Section 13-392
§ 13-392 Definitions. As used in this subchapter, the following words
and phrases shall have the following meanings, unless a different
meaning is plainly required by the context:
1. "Variable supplements fund". The fire officers' variable
supplements fund established by this subchapter.
1-a. "Minimum period". The minimum period of credited service which a
member of pension fund, subchapter one or pension fund, subchapter two
is required by law to perform in order to be eligible to retire for
service with immediate payability of retirement allowance.
1-b. "Firefighter". A member of either pension fund referred to in
subdivision one-a of this section who, at the time of retirement for
service by reason of fulfillment of the minimum period, was a
firefighter and was not a fire officer.
2. "Association". The uniformed fire officers' association of the fire
department, city of New York.
3. "Fiscal year". Any year commencing with the first day of July and
ending with the thirtieth day of June next following.
4. "Board". The board of trustees provided for in section 13-394 of
this chapter.
5. "Fire officer". (a) Any member of the uniformed force of the fire
department holding the position of lieutenant or any position of higher
rank in such force and (b) any pilot, marine engineer (uniformed) or
assistant marine engineer (uniformed) who is a member of pension fund
subchapter two or pension fund subchapter one and (c) any member of
either such pension fund holding a position in the fire marshal
occupational group above the rank of fire marshal (uniformed).
6. "Pension fund beneficiary". Any person who receives a retirement
allowance by reason of having retired, on or after October first,
nineteen hundred sixty-eight, for service (with credit for twenty or
more years of service creditable toward the minimum period) as a member
of pension fund subchapter one or pension fund subchapter two and as a
fire officer.
7. "Variable supplement". Any sum authorized to be paid to a pension
fund beneficiary pursuant to the provisions of this subchapter.
8. "Pension fund subchapter two". The New York fire department pension
fund subchapter two maintained pursuant to subchapter two of chapter
three of this title.
9. "Pension fund subchapter one". The New York fire department pension
fund maintained pursuant to subchapter one of chapter three of this
title.
Section 13-393
§ 13-393 Fire officers' variable supplements fund. a. There is hereby
established a fund, to be known as the fire officers' variable
supplements fund. Such fund shall consist of such monies as may be paid
thereto from pension fund subchapter two, pursuant to the provisions of
sections 13-335, 13-335.2 and 13-335.3 of this chapter and all other
monies received by such fund from any other source pursuant to law.
b. It is hereby declared by the legislature that the fire officers'
variable supplements fund shall not be, and shall not be construed to
constitute, a pension or retirement system or fund, and that it shall
function as a means whereby payments, not constituting a pension or
retirement allowance, shall be made in accordance with the provisions of
this subchapter, to eligible pension fund beneficiaries as a supplement
to benefits received by them under subchapter one or two of this
chapter. The legislature hereby reserves to the state of New York and
itself the right and power to amend, modify or repeal any or all of the
provisions of this subchapter.
Section 13-394
§ 13-394 Board of trustees. a. The variable supplements fund shall be
administered by a board of trustees which shall, subject to applicable
provisions of law and to the prior approval of the board of estimate,
from time to time establish rules and regulations for the administration
and transaction of the business of such fund and for the control and
disposition thereof.
b. Such board shall consist of:
1. The representative of the mayor who is a member of the board of
trustees of pension fund subchapter two, who shall be entitled to cast
one vote. The mayor may, by instrument in writing filed in his or her
office and with the board, designate one or more members of his or her
office to act in the place of such representative at meetings of the
board, in the event of such representative's absence therefrom.
2. The comptroller of the city, who shall be entitled to cast one
vote. Any deputy comptroller authorized, pursuant to subdivision b of
section ninety-four of the New York city charter, to act in the place of
the comptroller as a member of the board of trustees of pension fund,
subchapter two, may be authorized by the comptroller, in accordance with
the provisions of such subdivision b, to act in the place of the
comptroller as a member of the board.
2-a. The commissioner of finance, who shall be entitled to cast one
vote. Such commissioner may, by instrument in writing filed in his or
her office and with the board, designate one or more members of his or
her office to act in his or her place at meetings of the board, in the
event of such commissioner's absence therefrom.
3. Two members of the association designated by it, who shall each be
entitled to cast one vote. The members so designated shall be officers
of the association who are members of the board of trustees of pension
fund subchapter two. Each such designee may at any time, by written
authorization filed with the board, authorize any other officer of the
association to act in his or her place as a member of the board in the
event of such designee's absence from any meeting thereof; provided that
the by-laws or constitution of the association provide for the
designation of a representative for such purpose.
c. Every act of the board shall be by resolution adopted only by a
vote of at least three-fifths of the whole numbers of votes authorized
to be cast by all of the members of such board.
d. The actuary appointed pursuant to section 13-121 of the code shall
be the technical adviser of the board.
e. (1) As of June thirtieth of the nineteen hundred
ninety-two--nineteen hundred ninety-three fiscal year and as of June
thirtieth of each succeeding fiscal year, the actuary referred to in
subdivision d of this section shall make a valuation of the assets and
liabilities of the variable supplements fund in accordance with the
requirements of the succeeding paragraphs of this subdivision e.
(2) The actuary shall base such annual valuation of liabilities only
(i) upon the persons who, as of each such June thirtieth, are pension
fund beneficiaries and (ii) upon the persons who, being in service as of
such June thirtieth as members of pension fund subchapter two, may be
actuarially expected to retire thereafter as fire officers for service
with twenty or more years of service creditable toward the minimum
period.
(3) The liabilities determined in such valuation shall be equal to the
actuarial present value of accumulated plan benefits. The actuarial
assumptions used by the actuary in making such annual valuation of
liabilities, including assumptions as to interest rate, mortality of
pension fund beneficiaries and number of members of such pension fund in
service as of June thirtieth who will retire as fire officers for
service with twenty or more years of service creditable toward the
minimum period, shall be adopted by the board on the recommendation of
the actuary.
(4) For the purposes of such annual valuation of the assets of the
variable supplements fund, such assets shall be valued at their fair
market value as of each such June thirtieth.
f. The fire commissioner shall assign to the board such number of
clerical and other assistants as may be necessary for the performance of
its functions.
Section 13-395
§ 13-395 Payment of supplemental benefits. a. (1) The variable
supplements fund shall pay variable supplements to pension fund
beneficiaries in accordance with the provisions of the succeeding
paragraphs of this subdivision a.
(2) For calendar years succeeding December thirty-first, nineteen
hundred ninety-two, the variable supplements fund, subject to the
provisions of subparagraphs (i) and (ii) of paragraph one of subdivision
b of this section, and subject to the provisions of paragraph five of
this subdivision a, shall pay to each pension fund beneficiary who
retired prior to July first, nineteen hundred eighty-eight, and to each
person who, having been in service as a member of pension fund
subchapter two on June thirtieth, nineteen hundred eighty-eight, retired
for service prior to January first, nineteen hundred ninety-three so as
to become a pension fund beneficiary, variable supplements payments as
follows:
(i) for each calendar year following December thirty-first, nineteen
hundred ninety-two, but not including the calendar year of the
beneficiary's death, a single annual payment to be paid on or about
January thirty-first next succeeding such calendar year, as follows:
CALENDAR YEAR SUPPLEMENT
1993 $ 5,000
1994 $ 5,500
1995 $ 6,000
1996 $ 6,500
1997 $ 7,000
1998 $ 7,500
1999 $ 8,000
2000 $ 8,500
2001 $ 9,000
2002 $ 9,500
2003 $10,000
2004 $10,500
2005 $11,000
2006 $11,500
2007 and
each calendar
year thereafter $12,000
(ii) for the calendar year of the beneficiary's death (for those
pension fund beneficiaries who die on or after February first, nineteen
hundred ninety-three), an amount calculated by multiplying one-twelfth
times the supplement applicable to the year of death, as provided in the
chart set forth in subparagraph (i) of this paragraph two, by the number
of full calendar months the beneficiary lived during that calendar year
prior to the month of his or her death.
(3) For calendar years succeeding December thirty-first, nineteen
hundred ninety-two, the variable supplements fund, subject to the
provisions of subparagraphs (i) and (ii) of paragraph one of subdivision
b of this section, and subject to the provisions of paragraph five of
this subdivision a, shall pay to each person who, as of June thirtieth,
nineteen hundred eighty-eight, was in service as a member of pension
fund subchapter two and who retired for service on or after January
first, nineteen hundred ninety-three so as to become a pension fund
beneficiary, variable supplements payments as follows:
(i) for the calendar year of retirement, an amount calculated by
multiplying one-twelfth times the supplement applicable to the year of
retirement, as provided for in the chart set forth in subparagraph (i)
of paragraph two of this subdivision a, by the number of calendar months
elapsing from and including the month next following the month of
retirement to the end of such calendar year of retirement, such payment
to be made on or about January thirty-first next succeeding such year;
(ii) for each calendar year following the year of retirement, but not
including the calendar year of the beneficiary's death, a single annual
payment equal to the supplement provided for with respect to each such
calendar year as set forth in the chart in subparagraph (i) of such
paragraph two, which payment shall be made on or about January
thirty-first next succeeding such calendar year;
(iii) for the calendar year of the beneficiary's death (for those
beneficiaries who die on or after February first, nineteen hundred
ninety-three), an amount calculated by multiplying one-twelfth times the
supplement applicable to the year of death, as provided for in the chart
set forth in subparagraph (i) of such paragraph two, by the number of
full calendar months the beneficiary lived during that calendar year
prior to the month of his or her death; and
(iv) if the retirement and death of a beneficiary occur in the same
calendar year, aggregate payments under subparagraphs (i) and (iii) of
this paragraph three shall be made only in respect to calendar months
following the month of retirement and preceding the month of death.
(4) The variable supplements fund, subject to the provisions of
subparagraphs (i) and (iii) of paragraph one of subdivision b of this
section, shall pay to each person who becomes a member of pension fund
subchapter two on or after July first, nineteen hundred eighty-eight,
and who retires for service so as to become a pension fund beneficiary,
variable supplements payments as follows:
(i) (A) subject to the provisions of subparagraph (iv) of this
paragraph, for the calendar year of retirement, where such retirement
occurs before January first, two thousand eight, an amount calculated by
multiplying one-twelfth times the sum of twenty-five hundred dollars by
the number of calendar months elapsing from and including the month next
following the month of retirement to the end of such calendar year of
retirement, such payment to be made on or about January thirty-first
next succeeding such year;
(B) subject to the provisions of subparagraph (iv) of this paragraph,
for the calendar year of retirement, where such retirement occurs on or
after January first, two thousand eight, an amount calculated by
multiplying one-twelfth times the sum of twelve thousand dollars by the
number of calendar months elapsing from and including the month next
following the month of retirement to the end of such calendar year of
retirement, such payment to be made on or about January thirty-first
next succeeding such year;
(ii) subject to the provisions of subparagraph (ii-a) of this
paragraph, for each calendar year following the year of retirement, but
not including the calendar year of the beneficiary's death, a single
annual payment to be paid on or about January thirty-first next
succeeding such calendar year for which payment is due under this
subparagraph, as follows:
CALENDAR YEAR OF ANNIVERSARY
OF RETIREMENT (references
hereinafter to "anniversary
year" mean calendar year
of anniversary) SUPPLEMENT
First anniversary year The sum of (1) a lower-based component
equal to one-twelfth of the base sum of
$2,500 multiplied by the number of whole
calendar months from and including the
first month of such calendar year to and
including the month in which the
anniversary of the date of retirement
occurs, and (2) a higher-based component
equal to one-twelfth of the base sum of
$3,000 multiplied by the number of
months remaining in such calendar year
Second anniversary year The sum of a lower-based component and a
and each succeeding higher-based component computed pursuant
anniversary year to and to the formula, above, for the first
including the nineteenth anniversary year, except that for each
anniversary year such anniversary year succeeding the
first, the lower-based component shall
be computed on a base sum $500 higher
than the base sum required to be used in
computing the lower-based component for
the next preceding anniversary year and
the higher based component shall be
computed on a base sum $500 higher than
the base sum required to be used in
computing the higher-based component for
such next preceding anniversary year
Twentieth anniversary year
and each succeeding
anniversary year $12,000
(ii-a) for each calendar year which occurs both after the year of
retirement and after December thirty-first, two thousand seven (but not
including the calendar year of the beneficiary's death), notwithstanding
any provision of subparagraph (ii) of this paragraph which otherwise
would be applicable, a single annual payment of twelve thousand dollars,
which payment (A) shall be in lieu of any other amount which otherwise
would be payable under subparagraph (ii) of this paragraph for such
calendar year and (B) shall be made on or about January thirty-first
next succeeding such calendar year;
(iii) (A) for the calendar year of the beneficiary's death, where such
death occurs both after the year of retirement and prior to January
first, two thousand eight, an amount calculated in accordance with the
formula which would apply to the year of death under subparagraph (ii)
of this paragraph four if such death had not occurred, but prorated on
the basis of the number of full calendar months the beneficiary lived
during the year of death prior to the month of his or her death;
(B) for the calendar year of the beneficiary's death, where such death
occurs both after the year of retirement and in the calendar year two
thousand eight or thereafter, an amount calculated by multiplying
one-twelfth of twelve thousand dollars by the number of months the
beneficiary lived during the year of death prior to the month of his or
her death;
(iv) if the retirement and death of a beneficiary occur in the same
calendar year, aggregate payments under subparagraphs (i) and (iii) of
this paragraph four shall be made only in respect to calendar months
following the month of retirement and preceding the month of death.
(5) (i) In any case where a pension fund beneficiary who is entitled
to receive a payment for the nineteen hundred ninety-three calendar year
pursuant to paragraph two or paragraph three of this subdivision a has
received, prior to the date of enactment of the act which added this
paragraph five, a payment for the nineteen hundred ninety-three calendar
year pursuant to the provisions of this section and the benefit plan and
payment resolution as in effect prior to such date of enactment, such
beneficiary shall be entitled to receive such payment provided for by
such paragraph two or paragraph three for the calendar year nineteen
hundred ninety-three, in addition to such payment received by such
beneficiary for such calendar year prior to such date of enactment
pursuant to such provisions of such section, benefit plan and
resolution.
(ii) In any case where a pension fund beneficiary who is entitled to
receive a payment for the nineteen hundred ninety-three calendar year
pursuant to paragraph two or paragraph three of this subdivision a
became entitled, prior to such date of enactment, to receive a payment
for the nineteen hundred ninety-three calendar year pursuant to the
provisions of this section and such benefit plan and resolution as in
effect prior to such date of enactment, but the variable supplements
fund did not, prior to such date of enactment, cause a check for such
payment to be issued to such beneficiary, the variable supplements fund
(A) shall pay to such beneficiary the amount to which he or she became
entitled, prior to such date of enactment, to receive for the nineteen
hundred ninety-three calendar year pursuant to the provisions of such
section, benefit plan and resolution (which payment shall be made at the
time prescribed by such benefit plan and resolution), and (B) in
addition, shall pay to such beneficiary, on or about January
thirty-first, nineteen hundred ninety-four, the sum to which he or she
is entitled under the provisions of such paragraph two or paragraph
three of this subdivision for the nineteen hundred ninety-three calendar
year.
(iii) In any case where, if the act which added this paragraph five
had not been enacted, a pension fund beneficiary who is entitled to
receive a payment for the nineteen hundred ninety-three calendar year
pursuant to paragraph three of this subdivision a would have become
entitled, by reason of retirement on or after such date of enactment, to
receive a payment for the nineteen hundred ninety-three calendar year
pursuant to the provisions of this section and the benefit plan and
payment resolution as in effect prior to such date of enactment, the
variable supplements fund (A) shall pay to such beneficiary the amount
which he or she would have become entitled to receive for the nineteen
hundred ninety-three calendar year pursuant to the provisions of such
section, benefit plan and resolution if such act had not been enacted
(which payment shall be made at the time prescribed by such benefit plan
and resolution) and (B) in addition, shall pay to such beneficiary, on
or about January thirty-first, nineteen hundred ninety-four, the sum to
which he or she is entitled under the provisions of such paragraph three
of this subdivision for the nineteen hundred ninety-three calendar year.
b. (1) (i) Subject to the provisions of subparagraphs (ii), (iii) and
(iv) of this paragraph one, on or after January first, nineteen hundred
ninety-three, where a pension fund beneficiary is entitled to receive
variable supplements payments pursuant to subdivision a of this section,
and that beneficiary is also entitled to receive a supplemental
retirement allowance or a cost-of-living adjustment pursuant to any
other provision of law enacted on or after January first, nineteen
hundred ninety-three (hereinafter referred to as "other supplemental
retirement allowance"), the amount of such variable supplement payable
for a calendar year or a part of such calendar year to such beneficiary
shall be reduced by the amount of such other supplemental retirement
allowance that is payable to such beneficiary to the extent that such
other supplemental retirement allowance is attributable to the same
calendar year or part of such calendar year.
(ii) For any pension fund beneficiary referred to in paragraph two or
paragraph three of subdivision a of this section, whose variable
supplements payments are being reduced pursuant to subparagraph (i) of
this paragraph one because such other supplemental retirement allowance
is also payable to that beneficiary, the reduction provided for in such
subparagraph (i) shall cease as to such beneficiary on the later of (A)
the first day of the month next following the month in which such
beneficiary attains age sixty-two; or (B) January first, two thousand
seven.
(iii) For any pension fund beneficiary referred to in paragraph four
of subdivision a of this section, whose variable supplements payments
are being reduced pursuant to subparagraph (i) of this paragraph one
because such other supplemental retirement allowance is also payable to
that beneficiary, the reduction provided for in such subparagraph (i)
shall cease as to such beneficiary on the later of (A) the first day of
the month next following the month in which such beneficiary attains age
sixty-two; or (B) the earlier of (1) the first day of the month next
following the month in which the nineteenth anniversary of the
retirement of such beneficiary occurs or (2) January first, two thousand
eight.
(iv) In any case where the reduction of variable supplements payments
to a pension fund beneficiary has ceased pursuant to subparagraph (ii)
or subparagraph (iii) of this paragraph one, that beneficiary, for the
purpose of determining his or her eligibility for and the amount of any
other supplemental retirement allowance, shall be deemed to have retired
on the date of the cessation of such reduction specified in the
applicable provisions of such subparagraph (ii) or subparagraph (iii).
(v) The payments of all variable supplements payable pursuant to
subdivision a of this section are hereby made obligations of the city,
and the city hereby guarantees that such supplements shall be paid to
all eligible pension fund beneficiaries; provided that nothing contained
in the preceding provisions of this subparagraph (v) shall be construed
as making such guarantee applicable to any payment which paragraph five
of such subdivision directs to be made in an amount determined pursuant
to the provisions of this section and the benefit plan and payment
resolution as in effect prior to the date of enactment of the act which
added this subparagraph (v).
(2) The legislature hereby declares that the variable supplements
authorized by this subchapter and the granting and receipt thereof:
(i) shall not create or constitute membership in a pension or
retirement system and shall not create or constitute a contract with any
pension fund beneficiary or with any member of pension fund subchapter
one or pension fund subchapter two; and
(ii) shall not constitute a pension or retirement allowance or benefit
under pension fund subchapter one or pension fund subchapter two or
otherwise.
(3) Except as otherwise provided in sections 13-335, 13-335.2 and
13-335.3 of this chapter, nothing contained in this subchapter shall
create or impose any obligation on the part of pension fund subchapter
one or pension fund subchapter two or the funds or monies thereof, or
authorize such funds or moneys to be appropriated or used for any
payment under this subchapter or for any purpose thereof.
c. Pension fund beneficiaries shall be eligible to receive variable
supplements pursuant to this subchapter, notwithstanding any other
provision of law to the contrary.
d. The monies or assets of the variable supplements fund shall not be
used for any purpose, other than payment of variable supplements
pursuant to the provisions of this subchapter, except that they may be
invested as authorized by section 13-397 of this chapter.
e. In addition to the payments set forth in paragraphs three and four
of subdivision a of this section, there shall be paid to each pension
fund beneficiary, on or about the January thirty-first of the calendar
year next succeeding his or her date of retirement, an amount equal to
the variable supplements payments, subject to the provisions of
subparagraphs (i) and (ii) of paragraph one of subdivision b of this
section, that he or she would have received, had he or she retired on
the date of his or her earliest eligibility for service retirement, in
the period measured from (1) the later of (i) such earliest eligibility
date and (ii) January 1, 2002, and (2) his or her date of retirement.
Section 13-396
§ 13-396 Variable supplements fund; a corporation. The variable
supplements fund shall have the powers and privileges of a corporation
and by its name all of its business shall be transacted, all of its
funds invested, all warrants for money drawn and payments made, and all
of its cash and securities and other property held.
Section 13-397
§ 13-397 Trustees of funds; investments. a. The members of the board
shall be the trustees of the monies received by or belonging to the
variable supplements fund pursuant to this subchapter and, subject to
the provisions of subdivision b of this section, shall have full power
to invest same, subject to the terms, conditions, limitations and
restrictions imposed by law, upon savings banks in the making and
disposing of investments by savings banks; and subject to like terms,
conditions, limitations and restrictions, such trustees shall have full
power to hold, purchase, sell, assign, transfer or dispose of any of the
securities or investments in which any of such monies shall have been
invested as well as of the proceeds of such investments and of any
monies belonging to such fund.
b. The members of the board shall have the same investment powers and
power to delegate such powers as are vested by the code and the
retirement and social security law in the members of the board of
trustees of the pension fund, subchapter two.
Section 13-398
§ 13-398 Annual reports. The board shall publish annually in the City
Record a report for the preceding year showing the assets of the
variable supplements fund and a statement as to the accumulated cash and
securities of such fund as certified by the comptroller, and shall set
forth in such report such other facts, recommendations and data as the
board may deem pertinent.
Section 13-399
§ 13-399 Custodian of funds. The comptroller shall be custodian of the
monies and assets of the variable supplements fund. All such monies and
assets included in such fund or which shall hereafter accrue to such
fund shall be in his or her custody for the purposes of this subchapter
subject to the direction, control and approval of such board as to
disposition, investment, management and report. All payments from such
fund shall be made by the comptroller upon a voucher signed by the
secretary of the board.
Section 13-400
§ 13-400 Prohibitions with respect to trustees and employees. Except
as provided in this subchapter, the trustees and employees assigned to
the board are prohibited from having any interest, directly or
indirectly, in the gains or profits of any investment of the variable
supplements fund or as such, directly or indirectly, from receiving any
pay or emolument for their services. The trustees and such employees,
directly or indirectly, for themselves or as agents or partners of
others, shall not borrow any of its funds or deposits or in any manner
use the same except to make such current and necessary payments as are
authorized by such board.
Section 13-401
§ 13-401 State supervision. The superintendent of insurance may
examine the affairs of the variable supplements fund with the same
powers and jurisdiction as are applicable in the case of an examination
of a life insurance company by the superintendent under article three of
the insurance law. The variable supplements fund shall be subject to
assessment for expenses pursuant to the provisions of section three
hundred thirteen of the insurance law, but shall not be subject to
assessment under any of the provisions of section three hundred
thirty-two of such law.
To the extent possible under law, Friends of Devin Balkind for Public Advocate has waived all copyright and related or neighboring rights to New York City Administrative Code. This work is published from: United States.
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