Section 13-313
§ 13-313 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:
1. "Pension fund" shall mean the fire department pension fund
subchapter two provided for in this chapter.
2. "Medical board" shall mean the board of physicians provided for in
section 13-323 of this subchapter.
3. (a) "City-service", in the case of an original plan member, (as
defined in subdivision four-b of this section), shall mean service in
the uniformed force of the department and shall include service credit
acquired by transfer pursuant to section 15-111 of this code.
(b) "City-service", in the case of an improved benefits plan member
(as defined in subdivision four-f of this section), shall mean service
in the uniformed force of the department and shall include service
credit acquired (i) by transfer pursuant to section 15-111 of this code,
or (ii) by transfer pursuant to section forty-three or three hundred
forty-three of the retirement and social security law, or (iii) by
transfer from another pension or retirement system, of funds actuarially
determined in a manner similar to that provided by these sections of the
retirement and social security law.
(c) An "accident" sustained by such original plan member or such
improved benefits plan member, while off-duty and within the geographic
limits of the city of New York, shall be deemed to have occurred while
in the performance of duty and in the performance of city service for
the purpose of granting retirement for accident disability pursuant to
the provisions of section 13-353 of this subchapter in cases in which:
(i) a substantial and imminent danger to life or property occasioned
the off-duty intervention of the member;
(ii) the conduct of the member was reasonable in the circumstances;
and
(iii) the member, in the course of his or her off-duty intervention,
utilized skills within the scope of his or her employment by the New
York city fire department.
(d) In any case where a member, after completing his or her minimum
period for service retirement, is appointed fire commissioner, and in
any case where a person who retired from service as a member of the
pension fund is thereafter appointed fire commissioner, his or her
service as fire commissioner shall constitute city-service.
(e) In any case where a member, after completing his or her minimum
period for service retirement, is appointed a deputy fire commissioner,
and in any case where a person who retired for service as a member of
the pension fund is thereafter appointed a deputy fire commissioner, his
or her service as deputy fire commissioner shall constitute
city-service.
4. "Member" shall mean any person included in the membership of the
pension fund as provided in section 13-314 of this subchapter.
4-a. "Original plan" shall mean all the terms and conditions of this
subchapter, and of all other laws, applicable to original plan members.
4-b. "Original plan member" shall mean any member of the original plan
pursuant to the provisions of subdivision a of section 13-315 of this
subchapter or other applicable provisions of this subchapter.
4-c. "Original plan member not subject to article eleven" shall mean
an original plan member to whom, under the provisions of law governing
the applicability of article eleven of the retirement and social
security law, such article eleven does not apply.
4-d. "Original plan member subject to article eleven" shall mean an
original plan member to whom, under the provisions of law governing the
applicability of article eleven of the retirement and social security
law, such article eleven applies.
4-e. "Improved benefits plan" shall mean all the terms and conditions
of this subchapter, and all other laws, applicable to improved benefits
plan members.
4-f. "Improved benefits plan member" shall mean any member who, under
the applicable provisions of subdivisions b, c, d, e and f of section
13-315 of this subchapter or other applicable provisions of this
subchapter, is entitled to the rights, privileges, and benefits of the
improved benefits plan and is subject to the obligations thereof, as
applicable to him or her.
4-g. "Elective improved benefits plan member" shall mean a member who
became an improved benefits plan member as a result of filing an
election application pursuant to section 13-315 of this subchapter.
4-h. "Non-elective improved benefits plan member" shall mean a member
who became an improved benefits plan member pursuant to the provisions
of subdivision b of section 13-315 of this subchapter.
4-i. "Improved benefits plan member not subject to article eleven"
shall mean any improved benefits plan member who, under the provisions
of law governing the applicability of article eleven of the retirement
and social security law, is not subject to such article eleven.
4-j. "Improved benefits plan member subject to article eleven" shall
mean any improved benefits plan member to whom, under the provisions of
law governing the applicability of article eleven of the retirement and
social security law, such article eleven applies.
5. "Beneficiary" shall mean any person in receipt of a pension, an
annuity, a retirement allowance, a dependent benefit, a death benefit or
any other benefit provided by this subchapter.
6. "Final compensation", in the case of an original plan member, shall
mean the annual compensation earnable by a member for city-service upon
the date of his or her retirement.
6-a. "Five-year-average compensation", in the case of an improved
benefits plan member, shall mean the average annual compensation
earnable by such member for city-service during his or her last five
years of city-service, or during any other five consecutive years of
city-service since he or she last became a member which such member
shall designate.
6-b. "Prior original plan member accumulated contributions" shall mean
the sum of all the amounts, deducted from the compensation of an
original plan member or contributed by him or her while such a member,
standing to the credit of his or her individual account in the
retirement allowance accumulation fund (as such fund existed prior to
the starting date of the improved benefits plan (as such date is defined
in subdivision twenty-seven of this section)), without interest thereon.
6-c. "Subsequent original plan member accumulated contributions" shall
mean the sum of all amounts, if any, deducted from the compensation of
an original plan member or contributed by him or her on or after the
starting date of the improved benefits plan (as such date is defined in
subdivision twenty-seven of this section) and while he or she is such a
member, standing to the credit of his or her individual account in the
contingent reserve fund, without interest thereon.
7. "Total accumulated contributions" shall mean, with respect to an
original plan member, the amount obtained by adding together his or her
prior original plan member accumulated contributions (as defined in
subdivision six-b of this section) and his or her subsequent original
plan member accumulated contributions (as defined in subdivision six-c
of this section) if any, without interest on any of such contributions.
7-a. "Accumulated deductions", with respect to an improved benefits
plan member, shall mean the sum of all the amounts, deducted from the
compensation of such member or contributed by him or her, standing to
the credit of his or her individual account in the annuity savings fund,
together with regular interest and special interest, if any, thereon,
provided that nothing contained in this subdivision shall be construed
as providing or requiring that where any original plan member elects to
become an improved benefits plan member, regular interest shall accrue
or be credited for any period prior to the effective date of such
election on the accumulated contributions of such member transferred to
the credit of his or her account in the annuity savings fund pursuant to
the applicable provisions of this subchapter.
8. * (a) "Regular interest", in the cases of persons who are members
on the thirtieth day of June, nineteen hundred forty-seven, shall mean,
subject to the provisions of paragraphs (b), (e), (f), (g), (h) and (j)
of this subdivision, interest at four per centum per annum, compounded
annually, and in the cases of persons becoming members thereafter, shall
mean, subject to the provisions of such paragraphs, interest at three
per centum per annum, compounded annually to and including the
thirty-first day of December, nineteen hundred sixty-seven, and interest
at four per centum, compounded annually, from and after the first day of
January, nineteen hundred sixty-eight.
* NB Amended Ch. 910/85 § 18, language juxtaposed per Ch. 907/85 § 14
(b) The provisions of paragraph (a) of this subdivision shall not
apply to any non-elective improved benefits plan member (as defined in
subdivision four-h of this section). Such provisions shall not apply to
any elective improved benefits plan member (as defined in subdivision
four-g of this section) during any period wherein he or she is such a
member.
* (c) "Regular interest", in the case of each non-elective improved
benefits plan member, shall mean, subject to the provisions of
paragraphs (e), (f), (g), (h), (i) and (j) of this subdivision, interest
at four per centum per annum, compounded annually.
* NB Amended Ch. 910/85 § 18, language juxtaposed per Ch. 907/85 § 14
* (d) "Regular interest", in the case of each elective improved
benefits plan member, shall mean, subject to the provisions of
paragraphs (e), (f), (g), (h), (i) and (j) of this subdivision, interest
at four per centum per annum, compounded annually, during the period
wherein he or she is such a member. Nothing contained in this paragraph
shall be construed as providing or requiring that regular interest shall
accrue or be credited, for any period prior to the effective date of the
election of any such member to be an elective improved benefits plan
member, on the accumulated contributions of such member transferred to
the credit of his or her account in the annuity savings fund pursuant to
the provisions of section 13-315 of this subchapter.
* NB Amended Ch. 910/85 § 18, language juxtaposed per Ch. 907/85 § 14
(e) The provisions of paragraphs (a), (c) and (d) of this subdivision
shall not apply to any actuarial valuation, determination or appraisal
which (i) is made pursuant to this subchapter and (ii) is used to
determine the amount of any contribution required to be paid by the city
into the contingent reserve fund of the pension fund in the nineteen
hundred eighty--nineteen hundred eighty-one fiscal year of the city or
any subsequent fiscal year thereof.
(f) (A) Subject to the provisions of subparagraph (B) of paragraph i
of this subdivision, and except as otherwise provided in paragraph four
of subdivision b of section 13-331 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 into the contingent reserve fund of the pension fund in the
nineteen hundred eighty--nineteen hundred eighty-one fiscal years and
nineteen hundred eighty-one--nineteen hundred eighty-two of the city,
"regular interest" shall mean interest at the rate of seven and one-half
per centum per annum, compounded annually.
(B) Subject to the provisions of subparagraph (B) of paragraph (i) of
this subdivision, and except as otherwise provided in paragraph four of
subdivision b of section 13-331 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 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.
(C) Subject to the provisions of subparagraph (B) of paragraph (i) of
this subdivision, and except as otherwise provided in paragraph four of
subdivision b of section 13-331 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 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.
(g) Subject to the provisions of subparagraph (B) of paragraph (i) of
this subdivision, and except as otherwise provided in paragraph four of
subdivision b of section 13-331 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 (i) is made pursuant to this subchapter and (ii) is
used to determine the amount of any contribution required to be paid by
the city into the contingent reserve fund of the pension fund in the
nineteen hundred ninety--nineteen hundred ninety-one fiscal year of the
city 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 title.
* (h) 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 (g) of
this subdivision.
* NB Amended Ch. 911/85 § 22, language juxtaposed per Ch. 907/85 § 14
* (i) (A) Subject to the provisions of subparagraph (c) of paragraph
two of subdivision b of section 13-331 of this subchapter, nothing
contained in paragraphs (e), (f), (g) and (h) of this subdivision shall
be construed as prescribing, for the purpose of crediting interest to
individual accounts of improved benefits plan members in the annuity
savings fund or to reserves-for-increased-take-home-pay of such members
or for any other purpose besides that specified in such paragraphs, a
rate of regular interest other than as prescribed by the applicable
provisions of paragraph (c) or paragraph (d) or paragraph (j) of this
subdivision.
* NB Amended Ch. 910/85 § 18, language juxtaposed per Ch. 907/85 § 14
(B) Subject to the provisions of section 13-638.2 of this title,
nothing contained in paragraphs (f) and (g) of this subdivision shall be
construed as requiring the unfunded accrued liability contribution, as
defined in paragraph three of subdivision b of section 13-331 of this
subchapter, to be determined in any manner other than as prescribed in
such paragraph three. Subject to the provisions of section 13-638.2 of
this title, nothing contained in paragraphs (f) and (g) of this
subdivision shall be construed as requiring any balance sheet liability
or balance sheet liability contribution computed pursuant to the
provisions of paragraph four of subdivision b of section 13-331 of this
subchapter to be determined in any manner other than as prescribed in
such paragraph four.
* (j) (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 subparagraphs (ii) to (x), inclusive, of this paragraph
(j), 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 thirty-two 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 seven percent
member for actuarial equivalent benefit purposes 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 benefit purposes may include,
for the purpose of ascertaining the higher 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 (j) 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) or
paragraph (c) or paragraph (d) of this subdivision eight.
(iii) The provisions of item A of subparagraph (ii) of this paragraph
(j) 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 (iii) shall be construed as
making the provisions of such item (A) applicable to any such restored
member who was not or is not a seven percent member for actuarial
equivalent benefit purposes at the time of 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 (j) 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 an original plan discontinued
member (as defined in subdivision sixteen of this section 13-313) or an
improved benefits plan 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 became or becomes an active member pursuant to
the applicable provisions of section 13-360 or 13-361, the provisions of
item (A) of subparagraph (ii) of this paragraph (j) 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 such an original plan discontinued member or improved benefits
plan discontinued member 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 13-360 or 13-361 of
this subchapter, 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 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 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 (j), the
selection of mode of benefit (as defined in subdivision thirty-three of
this section 13-313) made prior to the date of enactment(as such date is
certified pursuant to section forty-one of the legislative law) of this
paragraph (j) by a person entitled to a recomputation of benefits
pursuant to the better-of-two-computations method (as defined in
subdivision thirty-five 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 better-of-two-computations method (as defined in subdivision
thirty-four of this section), and any such person entitled to a
recomputation of benefits pursuant to the better-of-two-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 better-of-two-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 (j).
(2) In any case where the original selection of mode of benefit of a
person entitled to a recomputation of benefits pursuant to the
better-of-two-computations method was a selection of a joint and
survivor option (as defined in subdivision thirty-six 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 better-of-two-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 better-of-two-computations
method a letter showing amounts of benefits, as recomputed for such
person under the better-of-two-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 paragraph (j).
(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
better-of-two-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 (j), 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 (j)
shall be construed as authorizing or permitting him or her to change any
selection of mode of benefit (as defined in subdivision thirty-three of
this section 13-313) 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 (j), in any case where a discontinued member referred to in
item (A) of subparagraph (iv) of this paragraph (j) 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 shall be construed as authorizing or
permitting him or her to change any selection of mode of benefit (as
defined in subdivision thirty-three of this section 13-313) 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 (j) 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
thirty-three of section 13-313).
(ix) Notwithstanding the provisions of subparagraph (i) of this
paragraph (j) 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) (A) Subject to the provisions of item (B) of this subparagraph
(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 (j) 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 (j) 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.
(B) The rate of regular interest applicable to determination of the
rate of member contribution of any elective improved benefits plan
member who became or becomes such a member by reason of an election made
on or after August first, nineteen hundred eighty-three shall be the
rate of regular interest, as prescribed by the applicable provisions of
paragraph (a) of subdivision eight of section 13-214 of the code, which
is required by the provisions of subdivision (i) of section 13-315 to be
applied to the determination of such rate of member contribution.
Nothing contained in the preceding subparagraphs of this paragraph (j)
shall be construed as applicable to the determination of the rate of
member contribution of any such elective improved benefits plan member
or as changing or affecting the rate of the member contribution of any
such member.
* NB Added Ch. 910/85 § 20, language juxtaposed per Ch. 907/85 § 14
8-a. "Pension", with respect to any retired or deceased improved
benefits plan member and with respect to any improved benefits plan
discontinued member and with respect to the beneficiaries of any such
member, shall mean payments for life derived from appropriations made by
the city as provided in this subchapter.
8-b. "Annuity", with respect to any retired or deceased improved
benefits plan member and with respect to any improved benefits plan
discontinued member and with respect to the beneficiaries of any such
member, shall mean payments for life derived from contributions made by
such member as provided in this subchapter.
9. "Retirement allowance", in the case of a retired or deceased
original plan member and in the case of an original plan discontinued
member and in the case of the beneficiaries of any such member, shall
mean payments for life derived from appropriations made by the city as
provided in this subchapter and from contributions made by a member as
provided in this subchapter.
9-a. "Retirement allowance", in the case of a retired or deceased
improved benefits plan member and in the case of an improved benefits
plan discontinued member and in the case of the beneficiaries of any
such member, shall mean pension plus the annuity and the
pension-providing-for-increased-take-home-pay, if any.
10. "Dependent benefit" shall mean payments derived from contributions
made by a member as provided in sections 13-329 and 13-355 of this
subchapter.
11. "Retirement allowance reserve", with respect to any original plan
member or his or her beneficiaries, shall mean the present value of all
payments to be made on account of any retirement allowance, payable to
or on account of a person who retired as an original plan member, or
benefit in lieu of any retirement allowance, granted under the
provisions of this subchapter, computed upon the basis of such mortality
tables as shall be adopted by the board with regular interest.
11-a. "Pension reserve", with respect to any improved benefits plan
member or his or her beneficiaries, shall mean the present value of all
payments to be made on account of any pension, or benefit in lieu of any
pension, granted under the provisions of this subchapter, computed upon
the basis of such mortality tables as shall be adopted by the board,
with regular interest.
11-b. "Annuity reserve", with respect to any improved benefits plan
member or his or her beneficiaries, shall mean the present value of all
payments to be made on account of any annuity, or benefit in lieu of any
annuity, granted under the provisions of this subchapter computed on the
basis of such mortality tables as shall be adopted by the board, with
regular interest.
12. "Fiscal year" shall mean any year commencing with the first day of
July and ending with the thirtieth day of June next following.
13. "Total service", in the case of an original plan member, shall
mean all service of such member allowable with respect to such member as
provided in subdivision three of this section and section 13-318 of this
subchapter.
13-a. "Total service", in the case of an improved benefits plan
member, shall mean all service of such member allowable with respect to
such member as provided in subdivision three-a of this section and
section 13-318 of this subchapter.
14. "Board" shall mean the board of trustees provided for in section
13-316 of this subchapter.
15. "Accumulation-for-increased-take-home-pay", with respect to any
original plan member, shall mean a sum consisting of the total of all
products obtained by multiplying the compensation of such member, during
each period of reduction of his or her member contributions pursuant to
the provisions of section 13-326 of this subchapter and subdivision b of
section four hundred eighty of the retirement and social security law,
occurring while he or she is an original plan member, by the percentage
of reduction of his or her contributions applicable under such
provisions with respect to such period, without interest thereon.
15-a. "Pension-providing-for-increased-take-home-pay", with respect to
any improved benefits plan member, shall mean the annual allowance for
life payable in monthly installments derived from contributions which
the city made to the contingent reserve fund, pursuant to section 13-326
of this subchapter and subdivision b of section four hundred eighty of
the retirement and social security law, with respect to the period
wherein he or she was an improved benefits plan member.
15-b. "Reserve-for-increased-take-home-pay", with respect to an
improved benefits plan member, shall mean:
(a) the amount of the reserve provided by the city which shall be a
sum consisting of the total of all products obtained by multiplying the
compensation of the member, during each period of reduction of member
contributions under the provisions of section 13-326 of this subchapter
and subdivision b of section four hundred eighty of the retirement and
social security law while he or she is an improved benefits plan member,
by the percentage of reduction of his or her contributions applicable
under such provisions with respect to such period, plus regular
interest, and additional interest, if any, thereon; plus
(b) in the case of any elective improved benefits plan member, the
amount of the accumulation-for-increased-take-home-pay, if any, of such
member, as such accumulation was on the date next preceding the
effective date of his or her election to be such a member, plus regular
interest and additional interest, if any, on and after such effective
date on the amount of such accumulation; plus
(c) in the case of any non-elective improved benefits plan member who
is credited, immediately prior to becoming such a member, with an
accumulation-for-increased-take-home-pay, the amount of such
accumulation-for-increased-take-home-pay, as such accumulation was on
the date next preceding the date on which such member became a
non-elective improved benefits plan member, plus regular and additional
interest, if any, on and after such date on which he or she became a
non-elective improved benefits plan member, on the amount of such
accumulation.
16. "Original plan discontinued member" shall mean an original plan
member who has a vested right to a deferred retirement allowance under
section 13-360 of this subchapter.
16-a. "Original plan discontinued member not subject to article
eleven" shall mean an original plan member not subject to article eleven
(as defined in subdivision four-c of this section) who has a vested
right to a deferred retirement allowance under section 13-360 of this
subchapter.
16-b. "Original plan discontinued member subject to article eleven"
shall mean an original plan member subject to article eleven (as defined
in subdivision four-d of this section) who has a vested right to a
deferred retirement allowance under section 13-360 of this subchapter.
16-c. "Fire uniformed force service" shall for purposes of section
13-361 of this subchapter mean service in the uniformed force of the
fire department, as a member of such force, including service for which
credit is granted by section 15-111 of the code, but excluding any
service credit acquired by transfer or otherwise under any provision of
law.
16-d. "Improved benefits plan discontinued member" shall mean any
improved benefits plan member who has discontinued fire uniformed force
service (as defined in subdivision sixteen-c of this section) and who
has a vested right to a deferred retirement allowance under section
13-361 of this subchapter.
16-e. "Improved benefits plan discontinued member not subject to
article eleven" shall mean an improved benefits plan member not subject
to article eleven (as defined in subdivision four-i of this section) who
has a vested right to a deferred retirement allowance under section
13-361 of this subchapter.
16-f. "Improved benefits plan discontinued member subject to article
eleven" shall mean an improved benefits plan member subject to article
eleven (as defined in subdivision four-j of this section) who has
discontinued fire uniformed force service and who has a vested right to
a deferred retirement allowance under section 13-361 of this subchapter.
17. "Normal rate of contribution as an original plan member" shall
mean:
(a) in the case of any original plan member who is required to make
member contributions as such a member under the applicable provisions of
this subchapter, the proportion of his or her earnable compensation
which is required to be deducted from the compensation of such member by
the applicable provisions of section 13-325 of this subchapter as his or
her member contributions, exclusive of any reduction of such proportion
on account of any program for increased-take-home-pay in effect.
(b) in the case of any original plan member who heretofore completed,
or who, on or after the effective date of this subdivision, shall
complete, his or her minimum period for service retirement, the
proportion of his or her earnable compensation (exclusive of any
reduction of such proportion on account of any program of
increased-take-home-pay in effect) which, as of the date on which he or
she completed his or her minimum period for service retirement, was
required to be deducted from the compensation of such member by the
applicable provisions of section 13-325 of this subchapter, as in effect
on such date.
18. "Normal rate of contribution as an improved benefits plan member"
shall mean:
(a) in the case of any improved benefits plan member who is not
eligible to elect to discontinue making member contributions under the
applicable provisions of this subchapter, the proportion required to be
deducted from the compensation of such member by the applicable
provisions of section 13-315 and/or section 13-327 of this subchapter as
his or her member contributions, exclusive of any increase in such
proportion pursuant to subdivision c or subdivision d of section 13-327
of this subchapter or any reduction thereof on account of any program
for increased-take-home-pay in effect or pursuant to subdivision one of
section one-hundred thirty-eight-b of the retirement and social security
law (relating to election to decrease member contributions by
contributions due on account of social security coverage).
(b) in the case of any improved benefits plan member who completed his
or her minimum period for service retirement before becoming an improved
benefits plan member and who is eligible under the provisions of this
subchapter to elect to discontinue making member contributions or has
made such election, the proportion of his or her earnable compensation
(exclusive of any increase in such proportion pursuant to subdivision c
or subdivision d of section 13-327 of this subchapter or any reduction
thereof on account of any program of increased-take-home-pay in effect)
which, as of the date on which he or she completed his or her minimum
period for service retirement, would have been required to be deducted
from his or her compensation by the applicable provisions of sections
13-315 and/or 13-327 of this subchapter if the improved benefits plan
had been in effect on his or her date of inception of pension fund
membership (as defined in subdivision twenty of this section) and he or
she had become an improved benefits plan member on such date of
inception.
19. "Date of commencement of contributions as an improved benefits
plan member" shall mean the first day (on or after the last commencement
of the status of an improved benefits plan member as such member) for
which deductions from the compensation of such member are required by
the applicable provisions of subdivision i of section 13-315 of this
subchapter and/or section 13-327 of this subchapter to be made on
account of his or her contributions as an improved benefits plan member.
20. "Date of inception of pension fund membership", in the case of any
original plan member (as defined in subdivision four-b of this section)
or elective improved benefits plan member (as defined in subdivision
four-g of this section), shall mean the earliest date on which such
member last became eligible for membership in any pension fund
established pursuant to former article one-A repealed by chapter three
hundred eighty-five of nineteen hundred eighty-one or subchapter two of
this chapter. Nothing herein provided shall limit member service credit
restoration pursuant to section 13-319 of this subchapter.
20-a. "Date of commencement of credited member service in the fire
uniformed force" shall mean, with respect to any improved benefits plan
member, the date of commencement of the period of service in the
uniformed force of the fire department as a member of the pension fund
which is credited to such member as of the date on which any benefit
under this subchapter becomes payable to such member.
21. (a) "Contribution rate deficiency" shall mean with respect to each
elective improved benefits plan member (as defined in subdivision four-g
of this section) and shall mean with respect to any non-elective
improved benefits plan member (as defined in subdivision four-h of this
section) who is subject to such a deficiency, an amount equal to the
excess, if any, of (ii) over (i) hereof where: (i) is the amount of the
total accumulated contributions (as defined in subdivision seven of this
section) of such member (as such amount would be in the absence of a
loan) as of the earlier of (1) the date next preceding his or her date
of commencement of contributions as an improved benefits plan member (as
defined in subdivision nineteen of this section) or (2) the date of
completion of his or her minimum period for service retirement; and (ii)
is the amount (i) would be if the contribution rate of the member to the
date specified in (i) had been his or her normal rate of contribution as
an improved benefits plan member.
(b) "Contribution rate deficiency" shall mean, with respect to an
improved benefits plan discontinued member (as defined in subdivision
sixteen-d of this section) who is subject to such a deficiency, an
amount equal to the excess, if any, of (ii) over (i) hereof where: (i)
is the amount of the total accumulated contributions of such
discontinued member (as such amount would be in the absence of a loan)
as of the date next preceding his or her date of commencement of
contributions as an improved benefits plan member (as defined in
subdivision nineteen of this section); and (ii) is the amount (i) would
be if the contribution rate of the member to the date specified in (i)
had been his or her normal rate of contribution as an improved benefits
plan member.
22. "Subsequent period for election of the improved benefits plan"
shall mean any of the following three-month periods: the period of three
months beginning on the date next succeeding the date which is the last
day of a period of thirty months next succeeding the starting date of
the improved benefits plan (as defined in subdivision twenty-seven of
this section), and subsequent, successive periods of three months'
duration, such period for the calendar year nineteen hundred eighty-six
beginning on September first, nineteen hundred eighty-six, and ending
three months thereafter, and for successive calendar years, beginning
with the calendar year nineteen hundred eighty-seven, such periods
beginning on June first and ending on August thirty-first of each such
year.
23. "Pension fund one-A" shall mean the pension fund provided for by
article one-A of title B of chapter nineteen of the code, as in effect
immediately prior to July first, nineteen hundred eighty-one.
24. "Special interest" 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 provisions of section 13-337 of
this subchapter or section 13-638.2 of this title 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 to the accounts in the annuity savings fund of improved benefits
plan members who are eligible under such provisions for crediting of
such amount for such period.
25. "Additional interest", with respect to any improved benefits plan
member, 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, if any, as to which the
provisions of section 13-337 of this subchapter or section 13-638.2 of
this title 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.
26. "Supplementary interest" 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 provided for in accordance with the
provisions of this subchapter (excluding, however, the annuity savings
fund and the amounts of total accumulated contributions,
accumulations-for-increased-take-home-pay and
reserve-for-increased-take-home-pay in the contingent reserve fund),
which allowance, (a) for each of the periods as to which the provisions
of section 13-337 of this subchapter or section 13.638.2 of this title
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 the provisions of
such section.
27. "Starting date of the improved benefits plan" shall mean the date
of enactment of the act which added this subdivision twenty-seven, as
such date is certified pursuant to section forty-one of the legislative
law.
28. "Five-year-average-salary", in the case of an original plan
member, shall mean the average annual compensation earnable by such
member for city-service during his or her last five years of
city-service, or during any other five consecutive years of city-service
since he or she last became a member which such member shall designate.
* 29. "Actuarial equivalent benefit." Any benefit which by law is
required to be an actuarial equivalent or by law is required to be
determined on the basis of an actuarial equivalent.
* NB Added Ch. 910/85 § 19, language juxtaposed per Ch. 907/85 § 14
* 30. "Seven percent member for actuarial equivalent benefit
purposes." (a) A member who meets all of the following conditions:
(i) subparagraph (i) of paragraph (j) of subdivision eight of this
section (relating to the definition of members as to whom regular
interests 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 of the board (A) that a mortality
table which takes effect on or after the date of enactment (as certified
pursuant to section forty-one of the legislative law) of this
subdivision and 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 thirty-two 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
thirty 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 such resolution to
be made through the use of a mortality table in effect prior to such
date of enactment.
* NB Added Ch. 910/85 § 19, language juxtaposed per Ch. 907/85 § 14
* 31. "Tier I member." A member whose benefits (other than a
supplemental retirement allowance) are prescribed by this article and
who is not subject to the provisions of article eleven, article fourteen
or article fifteen of the retirement and social security law.
* NB Added Ch. 910/85 § 19, language juxtaposed per Ch. 907/85 § 14
* 32. "Modified Option 1 pension computation formula." (a) The method,
as set forth in the succeeding paragraphs of this subdivision, of
computing the following benefits:
(i) the Option 1 retirement allowance payable to a Tier I member who
retired as an original plan member for service or superannuation or for
ordinary or accident disability or who became an original plan
discontinued member not subject to article eleven (as defined in
subdivision sixteen-a of this section); and
(ii) the pension component of an Option 1 retirement allowance payable
to a member who retired as an improved benefits plan member for service
or superannuation or ordinary or accident disability or who became an
improved benefits plan discontinued member (as defined in subdivision
sixteen-d of this section); and
(iii) the method of computing the amount of the Option 1 benefit
payable to the beneficiary or estate of any such member above referred
to in this paragraph.
(b) The initial reserve for such original plan retirement allowance or
improved benefits plan pension component shall be computed through use
of mortality tables which are adopted on or after the date of enactment
(as certified pursuant to section forty-one of the legislative law) of
this subdivision and 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 original plan retirement allowance or improved benefits
plan 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 retirement allowance or pension component,
the present value of such member's maximum original plan retirement
allowance or maximum improved benefits plan pension, as it was at the
time of such member's retirement, shall be deemed to be the greater 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 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.
(d) The original plan retirement allowance or improved benefits plan
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 retirement allowance or pension 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 original plan retirement
allowance or improved benefits plan 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 original plan retirement allowance or improved benefits
plan pension component equal to the present value of such member's
maximum original plan retirement allowance or maximum improved benefits
plan 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 retirement allowance or pension component, shall be the remainder
obtained by subtracting from such present value determined pursuant to
such paragraph (c) in relation to such retirement allowance or pension
component, the total of such Option 1 payments on account of such
retirement allowance or 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 by reason of
discontinuance of service by an original plan discontinued member or an
improved benefits plan 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 original plan member or discontinued improved benefits plan
member.
* NB Added Ch. 910/85 § 19, language juxtaposed per Ch. 907/85 § 14
* 33. "Selection of mode of benefit." The choice made by a member (as
permitted by and pursuant to the requirements of law governing such
choice by such member) as to whether the maximum amount of his of her
retirement allowance of a component thereof shall be payable or such
retirement allowance or a component thereof shall be payable under an
option selected by the member. The term "selection of mode of benefit"
shall include a case where the maximum retirement allowance or a maximum
component thereof becomes payable because of a member's omission, within
the time permitted by law, to select the maximum benefit or an option.
* NB Added Ch. 910/85 § 19, language juxtaposed per Ch. 907/85 § 14
* 34. "Better-of-two-computations method." (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 greater 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 the mortality tables and the regular interest applicable to
such member, as such tables and interest were in effect 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 thirty-two of this section) applies to any member, the term,
"better-of-two-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 (i) such member's retirement allowance (or portion
thereof), in the case of an original plan member, or (ii) the pension
component (or portion thereof) of such member's retirement allowance in
the case of an improved benefits plan member.
* NB Added Ch. 910/85 § 19, language juxtaposed per Ch. 907/85 § 14
* 35. "Person entitled to a recomputation of benefits pursuant to the
better-of-two-computations method." Any person who meets all of the
conditions stated below in this subdivision:
(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, (i) retired for service or
superannuation or for ordinary or accident disability, or (ii)
discontinued service so as to become an original plan discontinued
member (as defined in subdivision sixteen of this section) or an
improved benefits plan discontinued member (as defined in subdivision
sixteen-d of this section); 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
better-of-two-computations method (as defined in subdivision thirty-four
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.
* NB Added Ch. 910/85 § 19, language juxtaposed per Ch. 907/85 § 14
* 36. "Joint and survivor option." (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 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.
* NB Added Ch. 910/85 § 19, language juxtaposed per Ch. 907/85 § 14
* 37. "Original plan member contributions eligible for pick up by the
employer." (a) With respect to any payroll period for an original plan
member who is required to make member contributions during such payroll
period under the provisions of section 13-325 of this subchapter, the
term "original plan 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 13-327.1 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 (as
defined in subdivision seventeen of this section) 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 and (2) excluding any deductions from such
compensation (or redeposits or payments) on account of (i) loans or
withdrawals of contributions or (ii) any election by such member to
increase his or her contributions pursuant to subdivision d of section
13-325 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 subparagraph one of this paragraph (a).
(b) If no deductions on account of an original plan member's normal
rate of contribution are required by law to be made from the
compensation of such member for any payroll period, such member shall
not have, for such payroll period, any original plan member
contributions eligible for pick up by the employer. The amount of an
original plan member's original plan 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. An original plan member shall not
have any original plan 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.
* NB Expires per ch. 114/89 § 16
* 38. "Improved benefits plan member contributions eligible for pick
up by the employer." (a) With respect to any payroll period for an
improved benefits plan member (other than any such 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 13-327 of this subchapter), the
term "improved benefits plan 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 13-327.1 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 contribution rate
deficiency (as defined in subdivision twenty-one of this section) of
such member or (iii) any election by such member to increase his or her
member contributions pursuant to subdivision c or subdivision d of
section 13-327 of this subchapter or (iv) any other cause not
attributable to the member's normal rate of contribution after
reduction, if any, in such rate as described in subparagraph one of this
paragraph (a).
(b) If no deductions on account of an improved benefits plan member's
normal rate of contribution are required by law to be made from the
compensation of such member for any payroll period, such member shall
not have, for such payroll period, any improved benefits plan member
contributions eligible for pick up by the employer. The amount of an
improved benefits plan member's improved benefits plan 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. An
improved benefits plan member shall not have any improved benefits plan
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.
* NB Expires per ch. 114/89 § 16
* 39. "Starting date for pick up." The first day of the first whole
payroll period commencing after the date which is three months after the
internal revenue service shall have issued a ruling that member
contributions picked up pursuant to section 13-327.1 of this subchapter
are not includible as gross income for federal income tax purposes until
distributed or made available.
* NB Expires per ch. 114/89 § 16
Section 13-314
§ 13-314 Membership; composition and eligibility. The membership of
the pension fund shall consist of:
a. all persons in city-service, as defined in this subchapter, in
positions in the competitive class of the civil service, who shall have
served the required probationary period and shall have been appointed
medical officers of the fire department or who shall have served the
required probationary period and shall have been appointed as fourth
grade firefighters after March twenty-ninth, nineteen hundred forty and
prior to the date on which this section as hereby amended takes effect,
and shall have elected to become a member of the fire department pension
fund pursuant to this subchapter prior to such appointment as a fourth
grade firefighter or such medical officer; and
b. (1) all persons in city-service, as defined in this subchapter, in
positions in the competitive class of the civil service:
(A) who shall have been appointed probationary medical officers of the
fire department or probationary firefighters on or after April
fourteenth, nineteen hundred fifty-six and prior to the starting date of
the improved benefits plan (as defined in subdivision twenty-seven of
section 13-313 of this subchapter), and shall have elected to become a
member of the fire department pension fund pursuant to this subchapter
prior to such appointment as probationary firefighters or probationary
medical officers; and
(B) who shall have been appointed on or after such starting date as
probationary medical officers of the fire department or probationary
firefighters; and
(2) all persons in city-service, as defined in this subchapter, who
hold a position of medical officer of the fire department classified in
the non-competitive class of the civil service; and
(3) all persons in city-service, as defined in this subchapter, who,
during the period commencing on July first, nineteen hundred ninety-five
and ending on June thirtieth, nineteen hundred ninety-six, are appointed
as provisional firefighters; and
(4) a person in city-service in the position of chief of department in
the exempt class of the civil service.
c. in determining the terms of service of any member of the fire
department, service as a physician and surgeon in the classified service
in any other department in the city; service not exceeding three years
as an interne duly appointed and removable by the city of New York in
any hospital owned and operated by such city, provided further that such
interne shall pay into the pension fund an amount equal to the amount he
or she would have paid during such period of service if he or she had
been a medical officer in such fire department receiving compensation
based on an annual amount of five thousand dollars per year; and
temporary service in the fire department as a medical officer, and
subsequently thereafter in the fire department shall be counted and held
to be service in the fire department of the city. Any person, however,
becoming a member of the fire department, in the manner herein provided,
shall not be entitled to participate in the benefits of the fire
department pension fund, unless he or she shall pay into such fund the
total amount he or she would have been required to pay in order to
participate therein had he or she been a member of the fire department
during the time he or she shall have served in the same or such other
department.
d. (1) Notwithstanding any other provision of this subchapter or any
other law to the contrary, but subject to the provisions of paragraph
two of this subdivision d, in any case where a member who has completed
his or her minimum period for service retirement is appointed fire
commissioner or deputy fire commissioner he or she shall, while serving
as fire commissioner or deputy fire commissioner, continue to be a
member of the pension fund. Such member, if he or she was an original
plan member at the time of his or her appointment as fire commissioner,
shall continue to be an original plan member while serving as fire
commissioner, unless he or she elects to become an improved benefits
plan member pursuant to the provisions of section 13-315 of this
subchapter, and if he or she was an improved benefits plan member at the
time of his or her appointment as fire commissioner, he or she shall
continue to be an improved benefits plan member while serving as fire
commissioner.
(2) Notwithstanding any other provision of this subchapter or any
other law to the contrary, but subject to the provisions of paragraph
three of this subdivision, in any case where an improved benefits plan
member who is eligible to retire for service is appointed a deputy fire
commissioner, he or she shall, while serving as a deputy fire
commissioner, continue to be an improved benefits plan member of the
pension fund.
(3) The status of any member referred to in paragraph one or paragraph
two of this subdivision with respect to applicability or inapplicability
of the provisions of article eleven of the retirement and social
security law to him or her as a member of the pension fund shall not be
affected or changed by his or her appointment as fire commissioner or
deputy fire commissioner, as the case may be.
(4) For the purposes of this subchapter, an improved benefits plan
member serving as a fire commissioner or deputy fire commissioner whose
membership is continued pursuant to the applicable provisions of
paragraph one or paragraph two of this subdivision or whose membership
is restored pursuant to the applicable provisions of section 13-371 or
section 13-372 of this subchapter shall, during the period of such
continuance or restoration of membership, be deemed to be a member of
the uniformed force of the fire department and his or her service as
fire commissioner or deputy fire commissioner during such period shall
be deemed service in such force.
Section 13-315
§ 13-315 Plan membership; original plan, improved benefits plan. a.
Each person who is a member of the pension fund on the date next
preceding the starting date of the improved benefits plan (as such
starting date is defined in subdivision twenty-seven of section 13-313
of this subchapter) shall be entitled to the rights, benefits and
privileges and be subject to the obligations of the original plan (as
defined in subdivision four-a of such section 13-313), unless and until
he or she elects, pursuant to the applicable provisions of this
subchapter, to be an improved benefits plan member (as defined in
subdivision four-f of such section 13-313).
b. Except in the case of re-entry pursuant to section 13-319 and as
otherwise provided in this subchapter, each person who becomes or again
becomes a member of the pension fund on or after the starting date of
the improved benefits plan shall be entitled to the rights, privileges
and benefits and be subject to the obligations of the improved benefits
plan and shall not be entitled to the rights, privileges and benefits or
be subject to the obligations of the original plan.
c. Any original plan member, who is in city-service at the time of
filing an application to become an improved benefits plan member as
hereinafter provided in this subdivision c, may, by a written
application duly executed and filed with the board on or after the
starting date of the improved benefits plan (as such starting date is
defined in subdivision twenty-seven of section 13-313 of this
subchapter) and prior to the date next succeeding the date six months
after such starting date, or on or after the effective date of
subdivision m of this section and prior to January first, nineteen
hundred eighty-three, elect to terminate his or her status as an
original plan member and become entitled to the rights, benefits and
privileges and be subject to the obligations of the improved benefits
plan.
d. Any original plan member who files an application pursuant to
subdivision c of this section shall cease to be an original plan member
at the end of the day next preceding the starting date of the improved
benefits plan and shall become an improved benefits plan member as of
such starting date.
e. Any original plan member, who is in city-service at the time of
filing an application to become an improved benefits plan member as
hereinafter provided in this subdivision e, may, by a written
application duly executed and filed with the board during any subsequent
period for election of the improved benefits plan (as defined in
subdivision twenty-two of section 13-313 of this subchapter), elect to
terminate his or her status as an original plan member and become
entitled to the rights, privileges and benefits and be subject to the
obligations of the improved benefits plan.
f. Any original plan member who files an application pursuant to
subdivision e of this section shall cease to be an original plan member
at the end of the day next preceding the date of filing of such
application and shall become an improved benefits plan member commencing
on such date of filing.
g. Any election to be an improved benefits plan member made pursuant
to the provisions of this section shall be irrevocable.
h. The status of an original plan member, who elects to become an
improved benefits plan member pursuant to the provisions of this
section, with respect to applicability or inapplicability of the
provisions of article eleven of the retirement and social security law
to him or her as a member of the pension fund, shall not be affected or
changed by such election.
i. Beginning with the payroll period, the first day of which coincides
with or next occurs after the date or commencement of the status of an
elective improved benefits plan member as such a member, as prescribed
by the applicable provisions of this subchapter, there shall be deducted
from the compensation of each such member on each and every payroll of
such member for each and every payroll period a proportion of his or her
earnable compensation equal to the proportion which would have been
determined by the actuary, as of his or her date of inception of pension
fund membership (as defined in subdivision twenty of section 13-313 of
this subchapter), as his or her rate of member contribution (before
reduction on account of increased-take-home-pay) as a member of the
police pension fund maintained pursuant to subchapter two of chapter two
of this title, if, as of such date of inception of pension fund
membership, he or she had not become a member of this pension fund and
had instead become a member of such police pension fund; provided,
however, that if the foregoing provisions of this subdivision i would
otherwise require that such proportion be determined pursuant to the
provisions of subdivision a of section 13-225 of this title, as enacted
by local law number two of the city for nineteen hundred forty, such
proportion shall be determined by the actuary in the same manner as if,
as of such date of inception of pension fund membership, the provisions
of such subdivision a, as amended by local law number eighty-nine of the
city for nineteen hundred fifty-one, and been in effect, so that the
fraction to be used in such computation shall be twenty-five
seventy-fifths. Such proportion of compensation determined for any
elective improved benefits plan member pursuant to the provisions of
this subdivision i shall be computed to remain constant. The provisions
of section 13-327 of this subchapter shall apply to such deductions and
to each elective improved benefits plan member, except insofar as the
provisions of such section 13-327 are inconsistent with the provisions
of this subdivision i.
j. (1) Each elective improved benefits plan member shall be subject to
a contribution rate deficiency (as defined in subdivision twenty-one of
section 13-313 of this subchapter) unless and until the amount thereof
is paid in full to the pension fund.
(2) Each non-elective improved benefits plan member (as defined in
subdivision four-h of section 13-313 of this subchapter) who is or
becomes entitled under any provision of this subchapter to credit for
member service in the uniformed force of the fire department with
respect to any period:
(i) which precedes the date of the last commencement of his or her
membership in the pension fund as a non-elective improved benefits plan
member; and
(ii) with respect to which period he or she was required to make
member contributions to the pension fund; and
(iii) with respect to which period he or she made required member
contributions determined pursuant to section 13-325 of this subchapter,
as in effect before or on or after the effective date of this
subdivision;
shall be subject to a contribution rate deficiency, unless and until the
amount thereof has been paid in full to the pension fund.
(3) Any improved benefits plan discontinued member (as defined in
subdivision sixteen-d of such section 13-313) who, immediately prior to
the discontinuance of service which qualified him or her to become such
a member, was subject to a contribution rate deficiency, shall be
subject to such deficiency while he or she is an improved benefits plan
discontinued member, unless and until the amount thereof has been paid
in full to the pension fund.
(4) In any case where an original plan discontinued member (as defined
in subdivision sixteen of such section 13-313) becomes an improved
benefits plan discontinued member pursuant to the provisions of
paragraph six of subdivision i of section 13-360 of this subchapter, he
or she shall be subject to a contribution rate deficiency unless and
until the amount thereof has been paid in full to the pension fund.
(5) For the purpose of payment of a contribution rate deficiency or
any part thereof to the pension fund by an improved benefits plan member
who is subject to such a deficiency, such deficiency shall be deemed to
consist of:
(i) the amount thereof, without regular interest thereon, if such
member completed his or her minimum period for service retirement before
becoming an improved benefits plan member; or
(ii) the amount thereof, plus regular interest and special interest,
if any, thereon, from his or her date of commencement of contributions
as an improved benefits plan member (as defined in subdivision nineteen
of such section) 13-313 to (A) the date of completion of his or her
minimum period for service retirement, or (B) the date of payment, if
such member becomes an improved benefits plan member before completion
of his or her minimum period for service retirement.
(6) For the purpose of payment of a contribution rate deficiency or
any parts thereof to the pension fund by an improved benefits plan
discontinued member who is subject to such deficiency, such deficiency
shall be deemed to consist of the amount thereof, plus regular interest
and special interest, if any, thereon from the date of commencement of
contributions as an improved benefits plan member, as applicable to such
member, to and including the date next preceding the date of payment.
(7) No contribution rate deficiency which includes regular interest
and special interest, if any, thereon as provided for by paragraphs five
and six of this subdivision j shall be deemed paid unless the amount
thereof, together with such regular interest and special interest, if
any, is paid in full to the pension fund.
(8) Subject to the provisions of paragraphs five, six and seven of
this subdivision, each improved benefits plan member who is subject to a
contribution rate deficiency may, at any time while he or she is a
member, at his or her election pay to the pension fund the amount of
such deficiency or so much thereof as remains unpaid.
(9) Subject to the provisions of paragraph five of this subdivision,
at any time before the date of required commencement of payment of any
benefit payable to an improved benefits plan discontinued member who is
subject to a contribution rate deficiency, he or she may at his or her
election pay to the pension fund the amount of such deficiency or so
much thereof as remains unpaid.
(10) The board shall adopt rules and regulations governing the payment
of a contribution rate deficiency or the unpaid portion thereof in a
lump sum, in periodic installments or in such other manner as the board
shall prescribe; provided, however, that such rules and regulations
shall not conflict with the provisions of paragraphs five to nine,
inclusive, of this subdivision j.
k. For the purposes of section 13-342 of this subchapter (relating to
loans to members), the accumulated deductions of any elective improved
benefits plan member shall not be deemed to include any part of his or
her contribution rate deficiency remaining unpaid.
l. (1) Upon the filing of an application by an original plan member to
become an elective improved benefits plan member, an amount equal to his
or her accumulated contributions (as defined in subdivision seven of
section 13-313 of this subchapter), as such contributions were as of the
date next preceding the date of commencement of his or her status as an
elective improved benefits plan member, shall be transferred from the
contingent reserve fund to the credit of such member's account in the
annuity savings fund.
(2) In any case where a non-elective improved benefits plan member is
credited, immediately prior to becoming such a member, with accumulated
contributions, such contributions, upon his or her becoming such a
member, shall be transferred from the contingent reserve fund to the
credit of such member's account in the annuity savings fund.
m. (1) For the purposes of this subdivision m, the term "additional
contribution rate deficit" shall mean with respect to a retiree subject
to such a deficit under the provisions of paragraph four of this
subdivision m, an amount equal to the excess, if any, of (b) over (a),
where: (a) is the amount of the subsequent original plan member
accumulated contributions (as defined in subdivision six-c of section
13-313 of this subchapter) of such retiree (as such amount would be in
the absence of a loan), and (b) is the amount (a) would be if (i) the
contribution rate of such retiree on and after July first, nineteen
hundred eighty-one had been the rate which would be his or her normal
rate of contribution as an improved benefits plan member (as defined in
subdivision eighteen of such section 13-313 of this subchapter) and (ii)
regular and special interest had been credited on and added to such
retiree's hypothetical member contributions on and after such July first
resulting from such normal rate.
(2) For the purposes of this subdivision m, the term "additional
contribution rate deficit" shall mean with respect to a person who is
deemed to be an improved benefits plan discontinued member (as defined
in subdivision sixteen-d of section 13-313 of this subchapter) under the
provisions of paragraph eight of this subdivision and who is subject to
such a deficit under the provisions of paragraph nine of this
subdivision, an amount equal to the excess of (b) over (a), where: (a)
is the amount of the subsequent original plan member accumulated
contributions (as defined in subdivision six-c of such section 13-313)
of such person (as such amount would be in the absence of a loan) and
(b) is the amount (a) would be if (i) the contribution rate of such
person on and after July first, nineteen hundred eighty-one had been the
rate which would be his or her normal rate of contribution as an
improved benefits plan member (as defined in subdivision eighteen of
such section 13-313) and (ii) regular and special interest had been
credited on and added to such person's hypothetical member contributions
on and after such July first resulting from such normal rate.
(3) Notwithstanding any other provision of law to the contrary, in any
case where, during the period beginning on July second, nineteen hundred
eighty-one and ending on the date thirty days after the effective date
of this subdivision m, any member was or shall be retired for service or
superannuation or for ordinary or accident disability, and at the time
of such retirement, such member was or shall be an original plan member,
such retiree may, by a written application duly executed and filed with
the board on or after the effective date of this subdivision and prior
to January first, nineteen hundred eighty-three, elect the applicable
benefits of this subdivision. Any retiree who makes such election (a)
shall be deemed to have become an improved benefits plan member,
effective July first, nineteen hundred eighty-one, (b) shall be deemed
to have been retired, on the effective date of his or her retirement, as
an improved benefits plan member and (c) shall be entitled to receive,
as of the effective date of his or her retirement and in lieu of any
other retirement allowance to which he or she would have been entitled
if he or she had not made such election, a retirement allowance
determined (subject to the provisions of paragraph four of this
subdivision m) for him or her in the same manner as if, where such
retirement occurred during the period beginning on July second, nineteen
hundred eighty-one and ending on January first, nineteen hundred
eighty-two, such retiree, on the date next preceding the effective date
of his or her retirement, had elected to be an improved benefits plan
member, or as if, where such retirement occurred or occurs during the
period beginning on January second, nineteen hundred eighty-two and
ending on the date thirty days after the effective date of this
subdivision m, the provisions of this subchapter had permitted such
retiree, on the date next preceding the effective date of his or her
retirement, to elect to be an improved benefits plan member, effective
July first, nineteen hundred eighty-one, and he or she had made such
election on such next preceding date.
(4) A retiree who makes such election pursuant to paragraph three of
this subdivision m shall be subject to a contribution rate deficiency
(as defined in subdivision twenty-one of section 13-313 of this
subchapter) unless and until the amount thereof is paid to the pension
fund in the manner provided for in paragraph five of this subdivision,
and in any case where any such retiree had not completed his or her
minimum period for service retirement prior to July first, nineteen
hundred eighty-one, he or she shall also be subject to an additional
contribution rate deficit (as defined in paragraph one of this
subdivision m ), unless and until the amount thereof is paid to the
pension fund in the manner provided for in such paragraph five. The
provisions of paragraphs five and seven of subdivision j of this section
shall apply to the determination and payment of the amount of the
contribution rate deficiency of any retiree making such election. The
rules and regulations adopted pursuant to paragraph ten of subdivision j
of this section shall not apply to payment of any such contribution rate
deficiency.
(5) A retiree who makes such election may elect to pay to the pension
fund, in the manner hereinafter provided for in this paragraph five, the
whole or any part of the contribution rate deficiency to which he or she
is subject or the whole or any part of any additional contribution rate
deficit to which he or she is subject. Any such payment, if elected by
such retiree, shall be completed no later than the date of filing of
such retiree's applicable under paragraph three of this subdivision m
electing the application benefits hereof.
(6) For the purpose only of determining the pension portion of the
retirement allowance for the required minimum period of service of any
retiree retired for service or superannuation who has filed an election
application pursuant to paragraph three of this subdivision m:
(i) in any case where such retiree is subject to a contribution rate
deficiency which remains unpaid in whole or in part, the annuity
computed for such retiree pursuant to paragraph one of subdivision a of
section 13-359 of this subchapter shall be computed as it would be under
assumptions (i) to (iv) inclusive, of subparagraph (a) of such paragraph
one and in addition, as such annuity would be if an amount equal to the
whole or any part of such contribution rate deficiency remaining unpaid
as of the date of the filing of such retiree's election of the
applicable benefits of this subdivision pursuant to paragraph three
thereof had been paid to the pension fund on the earlier of (A) such
member's date of commencement of contributions as an improved benefits
plan member (as defined in subdivision nineteen of section 13-313 of
this subchapter) or (B) the date next following the date of termination
of such member's required minimum period of service; and
(ii) in any case where such retiree is subject to an additional
contribution rate deficit which remains unpaid in whole or in part, such
annuity computed for such retiree shall be computed as it would be under
assumptions (i) to (iv), inclusive, of such subparagraph (a) and in
addition, as such annuity would be if an amount equal to the whole or
any part of such additional contribution rate deficit remaining unpaid
as of the date of the filing of such member's election of the applicable
benefits of this subdivision pursuant to paragraph three thereof had
been paid to the pension fund on the date next following the date of
completion of such member's required minimum period of service.
(7) For the purpose only of determining the pension portion of the
retirement allowance payable to any retiree retired for ordinary
disability who has filed an election application pursuant to paragraph
three of this subdivision m:
(i) in any case where such retiree is subject to a contribution rate
deficiency which remains unpaid in whole or in part, the annuity
computed for such retiree pursuant to paragraph one of subdivision a of
section 13-363 of this subchapter shall be computed as it would be under
assumptions (i) to (iv), inclusive, of subdivision b of such section,
and in addition, as such annuity would be if an amount equal to the
whole or any part of such contribution rate deficiency remaining unpaid
as of the date of filing of such member's election of the applicable
benefits of this subdivision pursuant to paragraph three thereof had
been paid to the pension fund on the earlier of (A) the date of
commencement of contributions as an improved benefits plan member (as
defined in subdivision nineteen of section 13-313 of this subchapter) or
(B) the date next following the date of completion of such member's
minimum period for service retirement; and
(ii) in any case where such retiree is subject to an additional
contribution rate deficit which remains unpaid in whole or in part, such
annuity computed for such retiree shall be computed as it would be under
assumptions (i) to (iv), inclusive, of such subdivision b and in
addition, as such annuity would be if an amount equal to the whole or
any part of such additional contribution rate deficit remaining unpaid
as of the date of such member's election of the applicable benefits of
this subdivision pursuant to paragraph three thereof had been paid to
the pension fund on the earlier of (A) the date of completion of such
retiree's minimum period for service retirement or (B) the day next
preceding the effective date of such retiree's retirement.
(8) Notwithstanding any other provision of law to the contrary, in any
case where, during the period beginning on July second, nineteen hundred
eighty-one and ending on the date thirty days after the effective date
of this subdivision m, any original plan member discontinued or shall
discontinue service so as to acquire a vested right to a deferred
retirement allowance under section 13-360 of this subchapter, such
original plan discontinued member (as defined in subdivision sixteen of
section 13-313 of this subchapter) may, by a written application duly
executed and filed with the board on or after the effective date of this
subdivision and prior to January first, nineteen hundred eighty-three,
elect the applicable benefits of this subdivision. Any such person
making such election (a) shall be deemed to have elected to become an
improved benefits plan member, effective July first, nineteen hundred
eighty-one, (b) shall be deemed to have discontinued service, as of the
date of such discontinuance of service as an original plan member, so as
to become an improved benefits plan discontinued member (as defined in
subdivision sixteen-d of such section 13-313) and (c) shall be entitled
to receive, in lieu of any other deferred retirement allowance to which
he or she would have been entitled if he or she had not made such
election, a deferred retirement allowance determined for him or her
(subject to the provisions of paragraph nine of this subdivision) in the
same manner as, and payable at the same time as if, where such
discontinuance of service occurred during the period beginning on July
second, nineteen hundred eighty-one and ending on January first,
nineteen hundred eighty-two, such person, on the date next preceding the
date of his or her discontinuance of service, had elected to be an
improved benefits plan member, or as if, where such discontinuance of
service occurred or occurs during the period beginning on January
second, nineteen hundred eighty-two and ending on the date thirty days
after the effective date of this subdivision, the provisions of this
subchapter had permitted such person, on the date next preceding the
date of his or her discontinuance of service, to elect to be an improved
benefits plan member, effective July first, nineteen hundred eighty-one,
and he or she had made such election on such next preceding date.
(9) A person who is deemed to be an improved benefits plan
discontinued member by reason of an election made pursuant to paragraph
eight of this subdivision m shall be subject to a contribution rate
deficiency (as defined in subdivision twenty-one of section 13-313 of
this subchapter) and he or she shall also be subject to an additional
contribution rate deficit (as defined in paragraph two of this
subdivision), unless and until the amounts of such deficiency and
deficit are paid to the pension fund in the manner provided for in
paragraph ten of this subdivision. The provisions of paragraphs six and
seven of subdivision j of this section shall apply to the determination
and payment of the amount of the contribution rate deficiency of any
such person deemed to be an improved benefits plan discontinued member.
(10) (i) A person deemed to be an improved benefits plan discontinued
member by reason of an election made pursuant to paragraph eight of this
subdivision m may elect to pay to the pension fund, in the manner
prescribed by subparagraph (ii) of this paragraph ten the whole or any
part of the contribution rate deficiency and/or additional contribution
rate deficit to which he or she is subject.
(ii) The board shall adopt rules and regulations governing the payment
of any such contribution rate deficiency or additional contribution rate
deficit or unpaid portion thereof in a lump sum, in periodic
installments or in such other manner as the board shall prescribe,
provided, however, that any such payment, if elected by any such person
deemed to be an improved benefits plan discontinued member, shall be
completed no later than the later of (A) the date of filing of such
person's application under paragraph eight of this subdivision electing
the applicable benefits hereof, or (B) the date of required commencement
of payment of benefits to such person under the provisions of section
13-361 of this subchapter.
(11) For the purpose only of determining the pension portion (payable
pursuant to paragraph two of subdivision c of section 13-361 of this
subchapter) of the deferred retirement allowance payable to a person
deemed to be an improved benefits plan discontinued member by reason of
an election made pursuant to paragraph eight of this subdivision m, the
annuity computed for such person pursuant to paragraph one of such
subdivision c shall be computed as it would be under assumptions one to
five, inclusive, of subdivision d of such section 13-361 and in
addition, as it would be in an amount equal to the additional
contribution rate deficit of such person had been paid to the pension
fund on the day next preceding the date of such person's discontinuance
of service which qualified him or her as an original plan discontinued
member.
(12) An election made pursuant to paragraph three or paragraph eight
of this subdivision m shall be irrevocable.
(13) Nothing contained in this subdivision m shall affect the
applicability of section eleven hundred seventeen of the charter or
section 13-356 or section 13-357 of this subchapter or article seven of
the retirement and social security law to any person making such an
election.
(14) The privilege of making an election pursuant to paragraph three
or paragraph eight of this subdivision m shall not apply to and may not
be exercised by the estate, personal representatives, distributees or
beneficiaries of any deceased person.
(15) (i) In any case where a retiree files an application electing the
applicable benefits of this subdivision m pursuant to the provisions of
paragraph three hereof, or an original plan discontinued member (as
defined in subdivision sixteen of section 13-313 of this subchapter)
files an application electing the applicable benefits of this
subdivision pursuant to the provisions of paragraph eight hereof, and
prior to the filing of such application, the period had expired wherein
such retiree or original plan discontinued member was entitled to select
an option with respect to the original plan retirement allowance to
which he or she was entitled prior to the filing of such application,
neither such retiree nor discontinued member nor any person who would
otherwise be entitled to select an option in behalf of such retiree or
discontinued member shall have any other or further period for selection
of an option or for a choice or election that a maximum retirement
allowance be paid.
(ii) In any such case wherein the period for selection of an option
expired as described in subparagraph (a) of this paragraph fifteen, any
option selected prior to such expiration by or on behalf of any such
retiree or discontinued member in relation to his or her original plan
retirement allowance or any choice or election prior to such expiration
by or on his or her behalf that the maximum of such original plan
retirement allowance shall be paid, shall apply to the improved benefits
plan retirement allowance to which such retiree or discontinued member
becomes entitled by reason of the filing of such application under
paragraph three or paragraph eight, as the case may be, of this
subdivision.
(16) The status of any person who files an application electing the
applicable benefits of this subdivision m pursuant to the provisions of
paragraph three or paragraph eight hereof with respect to applicability
or inapplicability of the provisions of article eleven of the retirement
and social security law shall not be affected or changed by such
election.
Section 13-316
§ 13-316 Board of trustees. a. A board of trustees shall be the head
of the New York fire department pension fund subchapter two, and,
subject to the provisions of law and to the prior approval of the board
of estimate, from time to time shall establish rules and regulations for
the administration and transaction of the business of such fund and for
the control and disposition thereof. Such board shall consist of:
1. The fire commissioner who shall be chairperson of the board and who
shall be entitled to cast three votes.
2. The comptroller of the city who shall be entitled to cast three
votes.
3. A representative of the mayor who shall be appointed by the mayor
and who shall be entitled to cast three votes.
4. The commissioner of finance of the city who shall be entitled to
cast three votes.
5. The president of the uniformed firefighters' association of greater
New York who shall be entitled to cast two votes.
6. The vice-president of the uniformed firefighters' association of
greater New York who shall be entitled to cast two votes.
7. The treasurer of the uniformed firefighters' association of greater
New York who shall be entitled to cast two votes.
8. The chairperson of the board of trustees of the uniformed
firefighters' association of greater New York who shall be entitled to
cast two votes.
9. Three elected members of the executive board of the uniformed fire
officers' association of the fire department, city of New York, of whom
one shall be an officer of the said department with rank above that of
captain and shall be entitled to cast one vote; another shall be a
captain of the said department and shall be entitled to cast one vote;
another shall be a lieutenant of the said department and shall be
entitled to cast one and one-half votes.
10. The president of the uniformed pilots and marine engineers
association, fire department, city of New York, who shall be entitled to
cast one-half vote.
11. (i) Where, during any six-month period during a fiscal year, as
defined in subdivision three of section 13-382 of the code, the equity
portion of the assets of the pension fund is less than forty-five
percent, subparagraph (ii) of this paragraph eleven 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 eleven. Each such representative shall be entitled to cast two
votes 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.
b. Subject to the provisions of subdivision b-1 of this section, every
act of the board of trustees shall be by resolution which shall be
adopted only by a vote of at least seven-twelfths of the whole number of
votes authorized to be cast by all of the members of such board.
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 eight-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.
c. The fire commissioner shall assign to the board of trustees a
sufficient number of clerical and other assistants to permit the board
efficiently to exercise their powers and to perform their duties.
d. Any member of the board referred to in paragraphs five, six, seven,
eight and ten, respectively, of subdivision a of this section, shall be
members of the uniformed force and may authorize in writing at any time
any other officer of the respective associations to represent him or her
on such board in the event of his or her absence or disability,
provided, however, that the by-laws or constitution of such respective
associations provide for designation of a representative in such event.
Section 13-317
§ 13-317 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.
Section 13-318
§ 13-318 Credit for service. a. Subject to the following and to all
other provisions of this subchapter, including such rules and
regulations as such board shall adopt in pursuance thereof, such board
shall determine and may modify allowances for service.
b. Such board shall fix and determine how much service rendered in any
year shall be the equivalent of a year of service and of parts thereof,
but shall credit one year for two hundred fifty or more days of service
and not more than one year for all service in any calendar year.
c. Time during which a member was absent on leave without pay shall
not be allowed in computing service as a member except as to time
subsequent to approval of such allowance for retirement purposes granted
by the commissioner and approved by such board. Time during which a
member was on a preferred civil service list for firefighter shall not
be construed to form part of the period within which membership must
begin.
d. (1) Any person who was a member of the New York city employees'
retirement system and whose membership therein was terminated by his or
her attaining membership in the fire department pension fund, subchapter
two, and who had withdrawn his or her contributions to the New York city
employees' retirement system shall receive credit in the said fire
department pension fund for prior creditable city service by paying into
the annuity savings fund of the said fire department pension fund the
amount of the employee contributions required to have been paid into the
New York city employees' retirement system for such prior creditable
city service, prior to July first, nineteen hundred eighty-two.
Subject to the provisions of paragraphs two and three of this
subdivision, no member of the said fire department pension fund shall be
eligible for retirement for service until he or she has served in the
fire department for a minimum period of twenty or twenty-five years, or
until he or she has reached the age of fifty-five, according to the
minimum period or age of retirement elected by such member prior to the
certification of his or her rate of contribution.
(2) (a) Subject to the provisions of subparagraph (b) of this
paragraph any 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 uniformed force of
the fire department, 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 the agreement dated October twenty-seventh, two thousand five, among
the city of New York, the uniformed firefighters association and the
uniformed fire officers association, which immediately precedes service
in the uniformed force of the fire department, 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 uniformed
force of the fire department, 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 uniformed force of the
fire department for purposes of eligibility for benefits and to
determine the amount of benefits under the fire department 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 fire department pension fund
became or becomes earlier than such date would have been or would be if
such credit for such 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 fire department 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 fire department 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 fire 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.
e. Any improved benefits plan member who was a member of the board of
education retirement system and whose membership therein was terminated
by his or her attaining membership in this pension fund shall receive
credit in such pension fund for prior creditable city-service by paying
into the annuity savings fund of such pension fund the amount of the
employee contributions required to have been paid into the board of
education retirement system for such prior creditable city-service,
within one year after becoming a member of such pension fund, and shall
have the period of such prior creditable city-service counted as service
as a firefighter for the purpose only of determining the amount of his
or her pension or retirement allowance, provided, however, that no
member of such pension fund shall be eligible for retirement for service
until he or she has served in the uniformed force of the department for
a minimum period of twenty or twenty-five years, according to the
minimum period elected by such member prior to the certification of his
or her rate of contribution.
f. The rights and privileges of any original plan member subject to
article eleven (as defined in subdivision four-d of section 13-313 of
this subchapter) or improved benefits plan member subject to article
eleven (as defined in subdivision four-j of such section 13-313) under
the preceding subdivisions of this section shall be as prescribed by
such provisions, except to the extent and in the manner that any such
provision is modified by article eleven.
g. (1) Upon election, any member of the fire department pension fund,
of this subchapter, who was a member of the New York city employees'
retirement system while employed as a New York city police department
trainee shall receive credit in the said fire department pension fund,
of this subchapter, for prior creditable service in the New York city
employees' retirement system earned while employed as a New York city
police department police trainee by paying into the annuity savings fund
of said fire department pension fund additional member contributions
plus interest which would have been paid or credited had such member
been a member of the fire department pension fund, of this subchapter,
from his or her last date of appointment as a New York city police
department trainee or date of membership in the New York city employees'
retirement system, whichever is later, provided such payment is made
within one year after this subdivision shall take effect, and the period
of such prior service credit shall be deemed to be service in the fire
department for purposes of eligibility for benefits and to determine the
amounts of benefits under the fire department pension fund.
(2) A member of the fire department pension fund, of this subchapter,
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 fire department.
h. Any member of the city of New York fire department pension fund who
by reason of simultaneous membership in two public retirement systems,
would have been entitled to transfer membership in a public retirement
system pursuant to any provision of law, but failed to make a timely
election to do so shall be entitled to transfer such membership if
written notice is given to the first retirement system joined no later
than one year subsequent to the effective date of this subdivision. A
member who provides such notice may file a written request for
retroactive membership in the fire department pension fund within three
years of the effective date of this subdivision. The additional cost due
to the retroactive membership shall be borne by the first retirement
system.
Section 13-319
§ 13-319 Re-entry into membership after withdrawal of contributions.
a. Subject to the provisions of subdivision c of this section, if an
original plan member has received benefits under subdivision a of
section 13-343 of this subchapter, his or her member-service credit at
the time of leaving service shall be restored in full provided such
member return to service within five years after leaving service and
redeposits the total amount so withdrawn.
b. Subject to the provisions of subdivision c of this section, if an
improved benefits plan member has received benefits under subdivision b
of such section 13-343, his or her member-service credit at the time of
leaving service shall be restored in full provided such member return 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 or her age on re-entry to service.
c. The rights and privileges of any original plan member subject to
article eleven (as defined in subdivision four-d of section 13-313 of
this subchapter) under subdivision a of this section and the rights and
privileges of any improved benefits plan member subject to article
eleven (as defined in subdivision four-j of such section 13-313) under
subdivision b of this section shall be as prescribed by the provisions
of such subdivision a or subdivision b, as the case may be, except to
the extent and in the manner that any such provision is modified by
article eleven.
Section 13-320
§ 13-320 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.
Section 13-321
§ 13-321 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 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. Upon the basis of such
investigation and valuation such board shall:
1. Adopt for the pension fund such mortality, service and other tables
as shall be deemed necessary; and
2. Certify the rates of deduction from compensation computed to be
necessary to pay the annuities authorized under the provisions of this
subchapter.
Section 13-322
§ 13-322 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, annuities and retirement allowances.
Section 13-323
§ 13-323 Medical board. a. (1) There shall be a medical board of three
physicians. One of such physicians shall be appointed by the board and
shall hold office at the pleasure of such board, one shall be appointed
by the commissioner of health and mental hygiene and shall hold office
at the pleasure of such commissioner, and the third shall be appointed
by the commissioner of citywide administrative services and shall hold
office at the pleasure of such commissioner.
(2) The board, the commissioner of health and mental hygiene and the
commissioner of citywide administrative services shall each have power
to appoint three alternate physicians, who shall hold office at the
pleasure of such appointing board or official. Whenever the board of
trustees of the pension fund 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 mental
hygiene and one by the commissioner of citywide administrative services.
b. The medical board shall arrange for and shall pass upon all medical
examinations required under the provisions of this subchapter, shall
investigate all essential statements and certifications by or on behalf
of a member in connection with an application for disability retirement,
and shall report to the board its conclusions and recommendations
thereon.
Section 13-324
§ 13-324 The funds; component funds. The funds provided for herein are
the retirement allowance reserve fund, 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.
Section 13-325
§ 13-325 Contributions by original plan members. a. (1) The retirement
allowance accumulation fund, as established by the provisions of this
subdivision as in effect prior to the starting date of the improved
benefits plan (as such date is defined in subdivision twenty-seven of
section 13-313 of this subchapter), shall cease to exist on such
starting date.
(2) There shall be transferred from such retirement allowance
accumulation fund to the contingent reserve fund established by sections
13-324 and 13-331 of this subchapter all assets of the retirement
allowance accumulation fund as of such starting date, including the
obligation represented by all unpaid amounts which are due and payable
to the retirement allowance accumulation fund up to and including such
date pursuant to the rates of member deduction and city contribution
certified under section 13-321 of this subchapter prior to such date.
Any such unpaid amounts which constitute assets of the retirement
allowance accumulation fund as of such starting date and which are due
from and payable by the city shall be appropriated and paid by the city
pursuant to the provisions of this section and section 13-334 of this
subchapter as in effect immediately prior to such date.
(3) Of such transferred amount, the prior original plan member
accumulated contributions (as defined in subdivision six-b of section
13-313 of this subchapter), as of such starting date, of each original
plan member shall be transferred to his or her credit in an individual
account in the contingent reserve fund.
b. (1) Subject to the provisions of paragraph two of subdivision c of
this section, on and after such starting date, each original plan member
shall contribute to the pension fund, through deductions from his or her
compensation as provided for by paragraph one of such subdivision c, a
proportion of his or her earnable compensation (before reduction of such
proportion on account of any program for increased-take-home-pay in
effect) equal to the proportion of his or her earnable compensation
(before reduction on account of any program for increased-take-home-pay
in effect) which he or she was required to contribute to the pension
fund as of the date next preceding such starting date.
(2) The normal rate of contribution as an original plan member (as
defined in subdivision seventeen of section 13-313 of this subchapter)
of any original plan member shall continue unchanged while he or she is
an original plan member.
(3) The cash benefits payable under the provisions of this subchapter
to, or upon the death of, an original plan member in active service
shall be paid from the contingent reserve fund. Upon the retirement of
an original plan member, or upon his or her death in the performance of
duty, an amount equal to the retirement allowance reserve for the
retirement allowance payable on account of his or her city-service as a
member, shall be transferred from the contingent reserve fund to the
retirement allowance reserve fund.
c. (1) Such board shall certify to the commissioner who shall deduct
from the compensation of each original plan member on each and every
payroll of such member for each and every payroll period, the proportion
of his or her earnable compensation which he or she is required to
contribute to the pension fund as provided for by subdivision b of this
section, provided that such proportion shall be reduced on account of
any program for increased-take-home-pay to the extent and for the period
prescribed by any laws providing for such a reduction for members of the
pension fund, as applicable to such member. In determining the amount
earnable by a member in a payroll period, such board may consider the
rate of compensation payable to such member on the first day of the
payroll period as continuing throughout such payroll period and such
board may omit deductions from compensation for any period less than a
full payroll period if an employee was not a member on the first day of
the payroll period. To facilitate the making of deductions, such board
may modify the contribution required of any member by such an amount as
shall not exceed one-tenth of one per cent of the compensation upon the
basis of which such contribution is to be made. The deductions provided
herein shall be made notwithstanding that the minimum compensation
provided by law for any member shall be reduced thereby. Every member
shall be deemed to consent and agree to the reductions made and provided
for herein and shall receipt in full for his or her 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 person 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. The
commissioner shall certify to the comptroller on each and every payroll
the amounts to be deducted. Each of such amounts shall be deducted and
when deducted shall be paid into the contingent reserve fund, and shall
be credited to an individual account of the member from whose
compensation such deduction was made.
(2) Notwithstanding any other provision of law to the contrary, in the
case of any original plan member whose years of fire service credited to
him or her equal or exceed the minimum period for service retirement
elected by him or her, that part of any earnable compensation of such
member earned after completion of such minimum period and on or after
July first, nineteen hundred sixty-nine, which part is obtained by
multiplying such compensation by the excess, if any, of his or her
normal rate of contribution as an original plan member (as defined in
subdivision seventeen of section 13-313 of this subchapter) rate over
five per cent, shall not be deducted under subdivision b of this section
and paragraph one of this subdivision c. Nothing contained in this
paragraph two shall affect or impair any rights conferred upon any such
member by section 13-326 of this subchapter.
d. In addition to the contributions from compensation hereinbefore
provided, any original plan member may redeposit in the contingent
reserve fund by a single payment an amount equal to the total amount
which he or she withdrew previously therefrom as provided in this
subchapter. Such additional amount so deposited shall become a part of
his or her accumulated contributions. The accumulated contributions of
an original plan member withdrawn as provided in this subchapter shall
be paid out of the contingent reserve fund.
Section 13-326
§ 13-326 Pension-for-increased-take-home-pay. a. 1. 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
contribution of each member made pursuant to section 13-325, shall be
reduced by two and one half percentum of the compensation of such
member. Such executive order may also provide 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
date of adoption of such executive order.
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 section
13-325, shall be reduced by two and one-half percentum of the
compensation of such member.
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 section 13-325 of this
subchapter shall be reduced by two and one-half percentum of the
compensation of such member.
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 section 13-325 of this
subchapter shall be reduced by two and one-half percentum of the
compensation of such member.
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 section 13-325 of this subchapter shall be reduced by two
and one-half percentum of the compensation of such member.
6. (a) Subject to the provisions of subparagraph b of this paragraph,
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 to June
thirtieth, nineteen hundred sixty-eight, the contribution of each member
made pursuant to section 13-325 of this subchapter shall be reduced by
two and one-half percentum of the compensation of such member.
(b) The reduction provided for by subparagraph a of this paragraph
shall be in addition to any reduction made during the period mentioned
in such subparagraph a pursuant to paragraphs four or five of this
subdivision a. The amount of the reduction made pursuant to subparagraph
a of this paragraph in the deductions of any such member for such
portion of the period mentioned in such subparagraph as precedes the
effective date of this paragraph shall be refunded without interest.
(c) 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 section 13-325 of this
subchapter shall be reduced by five percentum of the compensation of
such member.
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 section 13-326 of this subchapter shall be reduced by five
per centum of the compensation of such member.
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 section
13-326 of this subchapter shall be reduced by five percentum of the
compensation of such member.
b. For such period of time as the reduction pursuant to the provisions
of subdivision a of this section and subdivision b of section four
hundred eighty of the retirement and social security law shall be in
effect, contributions shall be made to the contingent reserve fund by
the city, in addition to the city contributions required by section
13-331 of this subchapter, in an amount equal to the amount of the
reduction in the contributions of such member pursuant to this section
and subdivision b of section four hundred eighty of the retirement and
social security law.
c. The benefits provided pursuant to paragraph one of subdivision a of
this section shall apply only to members of the pension fund who are in
active service in the uniformed force of the fire department on or after
the date of adoption of the executive order of the mayor pursuant to
such paragraph one.
d. The reduction of the contribution of each original plan member on
account of increase-take-home-pay shall be in the amount and for the
period prescribed by the program provided for by the preceding
subdivisions of this section and subdivision b of section four hundred
eighty of the retirement and social security law.
e. (1) Subject to the provisions of the succeeding paragraphs of this
subdivision e, the contribution of each improved benefits plan member
pursuant to the applicable provisions of section 13-315 of this
subchapter and/or subdivision b of section 13-327 of this subchapter
shall be reduced in the amount and for the period prescribed by the
program provided for by the preceding subdivisions of this section and
subdivision b of section four hundred eighty of the retirement and
social security law.
(2) (i) In the case of any elective improved benefits plan member (as
defined in subdivision four-g of section 13-313 of this subchapter)
whose election of such plan becomes effective on the starting date of
the improved benefits plan (as such date is defined in subdivision
twenty-seven of such section 13-313) and prior to the termination of
such reduction as provided for in subdivision b of section four hundred
eighty of the retirement and social security law, such reduction
pursuant to paragraph one of this subdivision e shall begin on such
starting date.
(ii) In the case of any elective improved benefits plan member whose
election of such plan becomes effective after such starting date and
prior to such time of termination, such reduction pursuant to paragraph
one of this subdivision shall begin on the effective date of such
election.
(iii) In the case of any non-elective improved benefits plan member
(as defined in subdivision four-h of such section 13-313) whose
membership in the pension fund begins on or after such starting date and
prior to such time of termination, such reduction pursuant to paragraph
one of this subdivision shall begin on the date of commencement of the
membership of such member in the pension fund.
(iv) Such reduction shall end, in the case of each such elective
improved benefits plan member or non-elective improved benefits plan
member above referred to in this paragraph two, at such time of
termination provided for in subdivision b of section four hundred eighty
of the retirement and social security law.
(3) The contribution of each improved benefits plan member which is
made pursuant to the applicable provisions of section 13-315 of this
subchapter and/or subdivision b of section 13-327 of this subchapter and
which is reduced as provided for in this subdivision e shall be
exclusive of any increase thereof pursuant to subdivisions c and d of
such section 13-327 or any reduction thereof pursuant to subdivision one
of section one hundred thirty-eight-b of the retirement and social
security law.
(4) The reduction of the contribution of each improved benefits plan
member as prescribed by the preceding provisions of this subdivision
shall be subject to waiver of such member as provided in paragraph seven
of this subdivision 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) For such period of time as the reduction pursuant to the
provisions of the preceding paragraphs of this subdivision shall be in
effect with respect to an improved benefits plan member, contributions
shall be made to the contingent reserve fund by the city at a rate fixed
by the actuary, which shall be computed to be sufficient to provide (i)
the pension-providing-for-increased-take-home-pay which is or may become
payable on account of such member as an improved benefits plan member,
and (ii) the death benefit which is or may become payable hereunder in
the case of any such member who is an improved benefits member not
subject to article eleven (as defined in subdivision four-i of section
13-313 of this subchapter).
(6) Such a death benefit and such a
pension-providing-for-increased-take-home-pay payable with respect to an
improved benefits plan member shall be based on a
reserve-for-increased-take-home-pay, which shall be a sum consisting of
the total of all products obtained by multiplying the compensation of
the improved benefits plan member, during each period of reduction of
member contributions under the preceding paragraphs of this subdivision
by the percentage of reduction of his or her contributions applicable
thereunder with respect of such period, plus regular interest on such
sum, and additional interest, if any, thereon.
(7) Where an improved benefits plan member's rate of contribution is
reduced because the city contributes towards the
pension-providing-for-increased-take-home-pay pursuant to this section,
such improved benefits plan member may by written notice duly
acknowledged and filed with the pension fund within one year after such
reduction or within one year after he or she last became a member,
whichever is later, elect to waive such reduction. One year or more
after the filing thereof, an improved benefits plan member may withdraw
any such waiver by written notice duly acknowledged and filed with the
pension fund. Where an improved benefits plan member makes an election
to waive such reduction he or she shall contribute to the pension fund
as otherwise provided by the applicable provisions of section 13-315 of
this subchapter and/or section 13-322 of this subchapter.
(8) An improved benefits plan member who waives a reduction of
contribution pursuant to paragraph seven of this subdivision or who
elects or has elected to discontinue his or her contributions pursuant
to subdivision b of section 13-327 of this subchapter shall be entitled
to a pension-providing-for-increased-take-home-pay and death benefits in
the same cases and to the same extent as if such waiver or election had
not been made.
Section 13-327
§ 13-327 Contributions of improved benefits plan members and their
use; annuity savings fund. a. (1) The annuity savings fund shall be the
fund in which shall be accumulated deductions from the compensation of
improved benefits plan members to provide for their annuities and their
withdrawal allowances.
(2) Upon the basis of the tables herein authorized, and regular
interest, the actuary of such board shall determine for each
non-elective improved benefits plan member (as defined in subdivision
four-h of section 13-313 of this subchapter) the proportion of
compensation which, when deducted from each payment of his or her
prospective earnable compensation prior to his or her eligibility for
retirement and accumulated at regular interest upon the attainment of
the minimum period of service retirement elected by him or her, shall be
computed to provide, at that time, an annuity equal to twenty-five
seventy-fifths of the pension then allowable to him or her for service
as a member. Such proportion of compensation shall be computed to remain
constant.
(3) The proportion of earnable compensation required to be applied in
making deductions from the compensation of an elective improved benefits
plan member (as defined in subdivision four-g of section 13-313 of this
subchapter) shall be computed as provided for in subdivision i of
section 13-315 of this subchapter.
(4) In any case where the membership of any improved benefits plan
member is terminated and he or she thereafter acquires a status whereby,
under the applicable provisions of this subchapter, he or she is
required to make member contributions as an improved benefits plan
member consisting of a proportion of his or her earnable compensation
(before reduction on account of any program for increased-take-home-pay
in effect) other than the proportion of his or her earnable compensation
(before reduction on account of any such program) which, before such
termination of membership, was required to be deducted from his or her
earnable compensation as his or her member contributions, such new
proportion of his or her earnable compensation required to be deducted
as his or her member contributions as an improved benefits plan member
shall be fixed pursuant to the provisions of paragraph two of this
subdivision a and such subsequent required deductions from the
compensation of such member shall be made on the basis of such new
proportion of his or her earnable compensation.
b. Such board shall certify to the commissioner who shall deduct from
the compensation of each improved benefits plan member on each and every
payroll of such member for each and every payroll period, the proportion
of his or her earnable compensation so computed. Such board shall not
certify nor shall the commissioner make any deduction for annuity
purposes from the compensation of an improved benefits plan member who
elects not to contribute if his or her total service is such as would
entitle a new entrant to retire for service on a pension not less than
seventy-five per cent of one-half of his or her annual earnable
compensation on the date of retirement. In determining the amount
earnable by an improved benefits plan member in a payroll period, such
board may consider the rate of compensation payable to such member on
the first day of the payroll period as continuing throughout such
payroll period and such board may omit deductions from compensation for
any period less than a full payroll period if such an employee was not a
member on the first day of the period. To facilitate the making of
deductions, such board may modify the deduction required by any such
member of such amount as shall not exceed one-tenth of one per cent of
the compensation upon the basis of which such deduction is to be made.
The deductions provided herein shall be made notwithstanding that the
minimum compensation provided by law for any improved benefits plan
member shall be reduced thereby. Every improved benefits plan member
shall be deemed to consent and agree to the deductions made and provided
for by the applicable provisions of section 13-315 of this subchapter
and/or this section and shall receipt in full for his or her 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 person 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. The
commissioner shall certify to the comptroller on each and every payroll
the amounts to be deducted. Each of such amounts shall be deducted and
when deducted shall be paid into the annuity savings fund, and shall be
credited, together with regular interest, to an individual account of
the member from whose compensation such deduction was made. The method
of computation and deductions prescribed by this subdivision and
subdivision a of this section shall be appropriately modified in the
case of an improved benefits plan member for whom a rate is otherwise
fixed pursuant to section 13-326 of this subchapter.
c. In addition to the computed deductions, any improved benefits plan
member may elect to contribute at a rate fifty percentum in excess of
that heretofore provided, for the purpose of purchasing additional
annuity. In computing the amount of such additional rate any
modification of the normal rate pursuant to section 13-326 of this
subchapter shall be disregarded. These additional contributions shall be
credited to the annuity savings fund with regular interest. Such
additional contributions shall not enter into the computation for
allowance on ordinary disability retirement as described in section
13-352 of this subchapter. A member may elect to discontinue his or her
additional contributions at any time.
d. In addition to the deductions from compensation hereinbefore
provided, any improved benefits plan member may redeposit in the annuity
savings fund by a single payment an amount equal to the total amount
which he or she withdrew previously therefrom as provided in this
subchapter. Such amount so deposited shall become a part of his or her
accumulated deductions. The accumulated deductions of an improved
benefits plan member withdrawn as provided in this subchapter shall be
paid out of the annuity savings fund. Upon retirement of an improved
benefits plan member, his or her accumulated deductions shall be
transferred from such fund to the annuity reserve fund.
Section 13-327.1
** § 13-327.1 Employer pick up of member contributions. a.
Notwithstanding any other provision of law to the contrary, on and after
the starting date for pick up, the city shall:
(1) pick up and pay into the contingent reserve fund the original plan
member contributions eligible for pick up by the employer which each
original plan member would otherwise be required to make on and after
such starting date; and
(2) pick up and pay into the annuity savings fund the improved
benefits plan member contributions eligible for pick up by the employer
which each improved benefits plan member would otherwise be required to
make on and after such starting date.
b. An amount equal to the amount of such picked up contributions shall
be deducted by the city from the compensation of such member (as it
would be in the absence of a pick up program applicable to him or her
hereunder), and shall not be paid to such member. Such deduction shall
be effected by means of subtraction from such member's current
compensation (as so defined), or offset against future pay increases, or
a combination of such methods.
c. (1) * The member contributions picked up pursuant to this section
for any member shall be paid by the city in lieu of an equal amount of
the member contributions otherwise required to be paid by such member
under the provisions of this subchapter and shall be deemed to be and
treated as employer contributions pursuant to subsection h of section
four hundred fourteen of the United States internal revenue code, as
amended, for the purposes, under federal law, for which such subsection
h so classifies such picked up contributions. Subject to the provisions
of subdivision b of this section, for all other purposes, including but
not limited to:
* NB Effective until notice of ruling by Internal Revenue Service per
ch. 627/2007 §22
* The member contributions picked up pursuant to this section,
including any member contributions required to be made for the purchase
of credit for previous service or credit for military service pursuant
to subdivision e of this section, provided, however, that contributions
picked up for the purchase of credit for military service shall be
deposited in the employer contribution account in accordance with the
provisions of subdivision four of section one thousand of the retirement
and social security law, for any member shall be paid by the city in
lieu of an equal amount of the member contributions otherwise required
to be paid by such member under the provisions of this subchapter and
shall be deemed to be and treated as employer contributions pursuant to
subsection h of section four hundred fourteen of the United States
internal revenue code, as amended, for the purposes, under federal law,
for which such subsection h so classifies such picked up contributions.
Subject to the provisions of subdivision b of this section, for all
other purposes, including but not limited to:
* NB Takes effect upon notice of ruling by Internal Revenue Service
per ch. 627/2007 §22
(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 original plan
member contributions eligible for pick up by the employer or improved
benefits plan member contributions eligible for pick up by the employer,
as the case may be; 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 such compensation
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
participation 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.
d. (1) For the purpose of determining the pension fund rights,
benefits and privileges (including the procurement of loans) of any
member whose original plan member contributions eligible for pick up by
the employer or improved benefits plan member contributions eligible for
pick up by the employer are picked up pursuant to this section, such
picked up member contributions shall be deemed to be and treated (i) as
member contributions made by such member pursuant to law, and (ii) as
included in the total accumulated contributions (as defined in
subdivision seven of section 13-313 of this subchapter) of any such
member who is an original plan member, and (iii) as included in the
accumulated deductions (as defined in subdivision seven-a of such
section 13-313) of any such member who is an improved benefits plan
member.
(2) During any period wherein picked up member contributions of an
original plan member remain in the contingent reserve fund to the credit
of an individual account of such member pursuant to paragraph four of
this subdivision, interest shall not accrue or be payable on such picked
up contributions.
(3) Interest on the picked up member contributions of any improved
benefits plan member shall accrue in favor of such member and be payable
by the city at the same rate, for the same time periods, in the same
manner and under the same circumstances as interest would be required to
accrue in favor of the member and be payable by the city on such picked
up contributions if they were made by the member in the absence of an
employer pick up program applicable to such member under the provisions
of this section.
(4) The picked up member contributions of any original plan member
paid into the contingent reserve 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.
(5) The picked up member contributions of any improved benefits plan
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.
(6) 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.
* e. No member whose member contributions are required to be picked up
pursuant to this section shall have any right to elect that such pick up
of contributions, with accompanying deduction from the compensation of
such member as prescribed by subdivision b of this section, shall not be
effectuated.
* NB Effective until notice of ruling by Internal Revenue Service per
ch. 627/2007 §22
* e. Employer pick-up of contributions in respect of previous service
or military service. Notwithstanding any other provision of law, any
member eligible to purchase credit for previous service with a public
employer pursuant to this chapter or to purchase credit for military
service pursuant to article twenty of the retirement and social security
law, may elect to purchase any or all of such service by executing a
periodic payroll deduction agreement where and to the extent such
elections are permitted by the retirement system by rule or regulation.
Such agreement shall set forth the amount of previous service or
military service being purchased, the estimated total cost of such
service credit, and the number of payroll periods in which such periodic
payment shall be made. Such agreement shall be irrevocable, shall not
be subject to amendment or modification in any manner, and shall expire
only upon completion of payroll deductions required therein.
Notwithstanding the foregoing, any member who has entered into such a
payroll deduction agreement and who terminates employment prior to the
completion of the payments required therein shall be credited with any
service as to which such member shall have paid the contributions
required under the terms of such agreement.
* NB Takes effect upon notice of ruling by Internal Revenue Service
per ch. 627/2007 §22
* f. No member whose member contributions are required to be picked up
pursuant to this section shall have any right to elect that such pick up
of contributions, with accompanying deduction from the compensation of
such member as prescribed by subdivision b of this section, shall not be
effectuated.
* NB Takes effect upon notice of ruling by Internal Revenue Service
per ch. 627/2007 §22
** NB Expires per ch. 114/89 § 16
Section 13-328
§ 13-328 Contributions of improved benefits plan members and their
use; annuity reserve fund. The annuity reserve fund shall be the fund
from which shall be paid all annuities and all benefits in lieu of
annuities, payable to or on account of improved benefits plan members as
provided in this subchapter.
Section 13-329
§ 13-329 Contributions of members and their use; dependent benefit
reserve funds. a. The dependent benefit reserve fund shall be the fund
from which shall be paid all dependent benefits payable as provided in
section 13-355 of this subchapter.
b. The dependent benefit contingent reserve fund shall be the fund in
which shall be accumulated the contributions of members to create the
reserve necessary to pay all benefits provided in section 13-355 of this
subchapter.
c. Upon the basis of the mortality and other tables herein authorized,
and regular interest, the actuary shall compute the amount of
contributions, expressed as a proportion of the compensation paid to
each such member, which, if paid semi-monthly during the entire
prospective city-service of the member, would be sufficient to provide
for the reserve required at the time of his or her death to cover the
dependent benefits which might be payable pursuant to the provisions of
section 13-355 of this subchapter. Such proportion of compensation shall
be computed to remain constant during his or her prospective
city-service. Upon the death of such a member, an amount equal to the
reserve for such dependent benefits shall be transferred from the
dependent benefit contingent reserve fund to the dependent benefit
reserve fund.
Section 13-330
§ 13-330 Retirement allowance reserve fund for original plan members.
The retirement allowance reserve fund shall be the fund from which shall
be paid all retirement allowances, and all benefits in lieu of
retirement allowances, allowable by the pension fund to persons who
retired as original plan members or to beneficiaries of such members on
account of the city-service of original plan members. Such retirement
allowances and benefits shall be paid from the contingent reserve fund
in the event that the retirement allowance reserve fund shall be unable
to make such payment. Should any retirement allowance payable from such
retirement allowance reserve fund be cancelled, the retirement allowance
reserve thereon shall thereupon be transferred from the retirement
allowance reserve fund to the contingent reserve fund. Should any
retirement allowance payable from the retirement allowance reserve fund
be reduced, the amount of the annual reduction in such allowance shall
be paid annually into the contingent reserve fund during the period of
such reduction.
Section 13-331
§ 13-331 Contributions of the city and their use; contingent reserve
fund. a. (1) The contingent reserve fund shall be the fund in which
shall be accumulated the reserve necessary to pay all retirement
allowances, withdrawal allowances and all death benefits allowable by
the pension fund on account of the city-service of original plan members
as provided in this subchapter and other applicable provisions of law.
(2) The contingent reserve fund shall be the fund in which shall be
accumulated the reserve necessary to pay all pensions and the
reserve-for-increased-take-home-pay, and all death benefits allowable by
the city on account of the city-service of improved benefits plan
members as provided in this subchapter and other applicable provisions
of law.
b. (1) (a) Subject to the provisions of paragraph five of this
subdivision, the city shall contribute to the contingent reserve fund:
(i) annually, beginning with fiscal year nineteen hundred
eighty--nineteen hundred eighty-one, 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 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 unfunded accrued liability
contribution and which shall be determined as provided for in
subparagraphs (b), (c), (d) and (e) of paragraph three of this
subdivision; and
(iii) 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
four of this subdivision; and
(iv) 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
(v) 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, (A) the amount required to fulfill the public employer
obligation, if any, which accrued in such fiscal year, to provide
accumulations-for-increased-take-home-pay (as defined in subdivision
fifteen of section 13-313 of this subchapter) of original plan members,
and (B) the amount required to fulfill the public employer obligation,
if any, which accrued in such fiscal year, to provide
reserves-for-increased-take-home-pay (as defined in subdivision
fifteen-b of such section 13-313) of improved benefits plan members;
provided, however, that such amount to be contributed hereunder shall
not include regular interest and additional interest, if any, required
by other provisions of this subchapter to be included in such
reserves-for-increased-take-home-pay; 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, 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 (e) of paragraph three 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 subparagraph (a) of this
paragraph one and otherwise pursuant to law shall be reduced by the
amount of one annual installment of such nineteen hundred eighty
unfunded accrued liability adjustment.
(ii) If the nineteen hundred eighty unfunded accrued liability
adjustment determined pursuant to such subparagraph (e) 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
nineteen hundred eighty 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), (ii), (iii), (iv), (v) and (vi) of subparagraph
(a) of this paragraph (1) 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 (f) of paragraph (3) 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), (ii), (iii), (iv), (v) and (vi) 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 (g) of paragraph three of this
subdivision b.
* NB There are two item (iv)'s
* (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 conformably modified for such purpose.
* There are two item (iv)'s
(c) (i) Any amount required by the provisions of items (ii), (iii),
(iv), (v) and (vi) of subparagraph (a) of this paragraph one and
subparagraph (b) of this paragraph one 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 in such fiscal year.
(ii) Any amount required to be contributed by the city to the
retirement allowance accumulation fund prior to July first, nineteen
hundred eighty-one, other than the contributions required to be made by
the city prior to such date with regular interest as provided for by
paragraph one of subdivision b of section 13-325 of this subchapter, as
in effect prior to such July first, shall be deemed to have been
required to be paid with regular interest on such amount.
(iii) It is hereby declared that the provisions of items (i) and (ii)
of this subparagraph (c), in so far as they relate to provisions of this
article or other laws requiring payment of employer contributions to the
pension fund prior to such July first, express the intent of such
provisions of this article 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 13-334 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 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 13-335.1 of this subchapter and paragraph one
of subdivision b of section 13-335.3 of this subchapter) 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.
(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 (G) 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 installments of the
nineteen hundred eighty unfunded accrued liability adjustment,
determined pursuant to subparagraph (e) 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 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 (g) 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 (iv) of subparagraph (a) of paragraph one
of this subdivision b; and
(C) the present value of all required future member contributions of
original plan members (as defined in subdivision four-b of section
13-313 of this subchapter); and
(D) the present value of all future member contributions on account of
dependent benefits; and
(E) 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
(F) 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
(G) the total funds on hand, including the amount of any unpaid moneys
appropriated pursuant to section 13-334 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
(H) 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 subitems 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 13-321 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 paragraph (f) or paragraph (g) of subdivision
eight of section 13-313 of this subchapter.
(d)(i) For the purposes of this subparagraph (d), the terms "pension
fund, subchapter one" and "fire subchapter one beneficiary" shall have
the meanings set forth in paragraphs one and three, respectively, of
subdivision a of section 13-312.1 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 g of section
13-312.1 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 fire 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 fire 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) (a) The unfunded accrued liability contribution shall be an amount
determined as prescribed in subparagraphs (b), (c) and (d) of this
paragraph three.
(b) (i) The "assumed original unfunded accrued liability contribution"
shall be a hypothetical amount determined as provided for in this
subparagraph (b).
(ii) On the basis of the actuarial tables adopted pursuant to section
13-321 of this subchapter for the purpose of determining the assumed
original unfunded accrued liability contribution 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 in 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.
(iii) From such total liability computed pursuant to item (ii) of this
subparagraph (b), there shall be subtracted the sum of:
(A) the present value, as of such June thirtieth, of all then required
future member contributions pursuant to the provisions of section 13-325
of this subchapter, as then in effect; and
(B) the sum obtained by adding together the total funds on hand and
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 paragraph four of this subdivision b; and
(C) the present value, as of such June thirtieth, of all then required
future payments, pursuant to section 13-704 of this article (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
(D) the present value, as of such June thirtieth, of future normal
costs of the pension fund, computed pursuant to the entry age normal
cost method of determining such normal costs.
(iv) The assumed original unfunded accrued liability contribution
shall be a hypothetical amount, which, if paid to the pension 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 per centum interest and the actuarial
tables adopted pursuant to section 13-321 of this subchapter for the
purpose of determining the assumed original unfunded accrued liability
contributions, of the remainder computed pursuant to item (iii) of this
subparagraph (b).
(c) (i) To the amount of the remainder computed pursuant to item (iii)
of subparagraph (b) of this paragraph three, 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.
(ii) There shall be computed in the manner provided for in item
(iii) of this subparagraph (c), the discounted value of each of the
installments of the assumed original unfunded accrued liability
contribution which would have been hypothetically payable, pursuant to
the provisions of item (iv) of subparagraph (b) of this paragraph three,
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.
(iii) 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 would have been hypothetically
payable and on the basis of five and one-half per centum interest per
annum on the amount of such installment.
(iv) 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
would have been hypothetically payable to June thirtieth, nineteen
hundred eighty at the rate of five and one-half per centum per annum.
(v) The discounted values of all of such installments with respect to
such fiscal years, computed as provided for in items (ii) and (iii) of
this subparagraph (c), together with interest on each such installment
as provided for in item (iv) of this subparagraph, shall be added
together.
(vi) From the sum computed pursuant to item (i) of this subparagraph
(c), the sum computed pursuant to item (v) of this subparagraph shall be
subtracted.
(d) (i) 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 (vi) of
subparagraph (c) of this paragraph three.
(ii) 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 (i) of this subparagraph (d),
which installments are hypothetically allocated by such item (i) to
designated city fiscal years succeeding June thirtieth, nineteen hundred
eighty-two.
(iii) 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 (ii) of this subparagraph (d),
which installments are hypothetically allocated by such item (ii) to
designated city fiscal years succeeding June thirtieth, nineteen hundred
eighty-eight.
(e) (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 (e).
(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 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.
(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, 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 all required
future member contributions at the rates of member contribution in
effect as of such June thirtieth; and
(5) the total funds on hand as of such June thirtieth, including the
amount of any unpaid moneys appropriated pursuant to section 13-334 of
this subchapter.
(iii) (A) If the amount computed pursuant to item (ii) of this
subparagraph (e) is larger than the amount computed pursuant to item
(vi) of subparagraph (c) of this paragraph three, 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 item (ii) of this subparagraph
(e) is smaller than the amount computed pursuant to item (vi) of
subparagraph (c) 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 amounts which the city would
otherwise be required to pay to the contingent reserve fund pursuant to
subparagraph (a) of paragraph one 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 (e),
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 (e), 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
in 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.
(f) (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 (f).
(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),
(ii), (iii), (v) and (vi) 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
(f) 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),
(ii), (iii), (v) and (vi) 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 the
installments of the nineteen hundred eighty-two unfunded accrued
liability adjustment computed pursuant to item (iv) of this subparagraph
(f), which installments are hypothetically allocated by such item (iv)
to designated city fiscal years succeeding June thirtieth, nineteen
hundred eighty-eight.
(g) (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 (g).
(ii) Upon the basis of the actuarial tables in effect for valuation
purposes with respect to determination of the normal contribution 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 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) 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-five and ending on June thirtieth, nineteen hundred eighty-eight,
the nineteen hundred eighty-five 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-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 (g) over the amount
computed pursuant to item (ii) of this subparagraph.
(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-eight and ending on June thirtieth, two thousand fifteen, the
nineteen hundred eighty-five unfunded accrued liability adjustment shall
be 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 nineteen hundred eighty-five 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 assumed 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 assumed normal
contribution had been required by law to be paid to the pension fund in
the city fiscal year in which the obligation to make such assumed normal
contribution accrued and such assumed normal contribution had been
required by law to be determined in the manner provided for in sub-items
(B), (C) and (D) of this item (i).
(B) Upon the basis of the mortality and other tables adopted pursuant
to section 13-321 of this subchapter for the purpose of determining the
balance sheet liability contribution 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
assumed 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 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
accumulations-for-increased-take-home-pay (as defined in item (iv) of
this subparagraph (a)), if any.
(C) The assumed normal rate of contribution with respect to the
subject fiscal year shall be the rate per centum obtained:
(i) 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 article (as defined in item (iii) of
this subparagraph (a)); and
(C) the present value of all then required future member contributions
on account of dependent benefits; and
(D) the amount obtained by adding together the total funds on hand and
the balance sheet liability as of such June thirtieth next preceding the
subject fiscal year; and
(ii) 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 13-321 of this subchapter for the purpose of determining the
balance sheet liability contribution, and on the basis of interest at
the rate of five and one-half per centum per annum.
(D) The amount of the assumed normal contribution for balance sheet
liability purposes hypothetically payable in the subject fiscal year
shall be the amount obtained (1) by multiplying such assumed normal rate
of contribution 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 pension 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 adopted pursuant to such
section 13-321 for the purpose of determining the balance sheet
liability contribution 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.
(C) From such total liability computed pursuant to sub-item (B) of
this item there shall be subtracted the sum of:
(1) the present value, as of such June thirtieth, of all then required
future member contributions pursuant to the provisions of section 13-325
of this subchapter, as then in effect; and
(2) the sum obtained by adding together the total funds on hand and
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
(3) the present value, as of such June thirtieth, of all then required
future payments, pursuant to section 13-704 of this article (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
(4) the present value, as of such June thirtieth, of future normal
costs of the pension fund, computed pursuant to the entry age normal
cost method of determining such normal costs.
(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 pension 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 adopted pursuant to section
13-321 of this subchapter for the purpose of determining the balance
sheet liability contribution 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 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.
(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 such June thirtieth, of all then required
future member contributions pursuant to the provisions of section 13-325
of this subchapter, as then in effect; and
(2) the sum obtained by adding together the total funds on hand and
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
(3) the present value, as of such June thirtieth, of all then required
future payments, pursuant to section 13-704 of this article (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
(4) the present value, as of such June thirtieth, of future normal
costs of the pension fund, computed pursuant to the entry age normal
cost method of determining such normal costs.
(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 article." A hypothetical
annual payment to the retirement allowance accumulation 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 the installments
(payable in such year) of losses on prior dispositions of securities
within the meaning of section 13-704 of this article over the
installments (creditable in such fiscal 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.
(iv) "Annual contribution, for balance sheet liability purposes, on
account of accumulations-for-increased-take-home-pay." A hypothetical
annual payment to the retirement allowance accumulation 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 fiscal year, to provide
accumulations-for-increased-take-home-pay (as defined in subdivision
fifteen of section 13-313 of this subchapter).
(v) "Annual military law contribution or balance sheet liability
purposes." A hypothetical annual payment to the retirement allowance
accumulation 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) "Contribution on account of amortization, pursuant to section
13-704 of this article, 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
chapter (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 eighty-seven million, sixty-four
thousand, two hundred seventy-three dollars ($87,064,273), consisting of
the sum of:
(i) the discounted value, as of June thirtieth, nineteen hundred
seventy-four, of the sum of forty-two million, ninety thousand dollars
($42,090,000), which constituted the amount payable into the retirement
allowance accumulation 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 forty million,
nine hundred seventy-eight thousand, one hundred ninety-three dollars
($40,978,193); and
(ii) the discounted value, as of June thirtieth, nineteen hundred
seventy-four, of the sum of forty-nine million, nine hundred forty
thousand dollars ($49,940,000), which constituted the amount payable to
the retirment allowance accumulation 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
forty-six million, eighty-six thousand, eighty dollars ($46,086,080).
(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
chapter (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
accumulations-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:
(A) the sum paid to the retirement allowance accumulation fund during
the subject fiscal year by the city as contributions pursuant to the
provisions of section 13-325 of this subchapter as then in effect; and
(B) the amount of the contribution on account of amortization,
pursuant to section 13-704 of this chapter, of losses on dispositions of
certain securities (as defined in item (vi) of subparagraph (a) of this
paragraph four) payable in the subject fiscal year; and
(C) the amount payable in the subject fiscal year on account of
accumulations-for-increased-take-home-pay; and
(D) 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 annual 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 four, 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 four, 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 fire subchapter one beneficiaries (as defined in paragraph three
of subdivision a of section 13-312.1 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 13-312.1 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.
c. Whenever the board, upon recommendation by the actuary, shall
determine that it is necessary to increase the reserves held in the
retirement allowance reserve fund, the annuity reserve fund, the pension
reserve fund or dependent benefit reserve fund, the board may direct
that the amount so needed shall be transferred thereto from the
contingent reserve fund.
d. The cash benefits payable under the provisions of this subchapter
or other applicable laws to, or upon the death of, a member in active
service shall be paid from such contingent reserve fund.
e. (1) Upon the retirement of such a member who is an original plan
member, or upon his or her death in the performance of duty, an amount
equal to the retirement allowance reserve for the retirement allowance
payable on account of his or her city-service as a member, shall be
transferred from the contingent reserve fund to the retirement allowance
reserve fund.
(2) Upon the retirement of a member in active service who is an
improved benefits plan member or upon his or her death in the
performance of duty, an amount equal to the pension reserve for the
pension payable by the city on account of his or her city-service as a
member, together with the reserve-for-increased-take-home-pay, shall be
transferred from the contingent reserve fund to the pension reserve
fund. Contributions shall be paid into the contingent reserve fund, in
the manner and to the extent specified by section 13-326 of this
subchapter, to provide reserves-for-increased-take-home-pay.
Section 13-332
§ 13-332 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-providing-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 improved benefit plan 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-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.
Section 13-333
§ 13-333 Contributions of public benefit corporations and their use.
Notwithstanding the requirements of section 13-331 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.
Section 13-334
§ 13-334 Guarantee of funds. a. Regular interest, charges payable, the
creation and maintenance of reserves in the contingent reserve fund, the
retirement allowance reserve fund and the pension reserve fund and the
maintenance of retirement allowance reserves with respect to original
plan members, annuity reserves, pension reserves, dependent benefit
reserves and reserves-for-increased-take-home-pay as provided for in
this subchapter, maintenance of the
accumulation-for-increased-take-home-pay and the payment of all
retirement allowances payable to or on account of original plan members,
pensions, pensions-providing-for-increased-take-home-pay, annuities,
retirement allowances payable to or on account of improved benefits plan
members, refunds, death benefits, dependent benefits and any other
benefits granted under the provisions of this subchapter, are hereby
made obligations of the city. Except as otherwise provided in sections
13-335, 13-335.1, 13-335.2 and 13-335.3 of this subchapter and section
13-391.1 of this chapter, all income, interest and dividends derived
from deposits and investments authorized by this subchapter shall be
used and disposed of in the manner prescribed by subdivision b of this
section; provided, however, that nothing contained in this sentence
shall diminish or impair the obligations of the city provided for by the
preceding sentence of this subdivision a. Upon the basis of each
actuarial determination and appraisal provided for in this subchapter,
the commissioner shall prepare pursuant to section one hundred twelve of
the charter and submit to the director of management and budget an
itemized estimate of the amounts necessary to be appropriated by the
city to the various funds to provide for payment in full during the
ensuing fiscal year of all such obligations of the city accruing during
the ensuing fiscal year. There shall annually be included in the budget
a sum sufficient to provide for such obligations of the city. The
comptroller shall pay the sums so provided into the various funds
provided for by this subchapter; subject to the provisions of
subdivision b of this section.
b. (1) Subject to the provisions of paragraph two of this subdivision
b, all income, interest and dividends derived from deposits and
investments authorized by this chapter, which income, interest and
dividends were heretofore or are hereafter received during any city
fiscal year commencing on or after July first, nineteen hundred eighty,
shall (after payment therefrom of the sum, if any, required to be paid
pursuant to sections 13-335, 13-335.1, 13-335.2 and 13-335.3 of this
subchapter and section 13-391.1 of this chapter) be used in such fiscal
year for the purposes hereinafter specified in this paragraph one (to
the extent that such income, interest and dividends are sufficient for
such purposes), in the order or priority herein stated, as follows:
(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 13-337 of this subchapter, and to
pay into such funds the amounts 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 payment prescribed by
subparagraphs (A) and (B) of this paragraph one, 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) Subject to the provisions of paragraph four of this subdivision b,
all income, interest and dividends which were derived from deposits and
investments authorized by this chapter 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 13-335 of this subchapter) in
each such fiscal year for the purposes hereinafter stated in this
paragraph three, in the order of priority herein stated, as follows:
(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 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
13-337 of this subchapter; and
(B) second, to pay into the retirement allowance accumulation 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, 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 the same fiscal year, the payments prescribed by
subparagraphs (A) and (B) of this paragraph three, 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.
(4) Notwithstanding the provisions of paragraph three of this
subdivision b 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 three 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)
prior to use for the purposes stated in such paragraph three.
c. (1) The comptroller shall make monthly payments, in twelve equal
installments, with respect to obligations which the city incurs to pay
sums to the pension fund.
(2) The equal monthly payments in each city fiscal year 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.
Section 13-335
§ 13-335 Payments to variable supplements funds. a. For the purposes
of this section, the following terms shall mean and include:
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
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 the arbitrator designated,
for the purpose of resolving disputes, in the collective bargaining
agreement then in effect between the city and the uniformed
firefighters' association of greater New York. If such arbitrator is
unable or unwilling to serve, or if there be no such agreement then in
effect, such rate 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 had 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 percent 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 firefighters' variable supplements fund and the fire
officers variable supplements fund with respect to all prior base fiscal
years pursuant to subdivisions c and d of this section.
14. "Firefighters' variable supplements fund". The firefighters'
variable supplements fund established by subchapter five of this
chapter.
15. "Fire officers' variable supplements fund". The fire officers'
variable supplements fund established by subchapter six of this chapter.
16. "Firefighters". (a) All firefighters and (b) all wipers
(uniformed) who are members of the fire department pension fund
subchapter two.
17. "Fire officers". (a) All members of the uniformed force of the
fire department holding the rank of lieutenant or any position of higher
rank in such force and (b) all pilots, marine engineers (uniformed) or
assistant marine engineers (uniformed) who are members of the New York
fire department pension fund subchapter two.
b. As soon as practicable after the close of each base fiscal year,
but not later than August thirty-first of the current fiscal year, the
board shall compute:
(1) the earnings differential with respect to such base fiscal year,
and the interest offset, if any, with respect to such base fiscal year;
(2) the total contributions made to the pension fund subchapter two
with respect to such base fiscal year on behalf of all personnel who are
firefighters, as of the last day of such base fiscal year; and
(3) the total contributions made to the pension fund subchapter two
with respect to such base fiscal year on behalf of all personnel who are
fire officers, as of such last day.
c. If the cumulative earnings differential for the base fiscal year is
a positive quantity and exceeds the cumulative distributions of
transferable earnings for prior base fiscal years, a sum equal to the
amount of such excess shall be distributed by the pension fund in the
manner provided by subdivision d of this section.
d. (1) If there be transferable earnings with respect to the base
fiscal year, computed as hereinabove provided, such transferable
earnings shall be divided into a firefighters' variable supplements fund
share and a fire officers' variable supplements fund share in the ratio
that the total contributions made to the pension fund subchapter two
with respect to such base fiscal year on behalf of firefighters bears to
the total contributions made to the pension fund subchapter two with
respect to such base fiscal year on behalf of fire officers, as computed
for such base fiscal year pursuant to the provisions of paragraphs two
and three of subdivision b of this section.
(2) On or before August thirty-first, of the current fiscal year, the
pension fund shall pay from the contingent reserve fund to the
firefighters' variable supplements fund and the fire 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.
e. The comptroller shall furnish to the board such information and
data as it may request for the purpose of carrying out the provisions of
this section.
f. The firefighters' variable supplements fund and the fire officers'
variable supplements fund shall not have any rights under this section
to any payments by the pension fund to such variable supplements funds
derived from or based upon the investment earnings of the pension fund
in any fiscal year of the city commencing on or after July first,
nineteen hundred eighty-eight. Any and all rights of the firefighters'
variable supplements fund to payments from the pension fund derived from
or based upon the investment earnings of the pension fund in any fiscal
year of the city commencing on or after such July first shall be
governed solely by the provisions of section 13-335.1 of this
subchapter. Any and all rights of the fire officers' variable
supplements fund to payments from the pension fund derived from or based
upon the investment earnings of the pension fund in any fiscal year of
the city included in the period commencing on such July first and ending
on June thirtieth, nineteen hundred ninety-two shall be governed solely
by the provisions of section 13-335.2 of this subchapter. Any and all
rights of the fire officers' variable supplements fund to payments from
the pension fund derived from or based upon the investment earnings of
the pension fund in any fiscal year of the city commencing on or after
July first, nineteen hundred ninety-two shall be governed solely by the
provisions of section 13-335.3 of this subchapter. Any and all rights of
the wiper variable supplements assets account to payments from the
pension fund derived from or based upon the investment earnings of the
pension fund in any fiscal year of the city included in the period
commencing July first, nineteen hundred eighty-eight and ending June
thirtieth, nineteen hundred ninety-two shall be governed solely by the
provisions of section 13-391.1 of this chapter.
Section 13-335.1
§ 13-335.1 Payments to firefighters' variable supplements fund for
base fiscal years commencing on or after July first, nineteen hundred
eighty-eight. a. For the purposes of this section, the definitions of
terms set forth in paragraphs two, five, six, seven, eight and fourteen
of subdivision a of section 13-335 of this subchapter shall apply to
this section 13-335.1 with the same force and effect as if such
definitions were specifically set forth in this section.
b. For the purposes of this section, the following terms shall mean
and include:
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 subparagraph (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 13-335 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
13-335.
(ii) The cumulative distributions of transferable earnings for prior
base fiscal years (as defined in paragraph thirteen of subdivision a of
such section 13-335) shall be computed pursuant to such section 13-335
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 13-335), if any, for the
nineteen hundred eighty-seven--nineteen hundred eighty-eight base fiscal
year, determined pursuant to such section 13-335, 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 13-335 of this
subchapter, as made applicable to this section 13-335.1 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. "FVSF 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 fire department pension fund
subchapter two with respect to such base fiscal year on behalf of all
members of the uniformed force of the fire department who are
firefighters, fire marshals (uniformed) and wipers (uniformed), as of
the last day of such base fiscal year, and the denominator of which
shall be the total contributions made to such fire department pension
fund with respect to such base fiscal year on behalf of all persons who
are members of the uniformed force of the fire department as of the last
day of such base fiscal year.
7. "FVSF unfunded accrued liability". In any case where the valuation
of assets and liabilities of the firefighters' variable supplements fund
by the actuary pursuant to subdivision e of section 13-384 of this
chapter shows that for any base fiscal year, such liabilities exceed
such assets, the term "FVSF 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. "Firefighter". A member of either this pension fund or the fire
department pension fund provided for in subchapter one of this chapter
who, at the time of retirement for service, was a firefighter and was
not a fire officer as defined in subdivision five of section 13-392 of
this chapter.
c. As soon as practicable after the close of each base fiscal year,
but not later than December thirty-first of the current fiscal year, the
board shall compute the FVSF cumulative earnings factor with respect to
such base fiscal year.
d. If the FVSF cumulative earnings factor for such base fiscal year is
a positive quantity, the pension fund, on or before December
thirty-first of the current fiscal year, shall pay from its contingent
reserve fund to the firefighters' variable supplements fund, as the
payment due for such base fiscal year under this section, an amount
determined pursuant to the provisions of subdivision e of this section.
e. The amount payable for such base fiscal year as provided for in
subdivision d of this section shall be the lesser of (1) the FVSF
cumulative earnings factor for such base fiscal year referred to in such
subdivision d or (2) the FVSF unfunded accrued liability for such base
fiscal year.
f. No amount shall be due from or payable by the pension fund to such
variable supplements fund under this section for any base fiscal year
which shall exceed the FVSF unfunded accrued liability for such base
fiscal year, regardless of the amount and character of the FVSF
cumulative earnings factor for such base fiscal year.
g. The comptroller shall furnish to the board such information and
data as it may request for the purpose of carrying out the provisions of
this section.
Section 13-335.2
§ 13-335.2 Payments to fire 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. a. For the purposes of this section, the
definitions of terms set forth in paragraphs two, four, six, eight, nine
and ten of subdivision a of section 13-335 of this subchapter shall
apply to this section 13-335.2 with the same force and effect as if such
definitions were specifically set forth in this section.
b. For the purposes of this section, the following terms shall mean
and include:
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 paragraph eleven of subdivision a of section 13-335 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
13-335.
(ii) The cumulative distributions of transferable earnings for prior
base fiscal years (as defined in paragraph thirteen of subdivision a of
such section 13-335) shall be computed pursuant to such section 13-335
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 13-335), if any, for the
nineteen hundred eighty-seven--nineteen hundred eighty-eight base fiscal
year, determined pursuant to such section 13-335, 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 of 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 chapters five hundred eighty-one and five
hundred eighty-three 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 five hundred eighty-three of the
laws of nineteen hundred eighty-nine.
(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 fire 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) item (ii) of this
subparagraph and this item (iii), as such items were in effect
immediately prior to such July twenty-sixth, 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 13-335 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 paragraph 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. "FOVSF 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
fire department who are fire 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 fire department as of the last day of such base fiscal year.
8. "Fire officers". (a) All members of the uniformed force of the
fire department holding the rank of lieutenant or any position of higher
rank in such force, and (b) all pilots, marine engineers (uniformed) or
assistant marine engineers (uniformed) who are members of the New York
fire department pension fund subchapter two.
9. "Fire officers' variable supplements fund". The fire officers'
variable supplements funds established by subchapter six of this
chapter.
c. As soon as practicable after the close of each base fiscal year,
but not later than August thirty-first of the current fiscal year, the
board shall compute the FOVSF cumulative earnings factor with respect to
such base fiscal year.
d. If the FOVSF cumulative earnings factor for the base fiscal year is
a positive quantity, the pension fund, on or before August thirty-first
of the current fiscal year, shall pay from its contingent reserve fund
to the fire officers' variable supplements fund a sum equal to the
amount of such factor.
e. The comptroller shall furnish to the board such information and
data as it may request for the purpose of carrying out the provisions of
this section.
Section 13-335.3
§ 13-335.3 Payments to fire officers' variable supplements fund for
base fiscal years commencing on or after July first, nineteen hundred
ninety-two. a. For the purposes of this section, the definitions of
terms set forth in paragraphs two, five, six, seven, eight and fifteen
of subdivision a of section 13-335 of this subchapter shall apply to
this section 13-335.3 with the same force and effect as if such
definitions were specifically set forth in this section.
b. For the purposes of this section, the following terms shall mean
and include:
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 13-335.2 of this subchapter.
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 13-335 of this
subchapter, as made applicable to this section 13-335.3 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 for the
immediately preceding base fiscal year".
6. "FOVSF 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
fire department who are fire 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 fire department as of the last day of such base fiscal year.
7. "FOVSF unfunded accrued liability". In any case where the valuation
of assets and liabilities of the fire officers' variable supplements
fund by the actuary pursuant to subdivision e of section 13-394 of this
chapter shows that for any base fiscal year, such liabilities exceed
such assets, the term "FOVSF 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. "Fire officers". (i) All members of the uniformed force of the fire
department holding the rank of lieutenant or any position of higher rank
in such force and (ii) all pilots, marine engineers (uniformed) or
assistant marine engineers (uniformed) who are members of the pension
fund and (iii) any member of the pension fund holding a position in the
fire marshal occupational group above the rank of fire marshal
(uniformed).
c. As soon as practicable after the close of each base fiscal year,
but not later than December thirty-first of the current fiscal year, the
board shall compute the FOVSF cumulative earnings factor with respect to
such base fiscal year.
d. If the FOVSF cumulative earnings factor for such base fiscal year
is a positive quantity, the pension fund, on or before December
thirty-first of the current fiscal year, shall pay from its contingent
reserve fund to the fire officers' variable supplements fund, as the
payment due for such base fiscal year under this section, an amount
determined pursuant to the provisions of subdivision e of this section.
e. The amount payable for such base fiscal year as provided for in
subdivision d of this section shall be the lesser of (1) the FOVSF
cumulative earnings factor for such base fiscal year referred to in such
subdivision d or (2) the FOVSF unfunded accrued liability for such base
fiscal year.
f. No amount shall be due from or payable by the pension fund to such
variable supplements fund under this section for any base fiscal year
which shall exceed the FOVSF unfunded accrued liability for such base
fiscal year, regardless of the amount and character of the FOVSF
cumulative earnings factor for such base fiscal year.
g. The comptroller shall furnish to the board such information and
data as it may request for the purpose of carrying out the provisions of
this section.
Section 13-336
§ 13-336 Trustees of funds; investments. a. The members of the board
shall be the trustees of the several funds provided for by this
subchapter, and shall have full power to invest the same, subject,
except as otherwise provided in subdivision b of this section, 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 the funds provided for by this subchapter
shall have been invested as well as of the proceeds of such investments
and of any moneys belonging to such funds.
b. Notwithstanding the provisions of subdivision two of section one
hundred seventy-seven of the retirement and social security law, or any
other provision of law to the contrary, the amounts which may be
invested by the pension fund in securities pursuant to the provisions of
paragraphs (a), (b), (c), (d), (e) and (f) of subdivision twenty-six of
section two hundred thirty-five of the banking law, shall be subject to
the following maximum limits, in lieu of any such limits imposed by any
other provision of law:
(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.
Section 13-337
§ 13-337 Allowance of interest. a. Such board shall annually allow
regular interest on the mean amount for the preceding year in each of
the funds provided for in accordance with the provisions of this
subchapter. The amount so allowed shall be due and payable to such
funds, and shall be annually credited thereto by such board.
b. (1) Subject to the provisions of subdivision d of this section,
during the period commencing on July first, nineteen hundred eighty-one
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 improved benefits plan member in the annuity savings
fund.
(2) * (i) Subject to the provisions of subdivision d of this section,
during the period beginning 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 improved
benefits plan member in the annuity savings fund.
* NB Amended Ch. 910/85 § 21, language juxtaposed per Ch. 907/85 § 14
* (ii) Subject to the provisions of subdivision d of this section,
during the period beginning 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 improved benefits plan member in the annuity savings fund.
* NB Added Ch. 910/85 § 21, language juxtaposed per Ch. 907/85 § 14
(iii) Subject to the provisions of subdivision d 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 improved
benefits plan member in the annuity savings fund.
(iv) Subject to the provisions of subdivision d 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 improved benefits plan member in the annuity
savings fund.
(3) The special interest referred to in paragraphs one and two of this
subdivision b shall be credited to such individual account of each such
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.
(4) Such special interest referred to in paragraphs one and two of
this subdivision b shall not be considered in determining rates of
contributions of such members. Nothing contained in this subdivision b
shall be construed as applicable to any member who is subject to the
provisions of article fourteen of the retirement and social security
law.
c. (1) Subject to the provisions of subdivision d of this section, in
determining the reserve-for-increased-take-home-pay of each improved
benefits plan 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 the period commencing on July first, nineteen
hundred eighty-one, and ending on June thirtieth, nineteen hundred
eighty-two.
(2) * (i) Subject to the provisions of subdivision d of this section,
in determining the reserve-for-increased-take-home-pay of each improved
benefits plan member entitled to such a reserve, additional interest at
the rate of four per centum per annum compounded annually shall be
included for the period commencing on July first, nineteen hundred
eighty-two and ending on July thirty-first, nineteen hundred
eighty-three.
* NB Amended Ch. 910/85 § 22, language juxtaposed per Ch. 907/85 § 14
* (ii) Subject to the provisions of subdivision d of this section, in
determining the reserve-for-increased-take-home-pay of each improved
benefits plan member entitled to such a reserve, additional interest at
the rate of one per centum per annum compounded annually shall be
included for the period commencing on August first, nineteen hundred
eighty-three and ending on June thirtieth, nineteen hundred eighty-five.
* NB Added Ch. 910/85 § 22, language juxtaposed per Ch. 907/85 § 14
(iii) Subject to the provisions of subdivision d of this section, in
determining the reserve-for-increased-take-home-pay of each improved
benefits plan member entitled to such a reserve, additional interest at
the rate of one per centum per annum compounded annually shall be
included for the period commencing on July first, nineteen hundred
eighty-five and ending on June thirtieth, nineteen hundred eighty-eight.
(iv) Subject to the provisions of subdivision d of this section, in
determining the reserve-for-increased-take-home-pay of each improved
benefits plan 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 the period commencing on July first, nineteen
hundred eighty-eight and ending on June thirtieth, nineteen hundred
ninety.
(3) Additional interest shall not be considered in determining rates
of contribution of such members. Nothing contained in this subdivision c
shall be construed as applicable to any member who is subject to the
provisions of article fourteen of the retirement and social security
law.
d. (1) The provisions of subparagraph (i) of paragraph two of
subdivision b of this section, to the extent that such provisions grant
special interest for any period prior to December sixteenth, nineteen
hundred eighty-two, and the provisions of subparagraph (i) of paragraph
two of subdivision c of this section, to the extent that such provisions
of such subdivision c grant additional interest for any period prior to
such date, shall not apply to any person who was not an improved
benefits plan 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
13-361 of this chapter.
(2) The provisions of subparagraph (iv) of paragraph two of
subdivision b of this section, to the extent that such provisions grant
special interest for any period prior to the date of enactment of the
provisions of this paragraph two (as such date is certified pursuant to
section forty-one of the legislative law), and the provisions of
subparagraph (iv) of paragraph two of subdivision c of this section, to
the extent that such provisions grant additional interest for any period
prior to such date, shall not apply to any person who was not an
improved benefits plan 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 13-361 of this chapter.
(3) Nothing contained in subdivision b or subdivision c of this
section shall be construed as entitling any person to the crediting of
special or additional interest with respect to any period wherein he was
not (a) an improved benefits plan member entitled to crediting of
regular interest with respect to the same period or (b) an improved
benefits plan discontinued member (as defined in subdivision sixteen-d
of section 13-313 of this subchapter) entitled to crediting of regular
interest as an improved benefits plan discontinued member with respect
to the same period.
e. (1) Subject to the provisions of paragraph three of this
subdivision e, 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.
(2) * (i) Subject to the provisions of paragraph (3) of this
subdivision e, 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.
* NB Amended Ch. 910/85 § 23, language juxtaposed per Ch. 907/85 § 14
* (ii) Subject to the provisions of paragraph (3) of this subdivision
e, 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
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.
* NB Added Ch. 910/85 § 23, language juxtaposed per Ch. 907/85 § 14
(iii) Subject to the provisions of paragraph (3) of this subdivision
e, 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.
(iv) Subject to the provisions of paragraph (3) of this subdivision e,
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.
(3) The provisions of paragraphs one and two of this subdivision e
shall not apply to or affect (a) the allowance of interest on or the
crediting of interest to accounts of improved benefits plan members or
improved benefits plan discontinued members in the annuity savings fund,
or (b) the allowance of interest on or crediting of interest to
reserves-for-increased-take-home-pay of improved benefits plan members
or improved benefits plan discontinued members, or (c) the determination
of the amount of any benefit payable to any member or beneficiary.
* f. 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
public officers and permanent commission referred to in paragraph (h) of
subdivision eight of section 13-313 of this subchapter the
recommendations of such board:
(1) as to whether legislation should be enacted providing for the
crediting of special interest to improved benefits plan 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 improved
benefits plan 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 e of this section is
applicable and if so, the recommended rate thereof and duration of such
crediting.
* NB Amended Ch. 911/85 § 29, language juxtaposed per Ch. 907/85 § 14
g. The allowance of special interest, additional interest and
supplementary interest, if any, with respect to any fiscal year of the
city beginning on or after July first, nineteen hundred ninety shall be
governed by the applicable provisions of section 13-638.2 of this title.
Section 13-338
§ 13-338 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 custody for the purposes of this subchapter
subject to the direction, control and approval of such board as to
disposition, investment, management and report.
Section 13-339
§ 13-339 Payments from funds. All payments from such funds shall be
made by such comptroller upon a voucher signed by the secretary of the
board.
Section 13-340
§ 13-340 Fund for current needs. For the purpose of meeting, in
relation to original plan members, disbursements for retirement
allowances and other payments, and for the purpose of meeting, in
relation to improved benefits plan members, 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.
Section 13-341
§ 13-341 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.
Section 13-342
§ 13-342 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 seventy-five per cent of the
amount of his or her accumulated contributions (as defined in
subdivision seven of section 13-313 of this subchapter), in the case of
an original plan member, or an amount not exceeding seventy-five per
cent of the amount of his or her accumulated deductions (as defined in
subdivision seven-a of such section 13-313), in the case of an improved
benefits plan member, provided that the amount so borrowed by any such
original plan member or improved benefits plan member, together with
interest thereon, can be repaid before attainment of age sixty-five
years by additional deductions of ten per cent from his or her
compensation made at the same time compensation is paid to the member.
Upon retirement, an original plan member may borrow up to ninety percent
of his or her accumulated contributions. An improved benefits plan
member may borrow up to ninety percent of his or her accumulated
deductions. The amount so borrowed together with regular interest
applicable to the member (if he or she is an original plan member) or
creditable to his or her account (if he or she is an improved benefits
plan member) on any unpaid balance thereof shall be repaid to the
pension fund in equal installments by deduction from the compensation of
the member at the time the compensation is paid, but such installments
shall be at least five per cent of the member's earnable compensation
and at least sufficient to repay before attainment of age sixty-five
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 improved benefits plan member whose rate or 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:
1. Until thirty days have elapsed after the making thereof, no part of
the loan shall be insured.
2. From the thirtieth through the fifty-ninth day after the making
thereof, twenty-five per centum of the present value of the outstanding
loan shall be insured.
3. From the sixtieth through the eighty-ninth day after the making
thereof, fifty per centum of the present value of the outstanding loan
shall be insured.
4. On and after the ninetieth day after the making thereof, all of the
present value of the outstanding loan shall be insured.
Upon the death of a member, the amount of insurance so payable shall
be credited to his or her accumulated contributions in the case of an
original plan member, or to his or her accumulated deductions, in the
case of an improved benefits plan member.
Section 13-343
§ 13-343 Termination of membership; discontinuance of service. a.
Should an original plan member discontinue city-service except by death
or retirement, he or she shall be paid such part of the amount of the
accumulated contributions (as defined in subdivision seven of section
13-313 of this subchapter), that is, his or her contributions without
interest, standing to the credit of his or her individual account in the
contingent reserve fund as he or she shall demand. Such board, however,
in its discretion, may withhold for not more than one year after such
member last rendered city-service all or part of his or her accumulated
contributions, if after a previous discontinuance of service he or she
withdrew from the retirement allowance accumulation fund or the
contingent reserve fund, as the case may be, all or part of the amount
of his or her accumulated contributions and failed to redeposit such
withdrawn amount in such fund.
b. Should an improved benefits plan member discontinue city-service
except by death or retirement, he or she shall be paid such part of the
amount of the accumulated deductions (as defined in subdivision seven-a
of such section 13-313 of this subchapter) 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 such 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.
Section 13-344
§ 13-344 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:
(a) if he or she is an original plan member, he or she shall be paid
such part of the amount of the accumulated contributions (as defined in
subdivision seven of section 13-313 of this subchapter), that is, his or
her contributions without interest, standing to the credit of his or her
individual account in the contingent reserve fund as he or she shall be
entitled to receive; or
(b) if he or she is an improved benefits plan member, he or she shall
be paid such part of the accumulated deductions (as defined in
subdivision seven-a of such section 13-313 of this subchapter) standing
to the credit of his or her individual account in the annuity savings
fund as he or she shall be entitled to receive.
Section 13-345
§ 13-345 Termination of membership; miscellaneous. Membership in the
pension fund shall cease upon the occurrence of any one of the following
conditions:
1. When the time out of city-service, other than time on a preferred
civil service list, of any member who has resigned or has been separated
from the service through no fault of his or her own, and who has total
service of less than twenty-five years, shall aggregate more than five
years in any period not exceeding ten consecutive years since he or she
last became a member.
2. When any member who is an original plan member shall have withdrawn
more than one-half of his or her accumulated contributions (as defined
in subdivision seven of section 13-313 of this subchapter), or when any
member who is an improved benefits plan member shall have withdrawn more
than one-quarter of his or her accumulated deductions.
3. When any member shall die.
4. When any member who is an original plan member shall be retired on
a retirement allowance or when any member who is an improved benefits
plan member shall be retired on a pension.
5. When any member becomes eligible to participate in another pension
or retirement system supported in whole or in part by the city or state
of New York.
Section 13-346
§ 13-346 Death benefits; ordinary death benefits. a. Upon the death of
an original plan member not subject to article eleven (as defined in
subdivision four-c of section 13-313 of this subchapter) who has not
completed the period of service, as elected by him or her for
retirement, or upon the death of a former original plan member not
subject to article eleven, 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 such board during the lifetime
of the member:
1. His or her accumulated contributions, that is, his or her
contributions without interest; 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 retirement
allowance be payable by the city under the provisions of section 13-347
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
accumulation-for-increased-take-home-pay, if any.
a-1. Upon the death of an improved benefits plan member not subject to
article eleven (as defined in subdivision four-i of such section 13-313)
or of a former improved benefits plan member not subject to article
eleven, 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 such board during the lifetime of the member:
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 13-347 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.
b. Until the first payment has been made on account of a retirement
benefit without optional selection of an original plan member not
subject to article eleven or an improved benefits plan member not
subject to article eleven, such member may be construed by such board to
have been in city-service and the applicable benefits provided in this
section may be paid in lieu of the retirement allowance.
c. The original plan member not subject to article eleven or the
improved benefits plan member not subject to article eleven, or on the
death of any such member, the person nominated by him or her to receive,
in the case of an original plan member not subject to article eleven,
his or her accumulated contributions or his or her death benefit,
together with the accumulation-for-increased-take-home-pay, or both, or,
in the case of an improved benefits plan member not subject to article
eleven, the person nominated by him or her to receive either his or her
accumulated deductions, his or her death benefit, together with the
reserve-for-increased-take-home-pay, or both, may provide by written
designation duly executed and filed with such board that the actuarial
equivalent of the benefit otherwise payable in a lump sum shall be paid
to the person designated in the form of an annuity payable in
installments not more often than once a month, the amount of such
annuity to be determined at the time of such member's death on the basis
of the age of the beneficiary at that time.
d. Upon the death of an original plan member not subject to article
eleven who has completed the period of service, as elected by him or her
for retirement, but who shall not have filed application for retirement
or who, having filed application for retirement shall die prior to the
first payment on account of the benefits thereunder, 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 such
board:
1. His or her accumulated contributions, that is his or her
contributions without interest; and in addition thereto,
2. The present value of the pension he or she would have received if
he or she had retired and had become entitled to a pension for service
on the day immediately preceding the day of his or her death.
e. Notwithstanding the foregoing provisions of this section, and in
lieu of any lesser amount thereby prescribed, upon the death of an
improved benefits plan member not subject to article eleven, prior to
the first payment of a retirement benefit, who has completed the minimum
period of service, as elected by him or her for retirement, and whether
or not such member shall have filed application for retirement, 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 in accordance with the requirements of this subchapter:
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 a 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.
f. 1. The provisions of the preceding subdivisions of this section
applicable to original plan members not subject to article eleven shall
apply to an original plan member subject to article eleven (as defined
in subdivision four-d of such section 13-313), except to the extent and
in the manner that any such provision is modified by article eleven.
2. The provisions of the preceding subdivisions of this section
applicable to improved benefits plan members not subject to article
eleven shall apply to an improved benefits plan member subject to
article eleven (as defined in subdivision four-j of such section
13-313), except to the extent and in the manner that any such provision
is modified by article eleven.
Section 13-347
§ 13-347 Death benefits; accidental death benefits. a. Upon the
accidental death of an original plan member not subject to article
eleven (as defined in subdivision four-c of section 13-313 of this
subchapter) before retirement, or upon the accidental death of an
improved benefits plan member not subject to article eleven (as defined
in subdivision four-i of such section 13-313) before retirement,
provided that evidence shall be submitted to such board proving that the
death of such original plan member not subject to article eleven or of
such improved benefits plan member not subject to article eleven, as the
case may be, 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:
(1) his or her accumulated contributions (as defined in subdivision
seven of such section 13-313) that is, his or her contributions without
interest, if he or she was an original plan member not subject to
article eleven at the time of his or her death, 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; and
(2) his or her accumulated deductions (as defined in subdivision
seven-a of such section 13-313), if he or she was an improved benefits
plan member not subject to article eleven at the time of his or her
death, 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.
b. Upon application by or on behalf of the dependents of such deceased
member:
(1) such board, if such deceased member was an original plan member
not subject to article eleven at the time of his or her death, shall
grant, to the payee or payees and to the extent and in the manner
provided for in subdivision c of this section, a lump sum payment of the
accumulation for increased take-home-pay and, in addition, an allowance
of one-half of the final compensation of such employee, which allowance
shall in no case be less than one-half of the full salary payable to a
first grade firefighter on the date of death of such employee and in the
case of a member acting in a higher rank an amount not to exceed
one-half the salary at the compensation of such rank; and
(2) such board, if such deceased member was an improved benefits plan
member not subject to article eleven at the time of his or her death,
shall grant, to the payee or payees and to the extent and in the manner
provided for in subdivision c of this section, a lump sum payment of the
reserve-for-increased-take-home-pay and, in addition thereto, a pension
of one-half of the five-year-average compensation (as defined in
subdivision six-a of such section 13-313) of such employee, which
pension shall in no case be less than one-half of the full salary
payable to a first grade firefighter on the date of death of such
employee.
c. The applicable lump sum payment and allowance or pension, as the
case may be, referred to in subdivision b of this section shall be
granted:
(1) To such deceased member's surviving spouse, to continue until the
death of the surviving spouse; or
(2) If there be no surviving spouse, or if the surviving spouse dies
before any child of such deceased member shall have attained the age of
eighteen years or if a student under the age of twenty-three years, then
to his or her child or children under such age, divided in such manner
as such board in its discretion shall determine, to continue, if such
deceased member was an original plan member not subject to article
eleven at the time of his or her death, as a joint and survivor pension
of one-half of his or her final compensation until every such child dies
or attains such age, and to continue, if such deceased member was an
improved benefits plan member not subject to article eleven at the time
of his or her death, as a joint and survivor pension of one-half of his
or her five-year-average compensation until every such child dies or
attains such age; or
(3) If there be no surviving spouse or child under the age of eighteen
years or if a student under the age of twenty-three years surviving such
deceased member, then to his or her dependent father or mother, as such
deceased member shall have nominated by written designation duly
acknowledged and filed with such board; or, if there be no such
nomination, then to his or her dependent father or to his or her
dependent mother, as such board in its discretion shall direct, to
continue for life.
d. (1) The provisions of the preceding subdivisions of this section
applicable to original plan members not subject to article eleven shall
apply to an original plan member subject to article eleven (as defined
in subdivision four-d of such section 13-313), except to the extent and
in the manner that any such provision is modified by article eleven.
(2) The provisions of the preceding subdivisions of this section
applicable to improved benefits plan members not subject to article
eleven shall apply to an improved benefits plan member subject to
article eleven (as defined in subdivision four-j of such section
13-313), except to the extent and in the manner that any such provision
is modified by article eleven.
e. An accident resulting in the death of an original plan member (as
defined in subdivision four-b of section 13-313 of this subchapter) or
improved benefits plan member (as defined in subdivision four-f of such
section 13-313), while off-duty and within the geographic limits of the
city of New York, shall be deemed to have occurred while in the
performance of duty for the purpose of granting accidental death
benefits pursuant to the provisions of subdivision a of this section in
cases in which:
(1) a substantial and imminent danger to life or property occasioned
the off-duty intervention of the member;
(2) the conduct of the member was reasonable in the circumstances; and
(3) the member, in the course of his or her off-duty intervention,
utilized skills within the scope of his or her employment by the New
York city fire department.
f. Notwithstanding any other provision of law to the contrary, and
solely for the purposes of this section, a member shall be deemed to
have died as the natural and proximate result of an accident sustained
in the performance of duty upon which his or her membership is based,
and not as a result of willful negligence on his or her part, provided
that such member was in active service upon which his or her membership
is based at the time that such member was ordered to active duty,
pursuant to Title 10 of the United States Code, with the armed forces of
the United States or to service in the uniformed services pursuant to
Chapter 43 of Title 38 of the United States Code, and such member died
while on such active duty or service in the uniformed services on or
after June fourteenth, two thousand five while serving on such active
military duty or in the uniformed services.
Section 13-348
§ 13-348 Accidental death benefits in the case of deaths occurring
prior to July first, nineteen hundred sixty-five. a. Notwithstanding the
provisions of section 13-347 of this subchapter, in any case where a
pension was or is awarded under the provisions of such section, by
reason of the death of a member occurring before July first, nineteen
hundred sixty-five, such pension, subject to the provisions of
subdivisions b and c of this section, shall be:
(1) For each full calendar year, on and after January first, nineteen
hundred sixty-five an amount equal to one-half of the annual salary or
compensation payable, on July first, nineteen hundred 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 firefighter on July first, nineteen
hundred sixty-five, and
(2) For any portion of a calendar year, on and after January first,
nineteen hundred 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.
b. 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 the pension which would otherwise be payable, on and
after January first, nineteen hundred sixty-five, pursuant to section
13-347 of this subchapter by reason of the death of such member.
c. The pension payable pursuant to the provisions of subdivisions a
and b of this section shall be in lieu of any pension which would
otherwise be payable on and after January first, nineteen hundred
sixty-five, pursuant to the provisions of section 13-347 of this
subchapter 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.
Section 13-349
§ 13-349 Retirement; minimum 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 his or her 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
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.
Section 13-350
§ 13-350 Retirement; selection of either twenty or twenty-five years
of city-service. a. 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 period of retirement
of twenty years of city-service, may elect, prior to the certification
of his or her rate of contribution, to contribute on the basis of a
minimum retirement period of twenty years of city-service, by a written
election duly executed and acknowledged and filed with the board. The
minimum period of retirement for such member so electing shall be twenty
years of city-service.
b. 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 period of retirement of
twenty-five years of city-service, may elect, prior to certification of
his or her rate of contribution, to contribute on the basis of a minimum
retirement period of twenty-five years of city-service by a written
election duly executed and acknowledged and filed with the board. The
minimum period of retirement for such members so electing shall be
twenty-five years of city-service.
Section 13-351
§ 13-351 Method of computing retirement allowance of chief of
department. a. Any member who shall have been appointed as a chief of
department of the fire department shall be entitled, upon retirement for
service from such position, to elect to receive, in lieu of any other
service retirement benefit to which he or she may be entitled, the
applicable retirement allowance provided for in the succeeding
subdivisions of this section.
b. If such member was an original plan member not subject to article
eleven (as defined in subdivision four-c of section 13-313 of this
subchapter) at the time of such retirement, such retirement allowance
shall be equal to two-thirds of his or her salary as chief of
department.
c. If such member was an improved benefits plan member not subject to
article eleven (as defined in subdivision four-i of such section 13-313)
at the time of such retirement, such retirement allowance shall consist
of an annuity which is the actuarial equivalent of his or her
accumulated deductions at the time of such retirement 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 of department. For the
purpose of computing the annuity portion of such retirement allowance,
his or her accumulated deductions shall be the required amount of such
deductions at the time of his or her retirement from such position,
including any amount then remaining unpaid with respect to his or her
contribution rate deficiency (as defined in subdivision twenty-one of
such section) 13-313, if any, 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. For the purposes of this subdivision c, any such
unpaid amount of contribution rate deficiency, in the case of any such
member who becomes an improved benefits plan member before completion of
his or her minimum period for service retirement, shall be deemed to
consist of such amount plus regular interest thereon from his or her
date of commencement of contributions as an improved benefits plan
member (as defined in subdivision nineteen of such section) 13-313 to
the date of completion of his or her minimum period for service
retirement.
d. If such member was an original plan member subject to article
eleven (as defined in subdivision four-d of such section 13-313) at the
time of such retirement, such retirement allowance shall be determined
pursuant to the provisions of subdivision b of this section, except to
the extent and in the manner that any such provision is modified by
article eleven.
e. If such member was an improved benefits plan member subject to
article eleven (as defined in subdivision four-j of such section) 13-313
at the time of such retirement, such retirement allowance shall be
determined pursuant to the provisions of subdivision c of this section,
except to the extent and in the manner that any such provision is
modified by article eleven.
Section 13-352
§ 13-352 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.
Section 13-353
§ 13-353 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.
Section 13-353.1
§ 13-353.1 Accidental disability retirement; World Trade Center
presumption. 1. (a) Notwithstanding any provisions of this code or of
any general, special or local law, charter or rule or regulation to the
contrary, if any condition or impairment of health is caused by a
qualifying World Trade Center condition as defined in section two of the
retirement and social security law, it shall be presumptive evidence
that it was incurred in the performance and discharge of duty and the
natural and proximate result of an accident not caused by such member's
own willful negligence, unless the contrary be proved by competent
evidence.
(b) The New York City Fire Department Pension Fund (NYCFDPF) board of
trustees is hereby authorized to promulgate rules and regulations to
implement the provisions of this paragraph.
2. (a) Notwithstanding the provisions of this chapter or of any
general, special or local law, charter, administrative code or rule or
regulation to the contrary, if a member who participated in World Trade
Center rescue, recovery or cleanup operations as defined in section two
of the retirement and social security law, and subsequently retired on a
service retirement, an ordinary disability retirement, an accidental
disability retirement, a performance of duty disability retirement, or
was separated from service with a vested right to deferred payability of
a retirement allowance and subsequent to such retirement or separation
is determined by the head of the retirement system to have a qualifying
World Trade Center condition, as defined in section two of the
retirement and social security law, upon such determination by the
NYCFDPF board of trustees, it shall be presumed that such disability was
incurred in the performance and discharge of duty as the natural and
proximate result of an accident not caused by such member's own willful
negligence, and that the member would have been physically or mentally
incapacitated for the performance and discharge of duty of the position
from which he or she retired or vested had the condition been known and
fully developed at the time of the member's retirement or separation
from service with vested rights, unless the contrary is proven by
competent evidence.
(b) The NYCFDPF shall consider a reclassification of the member's
retirement or vesting 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 NYCFDPF board of trustees
according to procedures developed by the NYCFDPF.
(e) The NYCFDPF board of trustees is hereby authorized to promulgate
rules and regulations to implement the provisions of this paragraph.
3. Notwithstanding any other provision of this chapter or of any
general, special or local law, charter, administrative code or rule or
regulation to the contrary, if a retiree or vestee who: (1) has met the
criteria of subdivision one of this section and retired on a service or
disability retirement, would have met the criteria if not already
retired on an accidental disability, or was separated from service with
a vested right to deferred payability of a retirement allowance; and (2)
has not been retired for more than twenty-five years; and (3) dies from
a qualifying World Trade Center condition, as defined in section two of
the retirement and social security law, as determined by the applicable
head of the retirement system or applicable medical board, then unless
the contrary be proven by competent evidence, such retiree or vestee
shall be deemed to have died as a natural and proximate result of an
accident sustained in the performance of duty and not as a result of
willful negligence on his or her part. Such retiree's or vestee's
eligible beneficiary, as set forth in section 13-347 of this subchapter,
shall be entitled to an accidental death benefit as provided by sections
13-347 and 13-348 of this subchapter, however, for the purposes of
determining the salary base upon which the accidental death benefit is
calculated, the retiree or vestee shall be deemed to have died on the
date of his or her retirement or separation from service with vested
rights. Upon the retiree's or vestee's death, the eligible beneficiary
shall make a written application to the head of the retirement system
within the time for filing an application for an accidental death
benefit as set forth in sections 13-347 and 13-348 of this subchapter
requesting conversion of such retiree's service, vested right or
disability retirement benefit to an accidental death benefit. At the
time of such conversion, the eligible beneficiary shall relinquish all
rights to the prospective benefits payable under the service or
disability retirement benefit or vested right to such benefit, including
any post-retirement death benefits, since the retiree's or vestee's
death. If the eligible beneficiary is not the only beneficiary receiving
or entitled to receive a benefit under the service or disability
retirement benefit (including, but not limited to, post-retirement death
benefits or benefits paid or payable pursuant to the retiree's option
selection), or that will be eligible under the vested right the
accidental death benefit payments to the eligible beneficiary will be
reduced by any amounts paid or payable to any other beneficiary.
4. Notwithstanding any other provision of this code or of any general,
special or local law, charter, or rule or regulation to the contrary, if
a member who: (1) has met the criteria of subdivision one of this
section; (2) dies in active service or after separating from service
with a vested right to deferred payability of a retirement allowance,
but prior to the payability of that retirement allowance; and (3) dies
from a qualifying World Trade Center condition, as defined in section
two of the retirement and social security law, as determined by the
applicable head of the retirement system or applicable medical board,
then unless the contrary be proven by competent evidence, such member
shall be deemed to have died as a natural and proximate result of an
accident sustained in the performance of duty and not as a result of
willful negligence on his or her part. Such member's eligible
beneficiary, as set forth in section 13-347 of this subchapter, shall be
entitled to an accidental death benefit provided he or she makes written
application to the head of the retirement system within the time for
filing an application for an accidental death benefit as set forth in
section 13-347 of this subchapter.
Section 13-354
§ 13-354 Certain disabilities of firefighters. Notwithstanding any
other provisions of this code to the contrary, any condition of
impairment of health caused by diseases of the lung, resulting in total
or partial disability or death to a member of the uniformed force, who
successfully passed a physical examination on entry into the service of
such department, which examination failed to reveal any evidence of such
condition, shall be presumptive evidence that it was incurred in the
performance and discharge of duty, unless the contrary be proved by
competent evidence.
Section 13-355
§ 13-355 Dependent benefits for surviving spouses and orphans. a. (1)
Where any member who became a member prior to the starting date of the
improved benefits plan (as such date is defined in subdivision
twenty-seven of section 13-313 of this chapter), elected to purchase
dependent benefits pursuant to section B19-7.42 of former article one-A
of former chapter nineteen, and such member, prior to such starting
date, makes additional contributions required by sections B19-7.21 and
B19-7.42 of such former article one-A to the contingent dependent
benefit reserve fund provided for by subdivision c of such section
B19-7.21, and such member on and after such starting date makes
additional contributions, at the same rate to the dependent benefit
contingent reserve fund provided for by subdivision b of section 13-329
of this subchapter, dependent benefits shall be payable on and after
such starting date with respect to such member as provided for in
subdivision b of this section from the dependent benefit reserve fund
provided for by subdivision a of such section 13-329.
(2) In any case where prior to such starting date, dependent benefits
were granted with respect to any deceased member or deceased retired
member pursuant to the provisions of this section and such sections
B19-7.21 and B19-7.42 as then in effect, dependent benefits with respect
to such member shall be payable on and after such starting date to the
person or persons eligible to receive same pursuant to the provisions of
subdivision b of this section.
b. (1) Except as otherwise provided in paragraph two of this
subdivision and subject to the provisions of subdivisions a and d of
this section, the board shall pay a dependent benefit to the surviving
spouse, child or children or dependent parents of any deceased member if
the death of such member occur during his or her service or after he or
she was retired from service. The amount of any such dependent benefit
to be paid by the board to each of the several representatives of such
member, in case there shall be more than one, from time to time, may be
determined by such board according to the circumstances of each case.
The annual dependent benefit to the representative or representatives of
such member, however, shall be six hundred dollars, and no part of such
sum shall be paid to any such surviving spouse who shall remarry, after
such remarriage, or to any child after it shall have reached the age of
eighteen years.
(2) In any case where an original plan member subject to article
eleven (as defined in subdivision four-d of section 13-313 of this
subchapter) or an improved benefits plan member subject to article
eleven (as defined in subdivision four-j of such section 13-313) who has
elected to contribute the additional deductions provided for by
subdivision c of section of this subchapter dies during his or her
service, no dependent benefits shall be paid under this section to any
person by reason of such death; provided, however that the contributions
of such member to the dependent benefit contingent reserve fund, without
interest thereon, if such member was an original plan member subject to
article eleven at the time of his or her death, and with regular
interest thereon, if such member was an improved benefits plan member
subject to article eleven at the time of his or her death, shall be
paid, subject to the determination of the board as provided for by
paragraph one of this subdivision b, to the person or persons who would
have been entitled under the provisions of such paragraph one to receive
a dependent benefit by reason of such death if such member had not been
subject to the provisions of article eleven of the retirement and social
security law at the time of his or her death.
c. Dependent benefits shall be granted pursuant to this section to the
surviving spouse, child or children or dependent parent or parents of a
member:
(1) only upon satisfaction of the applicable requirements set forth in
subdivision a of this section, if such member last became a member prior
to such starting date; and
(2) only if the member, where he or she becomes a member on or after
such starting date, shall elect to contribute the additional deductions
provided for by subdivision c of section 13-329 of this subchapter.
d. The benefits granted pursuant to this section shall be in addition
to any other benefit provided for by this subchapter.
Section 13-356
§ 13-356 Safeguards on disability retirement; disability retirees
other than disability retirees under improved benefits plan. a. Once
each year the board may, and upon his or her application shall, require
any member, after retirement for disability and while under the minimum
period for service retirement elected by him or her, to undergo medical
examination. Such examination shall be made at the place of residence of
such beneficiary or other place mutually agreed upon. Upon the
completion of such examination the medical board shall report and
certify to the board whether such beneficiary is or is not totally or
partially incapacitated physically or mentally and whether he or she is
or is not engaged in or able to engage in a gainful occupation. If the
board concur in a report by the medical board that such beneficiary is
able to engage in a gainful occupation, it shall certify the name of
such beneficiary to the appropriate civil service commission, state or
municipal, and such commission shall place his or her name as a
preferred eligible on such appropriate lists of candidates as are
prepared for appointment to positions for which he or she is stated to
be qualified. Should such beneficiary be engaged in a gainful
occupation, or should he or she be offered city-service as a result of
the placing of his or her name on a civil service list, such board shall
reduce the amount of his or her disability retirement allowance to an
amount which, when added to that then earned by him or her, or earnable
by him or her in city-service so offered him or her, shall not exceed
the current maximum salary for the title next higher than that held by
him or her when he or she was retired. Should the earning capacity of
such beneficiary be further altered, such board may further alter his or
her retirement allowance to an amount which shall not exceed the rate of
retirement allowance upon which he or she was originally retired but
which, subject to such limitation, shall equal, when added to that
earnable by him or her, the current maximum salary for the title next
higher than that held by him or her when he or she was retired. The
provisions of this section shall be executed, any provision of the
charter or the code to the contrary notwithstanding.
b. Should any member, after retirement for disability and while under
the minimum period for service retirement elected by him or her, refuse
to submit to one medical examination in any year by a physician or
physicians designated by the medical board, his or her retirement
allowance may be discontinued until his or her withdrawal of such
refusal. Should such refusal continue for one year, all his or her
rights in and to such retirement allowance may be revoked by such board.
c. (1) The provisions of this section shall apply to:
(i) any beneficiary who retired for disability prior to the starting
date of the improved benefits plan (as such date is defined in
subdivision twenty-seven of section 13-313 of this subchapter); and
(ii) any beneficiary who becomes a beneficiary by retiring for
disability on or after such starting date and who at the time of such
retirement, is an original plan member.
(2) The provisions of this section shall not apply to any beneficiary
who becomes a beneficiary by retiring for disability and who at the time
of such retirement is an improved benefits plan member.
Section 13-357
§ 13-357 Safeguards on disability retirement; disability retirees
under improved benefits plan. a. Once each year the board may, and upon
his or her own application shall, require any disability pensioner,
under the minimum period for service retirement elected by him or her,
and who at the time of his or her retirement for disability was an
improved benefits plan member, to undergo medical examination. Such
examination shall be made at the place of residence of such beneficiary
or other place mutually agreed upon. Upon the completion of such
examination the medical board shall report and certify to the board
whether such beneficiary is or is not totally or partially incapacitated
physically or mentally and whether he or she is or is not engaged in or
able to engage in a gainful occupation. If the board concur in a report
by the medical board that such beneficiary is able to engage in a
gainful occupation, it shall certify the name of such beneficiary to the
appropriate civil service commission, state or municipal, and such
commission shall place his or her name as a preferred eligible on such
appropriate lists of candidates as are prepared for appointment to
positions for which he or she is stated to be qualified. Should such
beneficiary be engaged in a gainful occupation, or should he or she be
offered city-service as a result of the placing of his or her name on a
civil service list, such board shall reduce the amount of his or her
disability pension and his or her
pension-providing-for-increased-take-home-pay, if any, to an amount
which, when added to that then earned by him or her, or earnable by him
or her in city-service so offered him or her, shall not exceed the
current maximum salary for the title next higher than that held by him
or her when he or she was retired. Should the earning capacity of such
beneficiary be further altered, such board may further alter his or her
pension and his or her pension-providing-for-increased-take-home-pay, if
any, to an amount which shall not exceed the rate of pension and his or
her pension-providing-for-increased-take-home-pay, if any, upon which he
or she was originally retired but which, subject to such limitation,
shall equal, when added to that earnable by him or her, the current
maximum salary for the title next higher than that held by him or her
when he or she was retired. The provisions of this section shall be
executed, any provision of the charter or the code to the contrary
notwithstanding.
b. Should any disability pensioner, under the minimum period for
service retirement elected by him or her, and who was an improved
benefits plan member at the time of his or her retirement for
disability, refuse to submit to one medical examination in any year by a
physician or physicians designated by the medical board, his or her
pension and his or her pension-providing-for-increased-take-home-pay, if
any, may be discontinued until his or her withdrawal of such refusal.
Should such refusal continue for one year, all his or her rights in and
to such pension and his or her
pension-providing-for-increased-take-home-pay, if any, may be revoked by
such board.
Section 13-358
§ 13-358 Retirement allowances of original plan members; for service.
a. Subject to the provisions of subdivision b of this section, upon
retirement for service an original plan member not subject to article
eleven (as defined in subdivision four-c of section 13-313 of this
subchapter) shall receive a retirement allowance which shall be equal to
one-half his or her final compensation plus, for each year he or she
shall have served in the uniformed force of the fire department after
having attained the minimum period of service retirement elected by him
or her, the additional amount provided for by section two hundred
seven-b of the general municipal law with respect to such year.
b. In addition to the benefits provided for in subdivision a of this
section, an original plan member not subject to article eleven, upon
retirement for service, shall receive, for each year, or fraction
thereof, of service credit transferred from the New York city employees'
retirement system, a retirement allowance of fifty-five percent of
one-sixtieth of his or her five-year-average-salary (as defined in
subdivision twenty-eight of section 13-313 of this subchapter) if such
service credit was for service rendered prior to October first, nineteen
hundred fifty-one or seventy-five percent of one-sixtieth of his or her
five-year-average-salary if such service was rendered on or after
October first, nineteen hundred fifty-one. Nothing contained in this
subdivision b shall be construed as denying or impairing any right
granted to any member by any other provision of law with respect to any
such transferred service credit which consists of credit for service as
a member of a uniformed force, the members of which, during their
service in such force, are eligible for membership in the New York city
employees' retirement system.
c. Upon retirement for service, an original plan member subject to
article eleven (as defined in subdivision four-d of section 13-313 of
this subchapter) shall receive a retirement allowance determined
pursuant to the provisions of subdivisions a and b of this section,
except to the extent and in the manner that any such provision is
modified by article eleven.
Section 13-359
§ 13-359 Retirement allowances of improved benefits plan members; for
service. a. Subject to the provisions of subdivision b of this section,
upon retirement for service, an improved benefits plan member not
subject to article eleven (as defined in subdivision four-i of section
13-313 of this subchapter) shall receive a retirement allowance which
shall consist of:
1. (a) An annuity based on his or her required annuity savings at the
termination of his or her required minimum period of service, and in
addition, a pension which when added to the annuity shall be equal to
one-half of his or her annual earnable compensation on the date of
retirement, for his or her minimum period of service. For the purpose
only of determining the pension portion of the retirement allowance for
minimum service, such member's annuity under this paragraph one shall be
computed as it would be, (i) if it were not reduced by the actuarial
equivalent of any outstanding loan, (ii) if it were not increased by the
actuarial equivalent of any additional contributions, (iii) if it were
not reduced by reason of such 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, (iv) as it would be without any optional modification, and (v)
as it would be, in the case of any improved benefits plan member not
subject to article eleven who is subject to a contribution rate
deficiency (as defined in subdivision twenty-one of such section 13-313)
under the provisions of this subchapter, if an amount equal to the whole
or any part of such deficiency remaining unpaid as of the effective date
of such member's retirement for service had been paid to the pension
fund on the earlier of (A) his or her date of commencement of
contributions as an improved benefits plan member (as defined in
subdivision nineteen of such section 13-313) or (B) the date next
following the date of termination of such member's required minimum
period of service.
(b) If such member became an improved benefits plan member after the
date of termination of such member's required minimum-period of service,
his or her required annuity savings at the termination of his or her
required minimum period of service shall be deemed to be such member's
accumulated contributions (as defined in subdivision seven of section
13-313 of this subchapter) credited to him or her as an original plan
member as of such date of termination, provided, however, that for the
purpose only of determining the pension portion of the retirement
allowance for minimum service, such member's annuity under this
paragraph one shall be computed as it would be under the conditions
prescribed in items (i), (iv), and (v) of subparagraph (a) of this
paragraph.
2. For each additional year of service in the uniformed force of the
fire department, or fraction thereof, beyond his or her required minimum
service, such a member shall be entitled to, in addition to the benefits
provided in paragraph one of this subdivision a;
(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 uniformed force of the department rendered both (1) after the
completion of such required minimum service in such uniformed force and
(2) after December thirty-first, nineteen hundred sixty-six.
3. For each year, or fraction thereof, of service credit transferred
from the New York city employees' retirement system, or service credit
acquired pursuant to subdivision d of section 13-318 of this subchapter
or pursuant to the applicable provisions of subdivisions e and f of such
section, a pension of fifty-five percent of one-sixtieth of his or her
five-year-average compensation (as defined in subdivision six-a of such
section 13-313) if such service credit was for service rendered prior to
October first, nineteen hundred fifty-one or seventy-five percent of
one-sixtieth of his or her five-year-average compensation if such
service was rendered subsequent to October first, nineteen hundred
fifty-one.
4. (a) For service in the uniformed force of the fire department in
addition to and in excess of his or her required minimum period of
service, such member shall be entitled to receive, in addition to the
benefits provided for by the preceding paragraphs of this subdivision a,
an annuity which shall be determined in the manner provided for in
subparagraphs (b), (c), (d) and (e) of this paragraph four.
(b) There shall be added together (i) the total amount of the
accumulated deductions of such member, if any, whenever made, as the
same are on the date next preceding the date on which such member's
retirement becomes effective, including all voluntary additional
contributions, whenever made, and (ii) the unpaid amount of any loan of
such member outstanding as of such date.
(c) Subject to the provisions of subparagraph (d) of this paragraph
four, there shall be determined the amount of the accumulated
deductions, if any, credited to such member with respect to the years of
his or her service credited as his or her minimum period of service, as
such deductions were on the date of completion of such minimum period of
service (but also as such deductions would then be in the absence of a
loan), excluding, however, from such accumulated deductions:
(i) the value, as of such completion date, of all of such member's
voluntary, additional contributions made with respect to such years of
service credited as his or her minimum period of service;
(ii) the value, as of such completion date, of any accumulated
deductions credited with respect to any period of service preceding and
not included in such period of service credited as such member's minimum
period of service.
(d) If such member became an improved benefits plan member after the
date of completion of such member's minimum period of service, his or
her accumulated deductions with respect to his or her minimum period of
service shall be deemed to be, only for the purposes of this paragraph
four, such member's accumulated contributions (as defined in subdivision
seven of section 13-313 of this subchapter) credited to him or her as an
original plan member as of such completion date with respect to the
period of service credited to such member as his or her minimum period
of service, as such accumulated contributions would be in the absence of
a loan, and excluding from such accumulated contributions the value, as
of such date, of any accumulated contributions credited with respect to
any period of service preceding and not included in such period of
service credited as such member's minimum period of service.
(e) From the amount computed pursuant to subparagraph (b) of this
paragraph four, there shall be subtracted the amount computed pursuant
to subparagraph (c) of this paragraph or subparagraph (d) hereof, as the
case may be.
(f) The annuity to which such member shall be entitled under this
paragraph four, if any, shall be the actuarial equivalent, as of the
date next preceding the date on which such member's retirement becomes
effective, of the remainder computed pursuant to subparagraph (e) of
this paragraph four.
b. Upon retirement for service, an improved benefits plan member
subject to article eleven (as defined in subdivision four-j of such
section 13-313) shall receive a retirement allowance consisting of an
annuity and a pension determined pursuant to the provisions of
subdivision a of this section, except to the extent and in the manner
that any such provision is modified by article eleven.
Section 13-360
§ 13-360 Vested retirement rights; original plan members. a. For the
purposes of this section, the term "service" shall mean service in the
uniformed force of the fire department, as a member of such force,
including service for which credit is granted pursuant to section 15-111
of the code, but excluding any service credit acquired by transfer or
otherwise under any other provision of law.
b. (1) Any member who:
(i) discontinued "service" on or after July first, nineteen hundred
sixty-nine, and prior to the starting date of the improved benefits plan
(as such starting date is defined in subdivision twenty-seven of section
13-313 of this subchapter) other than by death, retirement or dismissal;
and
(ii) prior to such discontinuance, completed fifteen or more years of
"service", at least five of which immediately preceded such
discontinuance; and
(iii) does not withdraw his or her accumulated contributions in whole
or in part; and
(iv) at least thirty days prior to the date of such discontinuance,
filed 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. For the purposes of this
subchapter, any such member who acquired such a vested right pursuant to
the provisions of this paragraph one shall be deemed to have become an
original plan discontinued member.
(2) Any original plan member who:
(i) discontinues "service" on or after such starting date, other than
by death, retirement or dismissal; and
(ii) prior to such discontinuance, completed five or more years of
"service"; and
(iii) does not withdraw his or her accumulated contributions in whole
or in part; and
(iv) at least thirty days prior to the date of such discontinuance,
filed 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 and shall be an original plan
discontinued member.
c. (1) Upon such discontinuance under the conditions and in compliance
with the provisions of subdivision b of this section, such deferred
retirement allowance shall vest automatically.
(2) Such retirement allowance shall become payable on the earliest
date on which such original plan discontinued member could have retired
for service if discontinuance had not occurred.
d. Such retirement allowance, in the case of an original plan
discontinued member not subject to article eleven (as defined in
subdivision sixteen-a of section 13-313 of this subchapter), shall be:
(1) An amount equal to:
(i) in the case of any such original plan discontinued member not
subject to article eleven whose minimum period for service retirement is
twenty years, two and one-half percent of his or her final compensation
on the date of his or her discontinuance of "service", multiplied by the
number of years of "service" credited to him or her on the date of such
discontinuance; or
(ii) In the case of any such original plan discontinued member not
subject to article eleven whose minimum period for service retirement is
twenty-five years, two percent of his or her final compensation on the
date of his or her discontinuance of "service", multiplied by the number
of years of "service" credited to him or her on the date of such
discontinuance; and
(2) an amount equal to fifty dollars for each year of city-service
credited to him or her, other than "service".
d-1. Such retirement allowance, in the case of an original plan
discontinued member subject to article eleven (as defined in subdivision
sixteen-b of such section 13-313) shall consist of an amount determined
pursuant to the provisions of subdivision d of this section, except to
the extent and in the manner that any such provision is modified by
article eleven.
e. If an original plan discontinued member dies before attaining the
earliest age at which he or she could have retired for service if
discontinuance had not occurred, his or her accumulated contributions
shall be paid (1) to the beneficiary designated by him or her pursuant
to section 13-346 of this subchapter to receive his or her accumulated
contributions in the event that such contributions were to become
payable under such section, or (2) if such member had made no such
designation, to his or her estate.
f. An original plan discontinued member may elect any option under
section 13-369 of this subchapter at any time prior to the first payment
on account of his or her retirement allowance under this section.
g. Withdrawal of accumulated contributions, in whole or in part, after
discontinuance of "service", shall terminate the right to a deferred
retirement allowance under this section.
h. If an original plan discontinued member who has not withdrawn his
or her accumulated contributions in whole or in part shall subsequently
re-enter "service" before the earliest date on which such original plan
discontinued member could have retired for service if discontinuance had
not occurred, he or she shall be entitled to the service credit and
status to which he or she was entitled immediately prior to his or her
discontinuance of "service".
i. (1) If an original plan discontinued member who has not withdrawn
his or her accumulated contributions in whole or in part shall
subsequently and on or after the earliest date on which such original
plan discontinued member could have retired for service if
discontinuance had not occurred, re-enter "service", his or her
retirement allowance shall be suspended and forfeited during the period
of such "service".
(2) (i) Such original plan discontinued member may again become a
member of the pension fund if, within ninety days after his or her
return to such "service", he or she files a duly executed and
acknowledged application for such membership.
(ii) Subject to the provisions of subparagraphs (iii) and (iv) of this
paragraph two, if any such original plan discontinued member shall again
become a member of the pension fund, he or she shall become such member
as a new entrant.
(iii) If such original plan discontinued member, at the time of his or
her discontinuance of "service", was an original plan discontinued
member not subject to article eleven, he or she shall, as such new
entrant, continue to be an original plan discontinued member not subject
to article eleven. If such original plan discontinued member, at the
time of his or her discontinuance of "service", was an original plan
discontinued member subject to article eleven, he or she shall, as such
new entrant, continue to be an original plan discontinued member subject
to article eleven.
(iv) Any original plan discontinued member who again becomes a member
of the pension fund pursuant to the preceding subparagraphs of this
paragraph two shall contribute to such fund at the rate (before
modification, if any, to which such original plan discontinued member
may be entitled pursuant to section 13-326 of this subchapter) at which
he or she would have been required to contribute if he or she had not
discontinued "service". The provisions of paragraph two of subdivision c
of section 13-325 of this subchapter shall not apply to an original plan
discontinued member who again becomes a member pursuant to this
paragraph two.
(3) (i) Upon the subsequent retirement of any such original plan
discontinued member who, pursuant to the provisions of subparagraph
(iii) of paragraph two of this subdivision i, is an original plan
discontinued member not subject to article eleven, 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 equal to one-sixtieth of his or her
average annual salary or wages 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 "service" rendered by him or her from such
date of re-entry.
(ii) Upon the subsequent retirement of any such original plan
discontinued member who, pursuant to the provisions of subparagraph
(iii) of paragraph two of this subdivision i, is an original plan
discontinued member subject to article eleven, he or she shall be
credited with all of his or her "service" as a member subsequent to this
last restoration to membership and he or she shall receive therefor a
retirement allowance determined pursuant to the provisions of
subparagraph (i) of this paragraph three, except to the extent and in
the manner that any such provision is modified by article eleven. If,
after the restoration of any such original plan discontinued member
subject to article eleven, he or she separates from "service" at a time
when he or she is ineligible to retire under the provisions of such
article eleven, that part of his or her accumulated contributions which
is attributable to the period of his or her service subsequent to his or
her last restoration to membership and which remains to his or her
credit shall be refunded to him or her, without interest, pursuant to
rules and regulations promulgated by the board with respect to refunds
under such circumstances.
(4) In addition to the applicable retirement allowance provided for by
paragraph three of this subdivision i, any such new entrant original
plan discontinued member, upon his or her subsequent retirement, shall
receive the retirement allowance which he or she was receiving or
entitled to receive immediately prior to his or her last restoration.
If, after the restoration of any such original plan discontinued member
subject to article eleven, he or she separates from service at a time
when he or she is ineligible to retire under the provisions of such
article eleven, he or she shall receive, in addition to the refund of a
portion of his or her accumulated contributions as provided for in
subparagraph (ii) of such paragraph three, the retirement allowance
which he or she was receiving or entitled to receive immediately prior
to his or her last restoration.
(5) During restoration to "service", in lieu of suspension of any
benefits payable in the event of his or her death by reason of any
option selection in respect to his or her retirement allowance, a
beneficiary may pay to the fund from which his or her ordinary
retirement allowance was payable, the amount by which his or her
ordinary retirement allowance exceeded the optional retirement allowance
theretofore 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.
(6) Any original plan discontinued member who has again become a
member of the pension fund pursuant to the provisions of paragraphs one
and two of this subdivision i may, during such restored membership, by a
written application duly executed and filed with the board pursuant to
the provisions of subdivision c or subdivision e of section 13-315 of
this subchapter, as the case may be, elect to become an improved
benefits plan discontinued member restored to membership. As of the
applicable time specified in subdivision d or subdivision f of such
section with respect to commencement of status as an improved benefits
plan member, any such original plan discontinued member who filed such
an application shall cease to be an original plan discontinued member
restored to membership and shall become an improved benefits plan
discontinued member restored to membership. If such member was a
restored original plan discontinued member not subject to article eleven
immediately prior to the commencement of his or her status as a restored
improved benefits plan discontinued member, he or she shall thereafter
be an improved benefits plan discontinued member not subject to article
eleven, restored to membership. If such member was a restored original
plan discontinued member subject to article eleven immediately prior to
the commencement of his or her status as a restored improved benefits
plan discontinued member, he or she shall thereafter be an improved
benefits plan discontinued member subject to article eleven, restored to
membership. On and after the date on which the status of any such member
as an improved benefits plan discontinued member restored to membership
begins, his or her rights, privileges, benefits and obligations as such
member shall be as prescribed by the provisions of section 13-359 of
this subchapter; provided, however, that he or she shall contribute to
the annuity savings fund on and after such date at the rate of
contribution (before modification, if any, to which he or she may be
entitled on account of increased-take-home-pay) which would have been
applicable to him or her if the improved benefits plan had been in
existence and he or she had become a non-elective improved benefits plan
member as of the date of commencement of the period of member service in
the uniformed force of the fire department which was credited to him or
her at the time when he or she last discontinued service so as to become
entitled to benefits under this section.
j. Notwithstanding any other provision of law, a discontinued member
with ten or more years of credited service in the pension fund who dies
before a retirement benefit becomes payable and who is otherwise not
entitled to a death benefit from the pension fund shall be deemed to
have died on the last day that he or she was in service upon which his
or her membership was based for purposes of eligibility for the payment
of a death benefit pursuant to the provisions of section 13-346 of this
title. The death benefit payable in such case shall be one-half of that
which would have been payable had such member died on the last day that
service was rendered.
Section 13-361
§ 13-361 Vested retirement rights; improved benefits plan members. a.
Any improved benefits plan member who:
(1) discontinues fire uniformed force service (as defined in
subdivision sixteen-c of section 13-313 of this subchapter) on or after
the starting date of the improved benefits plan (as such date is defined
in subdivision twenty-seven of such section 13-313), other than by
death, retirement or dismissal; and
(2) prior to such discontinuance, completed five or more years of
allowable fire uniformed force 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,
filed 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.
b. (1) Upon such discontinuance under the conditions and in compliance
with the provisions of subdivision a of this section, such deferred
retirement allowance shall vest automatically.
(2) Such retirement allowance shall become payable on the earliest
date on which such improved benefits plan discontinued member could have
retired for service if discontinuance had not occurred.
c. Such deferred retirement allowance, in the case of an improved
benefits plan discontinued member not subject to article eleven (as
defined in subdivision sixteen-e of such section 13-313), shall consist
of:
(1) an annuity which is the actuarial equivalent of an amount equal to
such member's accumulated deductions for the period of his or her fire
uniformed force 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 such improved benefits plan discontinued member
not subject to article eleven whose minimum period for service
retirement is twenty years, two and one-half percent of his or her
annual earnable compensation on the date of his or her discontinuance of
fire uniformed force service, multiplied by a number equal to the number
of years of allowable fire uniformed force 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 such improved benefits plan discontinued
member not subject to article eleven whose minimum period for service
retirement is twenty-five years, two percent of his or her annual
earnable compensation on the date of his or her discontinuance of fire
uniformed force service, multiplied by a number equal to the number of
years of allowable fire uniformed force service credited to him or her
on the date of his or her discontinuance of such 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 percent of one-sixtieth of his or her
five-year-average compensation (as defined in subdivision six-a of such
section 13-313) if such service credit was for service rendered prior to
October first, nineteen hundred fifty-one or seventy-five percent of
one-sixtieth of his or her five-year-average compensation if such
service was rendered on or after October first, nineteen hundred
fifty-one.
d. For the purpose only of determining the pension portion of such
retirement allowance pursuant to paragraphs one and two of subdivision c
of this section, the annuity referred to in such paragraph one shall be
computed as it would be (1) if it were not reduced by the actuarial
equivalent of any outstanding loan, (2) if it were not increased by the
actuarial equivalent of any additional contributions, (3) if it were not
reduced by reason of such 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, (4) as it would be without any optional modification, and (5)
as it would be, in the case of any improved benefits plan discontinued
member not subject to article eleven who is subject to a contribution
rate deficiency (as defined in subdivision twenty-one of section 13-313
of this subchapter), if the whole or any part of such deficiency
remaining unpaid at the time when such retirement allowance becomes
payable had been paid to the pension fund on his or her date of
commencement of contributions as an improved benefits plan member (as
defined in subdivision nineteen of such section 13-313).
d-1. Such deferred retirement allowance, in the case of an improved
benefits plan discontinued member subject to article eleven (as defined
in subdivision sixteen-f of such section 13-313), shall consist of an
annuity and pension determined pursuant to the provisions of
subdivisions c and d of this section, except to the extent and in the
manner that any such provision is modified by article eleven.
e. Regular interest on the accumulated deductions of an improved
benefits plan discontinued member and on his or her
reserve-for-increased-take-home-pay shall be credited after
discontinuance of fire uniformed force service at the rate which would
be applicable if he or she had not discontinued such service.
f. If an improved benefits plan discontinued member dies before
attaining the earliest age at which he or she could have retired for
service if discontinuance had not occurred, his or her accumulated
deductions shall be paid (1) to the beneficiary designated by him or her
pursuant to section 13-346 of this subchapter to receive his or her
accumulated deductions in the event that such deductions were to become
payable under such section, or (2) if such member had made no such
designation, to his or her estate.
g. An improved benefits plan discontinued member may elect any option
under section 13-369 of this subchapter at any time prior to the first
payment on account of his or her retirement allowance under this
section.
h. Withdrawal of accumulated deductions, in whole or in part, after
discontinuance of fire uniformed force service, shall terminate the
right to a deferred retirement allowance under this section.
i. If an improved benefits plan discontinued member who has not
withdrawn his or her accumulated deductions in whole or in part shall
subsequently re-enter fire uniformed force service before the earliest
date on which such improved benefits plan discontinued member could have
retired for service if discontinuance had not occurred, he or she shall
be entitled to the service credit and status to which he or she was
entitled immediately prior to his or her discontinuance of fire
uniformed force service and shall be credited with regular interest on
his or her accumulated deductions and his or her
reserve-for-increased-take-home-pay from the time of such discontinuance
to the time of his or her re-entry into fire uniformed force service, at
the rate which would have been applicable if he or she had not
discontinued such service.
j. (1) If an improved benefits plan discontinued member who has not
withdrawn his or her accumulated deductions in whole or in part shall
subsequently and on or after the earliest date on which such improved
benefits plan discontinued member could have retired for service if
discontinuance had not occurred, re-enters fire uniformed force service,
the payment of his or her pension only shall be suspended and forfeited
during the period of such fire uniformed force service, except as herein
otherwise provided.
(2) Such improved benefits plan discontinued member may again become a
member of the pension fund, if within ninety days after his or her
return to fire uniformed force service, he or she files a duly executed
and acknowledged application for such membership.
(3) (i) Subject to the provisions of subparagraphs (ii) and (iii) of
this paragraph three, 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.
(ii) If such improved benefits plan discontinued member, at the time
of his or her discontinuance of fire uniformed force service, was an
improved benefits plan discontinued member not subject to article
eleven, he or she shall, as such new entrant, continue to be an improved
benefits plan discontinued member not subject to article eleven. If such
improved benefits plan discontinued member, at the time of his or her
discontinuance of fire uniformed force service, was an improved benefits
plan discontinued member subject to article eleven, he or she shall, as
such new entrant, continue to be an improved benefits plan discontinued
member subject to article eleven.
(iii) Any improved benefits plan discontinued member who again becomes
a member of the pension fund pursuant to the provisions of paragraph two
of this subdivision j and the preceding subparagraphs of this paragraph
three, shall contribute to such fund at the rate (before modification,
if any, to which such improved benefits plan discontinued member may be
entitled pursuant to section 13-326 of this subchapter) at which he or
she would have been contributing if he or she had not discontinued fire
uniformed force service.
(iv) Upon the subsequent retirement of any such improved benefits plan
discontinued member who, pursuant to the provisions of subparagraph (ii)
of this paragraph three, is an improved benefits plan discontinued
member not subject to article eleven, 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 13-369 of this subchapter, consisting of:
(A) an annuity which is the actuarial equivalent of his or her
accumulated deductions at the time of such retirement; and
(B) 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 uniformed force of the fire
department rendered by him or her from such date of re-entry; and
(C) 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 uniformed force of the fire department rendered
by him or her from such date of re-entry.
(v) Upon the subsequent retirement of any such improved benefits plan
discontinued member who, pursuant to the provisions of subparagraph (ii)
of this paragraph three, is an improved benefits plan discontinued
member subject to article eleven, 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 determined pursuant to the provisions of
subparagraph (iv) of this paragraph three, except to the extent and in
the manner that any such provision is modified by article eleven.
(vi) In addition to the applicable retirement allowance provided for
by subparagraph (iv) or subparagraph (v) of this subdivision j, as the
case may be, any such improved benefits plan discontinued member, upon
his or her subsequent retirement, shall receive the pension which he or
she was receiving or entitled to receive immediately prior to his or her
last restoration.
(vii) If, after the restoration of any such improved benefits plan
discontinued member subject to article eleven, he or she separates from
service at a time when he or she is ineligible to retire under the
provisions of such article eleven, he or she shall receive a retirement
allowance which shall consist of an annuity which is the actuarial
equivalent of his or her accumulated deductions and the pension,
including 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.
(viii) In lieu of suspension during restoration to fire uniformed
force 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.
k. Notwithstanding any other provision of law, a discontinued member
with ten or more years of credited service in the pension fund who dies
before a retirement benefit becomes payable and who is otherwise not
entitled to a death benefit from the pension fund shall be deemed to
have died on the last day that he or she was in service upon which his
or her membership was based for purposes of eligibility for the payment
of a death benefit pursuant to the provisions of section 13-346 of this
title. The death benefit payable in such case shall be one-half of that
which would have been payable had such member died on the last day that
service was rendered.
Section 13-361.1
§ 13-361.1 Discharge or dismissal. a. Notwithstanding any other
provision of law, when a member has attained at least twenty years of
creditable fire uniformed force service in the retirement system, the
discharge or dismissal from employment of such person shall not preclude
such person from receiving any rights or benefits to which he or she
shall otherwise be entitled as a member or retired member of the
retirement system nor upon retirement shall his or her benefits be in
any way diminished as a result of such discharge or dismissal. Such
member shall be deemed to be retired on the date of his or her discharge
or dismissal from service for purposes of determining his or her rights
and benefits as a member of the retirement system.
b. Notwithstanding anything to the contrary in subdivision a of this
section, a member, other than a member to which article fourteen of the
retirement and social security law is applicable, that has attained at
least twenty years of creditable service in the retirement system shall
forfeit the retirement benefits to which the member would otherwise be
entitled if the member is convicted under the laws of the state of New
York of a felony, or under the laws of another state or of the United
States of an offense or crime which, if committed in the state of New
York, would be a felony.
c. Nothing in this section shall be construed to in any way modify or
affect the rights or benefits of any member of the retirement system to
which article fourteen of the retirement and social security law is
applicable.
Section 13-362
§ 13-362 Retirement allowances of original plan members; for ordinary
disability. a. Upon retirement for ordinary disability, an original plan
member not subject to article eleven (as defined in subdivision four-c
of section 13-313 of this subchapter) shall receive a retirement
allowance which shall be equal to:
1. If the number of years of city-service credited to him or her is
equal to or exceeds the minimum period for service retirement elected by
him or her, (a) one-fortieth of his or her final compensation multiplied
by the number of years of city-service credited to him or her, in the
case of any such member whose minimum period is twenty years of
city-service, and (b) one-fiftieth of his or her final compensation
multiplied by the number of years of city-service credited to him or
her, in the case of any such member whose minimum period is twenty-five
years of city-service; or
2. One-half of his or her final compensation as such member, if the
number of years of city-service credited to him or her is equal to or
exceeds ten, but is less than his or her minimum period for service
retirement; or
3. One-third of his or her final compensation as such member, if the
number of years of city-service credited to him or her is less than ten.
b. Upon retirement for ordinary disability, an original plan member
subject to article eleven (as defined in subdivision four-d of such
section 13-313) shall receive a retirement allowance determined pursuant
to the provisions of subdivision a of this section, except to the extent
and in the manner that any such provision is modified by article eleven.
Section 13-363
§ 13-363 Retirement allowances of improved benefit plan members; for
ordinary disability. a. Subject to the provisions of subdivision b of
this section, upon retirement for ordinary disability, an improved
benefits plan member not subject to article eleven (as defined in
subdivision four-i of section 13-313 of this subchapter) shall receive a
retirement allowance which shall consist of:
1. An annuity which shall be the actuarial equivalent of his or her
accumulated deductions at the time of his or her retirement; and
2. A pension which is the actuarial equivalent of the
reserve-for-increased-take-home-pay to which he or she may then be
entitled, if any; and
3. A pension, which, together with his or her annuity and the
pension-providing-for-increased-take-home-pay, if any, shall be equal
to:
(i) In the case of any such member who contributes on the basis of
retirement after twenty years of city-service, a retirement allowance
equal to one-fortieth of his or her annual earnable compensation on the
date of retirement multiplied by the number of years of city-service
credited to him or her, but not less than (A) one-half of his or her
annual earnable compensation on the date of retirement, if the years of
city-service credited to him or her are ten or more, or (B) one-third of
his or her annual earnable compensation on the date of retirement, if
the years of city-service credited to him or her are less than ten; or
(ii) In the case of any such member who contributes on the basis of
retirement after twenty-five years of city-service, a retirement
allowance equal to one-fiftieth of his or her annual earnable
compensation on the date of retirement, multiplied by the number of
years of city-service credited to him or her, but not less than (A)
one-half of his or her annual earnable compensation on the date of
retirement, if the years of city-service credited to him or her are ten
or more, or (B) one-third of his or her annual earnable compensation on
the date of retirement, if the years of city-service credited to him or
her are less than ten.
b. For the purpose only of determining the pension portion of the
retirement allowance payable for ordinary disability under the
provisions of this section, the member's annuity shall be computed as it
would be (1) if it were not reduced by the actuarial equivalent of any
outstanding loan, (2) if it were not increased by the actuarial
equivalent of any additional contributions, (3) 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, (4) as it would be without optional modification, and (5) as
it would be, in the case of any improved benefits plan member not
subject to article eleven who is subject to a contribution rate
deficiency (as defined in subdivision twenty-one of such section 13-313)
under the provisions of this subchapter, if the whole or any part of
such deficiency remaining unpaid as of the effective date of such
member's retirement for ordinary disability had been paid to the pension
fund on the earlier of (i) his or her date of commencement of
contributions as an improved benefits plan member (as defined in
subdivision nineteen of such section 13-313) or (ii) the date next
following the date of completion of such member's minimum period for
service retirement.
c. Upon retirement for ordinary disability, an improved benefits plan
member subject to article eleven (as defined in subdivision four-j of
such section 13-313) shall receive a retirement allowance determined
pursuant to the provisions of subdivisions a and b of this section,
except to the extent and in the manner that any such provision is
modified by article eleven.
Section 13-364
§ 13-364 Retirement allowances of original plan members; for accident
disability. a. Upon retirement for accident disability, an original plan
member not subject to article eleven (as defined in subdivision four-c
of section 13-313 of this subchapter) shall receive:
1. a retirement allowance which shall be equal to three-quarters of
his or her final compensation on the date of his or her retirement and
in the case of a member acting in a higher rank, an amount not to exceed
three-quarters of the compensation of such rank on the day such injury
was suffered; and
2. his or her accumulated contributions, without interest, either in a
lump sum or in the form of an annuity which is the actuarial equivalent
of such accumulated contributions, as such member shall elect; and
3. for each year he or she shall have served in the uniformed force of
the fire department after having completed the minimum period of service
retirement elected by him or her, the additional amount provided for by
section two hundred seven-b of the general municipal law with respect to
such year.
b. Upon retirement for accident disability, an original plan member
subject to article eleven (as defined in subdivision four-d of such
section 13-313) shall receive a retirement allowance determined pursuant
to the provisions of subdivision a of this section, except to the extent
and in the manner that any such provision is modified by article eleven.
Section 13-365
§ 13-365 Accidental disability benefits in the case of retirements
prior to July 1, 1965. a. Notwithstanding the provisions of section
13-364 of this subchapter, in any case where a retirement allowance was
awarded under the provisions of such section, by reason of the
retirement for accidental disability of a member occurring before July
first, nineteen hundred sixty-five, such retirement allowance shall be
not less than three-fourths the annual salary or compensation earnable
by a first grade firefighter on July first, nineteen hundred and
sixty-five. In the case of a member receiving a lesser retirement
allowance, such retirement allowance shall be increased to an amount
which will equal three-fourths of the earnable salary or compensation of
a first grade firefighter on July first, nineteen hundred and
sixty-five. Such retirement allowance shall be computed as it would have
been without deduction for outstanding loans and optional modifications.
b. Such retirement allowance shall be payable to the same persons and
shall be subject to the same terms and conditions, including provisions
as to terminations, as the retirement allowance which would otherwise be
payable to the members under section 13-364 of this subchapter or any
other law.
c. The retirement allowance payable pursuant to the provisions of such
subdivisions a and b of this section shall be in lieu of any retirement
allowance which would otherwise be payable on and after the effective
date of this section pursuant to the provisions of section 13-364 of
this subchapter.
d. Nothing in this section shall be construed as creating any rights
on behalf of any person who dies prior to October twenty-seventh,
nineteen hundred sixty-six and benefits due thereunder shall be
calculated and paid only from such date this law becomes effective.
Section 13-366
§ 13-366 Retirement allowances of improved benefits plan members; for
accident disability. a. Upon retirement for accident disability, an
improved benefits plan member not subject to article eleven shall
receive a retirement allowance which shall consist of:
(1) An annuity, which shall be the actuarial equivalent of his or her
accumulated deductions at the time of his or her retirement; and
(2) A pension which is the actuarial equivalent of the
reserve-for-increased-take-home-pay to which he or she may then be
entitled, if any; and
(3) A pension, of three-quarters of his or her annual earnable
compensation on the date of retirement and in the case of a member
acting in a higher rank, an amount not to exceed three-quarters of the
annual earnable compensation of such rank on the day such injury was
suffered, in addition to the annuity and pension provided for by
paragraphs one and two of this subdivision a; and
(4) For each year he or she shall have served in the uniformed force
of the fire department after having completed the minimum period of
service retirement elected by him or her, the additional amount provided
for by section two hundred seven-b of the general municipal law with
respect to such year.
b. Upon retirement for accident disability, an improved benefits plan
member subject to article eleven shall receive a retirement allowance
determined pursuant to the provisions of subdivision a of this section,
except to the extent and in the manner that any such provision is
modified by article eleven.
Section 13-367
§ 13-367 Retirement allowances of improved benefits plan members
credited with certain service as battalion chief. a. In the case of the
retirement of an improved benefits plan member not subject to article
eleven (as defined in subdivision four-i of section 13-313 of this
subchapter), who, pursuant to certification from an eligible list and
permanent appointment to the position of battalion chief, shall have
served in such rank for a period of not less than five years, such
member shall be entitled to receive a retirement allowance which shall
be the larger of:
(1) the retirement allowance which would be computed for such member
if this section had not been enacted; or
(2) a retirement allowance computed pursuant to the provisions of
subdivision b of this section.
b. (1) A retirement allowance shall be computed for such member in all
respects pursuant to the applicable provisions of this subchapter as if
this section had not been enacted, except as provided in paragraphs two
and three of this subdivision b.
(2) Solely for the purpose of calculating the annual earnable
compensation on the date of retirement in computing a retirement
allowance under the applicable provisions referred to in paragraph one
of this subdivision b, the component thereof consisting of the base
salary on the date of retirement shall not be such member's base salary
in the position held by him or her on such date, but shall instead be
deemed to be an amount equal to the base salary which would have been
payable on the date of such member's retirement, if he or she had been
promoted to the position of deputy chief of the department on that date.
The said deputy chief's base salary shall not be used for the purpose of
calculating any other component of such member's retirement allowance
under this subdivision.
(3) For the purpose of computing a retirement allowance pursuant to
this subdivision b, any additional compensation of such member for
acting in a higher rank shall be excluded.
c. Where an improved benefits plan member subject to article eleven
(as defined in subdivision four-j of section 13-313 of this subchapter)
shall have served in the rank of battalion chief for a period of not
less than five years as described in subdivision a of this section, he
or she shall, upon retirement, be entitled to a retirement allowance
determined pursuant to the applicable provisions of subdivisions a and b
of this section, except to the extent and in the manner that any such
provision is modified by article eleven.
Section 13-368
§ 13-368 Retirement allowances; restrictions on. a. If a lump sum
which has been paid or which is payable under the provisions of the
workers' compensation law equals or exceeds the present value of all
amounts otherwise payable out of moneys provided or to be provided by
the pension fund under the provisions of this subchapter on account of
the same disability of the same person, no payment shall be made to such
person under the provisions of this subchapter. If such lump sum be a
percentage less than one hundred per cent of the present value of all
such amounts, there shall be paid as it becomes due under the provisions
of this subchapter, in lieu of each amount otherwise payable, an amount
equal to the percentage thereof which is the difference between such
lesser per cent and one hundred per cent.
b. If an amount which is payable throughout a period under the
provisions of the workers' compensation law equals or exceeds the
amounts otherwise payable during the same period out of the moneys
provided or to be provided by the pension fund under the provisions of
this subchapter on account of the same disability of the same person, no
payment shall be made to such person under the provisions of this
subchapter during such period nor thereafter, until the total amount of
such omitted payments, together with the regular interest which they
would have accumulated, equals the amount paid under the workers'
compensation law, together with the regular interest which it would have
accumulated. If an amount which is payable throughout a period under the
provisions of the workers' compensation law be a percentage less than
one hundred per cent of the amounts otherwise payable during the same
period out of moneys provided or to be provided by the pension fund
under the provisions of this subchapter on account of the same
disability of the same person, there shall be paid during such period as
it becomes due under the provisions of this subchapter, in lieu of each
amount otherwise payable, the percentage thereof which is the difference
between such lesser per cent and one hundred per cent.
c. No decision of the state industrial board shall be binding on the
medical board or on the board in the determination of eligibility of a
claimant for an accident disability or an accidental death benefit.
d. Notwithstanding any of the foregoing provisions of this section or
any other law to the contrary, pending the final determination of a
claim for workers' compensation benefits, the board may authorize
payment of all or any part of the benefits which are payable under this
subchapter and to which any of the foregoing provisions of this section
apply, and in that event the pension fund shall be entitled to
reimbursement out of the unpaid installment or installments of
compensation due under the workers' compensation law provided that claim
therefor is filed with the workers' compensation board, together with
proof of the fact and amount of payment.
Section 13-369
§ 13-369 Retirement of original plan members; options in which
retirement allowances may be taken. a. Subject to the provisions of
subdivision b of this section, until the first payment on account of any
benefit is made, except pursuant to the provisions of subdivision c of
this section, any beneficiary who was an original plan member at the
time of his or her retirement, or, if such beneficiary is an
incompetent, then the spouse of such beneficiary, or, if there be no
spouse, a committee of the estate, may elect to receive such benefit in
a retirement allowance payable throughout life, or any such beneficiary
or the spouse or committee so electing may then elect to receive the
actuarial equivalent at the time of his or her retirement allowance in a
lesser retirement allowance, payable throughout life with the provision
that:
Option 1. If he or she die before he or she has received in payments
the present value of his or her retirement allowance, as it was at the
time of his or her retirement, the balance shall be paid to his or her
legal representatives or to such person as such beneficiary, or the
spouse or committee so electing, has nominated or shall nominate by
written designation duly acknowledged and filed with the board.
Option 2. Upon his or her death, his or her retirement allowance shall
be continued throughout the life of and paid to such person as such
beneficiary, or the spouse or committee so electing, has nominated or
shall nominate by written designation duly acknowledged and filed with
the board at the time of his or her retirement.
Option 3. Upon his or her death, one-half of his or her retirement
allowance shall be continued throughout the life of and paid to such
person as such beneficiary, or the spouse or committee so electing, has
nominated or shall nominate by written designation duly acknowledged and
filed with the board at the time of his or her retirement.
Option 4. Upon his or her death, some other benefit or benefits shall
be paid to such other person or persons as such beneficiary, or the
spouse or committee so electing, has nominated or shall nominate,
provided such other benefit or benefits, together with such lesser
retirement allowance, shall be certified by the actuary to be of
equivalent actuarial value to his or her retirement allowance, and shall
be approved by such board.
b. In the case of an original plan member subject to article eleven
(as defined in subdivision four-d of section 13-313 of this subchapter)
or any beneficiary who was an original plan member subject to article
eleven at the time of such member's retirement, the provisions of
subdivision a of this section shall apply except to the extent and in
the manner that any such provision is modified by article eleven.
c. If a member who is otherwise eligible for retirement pursuant to
section 13-352 or 13-353 of this subchapter dies within thirty days
after the filing with the pension board of the application for
retirement pursuant to section 13-352 or 13-353 of this subchapter and
it is established that the physical or mental impairment or
incapacitation of the applicant specified in such application was
directly related to the cause of the applicant's death, such applicant
shall be approved by the pension board effective one day before the date
of the applicant's death, provided however that:
(1) if a member is entitled to an ordinary disability retirement
allowance under the provisions of this subchapter, the benefits provided
pursuant to section 13-352 of this subchapter shall be payable unless
the member would otherwise be entitled to a greater benefit pursuant to
section 13-346 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 13-353 of this subchapter shall be payable unless
the member would otherwise be entitled to a greater benefit pursuant to
section 13-348 of this subchapter, in which event the greater benefit
shall be payable.
d. Notwithstanding any law to the contrary, for the purpose of
electing an option pursuant to this section, the pension board shall
notify the surviving spouse of any applicant described in subdivision c
of this section, or, if no such spouse exists, the personal
representative of the estate of such applicant of the right of election
pursuant to this section and such surviving spouse or personal
representative of such estate may elect any such option within thirty
days after receipt of such notice.
Section 13-369.1
§ 13-369.1 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:
(a) a retired member nominates the spouse of such member as the
survivor beneficiary under option two or three of section 13-369 of the
code, or if a retired member nominates the spouse of such member under
option four of such section to receive payment of an annual benefit as a
survivor; and
(b) such person so nominated ceases by causes other than death to be
his or her spouse or is divorced from or separated pursuant to a
judicial decree from such spouse, then the board of trustees shall have
the authority to permit the change of the optional benefit to the
maximum benefit that is the actuarial equivalent by and with the consent
of all parties.
Section 13-370
§ 13-370 Retirement of improved benefits plan members; options in
which retirement allowances may be taken. a. Subject to the provisions
of subdivision c of this section, until the first payment on account of
any benefit is made, except pursuant to the provisions of subdivision d
of this section any beneficiary who was an improved benefits plan member
at the time of his or her retirement, or, if such beneficiary is an
incompetent, then the spouse or such beneficiary, or, if there be no
spouse, a committee of the estate, may elect to receive such benefit in
a retirement allowance payable throughout life, or any such beneficiary
or the spouse or committee so electing may then elect to receive the
actuarial equivalent at the time of his or her annuity, his or her
pension, or his or her retirement allowance in a lesser annuity or a
lesser pension or a lesser retirement allowance, payable throughout life
with the provision that:
Option 1. If he or she die before he or she has received in payments
the present value of his or her annuity, his or her pension, or his or
her retirement allowance, as it was at the time of his or her
retirement, the balance shall be paid to his or her legal
representatives or to such person as such beneficiary, or the spouse or
committee so electing, has nominated or shall nominate by written
designation duly acknowledged and filed with the board.
Option 2. Upon his or her death, his or her annuity, his or her
pension, or his or her retirement allowance, shall be continued
throughout the life of and paid to such person as such beneficiary, or
the spouse or committee so electing, has nominated or shall nominate by
written designation duly acknowledged and filed with the board at the
time of his or her retirement.
Option 3. Upon his or her death, one-half of his or her annuity, his
or her pension, or his or her retirement allowance, shall be continued
throughout the life of and paid to such person as such beneficiary, or
the spouse or committee so electing, has nominated or shall nominate by
written designation duly acknowledged and filed with the board at the
time of his or her retirement.
Option 4. Upon his or her death, some other benefit or benefits shall
be paid to such other person or persons as such beneficiary, or the
spouse or committee so electing, has nominated or shall nominate,
provided such other benefit or benefits, together with such lesser
annuity, or lesser pension or lesser retirement allowance, shall be
certified by the actuary to be of equivalent actuarial value to his or
her annuity, his or her pension or his or her retirement allowance, and
shall be approved by such board.
b. For purposes of this section, the terms "pension" and "retirement
allowance" shall be deemed to include the
pension-providing-for-increased-take-home-pay, if any.
c. In the case of an improved benefits plan member subject to article
eleven (as defined in subdivision four-j of section 13-313 of this
subchapter) or any beneficiary who was an improved benefits plan member
subject to article eleven at the time of such member's retirement, the
provisions of subdivisions a and b of this section shall apply except to
the extent and in the manner that any such provision is modified by
article eleven.
d. If a member who is otherwise eligible for retirement pursuant to
this section dies within thirty days after the filing with the pension
board of the application for retirement pursuant to this section and it
is established that the physical or mental impairment or incapacitation
of the applicant specified in such application was directly related to
the cause of the applicant's death, such application shall be approved
by the pension board effective one day before the date of the
applicant's death, provided however that:
(1) if a member is entitled to an ordinary disability retirement
allowance under the provisions of this subchapter, the benefits provided
pursuant to section 13-352 of this subchapter shall be payable unless
the member would otherwise be entitled to a greater benefit pursuant to
section 13-346 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 13-353 of this subchapter shall be payable unless
the member would otherwise be entitled to a greater benefit pursuant to
section 13-348 of this subchapter, in which event the greater benefit
shall be payable.
e. Notwithstanding any law to the contrary, for the purpose of
electing an option pursuant to this section, the pension board shall
notify the surviving spouse of any applicant described in subdivision d
of this section, or, if no such spouse exists, the personal
representative of the estate of such applicant of the right of election
pursuant to this section and such surviving spouse or personal
representative of such estate may elect any such option within thirty
days after receipt of such notice.
Section 13-370.1
§ 13-370.1 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:
(a) a retired member nominates the spouse of such member as the
survivor beneficiary under option two or three of section 13-370 of the
code, or if a retired member nominates the spouse of such member under
option four of such section to receive payment of an annual benefit as a
survivor; and
(b) such person so nominated ceases by causes other than death to be
his or her spouse or is divorced from or separated pursuant to a
judicial decree from such spouse, then the board of trustees shall have
the authority to permit the change of the optional benefit to the
maximum benefit that is the actuarial equivalent by and with the consent
of all parties.
Section 13-371
§ 13-371 Benefits upon re-entry into membership; after retirement of
original plan members. a. (1) Should a beneficiary receiving or entitled
to receive a retirement allowance under the provisions of section
13-349, or 3-350 of this subchapter, who was an original plan member at
the time of his or her last retirement, re-enter city-service, his or
her retirement allowance shall cease. In the case of any such
beneficiary who re-enters city-service (other than as fire commissioner
or deputy fire commissioner), he or she shall again become a member of
the fund as an original plan member, and in the case of any such
beneficiary who re-enters city-service by reason of being appointed fire
commissioner or deputy fire commissioner, he or she shall again become a
member of the fund as an original plan member and, subject to the
provisions of paragraph two of this subdivision shall remain such a
member while serving as fire commissioner or deputy fire commissioner,
and an amount equal to the retirement allowance reserve of any such
member shall be transferred to the contingent reserve fund.
(2) Where any beneficiary who again becomes a member as provided for
in paragraph one of this subdivision a elects to become an improved
benefits plan member pursuant to the applicable provisions of section
13-315 of this subchapter:
(i) he or she shall, if he or she became an original plan member not
subject to article eleven (as defined in subdivision four-c of section
13-313 of this subchapter) upon such restoration of membership, be from
the effective date of such election an improved benefits plan member not
subject to article eleven (as defined in subdivision four-i of such
section 13-313); and
(ii) he or she shall, if he or she became an original plan member
subject to article eleven (as defined in subdivision four-d of such
section 13-313) upon such restoration of membership, be from the
effective date of such election an improved benefits plan member subject
to article eleven (as defined in subdivision four-j of such section
13-313).
(3) On and after the effective date of such election, his or her
rights, privileges, benefits and obligations, as such restored improved
benefits plan member, shall be governed by the provisions of section
13-372 of this subchapter.
b. (1) Subject to the applicable provisions of paragraphs five and six
of this subdivision b, in any case where any such beneficiary who is
appointed fire commissioner or deputy fire commissioner, subsequently
retires while fire commissioner or deputy fire commissioner and without
having elected to become an improved benefits plan member pursuant to
the applicable provisions of section 13-315 of this subchapter, he or
she shall receive the retirement allowance, if any, which he or she was
receiving or entitled to receive immediately prior to his or her
appointment as fire commissioner or deputy fire commissioner and in
addition, a further retirement allowance as provided for by the
applicable provisions of paragraph two or paragraph three of this
subdivision b.
(2) If such appointee is an original plan member not subject to
article eleven at the time of such retirement as fire commissioner or
deputy fire commissioner, he or she shall receive a further retirement
allowance of one-sixtieth of his or her average annual salary earned
during his or her credited service as fire commissioner or deputy fire
commissioner, multiplied by the number of years of his or her credited
service as fire commissioner or deputy fire commissioner.
(3) If such appointee is an original plan member subject to article
eleven at the time of such retirement as fire commissioner or deputy
fire commissioner, he or she shall receive a further retirement
allowance determined pursuant to the provisions of paragraph two of this
subdivision b, except to the extent and in the manner that any such
provision is modified by article eleven.
(4) The further retirement allowance payable to such appointee as
prescribed by the applicable provisions of paragraph two or paragraph
three of this subdivision shall be payable in such form as he or she
shall select under section 13-369 of this subchapter.
(5) Subject to the provisions of paragraph six of this subdivision,
where any beneficiary who is appointed fire commissioner or deputy fire
commissioner shall have earned at least three years of member credit for
service as fire commissioner or deputy fire commissioner, 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 fire commissioner or
deputy fire commissioner, he or she shall be credited in addition with
all service as fire commissioner or deputy fire commissioner.
(6) Such total service credit to which such fire commissioner or
deputy fire commissioner was entitled at the time of his or her earlier
retirement shall be credited as provided in paragraph five 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.
c. During restoration to service for the city, other than city-service
as defined in this subchapter, in lieu of suspension of any benefits
payable in the event of his or her death by reason of any optional
selection in respect to his or her retirement allowance, a beneficiary
who was an original plan member at the time of his or her last
retirement prior to his or her last restoration to city-service may pay
to the fund from which his or her ordinary retirement allowance was
payable, the amount by which his or her ordinary retirement allowance
exceeded the optional retirement allowance theretofore 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.
Section 13-372
§ 13-372 Benefits upon re-entry into membership; after retirement of
improved benefits plan members. a. (1) Should a beneficiary receiving or
entitled to receive a retirement allowance under the provisions of
section 13-349 or 13-350 of this subchapter, and who was an improved
benefits plan member at the time of his or her last retirement, re-enter
city-service, his or her retirement allowance and his or her
pension-providing-for-increased-take-home-pay, if any, shall cease.
(2) If he or she had not served the period of service elected by him
or her, he or she shall again become a member of the pension fund as an
improved benefits plan member. 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, 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 as an
improved benefits plan member.
(3) In the case of any such beneficiary who is appointed fire
commissioner or a deputy fire commissioner, he or she shall again become
a member of the pension fund as an improved benefits plan member and
shall remain such a member while serving as fire commissioner or deputy
fire 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 restored as above provided in this section and who, as such restored
member, is an improved benefits plan member not subject to article
eleven (as defined in subdivision four-i of section 13-313 of this
subchapter), 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
shall receive a retirement allowance therefor as if he or she were a new
entrant, which retirement allowance shall be determined pursuant to the
applicable provisions of this subchapter governing the granting of such
a retirement allowance to an improved benefits plan member not subject
to article eleven.
(6) Where any such member whose membership is restored as above
provided in this section is, as such restored member, an improved
benefits plan member subject to article eleven (as defined in
subdivision four-j of such section 13-313), he or she shall, upon his or
her subsequent retirement, be credited with all of 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, which retirement allowance shall be determined pursuant to the
applicable provisions of this subchapter governing the granting of such
a retirement allowance to an improved benefits plan member subject to
article eleven.
(7) A retirement allowance determined pursuant to the applicable
provisions of subdivision five or subdivision six of this section shall
be payable in such form as such member entitled thereto shall select
under section 13-370 of this subchapter.
(8) 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 who
was an improved benefits plan member at the time of his or her last
retirement prior to his or her last restoration to city-service 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.
(9) In addition, upon his or her subsequent retirement, any such
member who again becomes a member as an improved benefits plan member
under the applicable provisions of paragraphs one, two, three and four
of this subdivision 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.
(10) Where any member who again becomes a member as an original plan
member under section 13-371 of this subchapter elects pursuant to the
provisions of section 13-315 of this subchapter while he or she is such
a restored member to become an improved benefits plan member, the
following shall apply:
(i) Subject to the provisions of subparagraph (iv) of this paragraph
ten, the termination of his or her earlier retirement allowance, as
provided for by such section, 13-371 shall not be affected by such
election and shall continue in effect while such member remains in
city-service.
(ii) The accumulated contributions of such member as an original plan
member shall remain in the retirement allowance reserve fund and shall
not be transferred to his or her credit in the annuity savings fund. On
and after the effective date of his or her election to become an
improved benefits plan member, he or she shall contribute to the pension
fund as if he or she were a new entrant as an improved benefits plan
member.
(iii) Upon the subsequent retirement of any such member who, as a
restored member, is an improved benefits plan member by reason of such
election, 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 a retirement allowance therefor determined pursuant
to the applicable provisions of paragraph five or paragraph six of this
subdivision, which retirement allowance shall be payable in such form as
he or she shall select under section 13-370 of this subchapter.
(iv) Upon becoming entitled to a retirement allowance as provided for
by subparagraph (iii) of this paragraph, he or she shall receive, in
addition to such retirement allowance, the retirement allowance, if any,
which he or she was receiving or entitled to receive as an original plan
retiree immediately prior to his or her last restoration.
b. (1) Subject to the provisions of paragraphs two and three of this
subdivision b:
(i) where any beneficiary mentioned in subdivision a of this section,
other than a beneficiary serving as fire commissioner or deputy fire
commissioner, shall have earned at least five years of member credit for
service in the uniformed force of the fire department after restoration
to active service; and
(ii) where any beneficiary serving as fire commissioner or deputy fire
commissioner shall have earned at least three years of member credit for
service during restoration to membership pursuant to this section;
the total service credit to which any such restored member above
referred to in this paragraph one 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 he or she shall be
credited in addition with all member service earned by him or her
subsequent to his or her last restoration to membership.
(2) Such total service credit to which any such restored member
referred to in paragraph one of this subdivision b was entitled at the
time of his or her earlier retirement shall be credited as provided in
such paragraph one 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.
(3) In any case where any restored member who is eligible for and
elects the crediting of his or her total service credit (to which he or
she was entitled at the time of his or her earlier retirement) pursuant
to the provisions of paragraphs one and two of this subdivision b became
an improved benefits plan member by election made pursuant to the
provisions of section 13-315 of this subchapter after his or her
restoration to membership, he or she shall, upon his or her subsequent
retirement, receive for such total service credit a retirement allowance
determined pursuant to the provisions of section 13-359 of this
subchapter, and he or she shall not receive any other retirement
allowance or benefit for such total service credit.
Section 13-372.1
* § 13-372.1 Modified Option 1 pension computation formula. a. The
board may by resolution direct that under such circumstances as are
designated in such resolution:
(1) benefits under Option 1 payable to or on account of original plan
members who (i) were Tier I members in city-service on July
thirty-first, nineteen hundred eighty-three and (ii) 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
original plan discontinued members; and
(2) benefits under Option 1 which consist of or are derived from the
pension component of a retirement allowance and which are payable to or
on account of improved benefits plan members who (i) became such members
prior to the date of enactment (as certified pursuant to section
forty-one of the legislative law) of this section and (ii) retired or
retire on or after August first, nineteen hundred eighty-three for
service or superannuation or ordinary or accident disability or on or
after such August first, discontinued or discontinue service so as to
become improved benefits plan discontinued members;
shall be determined under the modified Option 1 pension computation
formula (as defined in subdivision thirty-two of section 13-313 of the
code).
b. If the board makes a direction, pursuant to the provisions of
subdivision a of this section, for use of such formula, it may also
direct by resolution:
(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 Option 1 retirement allowance of any such
original plan member or pension component of the Option 1 retirement
allowance of any such improved benefits plan member 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 retirement allowance or 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 a board
resolution adopted pursuant to subdivision a of this section, and where
the first payment on account of the retirement allowance of any original
plan discontinued member or improved benefits plan 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.
c. In any case, where, pursuant to board resolution, a benefit is
required to be determined under the modified Option 1 pension
computation formula and the determination of such benefit is also
required by a board resolution adopted pursuant to sub-item (3) of item
(A) of subparagraph (ii) of paragraph (j) of subdivision eight of
section 13-313 of the code to reflect different computations of separate
portions of such benefit, the methods of computation under the modified
Option 1 pension computation formula shall be appropriately adjusted so
as to give effect to the provisions of such resolution adopted pursuant
to such sub-item (3).
* NB Added Ch. 910/85 § 24, language juxtaposed per Ch. 907/85 § 14
* NB Number supplied by the Legislative Bill Drafting Commission
Section 13-373
§ 13-373 Monthly payments to beneficiaries under original plan. A
retirement allowance granted under the provisions of this subchapter by
reason of the retirement of an original plan member shall be paid in
equal monthly installments 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.
Section 13-374
§ 13-374 Monthly payments to beneficiaries under improved benefits
plan. A pension-providing-for-increased-take-home-pay, an annuity, a
dependent benefit, or a retirement allowance granted under the
provisions of this subchapter by reason of the retirement of an improved
benefits plan member 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.
Section 13-375
§ 13-375 Exemption under original plan from tax and legal process. The
right of a person under the provisions of law governing the original
plan to a retirement allowance or a dependent benefit, to the return of
contributions, the retirement allowance or dependent benefit itself, any
optional benefit, any other right accrued or accruing to any person
under the provisions of this subchapter relating to such plan, and the
right to any benefit under subchapter five or subchapter six of this
chapter and any such benefit itself, and the moneys in the various funds
provided for by this subchapter and in the funds provided for by such
subchapter five and subchapter six, 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 any such subchapter 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 fire department 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.
Section 13-375.1
§ 13-375.1 Eligible rollover distributions. a. Notwithstanding
anything to the contrary contained in section 13-375 of this subchapter,
in the event that, under the terms of this subchapter, a person becomes
entitled to a distribution from the pension fund which constitutes an
"eligible rollover distribution" within the meaning of paragraph
thirty-one of subsection a of section four hundred one of the internal
revenue code, such distributee may elect, subject to any rules and
regulations adopted pursuant to subdivision b of this section, to have
such distribution, or a portion thereof, paid directly to an "eligible
retirement plan" within the meaning of paragraph thirty-one of
subsection a of section four hundred one of the internal revenue code.
b. The board of trustees is authorized to adopt such rules and
regulations as it finds to be necessary in administering the provisions
of this section, provided that they are not inconsistent with the
applicable provisions of the internal revenue code and the rules and
regulations thereunder.
Section 13-376
§ 13-376 Exemption under improved benefits plan from tax and legal
process. The right of a person under the provisions of law governing the
improved benefits plan to a pension, a
pension-providing-for-increased-take-home-pay, an annuity, a dependent
benefit, or a retirement allowance, to the return of contributions, the
pension, 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 subchapter relating to such plan, and the right to
any benefit under subchapter five or subchapter six of this chapter and
any such benefit itself, and the moneys in the various funds provided
for by this subchapter and in the funds provided for by such subchapter
five and subchapter six 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 any
such subchapter 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 fire department 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.
Section 13-376.1
§ 13-376.1 Eligible rollover distributions. a. Notwithstanding
anything to the contrary contained in section 13-376 of this subchapter,
in the event that, under the terms of this subchapter, a person becomes
entitled to a distribution from the pension fund which constitutes an
"eligible rollover distribution" within the meaning of paragraph
thirty-one of subsection a of section four hundred one of the internal
revenue code, such distributee may elect, subject to any rules and
regulations adopted pursuant to subdivision b of this section, to have
such distribution, or a portion thereof, paid directly to an "eligible
retirement plan" within the meaning of paragraph thirty-one of
subsection a of section four hundred one of the internal revenue code.
b. The board of trustees is authorized to adopt such rules and
regulations as it finds to be necessary in administering the provisions
of this section, provided that they are not inconsistent with the
applicable provisions of the internal revenue code and the rules and
regulations thereunder.
Section 13-377
§ 13-377 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 or 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.
Section 13-378
§ 13-378 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.
Section 13-379
§ 13-379 Limitation on other statutes; application of subchapter.
Except as otherwise provided in this subchapter, no other provision of
law which provides wholly or partly at the expense of the city for
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 spouse or
their other dependents.
Section 13-379.1
§ 13-379.1 Excess benefit plan. a. As used in this section, the
following words and phrases shall have the following meanings, unless a
different meaning is plainly required by the context:
(1) "Retirement benefits" shall mean benefits payable to a beneficiary
by the pension fund or a variable supplements fund established pursuant
to subchapter five or six 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.
b. There is hereby established an excess benefit plan, the sole
purpose of which shall be to provide replacement benefits, as permitted
by section 415(m) of the Internal Revenue Code, to beneficiaries whose
annual retirement benefits have been reduced because such benefits
exceed the limitations imposed by section 415(b) of the Internal Revenue
Code. The excess benefit plan shall be administered by the board of
trustees of the pension fund.
c. There is hereby established a fund to be known as the excess
benefit fund which shall be maintained for the sole purpose of providing
replacement benefits to eligible participants in the excess benefit plan
established by this section, as permitted under section 415(m) of the
Internal Revenue Code. Such fund shall consist of such employer
contributions as shall be made thereto pursuant to subdivision f of this
section. Such contributions to the excess benefit fund shall be held
separate and apart from the assets held by the other funds of the
pension fund, provided, however, that the assets of the excess benefit
fund may be invested with the other pension fund assets, but such excess
benefit fund assets shall be accounted for separately from the other
pension fund assets.
d. All beneficiaries of the pension fund whose retirement benefits for
a plan year are being reduced because of section 415(b) of the Internal
Revenue Code shall be eligible participants in the excess benefit plan
for that plan year. Participation in the excess benefit plan shall be
determined for each plan year. No beneficiary of the pension fund shall
be an eligible participant in the excess benefit plan for any plan year
for which his or her retirement benefits are not reduced because of
section 415(b) of the Internal Revenue Code.
e. (1) For each plan year in which a beneficiary is an eligible
participant in the excess benefit plan, such eligible participant shall
receive replacement benefits from the excess benefit plan equal to the
difference between the full amount of the retirement benefits otherwise
payable to the eligible participant for that plan year prior to any
reduction because of section 415(b) of the Internal Revenue Code, and
the retirement benefits payable to the eligible participant for that
plan year as reduced because of section 415(b) of the Internal Revenue
Code. No replacement benefits for any plan year shall be paid pursuant
to this subdivision to any beneficiary who is not receiving retirement
benefits from the pension fund for that plan year.
(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.
f. (1) The required employer contributions to the excess benefit fund
for each plan year shall be an amount, as determined by the actuary,
which is necessary to pay the total amount of replacement benefits that
are payable pursuant to this section to eligible participants for that
plan year.
(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 13-331 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.
g. The right of an eligible participant to receive replacement
benefits pursuant to this section, and the replacement benefits received
pursuant to this section, shall be 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
otherwise specifically provided for benefits payable by the pension
fund.
h. Nothing contained in this section shall be construed to mean or
imply that variable supplements payments from a variable supplements
fund established pursuant to subchapter five or six of this chapter
constitute pension or retirement allowance payments, or that any such
variable supplements fund constitutes a pension or retirement system or
fund.
i. Nothing contained in this section shall be construed as affecting
in any way the eligibility of any person for variable supplements
pursuant to applicable provisions of subchapter five or six of this
chapter.
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.
Special thanks to Benjarmin Kallos and Thom Neale who made this content publicly available as a bulk download.