Subchapter 3 - NEW YORK FIRE DEPARTMENT LIFE INSURANCE FUND

Section 13-380

Section 13-380

  § 13-380 Life insurance fund. a. The life insurance fund shall consist
of all moneys in such fund on the first day of January, nineteen hundred
forty.
  b. The board of trustees of the New York fire department pension funds
shall  be  the  head of the New York fire department life insurance fund
and shall have power and authority, from time to time, to establish  and
amend  rules  and  regulations for the administration and transaction of
the business of such fund and for the control and disposition thereof in
accordance with the provisions of this  code  and  all  laws  applicable
thereto.  The  chairperson  and  first  vice-chairperson  of such board,
respectively, shall be the treasurer  and  assistant  treasurer  of  the
fund.  They  shall  make a semi-annual report verified by the members of
such board of the condition of such fund, containing a statement of  the
accumulated  cash  and  securities  in such fund and of all receipts and
disbursements for or on account of such fund, together with the names of
all beneficiaries and the amount paid to each, and file such  report  in
the office of the comptroller.
  c.  (1)  There  shall  be  deducted  from  the  monthly  pay  of  each
firefighter, officer and probationary firefighter  of  such  department,
and  from  the  monthly pension of retired members of such department, a
monthly sum not exceeding nine dollars, but not less  than  one  dollar,
which shall be received and deposited by such board to the credit of the
New  York  fire  department  life  insurance  fund,  in  banks  or trust
companies to be selected by the board. Such board shall, subject to  the
provisions  of  paragraph  two  of  this subdivision, have full power to
invest such fund, subject to  the  terms,  conditions,  limitations  and
restrictions  imposed  by  law  upon  savings  banks  in  the making and
disposing of investments by savings banks; and subject  to  like  terms,
conditions,  limitations  and  restrictions,  such board shall have full
power to hold, purchase, sell, assign, transfer or dispose of any of the
securities or investments in which any of such  funds  shall  have  been
invested.  The  comptroller  shall  be  the custodian of all investments
purchased pursuant to the authority vested herein.
  (2) The members of the board shall have the same investment powers and
power to delegate such powers  as  are  vested  by  this  code  and  the
retirement  and  social  security  law  in  the  members of the board of
trustees of the fire department pension fund, subchapter two.
  d. (1) In case of the death of any active member or of  any  pensioned
or  retired  member of such department, and so contributing, there shall
be  paid  to  the  beneficiary  or  beneficiaries  named  in  a  written
designation  filed  with  the  board of trustees, or if there be no such
written designation, then to the surviving spouse, or  if  there  be  no
surviving  spouse,  then  to  the legal representatives of such deceased
active member or pensioned and retired  member  out  of  the  monies  so
assessed, a sum as hereinafter in this paragraph one provided:
  (i)  subject  to  the provisions of subdivision g of this section, the
sum of five thousand dollars, if such member was an active member at the
time of his or her death; or
  (ii) subject to the provisions of subdivision g of this  section,  the
sum  of  two thousand dollars, if such member was a pensioned or retired
member of such department at the time of his or her death.
  (2) The assessment, in the discretion of the board, may  be  increased
to  not  exceeding  the sum of nine dollars in each month's pay, or each
month's pension or pensioned and retired members of such department.
  (3) None but active and retired members of  the  uniformed  force  and
probationary firefighters shall be eligible to membership in this fund.
  e.  Such  treasurer  and  assistant  treasurer shall give bond for the
faithful and honest performance of their respective  duties  under  this

subchapter  in such sum as may be fixed and with sureties to be approved
by the comptroller. Any such  bond  shall  run  to  the  New  York  fire
department life insurance fund.
  f.  Any  member  of such fund who is on leave of absence from the fire
department  for  military  duty  as  defined  in  sections  two  hundred
forty-two  and  two hundred forty-three of the military law of the state
of New York shall continue to be a  member  of  such  fund  during  such
military duty. Upon his or her restoration to his or her position in the
fire  department, there shall be deducted monthly from his or her salary
and paid to the New York fire department life insurance fund, such  sum,
as  will  over  a period of five years, equal the amount which he or she
would  have  been  required  to  contribute  if  he  or  she  had   been
continuously  employed  in  the  fire  department  during such period of
service, or any part of such amount remaining unpaid at the date of such
restoration. In lieu of such deduction, however, such amount or any part
thereof may be paid by such member at any time  or  from  time  to  time
while  in  such  service,  or,  in  a  lump  sum  or  by  larger monthly
deductions, after his or her restoration to his or her position  in  the
fire department, or by any other method of deduction which will complete
the  payment  of  such  amount in a period less than five years from the
date of such restoration. In the event such member has failed  or  shall
fail  to complete full payment of such amount of contributions remaining
due and unpaid within the time herein specified, there shall be deducted
monthly from the salary of  such  member  or  by  any  other  method  of
deduction  and  paid to the New York fire department life insurance fund
within a period of eighteen months, such sum as will  equal  the  amount
which  he or she would have been required to contribute if he or she had
been continuously employed in the fire department during such period  of
service,  or  any part of such amount remaining unpaid, plus interest at
the rate of two and one-half per centum per annum computed  from  either
five years after the date of such restoration or January first, nineteen
hundred  fifty-three,  whichever  date is later. In case of death of any
member during his or her absence in such service or at any time prior to
the full payment by him or her of the contributions due and  payable  to
such  fund  during  his  or  her  absence,  his  or  her  beneficiary or
beneficiaries or his or her surviving spouse or  legal  representatives,
as  the  case may be, shall receive the sum required to be paid pursuant
to subdivision d or g of this section in the case of  the  death  of  an
active  member,  less the amount of such contributions remaining due and
unpaid.
  g. From time to time, but not longer than every three years, the board
of trustees may request the actuary of the fire department pension  fund
to  make  a valuation of the assets and liabilities of the fund in order
to determine whether (i) an increase in  the  sums  payable  under  this
section  would  be consistent with operations of the life insurance fund
on a basis whereby the cost of sums payable is met from deductions  made
pursuant  to  the provisions of this section from the pay or pensions of
members  or  retired  members  or  assessments  made  pursuant  to   the
provisions of this section against members or retired members, or (ii) a
decrease  in  sums  payable  is  required  in order to maintain the life
insurance fund on such basis. If the actuary certifies to the  board  of
trustees  that  an  increase in such sums payable is warranted or that a
decrease  in  such  sums  payable  is  required,  the  board  shall,  by
resolution,  increase  or  decrease such sums payable in accordance with
the certification of the actuary. Such resolution and the actuarial data
upon which an increase or decrease of sums is justified shall be  public
information.