Section 13-268
§ 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. "Variable supplements fund". The police officer's variable
supplements fund established by this subchapter.
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.
2. "Association". The patrolmen's benevolent association of the city
of New York.
3. "Fiscal year". Any year commencing with the first day of July and
ending with the thirtieth day of June next following.
4. "Board". The board of trustees provided for in section 13-270 of
this subchapter.
5. "Pension fund beneficiary". Any person who receives a retirement
allowance by reason of having retired, on or after October first,
nineteen hundred sixty-eight, for service (with credit for twenty or
more years of service creditable toward the minimum period) as a member
of pension fund, subchapter one or pension fund, subchapter two and as a
police officer.
6. "Variable supplement". Any sum authorized to be paid to a pension
fund beneficiary pursuant to the provisions of this subchapter.
7. "Pension fund, subchapter one". The New York police department
pension fund maintained pursuant to subchapter one of chapter two of
this title.
8. "Pension fund, subchapter two". The New York police department
pension fund maintained pursuant to subchapter two of chapter two of
this title.
Section 13-269
§ 13-269 Police officer's variable supplements fund. a. There is
hereby established a fund, to be known as the police officer's variable
supplements fund. Such fund shall consist of such monies as may be paid
thereto from pension fund, subchapter two, pursuant to the provisions of
sections 13-232 and 13-232.1 of this chapter and all other monies
received by such fund from any other source pursuant to law.
b. It is hereby declared by the legislature that the police officer's
variable supplements fund shall not be, and shall not be construed to
constitute, a pension or retirement system or fund, and that it shall
function as a means whereby payments, not constituting a pension or
retirement allowance, shall be made in accordance with the provisions of
this subchapter, to eligible pension fund beneficiaries as a supplement
to benefits received by them under subchapter one or two of chapter two
of this title. The legislature hereby reserves to the state of New York
and itself the right and power to amend, modify or repeal any or all of
the provisions of this subchapter.
Section 13-270
§ 13-270 Board of trustees. a. The variable supplements fund shall be
administered by a board of trustees which shall, subject to applicable
provisions of law and to the prior approval of the board of estimate,
from time to time establish rules and regulations for the administration
and transaction of the business of such fund and for the control and
disposition thereof.
b. Such board shall consist of:
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.
c. Every act of the board shall be by resolution which shall be
adopted only by a vote of at least three-fifths of the whole number of
votes authorized to be cast by all of the members of such board.
d. The actuary appointed pursuant to section 13-121 of the code shall
be the technical advisor of the board.
e. (1) As of June thirtieth of the nineteen hundred
eighty-eight--nineteen hundred eighty-nine fiscal year and as of June
thirtieth of each succeeding fiscal year, the actuary referred to in
subdivision d of this section shall make a valuation of the assets and
liabilities of the variable supplements fund in accordance with the
requirements of the succeeding paragraphs of this subdivision e.
(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
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 such June thirtieth.
f. The police commissioner shall assign to the board such number of
clerical and other assistants as may be necessary for the performance of
its functions.
Section 13-271
§ 13-271 Payment of supplemental benefits. a. (1) The variable
supplements fund shall pay variable supplements to pension fund
beneficiaries in accordance with the provisions of the succeeding
paragraphs of this subdivision a.
(2) Subject to the provisions of paragraphs three and four of this
subdivision a, and the provisions of subparagraphs (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
(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
ANNIVERSARY OF
RETIREMENT (references
hereinafter to "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 The sum of a lower-based
each succeeding anniversary component and a higher-based
year to and including the component computed pursuant
nineteenth anniversary year 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
(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.
b. (1) (i) Subject to the provisions of subparagraphs (ii), (iii) and
(iv) of this paragraph one, on or after July first, nineteen hundred
eighty-eight, where a pension fund beneficiary is entitled to receive
variable supplements payments pursuant to subdivision a of this section,
and that beneficiary is also entitled to receive a supplemental
retirement allowance or cost-of-living adjustment pursuant to any other
provision of law enacted on or after July first, nineteen hundred
eighty-eight (hereinafter referred to as "other supplemental retirement
allowance"), the amount of such variable supplement payable for a
calendar year or a part of such calendar year to such beneficiary shall
be reduced by the amount of such other supplemental retirement allowance
that is payable to such beneficiary to the extent that such other
supplemental retirement allowance is attributable to the same calendar
year or part of such calendar year.
(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.
c. Pension fund beneficiaries shall be eligible to receive variable
supplements pursuant to this subchapter, notwithstanding any other
provision of law to the contrary.
d. The monies or assets of the variable supplements fund shall not be
used for any purpose, other than payment of variable supplements
pursuant to the provisions of this subchapter, except that they may be
invested as authorized by section 13-273 of this subchapter.
e. In addition to the payments set forth in paragraphs eight and nine
of subdivision a of this section, there shall be paid to each pension
fund beneficiary, on or about the December fifteenth next succeeding his
or her date of retirement, an amount equal to the variable supplements
payments, subject to the provisions of subparagraphs (i) and (ii) of
paragraph one of subdivision b of this section, that he or she would
have received, had he or she retired on the date of his or her earliest
eligibility for service retirement, in the period measured from (1) the
later of (i) such earliest eligibility date and (ii) January 1, 2002,
and (2) his or her date of retirement.
f. In the event that the assets of the variable supplements fund are
not sufficient to pay benefits under this section for any calendar year,
an amount sufficient to pay such benefits shall be appropriated from the
contingent reserve fund of pension fund, subchapter two and transferred
to the police officers' variable supplements fund.
Section 13-272
§ 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.
Section 13-273
§ 13-273 Trustees of funds; investments. a. The members of the board
shall be the trustees of the monies received by or belonging to the
variable supplements fund pursuant to this subchapter and, subject to
the provisions of subdivision b of this section, shall have full power
to invest same, subject to the terms, conditions, limitations and
restrictions imposed by law upon savings banks in the making and
disposing of investments by savings banks; and subject to like terms,
conditions, limitations and restrictions, such trustees shall have full
power to hold, purchase, sell, assign, transfer or dispose of any of the
securities or investments in which any of such monies shall have been
invested as well as of the proceeds of such investments and of any
monies belonging to such fund.
b. The members of the board shall have the same investment powers and
power to delegate such powers as are vested by the code and the
retirement and social security law in the members of the board of
trustees of the pension fund, subchapter two.
Section 13-274
§ 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.
Section 13-275
§ 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.
Section 13-276
§ 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.
Section 13-277
§ 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.
To the extent possible under law, Friends of Devin Balkind for Public Advocate has waived all copyright and related or neighboring rights to New York City Administrative Code. This work is published from: United States.
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