Section 13-278
§ 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. "Variable supplements fund". The police superior officers' 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.
2. "Fiscal year". Any year commencing with the first day of July and
ending with the thirtieth day of June next following.
3. "Board". The board of trustees provided for in section 13-280 of
this subchapter.
4. "Police superior officer". Any member 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) is a detective.
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 superior 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 two". The New York police department
pension fund maintained pursuant to subchapter two of chapter two of
this title.
8. "Pension fund, subchapter one". The New York police department
pension fund maintained pursuant to subchapter two of this title.
Section 13-279
§ 13-279 Police superior officers' variable supplements fund. a. There
is hereby established a fund, to be known as the police superior
officers' 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, 13-232.2 and 13-232.3 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 superior
officers' 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
this chapter. 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 13-280
§ 13-280 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
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.
c. Every act of the board shall be by resolution adopted only by a
vote of at least six-tenths 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 ninety-two --
nineteen hundred ninety-three 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
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.
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 13-281
§ 13-281 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) 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 pension fund beneficiary who
retired prior to July first, nineteen hundred eighty-eight, and to each
person who, having been in service as a member of pension fund,
subchapter two on June thirtieth, nineteen hundred eighty-eight, retired
for service prior to January first, nineteen hundred ninety-three so as
to become a pension fund beneficiary, variable supplements payments as
follows:
(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
(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 lived 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
hereinafter to "anniversary
year" mean calendar year
of anniversary) SUPPLEMENT
First anniversary The sum of (1) a lower-based component
year 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 The sum of a lower-based component and a
year and each succeeding higher-based component computed pursuant
anniversary year to and to the formula, above, for the first
including the nineteenth anniversary year, except that for each
anniversary year 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 $12,000
year and each succeeding
anniversary year
(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.
b. (1) (i) Subject to the provisions of subparagraphs (ii), (iii) and
(iv) of this paragraph one, on or after January first, nineteen hundred
ninety-three, 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 January first, nineteen hundred
ninety-three (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 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.
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 13-283 of this subchapter.
e. In addition to the payments set forth in paragraphs three and four
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 superior officers' variable supplements fund.
Section 13-282
§ 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.
Section 13-283
§ 13-283 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 13-284
§ 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.
Section 13-285
§ 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.
Section 13-286
§ 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.
Section 13-287
§ 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.
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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