prior BSL contribution (as defined in paragraph eighteen of this subdivision) of such pension fund, which installments, in the absence of the enactment of the act which added this subdivision, would have remained due and unpaid to such pension fund as of such June thirtieth.
(iii) The actuary shall determine an amount which, if paid to the contingent reserve fund of such pension fund in thirty-one equal annual installments, commencing with a first payment in the nineteen hundred ninety-nineteen hundred ninety-one fiscal year, would be the actuarial equivalent, on the basis of an interest rate of eight and one-half per centum per annum, of such present value.
(iv) Each of the first five of such installments determined pursuant to subparagraph (iii) of this paragraph with respect to such pension fund shall be a computation installment of nineteen hundred ninety BSL.
(20) “Regular installment of nineteen hundred ninety consolidated UAL contribution”. Any installment payable pursuant to subdivision d of this section.
(21) “Nineteen hundred ninety consolidated UAL contribution”. The nineteen hundred ninety consolidated UAL contribution for which phase-in installments are determined pursuant to paragraph fifteen of this subdivision and for which regular installments are determined pursuant to subdivision d of this section.
(22) “Installment of nineteen hundred ninety BSL contribution”. Any installment payable pursuant to subdivision g of this section.
(23) “UAL subject to consolidated amortization”. The amount of the unfunded accrued liability of PPF which, prior to July first, nineteen hundred ninety-three, was required to be amortized by phase-in and regular consolidated UAL contributions designated in subdivision i of this section.
(24) “BSL subject to consolidated amortization”. The amount of the balance sheet liability of PPF which, prior to July first, nineteen hundred ninety-three, was required to be amortized by phase-in and other BSL contributions designated in subdivision i of this section.
(25) “Balance of unfunded UAL subject to consolidated amortization”. An amount, determined by the actuary of PPF, which is equal to the present value (based on an interest rate of eight and one-half per centum per annum), as of June thirtieth, nineteen hundred ninety-three, of the remaining unpaid installments, as of such June thirtieth, of the amortization (as prescribed by subdivisions h and i of this section) of the PPF UAL subject to consolidated amortization.
(26) “Balance of unfunded BSL subject to consolidated amortization”. An amount, determined by the actuary of PPF, which is equal to the present value (based on an interest rate of eight and one-half per centum per annum), as of June thirtieth, nineteen hundred ninety-three, of the remaining unpaid installments, as of such June thirtieth, of the amortization (as prescribed by subdivisions h and i of this section) of the PPF BSL subject to consolidated amortization.
(27) “Revised amortization period”. The period beginning on July first, nineteen hundred ninety-three and ending on June thirtieth, two thousand ten.
(28) “PPF 1995 UAL”. The unfunded accrued liability of PPF as of June thirtieth, nineteen hundred ninety-five for benefits payable by PPF (excluding the PPF 1995 balance of BSL, as defined in paragraph thirty of this subdivision), as determined by the actuary pursuant to the entry age normal cost method of ascertaining such unfunded accrued liability, on the basis of an interest rate of eight and one-half per centum per annum and the actuarial tables applicable for the purpose of determining the normal contribution to PPF for the nineteen hundred ninety-five—nineteen hundred ninety-six fiscal year.
(29) “PPF 1995 accrued liability on account of required transfers to variable supplements funds”. The actuarial present value as of June thirtieth, nineteen hundred ninety-five, as estimated by the actuary, of the accrued liability of the pension fund on account of payments which the pension fund may be required to make for base fiscal years (as defined by the applicable provisions of paragraph one of subdivision b of section 13-232.1 of this title and paragraph one of subdivision b of section 13-232.3 of this title) beginning on or after July first, nineteen hundred ninety-four to the police officer’s variable supplements fund, pursuant to subdivisions d, e and f of such section 13-232.1 and to the police superior officers’ variable supplements fund pursuant to subdivisions d, e and f of such section 13-232.3.
(30) “PPF 1995 balance of BSL”. The present value, as determined by the actuary as of June thirtieth, nineteen hundred ninety-five on the basis of an interest rate of eight and one-half per centum per annum, of the total of all contribution installments which, in the absence of the enactment of the act which added this paragraph, would be payable to PPF for fiscal years beginning on or after July first, nineteen hundred ninety-five pursuant to subparagraph (ii) of paragraph two of subdivision n of this section and paragraphs three and four of such subdivision.
(31) “Fifteen-year amortization period”. The period beginning on July first, nineteen hundred ninety-five and ending on June thirtieth, two thousand ten.
(32) “PPF 1999 UAL”. The unfunded accrued liability of PPF as of June thirtieth, nineteen hundred ninety-nine attributable as of that date to the obligations set forth in item (ii) of subparagraph (a) of paragraph two of subdivision b of section 13-228 of this title, as determined by the actuary pursuant to the entry age normal cost method of ascertaining such unfunded accrued liability, on the basis of an interest rate of eight per centum per annum and the actuarial tables applicable for the purpose of determining the normal contribution to PPF for the nineteen hundred ninety-nine—two thousand fiscal year, provided, however, that in the event such calculation of unfunded accrued liability produces a negative amount, the PPF 1999 UAL shall be zero.
(33) “Eleven-year amortization period”. The period beginning on July first, nineteen hundred ninety-nine and ending on June thirtieth, two thousand ten.
(2) Such amount determined in relation to such installments shall be payable in regular installments as provided for in subdivision i of this section.
(2) Such amount determined in relation to such installments, which amount shall be payable in installments as provided for in subdivision i of this section, shall constitute the nineteen hundred ninety BSL contribution.
(i) the installment amount allocated to such fiscal year for payment on account of nineteen hundred ninety consolidated UAL contribution (as defined in paragraph twenty-one of subdivision a of this section); and
(ii) the installment amount allocated to such fiscal year for payment on account of the nineteen hundred ninety BSL contribution (as defined in paragraph twelve of such subdivision).
(2) Each installment amount payable as provided for in paragraph one of this subdivision shall be in the applicable sum prescribed in the schedule of twenty-year amortization set forth in subdivision i of this section.
(3) Notwithstanding any provision of the preceding paragraphs of this subdivision or any other law to the contrary, the provisions of subdivisions c through g, inclusive, of this section, and the affected portions of subdivision i thereof, and the preceding paragraphs of this subdivision shall be superseded in the manner prescribed by subdivision n of this section with respect to contributions on account of UAL and BSL payable for each fiscal year included in the revised amortization period.
| SCHEDULE FOR TWENTY-YEAR AMORTIZATIONOF PPF 1990 CONSOLIDATED UAL AND 1990 REMAINDER OF BSL (numerical references in parentheses are to paragraph numbers of definitions in subdivision a of this section) | ||
|---|---|---|
| Col. 1 Fiscal year or years in which annual amortization payments are required to be made | Col. 2 Amount payable in each fiscal year | |
| Col. A | Each fiscal year (2) in the phase-in period (5) | The sum obtained by adding together (a) the phase-in installment of nineteen hundred ninety consolidated UAL contribution (15) applicable to such fiscal year and (b) the installment of nineteen hundred ninety BSL contribution (22) applicable to such fiscal year. |
| Col. B | Each fiscal year (2) inthe regular installmentperiod (6) | The sum obtained by adding together (a) the regular installment of nineteen hundred ninety consolidated UAL contribution (20) applicable to such fiscal year and (b) the installment of nineteen hundred ninety BSL contribution (22) applicable to such fiscal year. |
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§ 13-638.3 Funding of consolidated unfunded accrued liabilities and remainder of balance sheet liability of the fire department pension fund, subchapter two; amortization of such liabilities and certain liabilities for transfers to variable supplements funds pursuant to the level percentage of payroll method in certain fiscal years.*
(1) “FPF”. The fire department pension fund, subchapter two.
(2) “Fiscal year”. A fiscal year of the city as defined in section two hundred twenty-six of the New York city charter.
(3) “UAL”. Unfunded accrued liability.
(4) “BSL”. Balance sheet liability.
(5) “Phase-in period”. The period beginning on July first, nineteen hundred ninety and ending on June thirtieth, nineteen hundred ninety-five.
(6) “Regular installment period”. The period beginning on July first, nineteen hundred ninety-five and ending on June thirtieth, two thousand ten.
(7) “Charge”. An amount which is required to be paid to FPF as an employer contribution.
(8) “Credit”. An amount which is required to be applied in reduction of employer contributions otherwise payable to FPF.
(9) “Individual UAL amortization in effect as of June thirtieth, nineteen hundred ninety”. Any of the following, as applicable to FPF as of June thirtieth, nineteen hundred ninety: the unfunded accrued liability contribution, the revised unfunded accrued liability contribution, the nineteen hundred eighty unfunded accrued liability adjustment, the nineteen hundred eighty-two unfunded accrued liability adjustment, the nineteen hundred eighty-five unfunded accrued liability adjustment, the nineteen hundred eighty-eight unfunded accrued liability adjustment, all installments of amortization of bond sale gains and losses and all installments of funding of supplemental retirement allowances.
(10) “Recomputed annual installment of individual UAL amortization in effect as of June thirtieth, nineteen hundred ninety”.
(i) An installment amount computed in accordance with the succeeding subparagraphs of this paragraph in relation to each FPF individual UAL amortization in effect as of June thirtieth, nineteen hundred ninety (as defined in paragraph nine of this subdivision) for such pension fund.
(ii) The actuary of FPF shall determine, as of June thirtieth, nineteen hundred ninety and on the basis of eight and one-quarter per centum interest per annum, the present value of all those annual installments of such FPF individual UAL amortization in effect as of June thirtieth, nineteen hundred ninety, which installments, in the absence of the enactment of the act which added this paragraph, would have remained, as of such June thirtieth, due and unpaid (if a charge) or uncredited (if a credit) with respect to fiscal years succeeding such June thirtieth.
(iii) The actuary of FPF shall determine an amount which, if paid to its contingent reserve fund, or applied as a credit, as the case may be, commencing with a first payment or credit in the nineteen hundred ninety-nineteen hundred ninety-one fiscal year, in a number of equal annual installments equal to the number of such annual installments remaining due and unpaid or uncredited with respect to FPF as of June thirtieth, nineteen hundred ninety as described in subparagraph (ii) of this paragraph, would be the actuarial equivalent, as of such June thirtieth, on the basis of eight and one-half per centum interest per annum, of the present value determined pursuant to such subparagraph (ii).
(iv) With respect to each FPF individual UAL amortization in effect as of June thirtieth, nineteen hundred ninety, the recomputed annual installment of individual UAL amortization in effect as of June thirtieth, nineteen hundred ninety shall be one equal annual installment determined with respect to such individual UAL amortization pursuant to subparagraph (iii) of this paragraph.
(11) “Single-year aggregate of recomputed annual installments of individual UAL amortizations in effect as of June thirtieth, nineteen hundred ninety”. Such aggregate shall be the total amount obtained, in relation to any fiscal year occurring during the phase-in period (as defined in paragraph five of this subdivision) by adding together all recomputed annual installments of individual UAL amortization in effect as of June thirtieth, nineteen hundred ninety (as defined in paragraph ten of this subdivision), as applicable to such fiscal year. For the purpose of such addition, any such recomputed installments which constitute a credit shall be treated as a negative quantity.
(12) “Nineteen hundred ninety BSL contribution”. The nineteen hundred ninety BSL contribution determined pursuant to subdivision g of this section.
(13) “Nineteen hundred ninety UAL credit”.
(i) An amount which shall be determined for FPF as hereinafter provided in this paragraph.
(ii) Upon the basis of the actuarial tables and actuarial methods in effect for valuation purposes with respect to determination of the normal contribution payable to the contingent reserve fund of FPF in the nineteen hundred ninety-nineteen hundred ninety-one fiscal year and an interest rate of eight and one-half per centum per annum, there shall be determined, as of June thirtieth, nineteen hundred ninety, the amount of the unfunded accrued liability of FPF, computed pursuant to the entry age normal cost method of ascertaining such unfunded accrued liability.
(iii) There shall be determined with respect to FPF, as of June thirtieth, nineeteen hundred ninety, on the basis of an interest rate of eight and one-quarter per centum per annum, the amount obtained by adding together (A) the present values of all those annual installments of individual UAL amortizations in effect as of June thirtieth, nineteen hundred ninety (as defined in paragraph nine of this subdivision), which installments, in the absence of the enactment of the act which added this paragraph, would have remained, as of such June thirtieth, due and unpaid (if a charge) or uncredited (if a credit) with respect to fiscal years succeeding such June thirtieth, and (B) the present value, as of such June thirtieth, of all installments of balance sheet liability, which installments, in the absence of the enactment of the act which added this paragraph, would have remained due and unpaid with respect to fiscal years succeeding such June thirtieth.
(iv) Such total amount of present values determined pursuant to subparagraph (iii) of this paragraph shall be subtracted from such amount of unfunded accrued liability determined pursuant to subparagraph (ii) thereof. The resulting remainder shall be the nineteen hundred ninety UAL credit applicable to FPF.
(14) “Annual installment of the nineteen hundred ninety UAL credit”. Any of twenty equal annual installments of charge with respect to FPF, which installments, if paid, over a period of twenty fiscal years, commencing with the nineteen hundred ninety-nineteen hundred ninety-one fiscal year, would be the actuarial equivalent, as of June thirtieth, nineteen hundred ninety and on the basis of interest at the rate of eight and one-half per centum per annum, of the nineteen hundred ninety UAL charge (as defined in paragraph thirteen of this subdivision).
(15) “Phase-in installment of nineteen hundred ninety consolidated UAL contribution”.
(i) With respect to any fiscal year included in the phase-in period (as defined in paragraph five of this subdivision), such phase-in installment shall consist of an installment amount determined in relation to FPF in the manner hereinafter provided for in this paragraph.
(ii) The single-year aggregate of recomputed annual installments of UAL amortizations in effect as of June thirtieth, nineteen hundred ninety (as defined in paragraph eleven of this subdivision), as applicable for such fiscal year, and one installment of the nineteen hundred ninety UAL charge (as defined in paragraph fourteen of this subdivision) and one computation installment of nineteen hundred ninety BSL (as defined in paragraph nineteen of this subdivision) shall be added together.
(iii) From the amount resulting from such addition, there shall be subtracted the amount of one installment of nineteen hundred ninety BSL contribution (as defined in paragraph twelve of this subdivision).
(iv) The remainder resulting from the subtraction prescribed by subparagraph (iii) of this paragraph shall be the phase-in installment of nineteen hundred ninety consolidated UAL contribution for such fiscal year.
(16) “Unfunded accrued liability as of June thirtieth, nineteen hundred ninety”. The unfunded accrued liability of FPF as determined pursuant to subparagraph (ii) of paragraph thirteen of this subdivision.
(17) “Nineteen hundred ninety balance sheet liability”. The total present value, determined as of June thirtieth, nineteen hundred ninety on the basis of an interest rate of eight and one-half per centum per annum, of all installments of nineteen hundred ninety BSL contribution (as defined in paragraph twelve of this subdivision) payable to such pension fund pursuant to the provisions of subdivision g of this section.
(18) “Prior BSL contribution”. The BSL contribution of FPF determined pursuant to paragraph four of subdivision b of section 13-331 of this title, as such contribution was in effect on June thirtieth, nineteen hundred ninety.
(19) “Computation installment of nineteen hundred ninety BSL”.
(i) Any installment amount determined as hereinafter provided in this paragraph.
(ii) The actuary of FPF shall determine with respect to such pension fund, as of June thirtieth, nineteen ninety on the basis of eight and one-quarter per centum interest per annum, the present value of the thirty-one equal annual installments of the prior BSL contribution (as defined in paragraph eighteen of this subdivision) of such pension fund, which installments, in the absence of the enactment of the act which added this subdivision, would have remained due and unpaid to such pension fund as of such June thirtieth.
(iii) The actuary shall determine an amount which, if paid to the contingent reserve fund of such pension fund in thirty-one equal annual installments, commencing with a first payment in the nineteen hundred ninety-nineteen hundred ninety-one fiscal year, would be the actuarial equivalent, on the basis of an interest rate of eight and one-half per centum per annum, of such present value.
(iv) Each of the first five of such installments determined pursuant to subparagraph (iii) of this paragraph with respect to such pension fund shall be a computation installment of nineteen hundred ninety BSL.
(20) “Regular installment of nineteen hundred ninety consolidated UAL contribution”. Any installment payable pursuant to subdivision d of this section.
(21) “Nineteen hundred ninety consolidated UAL contribution”. The nineteen hundred ninety consolidated UAL contribution for which phase-in installments are determined pursuant to paragraph fifteen of this subdivision and for which regular installments are determined pursuant to subdivision d of this section.
(22) “Installment of nineteen hundred ninety BSL contribution”. Any installment payable pursuant to subdivision g of this section.
(23) “UAL subject to consolidated amortization”. The amount of the unfunded accrued liability of FPF which prior to July first, nineteen hundred ninety-three, was required to be amortized by phase-in and regular consolidated UAL contributions designated in subdivision i of this section.
(24) “BSL subject to consolidated amortization”. The amount of the balance sheet liability of FPF which, prior to July first, nineteen hundred ninety-three, was required to be amortized by phase-in and other BSL contributions designated in subdivision i of this section.
(25) “Balance of unfunded UAL subject to consolidated amortization”. An amount, determined by the actuary of FPF, equal to the present value (based on an interest rate of eight and one-half per centum per annum), as of June thirtieth, nineteen hundred ninety-three, of the remaining unpaid installments, as of such June thirtieth, of the amortization (as prescribed by subdivisions h and i of this section) of the FPF UAL subject to consolidated amortization.
(26) “Balance of unfunded BSL subject to consolidated amortization”. An amount, determined by the actuary of FPF, which is equal to the present value (based on an interest rate of eight and one-half per centum per annum), as of June thirtieth, nineteen hundred ninety-three, of the remaining unpaid installments, as of such June thirtieth, of the amortization (as prescribed by subdivisions h and i of this section) of the FPF BSL subject to consolidated amortization.
(27) “Revised amortization period”. The period beginning on July first, nineteen hundred ninety-three and ending on June thirtieth, two thousand ten.
(28) “FPF 1995 UAL”. The unfunded accrued liability of FPF as of June thirtieth, nineteen hundred ninety-five for benefits payable by FPF (excluding the FPF 1995 balance of BSL, as defined in paragraph thirty of this subdivision), as determined by the actuary pursuant to the entry age normal cost method of ascertaining such unfunded accrued liability, on the basis of an interest rate of eight and three-quarters per centum per annum and the actuarial tables applicable for the purpose of determining the normal contribution to FPF for the nineteen hundred ninety-five—nineteen hundred ninety-six fiscal year.
(29) “FPF 1995 accrued liability on account of required transfers to variable supplements funds”. The actuarial present value as of June thirtieth, nineteen hundred ninety-five, as estimated by the actuary, of the accrued liability of the pension fund on account of payments which the pension fund may be required to make for base fiscal years (as defined by the applicable provisions of paragraph one of subdivision b of section 13-335.1 of this title and paragraph one of subdivision b of section 13-335.3 of this title) beginning on or after July first, nineteen hundred ninety-four to the firefighters’ variable supplements fund, pursuant to subdivisions d, e and f of such section 13-335.1 and to the fire officers’ variable supplements fund pursuant to subdivisions d, e and f of such section 13-335.3.
(30) “FPF 1995 balance of BSL”. The present value, as determined by the actuary as of June thirtieth, nineteen hundred ninety-five on the basis of an interest rate of eight and three-quarters per centum per annum, of the total of all contribution installments which, in the absence of the enactment of the act which added this paragraph, would be payable to FPF for fiscal years beginning on or after July first, nineteen hundred ninety-five pursuant to subparagraph (ii) of paragraph two of subdivision n of this section and paragraphs three and four of such subdivision.
(31) “Fifteen-year amortization period”. The period beginning on July first, nineteen hundred ninety-five and ending on June thirtieth, two thousand ten.
(32) “FPF 1999 UAL”. The unfunded accrued liability of FPF as of June thirtieth, nineteen hundred ninety-nine attributable as of that date to the obligations set forth in item (ii) of subparagraph (a) of paragraph two of subdivision b of section 13-331 of this title, as determined by the actuary pursuant to the entry age normal cost method of ascertaining such unfunded accrued liability, on the basis of an interest rate of eight per centum per annum and the actuarial tables applicable for the purpose of determining the normal contribution to FPF for the nineteen hundred ninety-nine—two thousand fiscal year, provided, however, that in the event such calculation of unfunded accrued liability produces a negative amount, the FPF 1999 UAL shall be zero.
(33) “Eleven-year amortization period”. The period beginning on July first, nineteen hundred ninety-nine and ending on June thirtieth, two thousand ten.
(2) Such amount determined in relation to such installments shall be payable in regular installments as provided for in subdivision i of this section.
(2) Such amount determined in relation to such installments, which amount shall be payable in installments as provided for in subdivision i of this section, shall constitute the nineteen hundred ninety BSL contribution.
(i) the installment amount allocated to such fiscal year for payment on account of nineteen hundred ninety consolidated UAL contribution (as defined in paragraph twenty-one of subdivision a of this section); and
(ii) the installment amount allocated to such fiscal year for payment on account of the nineteen hundred ninety BSL contribution (as defined in paragraph twelve of such subdivision).
(2) Each installment amount payable as provided for in paragraph one of this subdivision shall be in the applicable sum prescribed in the schedule of twenty-year amortization set forth in subdivision i of this section.
(3) Notwithstanding any provision of the preceding paragraphs of this subdivision or any other law to the contrary, the provisions of subdivisions c through g, inclusive, of this section, and the affected portions of subdivision i thereof, and the preceding paragraphs of this subdivision shall be superseded in the manner prescribed by subdivision n of this section with respect to contributions on account of UAL and BSL payable for each fiscal year included in the revised amortization period.
| SCHEDULE FOR TWENTY-YEAR AMORTIZATION OF FPF 1990 CONSOLIDATED UAL AND 1990 REMAINDER OF BSL (numerical references in parentheses are to paragraph numbers of definitions in subdivision a of this section) | ||
|---|---|---|
| Col. 1 Fiscal year or years in which annual amortization payments are required to be made | Col. 2 Amount payable in each fiscal year | |
| Col. A | Each fiscal year (2) in the phase-in period (5) | The sum obtained by adding together (a) the phase-in installment of nineteen hundred ninety consolidated UAL contribution (15) applicable to such fiscal year and (b) the installment of nineteen hundred ninety BSL contribution (22) applicable to such fiscal year. |
| Col. B | Each fiscal year (2) inthe regular installmentperiod (6) | The sum obtained by adding together (a) the regular installment of nineteen hundred ninety consolidated UAL contribution (20) applicable to such fiscal year and (b) the installment of nineteen hundred ninety BSL contribution (22) applicable to such fiscal year. |
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(2) Subject to the provisions of paragraph three of this subdivision, the actuary of FPF shall determine for such pension fund:
(i) a schedule of contribution installments, one of which is payable in each fiscal year included in the revised amortization period, which installments will amortize the FPF balance of unfunded UAL subject to consolidated amortization, together with interest on such balance; and
(ii) a schedule of contribution installments, one of which is payable in each fiscal year included in the revised amortization period, which installments will amortize the FPF balance of unfunded BSL subject* consolidated amortization, together with interest on such balance.
(3) (i) the actuary shall determine each schedule of contribution installments referred to in paragraph two of this subdivision so that each installment after the first shall equal one hundred three per centum of the next preceding installment.
(ii) in determining each such schedule, the actuary shall employ an interest rate of eight and one-half per centum per annum, compounded annually; provided that if a valuation rate of interest (as defined in paragraph eleven of subdivision a of section 13-638.2 of this subchapter) other than eight and one-half per centum per annum is prescribed by law for FPF for any fiscal year included in the revised amortization period, the schedule contribution installments which are required to be paid, for such fiscal year in which such changed valuation rate of interest is in effect to FPF shall be redetermined by the actuary thereof on the basis of a rate of interest equal to such changed rate, compounded annually, so as to reflect such changed rate appropriately in such redetermined installments.
(4) Any amount required to be contributed to FPF with respect to any fiscal year under the provisions of this subdivision shall be payable with interest on such amount at the valuation rate of interest (as defined in paragraph eleven of subdivision a of section 13-638.2 of this subchapter) for such pension fund for such fiscal year.
(5) In the determination of the normal contribution payable to FPF with respect to each fiscal year occurring during the revised amortization period, the present value, as of June thirtieth next preceding such fiscal year, of all future installments of the contributions payable to such pension fund pursuant to this subdivision shall be treated as an asset of such pension fund.
(6) Notwithstanding any provision of the preceding paragraphs of this subdivision or any other law to the contrary, the provisions of such preceding paragraphs shall be superseded in the manner prescribed by subdivision o of this section with respect to contributions on account of UAL and BSL payable for each fiscal year included in the fifteen-year amortization period.
(ii) All installments of contribution prescribed by paragraph six of subdivision b of section 13-331 of this title as payable, for any fiscal year beginning on or after July first, nineteen hundred ninety-five, to fund the benefits referred to in such paragraph are hereby canceled and shall not be due and payable on and after such July first.
(2) Subject to the provisions of paragraph three of this subdivision, the actuary of FPF shall determine for such pension fund:
(i) a schedule of contribution installments, one of which is payable in each fiscal year included in the fifteen-year amortization period, which installments will amortize the FPF 1995 UAL, together with interest on such UAL; and
(ii) a schedule of contribution installments, one of which is payable in each fiscal year included in the fifteen-year amortization period, which installments will amortize the FPF 1995 accrued liability on account of required transfers to variable supplements funds, together with interest on such liability; and
(iii) a schedule of contribution installments, one of which is payable in each fiscal year included in the fifteen-year amortization period, which installments will amortize the FPF 1995 balance of BSL, together with interest on such balance.
(3) (i) The actuary shall determine each schedule of contribution installments referred to in paragraph two of this subdivision so that each installment after the first shall equal one hundred three per centum of the next preceding installment.
(ii) In determining each such schedule, the actuary shall employ an interest rate of eight and three-quarters per centum per annum, compounded annually; provided that if a valuation rate of interest (as defined in paragraph eleven of subdivision a of section 13-638.2 of this subchapter) other than eight and three-quarters per centum per annum is prescribed by law for FPF for any fiscal year included in the fifteen-year amortization period, the schedule contribution installments which are required to be paid, for such fiscal year in which such changed valuation rate of interest is in effect, to FPF shall be redetermined by the actuary thereof on the basis of a rate of interest equal to such changed rate, compounded annually, so as to reflect such changed rate appropriately in such redetermined installments.
(4) Any amount required to be contributed to FPF with respect to any fiscal year under the provisions of this subdivision shall be payable with interest on such amount at the valuation rate of interest (as defined in paragraph eleven of subdivision a of section 13-638.2 of this subchapter) for such pension fund for such fiscal year.
(5) In each fiscal year of the fifteen-year amortization period, the city shall pay into the contingent reserve fund of FPF the contribution installments applicable to such fiscal year under the schedules established pursuant to paragraph two of this subdivision.
(6) In the determination of the normal contribution payable to FPF with respect to each fiscal year occurring during the fifteen-year amortization period, the present value, as of June thirtieth next preceding such fiscal year, of all future installments of the contributions payable to such pension fund pursuant to this subdivision shall be treated as an asset of such pension fund.
(7) Notwithstanding any provision of the preceding paragraphs of this subdivision or any other law to the contrary, the provisions of such preceding paragraphs shall be superseded in the manner prescribed by subdivision p of this section with respect to contributions on account of UAL and BSL payable for each fiscal year included in the eleven-year amortization period.
(2) Subject to the provisions of paragraph three of this subdivision, the actuary of FPF shall determine for such pension fund a schedule of contribution installments, one of which is payable in each fiscal year included in the eleven-year amortization period, which installments will amortize the FPF 1999 UAL, together with interest on such UAL.
(3) (i) The actuary shall determine the schedule of contribution installments referred to in paragraph two of this subdivision so that each installment after the first shall equal one hundred three per centum of the next preceding installment.
(ii) In determining such schedule, the actuary shall employ an interest rate of eight per centum per annum, compounded annually; provided that if a valuation rate of interest (as defined in paragraph eleven of subdivision a of section 13-638.2 of this subchapter) other than eight per centum per annum is prescribed by law for FPF for any fiscal year included in the eleven-year amortization period, the schedule contribution installments which are required to be paid, for such fiscal year in which such changed valuation rate of interest is in effect, to FPF shall be redetermined by the actuary thereof on the basis of a rate of interest equal to such changed rate, compounded annually, so as to reflect such changed rate appropriately in such redetermined installments.
(4) Any amount required to be contributed to FPF with respect to any fiscal year under the provisions of this subdivision shall be payable with interest on such amount at the valuation rate of interest (as defined in paragraph eleven of subdivision a of section 13-638.2 of this subchapter) for such pension fund for such fiscal year.
(5) In each fiscal year of the eleven-year amortization period, the city shall pay into the contingent reserve fund of FPF the contribution installments applicable to such fiscal year under the schedule established pursuant to paragraph two of this subdivision.
§ 13-638.4 Membership rights in NYCERS and BERS for part-time service; credit for service; dual employment provisions; membership rights of school crossing guards.
(1) “RSSL”. The New York state retirement and social security law.
(2) “City-service”. City-service as defined in subdivision three of section 13-101 of the code.
(3) “Education service”. Service as a paid official or employee of the board of education of the city of New York or the New York city school construction authority, and allowable as provided in section four of the rules and regulations of the board of education retirement system of the city of New York or, in the case of a tier II, tier III or tier IV member of such system, allowable pursuant to the provisions which respectively govern the service credit of such a member of such retirement system.
(4) “NYCERS”. The New York city employees’ retirement system.
(5) “BERS”. The board of education retirement system of the city of New York.
(6) “Retirement system”. NYCERS or BERS.
(7) “Tier I member”. A member of NYCERS or BERS whose benefits (other than a supplemental retirement allowance) are prescribed by chapter one of title thirteen of the code or the BERS rules and regulations, respectively, and who is not subject to the provisions of article eleven, article fourteen or article fifteen of the RSSL.
(8) “Tier II member”. A member of NYCERS or BERS who is subject to the provisions of article eleven of the RSSL.
(9) “Tier III member”. A member of NYCERS or BERS who is subject to the provisions of article fourteen of the RSSL.
(10) “Tier IV member”. A member of NYCERS or BERS who is subject to the provisions of article fifteen of the RSSL.
(11) “Full-time city-service”. City-service rendered in a title in which a person is regularly scheduled to work at least eighteen hundred twenty-seven hours per year, provided that no service rendered prior to the expiration of the window period (as defined in paragraph twenty-two of this subdivision) in such a title shall be deemed to be full-time city-service for the limited purposes only of subdivisions b and d of this section where NYCERS, prior to May thirty-first, nineteen hundred eighty-eight, would have deemed the person rendering such service to be ineligible for membership in NYCERS because such person was regularly scheduled to work less than a sufficient number of hours per year for NYCERS to consider such service to be full-time city-service, or because such service was being rendered not on a per annum basis, but rather on a per hour basis, a per diem basis or some other basis. The employeer of any member of NYCERS or BERS, at such retirement system’s request, shall certify the regularly scheduled hours of employment of any position held by such member.
(12) “Part-time city-service”. City-service which is not full-time city-service.
(13) (i) “Full-time education service”. Except as provided in subparagraph (ii) of this paragraph, (A) education service rendered in a title in which a person is regularly scheduled to work at least eighteen hundred twenty-seven hours per year; or (B) education service rendered in a title (a) in which duties are regularly scheduled to be performed only during the school year (as defined in paragraph twenty-four of this subdivision), (b) in which a person is regularly scheduled to work at least fourteen hundred seventy hours per school year, and (c) in which such person, as a member of BERS, is entitled to earn credit for such service, pursuant to paragraph two of subdivision c of this section, on the basis of one year of service credit for fourteen hundred seventy hours of such service rendered in a calendar year.
(ii) No such service rendered prior to the expiration of the window period (as defined in paragraph twenty-two of this subdivision), which meets the requirements of subparagraph (i) of this paragraph, shall be deemed to be full-time education service for the limited purposes only of subdivisions b and d of this section where BERS, prior to May thirty-first, nineteen hundred eighty-eight, would have deemed the person rendering such service to be ineligible for membership in BERS because such person was regularly scheduled to work less than a sufficient number of hours per year for BERS to consider such service to be full-time education service, or because such service was being rendered not on a per annum basis, but rather on a per hour basis, a per diem basis or some other basis.
(iii) The employeer of any member of BERS or NYCERS, at such retirement system’s request, shall certify the regularly scheduled hours of employment of any position held by such member.
(14) “Part-time education service”. Education service which is not full-time education service.
(15) “Part-time service”. Part-time city-service or part-time education service.
(16) “Active service”. Full-time city-service, full-time education service, part-time city-service or part-time education service.
(17) “Qualified period of continuous active service”. A part of a person’s active service consisting of a period:
(i) which began prior to May thirty-first, nineteen hundred eighty-eight; and
(ii) during which the person rendered one or more periods of part-time service prior to May thirty-first, nineteen hundred eighty-eight; and
(iii) which ends no later than the end of the window period, as defined in paragraph twenty-two of this subdivision; and
(iv) which was not interrupted by a subsequent disqualifying break in service, as defined in paragraph eighteen of this subdivision; and
(v) which was not interrupted by a subsequent disqualifying period of non-membership full-time service, as defined in paragraph twenty-one of this subdivision.
(18) “Disqualifying break in service”. A break in a period of city-service or education service which occurs when the total length of a period of two or more consecutive one-year breaks in service, as defined in paragraph nineteen of this subdivision, exceeds the total length of a period of one or more consecutive one-year periods of active service, as defined in paragraph twenty of this subdivision, which immediately precedes such period of consecutive one-year breaks in service, provided that for the purpose of measuring the length of such immediately preceding period of consecutive one-year periods of active service, such immediately preceding period shall not include any such one-year period of active service which was part of a disqualifying period of non-membership full-time service, as defined in paragraph twenty-one of this subdivision.
(19) “One-year break in service”. A calendar year during which a person was not paid on the payroll for a total of at least two hundred fifty hours of city-service, education service or a combination of city-service and education service, provided that where any person was terminated in nineteen hundred seventy-five from employment in the title of school crossing guard with the New York city police department as a result of the dissolution of the school crossing guard program in such year, and who was reappointed to employment in such title with such department on or before June thirtieth, nineteen hundred seventy-nine, such person shall not be charged with a one-year break in service for any calendar year during the period commencing with the calendar year of such termination and ending with the calendar year of such reappointment, and provided further that such person shall not be credited with a one-year period of active service (as defined in paragraph twenty of this subdivision) for any calendar year during such period unless such person actually was paid on the payroll during such calendar year for a total of at least two hundred fifty hours of city-service, education service or a combination of city-service and education service.
(20) “One-year period of active service”. A calendar year during which a person was paid on the payroll for a total of at least two hundred fifty hours of city-service, education service or a combination of city-service and education service.
(21) “Disqualifying period of non-membership full-time service”. A one-year period commencing on the date a person became eligible to become a member of NYCERS or BERS by reason of being employed in full-time city-service or full-time education service, during which one-year period such person was eligible to become such a member and did not do so, provided that such period of full-time service shall not be a disqualifying period of non-membership full-time service where such period was immediately preceded or followed by a period of part-time service rendered by such person which exceeded the length of such period of full-time service, provided further that for the purpose of measuring the length of such immediately preceding or following period of part-time service, such period shall not include any calendar year which is not a one-year period of active service, as defined in paragraph twenty of this subdivision.
(22) “Window period”. A one-year period commencing the day immediately following July thirty-first, nineteen hundred ninety-two or a six month period commencing the day immediately following the date of enactment of the chapter of the laws of nineteen hundred ninety-six which added this provision.
(23) “Previous part-time service”. Part-time service rendered prior to last becoming a member of NYCERS or BERS or, if a person last became a member of NYCERS or BERS prior to May thirty-first, nineteen hundred eighty-eight, part-time service rendered prior to such date.
(24) “School year”. The regular academic year of the New York city public schools, which generally begins with the first day of classes in September of one year and ends with the last day of classes in June of the following year, but which also may be deemed to include a brief period of time immediately prior to such academic year and/or a brief period of time immediately subsequent to such academic year where the duties of a particular job title which are performed almost exclusively during such academic year extend to such brief period or periods immediately prior and/or subsequent to such academic year.
(1) For purposes of paragraphs three, six, seven, eight, ten and eleven of this subdivision, a person who meets the requirements of this paragraph one shall be a person who was employed in part-time service prior to May thirty-first, nineteen hundred eighty-eight, and who:
(i) was actually paid on the payroll in active service on May thirty-first, nineteen hundred eighty-eight; or
(ii) was separated from active service prior to May thirty-first, nineteen hundred eighty-eight and returned to active service after such date, but within four years after last being separated from active service prior to such date; or
(iii) was paid on the payroll for work performed in the title of college assistant with the city university of New York in all or a portion of the academic year which shall be deemed to have commenced on September first, nineteen hundred eighty-seven, and was separated from employment in such title prior to May thirty-first, nineteen hundred eighty-eight, and did not return to active service.
(2) For purposes of pargraphs three, six, seven, eight, ten and eleven of this subdivision, a period of part-time service which meets the requirements of this paragraph shall be any period of part-time city-service or part-time education service which is part of a qualified period of continuous active service, as defined in paragraph seventeen of subdivision a of this section.
(3) (i) Notwithstanding any other provision of law to the contrary, a member of NYCERS or BERS who meets the requirements of paragraph one of this subdivision, and who has one or more periods of part-time service which meets the requirements of paragraph two of this subdivision, may elect to be deemed to have become a member of such retirement system on a date selected by such member which is part of a period of part-time service which meets such requirements, by filing with such retirement system, during the window period, a written request for such retroactive membership date, provided that the retroactive membership date selected by such member shall be a date which is earlier than his or her last date of commencement of membership in such retirement system.
(ii) The election by a member of NYCERS or BERS of a retroactive date of commencement of membership in such retirement system pursuant to subparagraph (i) of this paragraph shall be irrevocable, and the obligations, rights and privileges of such member from and after such retroactive membership date shall be the same as if such member originally had become a member of the retirement system on such retroactive membership date. Such member, however, shall not receive service credit for any previous part-time service for which he or she did not purchase service credit while a member of such system. The purchase of previous part-time service by such member shall be in compliance with all requirements of the code, the BERS rules and regulations or the RSSL which would be applicable to him or her if he or she originally had become a member of the retirement system on such retroactive membership date, or in compliance with such applicable requirements, as modified by any provision of paragraph six, seven, eight, nine or eleven of this subdivision, where such member is or may become eligible for the benefits of any such paragraph.
(4) Notwithstanding any other provision of law to the contrary, if the designated beneficiary or the estate of a deceased member of NYCERS or BERS, who died while a member of such retirement system on or after May thirty-first, nineteen hundred eighty-eight, but prior to the expiration of the window period, purchases credit for previous part-time service on behalf of such deceased member pursuant to paragraph ten of this subdivision, then such deceased member shall be deemed to have become a member of such retirement system on the commencement date of such part-time service.
(5) Notwithstanding any other provision of law to the contrary, any service retiree of NYCERS or BERS whose retirement became effective on or after May thirty-first, nineteen hundred eighty-eight, but prior to the expiration of the window period, who purchases credit for previous part-time service pursuant to paragraph eight of this subdivision, may elect to be deemed to have become a member of such retirement system on the earliest date of such part-time service for which credit was purchased pursuant to such paragraph eight by filing with such retirement system, during the window period, a written request for such retroactive membership date.
(6) Notwithstanding any provision of section 13-108 of the code which requires a tier I member of NYCERS to pay for the purchase of credit for previous service through deductions from compensation, or any provision of subdivision b of section four hundred forty-six of the RSSL (with respect to a tier II member), subdivision b of section five hundred thirteen of the RSSL (with respect to a tier III member) or subdivision b of section six hundred nine of the RSSL (with respect to a tier IV member) which requires such tier II, tier III or tier IV member to have rendered at least five years of credit service after last joining a public retirement system in order to be eligible to obtain credit for previous service, and notwithstanding any other provision of law to the contrary, a member of NYCERS in city-service, or a member of BERS in education service, who:
(i) meets the requirements of paragraph one of this subdivision; and
(ii) has one or more periods of part-time service which meets the requirements of paragraph two of this subdivision; and
(iii) otherwise is eligible to retire for service during the window period, or otherwise would be eligible to retire for service during the window period if he or she were permitted to purchase during the window period credit for such period or periods of previous part-time service; and
(iv) retires for service so that the effective date of his or her retirement occurs during the window period and at the time of such retirement is at least sixty-two years of age may purchase during the window period credit for such period or periods of previous part-time service by paying during the window period a lump sum amount computed in accordance with the applicable provisions governing the purchase of credit for previous service, or such a lump sum as reduced in accordance with the provisions of paragraph nine of this subdivision.
(7) Notwithstanding any provision of section 13-108 of the code which requires a tier I member of NYCERS to pay for the purchase of credit for previous service through deductions from compensation, or any provision of subdivision b of section four hundred forty-six of the RSSL (with respect to a tier II member), subdivision b of section five hundred thirteen of the RSSL (with respect to a tier III member) or subdivision b of section six hundred nine of the RSSL (with respect to a tier IV member) which requires a tier II, tier III or tier IV member to have rendered at least five years of credited service after last joining a public retirement system in order to be eligible to obtain credit for previous service, and notwithstanding any other provision which requires a member of NYCERS or BERS to be in city-service or education service, respectively, in order to be retired for service, and notwithstanding any other provision of law to the contrary, a member of NYCERS or BERS who:
(i) meets the requirements of paragraph one of this subdivision; and
(ii) has one or more periods of part-time service which meets the requirements of paragraph two of this subdivision; and
(iii) separated from active service (other than as a result of dismissal on charges or forfeiture of office) on or after May thirty-first, nineteen hundred eighty-eight; and
(iv) was at least sixty-two years of age at the time he or she separated from active service; and
(v) otherwise would have been eligible to retire for service at the time he or she separated from service if he or she at that time had been permitted to purchase and had purchased credit for such period of periods of previous part-time service may purchase during the window period credit for such period or periods of previous part-time service by paying during the window period a lump sum amount computed in accordance with the applicable provisions governing the purchase of credit for previous service, or such a lump sum as reduced in accordance with the provisions of paragraph nine of this subdivision, and may retire for service, provided that such member shall actually retire for service during the window period (with an effective date of retirement occurring during such period) and shall purchase such service credit during such period, and provided further that such retirement shall be permitted only in accordance with the provisions of this paragraph.
(8) Notwithstanding any other provision of law to the contrary, a service retiree of NYCERS or BERS:
(i) whose retirement became effective on or after May thirty-first, nineteen hundred eighty-eight, but prior to the expiration of the window period; and
(ii) who was at least sixty-two years of age at the time of such retirement for service; and
(iii) who meets the requirements of paragraph one of this subdivision; and
(iv) who has one or more periods of part-time service which meets the requirements of paragraph two of this subdivision may purchase during the window period credit for all or a portion of the previous part-time service which meets such requirements by paying during the window period a lump sum amount computed in accordance with the applicable provisions set forth below in this paragraph, provided that where such retiree purchases credit for less than the entire amount of such part-time service, he or she shall purchase credit for such service in the inverse order of which such service was rendered, with credit for the most recent service being purchased first, and credit for the earliest service being purchased last, and provided further that such a retiree who purchases such credit pursuant to this item shall have his or her service retirement allowance recomputed to reflect the purchase of such credit, but such retiree shall not be entitled to change the mode of payment of such retirement allowance from an option to the maximum retirement allowance, from the maximum retirement allowance to an option or from one option to another option. If such service retiree elects, pursuant to paragraph five of this subdivision, a retroactive date of commencement of membership, the obligations, rights and privileges of such retiree’s membership from such new date of commencement of membership up to his or her service retirement, including, but not limited to, the computation of his or her retirement allowance and the obligation to make member contributions, shall be the same as if such person originally had become a member of the retirement system on such retroactive membership date, and the lump sum for the purchase of credit for such previous part-time service shall be computed in accordance with the provisions governing the purchase of pre-membership service credit which would be applicable to him or her if he or she originally had become a member of the retirement system on such retroactive membership date, subject, however, to any applicable reduction of such lump sum in accordance with the provisions of paragraph nine of this subdivision. If such service retiree does not make such an election pursuant to such paragraph five, such lump sum amount, subject to any applicable reduction pursuant to such paragraph nine, shall be computed in accordance with the applicable provisions governing the purchase of pre-membership service credit on the basis of the date of last commencement of membership of such service retiree.
(9) A member of NYCERS or BERS, who purchases credit for previous part-time service for a lump sum amount pursuant to paragraph six, seven or eight of this subdivision, may elect to have that lump sum amount reduced by an amount up to the maximum amount which such member would have been entitled to borrow from the total amount that would have been credited to such member in his or her annuity savings account (in the case of a tier I or tier II member) or member contributions accumulation fund (in the case of a tier III or tier IV member) if, during the window period, he or she had paid the full amount required to purchase such credit, provided that such person’s retirement allowance shall be actuarially reduced (in accordance with the provisions of law governing loans which would be applicable to such person) by the amount by which the full lump sum purchase price was reduced pursuant to this paragraph.
(10) (i) Notwithstanding any other provision of law to the contrary, where a deceased member of NYCERS or BERS, who died while a member of such system on or after May thirty-first, nineteen hundred eighty-eight, but prior to the expiration of the window period, met the requirements of paragraph one of this subdivision and, at the time of his or her death, had one or more periods of previous part-time service which meets the requirements of paragraph two of this subdivision, then his or her designated beneficiary (or estate if there is no designated beneficiary) may, during the window period (or if such member died within one hundred eighty days prior to the expiration of the window period, within one hundred eighty days after the expiration of the window period), file an election purchasing, on behalf of such deceased member, credit for all, but not less than all, of the previous part-time service which meets such requirements. The purchase price of such credit shall be deemed to have been paid by and refunded to the designated beneficiary or estate which files such election.
(ii) Notwithstanding any other provision of law to the contrary, where the designated beneficiary or the estate of a deceased member of NYCERS or BERS purchases credit for one or more periods of previous part-time service on behalf of such deceased member pursuant to subparagraph (i) of this paragraph, and such deceased member did not die in active city-service or active education service for purposes of the applicable ordinary death benefit provision, then such deceased member shall be deemed to have died in active city-service or active education service for purposes of the applicable ordinary death benefit provision, but not for the purposes of any accidental death benefit provision or any presumptive retirement provision or provision for payment of a death benefit equal to a pension reserve.
(iii) Under no circumstances shall the purchase of credit by a beneficiary or estate pursuant to subparagraph (i) of this paragraph result in any benefit or any increase in benefit becoming payable pursuant to a presumptive retirement provision, or provision for payment of a death benefit equal to a pension reserve.
(11) (i) A member of NYCERS in city-service or a member of BERS in education service who:
(A) meets the requirements of paragraph one of this subdivision; and
(B) has one or more periods of part-time service which meets the requirements of paragraph two of this subdivision; and
(C) otherwise is eligible to retire for service or otherwise would be eligible to retire for service if he or she were permitted to purchase credit for such part-time service; and
(D) submits to the appropriate retirement system a written request to purchase credit for a lump sum amount for any such period or periods of previous part-time service, in which request it is alleged that he or she is physically or mentally incapacitated for the performance of duty shall be entitled to a medical examination which shall be performed by the medical board of such retirement system.
(ii) Notwithstanding any other provision of law to the contrary, if such medical examination shows that any such member who meets the requirements of subparagraph (i) of this paragraph eleven is physically or mentally incapacitated for the performance of duty, the medical board shall so report to the executive director of such retirement system, and such member in city-service or education service shall be permitted to purchase credit for such period or periods of previous part-time service by paying a lump sum amount computed in accordance with the applicable provisions governing the purchase of credit for previous service, provided that such member shall both (A) actually retire for service effective not later than sixty days after being notified by the retirement system that he or she is eligible to purchase credit for such service pursuant to this paragraph, and (B) complete payment for such purchase within such sixty-day period.
(12) Notwithstanding any other provision which requires a person to be in city-service in order to become a member of NYCERS, or in education service in order to become a member of BERS, and notwithstanding any other provision of law to the contrary, a person who:
(i) was paid on the payroll in active part-time service on May thirty-first, nineteen hundred eighty-eight; and
(ii) separated from part-time service (other than as a result of dismissal on charges or forfeiture of office) subsequent to May thirty-first, nineteen hundred eighty-eight and prior to August first, nineteen hundred ninety-two, and has not returned to active service; and
(iii) was otherwise eligible to become a member of NYCERS or BERS based upon such part-time service; and
(iv) did not file an application to become a member of such retirement system prior to such separation from service shall be permitted to become a member of such retirement system by filing an application for membership with such system during the window period, provided that such person shall otherwise be eligible pursuant to paragraph seven of this subdivision to retire for service and shall actually retire for service pursuant to such paragraph seven during the window period with an effective date of retirement during the window period.
(1) Notwithstanding any other provision of law to the contrary, and except as provided in paragraph two of this subdivision, and subject to the provisions of subdivision f of this section a member of NYCERS or BERS, who otherwise is entitled to credit for city-service or education service, shall have such credit prorated on the basis of one year of service credit for eighteen hundred twenty-seven hours of such service rendered in a calendar year, provided, however, that no such member shall earn more than one year of service credit during any calendar year, and no such member shall earn, for any fraction of a calendar year, a fraction of a year of service credit, which fraction is greater than such fraction of a calendar year. However, this paragraph shall not apply to teachers, including those who work as regular substitutes and per diem teachers.
(2) Notwithstanding the provisions of paragraph one of this subdivision, or any other provision of law to the contrary, and subject to the provisions of subdivision f of this section, a member of BERS, who otherwise is entitled to credit for education service in a job title in which duties are regularly scheduled to be performed only during the school year, or who otherwise is entitled to credit for service in the title of school crossing guard with the New York city police department, where the duties of such title are regularly scheduled to be performed only during the school year, shall have such credit prorated on the basis of one year of service credit for fourteen hundred seventy hours of such service rendered in a calendar year, provided that no such member shall earn more than one year of service credit during any calendar year, and no such member shall earn for any fraction of a calendar year, a fraction of a year of service credit, which fraction is greater than such fraction of a calendar year. However, this paragraph shall not apply to teachers, including those who work as regular substitutes and per diem teachers.
(3) The board of trustees of NYCERS and the retirement board of BERS shall have the authority to adopt reasonable rules for prorating the credit for part-time city-service or part-time education service rendered in part-time per annum job titles for which it is difficult to determine the number of hours actually worked, including, but not limited to, such titles as New York city tax commissioner, New York city planning commissioner and New York city councilmanic aide. Such rules shall, to the extent possible, grant service credit based on the number of hours actually worked in such titles.
(1) Except as provided in paragraphs two and three of this subdivision, and subject to the provisions of paragraphs six through eleven of subdivision b of this section, where those provisions are applicable, the purchase of credit for previous part-time service by a member of NYCERS or BERS shall be governed by all of the applicable provisions which otherwise would govern the purchase of credit for pre-membership service by such member.
(2) (i) Notwithstanding any other provision of law to the contrary, a member of NYCERS may purchase credit for previous part-time education service which was rendered prior to the expiration of the window period (as defined in paragraph twenty-two of subdivision a of this section), except that such member may not purchase credit for any such part-time education service rendered prior to the expiration of the window period which was rendered during a payroll period in which such member also rendered city-wide for which he or she has earned or is eligible to earn service credit.
(ii) Notwithstanding any other provision of law to the contrary, a member of BERS may purchase credit for previous part-time city-service which was rendered prior to the expiration of the window period, except that such member may not purchase credit for any such part-time city-service rendered prior to the expiration of the window period which was rendered during a pay period in which such member also rendered education service for which he or she has earned or is eligible to earn service credit.
(3) Notwithstanding any other provision of law to the contrary, where a tier I or tier II member of NYCERS or BERS has purchased credit for previous part-time service which meets the requirements of paragraph two of subdivision b of this section, or a tier I or tier II service retiree of NYCERS or BERS has purchased such credit pursuant to paragraph eight of subdivision b of this section, or a beneficiary or estate has purchased such credit on behalf of such member pursuant to paragraph ten of subdivision b of this section, such credit, whether or not purchased pursuant to any of the provisions of paragraphs six through eleven of subdivision b of this section, shall be counted toward such member’s eligibility for a retirement benefit as well as the amount of the benefit; provided that where service in a specified title or in specified titles is required for eligibility for a benefit, or is required with respect to the method of determining the amount of a benefit, nothing contained in this paragraph shall be construed as directing that part-time service in a title which is different from such specified title or titles shall be creditable toward satisfying such eligibility requirement or such requirement as to the method of determining the amount of a benefit.
(4) No provision of the code or the rules and regulations of BERS which provides for the payment of a pension-providing-for-increased-take-home-pay for a member of NYCERS or BERS, or the funding of such a benefit, or the accumulation of a reserve-for-increased-take-home-pay, shall be applicable to the purchase of credit by such member for previous part-time service.
(5) The provisions of section one hundred thirty-eight-b of the RSSL shall not be applicable to the purchase of credit for previous part-time service by a member of NYCERS or BERS.
(6) Nothing contained in paragraph four or paragraph five of this subdivision shall be construed as adding to, diminishing or changing any rights or obligations pertaining to the purchase of credit for previous service which is not part-time service.
(1) Definitions. The following terms, as used in this subdivision, shall have the following meanings, unless a different meaning is plainly required by the context:
(i) “Full-time position in city-service”. A position in city-service in which a person is regularly scheduled to work at least eighteen hundred twenty-seven hours per year.
(ii) “Full-time position in education service”.
(A) position in education service in which a person is regularly scheduled to work at least eighteen hundred twenty-seven hours per year; or
(B) a position in education service (a) in which duties are regularly scheduled to be performed only during the school year; (b) in which a person is regularly scheduled to work at least fourteen hundred seventy hours per school year; and (c) in which such person, as a member of BERS, is entitled to earn credit for such service, pursuant to paragraph two of subdivision c of this section, on the basis of one year of service credit for fourteen hundred seventy hours of such service rendered in a calendar year.
(2) Subject to the provisions of subdivision f of this section, where those provisions are applicable, for a tier I member of NYCERS who did not hold a full-time position in city-service at all times during the entire one-year period immediately prior to retirement the term “salary or compensation earnable by him or her for city-service in the year prior to his or her retirement”, as used in subparagraph (a) of paragraph three of subdivision e of section 13-162 of the code, subparagraph (a) of paragraph three of subdivision g of such section, subparagraph (a) of paragraph four of such subdivision g, subparagraph (e) of paragraph eight of subdivision a of section 13-172 of the code, subparagraph (a) of paragraph three of subdivision c of section 13-174 of the code or subparagraph (a) of paragraph four of such subdivision c, or the term “annual salary or compensation earnable by him or her for city-service in the year prior to his or her retirement”, as used in subparagraph (b) of paragraph seven of subdivision a of section 13-172 of the code, shall be deemed to mean the salary or compensation paid on the payroll to such member for city-service rendered during the period for which such member was credited with his or her final one year of service credit immediately prior to retirement.
(3) Subject to the provisions of subdivision f of this section, where those provisions are applicable, for a tier I member of NYCERS who did not hold a full-time position in city-service at all times during the entire one-year period immediately prior to his or her discontinuance of city-service, the term “annual salary or compensation earnable by him or her for city-service in the year prior to his or her discontinuance of city-service”, as used in paragraph two of subdivision c of section 13-173 of the code, shall be deemed to mean the salary or compensation paid on the payroll to such member for city-service rendered during the period for which such member was credited with his or her final one year of service credit immediately prior to his or her discontinuance of city-service.
(4) (i) Subject to the provisions of subdivision f of this section, where those provisions are applicable, for a tier I member of NYCERS who did not hold a full-time position in city-service at all times while a member during the entire six-month period immediately preceding his or her death, the term “an amount equal to the compensation earnable by such member while a member, during the six months immediately preceding his or her death”, as used in item (i) of subparagraph (a) of paragraph two of subdivision a of section 13-148 of the code, shall be deemed to mean an amount equal to the compensation paid on the payroll to such member for city-service rendered during the period for which such member, while a member, was credited with his or her final six months of service credit immediately preceding his or her death.
(ii) Subject to the provisions of subdivision f of this section, where those provisions are applicable, for a tier I member of NYCERS who did not hold a full-time position in city-service at all times while a member during the entire twelve-month period immediately preceding his or her death, the term “an amount equal to the compensation earnable by such member in city-service while a member during the twelve months immediately preceding his or her death”, as used in item (ii) of subparagraph (a) of paragraph two of subdivision a of section 13-148 of the code, shall be deemed to mean an amount equal to the compensation paid on the payroll to such member for city-service rendered during the period for which such member, while a member, was credited with his or her final twelve months of service credit immediately preceding his or her death.
(iii) Subject to the provisions of subdivision f of this section, where those provisions are applicable, for a tier I member of NYCERS who did not hold a full-time position in city-service at all times during the entire twelve-month period immediately preceding his or her death, the term “an amount equal to twice the compensation earnable by him or her in city-service while a member during the twelve months immediately preceding his or her death”, as used in item (iii) of subparagraph (a) of paragraph two of subdivision a of section 13-148 of the code, shall be deemed to mean an amount equal to twice the compensation paid on the payroll to such member for city-service rendered during the period for which such member, while a member, was credited with his or her final twelve months of service credit immediately preceding his or her death.
(5) Subject to the provisions of subdivision f of this section, where those provisions are applicable, for a tier I member of NYCERS who did not hold a full-time position in city-service at all times during his or her entire last five years of city-service, or during any other fiive consecutive years of member or restored member service which such member shall designate pursuant to subdivision nine of section 13-101 of the code, the term “final compensation”, as defined in such subdivision nine, shall be deemed to mean one-fifth of the highest total compensation paid on the payroll to such member for any continuous period of city-service for which the member was credited with five years of service credit.
(6) Subject to the provisions of subdivision f of this section, where those provisions are applicable, for a tier I member of NYCERS who has made a valid election of “three-year-average compensation” pursuant to subdivision fifty-eight of section 13-101 of the code, and who did not hold a full-time position in city-service at all times during the entire three-year period of city-service designated by such member, the term “three-year period of city-service designated by such member, the term “three-year-average compensation”, as defined in such subdivision fifty-eight, shall be deemed to mean one-third of the highest total compensation paid on the payroll to such member during any continuous period of city-service for which the member was credited with three years of service credit.
(7) Subject to the provisions of subdivision f of this section, where those provisions are applicable, for a tier I member of BERS who did not hold a full-time position in education service at all times during the entire one-year period immediately prior to retirement, the term “salary or compensation earnable by him for education-service in the year prior to his retirement”, as used in subparagraph (a) of paragraph three of subdivision e of section thirty of the BERS rules and regulations, subparagraph (a) of paragraph three of subdivision g of such section, subparagraph (a) of paragraph four of such subdivision g, paragraph (e) of subdivision eight of section twelve of the BERS rules and regulations, subparagraph (i) of paragraph c of subdivision three of section sixteen of the BERS rules and regulations or subparagraph (i) of paragraph d of such subdivision three, or the term “annual salary or compensation earnable by him for education-service in the year prior to his retirement”, as used in paragraph (b) of subdivision seven of section twelve of the BERS rules and regulations, shall be deemed to mean the salary or compensation paid on the payroll to such member for education service rendered during the period for which such member was credited with his or her final one year of service credit immediately prior to retirement.
(8) Subject to the provisions of subdivision f of this section, where the provisions are applicable, for a tier I member of BERS who did not hold a full-time position in education service at all times during the entire one-year period immediately prior to his or her discontinuance of city-service, the term “annual salary or compensation earnable by him for education-service in the year prior to his discontinuance of education-service”, as used in paragraph two of subdivision c of section thirty-two of the BERS rules and regulations, shall be deemed to mean the salary or compensation paid on the payroll to such member for education service rendered during the period for which such member was credited with his or her final one year of service credit immediately prior to his or her discontinuance of education service.
(9) (i) Subject to the provisions of subdivision f of this section, where those provisions are applicable, for a tier I member of BERS who did not hold a full-time position in education service at all times during the entire six-month period immediately preceding his or her death, the term “an amount equal to the compensation earnable by him during the six months immediately preceding his death”, as used in subdivision one of section twenty of the BERS rules and regulations or paragraph (b) of subdivision two of such section, shall be deemed to mean an amount equal to the compensation paid on the payroll to such member for education service rendered during the period for which such member was credited with his or her final six months of service credit immediately preceding his or her death.
(ii) Subject to the provisions of subdivision f of this section, where those provisions are applicable, for a tier I member of BERS who did not hold a full-time position in education service at all times during the entire twelve-month period immediately preceding his or her death, “an amount equal to the compensation earnable by him during the twelve months immediately preceding his death”, as used in subdivision one of section twenty of the BERS rules and regulations or paragraph (b) of subdivision two of such section, shall be deemed to mean an amount equal to the compensation paid on the payroll to such member for education service rendered during the period which such member was credited with his or her final twelve months of service credit immediately preceding his or her death.
(iii) Subject to the provisions of subdivision f of this section, where those provisions are applicable, for a tier I member of BERS who did not hold a full-time position in education service at all times during the entire twelve-month period immediately preceding his or her death, the term “an amount equal to twice the compensation earnable by him in education-service while a member during the twelve months immediately preceding his death”, as used in subdivision three of section twenty of the BERS rules and regulations, shall be deemed to mean an amount equal to twice the compensation paid on the payroll to such member for education service rendered during the period for which such member, while a member, was credited with his or her final twelve months of service credit immediately preceding his or her death.
(10) Subject to the provisions of subdivision f of this section, where those provisions are applicable, for a tier I member of BERS who did not hold a full-time position in education service at all times during his or her entire last five years of education service, or during any other five consecutive years of education service which such member shall designate pursuant to subdivision thirteen of section two of the BERS rules and regulations, the term “final compensation”, as defined in such subdivision thirteen, shall be deemed to mean one-fifth of the highest total personal compensation in any form paid on the payroll to such member for regular day service during any continuous period of education service for which the member was credited with five years of service credit, provided that such amount shall be exclusive of any extra compensation for special services, either during the day or night.
(11) Subject to the provisions of subdivision f of this section, where those provisions are applicable, for a tier I member of BERS who has made a valid election of “three-year-average compensation” pursuant to subdivision thirty-six of section two of the BERS rules and regulations and who did not hold a full-time position in education service at all times during the entire three-year period of education service designated by such member, the term “three-year-average compensation”, as defined in such subdivision thirty-six, shall be deemed to mean one-third of the highest total compensation paid on the payroll to such member during any continuous period of education service for which the member was credited with three years of service credit.
(12) (i) Subject to the provisions of subdivision f of this section and the provisions of subdivision d of section four hundred forty-three of the RSSL, where those provisions are applicable, and notwithstanding the provisions of subdivision a of section four hundred forty-three of the RSSL, for a tier II member of NYCERS or BERS, the term “final average salary”, as used in article eleven of the RSSL, shall be equal to the greater of:
(A) one-third of the highest total salary earned during any continuous period of employment for which the member was credited with three years of service credit; provided that such salary shall be subject to the provisions of subparagraph (ii) of this paragraph; and provided further that if the salary earned during any year of credited service included in the period used to determine final average salary exceeds the average of the salaries of the previous two years of credited service by more than twenty per centum, the amount in excess of twenty per centum shall be excluded from the computation of final average salary; or
(B) the total amount of salary earned during any six consecutive years from service for which the member received service credit divided by the amount of such service credit earned during that six-year period; provided that such total amount of salary shall be subject to the provisions of subparagraph (ii) of this paragraph.
(ii) The total earned salary used to determine the amount computed pursuant to item (A) or item (B) of subparagraph (i) of this paragraph shall be exclusive of any form of termination pay (which shall include any compensation in anticipation of retirement), any lump sum payment for deferred compensation, sick leave, or accumulated vacation credit, or any other payment for time not worked (other than compensation received while on sick leave or authorized leave of absence).
(13) Subject to the provisions of subdivision f of this section and the provisions of subdivision c of section five hundred twelve of the RSSL, where those provisions are applicable, and notwithstanding the provisions of subdivision a of section five hundred twelve of the RSSL, for a tier III member of NYCERS or BERS, the term “final average salary”, as used in article fourteen of the RSSL, shall be equal to the greater of:
(i) one-third of the highest total wages earned during any continuous period of employment for which the member was credited with three years of service credit; provided that if the wages earned during any year of credited service included in the period used to determine final average salary exceeds the average of the wages of the previous two years of credited service by more than ten percent, the amount in excess of ten percent shall be excluded from the computation of final average salary; or
(ii) the total wages earned during any six consecutive years from service for which the member received service credit divided by the amount of such service credit earned during that six-year period.
(14) (i) Subject to the provisions of subdivision f of this section and the provisions of subdivision c of section six hundred eight of the RSSL, where those provisions are applicable, and notwithstanding the provisions of subdivision a of section six hundred eight of the RSSL, for a tier IV member of NYCERS who is not a New York city revised plan member (as defined in subdivision m of section six hundred one of the RSSL) or for a tier IV member of BERS who is not a New York city revised plan member, the term “final average salary”, as used in article fifteen of the RSSL, shall be equal to the greater of:
(A) one-third of the highest total wages earned by such member during any continuous period of employment for which the member was credited with three years of service credit; provided that if the wages earned during any year of credited service included in the period used to determine final average salary exceeds the average of the wages of the previous two years of credited service by more than ten percent, the amount in excess of ten percent shall be excluded from the computation of final average salary; or
(B) the total wages earned during any six consecutive years from service for which the member received service credit divided by the amount of such service credit earned during that six-year period, provided, however, that “wages”, as used in this paragraph, shall mean the applicable provisions and limitations of the term “wages”, as defined in subdivision 1 of section six hundred one of the RSSL.
(ii) Subject to the provisions of subdivision f of this section where those provisions are applicable, and notwithstanding the provisions of subdivisions a and c of section six hundred eight of the RSSL, for a tier IV member of NYCERS who is a New York city revised plan member (as defined in subdivision m of section six hundred one of the RSSL) or a tier IV member of BERS who is a New York city revised plan member, the term “final average salary”, as used in article fifteen of the RSSL, shall be equal to one-fifth of the highest total wages earned by such member during any continuous period of employment for which the member was credited with five years of service credit; provided that if the wages earned during any year of credited service included in the period used to determine final average salary exceeds the average of the wages of the previous four years of credited service by more than ten percent, the amount in excess of ten percent shall be excluded from the computation of final average salary, provided further that “wages”, as used in this paragraph, shall mean the applicable provisions and limitations of the term “wages”, as defined in subdivision l of section six hundred one of the RSSL.
(15) Nothing contained in this subdivision shall be construed as modifying the provisions of paragraph (a) of subdivision thirty-seven of section two of the BERS rules and regulations, or as affecting in any way the manner in which such paragraph is interpreted and applied by BERS to the computation of benefits.
(1) Definitions. The following terms as used in this subdivision, shall have the following meanings, unless a different meaning is plainly required by the context:
(i) “Full-time position”. As relating to a particular period of time during which a member of NYCERS concurrently held two or more positions in city-service, or a member of BERS concurrently held two or more positions in education service, a position in such service held by such a member for which he or she was paid on the payroll during that period for a sufficient number of hours such that he or she either was eligible to earn or would have been eligible to earn from such position during such period the maximum amount of credit which could be earned for such period pursuant to subparagraph (i) of paragraph three of this subdivision if that position were the only position in such service held by such member during such period.
(ii) “Part-time position”. As relating to a particular period of time during which a member of NYCERS concurrently held two or more positions in city-service, or a member of BERS concurrently held two or more positions in education service, a position in such service held by such a member for which he or she was paid on the payroll during that period for less than the minimum number of hours which would have been required for such member to earn from such position during such period the maximum amount of credit which could be earned for such period pursuant to subparagraph (i) of paragraph three of this subdivision if that position were the only position in such service held by such member during such period.
(iii) “Earnings”. The compensation, salary or wages of a position in city-service or education service.
(iv) “Salary base”. The earnings for a particular period of time from city-service for a member of NYCERS, or from education service for a member of BERS, which are required by law to be applied in calculating the benefit payable by such retirement system to such member or the beneficiary of such member pursuant to the applicable provisions of the code, the RSSL or the BERS rules and regulations.
(v) “Salary base period”. That period of time for which all or a portion of the earnings from city-service for a NYCERS member, or all or a portion of the earnings from education service for a BERS member, are required to be applied in calculating the salary base pursuant to the applicable provisions of the code, the RSSL or the BERS rules and regulations.
(vi) “Rate of pay”. The amount which a position in city-service or education service is scheduled to pay per hour, per day or per year.
(2) (i) Except as provided in subparagraph (iv) of paragraph eight of this subdivision, the provisions of this subdivision shall apply only to two or more positions in city-service held concurrently by a member of NYCERS or to two or more positions in education service held concurrently by a member of BERS.
(ii) Where a member of NYCERS concurrently holds or held two or more positions in city-service, or a member of BERS concurrently holds or held two or more positions in education service, such member shall make all required member contributions to such retirement system, as calculated pursuant to applicable provisions of law, for all service rendered in such positions concurrently held.
(iii) No member of NYCERS or BERS shall be entitled to any of the benefits of this subdivision for any service for which he or she has not paid all member contributions required by applicable provisions of law.
(3) (i) No member of NYCERS or BERS shall earn more than one year of service credit during any calendar year, and no such member shall earn, for any fraction of a calendar year, a fraction of a year of service credit, which fraction is greater than such fraction of a calendar year.
(ii) For any period in which a member of NYCERS concurrently held two or more positions in city-service, or a member of BERS concurrently held two or more positions in education service, such member may earn service credit from such two or more positions, and such credit shall be aggregated, but in no event shall such member earn a greater total amount of service credit from such positions during such period than he or she would have been eligible to earn pursuant to subparagraph (i) of this paragraph if such member had held only one full-time position during such period.
(4) (i) Except as provided in subparagraph (ii) of this paragraph, for all or any portion of a salary base period during which a member of NYCERS concurrently held two full-time positions in city-service, or a member of BERS concurrently held two full-time positions in education service, the earnings of such a member from only one of such two positions shall be applied in calculating the salary base, and the earnings from the position producing the higher salary base shall be used for this purpose.
(ii) Where a member of NYCERS has held two full-time positions in city-service concurrently for a total of at least nine months in each of ten consecutive years, and has made all required member contributions for such service, or a member of BERS has held two such full-time positions in education service concurrently for a total of at least nine months in each of ten consecutive years, and has made all required member contributions for such service, and such a member concurrently held two such positions during all or a portion of the salary base period, then the earnings from two such positions for that portion of the salary base period during which such positions were held concurrently shall be aggregated and applied in calculating the salary base.
(5) (i) Except as provided in subparagraph (ii) of this paragraph, for all or any portion of a salary base period during which a member of NYCERS concurrently held a full-time position in city-service and one or more part-time positions in city-service, or a member of BERS concurrently held a full-time position in education service and one or more part-time positions in education service, only the earnings from the full-time position shall be applied in calculating the salary base.
(ii) (A) Where a member of NYCERS has held a full-time position in city-service and one or more part-time positions in city-service concurrently for a total of at least nine months in each of ten consecutive years, and has made all required member contributions for such service, or a member of BERS has held a full-time position in education service and one or more part-time positions in education service concurrently for a total of at least nine months in each of ten consecutive years, and has made all required member contributions for such service, and such a member concurrently held such a full-time position and one or more such part-time positions during all or a portion of the salary base period, then the following earnings from such positions for that portion of the salary base period during which such positions were held concurrently shall be aggregated and applied in calculating the salary base:
(a) the earnings from the full-time position during such portion of such salary base period; plus
(b) the earnings from those part-time positions held during such portion of such salary base period, which part-time positions are equal in number to the part-time positions which such member held concurrently with a full-time position for a total of at least nine months in each of ten consecutive years.
(B) For the limited purpose only of determining, pursuant to item (A) of this subparagraph, whether such member has held such a full-time position and one or more such part-time positions concurrently for a total of at least nine months in each of ten consecutive years, a full-time position held by such member at any time during such ten-year period may be deemed to be a part-time position.
(6) (i) Except as provided in subparagraph (ii) of this paragraph, for all or any portion of a salary base period in which a member of NYCERS did not hold a full-time position and concurrently held two or more part-time positions in city-service, or a member of BERS did not hold a full-time position and concurrently held two or more part-time positions in education service, the portions of the earnings from such part-time positions during that portion of the salary base period during which such part-time positions were held concurrently, which earnings portions may be aggregated and applied in calculating the salary base, shall be determined as follows:
(A) rank each such part-time position held concurrently during such portion of the salary base period in order according to the rate of pay which is applicable to such member for each such position during such portion of the salary base period, from the highest rate of pay to the lowest rate of pay;
(B) determine for each such part-time position the hypothetical amount of service credit which such member would have been eligible to earn from such position for that portion of the salary base period during which such two or more part-time positions were held concurrently if such member had held no other position concurrently with such position;
(C) determine for such portion of the salary base period the hypothetical amount of service credit which such member would have been eligible to earn from one full-time position held during a period of time equal in length to such portion of the salary base period;
(D) add together all of the hypothetical amounts of service credit determined for each position in accordance with item (B) of this subparagraph;
(E) of the hypothetical service credit sum determined in accordance with item (D) of this subparagraph is less than or equal to the amount of hypothetical full-time service credit determined in accordance with item (C) of this subparagraph, then the earnings from all of such two or more part-time positions from such portion of the salary base period shall be aggregated and applied in calculating the salary base;
(F) if the hypothetical service credit sum determined in accordance with item (D) of this subparagraph is greater than amount of hypothetical full-time service credit determined in accordance with item (C) of this subparagraph, then add together the hypothetical amounts of service credit determined for such positions in accordance with item (B) of this subparagraph in the order determined in accordance with item (A) of this subparagraph which are attributable to the maximum number of such positions which yield the maximum total amount of hypothetical service credit which is less than or equal to the amount of hypothetical full-time service credit determined in accordance with item (C) of this subparagraph;
(G) if the hypothetical service credit sum determined in accordance with item (F) of this subparagraph is equal to the amount of hypothetical full-time service credit determined in accordance with item (C) of this subparagraph, then the total earnings from service rendered during such portion of the salary base period from such maximum number of positions in such item (F) which yielded such maximum amount of hypothetical service credit in such item (F) shall be aggregated and applied in calculating the salary base;
(H) if the hypothetical service credit sum determined in accordance with item (F) of this subparagraph is less than the amount of hypothetical full-time service credit determined in accordance with item (C) of this subparagraph, then determine the amount of hypothetical service credit from the next position on the list which, when added together with the hypothetical service credit sum determined in accordance with item (F) of this subparagraph, shall equal the hypothetical full-time service credit determined in accordance with item (C) of this subparagraph;
(I) set forth the total hypothetical service credit from the next position on the list after such maximum number of positions referred to in item (F) of this subparagraph;
(J) divide the amount of hypothetical service credit determined in accordance with item (H) of this subparagraph by the total hypothetical service credit of such next position determined in accordance with item (I) of this subparagraph;
(K) add together all of the earnings from the service rendered during such portion of the salary base period from such maximum number of positions referred to in item (F) of this subparagraph;
(L) multiply the fraction determined in accordance with item (J) of this subparagraph by the amount of earnings from the service rendered during such portion of the salary base period from such next position on the list, as referred to in item (I) of this subparagraph; and
(M) add together the earnings determined in accordance with item (K) of this subparagraph and item (L) of this subparagraph, and the sum of such earnings shall be applied in calculating the salary base in accordance with the applicable provisions of subdivision e of this section.
(ii) (A) Where a member of NYCERS has held two or more part-time positions in city-service concurrently for a total of at least nine months in each of ten consecutive years, and has made all required member contributions for such service, or a member of BERS has held two or more part-time positions in education service concurrently for a total of at least nine months in each of ten consecutive years, and has made all required member contributions for such service, and such member concurrently held two or more part-time positions during all or any portion of the salary base period, then the earnings from such positions for that portion of the salary base period during which such positions were held concurrently which shall be aggregated and applied in calculating the salary base shall be the earnings from those part-time positions held during such portion of such salary base period, which part-time positions are equal in number to the part-time positions which such member held concurrently for a total of at least nine months in each of ten consecutive years.
(B) For the limited purpose only of determining, pursuant to item (A) of this subparagraph, whether such member has held two or more such part-time positions concurrently for a total of at least nine months in each of ten consecutive years, a full-time position held by such member at any time during such ten-year period may be deemed to be a part-time position.
(7) (i) Notwithstanding any other provision of law to the contrary, for any period of time in which a member of NYCERS held concurrently two or more positions in city-service for which he or whe made member contributions to NYCERS, or for any period of time in which a member of BERS held concurrently two or more positions in education service for which he or she made member contributions to BERS, such member, on or after the effective date of retirement (or the commencement date of payability of a deferred vested retirement allowance), may withdraw that portion of his or her accumulated member contributions (including interest to be credited pursuant to subparagraph (ii) of this paragraph) which is attributable to the earnings from service rendered during such period in any number of such positions up to the number of positions equal to one less than the total number of such positions concurrently held in such period for which he or she made member contributions, provided that such a withdrawal of member contributions shall be permitted only for service rendered during such period in a position which, prior to any such withdrawal, such member:
(A) is not entitled to service credit for service rendered in such position; and
(B) is not eligible to have earnings from service rendered in such position applied in calculating his or her salary base; and
(C) is not entitled to have earnings from two or more positions which such member held concurrently during the salary base period aggregated and applied in calculating the salary base, pursuant to subparagraph (ii) of paragraph four of this subdivision, subparagraph (ii) of paragraph five of this subdivision or subparagraph (ii) of paragraph six of this subdivision, where such entitlement is based in whole or in part upon service in such position during such period being applied to meet the requirement that two or more positions be held concurrently for a total of at least nine months in each of ten consecutive years.
(ii) Interest shall be credited on accumulated member contributions withdrawn pursuant to subparagraph (i) of this paragraph at the same rate and in the same manner as interest is required to be credited on a refund of member contributions pursuant to the provisions of law applicable to such member.
(iii) No member shall be entitled to service credit or any of the benefits of this subdivision for any service for which member contributions have been withdrawn pursuant to this paragraph.
(8) (i) (A) Any member of the New York city teachers’ retirement system who concurrently holds a position as a teacher (as defined in subdivision seven of section 13-501 of the code) and a position in city-service in which he or she has worked an average of at least thirty hours per week for a* least five consecutive years may elect to become a member of NYCERS and to transfer his or her membership in the New York city teachers’ retirement system to NYCERS by filing simultaneously with NYCERS, during the window period (as defined in paragraph twenty-two of subdivision a of this section), a duly executed and acknowledged application for membership and a duly executed and acknowledged request that his or her membership and service credit in the New York city teachers’ retirement system be transferred to NYCERS.
(B) Any election of membership in NYCERS made pursuant to item (A) of this subparagraph shall be irrevocable.
(ii) (A) Upon the filing with NYCERS of a request for a transfer as provided in item (A) of subparagraph (i) of this paragraph, NYCERS shall file such request for a transfer with the New York city teachers’ retirement system. Upon the filing of such request for a transfer with the New York city teachers’ retirement system, such retirement system shall make a transfer of reserves and accumulated member contributions to NYCERS in the manner required by section forty-three of the RSSL.
(B) Nothing contained in the preceding provisions of this paragraph or of any other law shall be construed (a) as imposing any restriction under the third sentence of subdivision d of such section forty-three on the determination of the salary base for benefit computation purposes with respect to any person whose membership and service credit are transferred to NYCERS pursuant to the applicable preceding provisions of this paragraph, or (b) as making the last sentence of such subdivision d applicable to any such transferee.
(iii) Any member of the New York city teachers’ retirement system who did not meet the requirements of subparagraph (i) of this paragraph to transfer his or her membership to NYCERS because he or she, during the window period, did not concurrently hold a position as a teacher (as defined in subdivision seven of section 13-501 of the code) and a position in city-service in which he or she had worked an average of at least thirty hours per week for at least five consecutive years, and who shall meet all of such requirements for such a transfer on December thirty-first, nineteen hundred ninety-five, may elect to become a member of NYCERS and to transfer his or her membership in the New York city teachers’ retirement system to NYCERS by filing simultaneously with NYCERS, during the six-month period which commences on the day immediately following the date of enactment of the chapter of the laws of nineteen hundred ninety-six which added this provision, a duly executed and acknowledged application for membership and a duly executed and acknowledged request that his or her membership and service credit in the New York city teachers’ retirement system be transferred to NYCERS, provided he or she meets all of such requirements on such date of filing. The provisions of item (B) of subparagraph (i) of this paragraph and of subparagraph (ii) of this paragraph shall be applicable to any such transfer pursuant to this subparagraph.
(iv) Notwithstanding the provisions of subparagraph (i) of paragraph two of this subdivision, or any other provision of law to the contrary, where a person transferred his or her membership in the New York city teachers’ retirement system to NYCERS pursuant to the provisions of this paragraph, the service rendered by such member in a position as a teacher (as defined in subdivision seven of section 13-501 of the code) prior to such transfer for which credit was transferred to NYCERS, and the service rendered by such member in such position as a teacher while a member of NYCERS after such transfer to NYCERS, shall be deemed to be city-service for all purposes including, but not limited to, the determination of such member’s rights pursuant to the provisions of paragraphs one through seven of this subdivision, provided that the obligations of such member to make member contributions based on such service shall be the same as if such service were city-service.
(1) Any person employed by the New York city police department in the title of school crossing guard (A) who is not a member of any public retirement system of the state of New York or any political subdivision thereof at the time he or she files an application for membership in BERS, or (B) who is a member of another public retirement system of such state or political subdivision thereof, and who meets all of the requirements for a transfer of membership from such retirement system to BERS pursuant to section forty-three of the RSSL, may elect to become a member of BERS by filing with BERS a duly executed and acknowledged application for membership.
(2) Subject to the provisions of paragraph three of this subdivision, any person who, on the effective date of the act which added this paragraph, is employed by the New York city police department in the title of school crossing guard and who, immediately prior to such effective date, is a member of NYCERS shall, on such effective date, become a member of BERS and shall have his or her membership in NYCERS transferred to BERS.
(3) Any person who, on the effective date of the act which added this paragraph, is employed in such title of school crossing guard and who, immediately prior to such effective date, is a member of NYCERS may elect to remain a member of NYCERS and to void such transfer to BERS pursuant to paragraph two of this subdivision by filing, within ninety days after such effective date, written notice of such election with the executive director of NYCERS and the executive director of BERS.
(4) For all persons who are transferred from NYCERS to BERS pursuant to paragraph two of this subdivision, NYCERS shall make a transfer of reserves, accumulated member contributions and service credit to BERS using a method which is calculated, as certified by the actuary, to produce results which are reasonably equivalent to the results which would be produced by using the method required by section forty-three of the RSSL. For all persons who elect to remain a member of NYCERS and to void a transfer from NYCERS to BERS pursuant to paragraph three of this subdivision, BERS shall make a transfer of reserves, accumulated member contributions and service credit to NYCERS using a method which is calculated, as certified by the actuary, to produce results which are reasonably equivalent to the results which would be produced by using the method required by section forty-three of the RSSL.
(5) Notwithstanding the provisions of subparagraph (i) of paragraph two of subdivision f of this section, or any other provision of law to the contrary, where a person’s membership in NYCERS was transferred to BERS pursuant to paragraph two of this subdivision, the service rendered by such member in the title of school crossing guard prior to such transfer for which credit was transferred to BERS, as well as the service rendered by such member in such position while a member of BERS after such transfer to BERS, shall be deemed to be education service for all purposes including, but not limited to, the determination of such member’s rights pursuant to the provisions of paragraphs one through seven of subdivision f of this section.
(6) Notwithstanding any other provision of law to the contrary, where a person’s credit for service in the title of school crossing guard was transferred from NYCERS to BERS pursuant to paragraph four of this subdivision, and the transferred credit for such service was prorated by NYCERS pursuant to paragraph one of subdivision c of this section on the basis of one year of service credit for eighteen hundred twenty-seven hours of such service rendered in a calendar year, the transferred credit for such service in such position shall be recomputed by BERS and prorated pursuant to paragraph two of subdivision c of this section on the basis of one year of service credit four fourteen hundred seventy hours of such service rendered in a calendar year, provided that such service meets all of the requirements of such paragraph two for prorating on such basis.
§ 13-638.5 Compliance of New York city retirement systems and pension funds with section 401(a)(2) of the Internal Revenue Code.
Notwithstanding any other provision of law to the contrary, the New York city employees’ retirement system, the New York city police pension fund, subchapter two, the New York city fire department pension fund, subchapter two, the New York city teachers’ retirement system and the New York city board of education retirement system shall at all times comply with the requirements of section 401(a)(2) of the Internal Revenue Code, as amended from time to time, and at no time, prior to the satisfaction of liabilities with respect to employees and beneficiaries under the trust, shall any part of the corpus or income of any such retirement system or pension fund be used for, or diverted to, any purpose other than the exclusive benefit of the members, retirees and beneficiaries of each of such retirement systems and pension funds, respectively, except to the extent permitted by the Internal Revenue Code as it may be amended from time to time.
§ 13-638.6 Compliance of New York city retirement systems and pension funds with section 401(a)(9) of the Internal Revenue Code.
Notwithstanding any other provision of law to the contrary, the New York city employees’ retirement system, the New York city police pension fund, subchapter two, the New York city fire department pension fund, subchapter two, the New York city teachers’ retirement system and the New York city board of education retirement system shall at all times comply with the requirements of section 401(a)(9) of the Internal Revenue Code, as amended from time to time, and, unless the Internal Revenue Code as hereafter amended provides otherwise,
Subchapter 5: Retirement By Board of Estimate
§ 13-639 Board of estimate; authority to recommend retirement.
Any officer, whether appointed or elected, clerk or employee of any agency in the employ of the city or of any of the municipalities, counties or parts thereof which have been incorporated into the city and any officer, clerk or employee whose salary or compensation is a county charge who shall have been employed for a period of thirty years and upwards and who shall have become physically or mentally incapacitated for the further performance of the duties of his or her position, may be recommended for retirement from active service to the board of estimate by any member thereof whenever, in his or her judgment, it shall be to the interest of the public service. The term of service, however, shall not be affected by any change in title, duty or salary or by any promotion or by a vacation or leave of absence or by any temporary disability by reason of sickness or accident or by any transfer from one agency to another during the period of service, or by any change of any of the agencies in which service shall have been performed from an office paid by fees to a salaried office.
§ 13-640 Authority to retire.
The board of estimate is authorized and empowered to retire from active service any person recommended for retirement as provided by section 13-639 of this chapter. Reasonable notice of its proposed action shall be given by such board to any person intended to be retired and an opportunity of making an explanation shall be given to such person. The board shall state its reasons for retiring any such person and that the interests of the public service require such retirement.
§ 13-641 Annuities; annuities to retired employees.
Any person retired from active service pursuant to sections 13-639 and 13-640 of this chapter, shall be awarded and granted by the board of estimate an annual sum or annuity to be fixed by such board not exceeding, however, one-half of the amount which his or her annual salary or compensation averages for the period of three years immediately prior to the time of his or her retirement. The comptroller shall pay the annuities granted in monthly installments. Such payments are to continue during the lifetime of the person or persons so retired. There shall be included annually in the budget such sums as may be required for such payments.
§ 13-642 When annuities forfeited.
Any person who, subsequent to his or her retirement under the provisions of sections 13-639, 13-640 and 13-641 of this chapter, shall accept any office, position or employment to which any salary or emolument is attached in the civil service in the state of New York, or of any county, or any municipal corporation therein, except the office of inspector or clerk of election and registry or other temporary office provided for in the election and registry laws of this state, and except the office of notary public and commissioner of deeds during such service or employment and while receiving any salary or emolument therefor, shall relinquish and forfeit the annuity allotted to him or her upon his or her retirement.
§ 13-643 Application of subchapter.
This subchapter shall not apply to any person who is, or may be, entitled to share in any pension fund supported in whole or in part by the city.
Subchapter 6: Supplemental Pensions
Article 1: [Supplemental Retirement Allowances For Certain City Retirees]
§ 13-644 Definitions.
As used in this subchapter:
(a) is sixty years of age or over and
(b) has not had less than fifteen years of allowable and credited service on which his or her retirement allowance or pension is based,
(c) provided, however, that
(1) in the case of such a person meeting such requirements who attained age sixty-five before April first, nineteen hundred fifty-six, or who attains such age on or after such date, the maximum retirement allowance or pension, computed without optional modification, shall for the purposes hereof be thirteen hundred two dollars per annum beginning April first, nineteen hundred fifty-six or the first of the month following the date such person attains the age of sixty-five years;
(2) in the case of a female person meeting such requirements who attained age sixty-two before April first, nineteen hundred fifty-seven, or who attains such age on or after such date, the maximum retirement allowance or pension, computed without optional modification, shall for the purposes hereof be thirteen hundred two dollars per annum beginning April first, nineteen hundred fifty-seven or the first of the month following the date such person attains the age of sixty-two years;
(3) in the case of a person retired for disability, either before or after attaining age fifty, who attained such age before April first, nineteen hundred fifty-seven, or who attains such age on or after such date, the maximum retirement allowance or pension, computed without optional modification, shall for the purposes hereof be thirteen hundred two dollars per annum beginning April first, nineteen hundred fifty-seven or the first of the month following the date such person attains the age of fifty years.
§ 13-645 Retired employees eligible for supplemental pensions.
City retired employees of the city of New York or any of its agencies shall be entitled to receive, one month after such retirement, monthly supplemental pension payment as provided in this article.
§ 13-646 Computation of supplemental pensions.
(1) in the case of a retired employee who attained age sixty-five before April first, nineteen hundred fifty-six or who attains such age on or after such date, beginning with April first, nineteen hundred fifty-six or with the first of the month following the date such retired employee attains the age of sixty-five years;
(2) in the case of a retired female person who attained age sixty-two before April first, nineteen hundred fifty-seven or who attains such age on or after such date, beginning with April first, nineteen hundred fifty-seven or with the first of the month following the date such retired employee attains the age of sixty-two years; and
(3) in the case of a person retired for disability, either before or after attaining age fifty, who attained such age before April first, nineteen hundred fifty-seven, or who attains such age on or after such date, beginning with April first, nineteen hundred fifty-seven, or with the first of the month following the date such retired employee attains the age of fifty years.
(a) any person who was retired prior to July first, nineteen hundred sixty and who as a result of such retirement receives a retirement allowance or pension from the New York city teachers’ retirement system, who attained age sixty-five before April first, nineteen hundred fifty-six, or who attains such age on or after such date and who is receiving or is entitled to receive a supplemental pension pursuant to this article on or after such date shall, beginning with the month of April, nineteen hundred fifty-six, if he or she is then sixty-five years of age or beginning with the month thereafter during which he or she attains age sixty-five, receive a monthly supplemental pension in an amount which when added to his or her monthly retirement allowance or pension, computed without optional modification, shall be equal to one hundred eight dollars fifty cents;
(b) in the case of any female person meeting such requirements, who was retired prior to July first, nineteen hundred sixty and who, as a result of such retirement receives a retirement allowance or pension from the New York city teachers’ retirement system, who attained age sixty-two before April first, nineteen hundred fifty-seven, or who attains such age on or after such date and who is receiving or is entitled to receive a supplemental pension pursuant to this article on or after such date shall, beginning with the month of April, nineteen hundred fifty-seven, if she is then sixty-two years of age or beginning with the month thereafter during which she attains age sixty-two, receive a monthly retirement allowance or pension in an amount which, when added to her monthly retirement allowance or pension, computed without optional modification, shall be equal to one hundred eight dollars and fifty cents;
(c) in the case of any person retired for disability before July first nineteen hundred sixty who receives a disability retirement allowance or pension from the New York city teachers’ retirement system, effective either before or after attaining age fifty, who attained such age before April first, nineteen hundred fifty-seven, or who attains such age on or after such date and who is receiving or is entitled to receive a supplemental pension pursuant to this article on or after such date shall, beginning with the month of April, nineteen hundred fifty-seven, if he or she is then fifty years of age or beginning with the month thereafter during which he or she attains age fifty, receive a monthly retirement allowance or pension in an amount which when added to his or her monthly retirement allowance or pension, computed without optional modification, shall be equal to one hundred eight dollars and fifty cents.
§ 13-647 Payment of supplemental pensions.
On or before the last day of each month, there shall be paid to each city retired employee, from the supplemental pension fund, the monthly supplemental pension payment to which he or she may be entitled under the provisions of this article.
§ 13-648 Rules and regulations.
The board of estimate on recommendation of the comptroller shall prescribe such rules and regulations as may be required for the effective administration of the provisions of this article relating to supplemental pension payments to city retired employees.
§ 13-649 Information to be furnished to comptroller.
The comptroller may require any agency of the city to furnish him or her with such records, information and data as he or she may need to carry out the provisions of this article.
§ 13-650 City supplemental pension fund.
§ 13-651 Restriction on use of retirement and pension funds.
No monies belonging to any retirement or pension system or plan shall be appropriated or used for any purpose, or for any payment authorized or required by this article.
Article 2: [Supplemental Retirement Allowances For certain City Retirees, Police Or Fire Retirees, Surviving Spouses Or Dependents, Police Or Fire Line-of-duty Surviving Spouses Or dependents, and Street Cleaning Surviving spouses Or Dependents]
§ 13-652 Definitions.
As used in this article:
§ 13-653 Supplemental retirement allowances.
1. The supplemental retirement allowance provided herein for city retired employees shall be sixteen dollars and sixty-six cents per month plus a percentage of the retirement allowance computed without optional modification, based on the year of retirement, in accordance with the schedule hereinafter set forth, provided, however, that no supplemental retirement allowance shall:
(a) Exceed sixty-six dollars and sixty-six cents per month, or
(b) together with the retirement allowance received from IRT and BMT pension and together with any retirement allowance received from IRT and BMT pension plans, exceed one hundred eighty-three dollars and thirtythree cents per month.
2. The supplemental retirement allowance for city retired employees shall be computed in accordance with the following schedule:
| Year of retirement | per centum |
|---|---|
| 1957 or thereafter | None |
| 1956 | two |
| 1955 | three |
| 1954 | three |
| 1953 | four |
| 1952 | five |
| 1951 | seven |
| 1950 | fifteen |
| 1949 | fifteen |
| 1948 | fifteen |
| 1947 | twenty-five |
| 1946 | forty-five |
| 1945 | fifty-five |
| 1944 | sixty |
| 1943 | sixty-five |
| 1942 | seventy-five |
| 1941 | ninety |
| 1940 | one hundred |
| prior to 1940 | one hundred |
~
§ 13-654 Payment of supplemental retirement allowances.
On or before the last day of each month, there shall be paid to each city retired employee, police or fire retired employee, police or fire surviving spouse or dependent, police or fire line-of-duty surviving spouse or dependent and street cleaning surviving spouse or dependent, from the supplemental pension fund, the monthly supplemental retirement allowance payment to which he or she may be entitled under the provisions of this article provided, however, that any supplemental retirement allowance of less than fifty cents monthly shall be paid in a lump sum at the end of the fiscal year.
§ 13-655 Rules and regulations.
The board of estimate on recommendation of the comptroller shall prescribe such rules and regulations as may be required for the effective administration of the provisions of this article relating to supplemental retirement allowance payments to city retired employees or police or fire retired employees or police or fire surviving spouses or dependents or police or fire line-of-duty surviving spouses or dependents or street cleaning surviving spouses or dependents.
§ 13-656 Information to be furnished to comptroller.
The comptroller shall have authority to require any department or agency of the city to furnish him or her with such records, information and data as he may need to carry out the provisions of this article.
§ 13-657 Supplemental pension fund.
As used in this article, the supplemental pension fund is the special fund as provided by section 13-650 of this chapter.
§ 13-658 Reimbursement by participating employers for payments for certain city retired employees.
§ 13-659 Reimbursement of supplemental pension fund by the city.
The comptroller shall include with his or her budget estimate for each fiscal year amounts estimated by him or her to be sufficient to reimburse the supplemental pension fund for the cost of providing supplemental retirement allowance payments during the current fiscal year to all city retired employees (less the amount contributed by public authorities with respect to those city retired employees who retired from service with such public authorities as provided in section 13-658), to police or fire retired employees, police or fire surviving spouses or dependents, police or fire line-of-duty surviving spouses or dependents and street cleaning surviving spouses or dependents. If the city shall fail to provide such funds all supplemental retirement allowances authorized by this article shall be discontinued. If any public authority specified in section 13-658 shall fail to provide the contribution therein required only the supplementary retirement allowance paid pursuant to this article to city retired employees retired from the service of such authority and from the service of any public authority consolidated with such authority shall be discontinued.
§ 13-660 Restriction on use of retirement or pension funds.
No moneys belonging to any publicly administered and operated retirement or pension system or plan shall be appropriated or used for any purpose or for any payment authorized or required by this article.
§ 13-661 Limitations on obligations.
The supplemental retirement allowances provided pursuant to this article shall not constitute membership in a pension or retirement system nor shall the granting of such allowances create a contractual relationship between the city or a public authority and any city retired employee or between the city and any police or fire retired employee or between the city and any police or fire surviving spouse or dependent or between the city and any police or fire line-of-duty surviving spouse or dependent or between the city and any street cleaning surviving spouse or dependent.
Article 3: [Supplemental Retirement Allowances For Certain Police Retirees]
§ 13-662 Definitions.
As used in this article: The term “police retired employee” shall mean any person who was retired for service on or after June fifth, nineteen hundred sixty and prior to May first, nineteen hundred sixty-three and receives, as a result of such retirement, a retirement allowance or pension from a retirement or pension system or plan of the city for members of the uniformed force of the police department.
§ 13-663 Supplemental retirement allowances.
(A) If it were not reduced by the actuarial equivalent of any outstanding loan.
(B) If it were not increased by the actuarial equivalent of any additional contributions.
(C) If it were not reduced by reason of the member’s election to decrease his or her annuity contributions in order to apply the amount of such reduction in payment of his or her contributions for old-age and survivors insurance coverage.
(D) As it would be without any optional modification.
§ 13-664 Payment of supplemental retirement allowances.
On or before the last day of each month, there shall be paid to each police retired employee, from the supplemental pension fund, the monthly supplemental retirement allowance payment to which he or she may be entitled under the provisions of this article provided.
§ 13-665 Rules and regulations.
The board of estimate on recommendation of the comptroller shall prescribe such rules and regulations as may be required for the effective administration of the provisions of this article relating to supplemental retirement allowance payments to police retired employees.
§ 13-666 Information to be furnished to the comptroller.
The comptroller shall have authority to require any department or agency of the city to furnish such records, information and data as he or she may need to carry out the provisions of this article.
§ 13-667 Supplemental pension fund.
As used in this article, the supplemental pension fund is the special fund as provided by section 13-650 of this chapter.
§ 13-668 Reimbursement of supplemental pension fund by the city.
The comptroller shall include with his or her budget estimate for each fiscal year amounts estimated by him or her to be sufficient to reimburse the supplemental pension fund for the cost of providing supplemental retirement allowance payments during the current fiscal year to all police retired employees.
§ 13-669 Restrictions on use of retirement or pension funds.
No monies belonging to any retirement or pension system or plan shall be appropriated or used for any purpose, or for any payment authorized or required by this article.
§ 13-670 Limitations on obligations.
The supplemental retirement allowances provided pursuant to this article shall not constitute membership in a pension or retirement system, nor shall the granting of such allowances create a contractual relationship between the city and any police retired employee. The payments authorized under this article shall not be retroactive.
Article 4: [Supplemental Retirement Allowances For Certain Fire Retirees]
§ 13-671 Definitions.
As used in this article: The term “fire retired employee” shall mean any person who was retired for service on or after April eighth, nineteen hundred sixty and prior to May first, nineteen hundred and sixty-three, or retired for disability on or after April eighth, nineteen hundred sixty and prior to May first, nineteen hundred sixty-four and receives, as a result of such retirement, a retirement allowance or pension from a retirement or pension system or plan of the city for members of the uniformed force of the fire department.
§ 13-672 Supplemental retirement allowances.
(A) If it were not reduced by the actuarial equivalent of any outstanding loan,
(B) If it were not increased by the actuarial equivalent of any additional contributions,
(C) If it were not reduced by reason of the member’s election to decrease his or her or her annuity contributions in order to apply the amount of such reduction in payment of his or her contributions for old age and survivors insurance coverage,
(D) As it would be without any optional modification.
§ 13-673 Payment of supplemental retirement allowances.
On or before the last day of each month, there shall be paid to each fire retired employee, from the supplemental pension fund, the monthly supplemental retirement allowance payment to which he or she may be entitled under the provisions of this article provided.
§ 13-674 Rules and regulations.
The board of estimate on recommendation of the comptroller shall prescribe such rules and regulations as may be required for the effective administration of the provisions of this article relating to supplemental retirement allowance payments to fire retired employees.
§ 13-675 Information to be furnished to comptroller.
The comptroller shall have authority to require any department or agency of the city to furnish him or her with such records, information and data as he or she may need to carry out the provisions of this article.
§ 13-676 Supplemental pension fund.
As used in this article, the supplemental pension fund is the special fund as provided by section 13-650 of this chapter.
§ 13-677 Reimbursement of supplemental pension fund by the city.
The comptroller shall include with his or her budget estimate for each fiscal year amounts estimated by him or her to be sufficient to reimburse the supplemental pension fund for the cost of providing supplemental retirement allowance payments during the current fiscal year to all fire retired employees.
§ 13-678 Restrictions on use of retirement or pension funds.
No monies belonging to any retirement or pension system or plan shall be appropriated or used for any purposes, or for any payment authorized or required by this article.
§ 13-679 Limitations on obligations.
The supplemental retirement allowances provided pursuant to this article shall not constitute membership in a pension or retirement system, nor shall the granting of such allowances create a contractual relationship between the city and any fire retired employee. The payments authorized under this article shall not be retroactive.
Article 5: Supplemental Retirement Allowances For Certain Retirees of the New York City Employees’ Retirement System and Of The teachers’ And Board Of Education Retirement Systems
§ 13-680 Supplemental retirement allowances based on consumer price index.
1. “Other-than-disability retiree”. A person who retired prior to January first, nineteen hundred eighty as a member of the New York city employees’ retirement system, the New York city teachers’ retirement system or the board of education retirement system of the city, other than for disability, and who is receiving a retirement allowance by reason of such retirement.
2. “Disability retiree”. A person who retired prior to January first, nineteen hundred eighty as a member of any retirement system mentioned in paragraph one of this subdivision a, for disability, and who is receiving a retirement allowance by reason of such retirement.
3. “Supplemental pension fund”. The supplemental pension fund provided for by section 13-650 of this chapter.
4. “Comptroller”. The comptroller of the city.
5. “Qualified retiree”. A disability retiree or other-than-disability retiree who is entitled to receive a supplemental retirement allowance under the provisions of this article.
6. “Qualified authority retiree”. A qualified retiree who retired from service:
(a) with the New York city housing authority; or
(b) with the New York city transit authority or any predecessor board or body having powers or duties to which the New York city transit authority succeeded; or
(c) with the triborough bridge and tunnel authority or any authority consolidated with the triborough bridge and tunnel authority.
7. “Authority responsible for supplementation”.
(a) Where used in relation to a qualified authority retiree who retired from service with the New York city housing authority, such term shall mean the New York city housing authority.
(b) Where used in relation to a qualified authority retiree who retired from service with the New York city transit authority or any predecessor board or body having powers or duties to which the New York city transit authority succeeded, such term shall mean the New York city transit authority.
(c) Where used in relation to a qualified authority retiree who retired from service with the triborough bridge and tunnel authority or any authority consolidated with the triborough bridge and tunnel authority, such term shall mean the triborough bridge and tunnel authority.
8. “Fixed portion of the annual retirement allowance”. That part of the total annual retirement allowance, which part does not include a variable annuity or a variable pension as provided for in the variable annuity program, if any, of a retirement system mentioned in paragraph one of subdivision a of this section.
9. “Base amount”. That part of the fixed portion of the annual retirement allowance, when such allowance is computed without optional modification, which part does not exceed ten thousand five hundred dollars.
10. “Surviving spouse who is a designated annuitant.” A person (a) who is the spouse of a retiree of any retirement system mentioned in paragraph one of this subdivision, and (b) who, by reason of the death, occurring prior to calendar year nineteen hundred eighty, of such retiree, receives an annuity or pension pursuant to any of the following provisions of the code: (A) subdivision four of section 13-151 of the code; (B) option 1 or option 4 of section 13-177 of the code; (C) subdivision two of section 13-545 of the code or option I or option IV under subdivision four of section 13-545 of the code; or (D) option I (including option Ia and option Ib) or option IV of section 13-558 of the code.
(1) to disability retirees who retired prior to April first, nineteen hundred seventy under a retirement plan in effect prior to December twenty-ninth, nineteen hundred sixty-seven, commencing with a payment for the month of July, nineteen hundred eighty-one, and continuing thereafter; and
(2) to the other-than-disability retirees who retired prior to April first, nineteen hundred seventy under a retirement plan in effect prior to December twenty-ninth, nineteen hundred sixty-seven, commencing with a payment for the later of the month of July, nineteen hundred eighty-one or the month of July next following the twelve-month period ending June thirtieth in which such retiree shall have attained age sixty-two and continuing thereafter.
(2) The average of the twelve monthly consumer price indexes of the calendar year nineteen hundred sixty-nine, divided by the average of the twelve monthly consumer price indexes of the calendar year of retirement, shall be the ratio of the indexes.
(3) Such ratio, minus one, shall be expressed as a percentage and shall be adjusted to the lower one-tenth of one percentum. Such adjusted percentage shall be the percentage of the base amount which is payable as a supplement included in a supplemental retirement allowance as provided for in subdivision c of this section. However, no such supplement shall be paid where such percentage is less than three percentum. Such percentage for a person who retired prior to October first, nineteen hundred fifty-seven shall be increased by one hundred percentum thereof and the adjusted percentage shall be further adjusted to the lower one-tenth of one percentum. Such percentage shall be computed by the actuary and certified to the comptroller who shall, by directive, promulgate a schedule of percentages by year of retirement to be used for this purpose.
(a) the amount determined for such retiree pursuant to the provisions of subdivisions c and d of this section; and
(b) the product obtained by multiplying the base amount for such retiree by the percentage thereof applicable to such retiree, as determined by the year of retirement in accordance with the schedule set forth in paragraph two of this subdivision e.
(2) The schedule referred to in paragraph one of this subdivision e is as follows:
| Year of retirement | Percentage |
|---|---|
| 1967 | twenty-three |
| 1966 | twenty-four |
| 1965 | twenty-four |
| 1964 | twenty-five |
| 1963 | twenty-five |
| 1962 | twenty-six |
| 1961 | twenty-six |
| 1960 | twenty-seven |
| 1959 | twenty-seven |
| 1958 | twenty-seven |
| 1957 | twenty-seven |
| 1956 | twenty-eight |
| 1955 | twenty-eight |
| 1954 | twenty-eight |
| 1953 | twenty-eight |
| 1952 | twenty-eight |
| 1951 and earlier | twenty-nine |
~
(3) Commencing with a payment for the month of July, nineteen hundred eighty-one and continuing thereafter, there shall be payable to each qualified retiree who retired on or after January first, nineteen hundred sixty-eight and before April first, nineteen hundred seventy under a retirement plan in effect prior to December twenty-ninth, nineteen hundred sixty-seven, a supplemental retirement allowance equal to the product obtained by multiplying the base amount for such retiree by the percentage thereof applicable to such retiree, as determined by the date of retirement in accordance with the schedule set forth in paragraph four of this subdivision e.
(4) The schedule referred to in paragraph three of this subdivision e is as follows:
| Date of retirement | Percentage |
|---|---|
| April 1, 1969 to and including March 31, 1970 | twenty-one |
| January 1, 1968 to and including March 31, 1969 | twenty-two |
~
(5) Commencing with a payment for the month of July, nineteen hundred eighty-one and continuing thereafter, there shall be payable to each disability retiree who retired on or after July first, nineteen hundred sixty-eight and before April first, nineteen hundred seventy, under a retirement plan other than a retirement plan in effect prior to December twenty-ninth, nineteen hundred sixty-seven, a supplemental retirement allowance equal to the product obtained by multiplying the base amount for such retiree by the percentage thereof applicable to such retiree, as determined by the date of retirement in accordance with the schedule set forth in paragraph seven of this subdivision e. (6)
(a) Each other-than-disability retiree who retired on or after December twenty-ninth, nineteen hundred sixty-seven and prior to April first, nineteen hundred seventy under a retirement plan other than a retirement plan in effect prior to December twenty-ninth, nineteen hundred sixty-seven shall be entitled to receive, for the period provided for by subparagraph (b) of this paragraph six, a supplemental retirement allowance equal to the product obtained by multiplying the base amount for such retiree by the percentage thereof applicable to such retiree, as determined by the date of retirement in accordance with the schedule set forth in paragraph seven of this subdivision e.
(b) Such supplemental retirement allowance referred to in subparagraph (a) of this paragraph six shall commence with a payment for the later of the month of July, nineteen hundred eighty-one or the month of July next following the twelve-month period ending June thirtieth in which such retiree shall have attained age sixty-two and shall continue thereafter.
(7) The schedule referred to in paragraphs five and six of this subdivision e is as follows:
| Date of retirement | Percentage |
|---|---|
| April 1, 1969 to and including March 31, 1970 | eight |
| January 1, 1968 to and including March 31, 1969 | nine |
~
(2) (a) Each other-than-disability retiree who retired on or after April first, nineteen hundred seventy and prior to January first, nineteen hundred seventy-three shall be entitled to receive, for the period provided for by subparagraph (b) of this paragraph two, a supplemental retirement allowance equal to the product obtained by multiplying the base amount for such retiree by the percentage thereof applicable to such retiree, as determined by the date of retirement in accordance with the schedule set forth in paragraph three of this subdivision f.
(b) Such supplemental retirement allowance referred to in subparagraph (a) of this paragraph two shall commence with a payment for the later of the month of July, nineteen hundred eighty-one or the month of July next following the twelve-month period ending June thirtieth in which such retiree shall have attained age sixty-two and shall continue thereafter.
(3) The schedule referred to in paragraph one and two of this subdivision f is as follows:
| Date of retirement | Percentage |
|---|---|
| April 1, 1970 to and including December 31, 1971 | eight |
| 1972 calendar year | seven |
~
(2) (a) Each other-than-disability retiree who retired during the calendar year nineteen hundred seventy-three shall be entitled to receive, for the period provided for by subparagraph (b) of this paragraph two, a supplemental retirement allowance equal to the product obtained by multiplying the base amount for such retiree by six per centum.
(b) Such supplemental retirement allowance referred to in subparagraph (a) of this paragraph two shall commence with a payment for the later of the month of July, nineteen hundred eighty-two or the month of July next following the twelve-month period ending June thirtieth in which such retiree shall have attained age sixty-two and shall continue thereafter.
(2) (a) Each other-than-disability retiree who retired on or after January first, nineteen hundred seventy-four and prior to January first, nineteen hundred seventy-seven shall be entitled to receive, for the period provided for by subparagraph (b) of this paragraph two, a supplemental retirement allowance equal to the product obtained by multiplying the base amount for such retiree by the percentage thereof applicable to such retiree, as determined by the date of retirement in accordance with the schedule set forth in paragraph three of this subdivision h.
(b) Such supplemental retirement allowance referred to in subparagraph (a) of this paragraph two shall commence with a payment for the later of the month of July, nineteen hundred eighty-three or the month of July next following the twelve month period ending June thirtieth in which such retiree shall have attained age sixty-two and shall continue thereafter.
(3) The schedule referred to in paragraphs one and two of this subdivision h is as follows:
| Date of retirement | Percentage |
|---|---|
| 1974 calendar year | five |
| 1975 calendar year | four |
| 1976 calendar year | three |
~
(2) (a) Each other-than-disability retiree who retired on or after January first, nineteen hundred seventy-seven and prior to January first, nineteen hundred seventy-nine shall be entitled to receive, for the period provided for by subparagraph (b) of this paragraph two, a supplemental retirement allowance equal to the product obtained by multiplying the base amount for such retiree by three per centum.
(b) Such supplemental retirement allowance referred to in subparagraph (a) of this paragraph two shall commence with a payment for the later of the month of July, nineteen hundred eighty-four or the month of July next following the twelve-month period ending June thirtieth in which such retiree shall have attained age sixty-two and shall continue thereafter.
(2) (a) Each other-than-disability retiree who retired during the calendar year nineteen hundred seventy-nine shall be entitled to receive, for the period provided for by subparagraph (b) of this paragraph two, a supplemental retirement allowance equal to the product obtained by multiplying the base amount for such retiree by three per centum.
(b) Such supplemental retirement allowance referred to in subparagraph (a) of this paragraph two shall commence with a payment for the later of the month of July, nineteen hundred eighty-five or the month of July next following the twelve-month period ending June thirtieth in which such retiree shall have attained age sixty-two and shall continue thereafter.
(2) No spouse who is or may become eligible to receive a supplemental retirement allowance under subdivision k of this section, whether or not such spouse is receiving such allowance under such subdivision, shall be entitled to receive a supplemental retirement allowance under this subdivision.
§ 13-681 Supplemental pension for a surviving spouse, dependent or child in certain cases.
(2) (i) In any case where such death occurred prior to June first, nineteen hundred eighty-one, payment of such additional amount shall be made as provided for in subparagraph (ii) of this paragraph two.
(ii) Such payment shall commence with a payment for the later of the month of September, nineteen hundred eighty or the month next following the month in which such death occurred. The additional amount payable for each payment month shall be twenty-five dollars to and including the month of June, nineteen hundred eighty-one. An amount of fifty dollars shall be paid for the month of July, nineteen hundred eighty-one and for each month thereafter to and including the month of June, nineteen hundred eighty-five. An amount of one hundred dollars shall be paid for the month of July, nineteen hundred eighty-five and for each month thereafter to and including the month of June, two thousand. An amount of two hundred dollars shall be paid for the month of July, two thousand and for each month thereafter. Commencing September first, two thousand one, the monthly benefit payable pursuant to this section shall be increased in an amount determined pursuant to subdivision d of section 13-696 of this title.
(3) In any case where such death occurred or shall occur on or after June first, nineteen hundred eighty-one, an amount of fifty dollars per month shall be paid, commencing with a payment for the later of the month of July, nineteen hundred eighty-one or the month next following the month in which such death occurred or shall occur and continuing with a payment of fifty dollars for each month thereafter to and including the month of June, nineteen hundred eighty-five. An amount of one hundred dollars shall be paid for the month of July, nineteen hundred eighty-five and for each month thereafter to and including the month of June, two thousand. An amount of two hundred dollars shall be paid for the month of July, two thousand and for each month thereafter. Commencing September first, two thousand one, the monthly benefit payable pursuant to this section shall be increased in an amount determined pursuant to subdivision d of section 13-696 of this title.
§ 13-682 Payment of supplemental retirement allowances.
§ 13-683 Information to be furnished to comptroller.
The comptroller shall have authority to require any department or agency of the city to furnish him or her with such records, information and data as he may need to carry out the provisions of this article.
§ 13-684 Reimbursement by authority responsible for supplementation.
Article 6: Supplemental Retirement Allowances For Certain Police Or Fire Line-of-duty Widows Or Dependents, Based On the Cost-of-living Index
§ 13-685 Definitions.
As used in this article, the following terms shall mean and include:
(2) If two or more persons are or shall be receiving such a pension or such an increased annual allowance from such system or plan on or after July first, nineteen hundred seventy-three as a result of being dependent parents or children (under the age of eighteen years) of the same deceased member, they shall collectively be deemed to be one police or fire line-of-duty surving spouse or dependent within the meaning of this article and any supplemental pension granted pursuant to the provisions of this article in any case where two or more such persons collectively constitute one police or fire line-of-duty widow or dependent shall be divided among such persons in the same proportions as apply with respect to distribution of such pension or increased annual allowance among such persons.
§ 13-686 Supplemental pension.
(2) Except as otherwise provided in paragraph one of this subdivision e, the supplemental pension provided for by this article for any police or fire line-of-duty surviving spouse or dependent shall be in lieu of any supplemental pension or supplemental retirement allowance for such police or fire line-of-duty surviving spouse or dependent provided by any other law heretofore or hereafter enacted, unless such other supplemental pension or supplemental retirement allowance is in excess of that provided for by this article, in which latter case such other supplemental pension or supplemental retirement allowance shall be paid and no supplemental pension shall be paid under this article; provided however, that nothing contained in this subdivision e shall be construed as entitling any police or fire line-of-duty surviving spouse or dependent to a supplemental retirement allowance under article two of subchapter six of chapter five of this title in any case where, if this article six had not been enacted, such police or fire line-of-duty surviving spouse or dependent would not be entitled to a supplemental retirement allowance under such article two.
§ 13-687 Supplemental pension for a surviving spouse, dependent or child of a deceased member of the uniformed force of the police or fire department.
(2) (i) In any case where such death occurred prior to June first, nineteen hundred eighty-one, payment of such additional amount shall be made as provided for in subparagraph (ii) of this paragraph two.
(ii) Such payment shall commence with a payment for the later of the month of September, nineteen hundred eighty or the month next following the month in which such death occurred. The additional amount payable for each payment month shall be twenty-five dollars to and including the month of June, nineteen hundred eighty-one. An amount of fifty dollars shall be paid for the month of July, nineteen hundred eighty-one and for each month thereafter to and including the month of June, nineteen hundred eighty-five. An amount of one hundred dollars shall be paid for the month of July, nineteen hundred eighty-five and for each month thereafter.
(3) In any case where such death occurred or shall occur on or after June first, nineteen hundred eighty-one, an amount of fifty dollars per month shall be paid, commencing with a payment for the later of the month of July, nineteen hundred eighty-one or the month next following the month in which such death occurred or shall occur and continuing with a payment of fifty dollars for each month thereafter to and including the month of June, nineteen hundred eighty-five. An amount of one hundred dollars shall be paid for the month of July, nineteen hundred eighty-five and for each month thereafter.
(4) Notwithstanding any other provision of law to the contrary, for payments made for the month of July, nineteen hundred ninety-four and for each month thereafter pursuant to and in accordance with the requirements of paragraph two or three of this subdivision to a surviving spouse of a member of the police pension fund, subchapter one, such paragraph two or three shall be deemed to provide for the following amounts of such payments:
(i) for each such monthly payment made to such person for the month of July, nineteen hundred ninety-four and for each month thereafter to and including the month of June, nineteen hundred ninety-five, the words “one hundred fifty dollars” shall be substituted for the words “one hundred dollars” in such paragraph two or three;
(ii) for each such monthly payment made to such person for the month of July, nineteen hundred ninety-five and for each month thereafter, the words “one hundred sixty dollars” shall be substituted for the words “one hundred dollars” in such paragraph two or three; and
(iii) for each such monthly payment made to such person for the month of July, two thousand and for each month thereafter, the words “two hundred dollars” shall be substituted for the words “one hundred dollars” in such paragraph two or three. Commencing September first, two thousand one, the monthly benefit payable pursuant to this section shall be increased in an amount determined pursuant to subdivision d of section 13-696 of this title.
(5) Notwithstanding any other provision of law to the contrary, for payments made for the month of July, nineteen hundred ninety-four and for each month thereafter pursuant to and in accordance with the requirements of paragraph two or three of this subdivision to a surviving spouse of a member of the fire department pension fund, subchapter one, such paragraph two or three shall be deemed to provide for the following amounts of such payments:
(i) for each such monthly payment made to such person for the month of July, nineteen hundred ninety-four and for each month thereafter to and including the month of June, nineteen hundred ninety-five, the words “one hundred fifty dollars” shall be substituted for the words “one hundred dollars” in such paragraph two or three;
(ii) for each such monthly payment made to such person for the month of July, nineteen hundred ninety-five and for each month thereafter, the words “one hundred sixty dollars” shall be substituted for the words “one hundred dollars” in such paragraph two or three; and
(iii) for each such monthly payment made to such person for the month of July, two thousand and for each month thereafter, the words “two hundred dollars” shall be substituted for the words “one hundred dollars” in such paragraph two or three. Commencing September first, two thousand one, the monthly benefit payable pursuant to this section shall be increased in an amount determined pursuant to subdivision d of section 13-696 of this title.
§ 13-688 Payment of supplemental pensions.
b.* Notwithstanding any other provision of law to the contrary, on and after July first, nineteen hundred ninety-five, where supplemental pension payments are required to be made pursuant to subdivision a of this section to fire subchapter one beneficiaries (as defined in paragraph three of subdivision a of section 13-312.1 of this title) who are otherwise eligible pursuant to section 13-686 or 13-687 of this chapter to receive such payments under laws in effect immediately prior to such July first, such payments shall be made on and after such July first to such persons by the fire department pension fund provided for in subchapter two of this title, as required by the provisions of subdivision e of section 13-312.1 of this title, rather than from the supplemental pension fund.
b.* Notwithstanding any other provision of law to the contrary, on and after July first, nineteen hundred ninety-five, where supplemental pension payments are required to be made pursuant to subdivision a of this section to police subchapter one beneficiaries (as defined in paragraph three of subdivision a of section 13-213.1 of this title) who are otherwise eligible pursuant to section 13-686 or 13-687 of this chapter to receive such payments under laws in effect immediately prior to such July first, such payments shall be made on and after such July first to such person by the police pension fund provided for in subchapter two of this title, as required by the provisions of subdivision c of section 13-213.1 of this title, rather than from the supplemental pension fund.
§ 13-689 Information to be furnished to comptroller.
The comptroller shall have authority to require any department or agency of the city to furnish him or her with such records, information and data as he or she may need to carry out the provisions of this article.
Article 7: Supplemental Retirement Allowances For Retirees of Closed Pension Funds Or Plans, Based On the Cost-of-living Index
§ 13-690 Definitions.
As used in this article, the following terms shall mean and include:
(1) A person who retired, prior to January first, nineteen hundred eighty, other than for disability, as a member of a pension fund or retirement system supported or maintained by the city, other than an excepted pension fund or retirement system mentioned in paragraph two of this subdivision a, and who is receiving a pension or retirement allowance by reason of such retirement.
(2) The excepted pension funds or retirement systems referred to in paragraph one of this subdivision a are the New York city employees’ retirement system, the New York city teachers’ retirement system, the board of education retirement system of the city, the police pension funds maintained pursuant to subchapter one and subchapter two of chapter two of this title and the fire department pension funds maintained pursuant to subchapter one and subchapter two of chapter three of this title.
(1) Who retired for disability prior to January first, nineteen hundred eighty as a member of a pension fund or retirement system supported or maintained by the city, other than an excepted pension fund or retirement system referred to in paragraph two of subdivision a of this section, and who is receiving a pension or retirement allowance by reason of such retirement; or
(2) Who was retired prior to January first, nineteen hundred eighty pursuant to subchapter five of chapter five of this title and who is receiving an annuity by reason of such retirement.
§ 13-691 Supplemental retirement allowances for certain closed pension funds retirees and other retirees.
(1) to closed pension fund disability retirees who retired prior to April first, nineteen hundred seventy, commencing with a payment for the month of July, nineteen hundred eighty-one, and continuing thereafter; and
(2) to closed pension fund other-than-disability retirees who retire prior to April first, nineteen hundred seventy, commencing with a payment for the later of the month of July, nineteen hundred eighty-one or the month of July next following the twelve-month period ending June thirtieth in which such retiree shall have attained age sixty-two and continuing thereafter.
(2) The average of the twelve monthly consumer price indexes of the calendar year nineteen hundred sixty-nine divided by the average of twelve monthly consumer price indexes of the calendar year of retirement, shall be the ratio of the indexes.
(3) Such ratio, minus one, shall be expressed as a percentage and shall be adjusted to the lower one-tenth of one percentum. Such adjusted percentage shall be the percentage of the base amount which is payable as a supplement included in a supplemental retirement allowance as provided for in subdivision b of this section. However, no such supplement shall be paid where such percentage is less than three percentum. Such percentage for a person who retired prior to October first, nineteen hundred fifty-seven shall be increased by one hundred percentum thereof and the adjusted percentage shall be further adjusted to the lower one-tenth of one percentum. Such percentage shall be computed by the actuary and certified to the comptroller who shall, by directive, promulgate a schedule of percentages by year of retirement to be used for this purpose.
(a) to each closed pension fund other-than-disability retiree who retired prior to January first, nineteen hundred sixty-eight and who is eligible to receive a supplemental retirement allowance under the provisions of subdivision a of this section; and
(b) to each closed pension fund disability retiree who retired prior to January first, nineteen hundred sixty-eight: a supplemental retirement allowance which shall consist of the sum of:
(i) the amount determined for such retiree pursuant to the provisions of subdivisions b and c of this section; and
(ii) the product obtained by multiplying the base amount for such retiree by the percentage thereof applicable to such retiree, as determined by the year of retirement in accordance with the schedule set forth in paragraph two of this subdivision d.
(2) The schedule referred to in paragraph one of this subdivision d is as follows:
| Year of retirement | Percentage |
|---|---|
| 1967 | twenty-three |
| 1966 | twenty-four |
| 1965 | twenty-four |
| 1964 | twenty-five |
| 1963 | twenty-five |
| 1962 | twenty-six |
| 1961 | twenty-six |
| 1960 | twenty-seven |
| 1959 | twenty-seven |
| 1958 | twenty-seven |
| 1957 | twenty-seven |
| 1956 | twenty-eight |
| 1955 | twenty-eight |
| 1954 | twenty-eight |
| 1953 | twenty-eight |
| 1952 | twenty-eight |
| 1951 and earlier | twenty-nine |
~
(3) Commencing with a payment for the month of July, nineteen hundred eighty-one and continuing thereafter, there shall be payable:
(a) to each closed pension fund other-than-disability retiree who retired on or after January first, nineteen hundred sixty-eight and prior to April first, nineteen hundred seventy, and who is eligible to receive a supplemental retirement allowance under the provisions of subdivision a of this section; and
(b) to each closed pension fund disability retiree who retired on or after January first, nineteen hundred sixty-eight and prior to April first, nineteen hundred seventy; a supplemental retirement allowance equal to the product obtained by multiplying the base amount for such retiree by the percentage thereof applicable to such retiree, as determined by the date of retirement in accordance with the schedule set forth in paragraph four of this subdivision d.
(4) The schedule referred to in paragraph three of this subdivision d is as follows:
| Date of retirement | Percentage |
|---|---|
| April 1, 1969 to and including March 31, 1970 | twenty-one |
| January 1, 1968 to and including March 31, 1969 | twenty-two |
~
(2) (a) Each closed pension fund other-than-disability retiree who retired on or after April first, nineteen hundred seventy and prior to January first, nineteen hundred seventy-three shall be entitled to receive, for the period provided for by subparagraph (b) of this paragraph two, a supplemental retirement allowance equal to the product obtained by multiplying the base amount for such retiree by the percentage thereof applicable to such retiree, as determined by the date of retirement in accordance with the schedule set forth in paragraph three of this subdivision e.
(b) Such supplemental retirement allowance referred to in subparagraph (a) of this paragraph two shall commence with a payment for the later of the month of July, nineteen hundred eighty-one or the month of July next following the twelve-month period ending June thirtieth in which such retiree shall have attained age sixty-two and shall continue thereafter.
(3) The schedule referred to in paragraphs one and two of this subdivision e is as follows:
| Date of retirement | Percentage |
|---|---|
| April 1, 1970 to and including December 31, 1971 | eight |
| 1972 calendar year | seven |
~
(2) (a) Each closed pension fund other-than-disability retiree who retired during the calendar year nineteen hundred seventy-three shall be entitled to receive, for the period provided for by subparagraph (b) of this paragraph two, a supplemental retirement allowance equal to the product obtained by multiplying the base amount for such retiree by six per centum.
(b) Such supplemental retirement allowance referred to in subparagraph (a) of this paragraph two shall commence with a payment for the later of the month of July, nineteen hundred eighty-two or the month of July next following the twelve-month period ending June thirtieth in which such retiree shall have attained age sixty-two and shall continue thereafter.
(2) (a) Each closed pension fund other-than-disability retiree who retired on or after January first, nineteen hundred seventy-four and prior to January first, nineteen hundred seventy-seven shall be entitled to receive, for the period provided for by subparagraph (b) of this paragraph two, a supplemental retirement allowance equal to the product obtained by multiplying the base amount for such retiree by the percentage thereof applicable to such retiree, as determined by the date of retirement in accordance with the schedule set forth in paragraph three of this subdivision g.
(b) Such supplemental retirement allowance referred to in subparagraph (a) of this paragraph two shall commence with a payment for the later of the month of July, nineteen hundred eighty-three or the month of July next following the twelve-month period ending June thirtieth in which such retiree shall have attained age sixty-two and shall continue thereafter.
(3) The schedule referred to in paragraphs one and two of this subdivision g is as follows:
| Date of retirement | Percentage |
|---|---|
| 1974 calendar year | five |
| 1975 calendar year | four |
| 1976 calendar year | three |
~
(2) (a) Each closed pension fund other-than-disability retiree who retired on or after January first, nineteen hundred seventy-seven and prior to January first, nineteen hundred seventy-nine shall be entitled to receive, for the period provided for by subparagraph (b) of this paragraph two, a supplemental retirement allowance equal to the product obtained by multiplying the base amount for such retiree by the percentage thereof applicable to such retiree, as determined by the date of retirement in accordance with the schedule set forth in paragraph three of this subdivision h.
(b) Such supplemental retirement allowance referred to in subparagraph (a) of this paragraph two shall commence with a payment for the later of the month of July, nineteen hundred eighty-four or the month of July next following the twelve-month period ending June thirtieth in which such retiree shall have obtained age sixty-two and shall continue thereafter.
(2) (a) Each closed pension fund other-than-disability retiree who retired during the calendar year nineteen hundred seventy-nine shall be entitled to receive, for the period provided for by subparagraph (b) of this paragraph two, a supplemental retirement allowance equal to the product obtained by multiplying the base amount for such retiree by three per centum.
(b) Such supplemental retirement allowance referred to in subparagraph (a) of this paragraph two, shall commence with a payment for the later of the month of July, nineteen hundred eighty-five or the month of July next following the twelve-month period ending June thirtieth in which such retiree shall have attained age sixty-two and shall continue thereafter.
§ 13-692 Payment of supplemental retirement allowances.
§ 13-693 Information to be furnished to comptroller.
The comptroller shall have authority to require any department or agency of the city to furnish him or her with such records, information and data as he or she may need to carry out the provisions of this article.
Article 8: Funding of Certain Supplemental Retirement allowances
§ 13-694 Definitions.
As used in this article, the following terms shall mean and include:
(1) In relation to any retiree, such term shall mean the public employer which employed any retiree immediately prior to the effective date of such retiree’s retirement, or, where such public employer no longer exists or is no longer performing the functions in relation to which such retiree was then employed, such term shall mean its successor performing or substantially performing the same or similar functions; provided, however, that in any case where a retiree was employed by the board of education of the city or the former board of higher education of the city immediately prior to his or her retirement, such term shall mean the city.
(2) In relation to any surviving spouse who is a designated annuitant (as defined in paragraph ten of subdivision a of section 13-680 of the code) entitled to receive a supplemental retirement allowance under subdivision 1 of such section 13-680, such term shall mean the public employer which would be the obligor responsible for supplementation with respect to the retiree from whom such spouse’s entitlement to a supplemental retirement allowance is derived, if such retiree were living.
2-a. In relation to any surviving spouse under a continuing benefit option (as defined in subdivision h of this section), such term shall mean the public employer which would be the obligor responsible for supplementation with respect to the retiree from whom such spouse’s entitlement to a supplemental retirement allowance is derived, if such retiree were living.
(3) Notwithstanding any other provision of this article to the contrary, in any case where the obligor responsible for supplementation is other than the city, such obligor and the mayor may agree upon an allocation formula which shall be used to determine the amount to be paid by such obligor with respect to any fiscal year as such obligor’s share of any contribution to the contingent reserve fund of a retirement system required to be made in such fiscal year by the provisions of this article for the purpose of funding supplemental retirement allowances. Payment of such share with respect to such fiscal year pursuant to such formula shall be in full satisfaction of the obligation of such obligor to make contributions for such fiscal year under the provisions of this article.
(1) The portion of a supplemental retirement allowance, which portion is payable pursuant to the provisions of subparagraph (b) of paragraph one of subdivision e of section 13-680 of this chapter and section 13-682 thereof, or (2) a supplemental retirement allowance payable pursuant to the provisions of paragraph three or paragraph five or paragraph six of such subdivision e, or (3) the portion of a supplemental retirement allowance, which portion is payable pursuant to the provisions of subdivision b-1 of the police section two hundred seven-i, to retirees who retired prior to the calendar year nineteen hundred seventy, or (4) the supplemental retirement allowance payable pursuant to the provisions of such subdivision b-1 to retirees who retired during the period beginning on January first, nineteen hundred seventy and ending on March thirty-first, nineteen hundred seventy, or (5) the portion of a supplemental retirement allowance, which portion is payable pursuant to paragraph three of subdivision b-1 of the fire section two hundred seven-i to retirees who retired prior to the calendar year nineteen hundred seventy, or (6) the supplemental retirement allowance payable pursuant to the provisions of subdivision b-1 of the fire section two hundred seven-i to retirees who retired during the period beginning on January first, nineteen hundred seventy and ending on March thirty-first, nineteen hundred seventy, or (7) any supplemental retirement allowance payable pursuant to any of the provisions of subdivisions f, g, h, i, j, l and k of section 13-680 of this chapter, or subdivisions b-2, b-3, b-4, b-5, b-6 and b-7 of the police section two hundred seven-i of the general municipal law or subdivisions b-2, b-3, b-4, b-5, b-6 and b-7 of the fire section two hundred seven-i of the general municipal law, or (8) any portion of a supplemental retirement allowance, which portion is payable pursuant to subdivisions a and b of the police section two hundred seven-i to police other-than-disability retirees who shall have attained age sixty-two on or after October first, nineteen hundred seventy-two or any portion of a supplemental retirement allowance, which portion is payable pursuant to subdivisions a and b of the fire section two hundred seven-i to fire other-than-disability retirees who shall have attained age sixty-two on or after October first, nineteen hundred seventy-two, or (9) that part of the portion of a supplemental retirement allowance payable pursuant to the applicable provisions of subdivisions b, c and d of section 13-680 of this chapter and section 13-682 thereof, which part is attributable to forty per centum of the adjusted one hundred per centum increase required by paragraph three of such subdivision d to be made in the adjusted percentage otherwise applicable to the computation of supplements under such subdivisions b, c and d for persons who retired prior to October first, nineteen hundred fifty-seven, or (10) that part of the portion of a supplemental retirement allowance payable pursuant to the applicable provisions of subdivisions a and b of police section two hundred seven-i, which part is attributable to forty per centum of the adjusted one hundred per centum increase required by subdivision b of such section two hundred seven-i to be made in the adjusted percentage otherwise applicable to the computation of supplements under subdivisions a and b of such section two hundred seven-i for pensioners who retired prior to April first, nineteen hundred fifty-eight, or (11) that part of the portion of a supplemental retirement allowance payable pursuant to subdivisions a and b of fire section two hundred seven-i, which part is attributable to forty per centum of the adjusted one hundred per centum increase required by subdivision b of such section two hundred seven-i to be made in the adjusted percentage otherwise applicable to the computation of supplements under subdivisions a and b of such section two hundred seven-i for pensioners who retired prior to April first, nineteen hundred fifty-eight, or (12) the increase in any supplemental retirement allowance, which increase both (i) was made by any of sections fourteen, and sixteen to twenty-nine, inclusive, of chapter six hundred fifty-eight of the laws of nineteen hundred eighty-four and (ii) is required to be paid by a retirement system (as defined in subdivision f of this section), or (13) any additional supplemental retirement allowance payable by a retirement system pursuant to the provisions of section thirty or section thirty-one of such chapter.
§ 13-695 Obligation of obligors responsible for supplementation to make contributions on account of supplemental retirement allowances.
(2) Notwithstanding any other provision of law to the contrary, for the purpose of calculation of the nineteen hundred eighty-two unfunded accrued liability adjustment of each retirement system, there shall be included in the actuarial accrued liability, as of June thirtieth, nineteen hundred eighty-two, the present value, as of such June thirtieth, of the future liability of such retirement system for all original supplemental retirement allowances payable after such June thirtieth and for all supplements commencing in nineteen hundred eighty-one or later which commenced prior to June thirtieth, nineteen hundred eighty-two, to the extent that such last mentioned supplements are payable after such June thirtieth.
(2) Subject to the provisions of paragraph seven of this subdivision e, with respect to each such future liability so determined for such retirement system, there shall be a supplemental retirement allowance deficiency contribution which shall be an amount determined and payable in ten successive annual installments in the manner hereinafter provided in this subdivision e.
(3) In the case of an initial payment year which occurs before July first, nineteen hundred eighty-two, there shall be computed an amount which, if paid to the contingent reserve fund of such retirement system in ten equal annual installments, commencing with payment of a first installment in the initial payment year, would be the actuarial equivalent, on the basis of interest at the rate of seven and one-half per centum per annum, of the amount of such future liability.
(4) One of such equal annual installments computed pursuant to paragraph three of this subdivision e shall be applicable to and payable in such initial payment year.
(5) (a) The nine annual installments computed pursuant to paragraph three of this subdivision e which are attributable to city fiscal years occurring after June thirtieth, nineteen hundred eighty-two (hereinafter referred to as “original post-June thirtieth, nineteen hundred eighty-two installments”) shall be recomputed so as to remain the same in number and equal in amount and so that their present value, computed as of June thirtieth, nineteen hundred eighty-two at an interest rate of eight per centum per annum, shall be equal to the present value, computed as of such June thirtieth at an interest rate of seven and one-half per centum per annum, of such original post-June thirtieth, nineteen hundred eighty-two installments. One of such recomputed installments shall be applicable to and payable in each of those city fiscal years which occur during the period beginning on July first, nineteen hundred eighty-two and ending on June thirtieth, nineteen hundred eighty-eight.
(b) The remaining three of the installments recomputed pursuant to subparagraph (a) of this paragraph five, shall be recomputed so that their present value, computed as of June thirtieth, nineteen hundred eighty-eight at an interest rate of eight and one-quarter per centum per annum, shall be equal to the present value, computed as of June thirtieth at an interest rate of eight per centum per annum, of such three installments. One of such three installments shall be applicable to and paid in each of the three city fiscal years succeeding June thirtieth, nineteen hundred eighty-eight.
(6) (a) Subject to the provisions of paragraph seven of this subdivision e, in the case of each initial payment year which succeeds June thirtieth, nineteen hundred eighty-two and commences prior to July first, nineteen hundred eighty-eight, there shall be computed an amount which, if paid to the contingent reserve fund of such retirement system in ten equal annual installments, commencing with payment of a first installment in the initial payment year, would be the actuarial equivalent, on the basis of interest at the rate of eight per centum per annum, of the amount of such future liability. One of such annual installments shall be applicable to and payable in the initial payment year and one of such installments shall be applicable to and payable in each of the succeeding fiscal years preceding July first, nineteen hundred eighty-eight.
(b) The annual installments computed pursuant to subparagraph (a) of this paragraph six which are attributable to city fiscal years occurring after June thirtieth, nineteen hundred eighty-eight (hereinafter referred to as “original post-June thirtieth, nineteen hundred eighty-eight installments”) shall be recomputed so that their present value, computed as of June thirtieth, nineteen hundred eighty-eight at an interest rate of eight and one-quarter per centum per annum, shall be equal to the present value, computed as of such June thirtieth at an interest rate of eight per centum per annum, of such original post-June thirtieth, nineteen hundred eighty-eight installments. One of such recomputed installments shall be applicable to and payable in each of those city fiscal years which occur after June thirtieth, nineteen hundred eighty-eight and which are a part of such payment period of ten fiscal years.
(7) (a) The supplemental retirement allowance deficiency contribution with respect to (i) the increases in supplemental retirement allowances referred to in paragraph twelve of subdivision q of section 13-694 of this chapter and (ii) the additional supplemental retirement allowances payable by retirement systems pursuant to the provisions of section thirty of chapter six hundred fifty-eight of the laws of nineteen hundred eighty-four (such increases and additional supplemental retirement allowances being hereinafter collectively referred to as “new supplements payments effective September first, nineteen hundred eighty-six”) and the supplemental retirement allowance deficiency contribution with respect to the additional supplemental retirement allowances payable by retirement systems pursuant to the provisions of section thirty-one of such chapter six hundred fifty-eight (such additional supplemental retirement allowances being hereinafter referred to as “section thirty-one supplements”) shall be paid in the manner provided for in the succeeding subparagraphs of this paragraph seven.
(b) The actuary shall determine the present value, as of June thirtieth, nineteen hundred eighty-six, of the future liability of each retirement system for the new supplements payments effective September first, nineteen hundred eighty-six.
(c) The actuary shall compute ten equal annual installments of employer contributions, which, if successively paid to the contingent reserve fund of such retirement system, commencing with payment of a first annual installment in the twelve-month period beginning on September first, nineteen hundred eighty-six, would be the actuarial equivalent, on the basis of interest at the rate of eight per centum per annum, of the present value computed pursuant to subparagraph (b) of this paragraph. The ten-year payment period for the supplemental retirement allowance deficiency contribution payable to the contingent reserve fund of such retirement system on account of new supplements payments effective September first, nineteen hundred eighty-six shall begin on September first, nineteen hundred eighty-six.
(d) The amount of the installment of such deficiency contribution payable in the period beginning on September first, nineteen hundred eighty-six and ending on June thirtieth, nineteen hundred eighty-seven shall be ten-twelfths of one of the annual installments computed pursuant to subparagraph (c) of this paragraph.
(e) (i) The amount of the installment of such deficiency contribution payable in each of the city’s fiscal years occurring during the period beginning on July first, nineteen hundred eighty-seven and ending on June thirtieth, nineteen hundred eighty-eight, shall be one of such annual installments computed pursuant to subparagraph (c) of this paragraph.
(ii) The eight and two-twelfths annual installments computed pursuant to subparagraph (c) of this paragraph seven which are attributable to city fiscal years (and two-twelfths of one fiscal year) occurring after June thirtieth, nineteen hundred eighty-eight (hereinafter referred to as “original post-June thirtieth, nineteen hundred eighty-eight installments”) shall be recomputed so that their present value, computed as of June thirtieth, nineteen hundred eighty-eight at an interest rate of eight and one-quarter per centum per annum, shall be equal to the present value, computed as of June thirtieth, nineteen hundred eighty-eight at an interest rate of eight per centum per annum, of such original post-June thirtieth, nineteen hundred eighty-eight installments. One of such recomputed installments, as recomputed for a full fiscal year, shall be applicable to and payable in each of the city fiscal years occurring during the period beginning on July first, nineteen hundred eighty-eight and ending on June thirtieth, nineteen hundred ninety-six.
(f) The amount of the installment of such deficiency contribution payable in the city’s nineteen hundred ninety-six-nineteen hundred ninety-seven fiscal year shall be two-twelfths of one of such annual installment recomputed pursuant to item (ii) of subparagraph (e) of this paragraph.
(g) The amount and time and manner of payment of the installments of the deficiency contribution with respect to the section thirty-one supplements shall be as prescribed in subparagraphs (b), (c), (d), (e) and (f) of this paragraph except that for the purposes of this subparagraph (g):
(i) the term “section thirty-one supplements” shall be deemed to be substituted for the term “new supplements payments effective September first, nineteen hundred eighty-six” appearing in such subparagraphs (b) and (c); and
(ii) each calendar year referred to in subparagraphs (b), (c) and (d) shall be deemed to be one calendar year later; and
(iii) item (i) of such subparagraph (e) shall not apply; and
(iv) the word “eight” used in item (ii) of such subparagraph (e) shall be deemed to be nine; and
(v) the words “nineteen hundred ninety-six” used in such item (ii) shall be deemed to be nineteen hundred ninety-seven; and
(vi) the words “nineteen hundred ninety-six-nineteen hundred ninety-seven” used in such subparagraph (f) shall be deemed to be nineteen hundred ninety-seven-nineteen hundred ninety-eight.
§ 13-696 Cost-of-living adjustment.
| Year of retirement | Percentage |
|---|---|
| 1968 through 1996 | 50% |
| 1966 and 1967 | 55% |
| 1965 | 60% |
| 1964 | 65% |
| 1963 | 70% |
| 1962 | 80% |
| 1961 | 90% |
| prior to 1961 | 100% |
~
Said adjusted benefit shall be computed on a base benefit amount not to exceed eighteen thousand dollars of the annual fixed retirement allowance otherwise payable, computed without optional modification. Any benefit received pursuant to this subdivision shall be in lieu of any benefit received pursuant to chapter three hundred ninety of the laws of nineteen hundred ninety-eight, and any preceding provision of law providing for supplementation.
| Fiscal Year | Percentage |
|---|---|
| 2000-2001 | 10% |
| 2001-2002 | 20% |
| 2002-2003 | 30% |
| 2003-2004 | 40% |
| 2004-2005 | 50% |
| 2005-2006 | 60% |
| 2006-2007 | 70% |
| 2007-2008 | 80% |
| 2008-2009 | 90% |
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In fiscal year two thousand nine-two thousand ten and in each fiscal year thereafter, the actuary for each such retirement system shall include in the calculation of the final amount of the normal contribution the full amount of the increase in the actuarial present value of benefits, as determined by the actuary, that is attributable to the increase in benefits provided by this section, provided further that the amount of the normal contribution that would otherwise be payable for fiscal year two thousand two-two thousand three shall be reduced by an amount equal to the difference between (a) the total amount of the increase in the normal contribution for fiscal years two thousand-two thousand one and two thousand one-two thousand two, which was attributable to the increase in benefits provided by this section, as calculated by the actuary in accordance with the provisions of subdivision i of this section, and which was paid for such fiscal years, and (b) the total amount of the increase in the normal contribution for fiscal years two thousand-two thousand one and two thousand one-two thousand two, which was attributable to the increase in benefits provided by this section, as calculated by the actuary in accordance with the provisions of this subdivision, and which would have been paid for such fiscal years if the act which added this subdivision had been in effect at the time such normal contribution was made for such fiscal years. In no event, however, shall the normal contribution be less than that amount necessary, as determined by the actuary, to provide for the funding requirements of the group life insurance fund.
(2) Notwithstanding the provisions of subdivision i or j of this section, or any other provision of law to the contrary, commencing in fiscal year two thousand five-two thousand six, and in each fiscal year thereafter, the cost-of-living adjustment payable by an actuarially funded retirement system pursuant to this section shall be funded by obligors responsible for supplementation (as defined in subdivision b of § 13-694 of this article) through the normal contribution, and the actuary for each such retirement system shall include in the calculation of the final amount of the normal contribution for each such fiscal year the full amount of the increase in the actuarial present value of benefits, as determined by the actuary, that is attributable to the increase in benefits provided by this section.
§ 13-701 Investments by pension funds or retirement systems maintained, administered or supported by the city or an agency, in notes or bonds secured by certain purchase money mortgages.
§ 13-702 Delegation of investing powers to comptroller.
1. To make any investment which the trustee, trustees, officer, board or body delegating such power is or are authorized by law to make;
2. To hold, sell, assign, transfer or dispose of any of the properties, securities or investments in which any of the funds of said fund or system shall have been invested, including the proceeds of such investments and any moneys belonging to such funds, subject to the terms, conditions, limitations and restrictions imposed by law upon such trustee, trustees, officer, board or body delegating such power; and
3. In his or her name as agent of such trustee, trustees, officer, board or body making such delegation and of such fund or system, to foreclose mortgages upon default or to take title to real property in such proceedings in lieu thereof or to lease and sell such property so acquired.
§ 13-703 Investments in railroad, industrial, electric and gas, telephone and waterworks obligations.
Notwithstanding the provisions of the code or any other law to the contrary, the trustee, trustees or other officer, board or body having the power to invest the funds of a pension fund or retirement system maintained, administered, or supported by the city or an agency, or by city funds, may, in addition, invest in obligations consisting of notes, bonds, debentures or equipment trust certificates issued under an indenture which are the direct obligations of, or in the case of equipment trust certificates, are secured by the direct obligations of, a railroad or industrial corporation, or a corporation engaged directly and primarily in the production, transportation, distribution or sale of electricity or gas, or the operation of telephone or telegraph systems or waterworks, or in some combination of them; provided the obligor corporation is one which is incorporated under the laws of the United States, or any state thereof, of the District of Columbia, and said obligations shall be rated at the time of purchase within the three highest classifications established by at least two standard rating services. The maximum amount that they may invest in such obligations pursuant to this subdivision shall not exceed ten per centum of the assets of a fund; and provided further that of said ten per centum not more than two per centum of the assets of a fund shall be invested in the obligations of any one corporation of the highest classification and subsidiary or subsidiaries thereof, that not more than one and one-half per centum of the assets of a fund shall be invested in the obligations of any one corporation of the second highest classification and subsidiary or subsidiaries thereof, that not more than one per centum of the assets of a fund shall be invested in the obligations of any one corporation of the third highest classification and subsidiary or subsidiaries thereof.
§ 13-704 Graduated crediting of gains and amortization of losses on dispositions of securities by certain retirement systems.
1. “Retirement system”. Any of the following: the New York city employees’ retirement system; the teachers’ retirement system; the police pension fund provided for by subchapter two of chapter two of this title; the fire department pension fund provided for by subchapter two of chapter three of this title; and the board of education retirement system of the city.
2. “Teachers’ retirement system”. The retirement system of the teachers’ retirement association provided for by chapter four of this title.
3. “Contingent reserve fund”. The contingent reserve fund of a retirement system; provided, however, that such term, where used in relation to public employer contributions payable to the fire department pension fund subchapter two during any period preceding the starting date of the improved benefits plan, as defined in subdivision twenty-seven of section 13-313 of this title, shall mean the retirement allowance accumulation fund provided for by section 13-325 of this title, as in effect before such starting date.
4. “Responsible public employer”. The city and in any case where the state or any public authority, corporation, body corporate or entity is required by any provision of this title or any other law to make contributions to a retirement system on behalf of any members thereof, such term, as applicable to such retirement system, shall mean, collectively, the city, the state and each such authority, corporation, body corporate and entity; subject, however, to the mutual rights, obligations and responsibilities in relation to such retirement system, as prescribed by law, of the city, the state and such authority, corporation, body corporate or entity.
5. “Retirement system act”.
(a) In the case of the New York city employees’ retirement system, such term shall mean chapter one of this title.
(b) In the case of the teachers’ retirement system, such term shall mean chapter four of this title.
(c) In the case of the police pension fund, article two, such term shall mean subchapter two of chapter two of this title.
(d) In the case of the fire department pension fund subchapter two, such term shall mean subchapter two of chapter three of this title.
(e) In the case of the board of education retirement system, such term shall mean the rules and regulations of such retirement system and subdivisions sixteen, seventeen and eighteen of section twenty-five hundred seventy-five of the education law.
6. “Securities”. Bonds, obligations, and mortgages which constitute lawful investments for a retirement system.
7. “Sell”. To carry out a transaction whereby a retirement system transfers title to any securities which it holds, or exchanges or otherwise disposes of any such securities.
8. “Sale”. The carrying out of any transaction described in paragraph seven of this subdivision a.
(i) a retirement system sells securities in which any of its funds are invested; and
(ii) realizes a gain or sustains a loss with respect to such sale; and
(iii) under the retirement system act governing such retirement system, the responsible public employer is entitled to credit for any such gain in the determination of its required contributions to such retirement system, or is required to reimburse such retirement system for any such loss.
(2) Such gain or loss shall be treated in the manner prescribed by the applicable provisions of subdivisions c, d, e, f and g of this section.
(2) If any such gain referred to in paragraph two of this subdivision c was realized in the city’s nineteen hundred sixty-nine-nineteen hundred seventy fiscal year or in any subsequent city fiscal year up to and including the nineteen hundred seventy-eight-nineteen hundred seventy-nine fiscal year, there shall be computed twenty equal annual installments of credit, the aggregate of which, if one of such installments were credited in favor of such responsible public employer in each of the twenty city fiscal years commencing with the second fiscal year succeeding the fiscal year in which such gain was realized, would be the actuarial equivalent of the amount of such gain. For the purpose of making such computation with respect to any such gains realized prior to July first, nineteen hundred seventy-five, an interest rate of four per centum per annum shall be used and for the purpose of making such computation with respect to any such gains realized during the period beginning on July first, nineteen hundred seventy-five and ending on June thirtieth, nineteen hundred seventy-nine, an interest rate of five and one-half per centum per annum shall be used.
(3) In the case of any such gain referred to in paragraph one of this subdivision c which was realized in any city fiscal year occurring during the period beginning on July first, nineteen hundred sixty-nine and ending on June thirtieth, nineteen hundred seventy-eight, the first of such installments shall be credited in favor of such responsible public employer in the second city fiscal year succeeding that in which such gain was realized and one such installment shall be so credited in each succeeding fiscal year to and including the nineteen hundred seventy-nine-nineteen hundred eighty fiscal year. Such crediting in any such fiscal year shall be effected with respect to any such retirement system in the manner prescribed by the provisions of this section and of the retirement system act governing such retirement system, as such provisions were in effect during such fiscal year.
(4) With respect to each gain to which paragraph two of this subdivision c applies, there shall be computed the present value, as of June thirtieth, nineteen hundred eighty, of the annual installments of credit thereon remaining uncredited as of such June thirtieth. For the purpose of making such calculation, an interest rate of five and one-half per centum shall be used.
(5) With respect to each present value computed pursuant to paragraph four of this subdivision c, there shall be computed a number of equal annual installments of credit in favor of the responsible public employer, which number shall equal one less than the number of such uncredited installments referred to in such paragraph four, and the aggregate of which computed installments, on the basis of crediting the first of such installments to such responsible public employer in the city’s nineteen hundred eighty-nineteen hundred eighty-one fiscal year and one of such installments in each subsequent fiscal year until all of such installments are so credited, shall be the actuarial equivalent of such present value referred to in such paragraph four. For the purpose of making such computation, an interest rate of seven and one-half per centum per annum shall be used.
(6) (a) One of such installments computed pursuant to paragraph five of this subdivision c shall be credited in favor of such responsible public employer in each of the city’s nineteen hundred eighty-nineteen hundred eighty-one and nineteen hundred eighty-one-nineteen hundred eighty-two fiscal years.
(b) (i) In each city fiscal year occurring during the period beginning on July first, nineteen hundred eighty-two and ending on June thirtieth, nineteen hundred eighty-eight, there shall be credited in favor of such responsible public employer an installment computed in accordance with items (ii) and (iii) of this subparagraph (b).
(ii) With respect to each present value computed pursuant to paragraph four of this subdivision c, there shall be computed as of June thirtieth, nineteen hundred eighty-two, using an interest rate of seven and one-half per centum per annum, the present value of the annual installments of credit in favor of the responsible public employer determined in accordance with paragraph five of this subdivision c and allocated to fiscal years subsequent to June thirtieth, nineteen hundred eighty-two.
(iii) The annual installments to be credited, for each city fiscal year occurring during the period beginning on July first, nineteen hundred eighty-two and ending on June thirtieth, nineteen hundred eighty-eight, in respect of each present value computed in accordance with item (ii) of this subparagraph (b) shall be an amount which, when credited in equal annual installments commencing with the city’s nineteen hundred eighty-two-nineteen hundred eighty-three fiscal year and continuing for the number of fiscal years equal to the number of installments used in computing such present value, would be the actuarial equivalent, as of June thirtieth, nineteen hundred eighty-two on the basis of eight per centum interest per annum, of an amount equal to such present value.
(iv) (A) As used in this item (iv), the term “remaining uncredited installments as of July first, nineteen hundred eighty-eight” shall mean, in relation to any gain referred to in paragraph two of this subdivision c, the number of installments, if any, obtained by subtracting eight installments from the number of installments computed pursuant to paragraph five of this subdivision c in relation to such gain.
(B) There shall be computed, as of June thirtieth, nineteen hundred eighty-eight, using an interest rate of eight per centum per annum, the present value of the remaining uncredited installments as of July first, nineteen hundred eighty-eight, if any, with respect to any such gain referred to in paragraph two of this subdivision.
(C) The annual installments to be credited with respect to such gain in each city fiscal year occurring during the period beginning on July first, nineteen hundred eighty-eight and ending with the last day of a number of fiscal years equal to the number of remaining uncredited installments as of July first, nineteen hundred eighty-eight with respect to such gain, shall be an amount which, when credited in equal annual installments, commencing with the city’s nineteen hundred eighty-eight-nineteen hundred eighty-nine fiscal year and continuing during each fiscal year of the period above mentioned in this sub-item (C), shall be the actuarial equivalent, as of June thirtieth, nineteen hundred eighty-eight on the basis of eight and one-quarter per centum interest per annum, of such present value computed pursuant to sub-item (B) of this item (iv).
(7) (a) If any such gain referred to in paragraph one of this subdivision c was realized in the city’s nineteen hundred seventy-nine-nineteen hundred eighty fiscal year, the amount of such gain shall, beginning with the nineteen hundred eighty-nineteen hundred eighty-one fiscal year, be credited in favor of such responsible public employer in twenty successive equal annual installments determined in the manner provided for by subparagraphs (b), (c) and (d) of this paragraph seven.
(b) The first and second annual installments referred to in subparagraph (a) of this paragraph seven shall be determined so that if they were the first and second of twenty equal annual installments of the amount of such gain, the present value of such twenty equal annual installments, computed at an interest rate of seven and one-half per centum per annum, would be equal to the amount of such gain.
(c) The next six annual installments required to be credited under the provisions of subparagraph (a) of this paragraph seven shall be determined so as to be equal and so that the present value of such six equal annual installments, computed as of June thirtieth, nineteen hundred eighty-two at an interest rate of eight per centum per annum as if they were part of a remainder of eighteen equal annual installments so computed, shall be equal to the present value, computed as of such June thirtieth at an interest rate of seven and one-half per centum per annum, of the corresponding next six of the twenty equal annual installments computed pursuant to the provisions of subparagraph (b) of this paragraph seven.
(d) The remaining twelve annual annual installments required to be credited under the provisions of subparagraph (a) of this paragraph seven shall be determined so as to be equal and so that the present value of such twelve equal annual installments, computed as of June thirtieth, nineteen hundred eighty-eight at an interest rate of eight and one-quarter per centum per annum, shall be equal to the present value, computed as of such June thirtieth at an interest rate of eight per centum per annum, of such last twelve equal annual installments.
(2) If any such loss referred to in paragraph one of this subdivision d was sustained in the city’s nineteen hundred sixty-nine-nineteen hundred seventy fiscal year or in any subsequent city fiscal year up to and including the nineteen hundred seventy-eight-nineteen hundred seventy-nine fiscal year, there shall be computed twenty equal annual installments of payment on account of such loss, the aggregate of which installments, if one of such installments were paid by such responsible public employer to the contingent reserve fund in each of the twenty city fiscal years commencing with the second fiscal year succeeding the fiscal year in which such loss occurred, would be the actuarial equivalent of the amount of such loss. For the purpose of making such computation with respect to losses which occurred prior to July first, nineteen hundred seventy-five, an interest rate of four per centum per annum shall be used and for the purpose of making such computation with respect to losses which occurred during the period beginning on July first, nineteen hundred seventy-five and ending on June thirtieth, nineteen hundred seventy-nine, an interest rate of five and one-half per centum per annum shall be used.
(3) In the case of any such loss referred to in paragraph one of this subdivision d which was sustained in any city fiscal year occurring during the period beginning on July first, nineteen hundred sixty-nine and ending on June thirtieth, nineteen hundred seventy-eight, one of such installments shall be paid by such responsible public employer to the contingent reserve fund of such retirement system in the second city fiscal year succeeding that in which such loss was sustained and one such installment shall be so paid by such responsible public employer in each succeeding fiscal year to and including the nineteen hundred seventy-nine-nineteen hundred eighty fiscal year.
(4) With respect to each loss to which paragraph two of this subdivision d applies, there shall be computed the present value, as of June thirtieth, nineteen hundred eighty, of the annual installments of such loss remaining unpaid by such responsible public employer as of such June thirtieth. For the purpose of making such calculation, an interest rate of five and one-half per centum per annum shall be used.
(5) With respect to each present value computed pursuant to paragraph four of this subdivision d, there shall be computed a number of equal annual installments of loss to be paid by such responsible public employer to the contingent reserve fund, which number shall equal one less than the number of the unpaid installments of such loss to which such present value relates, and the aggregate of which computed installments, on the basis of payment of the first of such installments by such responsible public employer in the city’s nineteen hundred eighty-nineteen hundred eighty-one fiscal year and one of such installments in each subsequent fiscal year until all of such installments are paid, shall be the actuarial equivalent of such present value. For the purpose of making such computation, an interest rate of seven and one-half per centum per annum shall be used.
(6) (a) Such responsible public employer shall pay one of such installments computed pursuant to paragraph five of this subdivision d to the contingent reserve fund of such retirement system in each of the city’s nineteen hundred eighty-nineteen hundred eighty-one and nineteen hundred eighty-one-nineteen hundred eighty-two fiscal years.
(b) (i) Such responsible public employer, in each city fiscal year occurring during the period beginning on July first, nineteen hundred eighty-two and ending on June thirtieth, nineteen hundred eighty-eight, shall pay an installment computed in accordance with items (ii) and (iii) of this subparagraph (b).
(ii) With respect to each present value computed pursuant to paragraph four of this subdivision d, there shall be computed as of June thirtieth, nineteen hundred eighty-two, using an interest rate of seven and one-half per centum per annum, the present value of the annual installments of loss determined in accordance with paragraph five of this subdivision d and allocated to fiscal years subsequent to June thirtieth, nineteen hundred eighty-two.
(iii) The annual installments of loss required to be paid by such responsible public employer, for each city fiscal year occurring during the period beginning on July first, nineteen hundred eighty-two and ending on June thirtieth, nineteen hundred eighty-eight, in respect of each present value computed in accordance with item (ii) of this subparagraph (b) shall be the applicable installments of an amount which, if paid in equal annual installments commencing with the city’s nineteen hundred eighty-two-nineteen hundred eighty-three fiscal year and continuing for the number of fiscal years equal to the number of installments used in computing such present value, would be the actuarial equivalent, as of June thirtieth, nineteen hundred eighty-two on the basis of eight per centum interest per annum, of an amount equal to such present value.
(iv) (A) As used in this item (iv), the term “remaining unpaid installments as of July first, nineteen hundred eighty-eight” shall mean, in relation to any loss referred to in paragraph two of this subdivision d, the number of installments, if any, obtained by subtracting eight installments from the number of installments computed pursuant to paragraph five of this subdivision d in relation to such loss.
(B) There shall be computed, as of June thirtieth, nineteen hundred eighty-eight, using an interest rate of eight per centum per annum, the present value of the remaining unpaid installments as of July first, nineteen hundred eighty-eight, if any, with respect to any such loss referred to in paragraph two of this subdivision.
(C) The annual installments to be paid with respect to such loss in each city fiscal year occurring during the period beginning on July first, nineteen hundred eighty-eight and ending with the last day of a number of fiscal years equal to the number of remaining unpaid installments as of July first, nineteen hundred eighty-eight with respect to such loss, shall be an amount which, when paid in equal annual installments, commencing with the city’s nineteen hundred eighty-eight-nineteen hundred eighty-nine fiscal year and continuing during each fiscal year of the period above mentioned in this sub-item (C), shall be the actuarial equivalent, as of June thirtieth, nineteen hundred eighty-eight on the basis of eight and one-quarter per centum interest per annum, of such present value computed pursuant to sub-item (B) of this item (iv).
(7) (a) If any such loss referred to in paragraph one of this subdivision was sustained in the city’s nineteen hundred seventy-nine-nineteen hundred eighty fiscal year, such responsible public employer shall, beginning with the nineteen hundred eighty-nineteen hundred eighty-one fiscal year, pay to the contingent reserve fund of such retirement system on account of such loss, twenty successive equal annual installments in amounts determined in the manner provided for in subparagraphs (b), (c) and (d) of this paragraph seven.
(b) The first and second annual installments referred to in subparagraph (a) of this paragraph seven shall be determined so that if they were the first and second of twenty equal annual installments of the amount of such loss, the present value of such twenty equal annual installments, computed at an interest rate of seven and one-half per centum per annum, would be equal to the amount of such loss.
(c) The next six annual installments required to be paid under the provisions of subparagraph (a) of this paragraph seven shall be determined so as to be equal and so that the present value of such six equal annual installments, computed as of June thirtieth, nineteen hundred eighty-two at an interest rate of eight per centum per annum as if they were a part of a remainder of eighteen equal annual installments so computed, shall be equal to the present value, computed as of June thirtieth at an interest rate of seven and one-half per centum per annum, of the corresponding next six of the twenty equal annual installments computed pursuant to the provisions of subparagraph (b) of this paragraph seven.
(d) The remaining twelve annual installments required to be paid under the provisions of subparagraph (a) of this paragraph seven shall be determined so as to be equal and so that the present value of such twelve equal annual installments, computed as of June thirtieth, nineteen hundred eighty-eight at an interest rate of eight and one-quarter per centum per annum, shall be equal to the present value, computed as of such June thirtieth at an interest rate of eight per centum per annum, of such last twelve equal annual installments.
(2) For each fiscal year to which paragraph one of this subdivision e applies, there shall be calculated for each retirement system the net amount of aggregate gains and aggregate losses produced by sales in such fiscal year and such net amount shall be transferred to a special account in the retirement system to be known as the “deferred charge on account of security sales”. Such net amount for each such fiscal year shall be amortized within such account, commencing with such fiscal year, over the average maturity, rounded to the nearest year, of all securities (excluding securities maturing in less than one year) acquired in such fiscal year or sold in such fiscal year by the retirement systems, whichever is less.
(3) The amount to be amortized in each fiscal year over the period of average maturity referred to in paragraph two of this subdivision e shall be computed on a scientific basis, (a) using a reinvestment rate of seven and one-half per centum per annum with respect to any such net amount computed for the city’s nineteen hundred eighty-nineteen hundred eighty-one fiscal year, and (b) using a reinvestment rate of eight per centum per annum with respect to any such net amount computed for any city fiscal year occurring during the period beginning on July first, nineteen hundred eighty-one and ending on June thirtieth, nineteen hundred eighty-four and (c) in the case of any such net amount computed for any city fiscal year occurring thereafter, using a reinvestment rate equivalent to that prescribed by the legislature as the rate to be used for the purpose of any actuarial valuation, determination or appraisal made in determining the employer contributions to be paid by responsible public employers to the contingent reserve fund of such retirement system in the city fiscal year next succeeding that for which such net amount was computed.
(4) Any account constituting a deferred charge on account of security sales (whether a positive or negative quantity) which, in the absence of the enactment of a chapter of the laws of nineteen hundred eighty-nine which added this paragraph, would exist with respect to any retirement system as of July first, nineteen hundred eighty-eight, shall be cancelled and terminated as of such July first, and shall not be applied in the determination of the normal contribution or any other contribution payable by any responsible public employer to such retirement system with respect to any fiscal year beginning on or after such July first.
e-1. (1) In the case of sales by any retirement system occurring in any fiscal year of the city beginning on or after July first, nineteen hundred eighty-eight:
(i) any gain resulting from any such sale shall not be directly and separately credited against contributions otherwise required to be made by the responsible public employer or employers to such retirement system; and
(ii) any loss resulting from any such sale shall not be directly and separately charged as additional contributions payable to such retirement system by the responsible public employer or employers; and
(iii) the effects of such gains or losses shall be actuarially reflected in the valuations made for the purpose of determining contributions payable to such retirement system.
(2) In relation to determination of the normal contribution for any fiscal year beginning on or after July first, nineteen hundred eighty-eight, the provisions of sub-item (C) of item (i) of subparagraph (b) of paragraph two of subdivision b of section 13-127 of the code, and sub-item (D) of item (i) of subparagraph (i) of paragraph two of subdivision b of section 13-228 of the code, and sub-item (E) of item (i) of subparagraph (b) of paragraph two of subdivision b of section 13-331 of the code, and item (iii) of subparagraph (a) of paragraph two of subdivision b of section 13-527 of the code, or paragraph three of sub-item (A) of item (ii) of subparagraph four of paragraph (c) of subdivision sixteen of section twenty-five hundred seventy-five of the education law (relating to the actuarial treatment of certain losses on sales of fixed-income securities in the determination of the normal contribution) shall not be deemed to refer to or include any gains or losses on any such sales occurring in any fiscal year of the city beginning on or after July first, nineteen hundred eighty-eight.
(2) With respect to each city fiscal year (the “subject fiscal year”) occurring during the period beginning on July first, nineteen hundred seventy-four and ending on June thirtieth, nineteen hundred eighty, there shall be determined the amount by which:
(i) The total of the annual installments of losses which, under the provisions of this section as in effect prior to July first, nineteen hundred eighty, was or would have been payable by the responsible public employer in the second city fiscal year succeeding the subject fiscal year, exceeds
(ii) The total of the installments of gain required by such provisions of this section as they are in effect to be credited to the responsible public employer in such second fiscal year.
(3) (i) There shall be computed the discounted value of the amount of such excess as of January first of the subject fiscal year, such discounting being calculated on the basis of the applicable interest rate prescribed in subparagraph (ii) of this paragraph three and a discount period of two years extending retroactively from December thirty-first of such second fiscal year succeeding the subject fiscal year to January first of the subject fiscal year.
(ii) With respect to the nineteen hundred seventy-four-nineteen hundred seventy-five subject fiscal year, the rate of interest to be used in calculating such discounted value shall be five and one-half per centum per annum for the period beginning on July first, nineteen hundred seventy-five and ending on December thirty-first, nineteen hundred seventy-six and four per centum per annum for the period beginning on January first, nineteen hundred seventy-five and ending on June thirtieth, nineteen hundred seventy-five. With respect to each subject fiscal year occurring during the period beginning on July first, nineteen hundred seventy-five and ending on June thirtieth, nineteen hundred eighty, the rate of interest used in calculating such discounted value shall be five and one-half per centum per annum.
(4) The amount of such discounted value, as so computed with respect to each subject fiscal year, shall be the annual contribution, for balance sheet liability purposes, on account of amortization of losses on dispositions of certain securities within the meaning of this section, which annual contribution is deemed to have been hypothetically payable in such subject fiscal year.
§ 13-705 Acquisition, management and protection of investments of retirement system funds.
(i) to the acquisition, management or protection of investments of variable annuity funds of the New York city teachers’ retirement system or of variable annuity funds of any other retirement system which may at any time have a variable annuity program; or
(ii) to contracts for services in relation to the acquisition, management or protection of investments of any variable annuity funds referred to in subparagraph (ii) of this paragraph one.
(2) Nothing contained in this section shall be construed as amending, modifying or affecting section 13-570 of this title.
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