NYC Laws & Codes
Subchapter 4 - MISCELLANEOUS PROVISIONS¶
Section 13-629¶
Section 13-629
§ 13-629 Transfer of officers and employees to the department of
traffic. Notwithstanding the provisions of any other general, special or
local law, officers and employees of any agency may, with the consent of
the head of such agency, be transferred to the department of traffic in
accordance with the provisions of the civil service law and the rules
and regulations of the municipal civil service commission. Officers and
employees of any agency who are members of any pension or retirement
system and who are transferred to the department of traffic, pursuant to
the provisions of this subchapter, shall continue to be members of such
pension or retirement system and shall continue to have the rights,
privileges, obligations and status with respect to membership in such
pension or retirement system as though they had remained members of the
agency from which they were transferred.
Section 13-630¶
Section 13-630
§ 13-630 Employees of community colleges. Any person employed by the
city of New York on the non-instructional staff of a community college
operated pursuant to article one hundred twenty-six of the education law
is eligible for membership in the New York city employees' retirement
system.
Section 13-631¶
Section 13-631
§ 13-631 Preservation of retirement and civil service rights; members
of police and fire departments holding civil defense positions. a.
Notwithstanding any other provision of this code or any other law, in
any case where any member of any pension or retirement system maintained
under chapter two of this title or subchapter one or two of chapter
three of this title, is granted a leave of absence from any position
held by such person while such a member, and thereafter and during such
leave of absence, is appointed to any position in the office of civil
defense of the city, or to any position which has been designated, with
the approval of the city civil service commission, as an emergency
defense position, such member, in the same manner and to the same extent
as if his or her service in such new position were service in the
position from which such leave of absence was granted, and were service
at the salary of such latter position, shall retain all of his or her
rights, privileges and obligations as a member of such retirement
system, and shall be entitled to service credit in such system for the
period of his or her service in such new position.
b. Any member of the police force of the police department of the
city, or of the uniformed force of the fire department of the city, who,
while on leave of absence from any position in the competitive class of
the civil service in either such department, holds another position in
the office of civil defense of the city, or another position which has
been designated, with the approval of the city civil service commission,
as an emergency defense position, shall, except as to payment of
compensation suspended by reason of such leave of absence, retain all of
the rights, privileges and status of the position from which such leave
of absence was granted, and shall be credited with service in the same
manner as if service in such position in the office of civil defense or
emergency defense position were service in such position from which a
leave of absence was granted, and were service at the salary of such
latter position.
Section 13-632¶
Section 13-632
§ 13-632 Transfer of retirement system membership of certain board of
education personnel to teachers' retirement system. a. As used in this
section, the following terms shall mean and include:
(1) "Teachers' retirement system." The retirement system maintained
under chapter four of this title.
(2) "Eligible position holder." Any member of the board of education
retirement system of the city or of the New York city employees'
retirement system who holds, under the board of education of the city, a
position of such a nature that under subdivision seven of section 13-501
of this title and section 13-503 of this title, a person who receives an
appointment to such position, and who does not exercise any rights which
he or she may have to become a transferred contributor in another
retirement system, would become, by reason of such appointment, a member
of the teachers' retirement system.
(3) "First retirement system." The retirement system of which an
eligible position holder is a member, immediately prior to the transfer
of his or her retirement system membership pursuant to this section.
(4) "Board." (i) In the case of the New York city employees'
retirement system, the board of trustees provided for by section 13-103
of this title; and (ii) in the case of the board of education retirement
system, the retirement board thereof.
(5) "Transferred member." An eligible position holder who has
transferred his or her membership to the teachers' retirement system
pursuant to this section.
b. Any person who is an eligible position holder at the time of filing
an application as hereinafter in this subdivision b provided, may
transfer his or her membership in the board of education retirement
system or the New York city employees' retirement system to the
teachers' retirement system by filing, no later than December
thirty-first, nineteen hundred seventy with the board of the first
retirement system, a written application, duly executed and
acknowledged, requesting such transfer.
c. Upon the filing of such application, the first retirement system
shall transfer to the contingent reserve fund of the teachers'
retirement system, in the manner provided for in section forty-three of
the retirement and social security law, the reserve on the benefits
allowable to such member as a result of employer contributions,
including the reserve-for-increased-take-home-pay. In addition, the
first retirement system shall thereupon transfer his or her accumulated
deductions (as they would be in the absence of a loan, less the unpaid
balance of any outstanding loan) to the annuity savings fund of the
teachers' retirement system.
d. Any such transferred member shall be deemed to have been a member
of the teacher's retirement system during the period of member service
which (1) is credited to him or her in the first retirement system and
(2) was rendered after the commencement of his or her last membership in
the first retirement system.
e. The rate of contribution of any member who has elected such
transfer of membership shall, on and after the date of the filing of his
or her application therefor, be that (before any reduction in rate of
contribution to which such member, after such election, may be entitled
by reason of any plan for
pensions-providing-for-increased-take-home-pay) at which he or she would
have been contributing on such date to the teachers' retirement system
if he or she had become a member of such retirement system on the date
when he or she last became a member of the first retirement system;
provided, however, that if such member, pursuant to the applicable
provisions of chapter four of title thirteen of the code, elects a
retirement plan prescribing a different rate of contribution, he or she
shall contribute in accordance with the requirements of such plan.
f. As of the date of the filing of an application for such transfer of
membership, the reserve-for-increased-take-home-pay credited in the
teachers' retirement system to the member filing such application shall
be equal to the amount of the reserve-for-increased-take-home-pay
credited to such member in the first retirement system on the day next
preceding the date of the filing of such application.
g. In any case where, at the time when an eligible position holder
seeks to file an application for transfer of membership, there remains
unpaid any part of the principal or interest with respect to any loan
made by such member while a member of the first retirement system, he or
she shall not have the right to make such election unless he or she
shall execute and acknowledge, and file with the board of the first
retirement system, a written agreement providing that from and after the
execution of such agreement all of his or her obligations and rights
with respect to the principal and interest remaining unpaid on such loan
shall be governed by rules and regulations which shall be adopted by the
retirement board of the teachers' retirement system for the purpose of
prescribing with respect to repayment of any such unpaid amounts to the
teachers' retirement system, and the member's status with respect to
such loan, terms and conditions which conform so far as may be
reasonable and practicable with the provisions of section 13-540 of this
title.
h. (1) In any case where a transferred member elects to participate in
the variable annuity program of the teachers' retirement system as
provided for in subdivision a of section 13-568 of this title, by a
written notice duly filed with the retirement board of the teachers'
retirement system before the first deduction is made from his or her
salary at the rate of contribution prescribed by subdivision e of this
section, such election shall take effect as of the date of filing of his
or her application for a transfer of membership pursuant to this
section.
(2) In the event that any transferred member makes an election as
provided for in subdivision b of section 13-568 of this title with
respect to a transfer of accumulated deductions and
reserve-for-increased-take-home-pay to the appropriate variable annuity
funds, such transfer, notwithstanding any other provision of law to the
contrary, shall not commence earlier than the first day of the seventh
month after the month in which he or she transferred his or her
membership to the teachers' retirement system.
Section 13-634¶
Section 13-634
§ 13-634 Transfer of members of the police force of the board of water
supply to the police department of the city of New York. The members of
the police force of the board of water supply of the city, upon the
termination of their service on such force by reason of the completion
of the work for which they were appointed by such board shall be
severally eligible for transfer to the position of patrolman in the
police department of the city upon the written request in each case of
the board, accompanied by the consent, also in writing, of the person to
be transferred, and the further consent of the police commissioner. The
time served by any member of such board of water supply police force who
has become a member of such police force of the city, whether by
transfer or as a result of competitive examination and appointment, and
who is still a member of the police force of the city, shall be included
and counted as service in the police department of the city in
determining salary and eligibility for advancement, promotion,
retirement and pension as provided in this code, provided, however, that
no person becoming a member of the police department of the city in the
manner herein provided, shall be entitled to participate in the benefits
of the police pension fund, unless he shall pay into such fund the total
sum that he would have been required to pay in order to participate
therein had he been a member of such force from the time he entered the
service of such board of water supply, and provided further, that no
person not a member of the police force of the board of water supply on
the ninth day of May, nineteen hundred nineteen shall be eligible for
transfer to the position of patrolman in the police department of the
city in accordance with the provisions hereof. These provisions shall
not be subject to any restriction relative to transfers contained in the
civil service law or in the rules and regulations of the civil service
commission of the state, or any subdivision thereof.
Section 13-635¶
Section 13-635
§ 13-635 Computation of length of service of physicians and surgeons.
In determining the terms of service of any member of the police force,
service in the municipal and metropolitan force, or service as a
physician and surgeon in the classified service in any other department
of the city or service not exceeding three years as an intern duly
appointed and removable by the city of New York, of any hospital owned
and operated by such city, provided, that for any such period
maintenance, consisting of room and board was received without
accompanying cash payment and provided further, that such intern shall
pay into the fund an amount equal to the amount he or she would have
paid during such service if he or she had been a physician or surgeon in
such force, receiving compensation based on an annual rate of five
thousand dollars and subsequently in the police force of the city, as
constituted prior to chapter three hundred seventy-eight of laws of
eighteen hundred ninety-seven or in any police force within the limits
of the city as constituted by chapter three hundred seventy-eight of the
laws of eighteen hundred ninety-seven, and thereafter in the police
force created by the greater New York charter as amended by chapter four
hundred sixty-six of the laws of nineteen hundred one, shall be counted
and held to be service in the police force of the city. Any person,
however, becoming a member of the police department of the city, in the
manner herein provided, shall not be entitled to participate in the
benefits of the police pension fund, unless he or she shall pay into
such fund the total amount that he or she would have been required to
pay in order to participate therein had he or she been a member of such
force from the time he or she entered the service of such other
department.
Section 13-636¶
Section 13-636
§ 13-636 Trustees of the exempt firemen's benevolent fund of the late
city of Brooklyn. a. Upon the settlement of the accounts of the
surviving trustees and officers of the corporation known as the exempt
firemen's benevolent fund of the late city of Brooklyn and upon the
payment of the balance of the funds and assets of such corporation to
the fire commissioner and upon the resignation of the trustees and
officers of such corporation, the fire commissioner is hereby designated
and empowered to act as sole trustee of such corporation. The fire
commissioner, is hereby charged and directed to continue to pay relief
donations to the surviving members of the exempt firemen's benevolent
associations of the late city of Brooklyn and to the surviving spouses
of the members of such associations, as they appear upon the records now
in the hands of the trustees of the exempt firemen's benevolent fund of
the late city of Brooklyn, until the decease of the last of the members
of such associations and of the surviving spouses of the members of such
associations. The amounts of the respective relief donations so to be
paid the aforesaid beneficiaries by the fire commissioner, as such
trustee, shall be determined by him or her on the basis of the financial
status of the beneficiary and the actuarial sufficiency of the funds of
the corporation at the time. In no case, however, shall the annual
relief donation to any beneficiary exceed six hundred dollars.
b. The fire commissioner, as such trustee, is hereby empowered and
directed to receive all moneys and assets applicable to such benevolent
fund and shall deposit all such moneys and assets to the credit of such
benevolent fund in banks or trust companies to be selected by such
commissioner. Such fire commissioner, as such trustee, is hereby
empowered and directed to invest the moneys and convertible assets
applicable to or belonging to such benevolent fund in bonds or other
securities of the city or state of New York or of the government of the
United States.
c. The fire commissioner, as trustee of such benevolent fund, shall
give a bond with one or more sureties, in the sum of ten thousand
dollars for the faithful performance of his or her duties. Such bond
shall be approved by the comptroller and shall be filed in the office of
the comptroller.
d. The fire commissioner, as such trustee, shall submit a verified
report, on or before the first day of Feburary of each year, to the
mayor, in which report shall be set forth the account of his or her
proceedings as such trustee during the twelve months from January first
to and including December thirty-first immediately preceding, including
a statement of all receipts and disbursements on account of such
benevolent fund, a list of the names, residences and ages of the
beneficiaries of such benevolent fund during such period, and the
respective amounts paid to them in the way of relief donations during
such period.
e. The clerk of the fire department in charge of the bureau of
accounts and pensions shall have charge of and keep the accounts of the
fire commissioner as trustee of such exempt firemen's benevolent fund.
f. Upon the decease of the last of the members and of the surviving
spouses of members of such associations whose names appear on the
records now in the hands of the trustees of the exempt firemen's
benevolent fund of the late city of Brooklyn, the fire commissioner, as
such trustee, shall prepare a final report of his or her accounts which
shall be audited by the comptroller. After such audit a copy of such
final report shall be filed with the city clerk and upon the filing
thereof and upon the payment into the New York fire department pension
fund of the balance of the funds and assets of such benevolent fund then
remaining in his or her possession, the fire commissioner shall cease to
be the sole trustee of such exempt firemen's benevolent fund of the late
city of Brooklyn. Such funds and assets shall thereupon become merged in
and a part of such fire department pension fund.
Section 13-637¶
Section 13-637
§ 13-637 Pension to members of police force disabled in military or
naval service of the United States. The board of trustees of the police
pension fund shall have power to retire from membership in the police
force and thereupon to grant an annual pension to any member of such
department, who, while in the military, naval or marine service of the
United States has become permanently disabled physically or mentally, so
as to be unfit to perform the full duty of his or her employment in such
department. Such pension shall not exceed one-half of the annual
compensation earned by such member at the time of his or her retirement
and shall be paid in like manner as pensions are paid out of the police
pension fund of such city.
Section 13-638¶
Section 13-638
§ 13-638 Pension to members of the fire force disabled in military or
naval service of the United States. The board of trustees of the fire
department pension fund shall have the power to retire from membership
in the fire department and thereupon to grant an annual pension to any
member of such department, who, while in military, naval or marine
service of the United States has become permanently disabled, physically
or mentally, so as to be unfit to perform the full duty of his or her
employment in such department. Such pension shall not exceed one-half of
the annual compensation earned by such member at the time of his or her
retirement and shall be paid in like manner as pensions are paid out of
the fire department pension fund of such city. Such board of trustees
may increase the pension of any member of such department who has been
retired, prior to the sixth day of May, nineteen hundred twenty-one, by
reason of disability, physical or mental, sustained while in the
military, naval or marine service of the United States. Such pension as
increased shall not exceed one-half of the annual salary earned by such
member at the time of his or her retirement.
Section 13-638.1¶
Section 13-638.1
§ 13-638.1 Nineteen hundred eighty-eight unfunded accrued liability
adjustment. a. As used in this section, unless the context clearly
indicates otherwise, the following terms shall have the following
meanings:
1. "Retirement system." Any of the following: the New York city
employees' retirement system; the teachers' retirement system; the
police pension fund provided for by subchapter two of chapter two of
this title; the fire department pension fund provided for by subchapter
two of chapter three of this title; and the board of education
retirement system of the city.
2. "Teachers' retirement system." The retirement system of the
teachers' retirement association provided for by chapter four of this
title.
3. "Contingent reserve fund." The contingent reserve fund of a
retirement system.
4. "Governmental entity." The city, the state or a public authority,
corporation or body corporate or other agency of government.
5. "Normal contribution." Where used in relation to the following
retirement systems, such term shall have the following meanings:
(a) New York city employees' retirement system; the employer
contribution determined pursuant to paragraph two of subdivision b of
section 13-127 of the code;
(b) New York city teachers' retirement system; the employer
contribution determined pursuant to subdivision b of section 13-527 of
the code;
(c) New York city police pension fund, subchapter two; the employer
contribution determined pursuant to paragraph two of subdivision b of
section 13-228 of the code;
(d) New York city fire department pension fund, subchapter two; the
employer contribution determined pursuant to paragraph two of
subdivision b of section 13-331 of the code; and
(e) Board of education retirement system of the city; the employer
contribution determined pursuant to subparagraph four of paragraph two
of subdivision sixteen of section twenty-five hundred seventy-five of
the education law.
6. "Responsible obligor." Any governmental entity required by any
provision of law to pay contributions to a retirement system on behalf
of any members thereof, whether or not such entity is the employer of
such members.
7. "Valuation rate of interest." Where used herein with respect to a
retirement system in relation to any fiscal year of the city, the term
"valuation rate of interest" shall mean the rate per centum per annum of
interest required by law to be used for the purpose of any actuarial
valuation, determination or appraisal made to determine the amount of
the normal contribution payable to the contingent reserve fund of such
retirement system in such fiscal year.
b. In relation to each responsible obligor, the nineteen hundred
eighty-eight unfunded accrued liability adjustment shall be an amount
determined pursuant to the applicable provisions of subdivisions c
through s, inclusive, of this section.
c. Upon the basis of the actuarial tables and actuarial methods in
effect for valuation purposes with respect to determination of the
normal contribution payable to the contingent reserve fund of each
retirement system in the city's nineteen hundred eighty-seven--nineteen
hundred eighty-eight fiscal year and the valuation rate of interest for
such retirement system for such fiscal year, there shall be determined,
as of June thirtieth, nineteen hundred eighty-eight, the amount of the
actuarial accrued liability of each retirement system, computed pursuant
to the entry age normal cost method of ascertaining such actuarial
accrued liability.
d. Upon the basis of the actuarial tables and actuarial methods in
effect for valuation purposes with respect to determination of the
normal contribution payable to the contingent reserve fund of such
retirement system in the city's nineteen hundred eighty-eight--nineteen
hundred eighty-nine fiscal year and the valuation rate of interest for
such retirement system for such fiscal year, there shall be determined,
as of June thirtieth, nineteen hundred eighty-eight, the amount of the
actuarial accrued liability of each retirement system, computed pursuant
to the entry age normal cost method of ascertaining such actuarial
accrued liability.
e. In any case where no more than one responsible obligor is required
by law to make contributions to the contingent reserve fund of a
retirement system on account of its members:
(1) if the amount computed with respect to such retirement system
pursuant to subdivision d of this section is greater than the amount
computed in relation to such system pursuant to subdivision c of this
section, the nineteen hundred eighty-eight unfunded accrued liability
adjustment with respect to such obligor shall be a charge in an amount
which, when paid by such obligor to the contingent reserve fund of such
retirement system in ten 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 the valuation rate of interest for
such retirement system for such nineteen hundred eighty-eight--nineteen
hundred eighty-nine fiscal year, of the excess of the amount computed
pursuant to such subdivision d over the amount computed pursuant to such
subdivision c.
(2) if the amount computed with respect to such retirement system
pursuant to subdivision c of this section is greater than the amount
computed in relation to such system pursuant to subdivision d of this
section, the nineteen hundred eighty-eight unfunded accrued liability
adjustment with respect to such obligor shall be a credit in an amount
which, when credited in ten 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 contributions which such obligor would otherwise be required to pay
to the contingent reserve fund pursuant to law, shall be the actuarial
equivalent, on the basis of the valuation rate of interest for such
retirement system for such nineteen hundred eighty-eight--nineteen
hundred eighty-nine fiscal year, of the excess of the amount computed
pursuant to such subdivision c over the amount computed pursuant to such
subdivision d.
f. In any case where more than one responsible obligor is required by
law to make contributions to the contingent reserve fund of a retirement
system on account of any of its members:
(1) The actuary shall determine the portion of the liability (other
than any liability on account of employees of the senior colleges of the
city university) computed for such retirement system pursuant to
subdivision c of this section, which portion is attributable to each
such obligor on the basis of the members with respect to whom such
obligor is required by law to make contributions to such retirement
system.
(2) The actuary shall determine the portion of the liability (other
than any liability on account of employees of such senior colleges)
computed pursuant to subdivision d of this section, which portion is
attributable to each such obligor on such basis.
g. If the portion computed pursuant to paragraph two of subdivision f
of this section with respect to any such obligor is greater than the
portion computed pursuant to paragraph one of such subdivision with
respect to such obligor, the nineteen hundred eighty-eight unfunded
accrued liability adjustment with respect to such obligor shall be a
charge in an amount which, when paid by such obligor to the contingent
reserve fund of such retirement system in ten 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 the valuation rate of interest
for such retirement system for such nineteen hundred
eighty-eight--nineteen hundred eighty-nine fiscal year, of the excess of
the amount of such portion computed pursuant to such paragraph two over
the amount of such portion computed pursuant to such paragraph one.
h. If the portion computed pursuant to paragraph one of subdivision f
of this section with respect to any such obligor is greater than the
portion computed pursuant to paragraph two of such subdivision with
respect to such obligor, the nineteen hundred eighty-eight unfunded
accrued liability adjustment with respect to such obligor shall be a
credit in an amount which, when credited in ten 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 such obligor would
otherwise be required to pay to the contingent reserve fund pursuant to
law, shall be the actuarial equivalent, on the basis of the valuation
rate of interest for such retirement system for such nineteen hundred
eighty-eight--nineteen hundred eighty-nine fiscal year, of the excess of
the amount of such portion computed pursuant to such paragraph one over
the amount of such portion computed pursuant to such paragraph two.
i. (1) If the nineteen hundred eighty-eight unfunded accrued liability
adjustment determined with respect to any responsible obligor in
relation to a retirement system pursuant to the preceding subdivisions
of this section is a charge, the total of the amounts otherwise required
to be contributed by such obligor to the contingent reserve fund of such
retirement system in each fiscal year commencing with the nineteen
hundred eighty-eight--nineteen hundred eighty-nine fiscal year and
ending with the nineteen hundred ninety-seven--nineteen hundred
ninety-eight fiscal year pursuant to law shall be increased by the
amount of one annual installment of such nineteen hundred eighty-eight
unfunded accrued liability adjustment determined with respect to such
obligor.
(2) If the nineteen hundred eighty-eight unfunded accrued liability
adjustment determined with respect to any responsible obligor in
relation to a retirement system pursuant to the preceding subdivisions
of this section is a credit, the total of the amounts otherwise required
to be contributed by such obligor to the contingent reserve fund of such
retirement system in each city fiscal year commencing with the nineteen
hundred eighty-eight--nineteen hundred eighty-nine fiscal year and
ending with the nineteen hundred ninety-seven--nineteen hundred
ninety-eight fiscal year pursuant to law shall be reduced by the amount
of one annual installment of such nineteen hundred eighty-eight unfunded
accrued liability adjustment with respect to such obligor.
j. The actuary shall determine the portion of the liability computed
in relation to the New York city employees' retirement system pursuant
to subdivision c of this section, which portion is attributable to
employees of the senior colleges of the city university of New York.
k. The actuary shall determine the portion of the liability computed
in relation to such retirement system pursuant to subdivision d of this
section, which portion is attributable to employees of such senior
colleges.
l. If the portion computed pursuant to subdivision k of this section
is greater than the portion computed pursuant to subdivision j of this
section, the New York city employees' retirement system nineteen hundred
eighty-eight unfunded accrued liability adjustment attributable to the
senior colleges of the city university of New York shall be a charge in
an amount which, when paid by the state and the city to the contingent
reserve fund of such retirement system pursuant to section sixty-two
hundred thirty-one of the education law in ten 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 the
valuation rate of interest for such nineteen hundred eighty-eight --
nineteen hundred eighty-nine fiscal year, of the excess of the amount of
such portion computed pursuant to such subdivision k over the amount of
such portion computed pursuant to such subdivision j.
m. If the portion computed pursuant to subdivision j of this section
is greater than the portion computed pursuant to subdivision k of this
section, the New York city employees' retirement system nineteen hundred
eighty-eight unfunded accrued liability adjustment attributable to such
senior colleges shall be a credit in an amount which, when credited
(pursuant to section sixty-two hundred thirty-one of the education law)
in ten 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
state and the city would otherwise be required to pay to the contingent
reserve fund of such employees' retirement system pursuant to law, shall
be the actuarial equivalent, on the basis of the valuation rate of
interest of such retirement system for such nineteen hundred
eighty-eight -- nineteen hundred eighty-nine fiscal year, of the excess
of the amount of such portion computed pursuant to such subdivision j
over the amount of such portion computed pursuant to such subdivision k.
n. The actuary shall determine the portion of the liability computed
in relation to the teachers' retirement system pursuant to subdivision c
of this section, which portion is attributable to employees of the
senior colleges of the city university of New York.
o. The actuary shall determine the portion of the liability computed
in relation to the teachers' retirement system pursuant to subdivision d
of this section, which portion is attributable to employees of such
senior colleges.
p. If the portion computed pursuant to subdivision o of this section
is greater than the portion computed pursuant to subdivision n of this
section, the New York city teachers' retirement system nineteen hundred
eighty-eight unfunded accrued liability adjustment attributable to
employees of the senior colleges of the city university of New York
shall be a charge in an amount which, when paid by the state and the
city to the contingent reserve fund of the teachers' retirement system
pursuant to section sixty-two hundred thirty-one of the education law in
ten equal installments, commencing with payment of a first installment
for the city's nineteen hundred eighty-eight--nineteen hundred
eighty-nine fiscal year, shall be the actuarial equivalent, on the basis
of the valuation rate of interest for such retirement system for such
nineteen hundred eighty-eight--nineteen hundred eighty-nine fiscal year,
of the excess of the amount of such portion computed pursuant to such
subdivision o over the amount of such portion computed pursuant to such
subdivision n.
q. If the portion computed pursuant to subdivision n of this section
is greater than the portion computed pursuant to subdivision o of this
section, the New York city teachers' retirement system nineteen hundred
eighty-eight unfunded accrued liability adjustment attributable to
employees of such senior colleges shall be a credit in an amount which,
when credited pursuant to section sixty-two hundred thirty-one of the
education law in ten equal annual installments (the first of which
installments is to be credited for the city's nineteen hundred
eighty-eight -- nineteen hundred eighty-nine fiscal year) in reduction
of the amounts which the state and the city would otherwise be required
to pay to the contingent reserve fund of the teachers' retirement system
pursuant to law, shall be the actuarial equivalent, on the basis of the
valuation rate of interest for such retirement system for such nineteen
hundred eighty-eight -- nineteen hundred eighty-nine fiscal year, of the
excess of the amount of such portion computed pursuant to such
subdivision n over the amount of such portion computed pursuant to such
subdivision o.
r. If the New York city employees' retirement system nineteen hundred
eighty-eight unfunded accrued liability adjustment attributable to
employees of the senior colleges of the city university of New York, as
determined pursuant to subdivisions j, k and l of this section, or the
New York city teachers' retirement system nineteen hundred eighty-eight
unfunded accrued liability adjustment attributable to employees of such
senior colleges, as determined pursuant to subdivisions n, o and p of
this section is a charge:
(1) the state, with respect to each fiscal year of the city occurring
during the period commencing on July first, nineteen hundred
eighty-eight and ending on June thirtieth, nineteen hundred
ninety-eight, and at the time and in the manner prescribed by the
applicable provisions of section sixty-two hundred thirty-one of the
education law, shall contribute to the affected retirement system an
installment amount representing the state's share of such charge for
such fiscal year, as prescribed by such provisions; and
(2) the city, with respect to each such fiscal year, and at the time
and in the manner prescribed by the applicable provisions of such
section of the education law, shall contribute an installment amount
representing the city's share of such charge for such fiscal year, as
prescribed by such provisions.
s. If the New York city employees' retirement system nineteen hundred
eighty-eight unfunded accrued liability adjustment attributable to
employees of the senior colleges of the city university of New York, as
determined pursuant to subdivisions j, k and m of this section, or the
New York city teachers' retirement system nineteen hundred eighty-eight
unfunded accrued liability adjustment attributable to employees of such
senior colleges, as determined pursuant to subdivisions n, o and q of
this section, is a credit:
(1) then with respect to each fiscal year of the city occurring during
the period beginning on July first, nineteen hundred eighty-eight and
ending on June thirtieth, nineteen hundred ninety-eight, there shall be
credited in favor of the state, in relation to its obligations to
contribute to the affected retirement system on account of employees of
such senior colleges, and at the time and in the manner prescribed by
the applicable provisions of section sixty-two hundred thirty-one of the
education law, an installment amount representing the state's share of
such credit for such fiscal year, as prescribed by such provisions; and
(2) with respect to each such fiscal year occurring during such
period, there shall be credited in favor of the city, in relation to the
city's obligations to contribute to the affected retirement system on
account of employees of such senior colleges, and at the time and in the
manner prescribed by the applicable provisions of such section sixty-two
hundred thirty-one, an installment amount representing the city's share
of such credit for such fiscal year, as prescribed by such provisions.
t. Any amount required to be contributed to a retirement system by a
responsible obligor with respect to any fiscal year under the provisions
of this section shall be payable with interest on such amount at the
valuation rate of interest for such retirement system for such fiscal
year.
u. In the same manner and to the same extent as the provisions of
sections 13-130 (relating to obligations of certain participating
employers of the New York city employees' retirement system to
contribute to such retirement system), 13-132 (relating to contributions
by the state in relation to certain members of such retirement system
who are officers and employees in the courts) and 13-529 (relating to
similar contributions by the state in relation to certain like court
personnel who are members of the teachers' retirement system) apply to
such participating employers and the state with respect to their
obligations to make contributions to such retirement systems under other
employer contribution laws, the provisions of such sections 13-130,
13-132 and 13-529 shall apply to the contributions required to be made
to such retirement systems under the provisions of this section.
v. In the determination of the normal contribution payable to any
retirement system with respect to each fiscal year of the city occurring
during the period beginning on July first, nineteen hundred eighty-eight
and ending on June thirtieth, nineteen hundred ninety-eight, the present
value, as of June thirtieth next preceding such fiscal year, of all
future installments of the nineteen hundred eighty-eight unfunded
accrued liability adjustment with respect to such retirement system then
remaining unpaid or unapplied, as the case may be:
(1) shall be treated as an asset, if such adjustment with respect to
such retirement system is a charge; and
(2) shall be subtracted from assets, if such adjustment with respect
to such retirement system is a credit.
Section 13-638.2¶
Section 13-638.2
§ 13-638.2 Supplementary provisions regarding employer contributions
to retirement systems for fiscal years beginning on or after July first,
nineteen hundred eighty-nine, for amortization of consolidated unfunded
accrued liabilities and balance sheet liabilities for the nineteen
hundred ninety--nineteen hundred ninety-one, nineteen hundred
ninety-one--nineteen hundred ninety-two and nineteen hundred
ninety-two--nineteen hundred ninety-three fiscal years, and for
amortization of such liabilities and certain other unfunded accrued
liabilities pursuant to the level percentage of payroll method in
certain fiscal years thereafter; rates of interest. a. As used in this
section, unless the context clearly indicates otherwise, the following
terms shall have the following meanings:
1. "Retirement system". Any of the following: the New York city
employees' retirement system; the teachers' retirement system; the
police pension fund provided for by subchapter two of chapter two of
this title; the fire department pension fund provided for by subchapter
two of chapter three of this title; and the board of education
retirement system of the city.
2. "Teachers' retirement system". The retirement system of the
teachers' retirement association provided for by chapter four of this
title.
3. "NYCERS". The New York city employees' retirement system.
4. "NYCTRS". The teachers' retirement system.
5. "PPF". The police pension fund provided for in subchapter two of
chapter two of this title.
6. "FPF". The fire department pension fund provided for by subchapter
two of chapter three of this title.
7. "BERS". The board of education retirement system of the city.
8. "Contingent reserve fund". The contingent reserve fund of a
retirement system.
9. "Governmental entity". The city, the state or a public authority,
corporation or body corporate or other agency of government.
9-a. "Fiscal year". A fiscal year of the city as defined in section
two hundred twenty-six of the New York city charter.
9-b. "Senior colleges". The senior colleges of the city university of
New York.
9-c. "UAL". Unfunded accrued liability.
9-d. "BSL". Balance sheet liability.
10. "Responsible obligor". Any governmental entity required by any
provision of law to pay contributions to a retirement system on behalf
of any members thereof, whether or not such entity is the employer of
such members.
10-a. "General UAL and BSL responsible obligor". Any responsible
obligor (as defined in paragraph ten of this subdivision) other than the
state of New York and the city of New York in their capacity as senior
college UAL and BSL responsible obligors (as defined in paragraph ten-b
of this subdivision).
10-b. "Senior college UAL and BSL responsible obligors". The city and
the state of New York, as contributors to NYCERS and NYCTRS pursuant to
their respective shares, obligations and rights as provided for in
section sixty-two hundred thirty-one of the education law.
11. "Valuation rate of interest". Where used herein with respect to a
retirement system in relation to any fiscal year of the city, the term
"valuation rate of interest" shall mean the rate per centum per annum of
interest required by law to be used for the purpose of any actuarial
valuation, determination or appraisal made to determine the amount of
the normal contribution payable to the contingent reserve fund of such
retirement system in such fiscal year.
12. "Special interest". (i) Such term, where used in relation to any
retirement system, other than BERS, shall mean special interest as
defined for such retirement system as follows: NYCERS -- subdivision
twenty-nine of section 13-101 of this title; PPF -- subdivision twenty
of section 13-214 of this title; FPF -- subdivision twenty-four of
section 13-313 of this title; and NYCTRS -- subdivision thirty-five of
section 13-501 of this title.
(ii) Such term, where used in relation to BERS, 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
applicable provisions of this section 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 in the annuity
savings fund accounts of members who are eligible under such provisions
for crediting of such amount for such period.
13. "Additional interest". (i) Such term, where used in relation to
any retirement system, other than BERS, shall mean additional interest
as defined for such retirement system as follows: NYCERS -- subdivision
thirty of section 13-101 of this title; PPF -- subdivision twenty-one of
section 13-214 of this title; FPF -- subdivision twenty-five of section
13-313 of this title; and NYCTRS -- subdivision thirty-six of section
13-501 of this title.
(ii) Such term, where used in relation to BERS, 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 as to
which the applicable provisions of this section 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.
14. "Supplementary interest". (i) Such term, where used in relation to
a retirement system, other than BERS, shall mean supplementary interest
as defined for such retirement system as follows: NYCERS -- subdivision
sixty-eight of section 13-101 of this title; PPF -- subdivision
twenty-four of section 13-214 of this title; FPF -- subdivision
twenty-six of section 13-313 of this title; and NYCTRS -- subdivision
forty-nine of section 13-501 of this title.
(ii) Such term, where used in relation to BERS, 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 creditable with
supplementary interest (as defined in paragraph fifteen of this
subdivision) of BERS, which allowance, (A) for each of the periods as to
which the applicable provisions of this section 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 such provisions.
15. "Fund creditable with supplementary interest". (a) In the case of
NYCERS, PPF, FPF and BERS, such term shall mean each constituent fund
mentioned in the applicable provisions of sections 13-124, 13-224 and
13-324 of this title and in section eight of the rules and regulations
of BERS, other than the annuity savings fund. In the case of NYCTRS,
such term shall mean each constituent fund mentioned in section 13-520
of this title, other than the annuity savings fund, pension reserve fund
number two and the expense fund.
(b) Nothing contained in this subdivision shall be construed as
providing for supplementary interest with respect to any
reserve-for-increased-take-home-pay of any member of a retirement system
entitled to such a reserve or with respect to any
accumulation-for-increased-take-home-pay (as defined in subdivision
fifteen of section 13-313 of this title).
16. "Significant change in an actuarial valuation method". (i) Subject
to the provisions of subparagraphs (ii) and (iii) of this paragraph, the
term "significant change in an actuarial valuation method" shall mean
any change in any actuarial premise, device or calculation system (other
than the valuation rate of interest and actuarial tables) used by the
actuary in valuing the assets and liabilities of a retirement system,
which change causes the actuarial accrued liability (computed pursuant
to the entry age normal cost method of determining such liability) of
such retirement system, as determined for the first fiscal year of the
city for which such change is effective, to increase or decrease by more
than ten per centum above or below the amount of the actuarial accrued
liability, as determined for the fiscal year next preceding such first
fiscal year on the basis of the valuation rate of interest, actuarial
tables and actuarial methods in effect for valuation purposes with
respect to determination of the normal contribution payable to such
retirement system in such next preceding fiscal year.
(ii) For the purposes of this paragraph, all changes in actuarial
premises, devices or calculation systems (other than the valuation rate
of interest and actuarial tables) used in valuing assets and
liabilities, which changes take effect simultaneously, shall be
aggregated in determining the amount of increase or decrease in the
actuarial accrued liability pursuant to subparagraph (i) of this
paragraph, regardless of whether any such individual simultaneous change
so aggregated is a significant change in an actuarial method within the
meaning of such subparagraph (i). In any case where the aggregate of
such simultaneous changes causes an increase or decrease by more than
ten per centum in the actuarial accrued liability of a retirement system
for the first fiscal year of effectiveness of such changes as described
in subparagraph (i) of this paragraph, such aggregate shall be deemed to
be a significant change in an actuarial valuation method for the
purposes of this section.
(iii) The provisions of this subdivision shall not apply to any
changes in an actuarial computation made to correct a mathematical or
factual error.
17. "Post-June thirtieth, nineteen hundred ninety-nine unfunded
accrued liability adjustment". Any unfunded accrued liability adjustment
calculated pursuant to subdivision k of this section.
18. "Phase-in period". The period beginning on July first, nineteen
hundred ninety and ending on June thirtieth, nineteen hundred
ninety-five.
19. "Regular installment period". The period beginning on July first,
nineteen hundred ninety-five and ending on June thirtieth, two thousand
ten.
20. "Retirement system undergoing consolidated UAL funding". Any of
the following: NYCTRS, NYCERS or BERS.
21. "Charge". An amount which is required to be paid to a retirement
system as an employer contribution.
22. "Credit". An amount which is required to be applied in reduction
of employer contributions otherwise payable to a retirement system.
23. "Individual UAL amortization in effect as of June thirtieth,
nineteen hundred ninety". Any of the following, as applicable to NYCERS,
NYCTRS or BERS as of June thirtieth, nineteen hundred ninety (including
any portion thereof attributable to the senior colleges): the revised
unfunded accrued liability contribution, the nineteen hundred eighty
unfunded accrued liability adjustment, the nineteen hundred eighty-two
unfunded accrued liability adjustment, the nineteen hundred eighty-five
unfunded accrued liability adjustment, the nineteen hundred eighty-six
unfunded accrued liability adjustment, the nineteen hundred eighty-eight
unfunded accrued liability adjustment, the post-June thirtieth, nineteen
hundred eighty-nine unfunded accrued liability adjustment established
for BERS pursuant to subdivision k of this section and all installments
of amortization of bond sale gains and losses and all installments of
funding of supplemental retirement allowances.
24. "Recomputed annual installment of individual UAL amortization in
effect as of June thirtieth, nineteen hundred ninety". (i) With respect
to each retirement system undergoing consolidated UAL funding (as
defined in paragraph twenty of this subdivision), an installment amount
computed in accordance with the succeeding subparagraphs of this
paragraph in relation to each individual UAL amortization in effect as
of June thirtieth, nineteen hundred ninety (as defined in paragraph
twenty-three of this subdivision) for such retirement system.
(ii) For each such retirement system, its actuary shall determine, as
of June thirtieth, nineteen hundred ninety and on the basis of eight and
one-quarter per centum interest per annum, the present value of all
those annual installments of such individual UAL amortization in effect
as of June thirtieth, nineteen hundred ninety in relation to such
retirement system, which installments, in the absence of the enactment
of chapter nine hundred forty-eight of the laws of nineteen hundred
ninety and the act which added this paragraph, would have remained, as
of such June thirtieth, due and unpaid (if a charge) or uncredited (if a
credit) with respect to fiscal years succeeding such June thirtieth.
(iii) The actuary of such retirement system shall determine an amount
which, if paid to its contingent reserve fund, or applied as a credit,
as the case may be, commencing with a first payment or credit in the
nineteen hundred ninety--nineteen hundred ninety-one fiscal year, in a
number of equal annual installments equal to the number of such annual
installments remaining due and unpaid or uncredited with respect to such
retirement system as of June thirtieth, nineteen hundred ninety as
described in subparagraph (ii) of this paragraph, would be the actuarial
equivalent, as of such June thirtieth, on the basis of nine per centum
interest per annum, of the present value determined pursuant to such
subparagraph (ii).
(iv) With respect to each individual UAL amortization in effect as of
June thirtieth, nineteen hundred ninety for a retirement system
undergoing consolidated UAL funding, the recomputed annual installment
of individual UAL amortization in affect as of June thirtieth, nineteen
hundred ninety shall be one equal annual installment determined with
respect to such individual UAL amortization for such retirement system
pursuant to subparagraph (iii) of this paragraph.
25. "Single-year aggregate of recomputed annual installments of
individual UAL amortizations in effect as of June thirtieth, nineteen
hundred ninety". With respect to any retirement system undergoing
consolidated UAL funding (as defined in paragraph twenty of this
subdivision), such aggregate shall be the total amount obtained, in
relation to any fiscal year occurring during the phase-in period (as
defined in paragraph eighteen of this subdivision) by adding together
all recomputed annual installments of individual UAL amortization in
effect as of June thirtieth, nineteen hundred ninety (as defined in
paragraph twenty-four of this subdivision), as applicable to such fiscal
year for such retirement system. For the purpose of such addition, any
such recomputed installments which constitute a credit shall be treated
as a negative quantity.
26. "General nineteen hundred ninety BSL contribution". Any of the
following: the NYCERS general nineteen hundred ninety BSL contribution
determined pursuant to subdivision v of this section, the NYCTRS general
nineteen hundred ninety BSL contribution determined pursuant to
subdivision x of this section or the BERS general nineteen hundred
ninety BSL contribution determined pursuant to subdivision z of this
section.
27. "Nineteen hundred ninety UAL credit". (i) An amount determined for
each retirement system undergoing consolidated UAL funding (as defined
in paragraph twenty of this subdivision) which shall be determined as
hereinafter provided in this paragraph.
(ii) Upon the basis of the actuarial tables and actuarial methods in
effect for valuation purposes with respect to determination of the
normal contribution payable to the contingent reserve fund of such
retirement system in the nineteen hundred ninety--nineteen hundred
ninety-one fiscal year and an interest rate of nine per centum per
annum, there shall be determined, as of June thirtieth, nineteen hundred
ninety, the amount of the unfunded accrued liability of such retirement
system, computed pursuant to the entry age normal cost method of
ascertaining such unfunded accrued liability.
(iii) There shall be determined with respect to such retirement
system, as of June thirtieth, nineteen hundred ninety, on the basis of
an interest rate of eight and one-quarter per centum per annum, the
amount obtained by adding together (A) the present values of all those
annual installments of individual UAL amortizations in effect as of June
thirtieth, nineteen hundred ninety (as defined in paragraph twenty-three
of this subdivision), including any portion thereof attributable to the
senior colleges, which installments, in the absence of the enactment of
chapter nine hundred forty-eight of the laws of nineteen hundred ninety
and the act which added this paragraph, would have remained, as of such
June thirtieth, due and unpaid (if a charge) or uncredited (if a credit)
with respect to fiscal years succeeding such June thirtieth, and (B) the
present value, as of such June thirtieth, of all installments of balance
sheet liability (including any portion thereof attributable to the
senior colleges), which installments, in the absence of the enactment of
such chapter nine hundred forty-eight and the act which added this
paragraph, would have remained due and unpaid with respect to fiscal
years succeeding such June thirtieth.
(iv) The nineteen hundred ninety UAL credit with respect to such
retirement system shall be the remainder obtained by subtracting from
the total amount of present values determined pursuant to subparagraph
(iii) of this paragraph, the amount of unfunded accrued liability
determined pursuant to subparagraph (ii) of this paragraph.
28. "Annual installment of the nineteen hundred ninety UAL credit".
Any of twenty equal annual installments of credit with respect to each
retirement system undergoing consolidated UAL funding (as defined in
paragraph twenty of this subdivision), which installments, if applied
over a period of twenty fiscal years, commencing with the nineteen
hundred ninety--nineteen hundred ninety-one fiscal year, would be the
actuarial equivalent, as of June thirtieth, nineteen hundred ninety and
on the basis of interest at the rate of nine per centum per annum, of
the nineteen hundred ninety UAL credit (as defined in paragraph
twenty-seven of this subdivision), as applicable to such retirement
system.
29. "NYCERS phase-in installment of general nineteen hundred ninety
consolidated UAL contribution". (i) With respect to any fiscal year
included in the phase-in period (as defined in paragraph eighteen of
this subdivision), such phase-in installment shall consist of an
installment amount determined in relation to NYCERS in the manner
hereinafter provided for in this paragraph.
(ii) The single-year aggregate of recomputed annual installments of
UAL amortizations in effect as of June thirtieth, nineteen hundred
ninety (as defined in paragraph twenty-five of this subdivision), as
applicable to NYCERS for such fiscal year, and one NYCERS computation
installment of nineteen hundred ninety BSL (as defined in paragraph
thirty-seven of this subdivision) shall be added together.
(iii) From the amount resulting from such addition, there shall be
subtracted the amount obtained by adding together (A) one annual
installment of the nineteen hundred ninety UAL credit (as defined in
paragraph twenty-eight of this subdivision), as applicable to NYCERS and
(B) the amount of one NYCERS comprehensive installment of nineteen
hundred ninety BSL contribution (as defined in paragraph thirty-eight of
this subdivision) applicable to such fiscal year.
(iv) From the remainder resulting from such subtraction, there shall
be subtracted the portion of such remainder which is attributable to the
senior colleges.
(v) The remainder resulting from the subtraction prescribed by
subparagraph (iv) of this paragraph shall be the NYCERS phase-in
installment of general nineteen hundred ninety consolidated UAL
contribution for such fiscal year.
30. "NYCERS phase-in installment of nineteen hundred ninety
consolidated UAL contribution attributable to the senior colleges". With
respect to each fiscal year included in the phase-in period (as defined
in paragraph eighteen of this subdivision), such phase-in installment
shall consist of an installment amount for such fiscal year which shall
equal the portion of the remainder computed for the same fiscal year
pursuant to subparagraph (iii) of paragraph twenty-nine of this
subdivision, which portion is attributable to the senior colleges.
31. "NYCTRS phase-in installment of general nineteen hundred ninety
consolidated UAL contribution". (i) With respect to any fiscal year
included in the phase-in period (as defined in paragraph eighteen of
this subdivision), such phase-in installment shall consist of an
installment amount determined in relation to NYCTRS in the manner
hereinafter provided for in this paragraph.
(ii) The single-year aggregate of recomputed annual installments of
UAL amortizations in effect as of June thirtieth, nineteen hundred
ninety (as defined in paragraph twenty-five of this subdivision), as
applicable to NYCTRS for such fiscal year, and one NYCTRS computation
installment of nineteen hundred ninety BSL (as defined in paragraph
thirty-seven of this subdivision) shall be added together.
(iii) From the amount resulting from such addition, there shall be
subtracted the amount obtained by adding together (A) one annual
installment of the nineteen hundred ninety UAL credit (as defined in
paragraph twenty-eight of this subdivision), as applicable to NYCTRS and
(B) the amount of one NYCTRS comprehensive installment of nineteen
hundred ninety BSL contribution (as defined in paragraph thirty-eight of
this subdivision) applicable to such fiscal year.
(iv) From the remainder resulting from such subtraction, there shall
be subtracted the portion of such remainder which is attributable to the
senior colleges.
(v) The remainder resulting from the subtraction prescribed by
subparagraph (iv) of this paragraph shall be the NYCTRS phase-in
installment of general nineteen hundred ninety consolidated UAL
contribution for such fiscal year.
32. "NYCTRS phase-in installment of nineteen hundred ninety
consolidated UAL contribution attributable to the senior colleges". With
respect to each fiscal year included in the phase-in period (as defined
in paragraph eighteen of this subdivision), such phase-in installment
shall consist of an installment amount for such fiscal year which shall
equal the portion of the remainder computed for the same fiscal year
pursuant to subparagraph (iv) of paragraph thirty-one of this
subdivision, which portion is attributable to the senior colleges.
33. "BERS phase-in installment of general nineteen hundred ninety
consolidated UAL contribution". (i) With respect to any fiscal year
included in the phase-in period (as defined in paragraph eighteen of
this subdivision), such phase-in installment shall consist of an
installment amount determined in relation to BERS in the manner
hereinafter provided for in this paragraph.
(ii) The single-year aggregate of recomputed annual installments of
UAL amortizations in effect as of June thirtieth, nineteen hundred
ninety (as defined in paragraph twenty-five of this subdivision), as
applicable to BERS for such fiscal year, and one BERS computation
installment of nineteen hundred ninety BSL (as defined in paragraph
thirty-seven of this subdivision) shall be added together.
(iii) From the amount resulting from such addition, there shall be
subtracted the amount obtained by adding together (A) one annual
installment of the nineteen hundred ninety UAL credit (as defined in
paragraph twenty-eight of this subdivision), as applicable to BERS and
(B) the amount of one BERS comprehensive installment of nineteen hundred
ninety BSL contribution (as defined in paragraph thirty-eight of this
subdivision) applicable to such fiscal year.
(iv) The reminder resulting from the subtraction prescribed by
subparagraph (iii) of this paragraph shall be the BERS phase-in
installment of general nineteen hundred ninety consolidated UAL
contribution for such fiscal year.
34. "Unfunded accrued liability as of June thirtieth, nineteen hundred
ninety". With respect to any retirement system undergoing consolidated
UAL funding (as defined in paragraph twenty of this subdivision), the
unfunded accrued liability of such retirement system as determined
pursuant to subparagraph (ii) of paragraph twenty-seven of this
subdivision.
35. "Nineteen hundred ninety balance sheet liability". With respect to
any retirement system undergoing consolidated UAL funding (as defined in
paragraph twenty of this subdivision), the total present value,
determined as of June thirtieth, nineteen hundred ninety on the basis of
an interest rate of nine per centum per annum, of all installments of
general nineteen hundred ninety BSL contribution (as defined in
paragraph twenty-six of this subdivision) and all installments of
nineteen hundred ninety BSL contribution attributable to the senior
colleges, if any, payable to such retirement system pursuant to the
applicable provisions of subdivisions w and y of this section.
36. "Prior BSL contribution". Any of the following as in effect on
June thirtieth, nineteen hundred ninety (including any portion thereof
attributable to the senior colleges):
(i) the BSL contribution of NYCERS determined pursuant to item (iii)
of subparagraph (k) of paragraph four of subdivision b of section 13-127
of this title; (ii) the BSL contribution of NYCTRS determined pursuant
to subparagraph (c) of paragraph eleven of subdivision f of section
13-527 of this title; and (iii) the BSL contribution of BERS determined
pursuant to subparagraph sixteen-b of paragraph (c) of subdivision
sixteen of section twenty-five hundred seventy-five of the education
law.
37. "Computation installment of nineteen hundred ninety BSL". (i) Any
installment amount determined as hereinafter provided in this paragraph.
(ii) The actuary of NYCERS, NYCTRS and BERS shall determine with
respect to each such retirement system, as of June thirtieth, nineteen
hundred ninety on the basis of eight and one-quarter per centum interest
per annum, the present value of the thirty-one equal annual installments
of the prior BSL contribution (as defined in paragraph thirty-six of
this subdivision) of such retirement system (including any portion
thereof attributable to the senior colleges), which installments, in the
absence of the enactment of chapter nine hundred forty-eight of the laws
of nineteen hundred ninety and the act which added this subdivision,
would have remained due and unpaid to such retirement system as of such
June thirtieth.
(iii) The actuary shall determine an amount which, if paid to the
contingent reserve fund of such retirement system in thirty-one equal
annual installments, commencing with a first payment in the nineteen
hundred ninety--nineteen hundred ninety-one fiscal year, would be the
actuarial equivalent, on the basis of an interest rate of nine per
centum per annum, of such present value.
(iv) Each of the first five of such installments determined pursuant
to subparagraph (iii) of this paragraph with respect to such retirement
system shall be a computation installment of nineteen hundred ninety
BSL.
38. "Comprehensive installment of nineteen hundred ninety BSL
contribution". (i) An installment amount determined by the actuary of
NYCERS, NYCTRS and BERS with respect to each such retirement system in
the manner hereinafter provided in this paragraph.
(ii) The actuary shall determine an amount which, if paid to the
contingent reserve fund of such retirement system in twenty equal annual
installments, commencing with a first payment in the nineteen hundred
ninety--nineteen hundred ninety-one fiscal year, would be the actuarial
equivalent, on the basis of an interest rate of nine per centum per
annum, of the present value determined pursuant to subparagraph (ii) of
paragraph thirty-seven of this subdivision.
(iii) Each of the first five of such installments determined pursuant
to subparagraph (ii) of this paragraph with respect to such retirement
system shall be a comprehensive installment of nineteen hundred ninety
BSL contribution.
39. "NYCERS regular installment of general nineteen hundred ninety
consolidated UAL contribution". Any installment payable pursuant to
subdivision o of this section.
40. "NYCERS regular installment of nineteen hundred ninety
consolidated UAL contribution attributable to the senior colleges". Any
installment payable pursuant to subdivision p of this section.
41. "NYCTRS regular installment of general nineteen hundred ninety
consolidated UAL contribution". Any installment payable pursuant to
subdivision q of this section.
42. "NYCTRS regular installment of nineteen hundred ninety
consolidated UAL contribution attributable to the senior colleges". Any
installment payable pursuant to subdivision r of this section.
43. "BERS regular installment of general nineteen hundred ninety
consolidated UAL contribution". Any installment payable pursuant to
subdivision s of this section.
44. "General nineteen hundred ninety consolidated UAL contribution".
Any of the following: the general nineteen hundred ninety consolidated
UAL contributions for which phase-in installments are determined
pursuant to paragraphs twenty-nine, thirty-one and thirty-three of this
subdivision, the NYCERS general nineteen hundred ninety consolidated UAL
contribution for which regular installments are determined pursuant to
subdivision o of this section, the NYCTRS general nineteen hundred
ninety consolidated unfunded accrued liability contribution for which
regular installments are determined pursuant to subdivision q of this
section or the BERS general nineteen hundred ninety consolidated
unfunded accrued liability contribution for which regular installments
are determined pursuant to subdivision s of this section.
45. "NYCERS installment of general nineteen hundred ninety BSL
contribution". Any installment payable pursuant to subdivision v of this
section.
46. "NYCERS installment of nineteen hundred ninety BSL contribution
attributable to the senior colleges". Any installment payable pursuant
to subdivision w of this section.
47. "NYCTRS installment of general nineteen hundred ninety BSL
contribution". Any installment payable pursuant to subdivision x of this
section.
48. "NYCTRS installment of nineteen hundred ninety BSL contribution
attributable to the senior colleges". Any installment payable pursuant
to subdivision y of this section.
49. "BERS installment of general nineteen hundred ninety BSL
contribution". Any installment payable pursuant to subdivision z of this
section.
50. "UAL subject to consolidated amortization". The amount of the
unfunded accrued liability of each of NYCERS, NYCTRS and BERS
(including, in the case of NYCERS and NYCTRS any such liability
attributable to the senior colleges), which liability, prior to July
first, nineteen hundred ninety-three, was required to be amortized by
phase-in and other consolidated UAL contributions designated in
subdivision bb of this section.
51. "BSL subject to consolidated amortization". The amount of the
balance sheet liability of each of NYCERS, NYCTRS and BERS (including in
the case of NYCERS and NYCTRS, any such liability attributable to the
senior colleges), which liability, prior to July first, nineteen hundred
ninety-three, was required to be amortized by phase-in and other BSL
contributions designated in subdivision bb of this section.
52. "Balance of unfunded UAL subject to consolidated amortization". An
amount, separately determined for each of NYCERS, NYCTRS and BERS by its
actuary, equal to the present value (based on an interest rate of nine
per centum per annum), as of June thirtieth, nineteen hundred
ninety-three, of the remaining unpaid installments, as of such June
thirtieth, of the amortization (as prescribed by subdivisions aa and bb
of this section) of the UAL subject to the consolidated amortization of
such retirement system.
53. "Balance of unfunded BSL subject to consolidated amortization". An
amount, separately determined for each of NYCERS, NYCTRS and BERS by its
actuary, equal to the present value (based on an interest rate of nine
per centum per annum), as of June thirtieth, nineteen hundred
ninety-three, of the remaining unpaid installments, as of such June
thirtieth, of the amortization (as prescribed by subdivisions aa and bb
of this section) of the BSL subject to the consolidated amortization of
such retirement system.
54. "Revised amortization period". The period beginning on July first,
nineteen hundred ninety-three and ending on June thirtieth, two thousand
ten.
55. "Special provisions for funding and financing senior college UAL
and BSL amortization". The provisions of the education law and any other
law which apply to (i) the time and manner of payment, (ii) payment
financing, pre-financing and reimbursement, (iii) determination of city
and state shares of payments, (iv) exclusion of UAL and BSL payment
obligations from senior college operating expenses and from senior
college "approved programs and services", or (v) any other funding of
financing method or responsibility, with respect to contribution
installments required to be paid by senior college UAL and BSL
responsible obligors of each of NYCERS and NYCTRS for the fiscal years
included in the period beginning on July first, nineteen hundred ninety
and ending on June thirtieth, nineteen hundred ninety-three, as
designated in subdivision bb of this section.
56. "NYCERS post-June thirtieth, nineteen hundred ninety UAL
established pursuant to retirement incentive and part-time employee
legislation". The sum obtained by adding together:
(i) The actuarial present value, as required to be computed by section
twenty-six of chapter two hundred ten of the laws of nineteen hundred
ninety, of the additional benefits payable to NYCERS beneficiaries
pursuant to such chapter;
(ii) The actuarial present value, as required to be computed pursuant
to section eleven of chapter one hundred seventy-eight of the laws of
nineteen hundred ninety-one, of the additional benefits payable to
NYCERS beneficiaries pursuant to such chapter;
(iii) The actuarial present value, as computed pursuant to section
eleven of chapter six hundred forty-three of the laws of nineteen
hundred ninety-two, of the additional benefits payable to NYCERS
beneficiaries pursuant to such chapter; and
(iv) The additional accrued employer cost, as computed pursuant to
subdivision gg of this section, of providing the rights, benefits and
privileges conferred by chapter seven hundred forty-nine of the laws of
nineteen hundred ninety-two upon members of NYCERS.
57. "NYCERS balance of retirement incentive and part-time employee
UAL". The amount, determined for NYCERS by its actuary, obtained by
adding together the present values (based on an interest rate of nine
per centum per annum), as of June thirtieth, nineteen hundred
ninety-three, of the remaining unpaid annual installments, as of such
June thirtieth, of the amortizations (as prescribed by the provisions of
law referred to in subparagraphs (i), (ii), (iii) and (iv) of paragraph
fifty-six of this subdivision) of the NYCERS post-June thirtieth,
nineteen hundred ninety UAL established pursuant to retirement incentive
and part-time employee legislation.
58. "NYCTRS post-June thirtieth, nineteen hundred ninety UAL
established pursuant to retirement incentive legislation". The sum
obtained by adding together:
(i) The actuarial present value, as required to be computed by section
twenty-six of chapter two hundred ten of the laws of nineteen hundred
ninety, of the additional benefits payable to NYCTRS beneficiaries
pursuant to such chapter;
(ii) The actuarial present value, as required to be computed pursuant
to section eleven of chapter one hundred seventy-eight of the laws of
nineteen hundred ninety-one, of the additional benefits payable to
NYCTRS beneficiaries pursuant to such chapter; and
(iii) The actuarial present value, as required to be computed pursuant
to section ten of chapter four hundred ninety-four of the laws of
nineteen hundred ninety-two, as amended by chapter eight hundred
thirty-seven of the laws of nineteen hundred ninety-two, of the
additional benefits payable to NYCTRS beneficiaries pursuant to such
chapters.
59. "NYCTRS balance of retirement incentive UAL". The amount,
determined for NYCTRS by its actuary, obtained by adding together the
present values (based on an interest rate of nine per centum per annum),
as of June thirtieth, nineteen hundred ninety-three, of the remaining
unpaid annual installments, as of such June thirtieth, of the
amortizations (as prescribed by the provisions of law referred to in
subparagraphs (i), (ii) and (iii) of paragraph fifty-eight of this
subdivision) of the NYCTRS post-June thirty, nineteen hundred ninety UAL
established pursuant to retirement incentive legislation.
60. "BERS post-June thirtieth, nineteen hundred ninety UAL established
pursuant to retirement incentive and part-time employee legislation".
The sum obtained by adding together:
(i) the actuarial present value, as required to be computed by section
twenty-six of chapter two hundred ten of the laws of nineteen hundred
ninety, of the additional benefits payable to BERS beneficiaries
pursuant to such chapter; and
(ii) the additional accrued employer cost, as computed pursuant to
subdivision gg of this section, of providing the rights, benefits and
privileges conferred by chapter seven hundred forty-nine of the laws of
nineteen hundred ninety-two upon members of BERS.
61. "BERS balance of retirement incentive and part-time employee UAL".
The amount, determined for BERS by its actuary, obtained by adding
together the present values (based on an interest rate of nine per
centum per annum), as of June thirtieth, nineteen hundred ninety-three,
of the remaining unpaid annual installments, as of such June thirtieth,
of the amortizations (as prescribed by the provisions of law referred to
in subparagraphs (i) and (ii) of paragraph sixty of this subdivision) of
the BERS post-June thirtieth, nineteen hundred ninety UAL established
pursuant to retirement incentive and part-time employee legislation.
62. "Retirement incentive act". Any of the following: chapter two
hundred ten of the laws of nineteen hundred ninety, chapter one hundred
seventy-eight of the laws of nineteen hundred ninety-one, chapter four
hundred ninety-four of the laws of nineteen hundred ninety-two, chapter
six hundred forty-three of the laws of nineteen hundred ninety-two and
chapter eight hundred thirty-seven of the laws of nineteen hundred
ninety-two.
63. "Retirement incentive responsible obligor". Subject to the
provisions of paragraph seven of subdivision ii of this section, the
term "retirement incentive responsible obligor" shall mean a responsible
obligor which, under the provisions of a retirement incentive act, or
any other law applicable to contributions required by a retirement
incentive act to fund additional retirement incentive benefits
thereunder, was required, prior to July first, nineteen hundred
ninety-three, to make contributions to fund additional retirement
benefits payable to beneficiaries of a retirement system under such
retirement incentive act.
64. "Part-time employee responsible obligor". (i) With respect to
NYCERS, the term "part-time employee responsible obligor" shall mean any
responsible obligor to which paragraph two of subdivision gg of this
section applied prior to July first, nineteen hundred ninety-three.
(ii) With respect to BERS, such term shall mean any responsible
obligor to which paragraph three of such subdivision applied prior to
July first, nineteen hundred ninety-three.
65. "Beneficiary."A person in receipt of a pension, an annuity, a
retirement allowance, a death benefit or any other benefit provided by a
retirement system.
66. "NYCERS 1995 UAL". The unfunded accrued liability of NYCERS as of
June thirtieth, nineteen hundred ninety-five (excluding the NYCERS 1995
balance of BSL, as defined in paragraph sixty-nine of this subdivision),
as determined by the actuary pursuant to the entry age normal cost
method of ascertaining such unfunded accrued liability, on the basis of
an interest rate of eight and three-quarters per centum per annum and
the actuarial tables applicable for the purpose of determining the
normal contribution to NYCERS for the nineteen hundred
ninety-five--nineteen hundred ninety-six fiscal year.
67. "NYCTRS 1995 UAL". The unfunded accrued liability of NYCTRS as of
June thirtieth, nineteen hundred ninety-five (excluding the NYCTRS 1995
balance of BSL, as defined in paragraph seventy of this subdivision), as
determined by the actuary pursuant to the entry age normal cost method
of ascertaining such unfunded accrued liability, on the basis of an
interest rate of eight and three-quarters per centum per annum and the
actuarial tables applicable for the purpose of determining the normal
contribution to NYCTRS for the nineteen hundred ninety-five--nineteen
hundred ninety-six fiscal year.
68. "BERS 1995 UAL". The unfunded accrued liability of BERS as of June
thirtieth, nineteen hundred ninety-five (excluding the BERS 1995 balance
of BSL, as defined in paragraph seventy-one of this subdivision), as
determined by the actuary pursuant to the entry age normal cost method
of ascertaining such unfunded accrued liability, on the basis of an
interest rate of eight and three-quarters per centum per annum and the
actuarial tables applicable for the purpose of determining the normal
contribution to BERS for the nineteen hundred ninety-five--nineteen
hundred ninety-six fiscal year.
69. "NYCERS 1995 balance of BSL". The present value, as determined by
the actuary as of June thirtieth, nineteen hundred ninety-five on the
basis of an interest rate of eight and three-quarters per centum per
annum, of the total of all contribution installments which, in the
absence of the enactment of the act which added this paragraph, would be
payable to NYCERS for fiscal years beginning on or after July first,
nineteen hundred ninety-five pursuant to subparagraphs (ii) and (iv) of
paragraph two of subdivision hh of this section and paragraphs four,
five, six and seven of such subdivision.
70. "NYCTRS 1995 balance of BSL". The present value, as determined by
the actuary as of June thirtieth, nineteen hundred ninety-five on the
basis of an interest rate of eight and three-quarters per centum per
annum, of the total of all contribution installments which, in the
absence of the enactment of the act which added this paragraph, would be
payable to NYCTRS for fiscal years beginning on or after July first
nineteen hundred ninety-five pursuant to subparagraphs (ii) and (iv) of
paragraph two of subdivision hh of this section and paragraphs four,
five, six and seven of such subdivision.
71. "BERS 1995 balance of BSL". The present value, as determined by
the actuary as of June thirtieth, nineteen hundred ninety-five on the
basis of an interest rate of eight and three-quarters per centum per
annum, of the total of all contribution installments which, in the
absence of the enactment of the act which added this paragraph, would be
payable to BERS for fiscal years beginning on or after July first,
nineteen hundred ninety-five pursuant to subparagraph (ii) of paragraph
three of subdivision hh of this section and paragraphs four, five and
seven of such subdivision.
72. "Fifteen-year amortization period". The period beginning on July
first, nineteen hundred ninety-five and ending on June thirtieth, two
thousand ten.
73. "NYCERS 1999 UAL". The unfunded accrued liability of NYCERS as of
June thirtieth, nineteen hundred ninety-nine attributable as of that
date to the obligations set forth in item (ii) of subparagraph (a) of
paragraph two of subdivision b of section 13-127 of this title, as
determined by the actuary pursuant to the entry age normal cost method
of ascertaining such unfunded accrued liability, on the basis of an
interest rate of eight per centum per annum and the actuarial tables
applicable for the purpose of determining the normal contribution to
NYCERS for the nineteen hundred ninety-nine--two thousand fiscal year,
provided, however, that in the event such calculation of unfunded
accrued liability produces a negative amount, the NYCERS 1999 UAL shall
be zero.
74. "NYCTRS 1999 UAL". The unfunded accrued liability of NYCTRS as of
June thirtieth, nineteen hundred ninety-nine attributable as of that
date to the obligations set forth in paragraph (1) of subdivision b of
section 13-527 of this title, as determined by the actuary pursuant to
the entry age normal cost method of ascertaining such unfunded accrued
liability, on the basis of an interest rate of eight per centum per
annum and the actuarial tables applicable for the purpose of determining
the normal contribution to NYCTRS for the nineteen hundred
ninety-nine--two thousand fiscal year, provided, however, that in the
event such calculation of unfunded accrued liability produces a negative
amount, the NYCTRS 1999 UAL shall be zero.
75. "BERS 1999 UAL". The unfunded accrued liability of BERS as of June
thirtieth, nineteen hundred ninety-nine attributable as of that date to
the obligations set forth in item (i) of subparagraph four of paragraph
(c) of subdivision sixteen of section twenty-five hundred seventy-five
of the education law, as determined by the actuary pursuant to the entry
age normal cost method of ascertaining such unfunded accrued liability,
on the basis of an interest rate of eight per centum per annum and the
actuarial tables applicable for the purpose of determining the normal
contribution to BERS for the nineteen hundred ninety-nine--two thousand
fiscal year, provided, however, that in the event such calculation of
unfunded accrued liability produces a negative amount, the NYCBERS 1999
UAL shall be zero.
76. "Eleven-year amortization period". The period beginning on July
first, nineteen hundred ninety-nine and ending on June thirtieth, two
thousand ten.
b. (1) For the purpose of any actuarial valuation, determination or
appraisal which is made pursuant to this title and which is used to
determine the amount of any contribution required to be paid by the city
and other responsible obligors into the contingent reserve fund of any
retirement system (and into pension reserve fund number two in the case
of NYCTRS) in any fiscal year of the city mentioned in the succeeding
provisions of this subdivision, "regular interest" shall mean interest
at the rate per centum per annum, compounded annually, prescribed for
such retirement system with respect to such fiscal year by the
applicable provisions of this subdivision.
(2) With respect to each retirement system, such rate of interest
shall be as hereinafter set forth in this paragraph:
First day and
last day of
Rate of interest fiscal year or
per centum per series of fiscal
Retirement annum, compounded years for which
System annually rate is effective
________________________________________________________________________
NYCERS 7% July 1, 2011 to
June 30, 2016
NYCTRS 7% July 1, 2011 to
June 30, 2016
PPF 7% July 1, 2011 to
June 30, 2016
FPF 7% July 1, 2011 to
June 30, 2016
BERS 7% July 1, 2011 to
June 30, 2016
c. Nothing contained in subdivision b of this section shall be construed
as prescribing in relation to any retirement system, for the purpose of
crediting interest to individual accounts in the annuity savings fund or
to reserve-for-increased-take-home-pay or for any other purpose besides
that specified in such subdivision, a rate of regular interest other
than as prescribed by the application provisions of the definition of
regular interest set forth in the retirement act of such retirement
system and in any other laws applicable to purposes other than that set
forth in subdivision b of this section.
d. For the purpose of any actuarial valuation, determination or
appraisal which is made pursuant to this title and which is used to
determine the amount of any contribution required to be paid by the city
or other responsible obligors into the contingent reserve fund
(including pension reserve fund number two in the case of NYCTRS) of any
retirement system in any fiscal year of the city succeeding the last
fiscal year for which subdivision b of this section prescribes a
valuation rate of interest with respect to such retirement system,
"regular interest" shall mean interest at such rate per annum,
compounded annually, as shall be prescribed with respect to such
retirement system in subdivision b of this section by an amendment
thereto enacted by the legislature.
e. On or after September first of the last city fiscal year for which
a valuation rate of interest is prescribed by subdivision b of this
section with respect to a retirement system, and no later than December
thirty-first next succeeding such September first, the board of trustees
of such retirement system 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 chairman of the permanent commission on
public employee pension and retirement systems, the mayor of the city,
and the council of the city (by transmittal to the city clerk), the
written recommendations of such board as to the rate of interest and
effective period thereof which should be established by law as the
valuation rate of interest to be used for such retirement system after
such last fiscal year.
f. (1) Subject to the provisions of subdivision h of this section,
during the applicable period specified in paragraph two of this
subdivision, special interest at the rate prescribed by the applicable
provisions of such paragraph two shall be allowed with respect to the
individual account of each member in the annuity savings fund of each
retirement system with respect to which such interest is allowed.
(2) Such special interest shall be allowed at the rates and for the
periods set forth below in this paragraph:
First day and
last day of
Rate of interest fiscal year or
per centum per series of fiscal
Retirement annum, compounded years for which
System annually rate is effective
________________________________________________________________________
NYCERS 1 1/4% July 1, 2011 to
June 30, 2016
NYCTRS 1 1/4% July 1, 2011 to
June 30, 2016
PPF 1 1/4% July 1, 2011 to
June 30, 2016
FPF 1 1/4% July 1, 2011 to
June 30, 2016
BERS 1 1/4% July 1, 2011 to
June 30, 2016
(3) Such special interest provided for by paragraphs one and two of this
subdivision shall be credited to such individual account of each 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. Such special interest shall not be considered in
determining rates of contributions of members. Nothing contained in this
subdivision f shall be construed as applicable to any member of a
retirement system who is subject to the provisions of article fourteen
of the retirement and social security law or article fifteen of such
law.
g. (1) Subject to the provisions of subdivision h of this section,
during the applicable period specified in paragraph two of this
subdivision, in the determination the
reserve-for-increased-take-home-pay of each member of a retirement
system entitled to such a reserve, additional interest at the rate
prescribed by the applicable provisions of such paragraph two shall be
included.
(2) Such additional interest shall be included at the rates and for
the periods set forth below in this paragraph:
First day and
last day of
Rate of interest fiscal year or
per centum per series of fiscal
Retirement annum, compounded years for which
System annually rate is effective
________________________________________________________________________
NYCERS 1 1/4% July 1, 2011 to
June 30, 2016
NYCTRS 1 1/4% July 1, 2011 to
June 30, 2016
PPF 1 1/4% July 1, 2011 to
June 30, 2016
FPF 1 1/4% July 1, 2011 to
June 30, 2016
BERS 1 1/4% July 1, 2011 to
June 30, 2016
(3) Additional interest shall not be considered in determining rates of
contribution of members. Nothing contained in this subdivision shall be
construed as applicable to any member of a retirement system who is
subject to the provisions of article fourteen of the retirement and
social security law or article fifteen of such law.
h. (1) In any case where:
(A) the provisions of paragraph two of subdivision f or paragraph two
of subdivision g of this section are amended so as to prescribe for any
retirement system with respect to any fiscal year of the city a rate of
special interest or additional interest different from that applicable
to such retirement system for the next preceding fiscal year; and
(B) the date of enactment (as such date is certified pursuant to
section forty-one of the legislative law) of such amendment is later
than the first day of the fiscal year in which such changed rate takes
effect; and
(C) during the period beginning on such first day and ending on the
day next preceding such date of enactment, a member of such retirement
system dies or the retirement allowance or vested rights deferred
retirement allowance of such member becomes payable; the applicable rate
of special interest or additional interest, as the case may be, for such
next preceding fiscal year shall apply to the crediting of special
interest or additional interest in favor or such member for the portion
of such period preceding such death or the commencement of payability of
such retirement allowance.
(2) (i) Nothing contained in subdivisions f and g of this section
shall be construed as granting special or additional interest, as the
case may be, to any person with respect to any period wherein (A) such
person was not a member entitled to be credited with regular interest
for the same period in the annuity savings fund or with respect to his
or her reserve-for-increased-take-home-pay or (B) was not a discontinued
member entitled to be credited as a discontinued member with regular
interest for the same period.
(ii) Nothing contained in such subdivisions f and g shall be construed
(A) as granting special interest with respect to the total accumulated
contributions (as defined in subdivision seven of section 13-313 of this
title) of an original plan member (as defined in subdivision four-b of
such section 13-313) of FPF while he or she is such a member or (B) as
granting additional interest with respect to an
accumulation-for-increased-take-home-pay (as defined in subdivision
fifteen of such section 13-313) of an original plan member while he or
she is such a member.
i. (1) Subject to the provisions of paragraph three of this
subdivision, in addition to regular interest annually allowed for the
applicable period specified in paragraph two of this subdivision on the
mean amount for the preceding year in each fund creditable with
supplementary interest (as defined in paragraph fifteen of subdivision a
of this section) of each retirement system, there shall be annually
allowed with respect to such period supplementary interest at the rate
specified in such paragraph two on such mean amount for the preceding
year in such fund. 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) Such supplementary interest shall be allowed at the rates and for
the periods set forth below in this paragraph:
First day and
last day of
Rate of interest fiscal year or
per centum per series of fiscal
Retirement annum, compounded years for which
System annually rate is effective
________________________________________________________________________
NYCERS 0% July 1, 2011 to
June 30, 2016
NYCTRS 0% July 1, 2011 to
June 30, 2016
PPF 0% July 1, 2011 to
June 30, 2016
FPF 0% July 1, 2011 to
June 30, 2016
BERS 0% July 1, 2011 to
June 30, 2016
(3) The provisions of paragraphs one and two of this subdivision shall
not apply to or affect (i) the allowance of interest or the crediting of
interest to accounts of members or discontinued members in the annuity
savings fund or (ii) the allowance of interest on or the crediting of
interest to reserve-for-increased-take-home-pay of members or
discontinued members or (iii) the determination of the amount of any
benefit payable to any member or beneficiary of a retirement system.
j. On or after September first of the last city fiscal year for which
special, additional and supplementary interest are allowed with respect
to a retirement system pursuant to the provisions of subdivisions f, g
and i of this section, and no later than December thirty-first next
succeeding such September first, the board of trustees of such
retirement system shall submit to the public officers and body referred
to in subdivision e of this section the written recommendations of such
board:
(1) as to whether legislation should be enacted providing for the
crediting of special interest to members of such retirement system after
such last fiscal year 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 members of such
retirement system entitled to such a reserve, additional interest shall
be included for any period after such last fiscal year, 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 such last fiscal year to funds
creditable with supplementary interest of such retirement system and if
so, the recommended rate thereof and duration of such crediting.
k. (1) (i) Subject to the provisions of subparagraphs (iii) and (iv)
of this paragraph, in any case where the valuation rate of interest for
a retirement system is changed by law for any period beginning on or
after July first, two thousand four, or where the board of trustees of a
retirement system, for any period beginning on or after July first,
nineteen hundred ninety-nine, adopts changed actuarial tables used in
valuing the liabilities of such retirement system, or where a
significant change in an actuarial valuation method (as defined in
paragraph sixteen of subdivision a of this section) is made for any
period beginning on or after July first, nineteen hundred ninety-nine in
relation to a retirement system, the actuary thereof shall calculate, as
of June thirtieth next preceding the first day of the fiscal year for
which such changed rate or changed tables or significant change in an
actuarial valuation method first becomes or became effective, an
unfunded accrued liability adjustment applicable to each responsible
obligor in relation to such retirement system, provided, however, that
no unfunded accrued liability adjustment shall be established under this
subdivision for any retirement system with respect to any change in the
valuation rate of interest, change in actuarial tables or significant
change in an actuarial valuation method where such changed valuation
rate of interest, actuarial tables or actuarial valuation method applies
to such retirement system with respect to any actuarial valuation
performed by the actuary as of June thirtieth, two thousand ten or as of
any date thereafter.
(ii) Any such adjustment (or adjustments in the aggregate) shall be
designed to amortize in installments over a period and by such method as
shall be established by the board of trustees or retirement board of
such retirement system on the recommendation of its actuary, and
commencing on such first day, the increase or decrease in the actuarial
accrued liability of such retirement system or pension fund resulting
from any such change or changes. Such period of amortization shall be
not less than ten city fiscal years nor more than twenty such years.
(iii) No unfunded accrued liability adjustment shall be established
under this subdivision for any retirement system with respect to any
change in actuarial tables or significant change in an actuarial
valuation method, where such changed tables or changed method apply or
applies to such retirement system with respect to determination of any
of the NYCERS 1999 UAL, the NYCTRS 1999 UAL, the BERS 1999 UAL, the PPF
1999 UAL (as defined in paragraph thirty-two of subdivision a of section
13-638.3 of the code, as added by chapter six hundred eight of the laws
of nineteen hundred ninety-one) or the FPF 1999 UAL (as defined in
paragraph thirty-two of subdivision a of section 13-683.3 of the code,
as added by chapter six hundred ten of the laws of nineteen hundred
ninety-one), whether such change is adopted before or after July first,
nineteen hundred ninety-nine. Nothing contained in this subdivision
shall be construed as requiring the continuation after June thirtieth,
nineteen hundred ninety-nine of the amortization of any unfunded accrued
liability adjustment established under this subdivision prior to such
June thirtieth.
(iv) No unfunded accrued liability adjustment shall be established
under this subdivision for any retirement system with respect to any
change in the valuation rate of interest, change in actuarial tables or
significant change in an actuarial valuation method if (A) such unfunded
accrued liabilities, when added to any existing unfunded accrued
liability, would result in the total of all unfunded accrued liabilities
for that retirement system equaling less than zero, or if (B) the change
in unfunded actuarial liability for that retirement system would cause
an increase or decrease of less than ten percent in the actuarial
accrued liability (computed pursuant to the entry age normal cost method
of determining such liability) and the actuary concludes that such an
unfunded accrued liability need not be established.
(2) Subject to the provisions of the succeeding paragraphs of this
subdivision and subdivision 1 of this section, each such unfunded
accrued liability adjustment shall be calculated with respect to the
affected responsible obligor, and shall be paid by or credited to such
obligor, as the case may be, in accordance with the appropriate methods
set forth in subdivisions b to v, inclusive, of section 13-638.1 of this
subchapter.
(3) (i) Each such unfunded accrued liability adjustment (other than
any such adjustment attributable to employees of the senior colleges of
the city university) shall be known by a title consisting of the
numerical designation of the calendar year in which the first fiscal
year of the applicable amortization period begins, followed by the words
"unfunded accrued liability adjustment attributable to," followed by the
name of the responsible obligor with respect to which such adjustment
was calculated.
(ii) Each such unfunded accrued liability adjustment attributable to
employees of such senior colleges which is calculated for NYCERS shall
be known by a title consisting of the numerical designation of the
calendar year in which the first fiscal year of the applicable
amortization period begins, followed by the words "NYCERS unfunded
accrued liability adjustment attributable to the senior colleges."
(iii) Each such unfunded accrued liability adjustment attributable to
employees of such senior colleges which is calculated for NYCTRS shall
be known by a title consisting of the numerical designation of the
calendar year in which the first fiscal year of the applicable
amortization period begins, followed by the words "NYCTRS unfunded
accrued liability adjustment attributable to the senior colleges."
(4) For the purpose of applying the provisions of subdivisions b to v,
inclusive, of section 13-638.1 as prescribed by paragraph two of this
subdivision:
(i) the term "valuation rate of interest" appearing in such provisions
shall mean the applicable valuation rate of interest, as defined in
paragraph eleven of subdivision a of this section; and
(ii) wherever the words "nineteen hundred eighty-seven--nineteen
hundred eighty-eight fiscal year" appear in such subdivisions, there
shall be deemed to be substituted therefor the numerical designation of
the city fiscal year next preceding the first fiscal year of the
amortization period applicable pursuant to paragraph one of this
subdivision; and
(iii) wherever the words, "nineteen hundred eighty-eight--nineteen
hundred eighty-nine fiscal year" appear in such subdivisions, there
shall be deemed to be substituted therefor the numerical designation of
the first city fiscal year of such amortization period; and
(iv) wherever the words "June thirtieth, nineteen hundred
eighty-eight" appear in such subdivisions, there shall be deemed to be
substituted therefor the numerical designation of the month, day and
year of the June thirtieth next preceding the first day of such
amortization period; and
(v) wherever the words "nineteen hundred eighty-eight unfunded accrued
liability adjustment" appear in such subdivisions, there shall be deemed
to be substituted therefor the numerical designation of the calendar
year in which such amortization period begins, followed by the words
"unfunded accrued liability adjustment"; and
(vi) wherever the words "nineteen hundred ninety-seven--nineteen
hundred ninety-eight" appear in such subdivisions, there shall be deemed
to be substituted therefor the numerical designation of the last city
fiscal year of the applicable amortization period.
k-1. All installments of contribution resulting from any unfunded
accrued liability established for any retirement system prior to the
establishment of the unfunded accrued liability as of June thirtieth,
two thousand ten for the retirement systems pursuant to the provisions
of paragraph one of subdivision k-2 of this section which are payable to
any retirement system on or after July first, two thousand eleven are
hereby canceled and shall not be due and payable on or after such July
first.
k-2. (1) (i) The actuary for each of the retirement systems (as
defined in paragraph one of subdivision a of this section), upon the
basis of the latest mortality and other tables applicable at the time he
or she performs the calculations, and the valuation rate of interest (as
defined in paragraph eleven of subdivision a of this section), shall
calculate separately for each of the retirement systems, as of June
thirtieth, two thousand ten and as of each succeeding June thirtieth, an
unfunded accrued liability for each of the retirement systems in
accordance with the succeeding subparagraphs of this paragraph.
(ii) The actuary shall calculate, as of the applicable June thirtieth,
an amount equal to the sum of (A) the total actuarial present value of
all benefits payable by the retirement system pursuant to applicable
law, as determined by the actuary, and (B) the liability of the
retirement system, as determined by the actuary, for amounts which the
retirement system may be required by applicable law to pay to any other
fund on account of related benefits financed through the retirement
system, without a corresponding offset in the liabilities of the
retirement system.
(iii) The unfunded accrued liability of the retirement system as of
the applicable June thirtieth shall be the amount obtained by deducting
from the amount of such total liability of the retirement system on
account of benefits, as determined by the actuary pursuant to
subparagraph (ii) of this paragraph, the sum of:
(A) the actuarial present value of entry age normal contributions
payable to the retirement system, as determined by the actuary as of the
applicable June thirtieth in a manner consistent with the entry age
actuarial cost method, and with the applicable methodologies set forth
for NYCERS in subparagraph (d) of paragraph two of subdivision b of
section 13-127 of this title, for the PPF in subparagraph (e) of
paragraph two of subdivision b of section 13-228 of this title, for the
FPF in subparagraph (e) of paragraph two of subdivision b of section
13-331 of this title, for the NYCTRS in paragraph five of subdivision b
of section 13-527 of this title or for BERS in item (v) of subparagraph
four of paragraph (c) of subdivision sixteen of section twenty-five
hundred seventy-five of the education law;
(B) the present value of future member contributions of all members of
the retirement system, as determined by the actuary as of the applicable
June thirtieth;
(C) the total funds on hand of the retirement system, as determined by
the actuary as of the applicable June thirtieth; and
(D) the present value of future installments of unfunded accrued
liability contributions to the retirement system.
(iv) The actuary, in determining the unfunded accrued liability
pursuant to this paragraph, may make any adjustments which he or she
deems appropriate due to the calculation of the unfunded accrued
liability as of the second June thirtieth preceding the fiscal year in
which the first installment of such unfunded accrued liability becomes
payable or creditable.
(2) (i) The unfunded accrued liability calculated by the actuary as of
June thirtieth, two thousand ten for each retirement system pursuant to
paragraph one of this subdivision shall be known as the "2010 UAL" or,
with respect to NYCERS as the "NYCERS 2010 UAL", with respect to NYCTRS
as the "NYCTRS 2010 UAL", with respect to the PPF as the "PPF 2010 UAL",
with respect to the FPF as the "FPF 2010 UAL" and with respect to BERS
as the "BERS 2010 UAL".
(ii) The 2010 UAL for each retirement system shall be amortized in
twenty-one annual installments, as determined by the actuary, payable
over a period of twenty-two fiscal years following its establishment as
of June thirtieth, two thousand ten, with payments commencing with the
two thousand eleven--two thousand twelve fiscal year. The actuary for
each of the retirement systems shall determine the schedule of
contribution installments so that each installment after the first shall
equal one hundred three per centum of the next preceding installment.
(3) (i) The unfunded accrued liability calculated pursuant to
paragraph one of this subdivision by the actuary as of June thirtieth,
two thousand eleven, and as of each succeeding June thirtieth, shall be
known as a "post-2010 UAL adjustment". With respect to each retirement
system, such unfunded accrued liability shall be known by the name
consisting of the applicable abbreviation for the retirement system, as
defined in paragraph three, four, five, six or seven of subdivision a of
this section, followed by the calendar year as of which the unfunded
accrued liability was established, followed by the term "UAL
adjustment".
(ii) Each post-2010 UAL adjustment for each retirement system shall be
amortized in equal installments payable or creditable, as determined by
the actuary, as follows:
(A) that portion of a post-2010 UAL adjustment which is attributable
to actuarial gains or losses, as determined by the actuary, shall be
amortized in fourteen annual installments, as determined by the actuary,
payable or creditable over a period of fifteen fiscal years following
the June thirtieth as of which the unfunded accrued liability was
established, with payments or credits commencing with the second fiscal
year succeeding the June thirtieth as of which the unfunded accrued
liability was established, provided, however, that the portion of a
post-2010 UAL adjustment which is attributable to actuarial gains and
losses shall be an amount equal to the total amount of such post-2010
UAL adjustment minus an amount equal to the sum of the portions of such
post-2010 UAL adjustment, if any, which are attributable to (1) changes
in the valuation rate of interest, changes in actuarial tables and
changes in actuarial methods, as determined by the actuary pursuant to
item (B) of this subparagraph, and (2) recently enacted changes in
benefits which were not incorporated in the unfunded accrued liability
established as of the preceding June thirtieth, as determined by the
actuary pursuant to item (C) of this subparagraph;
(B) that portion of a post-2010 UAL adjustment which is attributable
to changes in the valuation rate of interest, changes in actuarial
tables or changes in actuarial methods, as determined by the actuary,
shall be amortized in nineteen annual installments, as determined by the
actuary, payable or creditable over a period of twenty fiscal years
following the June thirtieth as of which the unfunded accrued liability
was established, with payments or credits commencing with the second
fiscal year succeeding the June thirtieth as of which the unfunded
accrued liability was established; or
(C) that portion of a post-2010 UAL adjustment which is attributable
to recently enacted changes in benefits which were not incorporated in
the unfunded accrued liability established as of the preceding June
thirtieth, as determined by the actuary, shall, unless an amortization
period of a different length is specified by the law enacting such
benefit changes, be payable or creditable in annual installments over a
period of fiscal years comparable in length to the number of years which
is one less than the number of years of the remaining working lifetimes
of members covered by the benefit changes, as determined by the actuary,
with the payment or credit of such annual installments commencing with
the second fiscal year succeeding the June thirtieth as of which the
unfunded accrued liability was established, provided, however, that
where the length of the amortization period for the benefit changes is
not specified in the law enacting the benefit changes, the actuary, in
his or her discretion, and in lieu of amortizing the portion of the
unfunded accrued liability attributable to the benefit changes over a
period of fiscal years comparable in length to the number of years which
is one less than the number of years of the remaining working lifetimes
of members covered by the benefit changes, may select an amortization
period that is reasonably consistent with past practice for amortizing
unfunded accrued liability attributable to the particular type of
benefit changes.
(4) Notwithstanding any other provision of law to the contrary, with
respect to any installment of an unfunded accrued liability or an
unfunded accrued liability adjustment, in the event that such retirement
system has more than one responsible obligor, the actuary for that
retirement system shall determine and shall allocate to each such
responsible obligor its share of that installment, as determined to be
appropriate by the actuary. Each responsible obligor's share of each
such installment shall be either a charge or a credit with respect to
such responsible obligor for the applicable fiscal year.
(5) For each fiscal year, commencing with the two thousand eleven--two
thousand twelve fiscal year, the actuary shall determine whether the sum
of the charges and credits applicable to each responsible obligor for
such fiscal year with respect to the applicable retirement system shall
constitute a total charge or a total credit. Where such amount for such
responsible obligor for such fiscal year with respect to such retirement
system is a total charge, the responsible obligor shall pay an amount
equal to such total charge to the retirement system in a timely manner,
as required by paragraph six of this subdivision. Where such amount for
such responsible obligor for such fiscal year with respect to such
retirement system is a total credit, the amount of employer
contributions otherwise payable by such responsible obligor to such
retirement system for such fiscal year pursuant to applicable provisions
of law, as determined by the actuary, shall be reduced by the amount of
such total credit, provided, however, that such total amount of employer
contributions otherwise payable by such responsible obligor to such
retirement system for such fiscal year shall not be reduced below an
amount equivalent to the amount payable by such responsible obligor for
such fiscal year for administrative expenses, as determined by the
actuary in accordance with the provisions of subdivision f of section
13-103 of this title for NYCERS, subdivision h of section 13-216 of this
title for the PPF, subdivision d of section 13-518 of this title for the
NYCTRS or paragraph (e) of subdivision twenty-three of section
twenty-five hundred seventy-five of the education law for BERS, and
shall not be reduced below zero for the FPF, provided further, that
where a total credit for a responsible obligor with respect to a
retirement system has been offset against employer contributions
otherwise payable by such obligor to such retirement system for such
fiscal year by the maximum amount permissible pursuant to the preceding
provisions of this paragraph, and all or a portion of such credit
remains after such offset, the remaining credit shall be carried
forward, together with interest calculated on such amount at the
valuation rate of interest, as a credit for such obligor for the
following fiscal year, as determined by the actuary.
(6) All responsible obligors shall make all unfunded accrued liability
payments to a retirement system required pursuant to the provisions of
this subdivision in accordance with the time of payment requirements set
forth in subdivision c of section 13-133 of this title for NYCERS,
subdivision c of section 13-231 of this title for the PPF, subdivision c
of section 13-334 of this title for the FPF, subdivision (c) of section
13-533 of this title for the NYCTRS or paragraph (j) of subdivision
sixteen of section twenty-five hundred seventy-five of the education law
for BERS.
l. (1) In any case where the valuation rate of interest for a
retirement system is changed by law for any period beginning on or after
July first, two thousand four, and as of June thirtieth next preceding
the fiscal year for which such change first becomes effective, there
remain unpaid or uncredited, as the case may be, with respect to such
retirement system, any installments of (i) the NYCERS 1999 UAL, (ii) the
NYCTRS 1999 UAL, (iii) the BERS 1999 UAL, (iv) any post-June thirtieth,
nineteen hundred ninety-nine unfunded accrued liability adjustment (as
defined in paragraph seventeen of subdivision a of this section), (v)
any contribution to PPF referred to in subdivision p of section 13-638.3
of this subchapter (as added by chapter six hundred eight of the laws of
nineteen hundred ninety-one), (vi) any contribution to FPF referred to
in subdivision p of section 13-638.3 of this subchapter (as added by
chapter six hundred ten of the laws of nineteen hundred ninety-one) or
(vii) any other contribution by a responsible obligor to a retirement
system (other than the normal contribution) which may be required by law
for the purpose of funding any unfunded liability or funding deficiency
of such retirement system, such remaining installments shall be
recomputed by the actuary so that the present value of such recomputed
installments, calculated as of such June thirtieth on the basis of such
changed valuation rate, shall equal the present value of such remaining
installments, calculated as of such June thirtieth on the basis of the
valuation rate in effect immediately prior to such change.
(2) In each fiscal year succeeding such June thirtieth, one of such
recomputed installments shall be paid by or credited to, as the case may
be, the responsible obligor or responsible obligors with respect to such
retirement system in the same manner as the corresponding prior
installments were paid or credited, until all such remaining
installments are paid or credited in full; provided, however, that until
all such installments are so disposed of, they shall be recomputed and
paid or credited in recomputed form pursuant to this subdivision for
each subsequent change in such valuation rate.
m. Notwithstanding any other provision of law to the contrary, all
NYCERS, NYCTRS and BERS installments of the revised unfunded accrued
liability contribution, the nineteen hundred eighty unfunded accrued
liability adjustment, the nineteen hundred eighty-two unfunded accrued
liability adjustment, the nineteen hundred eighty-five unfunded accrued
liability adjustment, the nineteen hundred eighty-six unfunded accrued
liability adjustment and the nineteen hundred eighty-eight unfunded
accrued liability adjustment and all installments of the post June
thirtieth, nineteen hundred eighty-nine unfunded accrued liability
adjustment established with respect to BERS pursuant to subdivision k of
this section and all NYCERS, NYCTRS and BERS installments of
amortization of bond sale gains and losses and all NYCERS, NYCTRS and
BERS installments of funding of supplemental retirement allowances,
which installments, in the absence of the enactment of chapter nine
hundred forty-eight of the laws of nineteen hundred ninety and the act
which first amended this subdivision, would otherwise be due from and
payable by any responsible obligor to NYCERS, NYCTRS or BERS (or be
creditable to such obligor) with respect to any fiscal year or period
beginning on or after July first, nineteen hundred ninety (including all
such NYCERS or NYCTRS installments attributable to the senior colleges
as defined or referred to in subdivisions seven, eight, eight-a,
eight-b, eight-c, eight-d, eight-e and eight-f of section sixty-two
hundred two of the education law and subdivision one of section
sixty-two hundred thirty-one of such law) are hereby cancelled as of
such July first and shall not be due and payable (or creditable) on or
after such July first.
n. The actuary of each retirement system undergoing consolidated UAL
funding (as defined in paragraph twenty of subdivision a of this
section) shall determine the amount of the difference obtained by
subtracting (A) the outstanding balance, as of June thirtieth, nineteen
hundred ninety-five, of the nineteen hundred ninety balance sheet
liability (as defined in paragraph thirty-five of subdivision a of this
section) of such retirement system from (B) the outstanding balance, as
of such June thirtieth, of the unfunded accrued liability as of June
thirtieth, nineteen hundred ninety (as defined in paragraph thirty-four
of subdivision a of this section) of such retirement system.
o. (1) From the amount of the difference determined pursuant to
subdivision n of this section in relation to NYCERS, there shall be
subtracted the portion thereof which is attributable to the senior
colleges.
(2) The actuary of NYCERS shall determine an amount which, when paid
into the contingent reserve fund of NYCERS in fifteen equal annual
installments, commencing with payment of a first installment in the
nineteen hundred ninety-five--nineteen hundred ninety-six fiscal year,
shall be the actuarial equivalent, on the basis of nine per centum
interest per annum, of the remainder computed pursuant to paragraph one
of this subdivision.
(3) Such amount determined in relation to such installments shall be
payable in regular installments as provided for in subdivision bb of
this section.
p. (1) The actuary of NYCERS shall determine an amount which, when
paid by the state and the city into the contingent reserve fund of
NYCERS pursuant to section sixty-two hundred thirty-one of the education
law in fifteen equal annual installments, commencing with payment of a
first installment in the nineteen hundred ninety-five--nineteen hundred
ninety-six fiscal year, shall be the actuarial equivalent, on the basis
of nine per centum interest per annum, of the amount of difference
attributable to the senior colleges, as determined pursuant to the
provisions of subdivision n of this section in relation to NYCERS.
(2) Such amount determined in relation to such installments shall be
payable in regular installments as provided for in subdivision bb of
this section.
q. (1) From the amount of the difference determined pursuant to
subdivision n of this section in relation to NYCTRS there shall be
subtracted the amount thereof which is attributable to the senior
colleges.
(2) The actuary shall determine an amount which, when paid into the
contingent reserve fund of NYCTRS in fifteen equal annual installments,
commencing with payment of a first installment in the nineteen hundred
ninety-five--nineteen hundred ninety-six fiscal year, shall be the
actuarial equivalent, on the basis of nine per centum interest per
annum, of the remainder computed pursuant to paragraph one of this
subdivision.
(3) Such amount determined in relation to such installments shall be
payable in regular installments as provided for in subdivision bb of
this section.
r. (1) The actuary of NYCTRS shall determine an amount which, when
paid by the state and the city into the contingent reserve fund of
NYCTRS pursuant to section sixty-two hundred thirty-one of the education
law in fifteen equal annual installments, commencing with payment of a
first installment in the nineteen hundred ninety-five--nineteen hundred
ninety-six fiscal year, shall be the actuarial equivalent, on the basis
of nine per centum interest per annum, of the amount of difference
attributable to the senior colleges, as determined pursuant to the
provisions of paragraph one of subdivision q of this section in relation
to NYCTRS.
(2) Such amount determined in relation to such installments shall be
payable in installments as provided for in subdivision bb of this
section.
s. (1) The actuary shall determine an amount which, when paid into the
contingent reserve fund of BERS in fifteen equal annual installments,
commencing with payment of a first installment in the nineteen hundred
ninety-five--nineteen hundred ninety-six fiscal year, shall be the
actuarial equivalent, on the basis of nine per centum interest per
annum, of the amount of difference computed pursuant to subdivision n of
this section in relation to BERS.
(2) Such amount determined in relation to such installments shall be
payable in installments as provided for in subdivision bb of this
section.
t. Notwithstanding any other provision of law to the contrary, no
installments of prior balance sheet liability contribution (as defined
in paragraph thirty-six of subdivision a of this section) shall be due
from or payable by any responsible obligor to NYCERS, NYCTRS or BERS
with respect to any fiscal year of the city beginning on or after July
first, nineteen hundred ninety.
u. The actuary of NYCERS, NYCTRS and BERS shall determine with respect
to each such retirement system, as of June thirtieth, nineteen hundred
ninety on the basis of eight and one-quarter per centum interest per
annum, the present value of the thirty-one equal annual installments of
the prior BSL contribution (as defined in paragraph thirty-six of
subdivision a of this section) of such retirement system (including any
portion thereof attributable to the senior colleges), which
installments, in the absence of the enactment of chapter nine hundred
forty-eight of the laws of nineteen hundred ninety and the act which
added this subdivision, would have remained due and unpaid to such
retirement system as of such June thirtieth.
v. (1) From the amount of present value determined pursuant to
subdivision u of this section in relation to NYCERS, there shall be
subtracted the portion thereof which is attributable to the senior
colleges.
(2) The actuary of NYCERS shall determine an amount which, when paid
to the contingent reserve fund of such retirement system in twenty equal
annual installments, commencing with a first payment in the nineteen
hundred ninety--nineteen hundred ninety-one fiscal year, shall be the
actuarial equivalent, on the basis of an interest rate of nine per
centum per annum, of the remainder computed pursuant to paragraph one of
this subdivision.
(3) Such amount determined in relation to such installments, which
amount shall be payable in installments as provided for in subdivision
bb of this section, shall constitute the NYCERS general nineteen hundred
ninety BSL contribution.
w. (1) The actuary of NYCERS shall determine an amount which, when
paid by the state and the city into the contingent reserve fund of
NYCERS pursuant to section sixty-two hundred thirty-one of the education
law in twenty equal annual installments, commencing with payment of a
first installment in the nineteen hundred ninety--nineteen hundred
ninety-one fiscal year, shall be the actuarial equivalent, on the basis
of nine per centum interest per annum, of the amount of present value
attributable to the senior colleges, as determined pursuant to the
provisions of subdivision v of this section in relation to NYCERS.
(2) Such amount determined in relation to such installments, which
amount shall be payable in installments as provided for in subdivision
bb of this section, shall constitute the NYCERS nineteen hundred ninety
BSL contribution attributable to the senior colleges.
x. (1) From the amount of present value determined pursuant to
subdivision u of this section in relation to NYCTRS, there shall be
subtracted the portion thereof which is attributable to the senior
colleges.
(2) The actuary of NYCTRS shall determine an amount which, when paid
to the contingent reserve fund of such retirement system in twenty equal
annual installments, commencing with a first payment in the nineteen
hundred ninety--nineteen hundred ninety-one fiscal year, shall be the
actuarial equivalent, on the basis of nine per centum interest per
annum, of the remainder computed pursuant to paragraph one of this
subdivision.
(3) Such amount determined in relation to such installments, which
amount shall be payable in installments as provided for in subdivision
bb of this section, shall constitute the NYCTRS general nineteen hundred
ninety BSL contribution.
y. (1) The actuary of NYCTRS shall determine an amount which, when
paid by the state and the city into the contingent reserve fund of
NYCTRS pursuant to section sixty-two hundred thirty-one of the education
law in twenty equal annual installments, commencing with payment of a
first installment in the nineteen hundred ninety--nineteen hundred
ninety-one fiscal year, shall be the actuarial equivalent, on the basis
of nine per centum interest per annum, of the amount of present value
attributable to the senior colleges, as determined pursuant to the
provisions of subdivision x of this section in relation to NYCTRS.
(2) Such amount determined in relation to such installments, which
amount shall be payable in installments as provided for in subdivision
bb of this section, shall constitute the NYCTRS nineteen hundred ninety
BSL contribution attributable to the senior colleges.
z. (1) The actuary of BERS shall determine an amount which, when paid
to the contingent reserve fund of such retirement system in twenty equal
annual installments, commencing with a first payment in the nineteen
hundred ninety--nineteen hundred ninety-one fiscal year, shall be the
actuarial equivalent, on the basis of nine per centum interest per
annum, of the amount of present value determined pursuant to subdivision
u of this section in relation to BERS.
(2) Such amount determined in relation to such installments, which
amount shall be payable in installments as provided for in subdivision
bb of this section, shall constitute the BERS general nineteen hundred
ninety BSL contribution.
aa. (1) Subject to the provisions of paragraph three of this
subdivision and subject to the provisions of sections 13-130 and 13-132
of this title in the case of NYCERS, and subject to the provisions of
section 13-529 thereof in the case of NYCTRS, and subject to the
provisions of paragraph (j) of subdivision sixteen of section
twenty-five hundred seventy-five of the education law in the case of
BERS, in each fiscal year included in the period beginning on July
first, nineteen hundred ninety and ending on June thirtieth, two
thousand ten, the general UAL and BSL responsible obligors (as defined
in paragraph ten-a of subdivision a of this section) in relation to each
retirement system undergoing consolidated UAL funding (as defined in
paragraph twenty of subdivision a of this section) shall pay into its
contingent reserve fund:
(i) their respective shares of the installment amount allocated to
such fiscal year for payment on account of general nineteen hundred
ninety consolidated UAL contribution (as defined in paragraph forty-four
of subdivision a of this section) of such retirement system; and
(ii) their respective shares of the installment amount allocated to
such fiscal year for payment on account of the general nineteen hundred
ninety BSL contribution (as defined in paragraph twenty-six of
subdivision a of this section) of such retirement system.
(2) With respect to each fiscal year included in the period beginning
on July first, nineteen hundred ninety and ending on June thirtieth, two
thousand ten:
(i) the state, at the time and in the manner prescribed by the
applicable provisions of section sixty-two hundred thirty-one of the
education law, shall contribute to NYCERS or NYCTRS, as the case may be,
the state's share of:
(A) the NYCERS phase-in installment of nineteen hundred ninety
consolidated UAL contribution attributable to the senior colleges (as
defined in paragraph thirty of subdivision a of this section) or the
NYCERS regular installment of nineteen hundred ninety consolidated UAL
contribution attributable to the senior colleges (as defined in
paragraph forty of subdivision a of this section) applicable to such
fiscal year, as the case may be; and
(B) the NYCTRS phase-in installment of nineteen hundred ninety
consolidated UAL contribution attributable to the senior colleges (as
defined in paragraph thirty-two of subdivision a of this section) or the
NYCTRS regular installment of nineteen hundred ninety consolidated UAL
contribution attributable to the senior colleges (as defined in
paragraph forty-two of subdivision a of this section) applicable to such
fiscal year, as the case may be; and
(C) the NYCERS installment of nineteen hundred ninety BSL contribution
attributable to the senior colleges (as defined in paragraph forty-six
of subdivision a of this section) applicable to such fiscal year; and
(D) the NYCTRS installment of nineteen hundred ninety BSL contribution
attributable to the senior colleges (as defined in paragraph forty-eight
of subdivision a of this section); and
(ii) the city, at the time and in the manner prescribed by the
applicable provisions of such section of the education law, shall
contribute to each affected retirement system, the city's share, as
prescribed by such provisions, of the applicable installment amount or
amounts allocated to such fiscal year for payment on account of the UAL
contribution and BSL contribution referred to in subparagraph (i) of
this paragraph.
(3) Each installment amount payable as provided for in paragraphs one
and two of this subdivision shall be in the applicable sum prescribed in
the schedule of twenty-year amortization set forth in subdivision bb of
this section.
(4) Notwithstanding any provision of the preceding paragraphs of this
subdivision or any other law to the contrary, the provisions of
subdivisions n through z, inclusive, of this section, and the affected
provisions of subdivision bb thereof, and the preceding paragraphs of
this subdivision shall be superseded in the manner prescribed by the
provisions of subdivision hh of this section with respect to
contributions on account of UAL and BSL payable for each fiscal year
included in the revised amortization period.
bb. Subject to the provisions of subdivisions k and l of this section,
installments of the contributions to NYCERS, NYCTRS and BERS provided
for by subdivisions n to aa, inclusive, of this section shall be paid by
general UAL and BSL responsible obligors (as defined in paragraph ten-a
of subdivision a of this section) and senior college responsible
obligors (as defined in paragraph ten-b of subdivision a of this
section) in accordance with the schedule of twenty-year amortization set
forth below in this subdivision.
SCHEDULE FOR TWENTY-YEAR AMORTIZATION OF NYCERS, NYCTRS AND BERS 1990
CONSOLIDATED UAL AND 1990 REMAINDER OF BSL (numerical references in
parentheses are to paragraph numbers of definitions in subdivision a of
this section)
Col.1 Col.2 Col.3 Col.4
Retirement Fiscal year Obligor or Amount payable in
System or years in obligors each fiscal year
which annual required to
amortization make
payments are payments
required to
be made
Col. A NYCERS Each fiscal Each general The sum obtained by
year (9-a) UAL and BSL adding together such
in the responsible obligor's shares of
phase-in obligor (a) the NYCERS phase-
period (18) (10-a) of in installment of
NYCERS general nineteen
hundred ninety con-
solidated UAL con-
tribution (29) ap-
plicable to such
fiscal year and
(b) the NYCERS in-
stallment of gen-
eral nineteen
hundred ninety BSL
contribution (45)
applicable to
such fiscal year.
Col. B NYCERS Each fiscal Each of The sum obtained by
year (9-a) the senior adding together such
in the college UAL obligor's shares of
phase-in and BSL (a) the NYCERS phase-
period (18) responsible in installment of
obligors nineteen hundred
(10-b) hundred ninety con-
solidated UAL con-
tribution attribut-
able to the senior
colleges (30) appl-
licable to such fis-
cal year and (b) the
NYCERS installment
of nineteen hundred
ninety BSL contri-
bution attributable
to the senior col-
leges (46) applic-
able to such fis-
cal year.
Col. C NYCTRS Each fiscal Each general The sum obtained by
year (9-a) UAL and BSL adding together such
in the responsible obligor's shares of
phase-in obligor (a) the NYCTRS phase-
period (18) (10-a) of in installment of
NYCTRS general nineteen
hundred ninety con-
solidated UAL con-
tribution (31) ap-
plicable to such
fiscal year and (b)
the NYCTRS install-
ment of general
nineteen hundred
ninety BSL contri-
bution (47) appli-
cable to such fis-
cal year.
Col. D NYCTRS Each fiscal Each of the The sum obtained by
year (9-a) senior adding together such
in the college UAL obligor's shares of
phase-in and BSL (a) the NYCTRS phase-
period (18) responsible in installment of
obligors nineteen hundred
(10-b) ninety consolidated
UAL contribution at-
tributable to the
senior colleges (32)
applicable to such
fiscal year and (b)
the NYCTRS install-
ment of nineteen
hundred ninety BSL
contribution attri-
butable to the sen-
ior colleges (48)
applicable to such
fiscal year.
Col. E BERS Each fiscal Each general The sum obtained by
year (9-a) UAL and BSL adding together such
in the responsible obligor's shares of
phase-in obligor (a) the BERS phase-
period (18) (10-a) of in installment of
BERS general nineteen
hundred ninety con-
solidated UAL con-
tribution (33)
applicable to such
fiscal year and (b)
the BERS phase-in
installment of gen-
eral nineteen hun-
dred ninety BSL
contribution (49)
applicable to such
fiscal year.
Col. F NYCERS Each fiscal Each general The sum obtained by
year (9-a) UAL and BSL adding together (a)
in the responsible such obligor's share
regular obligor of the NYCERS reg-
installment (10-a) of ular installment of
period (19) NYCERS general nineteen
hundred ninety con-
solidated UAL con-
tribution (39) ap-
plicable to such
fiscal year and (b)
such obligor's
share of the NYCERS
installment of gen-
eral nineteen hun-
dred ninety BSL con-
tribution (45)
applicable to such
fiscal year.
Col. G NYCERS Each fiscal Each of the The sum obtained by
year (9-a) senior adding together such
in the college UAL obligor's shares of
regular and BSL (a) the NYCERS reg-
installment responsible ular installment of
period (19) obligors nineteen hundred
(10-b) ninety consolidated
UAL contribution at-
tributable to the
senior colleges (40)
applicable to such
fiscal year and (b)
the NYCERS install-
ment of nine-
teen hundred ninety
BSL contribution
attributable to the
senior colleges (46)
applicable to such
fiscal year.
Col. H NYCTRS Each fiscal Each general The sum obtained by
year (9-a) UAL and BSL adding together (a)
in the responsible such obligor's share
regular obligor of the NYCTRS reg-
installment (10-a) of ular installment of
period (19) NYCTRS general nineteen hund-
red ninety consolida-
ted UAL contribution
(41) applicable to
such fiscal year and
(b) such obligor's
share of the NYCTRS
installment of gen-
eral nineteen hund-
red ninety BSL con-
tribution (47) ap-
plicable to such
fiscal year.
Col. I NYCTRS Each fiscal Each of the The sum obtained by
year (9-a) senior adding together such
in the college UAL obligor's shares of
regular and BSL (a) the NYCTRS reg-
installment responsible ular installment of
period (19) obligors nineteen hundred
(10-b) ninety consolidated UAL
contribution attributa-
ble to the senior col-
leges (42) applicable
to such fiscal year
and (b) the NYCTRS
installment of nine-
teen hundred ninety
BSL contribution
attributable to the
senior colleges (46)
applicable to such
fiscal year.
Col. J BERS Each fiscal Each general The sum obtained by
year (9-a) UAL and BSL adding together (a)
in the responsible such obligor's share
regular obligor of the BERS regular
installment (10-a) of installment of gen-
period (19) BERS eral nineteen hund-
red ninety consol-
idated UAL contri-
bution (43) appli-
cable to such
fiscal year and (b)
such obligor's
share of the BERS
installment of
general nineteen
hundred ninety BSL
contribution (49)
applicable to such
fiscal year.
cc. Subject to the provisions of section sixty-two hundred thirty-one
of the education law in relation to contributions on account of the
senior colleges, the applicable provisions of subdivision c of section
13-133 of this title and subdivision c of section 13-533 thereof and
paragraph (j) of subdivision sixteen of section twenty-five hundred
seventy-five of the education law shall govern the time and manner of
payment, within each fiscal year, of contributions payable with respect
to such fiscal year to NYCERS, NYCTRS or BERS pursuant to the provisions
of subdivisions n to bb, inclusive, of this section. Nothing contained
in this section shall be construed as amending, modifying or changing
such provisions of this title or the provisions of any other law
relating to the time of payment, within a fiscal year, of contributions
payable to such retirement systems with respect to such fiscal year.
dd. For the purpose of determining the amount of any installment of
the contributions payable to NYCERS, NYCTRS or BERS pursuant to the
provisions of subdivisions n to bb, inclusive, of this section, the
actuary of such retirement system may use methods of calculation other
than those set forth in such provisions, so long as such other methods
produce in relation to such installment an amount equal to that produced
by the methods of calculation set forth in such provisions.
ee. Any amount required to be contributed to NYCERS, NYCTRS or BERS by
a responsible obligor with respect to any fiscal year under the
provisions of subdivisions n to bb, inclusive, of this section shall be
payable with interest on such amount at the valuation rate of interest
for such retirement system for such fiscal year.
ff. In the determination of the normal contribution payable to NYCERS,
NYCTRS or BERS with respect to each fiscal year of the city occurring
during the period beginning on July first, nineteen hundred ninety and
ending on June thirtieth, two thousand ten, the present value, as of
June thirtieth next preceding such fiscal year, of all future
installments of the contributions payable to such retirement system
pursuant to subdivisions n to bb, inclusive, of this section shall be
treated as an asset of such retirement system.
gg. (1) On the basis of the valuation rate of interest and the
actuarial tables in effect as of June thirtieth, nineteen hundred
ninety-three, the actuary of each retirement system shall, as of such
June thirtieth, determine:
(i) the additional accrued employer cost of providing the rights,
benefits and privileges conferred by the provisions of the act which
added this subdivision upon members of NYCERS; and
(ii) the additional accrued employer cost of providing the rights,
benefits and privileges conferred by such provisions upon members of
BERS.
(2) Subject to the provisions of section 13-130 and 13-131 of the
code, the city shall pay to the contingent reserve fund of NYCERS in
seventeen equal annual installments, commencing with payment of a first
installment in the city's nineteen hundred ninety-three--nineteen
hundred ninety-four fiscal year, an amount which, when paid in such
installments, is the actuarial equivalent of the amount determined
pursuant to subparagraph (i) of paragraph one of this subdivision.
(3) Subject to the provisions of subparagraphs one and two of
paragraph (J) of subdivision sixteen of section twenty-five hundred
seventy-five of the education law, the board of education of the city
shall pay to the contingent reserve fund of BERS in seventeen equal
annual installments, commencing with payment of a first installment in
the city's nineteen hundred ninety-three--nineteen hundred ninety-four
fiscal year, an amount which, when paid in such installments, is the
actuarial equivalent of the amount determined pursuant to subparagraph
(ii) of paragraph one of this subdivision.
(4) The additional employer cost of providing the rights, benefits and
privileges conferred by the provisions of the act which added this
subdivision upon members of NYCERS and BERS, other than the additional
accrued employer cost of providing such rights, benefits and privileges
to be funded in accordance with paragraphs two and three of this
subdivision, shall be funded through the normal contributions to NYCERS
and BERS, commencing with the normal contributions for the city's
nineteen hundred ninety-three--nineteen hundred ninety-four fiscal year.
hh. (1) All NYCERS, NYCTRS and BERS installments of UAL and BSL
contribution designated in subdivision bb of this section as payable by
any general UAL and BSL responsible obligor or senior college UAL and
BSL responsible obligor for fiscal years occurring during the period
beginning on July first, nineteen hundred ninety-three and ending on
June thirtieth, two thousand ten are hereby canceled and shall not be
due and payable on or after such July first.
(2) Subject to the provisions of paragraph four of this subdivision,
the actuary of NYCERS and NYCTRS shall separately determine for each
such retirement system:
(i) a schedule of contribution installments, one of which is payable
in each fiscal year included in the revised amortization period, which
installments will amortize the portion of the balance of unfunded UAL
subject to consolidated amortization of NYCERS or NYCTRS, as the case
may be, which portion is non attributable to the senior colleges,
together with interest on such portion;
(ii) a schedule of contribution installments, one of which is payable
in each fiscal year included in the revised amortization period, which
installments will amortize the portion of the balance of unfunded BSL
subject to consolidated amortization of NYCERS or NYCTRS, as the case
may be, which portion is not attributable to the senior colleges,
together with interest on such portion;
(iii) a schedule of contribution installments, one of which is payable
in each fiscal year included in the revised amortization period, which
installments will amortize the portion of the balance of unfunded UAL
subject to consolidated amortization of NYCERS or NYCTRS, as the case
may be, which portion is attributable to the senior colleges, together
with interest on such portion; and
(iv) a schedule of contribution installments, one of which is payable
in each fiscal year included in the revised amortization period, which
installments will amortize the portion of the balance of unfunded BSL
subject to consolidated amortization of NYCERS or NYCTRS, as the case
may be, which portion is attributable to the senior colleges, together
with interest on such portion.
(3) Subject to the provisions of paragraph four of this subdivision,
the actuary of BERS shall determine for such retirement system:
(i) a schedule of contribution installments one of which is payable in
each fiscal year included in the revised amortization period, which
installments will amortize the BERS balance of unfunded UAL subject to
consolidated amortization, together with interest on such balance; and
(ii) a schedule of contribution installments, one of which is payable
in each fiscal year included in the revised amortization period, which
installments will amortize the BERS balance of unfunded BSL subject to
consolidated amortization, together with interest on such balance.
(4) (i) The actuary shall determine each schedule of contribution
installments referred to in paragraphs two and three of this subdivision
so that each installment after the first shall equal one hundred three
per centum of the next preceding installment.
(ii) In determining each such schedule, the actuary shall employ an
interest rate of nine per centum per annum, compounded annually;
provided that if a valuation rate of interest (as defined in paragraph
eleven of subdivision a of this section) other than nine per centum per
annum is prescribed by law for NYCERS, NYCTRS or BERS for any fiscal
year included in the revised amortization period, the schedule
contribution installments which are required to be paid, for such fiscal
year in which such changed valuation rate of interest is in effect, to
the retirement system to which such changed rate of interest applies,
shall be redetermined by the actuary thereof on the basis of a rate of
interest equal to such changed rate, compounded annually, so as to
reflect such changed rate appropriately in such redetermined
installments.
(5) (i) Subject to the provisions of subparagraph (ii) of this
paragraph, and subject to the provisions of sections 13-130 and 13-132
of this title in the case of NYCERS, and subject to the provisions of
section 13-529 thereof in the case of NYCTRS, and subject to the
provisions of paragraph (j) of subdivision sixteen of section
twenty-five hundred seventy-five of the education law in the case of
BERS, in each fiscal year of the revised amortization period the general
UAL and BSL responsible obligors of each of NYCERS, NYCTRS and BERS
shall pay into its contingent reserve fund their respective shares of
the contribution installments applicable to such retirement system for
such fiscal year under the schedules established pursuant to
subparagraphs (i) and (ii) of paragraph two of this subdivision and
paragraph three thereof.
(ii) The provisions of law which apply to the time and manner of
payment and payment financing of contribution installments required to
be paid by general UAL and BSL responsible obligors for the fiscal years
included in the period beginning on July first, nineteen hundred ninety
and ending on June thirtieth, nineteen hundred ninety-three, as
designated in subdivision bb of this section, shall be deemed to apply
to the time and manner of payment and payment financing of the
contribution installments referred to in subparagraph (i) of this
paragraph.
(6) (i) Subject to the provisions of subparagraph (ii) of this
paragraph, for each fiscal year of the revised amortization period, the
senior college UAL and BSL responsible obligors of each of NYCERS and
NYCTRS shall contribute to such retirement system their respective
shares of the contribution installments applicable to such retirement
system for such fiscal year under the schedules established pursuant to
subparagraphs (iii) and (iv) of paragraph two of this subdivision.
(ii) The special provisions for funding and financing senior college
UAL and BSL amortization (A) shall be deemed to apply to the
contribution installments referred to in subparagraph (i) of this
paragraph with respect to all matters to which such special provisions
pertain, as described in subparagraphs (i) to (v), inclusive, of
paragraph fifty-five of subdivision a of this section, and (B) shall be
deemed to include such installments as if such installments were
mentioned in the appropriate terms of such provisions.
(7) Any amount required to be contributed to NYCERS, NYCTRS or BERS
with respect to any fiscal year under the preceding paragraphs of this
subdivision shall be payable with interest on such amount at the
valuation rate of interest (as defined in paragraph eleven of
subdivision a of this section) for such retirement system for such
fiscal year.
(8) In determination of the normal contribution payable to each of
NYCERS, NYCTRS or BERS with respect to each fiscal year occurring during
the revised amortization period, the present value, as of June thirtieth
next preceding such fiscal year, of all future installments of the
contributions payable to such retirement system pursuant to the
preceding paragraphs of this subdivision be treated as an asset of such
pension fund.
(9)(i) As used in this paragraph, unless the context clearly indicates
otherwise, the following terms shall have the following meanings:
(A) "Authority". The New York city housing authority.
(B) "Actuary". The chief actuary of NYCERS.
(C) "Authority BSL". The portion of the balance of unfunded BSL
subject to consolidated amortization (as defined in paragraph
fifty-three of subdivision a of this section), which portion, as
determined by the actuary, is attributable to the authority.
(D) "Amortization of authority BSL". The schedule of payments of
principal and interest, to be made in each of the fiscal years of the
applicable amortization period as now or hereafter prescribed by law,
which is required, as now or hereafter prescribed by law, to pay off and
extinguish the authority BSL.
(ii) Notwithstanding any other provision of law to the contrary, the
city, acting by the mayor of the city or his delegee for such purpose,
and the authority are authorized to enter into an agreement, upon such
terms and conditions as the city and the authority deem proper, whereby
the city, for such amount and form of consideration (including but not
limited to direct payment to or credit in favor of the city) as the city
deems proper, assumes in whole or in part as such parties may agree, the
obligation which the authority would otherwise have pursuant to law to
pay the amortization of authority BSL.
(iii) Immediately following the execution and delivery of such an
agreement, which contains due and appropriate attestation that its
execution has been duly authorized by the city and the authority, a copy
of such agreement, duly certified as a correct copy by the city clerk
and the secretary of the authority, shall be filed by the city with the
executive director of NYCERS and the city comptroller.
(iv) Immediately after the authority has provided to the city the
consideration which such agreement requires the authority to furnish to
the city for the assumption by the city of such obligation in relation
to payment of amortization of authority BSL, the city shall file with
the executive director of NYCERS and the city comptroller, a statement
executed by the officer of the city who executed such agreement in its
behalf, certifying that such consideration has been received by the city
from the authority in compliance with the terms of such agreement.
(v) Upon the completion of such filings as required by subparagraphs
(iii) and (iv) of this paragraph, (A) the authority, to the extent
provided for in such agreement, shall be released and discharged from
the obligation which it would otherwise have pursuant to law with
respect to payment of amortization of authority BSL and (B) the city, to
the extent provided for in such agreement, shall be obligated to pay
such amortization to NYCERS and shall be deemed to be substituted in the
place of the authority, to such extent, as the responsible obligor
required by law to pay such amortization.
(10) Notwithstanding any provision of the preceding paragraphs of this
subdivision or any other law to the contrary, the provisions of such
preceding paragraphs shall be superseded in the manner prescribed by the
provisions of subdivision jj of this section with respect to
contributions on account of UAL and BSL payable for each fiscal year
included in the fifteen-year amortization period.
ii. (1) All installments of contribution prescribed by any retirement
incentive act as payable, for any fiscal year of the city beginning on
or after July first, nineteen hundred ninety-three, to fund additional
benefits under such act payable to beneficiaries of NYCERS, NYCTRS and
BERS and all installments of contributions prescribed by subdivision gg
of this section as payable, for any fiscal year of the city beginning on
or after such July first, to fund the additional accrued employer cost
referred to in such subdivision are hereby canceled and shall not be due
and payable on or after such July first.
(2) Subject to the provisions of paragraph three of this subdivision,
the actuary of NYCERS, NYCTRS and BERS shall separately determine for
each such retirement system a schedule of contribution installments, one
of which is payable in each fiscal year included in the revised
amortization period, which installments will amortize the NYCERS balance
of retirement incentive and part-time employee UAL, the NYCTRS balance
of retirement incentive UAL and the BERS balance of retirement incentive
and part-time employee UAL, together with interest on such balances.
(3) (i) The actuary shall determine each schedule of contribution
installments referred to in paragraph two of this subdivision so that
each installment after the first shall equal one hundred three per
centum of the next preceding installment.
(ii) In determining each such schedule, the actuary shall employ an
interest rate of nine per centum per annum, compounded annually;
provided that if a valuation rate of interest (as defined in paragraph
eleven of subdivision a of this section) other than nine per centum per
annum is prescribed by law for NYCERS, NYCTRS or BERS for any fiscal
year included in the revised amortization period, the schedule
contribution installments which are required to be paid, for such fiscal
year in which such changed valuation rate of interest is in effect, to
the retirement system to which such changed rate of interest applies,
shall be redetermined by the actuary thereof on the basis of a rate of
interest equal to such changed rate, compounded annually, so as to
reflect such changed rate appropriately in such redetermined
installments.
(4) (i) Subject to the provisions of subparagraph (ii) of this
paragraph, and subject to the provisions of sections 13-130, 13-131 and
13-132 of this title in the case of NYCERS, and subject to the
provisions of section 13-528 and 13-529 thereof in the case of NYCTRS,
and subject to the provisions of paragraph (j) of subdivision sixteen of
section twenty-five hundred seventy-five of the education law in the
case of BERS, in each fiscal year of the revised amortization period the
respective retirement incentive responsible obligors and part-time
employee responsible obligors of each of NYCERS and BERS, and the
retirement incentive responsible obligors, in the case of NYCTRS, shall
pay into the contingent reserve fund of such retirement system their
respective shares of the contribution installments applicable to such
retirement system for such fiscal year under the schedules established
pursuant to paragraph two of this subdivision and paragraph three
thereof.
(ii) The provisions of law which apply to the time and manner of
payment and payment financing of contribution installments required to
be paid, prior to July first, nineteen hundred ninety-three, by such
responsible obligors under the applicable retirement incentive acts and
subdivision gg of this section shall be deemed to apply to the time and
manner of payment and payment financing of the contribution installments
referred to in subparagraph (i) of this paragraph.
(5) Any amount required to be contributed to NYCERS, NYCTRS or BERS
with respect to any fiscal year under the preceding paragraphs of this
subdivision shall be payable with interest on such amount at the
valuation rate of interest (as defined in paragraph eleven of
subdivision a of this section) for such retirement system for such
fiscal year.
(6) In determining of the normal contribution payable to each of
NYCERS, NYCTRS or BERS with respect to each fiscal year occurring during
the revised amortization period, the present value, as of June thirtieth
next preceding such fiscal year, of all future installments of the
contributions payable to such retirement system pursuant to the
preceding paragraphs of this subdivision be treated as an asset of such
pension fund.
(7) No provision of this subdivision shall be construed as amending,
modifying, superseding or repealing:
(i) the amendment to section ten of chapter four hundred ninety-four
of the laws of nineteen hundred ninety-two made by chapter eight hundred
thirty-seven of the laws of nineteen hundred ninety-two; or
(ii) any contract, agreement, commitment or understanding between the
city and any other governmental entity whereby such other entity agreed
to pay or assume all or a part of the cost of contributions required by
any retirement incentive act to fund additional benefits thereunder.
(8) Notwithstanding any provision of the preceding paragraphs of this
subdivision or any other law to the contrary, the provisions of
paragraphs one to six, inclusive, of this subdivision shall be
superseded in the manner prescribed by the provisions of subdivision jj
of this section with respect to contributions on account of UAL payable
for each fiscal year included in the fifteen-year amortization period.
jj. (1) All NYCERS, NYCTRS and BERS installments of contribution
designated in paragraphs two, three, four, five and six of subdivision
hh of this section as payable in any fiscal year succeeding June
thirtieth, nineteen hundred ninety-five by any general UAL and BSL
responsible obligor or senior college UAL and BSL responsible obligor
and all installments of contribution designated in paragraphs two, three
and four of subdivision ii of this section as payable by any retirement
incentive responsible obligor of NYCERS, NYCTRS or BERS or part-time
employee responsible obligor of NYCERS or BERS are hereby canceled and
shall not be due and payable on or after such July first.
(2) Subject to the provisions of paragraph four of this subdivision,
the actuary of NYCERS and NYCTRS shall separately determine for each
such retirement system:
(i) a schedule of contribution installments, one of which is payable
in each fiscal year included in the fifteen-year amortization period,
which installments will amortize the portion of the NYCERS 1995 UAL or
NYCTRS 1995 UAL, as the case may be, which portion is not attributable
to the senior colleges, together with interest on such portion;
(ii) a schedule of contribution installments, one of which is payable
in each fiscal year included in the fifteen-year amortization period,
which installments will amortize the portion of the NYCERS 1995 balance
of BSL or NYCTRS 1995 balance of BSL, as the case may be, which portion
is not attributable to the senior colleges, together with interest on
such portion;
(iii) a schedule of contribution installments, one of which is payable
in each fiscal year included in the fifteen-year amortization period,
which installments will amortize the portion of the NYCERS 1995 UAL or
NYCTRS 1995 UAL, as the case may be, which portion is attributable to
the senior colleges, together with interest on such portion; and
(iv) a schedule of contribution installments, one of which is payable
in each fiscal year included in the fifteen-year amortization period,
which installments will amortize the portion of the NYCERS 1995 balance
of BSL or NYCTRS 1995 balance of BSL, as the case may be, which portion
is attributable to the senior colleges, together with interest on such
portion.
(3) Subject to the provisions of paragraph four of this subdivision,
the actuary of BERS shall determine for such retirement system:
(i) a schedule of contribution installments, one of which is payable
in each fiscal year included in the fifteen-year amortization period,
which installments will amortize the BERS 1995 UAL, together with
interest on such UAL; and
(ii) a schedule of contribution installments, one of which is payable
in each fiscal year included in the fifteen-year amortization period,
which installments will amortize the BERS 1995 balance of BSL, together
with interest on such balance.
(4) (i) The actuary shall determine each schedule of contribution
installments referred to in paragraphs two and three of this subdivision
so that each installment after the first shall equal one hundred three
per centum of the next preceding installment.
(ii) In determining each such schedule, the actuary shall employ an
interest rate of eight and three-quarters per centum per annum,
compounded annually; provided that if a valuation rate of interest (as
defined in paragraph eleven of subdivision a of this section) other than
eight and three-quarters per centum per annum is prescribed by law for
NYCERS, NYCTRS or BERS for any fiscal year included in the fifteen-year
amortization period, the schedule contribution installments which are
required to be paid, for such fiscal year in which such changed
valuation rate of interest is in effect, to the retirement system to
which such changed rate of interest applies, shall be redetermined by
the actuary thereof on the basis of a rate of interest equal to such
changed rate, compounded annually, so as to reflect such changed rate
appropriately in such redetermined installments.
(5) (i) Subject to the provisions of subparagraph (ii) of this
paragraph, and subject to the provisions of sections 13-130 and 13-132
of this title in the case of NYCERS, and subject to the provisions of
section 13-529 thereof in the case of NYCTRS, and subject to the
provisions of paragraph (j) of subdivision sixteen of section
twenty-five hundred seventy-five of the education law in the case of
BERS, in each fiscal year of the fifteen-year amortization period, the
general UAL and BSL responsible obligors of each of NYCERS, NYCTRS and
BERS shall pay into its contingent reserve fund their respective shares
of the contribution installments applicable to such retirement system
for such fiscal year under the schedules established pursuant to
subparagraphs (i) and (ii) of paragraph two of this subdivision and
paragraph three thereof.
(ii) The provisions of law which apply to the time and manner of
payment of contribution installments required to be paid by general UAL
and BSL responsible obligors for the fiscal years included in the period
beginning on July first, nineteen hundred ninety and ending on June
thirtieth, nineteen hundred ninety-three, as designated in subdivision
cc of this section, shall be deemed to apply to the time and manner of
payment of the contribution installments referred to in subparagraph (i)
of this paragraph.
(6) (i) Subject to the provisions of subparagraph (ii) of this
paragraph, in each fiscal year of the fifteen-year amortization period,
the senior college UAL and BSL responsible obligors of each of NYCERS
and NYCTRS shall contribute to such retirement system their respective
shares of the contribution installments applicable to such retirement
system for such fiscal year under the schedules established pursuant to
subparagraphs (iii) and (iv) of paragraph two of this subdivision.
(ii) The special provisions for funding and financing senior college
UAL and BSL amortization (A) shall be deemed to apply to the
contribution installments referred to in subparagraph (i) of this
paragraph with respect to all matters to which such special provisions
pertain, as described in subparagraphs (i) to (v), inclusive, of
paragraph fifty-five of subdivision a of this section, and (B) shall be
deemed to include such installments as if such installments were
mentioned in the appropriate terms of such provisions.
(7) Any amount required to be contributed to NYCERS, NYCTRS or BERS
with respect to any fiscal year under the preceding paragraphs of this
subdivision shall be payable with interest on such amount at the
valuation rate of interest (as defined in paragraph eleven of
subdivision a of this section) for such retirement system for such
fiscal year.
(8) In determination of the normal contribution payable to each of
NYCERS, NYCTRS or BERS with respect to each fiscal year occurring during
the fifteen-year amortization period, the present value, as of June
thirtieth next preceding such fiscal year, of all future installments of
the contributions payable to such retirement system pursuant to the
preceding paragraphs of this subdivision shall be treated as an asset of
the retirement system.
(9) (i) No provisions of this subdivision shall be construed as
amending, modifying, superseding or repealing:
(A) the amendment to section ten of chapter four hundred ninety-four
of the laws of nineteen hundred ninety-two made by chapter eight hundred
thirty-seven of the laws of nineteen hundred ninety-two; or
(B) any contract, agreement, commitment or understanding between the
city and any other governmental entity whereby such other entity agreed
to pay or assume all or a part of the cost of contributions required by
any retirement incentive act to fund additional benefits thereunder.
(ii) Any contribution required to be made by this subdivision, to the
extent that such contribution amortizes any liability of a retirement
system for additional benefits under a retirement incentive act, shall
be deemed to be a cost of contributions required by such act to fund
such additional benefits.
(10) Notwithstanding any provision of the preceding paragraphs of this
subdivision or any other law to the contrary, the provisions of such
preceding paragraphs shall be superseded in the manner prescribed by the
provisions of subdivision kk of this section with respect to
contributions on account of UAL and BSL payable for each fiscal year
included in the eleven-year amortization period.
kk. (1) All NYCERS, NYCTRS and BERS installments of contribution
designated in paragraphs two, three, four, five and six of subdivision
jj of this section as payable in any fiscal year succeeding June
thirtieth, nineteen hundred ninety-nine by any general UAL and BSL
responsible obligor or senior college UAL and BSL responsible obligor
and all other installments of contribution resulting from any unfunded
accrued liability established on or before June thirtieth, nineteen
hundred ninety-nine which are payable in any fiscal year succeeding such
June thirtieth by an such obligor of NYCERS, NYCTRS or BERS are hereby
canceled and shall not be due and payable on or after such July first.
(2) Subject to the provisions of paragraph three of this subdivision,
the actuary of NYCERS, NYCTRS and BERS shall separately determine for
each such retirement system a schedule of contribution installments, one
of which is payable in each fiscal year included in the eleven-year
amortization period, which installments will amortize the NYCERS 1999
UAL, NYCTRS 1999 UAL or BERS 1999 UAL, as the case may be, together with
interest on such amounts.
(3)(i) The actuary shall determine each schedule of contribution
installments referred to in paragraph two of this subdivision so that
each installment after the first shall equal one hundred three per
centum of the next preceding installment.
(ii) In determining each such schedule, the actuary shall employ an
interest rate of eight per centum per annum, compounded annually;
provided that if a valuation rate of interest (as defined in paragraph
eleven of subdivision a of this section) other than eight per centum per
annum is prescribed by law for NYCERS, NYCTRS or BERS for any fiscal
year included in the eleven-year amortization period, the schedule
contribution installments which are required to be paid, for such fiscal
year in which such changed valuation rate of interest is in effect, to
the retirement system to which such changed rate of interest applies,
shall be redetermined by the actuary thereof on the basis of a rate of
interest equal to such changed rate, compounded annually, so as to
reflect such changed rate appropriately in such redetermined
installments.
(4)(i) Subject to the provisions of subparagraph (ii) of this
paragraph, and subject to the provisions of sections 13-130 and 13-132
of this title in the case of NYCERS, and subject to the provisions of
section 13-529 thereof in the case of NYCTRS, and subject to the
provisions of paragraph (j) of subdivision sixteen of section
twenty-five hundred seventy-five of the education law in the case of
BERS, in each fiscal year of the eleven-year amortization period, the
responsible obligors of each of NYCERS, NYCTRS and BERS shall pay into
its contingent reserve fund their respective shares of the contribution
installments applicable to such retirement system for such fiscal year
under the schedules established pursuant to paragraph two of this
subdivision.
(ii) The applicable provisions of subdivision c of section 13-133 of
this title and subdivision (c) of section 13-533 thereof and paragraph
(j) of subdivision sixteen of section twenty-five hundred seventy-five
of the education law shall govern the time and manner of payment, within
each fiscal year, of contributions payable with respect to such fiscal
year to NYCERS, NYCTRS or BERS pursuant to subparagraph (i) of this
paragraph. Nothing contained in this subdivision shall be construed as
amending, modifying or changing such provisions of this title or the
provisions of any other law relating to the time of payment, within a
fiscal year, of contributions payable to such retirement systems with
respect to such fiscal year.
(5) Any amount required to be contributed to NYCERS, NYCTRS or BERS
with respect to any fiscal year under the preceding paragraphs of this
subdivision shall be payable with interest on such amount at the
valuation rate of interest (as defined in paragraph eleven of
subdivision a of this section) for such retirement system for such
fiscal year.
Section 13-638.3¶
Section 13-638.3
* § 13-638.3 Funding of consolidated unfunded accrued liabilities and
remainder of balance sheet liability of the fire department pension
fund, subchapter two; amortization of such liabilities and certain
liabilities for transfers to variable supplements funds pursuant to the
level percentage of payroll method in certain fiscal years. a. The
following words and phrases, as used in this section, shall have the
following meanings, unless a different meaning is plainly required by
the context:
(1) "FPF". The fire department pension fund, subchapter two.
(2) "Fiscal year". A fiscal year of the city as defined in section two
hundred twenty-six of the New York city charter.
(3) "UAL". Unfunded accrued liability.
(4) "BSL". Balance sheet liability.
(5) "Phase-in period". The period beginning on July first, nineteen
hundred ninety and ending on June thirtieth, nineteen hundred
ninety-five.
(6) "Regular installment period". The period beginning on July first,
nineteen hundred ninety-five and ending on June thirtieth, two thousand
ten.
(7) "Charge". An amount which is required to be paid to FPF as an
employer contribution.
(8) "Credit". An amount which is required to be applied in reduction
of employer contributions otherwise payable to FPF.
(9) "Individual UAL amortization in effect as of June thirtieth,
nineteen hundred ninety". Any of the following, as applicable to FPF as
of June thirtieth, nineteen hundred ninety: the unfunded accrued
liability contribution, the revised unfunded accrued liability
contribution, the nineteen hundred eighty unfunded accrued liability
adjustment, the nineteen hundred eighty-two unfunded accrued liability
adjustment, the nineteen hundred eighty-five unfunded accrued liability
adjustment, the nineteen hundred eighty-eight unfunded accrued liability
adjustment, all installments of amortization of bond sale gains and
losses and all installments of funding of supplemental retirement
allowances.
(10) "Recomputed annual installment of individual UAL amortization in
effect as of June thirtieth, nineteen hundred ninety". (i) An
installment amount computed in accordance with the succeeding
subparagraphs of this paragraph in relation to each FPF individual UAL
amortization in effect as of June thirtieth, nineteen hundred ninety (as
defined in paragraph nine of this subdivision) for such pension fund.
(ii) The actuary of FPF shall determine, as of June thirtieth,
nineteen hundred ninety and on the basis of eight and one-quarter per
centum interest per annum, the present value of all those annual
installments of such FPF individual UAL amortization in effect as of
June thirtieth, nineteen hundred ninety, which installments, in the
absence of the enactment of the act which added this paragraph, would
have remained, as of such June thirtieth, due and unpaid (if a charge)
or uncredited (if a credit) with respect to fiscal years succeeding such
June thirtieth.
(iii) The actuary of FPF shall determine an amount which, if paid to
its contingent reserve fund, or applied as a credit, as the case may be,
commencing with a first payment or credit in the nineteen hundred
ninety--nineteen hundred ninety-one fiscal year, in a number of equal
annual installments equal to the number of such annual installments
remaining due and unpaid or uncredited with respect to FPF as of June
thirtieth, nineteen hundred ninety as described in subparagraph (ii) of
this paragraph, would be the actuarial equivalent, as of such June
thirtieth, on the basis of eight and one-half per centum interest per
annum, of the present value determined pursuant to such subparagraph
(ii).
(iv) With respect to each FPF individual UAL amortization in effect as
of June thirtieth, nineteen hundred ninety, the recomputed annual
installment of individual UAL amortization in effect as of June
thirtieth, nineteen hundred ninety shall be one equal annual installment
determined with respect to such individual UAL amortization pursuant to
subparagraph (iii) of this paragraph.
(11) "Single-year aggregate of recomputed annual installments of
individual UAL amortizations in effect as of June thirtieth, nineteen
hundred ninety". Such aggregate shall be the total amount obtained, in
relation to any fiscal year occurring during the phase-in period (as
defined in paragraph five of this subdivision) by adding together all
recomputed annual installments of individual UAL amortization in effect
as of June thirtieth, nineteen hundred ninety (as defined in paragraph
ten of this subdivision), as applicable to such fiscal year. For the
purpose of such addition, any such recomputed installments which
constitute a credit shall be treated as a negative quantity.
(12) "Nineteen hundred ninety BSL contribution". The nineteen hundred
ninety BSL contribution determined pursuant to subdivision g of this
section.
(13) "Nineteen hundred ninety UAL credit". (i) An amount which shall
be determined for FPF as hereinafter provided in this paragraph.
(ii) Upon the basis of the actuarial tables and actuarial methods in
effect for valuation purposes with respect to determination of the
normal contribution payable to the contingent reserve fund of FPF in the
nineteen hundred ninety--nineteen hundred ninety-one fiscal year and an
interest rate of eight and one-half per centum per annum, there shall be
determined, as of June thirtieth, nineteen hundred ninety, the amount of
the unfunded accrued liability of FPF, computed pursuant to the entry
age normal cost method of ascertaining such unfunded accrued liability.
(iii) There shall be determined with respect to FPF, as of June
thirtieth, nineteen hundred ninety, on the basis of an interest rate of
eight and one-quarter per centum per annum, the amount obtained by
adding together (A) the present values of all those annual installments
of individual UAL amortizations in effect as of June thirtieth, nineteen
hundred ninety (as defined in paragraph nine of this subdivision), which
installments, in the absence of the enactment of the act which added
this paragraph, would have remained, as of such June thirtieth, due and
unpaid (if a charge) or uncredited (if a credit) with respect to fiscal
years succeeding such June thirtieth, and (B) the present value, as of
such June thirtieth, of all installments of balance sheet liability,
which installments, in the absence of the enactment of the act which
added this paragraph, would have remained due and unpaid with respect to
fiscal years succeeding such June thirtieth.
(iv) Such total amount of present values determined pursuant to
subparagraph (iii) of this paragraph shall be subtracted from such
amount of unfunded accrued liability determined pursuant to subparagraph
(ii) thereof. The resulting remainder shall be the nineteen hundred
ninety UAL credit applicable to FPF.
(14) "Annual installment of the nineteen hundred ninety UAL credit".
Any of twenty equal annual installments of charge with respect to FPF,
which installments, if paid, over a period of twenty fiscal years,
commencing with the nineteen hundred ninety--nineteen hundred ninety-one
fiscal year, would be the actuarial equivalent, as of June thirtieth,
nineteen hundred ninety and on the basis of interest at the rate of
eight and one-half per centum per annum, of the nineteen hundred ninety
UAL charge (as defined in paragraph thirteen of this subdivision).
(15) "Phase-in installment of nineteen hundred ninety consolidated
UAL contribution". (i) With respect to any fiscal year included in the
phase-in period (as defined in paragraph five of this subdivision), such
phase-in installment shall consist of an installment amount determined
in relation to FPF in the manner hereinafter provided for in this
paragraph.
(ii) The single-year aggregate of recomputed annual installments of
UAL amortizations in effect as of June thirtieth, nineteen hundred
ninety (as defined in paragraph eleven of this subdivision), as
applicable for such fiscal year, and one installment of the nineteen
hundred ninety UAL charge (as defined in paragraph fourteen of this
subdivision) and one computation installment of nineteen hundred ninety
BSL (as defined in paragraph nineteen of this subdivision) shall be
added together.
(iii) From the amount resulting from such addition, there shall be
subtracted the amount of one installment of nineteen hundred ninety BSL
contribution (as defined in paragraph twelve of this subdivision).
(iv) The remainder resulting from the subtraction prescribed by
subparagraph (iii) of this paragraph shall be the phase-in installment
of nineteen hundred ninety consolidated UAL contribution for such fiscal
year.
(16) "Unfunded accrued liability as of June thirtieth, nineteen
hundred ninety". The unfunded accrued liability of FPF as determined
pursuant ot subparagraph (ii) of paragraph thirteen of this subdivision.
(17) "Nineteen hundred ninety balance sheet liability". The total
present value, determined as of June thirtieth, nineteen hundred ninety
on the basis of an interest rate of eight and one-half per centum per
annum, of all installments of nineteen hundred ninety BSL contribution
(as defined in paragraph twelve of this subdivision) payable to such
pension fund pursuant to the provisions of subdivision g of this
section.
(18) "Prior BSL contribution". The BSL contribution of FPF determined
pursuant to paragraph four of subdivision b of section 13-331 of this
title, as such contribution was in effect on June thirtieth, nineteen
hundred ninety.
(19) "Computation installment of nineteen hundred ninety BSL". (i) Any
installment amount determined as hereinafter provided in this paragraph.
(ii) The actuary of FPF shall determine with respect to such pension
fund, as of June thirtieth, nineteen ninety on the basis of eight and
one-quarter per centum interest per annum, the present value of the
thirty-one equal annual installments of the prior BSL contribution (as
defined in paragraph eighteen of this subdivision) of such pension fund,
which installments, in the absence of the enactment of the act which
added this subdivision, would have remained due and unpaid to such
pension fund as of such June thirtieth.
(iii) The actuary shall determine an amount which, if paid to the
contingent reserve fund of such pension fund in thirty-one equal annual
installments, commencing with a first payment in the nineteen hundred
ninety--nineteen hundred ninety-one fiscal year, would be the actuarial
equivalent, on the basis of an interest rate of eight and one-half per
centum per annum, of such present value.
(iv) Each of the first five of such installments determined pursuant
to subparagraph (iii) of this paragraph with respect to such pension
fund shall be a computation installment of nineteen hundred ninety BSL.
(20) "Regular installment of nineteen hundred ninety consolidated UAL
contribution". Any installment payable pursuant to subdivision d of this
section.
(21) "Nineteen hundred ninety consolidated UAL contribution". The
nineteen hundred ninety consolidated UAL contribution for which phase-in
installments are determined pursuant to paragraph fifteen of this
subdivision and for which regular installments are determined pursuant
to subdivision d of this section.
(22) "Installment of nineteen hundred ninety BSL contribution". Any
installment payable pursuant to subdivision g of this section.
(23) "UAL subject to consolidated amortization". The amount of the
unfunded accrued liability of FPF which prior to July first, nineteen
hundred ninety-three, was required to be amortized by phase-in and
regular consolidated UAL contributions designated in subdivision i of
this section.
(24) "BSL subject to consolidated amortization". The amount of the
balance sheet liability of FPF which, prior to July first, nineteen
hundred ninety-three, was required to be amortized by phase-in and other
BSL contributions designated in subdivision i of this section.
(25) "Balance of unfunded UAL subject to consolidated amortization".
An amount, determined by the actuary of FPF, equal to the present value
(based on an interest rate of eight and one-half per centum per annum),
as of June thirtieth, nineteen hundred ninety-three, of the remaining
unpaid installments, as of such June thirtieth, of the amortization (as
prescribed by subdivisions h and i of this section) of the FPF UAL
subject to consolidated amortization.
(26) "Balance of unfunded BSL subject to consolidated amortization".
An amount, determined by the actuary of FPF, which is equal to the
present value (based on an interest rate of eight and one-half per
centum per annum), as of June thirtieth, nineteen hundred ninety-three,
of the remaining unpaid installments, as of such June thirtieth, of the
amortization (as prescribed by subdivisions h and i of this section) of
the FPF BSL subject to consolidated amortization.
(27) "Revised amortization period". The period beginning on July
first, nineteen hundred ninety-three and ending on June thirtieth, two
thousand ten.
(28) "FPF 1995 UAL". The unfunded accrued liability of FPF as of June
thirtieth, nineteen hundred ninety-five for benefits payable by FPF
(excluding the FPF 1995 balance of BSL, as defined in paragraph thirty
of this subdivision), as determined by the actuary pursuant to the entry
age normal cost method of ascertaining such unfunded accrued liability,
on the basis of an interest rate of eight and three-quarters per centum
per annum and the actuarial tables applicable for the purpose of
determining the normal contribution to FPF for the nineteen hundred
ninety-five--nineteen hundred ninety-six fiscal year.
(29) "FPF 1995 accrued liability on account of required transfers to
variable supplements funds". The actuarial present value as of June
thirtieth, nineteen hundred ninety-five, as estimated by the actuary, of
the accrued liability of the pension fund on account of 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 title and paragraph one of subdivision b of
section 13-335.3 of this title) 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.
(30) "FPF 1995 balance of BSL". The present value, as determined by
the actuary as of June thirtieth, nineteen hundred ninety-five on the
basis of an interest rate of eight and three-quarters per centum per
annum, of the total of all contribution installments which, in the
absence of the enactment of the act which added this paragraph, would be
payable to FPF for fiscal years beginning on or after July first,
nineteen hundred ninety-five pursuant to subparagraph (ii) of paragraph
two of subdivision n of this section and paragraphs three and four of
such subdivision.
(31) "Fifteen-year amortization period". The period beginning on July
first, nineteen hundred ninety-five and ending on June thirtieth, two
thousand ten.
(32) "FPF 1999 UAL". The unfunded accrued liability of FPF as of June
thirtieth, nineteen hundred ninety-nine attributable as of that date to
the obligations set forth in item (ii) of subparagraph (a) of paragraph
two of subdivision b of section 13-331 of this title, as determined by
the actuary pursuant to the entry age normal cost method of ascertaining
such unfunded accrued liability, on the basis of an interest rate of
eight per centum per annum and the actuarial tables applicable for the
purpose of determining the normal contribution to FPF for the nineteen
hundred ninety-nine--two thousand fiscal year, provided, however, that
in the event such calculation of unfunded accrued liability produces a
negative amount, the FPF 1999 UAL shall be zero.
(33) "Eleven-year amortization period". The period beginning on July
first, nineteen hundred ninety-nine and ending on June thirtieth, two
thousand ten.
b. Notwithstanding any other provision of law to the contrary, all FPF
installments of the unfunded accrued liability contribution, the revised
unfunded accrued liability contribution, the nineteen hundred eighty
unfunded accrued liability adjustment, the nineteen hundred eighty-two
unfunded accrued liability adjustment, the nineteen hundred eighty-five
unfunded accrued liability adjustment and the nineteen hundred
eighty-eight unfunded accrued liability adjustment and all FPF
installments of amortization of bond sale gains and losses and all FPF
installments of funding of supplemental retirement allowances, which
installments, in the absence of the enactment of the act which added
this section, would otherwise be due from and payable by the city to FPF
(or be creditable to the city) with respect to any fiscal year or period
beginning on or after July first, nineteen hundred ninety are hereby
cancelled as of such July first and shall not be due and payable (or
creditable) on or after such July first.
c. The actuary of FPF shall determine the amount of the difference
obtained by subtracting (1) the outstanding balance, as of June
thirtieth, nineteen hundred ninety-five, of the nineteen hundred ninety
balance sheet liability (as defined in paragraph seventeen of
subdivision a of this section) of such pension fund from (2) the
outstanding balance, as of such June thirtieth, of the unfunded accrued
liability as of June thirtieth, nineteen hundred ninety (as defined in
paragraph sixteen of such subdivision) of such pension fund.
d. (1) The actuary of FPF shall determine an amount which, when paid
into the contingent reserve fund of FPF in fifteen equal annual
installments, commencing with payment of a first installment in the
nineteen hundred ninety-five--nineteen hundred ninety-six fiscal year,
shall be the actuarial equivalent, on the basis of eight and one-half
per centum interest per annum, of the amount of difference determined
pursuant to subdivision c of this section.
(2) Such amount determined in relation to such installments shall be
payable in regular installments as provided for in subdivision i of this
section.
e. Notwithstanding any other provision of law to the contrary, no
installments of prior BSL contribution (as defined in paragraph eighteen
of subdivision a of this section) shall be due from or payable by the
city to FPF with respect to any fiscal year of the city beginning on or
after July first, nineteen hundred ninety.
f. The actuary of FPF shall determine with respect to such pension
fund, as of June thirtieth, nineteen hundred ninety on the basis of
eight and one-quarter per centum interest per annum, the present value
of the thirty-one equal annual installments of the prior BSL
contribution (as defined in paragraph eighteen of subdivision a of this
section) of such pension fund, which installments, in the absence of the
enactment of the act which added this subdivision, would have remained
due and unpaid to such pension fund as of such June thirtieth.
g. (1) The actuary of FPF shall determine an amount which, when paid
to the contingent reserve fund of such pension fund in twenty equal
annual installments, commencing with a first payment in the nineteen
hundred ninety--nineteen hundred ninety-one fiscal year, shall be the
actuarial equivalent, on the basis of eight and one-half per centum
interest per annum, of the present value determined pursuant to
subdivision f of this section.
(2) Such amount determined in relation to such installments, which
amount shall be payable in installments as provided for in subdivision i
of this section, shall constitute the nineteen hundred ninety BSL
contribution.
h. (1) Subject to the provisions of paragraph two of this subdivision,
in each fiscal year included in the period beginning on July first,
nineteen hundred ninety and ending on June thirtieth, two thousand ten,
the city shall pay into the contingent reserve fund of FPF:
(i) the installment amount allocated to such fiscal year for payment
on account of nineteen hundred ninety consolidated UAL contribution (as
defined in paragraph twenty-one of subdivision a of this section); and
(ii) the installment amount allocated to such fiscal year for payment
on account of the nineteen hundred ninety BSL contribution (as defined
in paragraph twelve of such subdivision).
(2) Each installment amount payable as provided for in paragraph one
of this subdivision shall be in the applicable sum prescribed in the
schedule of twenty-year amortization set forth in subdivision i of this
section.
(3) Notwithstanding any provision of the preceding paragraphs of this
subdivision or any other law to the contrary, the provisions of
subdivisions c through g, inclusive, of this section, and the affected
portions of subdivision i thereof, and the preceding paragraphs of this
subdivision shall be superseded in the manner prescribed by subdivision
n of this section with respect to contributions on account of UAL and
BSL payable for each fiscal year included in the revised amortization
period.
i. Subject to the provisions of subdivisions k and l of section
13-638.2 of this subchapter, installments of the contributions to FPF
provided for by subdivisions b to h, inclusive, of this section shall be
paid by the city in accordance with the schedule of twenty-year
amortization set forth below in this subdivision.
SCHEDULE FOR TWENTY-YEAR AMORTIZATION OF FPF 1990 CONSOLIDATED UAL AND
1990 REMAINDER OF BSL
(numerical references in parentheses are to paragraph numbers of
definitions in subdivision a of this section)
Col. 1 Col. 2
Fiscal year or years in Amount payable in each
which annual amortiza- fiscal year
tion payments are required
to be made
Col. A Each fiscal year (2) in The sum obtained by adding
the phase-in period (5) together (a) the phase-in
installment of nineteen
hundred ninety consolidated
UAL contribution (15)
applicable to such fiscal
year and (b) the installment
of nineteen hundred ninety
BSL contribution (22) appli-
cable to such fiscal year.
Col. B Each fiscal year (2) in The sum obtained by adding
the regular installment together (a) the regular
period (6) installment of nineteen
hundred ninety consolidated
UAL contribution (20) appli-
cable to such fiscal year
and (b) the installment of
nineteen hundred ninety BSL
contribution (22) applicable
to such fiscal year.
j. The provisions of subdivision c of section 13-334 of this title
shall govern the time and manner of payment, within each fiscal year, of
contributions payable with respect to such fiscal year to FPF pursuant
to the provisions of subdivisions b to i, inclusive, of this section.
Nothing contained in this section shall be construed as amending,
modifying or changing such provisions of this title or the provisions of
any other law relating to the time of payment, within a fiscal year, of
contributions payable to such pension fund with respect to such fiscal
year.
k. For the purpose of determining the amount of any installment of the
contributions payable to FPF pursuant to the provisions of subdivisions
b to i, inclusive, of this section, the actuary of such pension fund may
use methods of calculation other than those set forth in such
provisions, so long as such other methods produce in relation to such
installment an amount equal to that produced by the methods of
calculation set forth in such provisions.
l. Any amount required to be contributed to FPF with respect to any
fiscal year under the provisions of subdivisions b to i, inclusive, of
this section shall be payable with interest on such amount at the
valuation rate of interest (as defined in paragraph eleven of
subdivision a of section 13-638.2 of this subchapter) for such pension
fund for such fiscal year.
m. In the determination of the normal contribution payable to FPF with
respect to each fiscal year occurring during the period beginning on
July first, nineteen hundred ninety and ending on June thirtieth, two
thousand ten, the present value, as of June thirtieth next preceding
such fiscal year, of all future installments of the contributions pay-
able to such pension fund pursuant to subdivisions b to i, inclusive, of
this section shall be treated as an asset of such pension fund.
n. (1) All installments of UAL and BSL contribution designated in
subdivision i of this section as payable by the city for fiscal years
occurring during the period beginning on July first, nineteen hundred
ninety-three and ending on June thirtieth, two thousand ten are hereby
canceled and shall not be due and payable on or after such July first.
(2) Subject to the provisions of paragraph three of this subdivision,
the actuary of FPF shall determine for such pension fund:
(i) a schedule of contribution installments, one of which is payable
in each fiscal year included in the revised amortization period, which
installments will amortize the FPF balance of unfunded UAL subject to
consolidated amortization, together with interest on such balance; and
(ii) a schedule of contribution installments, one of which is payable
in each fiscal year included in the revised amortization period, which
installments will amortize the FPF balance of unfunded BSL subject
consolidated amortization, together with interest on such balance.
(3) (i) the actuary shall determine each schedule of contribution
installments referred to in paragraph two of this subdivision so that
each installment after the first shall equal one hundred three per
centum of the next preceding installment.
(ii) in determining each such schedule, the actuary shall employ an
interest rate of eight and one-half per centum per annum, compounded
annually; provided that if a valuation rate of interest (as defined in
paragraph eleven of subdivision a of section 13-638.2 of this
subchapter) other than eight and one-half per centum per annum is
prescribed by law for FPF for any fiscal year included in the revised
amortization period, the schedule contribution installments which are
required to be paid, for such fiscal year in which such changed
valuation rate of interest is in effect to FPF shall be redetermined by
the actuary thereof on the basis of a rate of interest equal to such
changed rate, compounded annually, so as to reflect such changed rate
appropriately in such redetermined installments.
(4) Any amount required to be contributed to FPF with respect to any
fiscal year under the provisions of this subdivision shall be payable
with interest on such amount at the valuation rate of interest (as
defined in paragraph eleven of subdivision a of section 13-638.2 of this
subchapter) for such pension fund for such fiscal year.
(5) In the determination of the normal contribution payable to FPF
with respect to each fiscal year occurring during the revised
amortization period, the present value, as of June thirtieth next
preceding such fiscal year, of all future installments of the
contributions payable to such pension fund pursuant to this subdivision
shall be treated as an asset of such pension fund.
(6) Notwithstanding any provision of the preceding paragraphs of this
subdivision or any other law to the contrary, the provisions of such
preceding paragraphs shall be superseded in the manner prescribed by
subdivision o of this section with respect to contributions on account
of UAL and BSL payable for each fiscal year included in the fifteen-year
amortization period.
o. (1) (i) All installments of UAL and BSL contribution designated in
subdivision n of this section as payable by the city for fiscal years
occurring during the period beginning on July first, nineteen hundred
ninety-five and ending on June thirtieth, two thousand ten are hereby
canceled and shall not be due and payable on or after such July first.
(ii) All installments of contribution prescribed by paragraph six of
subdivision b of section 13-331 of this title as payable, for any fiscal
year beginning on or after July first, nineteen hundred ninety-five, to
fund the benefits referred to in such paragraph are hereby canceled and
shall not be due and payable on and after such July first.
(2) Subject to the provisions of paragraph three of this subdivision,
the actuary of FPF shall determine for such pension fund:
(i) a schedule of contribution installments, one of which is payable
in each fiscal year included in the fifteen-year amortization period,
which installments will amortize the FPF 1995 UAL, together with
interest on such UAL; and
(ii) a schedule of contribution installments, one of which is payable
in each fiscal year included in the fifteen-year amortization period,
which installments will amortize the FPF 1995 accrued liability on
account of required transfers to variable supplements funds, together
with interest on such liability; and
(iii) a schedule of contribution installments, one of which is payable
in each fiscal year included in the fifteen-year amortization period,
which installments will amortize the FPF 1995 balance of BSL, together
with interest on such balance.
(3) (i) The actuary shall determine each schedule of contribution
installments referred to in paragraph two of this subdivision so that
each installment after the first shall equal one hundred three per
centum of the next preceding installment.
(ii) In determining each such schedule, the actuary shall employ an
interest rate of eight and three-quarters per centum per annum,
compounded annually; provided that if a valuation rate of interest (as
defined in paragraph eleven of subdivision a of section 13-638.2 of this
subchapter) other than eight and three-quarters per centum per annum is
prescribed by law for FPF for any fiscal year included in the
fifteen-year amortization period, the schedule contribution installments
which are required to be paid, for such fiscal year in which such
changed valuation rate of interest is in effect, to FPF shall be
redetermined by the actuary thereof on the basis of a rate of interest
equal to such changed rate, compounded annually, so as to reflect such
changed rate appropriately in such redetermined installments.
(4) Any amount required to be contributed to FPF with respect to any
fiscal year under the provisions of this subdivision shall be payable
with interest on such amount at the valuation rate of interest (as
defined in paragraph eleven of subdivision a of section 13-638.2 of this
subchapter) for such pension fund for such fiscal year.
(5) In each fiscal year of the fifteen-year amortization period, the
city shall pay into the contingent reserve fund of FPF the contribution
installments applicable to such fiscal year under the schedules
established pursuant to paragraph two of this subdivision.
(6) In the determination of the normal contribution payable to FPF
with respect to each fiscal year occurring during the fifteen-year
amortization period, the present value, as of June thirtieth next
preceding such fiscal year, of all future installments of the
contributions payable to such pension fund pursuant to this subdivision
shall be treated as an asset of such pension fund.
(7) Notwithstanding any provision of the preceding paragraphs of this
subdivision or any other law to the contrary, the provisions of such
preceding paragraphs shall be superseded in the manner prescribed by
subdivision p of this section with respect to contributions on account
of UAL and BSL payable for each fiscal year included in the eleven-year
amortization period.
p. (1) All installments of UAL and BSL contribution designated in
subdivision o of this section as payable by the city for fiscal years
occurring during the period beginning on July first, nineteen hundred
ninety-nine and ending on June thirtieth, two thousand ten and all other
installments of contribution resulting from any unfunded accrued
liability established on or before June thirtieth, nineteen hundred
ninety-nine which are payable to FPF in any fiscal year succeeding such
June thirtieth by the city are hereby canceled and shall not be due and
payable on or after such July first.
(2) Subject to the provisions of paragraph three of this subdivision,
the actuary of FPF shall determine for such pension fund a schedule of
contribution installments, one of which is payable in each fiscal year
included in the eleven-year amortization period, which installments will
amortize the FPF 1999 UAL, together with interest on such UAL.
(3)(i) The actuary shall determine the schedule of contribution
installments referred to in paragraph two of this subdivision so that
each installment after the first shall equal one hundred three per
centum of the next preceding installment.
(ii) In determining such schedule, the actuary shall employ an
interest rate of eight per centum per annum, compounded annually;
provided that if a valuation rate of interest (as defined in paragraph
eleven of subdivision a of section 13-638.2 of this subchapter) other
than eight per centum per annum is prescribed by law for FPF for any
fiscal year included in the eleven-year amortization period, the
schedule contribution installments which are required to be paid, for
such fiscal year in which such changed valuation rate of interest is in
effect, to FPF shall be redetermined by the actuary thereof on the basis
of a rate of interest equal to such changed rate, compounded annually,
so as to reflect such changed rate appropriately in such redetermined
installments.
(4) Any amount required to be contributed to FPF with respect to any
fiscal year under the provisions of this subdivision shall be payable
with interest on such amount at the valuation rate of interest (as
defined in paragraph eleven of subdivision a of section 13-638.2 of this
subchapter) for such pension fund for such fiscal year.
(5) In each fiscal year of the eleven-year amortization period, the
city shall pay into the contingent reserve fund of FPF the contribution
installments applicable to such fiscal year under the schedule
established pursuant to paragraph two of this subdivision.
* NB There are 2 § 13-638.3's
Section 13-638.4¶
Section 13-638.4
§ 13-638.4 Membership rights in NYCERS and BERS for part-time service;
credit for service; dual employment provisions; membership rights of
school crossing guards. a. Definitions. The following terms, as used in
this section, shall have the following meanings, unless a different
meaning is plainly required by the context:
(1) "RSSL". The New York state retirement and social security law.
(2) "City-service". City-service as defined in subdivision three of
section 13-101 of the code.
(3) "Education service". Service as a paid official or employee of the
board of education of the city of New York or the New York city school
construction authority, and allowable as provided in section four of the
rules and regulations of the board of education retirement system of the
city of New York or, in the case of a tier II, tier III or tier IV
member of such system, allowable pursuant to the provisions which
respectively govern the service credit of such a member of such
retirement system.
(4) "NYCERS". The New York city employees' retirement system.
(5) "BERS". The board of education retirement system of the city of
New York.
(6) "Retirement system". NYCERS or BERS.
(7) "Tier I member". A member of NYCERS or BERS whose benefits (other
than a supplemental retirement allowance) are prescribed by chapter one
of title thirteen of the code or the BERS rules and regulations,
respectively, and who is not subject to the provisions of article
eleven, article fourteen or article fifteen of the RSSL.
(8) "Tier II member". A member of NYCERS or BERS who is subject to the
provisions of article eleven of the RSSL.
(9) "Tier III member". A member of NYCERS or BERS who is subject to
the provisions of article fourteen of the RSSL.
(10) "Tier IV member". A member of NYCERS or BERS who is subject to
the provisions of article fifteen of the RSSL.
(11) "Full-time city-service". City-service rendered in a title in
which a person is regularly scheduled to work at least eighteen hundred
twenty-seven hours per year, provided that no service rendered prior to
the expiration of the window period (as defined in paragraph twenty-two
of this subdivision) in such a title shall be deemed to be full-time
city-service for the limited purposes only of subdivisions b and d of
this section where NYCERS, prior to May thirty-first, nineteen hundred
eighty-eight, would have deemed the person rendering such service to be
ineligible for membership in NYCERS because such person was regularly
scheduled to work less than a sufficient number of hours per year for
NYCERS to consider such service to be full-time city-service, or because
such service was being rendered not on a per annum basis, but rather on
a per hour basis, a per diem basis or some other basis. The employer of
any member of NYCERS or BERS, at such retirement system's request, shall
certify the regularly scheduled hours of employment of any position held
by such member.
(12) "Part-time city-service". City-service which is not full-time
city-service.
(13)(i) "Full-time education service". Except as provided in
subparagraph (ii) of this paragraph, (A) education service rendered in a
title in which a person is regularly scheduled to work at least eighteen
hundred twenty-seven hours per year; or (B) education service rendered
in a title (a) in which duties are regularly scheduled to be performed
only during the school year (as defined in paragraph twenty-four of this
subdivision), (b) in which a person is regularly scheduled to work at
least fourteen hundred seventy hours per school year, and (c) in which
such person, as a member of BERS, is entitled to earn credit for such
service, pursuant to paragraph two of subdivision c of this section, on
the basis of one year of service credit for fourteen hundred seventy
hours of such service rendered in a calendar year.
(ii) No such service rendered prior to the expiration of the window
period (as defined in paragraph twenty-two of this subdivision), which
meets the requirements of subparagraph (i) of this paragraph, shall be
deemed to be full-time education service for the limited purposes only
of subdivisions b and d of this section where BERS, prior to May
thirty-first, nineteen hundred eighty-eight, would have deemed the
person rendering such service to be ineligible for membership in BERS
because such person was regularly scheduled to work less than a
sufficient number of hours per year for BERS to consider such service to
be full-time education service, or because such service was being
rendered not on a per annum basis, but rather on a per hour basis, a per
diem basis or some other basis.
(iii) The employer of any member of BERS or NYCERS, at such retirement
system's request, shall certify the regularly scheduled hours of
employment of any position held by such member.
(14) "Part-time education service". Education service which is not
full-time education service.
(15) "Part-time service". Part-time city-service or part-time
education service.
(16) "Active service". Full-time city-service, full-time education
service, part-time city-service or part-time education service.
(17) "Qualified period of continuous active service". A part of a
person's active service consisting of a period:
(i) which began prior to May thirty-first, nineteen hundred
eighty-eight; and
(ii) during which the person rendered one or more periods of part-time
service prior to May thirty-first, nineteen hundred eighty-eight; and
(iii) which ends no later than the end of the window period, as
defined in paragraph twenty-two of this subdivision; and
(iv) which was not interrupted by a subsequent disqualifying break in
service, as defined in paragraph eighteen of this subdivision; and
(v) which was not interrupted by a subsequent disqualifying period of
non-membership full-time service, as defined in paragraph twenty-one of
this subdivision.
(18) "Disqualifying break in service". A break in a period of
city-service or education service which occurs when the total length of
a period of two or more consecutive one-year breaks in service, as
defined in paragraph nineteen of this subdivision, exceeds the total
length of a period of one or more consecutive one-year periods of active
service, as defined in paragraph twenty of this subdivision, which
immediately precedes such period of consecutive one-year breaks in
service, provided that for the purpose of measuring the length of such
immediately preceding period of consecutive one-year periods of active
service, such immediately preceding period shall not include any such
one-year period of active service which was part of a disqualifying
period of non-membership full-time service, as defined in paragraph
twenty-one of this subdivision.
(19) "One-year break in service". A calendar year during which a
person was not paid on the payroll for a total of at least two hundred
fifty hours of city-service, education service or a combination of
city-service and education service, provided that where any person was
terminated in nineteen hundred seventy-five from employment in the title
of school crossing guard with the New York city police department as a
result of the dissolution of the school crossing guard program in such
year, and who was reappointed to employment in such title with such
department on or before June thirtieth, nineteen hundred seventy-nine,
such person shall not be charged with a one-year break in service for
any calendar year during the period commencing with the calendar year of
such termination and ending with the calendar year of such
reappointment, and provided further that such person shall not be
credited with a one-year period of active service (as defined in
paragraph twenty of this subdivision) for any calendar year during such
period unless such person actually was paid on the payroll during such
calendar year for a total of at least two hundred fifty hours of
city-service, education service or a combination of city-service and
education service.
(20) "One-year period of active service". A calendar year during which
a person was paid on the payroll for a total of at least two hundred
fifty hours of city-service, education service or a combination of
city-service and education service.
(21) "Disqualifying period of non-membership full-time service". A
one-year period commencing on the date a person became eligible to
become a member of NYCERS or BERS by reason of being employed in
full-time city-service or full-time education service, during which
one-year period such person was eligible to become such a member and did
not do so, provided that such period of full-time service shall not be a
disqualifying period of non-membership full-time service where such
period was immediately preceded or followed by a period of part-time
service rendered by such person which exceeded the length of such period
of full-time service, provided further that for the purpose of measuring
the length of such immediately preceding or following period of
part-time service, such period shall not include any calendar year which
is not a one-year period of active service, as defined in paragraph
twenty of this subdivision.
(22) "Window period". A one-year period commencing the day immediately
following July thirty-first, nineteen hundred ninety-two or a six month
period commencing the day immediately following the date of enactment of
the chapter of the laws of nineteen hundred ninety-six which added this
provision.
(23) "Previous part-time service". Part-time service rendered prior to
last becoming a member of NYCERS or BERS or, if a person last became a
member of NYCERS or BERS prior to May thirty-first, nineteen hundred
eighty-eight, part-time service rendered prior to such date.
(24) "School year". The regular academic year of the New York city
public schools, which generally begins with the first day of classes in
September of one year and ends with the last day of classes in June of
the following year, but which also may be deemed to include a brief
period of time immediately prior to such academic year and/or a brief
period of time immediately subsequent to such academic year where the
duties of a particular job title which are performed almost exclusively
during such academic year extend to such brief period or periods
immediately prior and/or subsequent to such academic year.
b. Retroactive membership in NYCERS or BERS; accelerated purchase of
credit for previous part-time service. (1) For purposes of paragraphs
three, six, seven, eight, ten and eleven of this subdivision, a person
who meets the requirements of this paragraph one shall be a person who
was employed in part-time service prior to May thirty-first, nineteen
hundred eighty-eight, and who:
(i) was actually paid on the payroll in active service on May
thirty-first, nineteen hundred eighty-eight; or
(ii) was separated from active service prior to May thirty-first,
nineteen hundred eighty-eight and returned to active service after such
date, but within four years after last being separated from active
service prior to such date; or
(iii) was paid on the payroll for work performed in the title of
college assistant with the city university of New York in all or a
portion of the academic year which shall be deemed to have commenced on
September first, nineteen hundred eighty-seven, and was separated from
employment in such title prior to May thirty-first, nineteen hundred
eighty-eight, and did not return to active service.
(2) For purposes of paragraphs three, six, seven, eight, ten and
eleven of this subdivision, a period of part-time service which meets
the requirements of this paragraph shall be any period of part-time
city-service or part-time education service which is part of a qualified
period of continuous active service, as defined in paragraph seventeen
of subdivision a of this section.
(3) (i) Notwithstanding any other provision of law to the contrary, a
member of NYCERS or BERS who meets the requirements of paragraph one of
this subdivision, and who has one or more periods of part-time service
which meets the requirements of paragraph two of this subdivision, may
elect to be deemed to have become a member of such retirement system on
a date selected by such member which is part of a period of part-time
service which meets such requirements, by filing with such retirement
system, during the window period, a written request for such retroactive
membership date, provided that the retroactive membership date selected
by such member shall be a date which is earlier than his or her last
date of commencement of membership in such retirement system.
(ii) The election by a member of NYCERS or BERS of a retroactive date
of commencement of membership in such retirement system pursuant to
subparagraph (i) of this paragraph shall be irrevocable, and the
obligations, rights and privileges of such member from and after such
retroactive membership date shall be the same as if such member
originally had become a member of the retirement system on such
retroactive membership date. Such member, however, shall not receive
service credit for any previous part-time service for which he or she
did not purchase service credit while a member of such system. The
purchase of previous part-time service by such member shall be in
compliance with all requirements of the code, the BERS rules and
regulations or the RSSL which would be applicable to him or her if he or
she originally had become a member of the retirement system on such
retroactive membership date, or in compliance with such applicable
requirements, as modified by any provision of paragraph six, seven,
eight, nine or eleven of this subdivision, where such member is or may
become eligible for the benefits of any such paragraph.
(4) Notwithstanding any other provision of law to the contrary, if the
designated beneficiary or the estate of a deceased member of NYCERS or
BERS, who died while a member of such retirement system on or after May
thirty-first, nineteen hundred eighty-eight, but prior to the expiration
of the window period, purchases credit for previous part-time service on
behalf of such deceased member pursuant to paragraph ten of this
subdivision, then such deceased member shall be deemed to have become a
member of such retirement system on the commencement date of such
part-time service.
(5) Notwithstanding any other provision of law to the contrary, any
service retiree of NYCERS or BERS whose retirement became effective on
or after May thirty-first, nineteen hundred eighty-eight, but prior to
the expiration of the window period, who purchases credit for previous
part-time service pursuant to paragraph eight of this subdivision, may
elect to be deemed to have become a member of such retirement system on
the earliest date of such part-time service for which credit was
purchased pursuant to such paragraph eight by filing with such
retirement system, during the window period, a written request for such
retroactive membership date.
(6) Notwithstanding any provision of section 13-108 of the code which
requires a tier I member of NYCERS to pay for the purchase of credit for
previous service through deductions from compensation, or any provision
of subdivision b of section four hundred forty-six of the RSSL (with
respect to a tier II member), subdivision b of section five hundred
thirteen of the RSSL (with respect to a tier III member) or subdivision
b of section six hundred nine of the RSSL (with respect to a tier IV
member) which requires such tier II, tier III or tier IV member to have
rendered at least five years of credit service after last joining a
public retirement system in order to be eligible to obtain credit for
previous service, and notwithstanding any other provision of law to the
contrary, a member of NYCERS in city-service, or a member of BERS in
education service, who:
(i) meets the requirements of paragraph one of this subdivision; and
(ii) has one or more periods of part-time service which meets the
requirements of paragraph two of this subdivision; and
(iii) otherwise is eligible to retire for service during the window
period, or otherwise would be eligible to retire for service during the
window period if he or she were permitted to purchase during the window
period credit for such period or periods of previous part-time service;
and
(iv) retires for service so that the effective date of his or her
retirement occurs during the window period and at the time of such
retirement is at least sixty-two years of age may purchase during the
window period credit for such period or periods of previous part-time
service by paying during the window period a lump sum amount computed in
accordance with the applicable provisions governing the purchase of
credit for previous service, or such a lump sum as reduced in accordance
with the provisions of paragraph nine of this subdivision.
(7) Notwithstanding any provision of section 13-108 of the code which
requires a tier I member of NYCERS to pay for the purchase of credit for
previous service through deductions from compensation, or any provision
of subdivision b of section four hundred forty-six of the RSSL (with
respect to a tier II member), subdivision b of section five hundred
thirteen of the RSSL (with respect to a tier III member) or subdivision
b of section six hundred nine of the RSSL (with respect to a tier IV
member) which requires a tier II, tier III or tier IV member to have
rendered at least five years of credited service after last joining a
public retirement system in order to be eligible to obtain credit for
previous service, and notwithstanding any other provision which requires
a member of NYCERS or BERS to be in city-service or education service,
respectively, in order to be retired for service, and notwithstanding
any other provision of law to the contrary, a member of NYCERS or BERS
who:
(i) meets the requirements of paragraph one of this subdivision; and
(ii) has one or more periods of part-time service which meets the
requirements of paragraph two of this subdivision; and
(iii) separated from active service (other than as a result of
dismissal on charges or forfeiture of office) on or after May
thirty-first, nineteen hundred eighty-eight; and
(iv) was at least sixty-two years of age at the time he or she
separated from active service; and
(v) otherwise would have been eligible to retire for service at the
time he or she separated from service if he or she at that time had been
permitted to purchase and had purchased credit for such period or
periods of previous part-time service may purchase during the window
period credit for such period or periods of previous part-time service
by paying during the window period a lump sum amount computed in
accordance with the applicable provisions governing the purchase of
credit for previous service, or such a lump sum as reduced in accordance
with the provisions of paragraph nine of this subdivision, and may
retire for service, provided that such member shall actually retire for
service during the window period (with an effective date of retirement
occurring during such period) and shall purchase such service credit
during such period, and provided further that such retirement shall be
permitted only in accordance with the provisions of this paragraph.
(8) Notwithstanding any other provision of law to the contrary, a
service retiree of NYCERS or BERS:
(i) whose retirement became effective on or after May thirty-first,
nineteen hundred eighty-eight, but prior to the expiration of the window
period; and
(ii) who was at least sixty-two years of age at the time of such
retirement for service; and
(iii) who meets the requirements of paragraph one of this subdivision;
and
(iv) who has one or more periods of part-time service which meets the
requirements of paragraph two of this subdivision may purchase during
the window period credit for all or a portion of the previous part-time
service which meets such requirements by paying during the window period
a lump sum amount computed in accordance with the applicable provisions
set forth below in this paragraph, provided that where such retiree
purchases credit for less than the entire amount of such part-time
service, he or she shall purchase credit for such service in the inverse
order of which such service was rendered, with credit for the most
recent service being purchased first, and credit for the earliest
service being purchased last, and provided further that such a retiree
who purchases such credit pursuant to this item shall have his or her
service retirement allowance recomputed to reflect the purchase of such
credit, but such retiree shall not be entitled to change the mode of
payment of such retirement allowance from an option to the maximum
retirement allowance, from the maximum retirement allowance to an option
or from one option to another option. If such service retiree elects,
pursuant to paragraph five of this subdivision, a retroactive date of
commencement of membership, the obligations, rights and privileges of
such retiree's membership from such new date of commencement of
membership up to his or her service retirement, including, but not
limited to, the computation of his or her retirement allowance and the
obligation to make member contributions, shall be the same as if such
person originally had become a member of the retirement system on such
retroactive membership date, and the lump sum for the purchase of credit
for such previous part-time service shall be computed in accordance with
the provisions governing the purchase of pre-membership service credit
which would be applicable to him or her if he or she originally had
become a member of the retirement system on such retroactive membership
date, subject, however, to any applicable reduction of such lump sum in
accordance with the provisions of paragraph nine of this subdivision. If
such service retiree does not make such an election pursuant to such
paragraph five, such lump sum amount, subject to any applicable
reduction pursuant to such paragraph nine, shall be computed in
accordance with the applicable provisions governing the purchase of
pre-membership service credit on the basis of the date of last
commencement of membership of such service retiree.
(9) A member of NYCERS or BERS, who purchases credit for previous
part-time service for a lump sum amount pursuant to paragraph six, seven
or eight of this subdivision, may elect to have that lump sum amount
reduced by an amount up to the maximum amount which such member would
have been entitled to borrow from the total amount that would have been
credited to such member in his or her annuity savings account (in the
case of a tier I or tier II member) or member contributions accumulation
fund (in the case of a tier III or tier IV member) if, during the window
period, he or she had paid the full amount required to purchase such
credit, provided that such person's retirement allowance shall be
actuarially reduced (in accordance with the provisions of law governing
loans which would be applicable to such person) by the amount by which
the full lump sum purchase price was reduced pursuant to this paragraph.
(10) (i) Notwithstanding any other provision of law to the contrary,
where a deceased member of NYCERS or BERS, who died while a member of
such system on or after May thirty-first, nineteen hundred eighty-eight,
but prior to the expiration of the window period, met the requirements
of paragraph one of this subdivision and, at the time of his or her
death, had one or more periods of previous part-time service which meets
the requirements of paragraph two of this subdivision, then his or her
designated beneficiary (or estate if there is no designated beneficiary)
may, during the window period (or if such member died within one hundred
eighty days prior to the expiration of the window period, within one
hundred eighty days after the expiration of the window period), file an
election purchasing, on behalf of such deceased member, credit for all,
but not less than all, of the previous part-time service which meets
such requirements. The purchase price of such credit shall be deemed to
have been paid by and refunded to the designated beneficiary or estate
which files such election.
(ii) Notwithstanding any other provision of law to the contrary, where
the designated beneficiary or the estate of a deceased member of NYCERS
or BERS purchases credit for one or more periods of previous part-time
service on behalf of such deceased member pursuant to subparagraph (i)
of this paragraph, and such deceased member did not die in active
city-service or active education service for purposes of the applicable
ordinary death benefit provision, then such deceased member shall be
deemed to have died in active city-service or active education service
for purposes of the applicable ordinary death benefit provision, but not
for the purposes of any accidental death benefit provision or any
presumptive retirement provision or provision for payment of a death
benefit equal to a pension reserve.
(iii) Under no circumstances shall the purchase of credit by a
beneficiary or estate pursuant to subparagraph (i) of this paragraph
result in any benefit or any increase in benefit becoming payable
pursuant to a presumptive retirement provision, or provision for payment
of a death benefit equal to a pension reserve.
(11) (i) A member of NYCERS in city-service or a member of BERS in
education service who:
(A) meets the requirements of paragraph one of this subdivision; and
(B) has one or more periods of part-time service which meets the
requirements of paragraph two of this subdivision; and
(C) otherwise is eligible to retire for service or otherwise would be
eligible to retire for service if he or she were permitted to purchase
credit for such part-time service; and
(D) submits to the appropriate retirement system a written request to
purchase credit for a lump sum amount for any such period or periods of
previous part-time service, in which request it is alleged that he or
she is physically or mentally incapacitated for the performance of duty
shall be entitled to a medical examination which shall be performed by
the medical board of such retirement system.
(ii) Notwithstanding any other provision of law to the contrary, if
such medical examination shows that any such member who meets the
requirements of subparagraph (i) of this paragraph eleven is physically
or mentally incapacitated for the performance of duty, the medical board
shall so report to the executive director of such retirement system, and
such member in city-service or education service shall be permitted to
purchase credit for such period or periods of previous part-time service
by paying a lump sum amount computed in accordance with the applicable
provisions governing the purchase of credit for previous service,
provided that such member shall both (A) actually retire for service
effective not later than sixty days after being notified by the
retirement system that he or she is eligible to purchase credit for such
service pursuant to this paragraph, and (B) complete payment for such
purchase within such sixty-day period.
(12) Notwithstanding any other provision which requires a person to be
in city-service in order to become a member of NYCERS, or in education
service in order to become a member of BERS, and notwithstanding any
other provision of law to the contrary, a person who:
(i) was paid on the payroll in active part-time service on May
thirty-first, nineteen hundred eighty-eight; and
(ii) separated from part-time service (other than as a result of
dismissal on charges or forfeiture of office) subsequent to May
thirty-first, nineteen hundred eighty-eight and prior to August first,
nineteen hundred ninety-two, and has not returned to active service; and
(iii) was otherwise eligible to become a member of NYCERS or BERS
based upon such part-time service; and
(iv) did not file an application to become a member of such retirement
system prior to such separation from service shall be permitted to
become a member of such retirement system by filing an application for
membership with such system during the window period, provided that such
person shall otherwise be eligible pursuant to paragraph seven of this
subdivision to retire for service and shall actually retire for service
pursuant to such paragraph seven during the window period with an
effective date of retirement during the window period.
c. Credit for service. (1) Notwithstanding any other provision of law
to the contrary, and except as provided in paragraph two of this
subdivision, and subject to the provisions of subdivision f of this
section a member of NYCERS or BERS, who otherwise is entitled to credit
for city-service or education service, shall have such credit prorated
on the basis of one year of service credit for eighteen hundred
twenty-seven hours of such service rendered in a calendar year,
provided, however, that no such member shall earn more than one year of
service credit during any calendar year, and no such member shall earn,
for any fraction of a calendar year, a fraction of a year of service
credit, which fraction is greater than such fraction of a calendar year.
However, this paragraph shall not apply to teachers, including those who
work as regular substitutes and per diem teachers.
(2) Notwithstanding the provisions of paragraph one of this
subdivision, or any other provision of law to the contrary, and subject
to the provisions of subdivision f of this section, a member of BERS,
who otherwise is entitled to credit for education service in a job title
in which duties are regularly scheduled to be performed only during the
school year, or who otherwise is entitled to credit for service in the
title of school crossing guard with the New York city police department,
where the duties of such title are regularly scheduled to be performed
only during the school year, shall have such credit prorated on the
basis of one year of service credit for fourteen hundred seventy hours
of such service rendered in a calendar year, provided that no such
member shall earn more than one year of service credit during any
calendar year, and no such member shall earn for any fraction of a
calendar year, a fraction of a year of service credit, which fraction is
greater than such fraction of a calendar year. However, this paragraph
shall not apply to teachers, including those who work as regular
substitutes and per diem teachers.
(3) The board of trustees of NYCERS and the retirement board of BERS
shall have the authority to adopt reasonable rules for prorating the
credit for part-time city-service or part-time education service
rendered in part-time per annum job titles for which it is difficult to
determine the number of hours actually worked, including, but not
limited to, such titles as New York city tax commissioner, New York city
planning commissioner and New York city councilmanic aide. Such rules
shall, to the extent possible, grant service credit based on the number
of hours actually worked in such titles.
d. Purchase of credit for previous part-time service. (1) Except as
provided in paragraphs two and three of this subdivision, and subject to
the provisions of paragraphs six through eleven of subdivision b of this
section, where those provisions are applicable, the purchase of credit
for previous part-time service by a member of NYCERS or BERS shall be
governed by all of the applicable provisions which otherwise would
govern the purchase of credit for pre-membership service by such member.
(2) (i) Notwithstanding any other provision of law to the contrary, a
member of NYCERS may purchase credit for previous part-time education
service which was rendered prior to the expiration of the window period
(as defined in paragraph twenty-two of subdivision a of this section),
except that such member may not purchase credit for any such part-time
education service rendered prior to the expiration of the window period
which was rendered during a payroll period in which such member also
rendered city-wide for which he or she has earned or is eligible to earn
service credit.
(ii) Notwithstanding any other provision of law to the contrary, a
member of BERS may purchase credit for previous part-time city-service
which was rendered prior to the expiration of the window period, except
that such member may not purchase credit for any such part-time
city-service rendered prior to the expiration of the window period which
was rendered during a pay period in which such member also rendered
education service for which he or she has earned or is eligible to earn
service credit.
(3) Notwithstanding any other provision of law to the contrary, where
a tier I or tier II member of NYCERS or BERS has purchased credit for
previous part-time service which meets the requirements of paragraph two
of subdivision b of this section, or a tier I or tier II service retiree
of NYCERS or BERS has purchased such credit pursuant to paragraph eight
of subdivision b of this section, or a beneficiary or estate has
purchased such credit on behalf of such member pursuant to paragraph ten
of subdivision b of this section, such credit, whether or not purchased
pursuant to any of the provisions of paragraphs six through eleven of
subdivision b of this section, shall be counted toward such member's
eligibility for a retirement benefit as well as the amount of the
benefit; provided that where service in a specified title or in
specified titles is required for eligibility for a benefit, or is
required with respect to the method of determining the amount of a
benefit, nothing contained in this paragraph shall be construed as
directing that part-time service in a title which is different from such
specified title or titles shall be creditable toward satisfying such
eligibility requirement or such requirement as to the method of
determining the amount of a benefit.
(4) No provision of the code or the rules and regulations of BERS
which provides for the payment of a
pension-providing-for-increased-take-home-pay for a member of NYCERS or
BERS, or the funding of such a benefit, or the accumulation of a
reserve-for-increased-take-home-pay, shall be applicable to the purchase
of credit by such member for previous part-time service.
(5) The provisions of section one hundred thirty-eight-b of the RSSL
shall not be applicable to the purchase of credit for previous part-time
service by a member of NYCERS or BERS.
(6) Nothing contained in paragraph four or paragraph five of this
subdivision shall be construed as adding to, diminishing or changing any
rights or obligations pertaining to the purchase of credit for previous
service which is not part-time service.
e. Salary base for part-time service. (1) Definitions. The following
terms, as used in this subdivision, shall have the following meanings,
unless a different meaning is plainly required by the context:
(i) "Full-time position in city-service". A position in city-service
in which a person is regularly scheduled to work at least eighteen
hundred twenty-seven hours per year.
(ii) "Full-time position in education service". (A) A position in
education service in which a person is regularly scheduled to work at
least eighteen hundred twenty-seven hours per year; or
(B) a position in education service (a) in which duties are regularly
scheduled to be performed only during the school year; (b) in which a
person is regularly scheduled to work at least fourteen hundred seventy
hours per school year; and (c) in which such person, as a member of
BERS, is entitled to earn credit for such service, pursuant to paragraph
two of subdivision c of this section, on the basis of one year of
service credit for fourteen hundred seventy hours of such service
rendered in a calendar year.
(2) Subject to the provisions of subdivision f of this section, where
those provisions are applicable, for a tier I member of NYCERS who did
not hold a full-time position in city-service at all times during the
entire one-year period immediately prior to retirement the term "salary
or compensation earnable by him or her for city-service in the year
prior to his or her retirement", as used in subparagraph (a) of
paragraph three of subdivision e of section 13-162 of the code,
subparagraph (a) of paragraph three of subdivision g of such section,
subparagraph (a) of paragraph four of such subdivision g, subparagraph
(e) of paragraph eight of subdivision a of section 13-172 of the code,
subparagraph (a) of paragraph three of subdivision c of section 13-174
of the code or subparagraph (a) of paragraph four of such subdivision c,
or the term "annual salary or compensation earnable by him or her for
city-service in the year prior to his or her retirement", as used in
subparagraph (b) of paragraph seven of subdivision a of section 13-172
of the code, shall be deemed to mean the salary or compensation paid on
the payroll to such member for city-service rendered during the period
for which such member was credited with his or her final one year of
service credit immediately prior to retirement.
(3) Subject to the provisions of subdivision f of this section, where
those provisions are applicable, for a tier I member of NYCERS who did
not hold a full-time position in city-service at all times during the
entire one-year period immediately prior to his or her discontinuance of
city-service, the term "annual salary or compensation earnable by him or
her for city-service in the year prior to his or her discontinuance of
city-service", as used in paragraph two of subdivision c of section
13-173 of the code, shall be deemed to mean the salary or compensation
paid on the payroll to such member for city-service rendered during the
period for which such member was credited with his or her final one year
of service credit immediately prior to his or her discontinuance of
city-service.
(4) (i) Subject to the provisions of subdivision f of this section,
where those provisions are applicable, for a tier I member of NYCERS who
did not hold a full-time position in city-service at all times while a
member during the entire six-month period immediately preceding his or
her death, the term "an amount equal to the compensation earnable by
such member while a member, during the six months immediately preceding
his or her death", as used in item (i) of subparagraph (a) of paragraph
two of subdivision a of section 13-148 of the code, shall be deemed to
mean an amount equal to the compensation paid on the payroll to such
member for city-service rendered during the period for which such
member, while a member, was credited with his or her final six months of
service credit immediately preceding his or her death.
(ii) Subject to the provisions of subdivision f of this section, where
those provisions are applicable, for a tier I member of NYCERS who did
not hold a full-time position in city-service at all times while a
member during the entire twelve-month period immediately preceding his
or her death, the term "an amount equal to the compensation earnable by
such member in city-service while a member during the twelve months
immediately preceding his or her death", as used in item (ii) of
subparagraph (a) of paragraph two of subdivision a of section 13-148 of
the code, shall be deemed to mean an amount equal to the compensation
paid on the payroll to such member for city-service rendered during the
period for which such member, while a member, was credited with his or
her final twelve months of service credit immediately preceding his or
her death.
(iii) Subject to the provisions of subdivision f of this section,
where those provisions are applicable, for a tier I member of NYCERS who
did not hold a full-time position in city-service at all times during
the entire twelve-month period immediately preceding his or her death,
the term "an amount equal to twice the compensation earnable by him or
her in city-service while a member during the twelve months immediately
preceding his or her death", as used in item (iii) of subparagraph (a)
of paragraph two of subdivision a of section 13-148 of the code, shall
be deemed to mean an amount equal to twice the compensation paid on the
payroll to such member for city-service rendered during the period for
which such member, while a member, was credited with his or her final
twelve months of service credit immediately preceding his or her death.
(5) Subject to the provisions of subdivision f of this section, where
those provisions are applicable, for a tier I member of NYCERS who did
not hold a full-time position in city-service at all times during his or
her entire last five years of city-service, or during any other five
consecutive years of member or restored member service which such member
shall designate pursuant to subdivision nine of section 13-101 of the
code, the term "final compensation", as defined in such subdivision
nine, shall be deemed to mean one-fifth of the highest total
compensation paid on the payroll to such member for any continuous
period of city-service for which the member was credited with five years
of service credit.
(6) Subject to the provisions of subdivision f of this section, where
those provisions are applicable, for a tier I member of NYCERS who has
made a valid election of "three-year-average compensation" pursuant to
subdivision fifty-eight of section 13-101 of the code, and who did not
hold a full-time position in city-service at all times during the entire
three-year period of city-service designated by such member, the term
"three-year-average compensation", as defined in such subdivision
fifty-eight, shall be deemed to mean one-third of the highest total
compensation paid on the payroll to such member during any continuous
period of city-service for which the member was credited with three
years of service credit.
(7) Subject to the provisions of subdivision f of this section, where
those provisions are applicable, for a tier I member of BERS who did not
hold a full-time position in education service at all times during the
entire one-year period immediately prior to retirement, the term "salary
or compensation earnable by him for education-service in the year prior
to his retirement", as used in subparagraph (a) of paragraph three of
subdivision e of section thirty of the BERS rules and regulations,
subparagraph (a) of paragraph three of subdivision g of such section,
subparagraph (a) of paragraph four of such subdivision g, paragraph (e)
of subdivision eight of section twelve of the BERS rules and
regulations, subparagraph (i) of paragraph c of subdivision three of
section sixteen of the BERS rules and regulations or subparagraph (i) of
paragraph d of such subdivision three, or the term "annual salary or
compensation earnable by him for education-service in the year prior to
his retirement", as used in paragraph (b) of subdivision seven of
section twelve of the BERS rules and regulations, shall be deemed to
mean the salary or compensation paid on the payroll to such member for
education service rendered during the period for which such member was
credited with his or her final one year of service credit immediately
prior to retirement.
(8) Subject to the provisions of subdivision f of this section, where
the provisions are applicable, for a tier I member of BERS who did not
hold a full-time position in education service at all times during the
entire one-year period immediately prior to his or her discontinuance of
city-service, the term "annual salary or compensation earnable by him
for education-service in the year prior to his discontinuance of
education-service", as used in paragraph two of subdivision c of section
thirty-two of the BERS rules and regulations, shall be deemed to mean
the salary or compensation paid on the payroll to such member for
education service rendered during the period for which such member was
credited with his or her final one year of service credit immediately
prior to his or her discontinuance of education service.
(9)(i) Subject to the provisions of subdivision f of this section,
where those provisions are applicable, for a tier I member of BERS who
did not hold a full-time position in education service at all times
during the entire six-month period immediately preceding his or her
death, the term "an amount equal to the compensation earnable by him
during the six months immediately preceding his death", as used in
subdivision one of section twenty of the BERS rules and regulations or
paragraph (b) of subdivision two of such section, shall be deemed to
mean an amount equal to the compensation paid on the payroll to such
member for education service rendered during the period for which such
member was credited with his or her final six months of service credit
immediately preceding his or her death.
(ii) Subject to the provisions of subdivision f of this section, where
those provisions are applicable, for a tier I member of BERS who did not
hold a full-time position in education service at all times during the
entire twelve-month period immediately preceding his or her death, "an
amount equal to the compensation earnable by him during the twelve
months immediately preceding his death", as used in subdivision one of
section twenty of the BERS rules and regulations or paragraph (b) of
subdivision two of such section, shall be deemed to mean an amount equal
to the compensation paid on the payroll to such member for education
service rendered during the period which such member was credited with
his or her final twelve months of service credit immediately preceding
his or her death.
(iii) Subject to the provisions of subdivision f of this section,
where those provisions are applicable, for a tier I member of BERS who
did not hold a full-time position in education service at all times
during the entire twelve-month period immediately preceding his or her
death, the term "an amount equal to twice the compensation earnable by
him in education-service while a member during the twelve months
immediately preceding his death", as used in subdivision three of
section twenty of the BERS rules and regulations, shall be deemed to
mean an amount equal to twice the compensation paid on the payroll to
such member for education service rendered during the period for which
such member, while a member, was credited with his or her final twelve
months of service credit immediately preceding his or her death.
(10) Subject to the provisions of subdivision f of this section, where
those provisions are applicable, for a tier I member of BERS who did not
hold a full-time position in education service at all times during his
or her entire last five years of education service, or during any other
five consecutive years of education service which such member shall
designate pursuant to subdivision thirteen of section two of the BERS
rules and regulations, the term "final compensation", as defined in such
subdivision thirteen, shall be deemed to mean one-fifth of the highest
total personal compensation in any form paid on the payroll to such
member for regular day service during any continuous period of education
service for which the member was credited with five years of service
credit, provided that such amount shall be exclusive of any extra
compensation for special services, either during the day or night.
(11) Subject to the provisions of subdivision f of this section, where
those provisions are applicable, for a tier I member of BERS who has
made a valid election of "three-year-average compensation" pursuant to
subdivision thirty-six of section two of the BERS rules and regulations
and who did not hold a full-time position in education service at all
times during the entire three-year period of education service
designated by such member, the term "three-year-average compensation",
as defined in such subdivision thirty-six, shall be deemed to mean
one-third of the highest total compensation paid on the payroll to such
member during any continuous period of education service for which the
member was credited with three years of service credit.
(12) (i) Subject to the provisions of subdivision f of this section
and the provisions of subdivision d of section four hundred forty-three
of the RSSL, where those provisions are applicable, and notwithstanding
the provisions of subdivision a of section four hundred forty-three of
the RSSL, for a tier II member of NYCERS or BERS, the term "final
average salary", as used in article eleven of the RSSL, shall be equal
to the greater of:
(A) one-third of the highest total salary earned during any continuous
period of employment for which the member was credited with three years
of service credit; provided that such salary shall be subject to the
provisions of subparagraph (ii) of this paragraph; and provided further
that if the salary earned during any year of credited service included
in the period used to determine final average salary exceeds the average
of the salaries of the previous two years of credited service by more
than twenty per centum, the amount in excess of twenty per centum shall
be excluded from the computation of final average salary; or
(B) the total amount of salary earned during any six consecutive years
from service for which the member received service credit divided by the
amount of such service credit earned during that six-year period;
provided that such total amount of salary shall be subject to the
provisions of subparagraph (ii) of this paragraph.
(ii) The total earned salary used to determine the amount computed
pursuant to item (A) or item (B) of subparagraph (i) of this paragraph
shall be exclusive of any form of termination pay (which shall include
any compensation in anticipation of retirement), any lump sum payment
for deferred compensation, sick leave, or accumulated vacation credit,
or any other payment for time not worked (other than compensation
received while on sick leave or authorized leave of absence).
(13) Subject to the provisions of subdivision f of this section and
the provisions of subdivision c of section five hundred twelve of the
RSSL, where those provisions are applicable, and notwithstanding the
provisions of subdivision a of section five hundred twelve of the RSSL,
for a tier III member of NYCERS or BERS, the term "final average
salary", as used in article fourteen of the RSSL, shall be equal to the
greater of:
(i) one-third of the highest total wages earned during any continuous
period of employment for which the member was credited with three years
of service credit; provided that if the wages earned during any year of
credited service included in the period used to determine final average
salary exceeds the average of the wages of the previous two years of
credited service by more than ten percent, the amount in excess of ten
percent shall be excluded from the computation of final average salary;
or
(ii) the total wages earned during any six consecutive years from
service for which the member received service credit divided by the
amount of such service credit earned during that six-year period.
(14) (i) Subject to the provisions of subdivision f of this section
and the provisions of subdivision c of section six hundred eight of the
RSSL, where those provisions are applicable, and notwithstanding the
provisions of subdivision a of section six hundred eight of the RSSL,
for a tier IV member of NYCERS who is not a New York city revised plan
member (as defined in subdivision m of section six hundred one of the
RSSL) or for a tier IV member of BERS who is not a New York city revised
plan member, the term "final average salary", as used in article fifteen
of the RSSL, shall be equal to the greater of:
(A) one-third of the highest total wages earned by such member during
any continuous period of employment for which the member was credited
with three years of service credit; provided that if the wages earned
during any year of credited service included in the period used to
determine final average salary exceeds the average of the wages of the
previous two years of credited service by more than ten percent, the
amount in excess of ten percent shall be excluded from the computation
of final average salary; or
(B) the total wages earned during any six consecutive years from
service for which the member received service credit divided by the
amount of such service credit earned during that six-year period,
provided, however, that "wages", as used in this paragraph, shall mean
the applicable provisions and limitations of the term "wages", as
defined in subdivision 1 of section six hundred one of the RSSL.
(ii) Subject to the provisions of subdivision f of this section where
those provisions are applicable, and notwithstanding the provisions of
subdivisions a and c of section six hundred eight of the RSSL, for a
tier IV member of NYCERS who is a New York city revised plan member (as
defined in subdivision m of section six hundred one of the RSSL) or a
tier IV member of BERS who is a New York city revised plan member, the
term "final average salary", as used in article fifteen of the RSSL,
shall be equal to one-fifth of the highest total wages earned by such
member during any continuous period of employment for which the member
was credited with five years of service credit; provided that if the
wages earned during any year of credited service included in the period
used to determine final average salary exceeds the average of the wages
of the previous four years of credited service by more than ten percent,
the amount in excess of ten percent shall be excluded from the
computation of final average salary, provided further that "wages", as
used in this paragraph, shall mean the applicable provisions and
limitations of the term "wages", as defined in subdivision l of section
six hundred one of the RSSL.
(15) Nothing contained in this subdivision shall be construed as
modifying the provisions of paragraph (a) of subdivision thirty-seven of
section two of the BERS rules and regulations, or as affecting in any
way the manner in which such paragraph is interpreted and applied by
BERS to the computation of benefits.
f. Dual employment. (1) Definitions. The following terms as used in
this subdivision, shall have the following meanings, unless a different
meaning is plainly required by the context:
(i) "Full-time position". As relating to a particular period of time
during which a member of NYCERS concurrently held two or more positions
in city-service, or a member of BERS concurrently held two or more
positions in education service, a position in such service held by such
a member for which he or she was paid on the payroll during that period
for a sufficient number of hours such that he or she either was eligible
to earn or would have been eligible to earn from such position during
such period the maximum amount of credit which could be earned for such
period pursuant to subparagraph (i) of paragraph three of this
subdivision if that position were the only position in such service held
by such member during such period.
(ii) "Part-time position". As relating to a particular period of time
during which a member of NYCERS concurrently held two or more positions
in city-service, or a member of BERS concurrently held two or more
positions in education service, a position in such service held by such
a member for which he or she was paid on the payroll during that period
for less than the minimum number of hours which would have been required
for such member to earn from such position during such period the
maximum amount of credit which could be earned for such period pursuant
to subparagraph (i) of paragraph three of this subdivision if that
position were the only position in such service held by such member
during such period.
(iii) "Earnings". The compensation, salary or wages of a position in
city-service or education service.
(iv) "Salary base". The earnings for a particular period of time from
city-service for a member of NYCERS, or from education service for a
member of BERS, which are required by law to be applied in calculating
the benefit payable by such retirement system to such member or the
beneficiary of such member pursuant to the applicable provisions of the
code, the RSSL or the BERS rules and regulations.
(v) "Salary base period". That period of time for which all or a
portion of the earnings from city-service for a NYCERS member, or all or
a portion of the earnings from education service for a BERS member, are
required to be applied in calculating the salary base pursuant to the
applicable provisions of the code, the RSSL or the BERS rules and
regulations.
(vi) "Rate of pay". The amount which a position in city-service or
education service is scheduled to pay per hour, per day or per year.
(2) (i) Except as provided in subparagraph (iv) of paragraph eight of
this subdivision, the provisions of this subdivision shall apply only to
two or more positions in city-service held concurrently by a member of
NYCERS or to two or more positions in education service held
concurrently by a member of BERS.
(ii) Where a member of NYCERS concurrently holds or held two or more
positions in city-service, or a member of BERS concurrently holds or
held two or more positions in education service, such member shall make
all required member contributions to such retirement system, as
calculated pursuant to applicable provisions of law, for all service
rendered in such positions concurrently held.
(iii) No member of NYCERS or BERS shall be entitled to any of the
benefits of this subdivision for any service for which he or she has not
paid all member contributions required by applicable provisions of law.
(3) (i) No member of NYCERS or BERS shall earn more than one year of
service credit during any calendar year, and no such member shall earn,
for any fraction of a calendar year, a fraction of a year of service
credit, which fraction is greater than such fraction of a calendar year.
(ii) For any period in which a member of NYCERS concurrently held two
or more positions in city-service, or a member of BERS concurrently held
two or more positions in education service, such member may earn service
credit from such two or more positions, and such credit shall be
aggregated, but in no event shall such member earn a greater total
amount of service credit from such positions during such period than he
or she would have been eligible to earn pursuant to subparagraph (i) of
this paragraph if such member had held only one full-time position
during such period.
(4) (i) Except as provided in subparagraph (ii) of this paragraph, for
all or any portion of a salary base period during which a member of
NYCERS concurrently held two full-time positions in city-service, or a
member of BERS concurrently held two full-time positions in education
service, the earnings of such a member from only one of such two
positions shall be applied in calculating the salary base, and the
earnings from the position producing the higher salary base shall be
used for this purpose.
(ii) Where a member of NYCERS has held two full-time positions in
city-service concurrently for a total of at least nine months in each of
ten consecutive years, and has made all required member contributions
for such service, or a member of BERS has held two such full-time
positions in education service concurrently for a total of at least nine
months in each of ten consecutive years, and has made all required
member contributions for such service, and such a member concurrently
held two such positions during all or a portion of the salary base
period, then the earnings from two such positions for that portion of
the salary base period during which such positions were held
concurrently shall be aggregated and applied in calculating the salary
base.
(5) (i) Except as provided in subparagraph (ii) of this paragraph, for
all or any portion of a salary base period during which a member of
NYCERS concurrently held a full-time position in city-service and one or
more part-time positions in city-service, or a member of BERS
concurrently held a full-time position in education service and one or
more part-time positions in education service, only the earnings from
the full-time position shall be applied in calculating the salary base.
(ii) (A) Where a member of NYCERS has held a full-time position in
city-service and one or more part-time positions in city-service
concurrently for a total of at least nine months in each of ten
consecutive years, and has made all required member contributions for
such service, or a member of BERS has held a full-time position in
education service and one or more part-time positions in education
service concurrently for a total of at least nine months in each of ten
consecutive years, and has made all required member contributions for
such service, and such a member concurrently held such a full-time
position and one or more such part-time positions during all or a
portion of the salary base period, then the following earnings from such
positions for that portion of the salary base period during which such
positions were held concurrently shall be aggregated and applied in
calculating the salary base:
(a) the earnings from the full-time position during such portion of
such salary base period; plus
(b) the earnings from those part-time positions held during such
portion of such salary base period, which part-time positions are equal
in number to the part-time positions which such member held concurrently
with a full-time position for a total of at least nine months in each of
ten consecutive years.
(B) For the limited purpose only of determining, pursuant to item (A)
of this subparagraph, whether such member has held such a full-time
position and one or more such part-time positions concurrently for a
total of at least nine months in each of ten consecutive years, a
full-time position held by such member at any time during such ten-year
period may be deemed to be a part-time position.
(6) (i) Except as provided in subparagraph (ii) of this paragraph, for
all or any portion of a salary base period in which a member of NYCERS
did not hold a full-time position and concurrently held two or more
part-time positions in city-service, or a member of BERS did not hold a
full-time position and concurrently held two or more part-time positions
in education service, the portions of the earnings from such part-time
positions during that portion of the salary base period during which
such part-time positions were held concurrently, which earnings portions
may be aggregated and applied in calculating the salary base, shall be
determined as follows:
(A) rank each such part-time position held concurrently during such
portion of the salary base period in order according to the rate of pay
which is applicable to such member for each such position during such
portion of the salary base period, from the highest rate of pay to the
lowest rate of pay;
(B) determine for each such part-time position the hypothetical amount
of service credit which such member would have been eligible to earn
from such position for that portion of the salary base period during
which such two or more part-time positions were held concurrently if
such member had held no other position concurrently with such position;
(C) determine for such portion of the salary base period the
hypothetical amount of service credit which such member would have been
eligible to earn from one full-time position held during a period of
time equal in length to such portion of the salary base period;
(D) add together all of the hypothetical amounts of service credit
determined for each position in accordance with item (B) of this
subparagraph;
(E) of the hypothetical service credit sum determined in accordance
with item (D) of this subparagraph is less than or equal to the amount
of hypothetical full-time service credit determined in accordance with
item (C) of this subparagraph, then the earnings from all of such two or
more part-time positions from such portion of the salary base period
shall be aggregated and applied in calculating the salary base;
(F) if the hypothetical service credit sum determined in accordance
with item (D) of this subparagraph is greater than amount of
hypothetical full-time service credit determined in accordance with item
(C) of this subparagraph, then add together the hypothetical amounts of
service credit determined for such positions in accordance with item (B)
of this subparagraph in the order determined in accordance with item (A)
of this subparagraph which are attributable to the maximum number of
such positions which yield the maximum total amount of hypothetical
service credit which is less than or equal to the amount of hypothetical
full-time service credit determined in accordance with item (C) of this
subparagraph;
(G) if the hypothetical service credit sum determined in accordance
with item (F) of this subparagraph is equal to the amount of
hypothetical full-time service credit determined in accordance with item
(C) of this subparagraph, then the total earnings from service rendered
during such portion of the salary base period from such maximum number
of positions in such item (F) which yielded such maximum amount of
hypothetical service credit in such item (F) shall be aggregated and
applied in calculating the salary base;
(H) if the hypothetical service credit sum determined in accordance
with item (F) of this subparagraph is less than the amount of
hypothetical full-time service credit determined in accordance with item
(C) of this subparagraph, then determine the amount of hypothetical
service credit from the next position on the list which, when added
together with the hypothetical service credit sum determined in
accordance with item (F) of this subparagraph, shall equal the
hypothetical full-time service credit determined in accordance with item
(C) of this subparagraph;
(I) set forth the total hypothetical service credit from the next
position on the list after such maximum number of positions referred to
in item (F) of this subparagraph;
(J) divide the amount of hypothetical service credit determined in
accordance with item (H) of this subparagraph by the total hypothetical
service credit of such next position determined in accordance with item
(I) of this subparagraph;
(K) add together all of the earnings from the service rendered during
such portion of the salary base period from such maximum number of
positions referred to in item (F) of this subparagraph;
(L) multiply the fraction determined in accordance with item (J) of
this subparagraph by the amount of earnings from the service rendered
during such portion of the salary base period from such next position on
the list, as referred to in item (I) of this subparagraph; and
(M) add together the earnings determined in accordance with item (K)
of this subparagraph and item (L) of this subparagraph, and the sum of
such earnings shall be applied in calculating the salary base in
accordance with the applicable provisions of subdivision e of this
section.
(ii)(A) Where a member of NYCERS has held two or more part-time
positions in city-service concurrently for a total of at least nine
months in each of ten consecutive years, and has made all required
member contributions for such service, or a member of BERS has held two
or more part-time positions in education service concurrently for a
total of at least nine months in each of ten consecutive years, and has
made all required member contributions for such service, and such member
concurrently held two or more part-time positions during all or any
portion of the salary base period, then the earnings from such positions
for that portion of the salary base period during which such positions
were held concurrently which shall be aggregated and applied in
calculating the salary base shall be the earnings from those part-time
positions held during such portion of such salary base period, which
part-time positions are equal in number to the part-time positions which
such member held concurrently for a total of at least nine months in
each of ten consecutive years.
(B) For the limited purpose only of determining, pursuant to item (A)
of this subparagraph, whether such member has held two or more such
part-time positions concurrently for a total of at least nine months in
each of ten consecutive years, a full-time position held by such member
at any time during such ten-year period may be deemed to be a part-time
position.
(7)(i) Notwithstanding any other provision of law to the contrary, for
any period of time in which a member of NYCERS held concurrently two or
more positions in city-service for which he or she made member
contributions to NYCERS, or for any period of time in which a member of
BERS held concurrently two or more positions in education service for
which he or she made member contributions to BERS, such member, on or
after the effective date of retirement (or the commencement date of
payability of a deferred vested retirement allowance), may withdraw that
portion of his or her accumulated member contributions (including
interest to be credited pursuant to subparagraph (ii) of this paragraph)
which is attributable to the earnings from service rendered during such
period in any number of such positions up to the number of positions
equal to one less than the total number of such positions concurrently
held in such period for which he or she made member contributions,
provided that such a withdrawal of member contributions shall be
permitted only for service rendered during such period in a position
which, prior to any such withdrawal, such member:
(A) is not entitled to service credit for service rendered in such
position; and
(B) is not eligible to have earnings from service rendered in such
position applied in calculating his or her salary base; and
(C) is not entitled to have earnings from two or more positions which
such member held concurrently during the salary base period aggregated
and applied in calculating the salary base, pursuant to subparagraph
(ii) of paragraph four of this subdivision, subparagraph (ii) of
paragraph five of this subdivision or subparagraph (ii) of paragraph six
of this subdivision, where such entitlement is based in whole or in part
upon service in such position during such period being applied to meet
the requirement that two or more positions be held concurrently for a
total of at least nine months in each of ten consecutive years.
(ii) Interest shall be credited on accumulated member contributions
withdrawn pursuant to subparagraph (i) of this paragraph at the same
rate and in the same manner as interest is required to be credited on a
refund of member contributions pursuant to the provisions of law
applicable to such member.
(iii) No member shall be entitled to service credit or any of the
benefits of this subdivision for any service for which member
contributions have been withdrawn pursuant to this paragraph.
(8)(i)(A) Any member of the New York city teachers' retirement system
who concurrently holds a position as a teacher (as defined in
subdivision seven of section 13-501 of the code) and a position in
city-service in which he or she has worked an average of at least thirty
hours per week for a least five consecutive years may elect to become a
member of NYCERS and to transfer his or her membership in the New York
city teachers' retirement system to NYCERS by filing simultaneously with
NYCERS, during the window period (as defined in paragraph twenty-two of
subdivision a of this section), a duly executed and acknowledged
application for membership and a duly executed and acknowledged request
that his or her membership and service credit in the New York city
teachers' retirement system be transferred to NYCERS.
(B) Any election of membership in NYCERS made pursuant to item (A) of
this subparagraph shall be irrevocable.
(ii)(A) Upon the filing with NYCERS of a request for a transfer as
provided in item (A) of subparagraph (i) of this paragraph, NYCERS shall
file such request for a transfer with the New York city teachers'
retirement system. Upon the filing of such request for a transfer with
the New York city teachers' retirement system, such retirement system
shall make a transfer of reserves and accumulated member contributions
to NYCERS in the manner required by section forty-three of the RSSL.
(B) Nothing contained in the preceding provisions of this paragraph or
of any other law shall be construed (a) as imposing any restriction
under the third sentence of subdivision d of such section forty-three on
the determination of the salary base for benefit computation purposes
with respect to any person whose membership and service credit are
transferred to NYCERS pursuant to the applicable preceding provisions of
this paragraph, or (b) as making the last sentence of such subdivision d
applicable to any such transferee.
(iii) Any member of the New York city teachers' retirement system who
did not meet the requirements of subparagraph (i) of this paragraph to
transfer his or her membership to NYCERS because he or she, during the
window period, did not concurrently hold a position as a teacher (as
defined in subdivision seven of section 13-501 of the code) and a
position in city-service in which he or she had worked an average of at
least thirty hours per week for at least five consecutive years, and who
shall meet all of such requirements for such a transfer on December
thirty-first, nineteen hundred ninety-five, may elect to become a member
of NYCERS and to transfer his or her membership in the New York city
teachers' retirement system to NYCERS by filing simultaneously with
NYCERS, during the six-month period which commences on the day
immediately following the date of enactment of the chapter of the laws
of nineteen hundred ninety-six which added this provision, a duly
executed and acknowledged application for membership and a duly executed
and acknowledged request that his or her membership and service credit
in the New York city teachers' retirement system be transferred to
NYCERS, provided he or she meets all of such requirements on such date
of filing. The provisions of item (B) of subparagraph (i) of this
paragraph and of subparagraph (ii) of this paragraph shall be applicable
to any such transfer pursuant to this subparagraph.
(iv) Notwithstanding the provisions of subparagraph (i) of paragraph
two of this subdivision, or any other provision of law to the contrary,
where a person transferred his or her membership in the New York city
teachers' retirement system to NYCERS pursuant to the provisions of this
paragraph, the service rendered by such member in a position as a
teacher (as defined in subdivision seven of section 13-501 of the code)
prior to such transfer for which credit was transferred to NYCERS, and
the service rendered by such member in such position as a teacher while
a member of NYCERS after such transfer to NYCERS, shall be deemed to be
city-service for all purposes including, but not limited to, the
determination of such member's rights pursuant to the provisions of
paragraphs one through seven of this subdivision, provided that the
obligations of such member to make member contributions based on such
service shall be the same as if such service were city-service.
g. Retirement system membership of school crossing guards. (1) Any
person employed by the New York city police department in the title of
school crossing guard (A) who is not a member of any public retirement
system of the state of New York or any political subdivision thereof at
the time he or she files an application for membership in BERS, or (B)
who is a member of another public retirement system of such state or
political subdivision thereof, and who meets all of the requirements for
a transfer of membership from such retirement system to BERS pursuant to
section forty-three of the RSSL, may elect to become a member of BERS by
filing with BERS a duly executed and acknowledged application for
membership.
(2) Subject to the provisions of paragraph three of this subdivision,
any person who, on the effective date of the act which added this
paragraph, is employed by the New York city police department in the
title of school crossing guard and who, immediately prior to such
effective date, is a member of NYCERS shall, on such effective date,
become a member of BERS and shall have his or her membership in NYCERS
transferred to BERS.
(3) Any person who, on the effective date of the act which added this
paragraph, is employed in such title of school crossing guard and who,
immediately prior to such effective date, is a member of NYCERS may
elect to remain a member of NYCERS and to void such transfer to BERS
pursuant to paragraph two of this subdivision by filing, within ninety
days after such effective date, written notice of such election with the
executive director of NYCERS and the executive director of BERS.
(4) For all persons who are transferred from NYCERS to BERS pursuant
to paragraph two of this subdivision, NYCERS shall make a transfer of
reserves, accumulated member contributions and service credit to BERS
using a method which is calculated, as certified by the actuary, to
produce results which are reasonably equivalent to the results which
would be produced by using the method required by section forty-three of
the RSSL. For all persons who elect to remain a member of NYCERS and to
void a transfer from NYCERS to BERS pursuant to paragraph three of this
subdivision, BERS shall make a transfer of reserves, accumulated member
contributions and service credit to NYCERS using a method which is
calculated, as certified by the actuary, to produce results which are
reasonably equivalent to the results which would be produced by using
the method required by section forty-three of the RSSL.
(5) Notwithstanding the provisions of subparagraph (i) of paragraph
two of subdivision f of this section, or any other provision of law to
the contrary, where a person's membership in NYCERS was transferred to
BERS pursuant to paragraph two of this subdivision, the service rendered
by such member in the title of school crossing guard prior to such
transfer for which credit was transferred to BERS, as well as the
service rendered by such member in such position while a member of BERS
after such transfer to BERS, shall be deemed to be education service for
all purposes including, but not limited to, the determination of such
member's rights pursuant to the provisions of paragraphs one through
seven of subdivision f of this section.
(6) Notwithstanding any other provision of law to the contrary, where
a person's credit for service in the title of school crossing guard was
transferred from NYCERS to BERS pursuant to paragraph four of this
subdivision, and the transferred credit for such service was prorated by
NYCERS pursuant to paragraph one of subdivision c of this section on the
basis of one year of service credit for eighteen hundred twenty-seven
hours of such service rendered in a calendar year, the transferred
credit for such service in such position shall be recomputed by BERS and
prorated pursuant to paragraph two of subdivision c of this section on
the basis of one year of service credit for fourteen hundred seventy
hours of such service rendered in a calendar year, provided that such
service meets all of the requirements of such paragraph two for
prorating on such basis.
Section 13-638.5¶
Section 13-638.5
§ 13-638.5 Compliance of New York city retirement systems and pension
funds with section 401(a)(2) of the Internal Revenue Code.
Notwithstanding any other provision of law to the contrary, the New York
city employees' retirement system, the New York city police pension
fund, subchapter two, the New York city fire department pension fund,
subchapter two, the New York city teachers' retirement system and the
New York city board of education retirement system shall at all times
comply with the requirements of section 401(a)(2) of the Internal
Revenue Code, as amended from time to time, and at no time, prior to the
satisfaction of liabilities with respect to employees and beneficiaries
under the trust, shall any part of the corpus or income of any such
retirement system or pension fund be used for, or diverted to, any
purpose other than the exclusive benefit of the members, retirees and
beneficiaries of each of such retirement systems and pension funds,
respectively, except to the extent permitted by the Internal Revenue
Code as it may be amended from time to time.
Section 13-638.6¶
Section 13-638.6
§ 13-638.6 Compliance of New York city retirement systems and pension
funds with section 401(a)(9) of the Internal Revenue Code.
Notwithstanding any other provision of law to the contrary, the New York
city employees' retirement system, the New York city police pension
fund, subchapter two, the New York city fire department pension fund,
subchapter two, the New York city teachers' retirement system and the
New York city board of education retirement system shall at all times
comply with the requirements of section 401(a)(9) of the Internal
Revenue Code, as amended from time to time, and, unless the Internal
Revenue Code as hereafter amended provides otherwise,
(1) all distributions of retirement allowance benefits from any such
retirement system or pension fund shall commence on or before the April
first following the later of the calendar year in which the participant
attains age seventy and one-half or retires; and
(2) where the distribution of the participant's entire interest is not
made in a lump sum by any such retirement system or pension fund, the
distribution shall be made in one or more of the following ways: over
the life of the participant; over the life of the participant and a
designated beneficiary; over a period certain not extending beyond the
life expectancy of the participant; or over a period certain not
extending beyond the joint life and last survivor expectancy of the
participant and a designated beneficiary; and
(3) if distribution of benefits has commenced prior to the
participant's death, the remaining interest shall be distributed by any
such retirement system or pension fund at least as rapidly as under the
method of distribution being used as of the date of the participant's
death; and
(4) where the participant dies before distribution commences, the
method of distribution of benefits from any such retirement system or
pension fund shall satisfy the following requirements: (a) any remaining
portion of the participant's interest that is not payable to a
beneficiary designated by the participant shall be distributed within
five years after the participant's death; and (b) any portion of the
participant's interest that is payable to a beneficiary designated by
the participant shall be distributed either (i) within five years after
the participant's death, or (ii) over the life of the beneficiary or
over a period certain not extending beyond the life expectancy of the
beneficiary, commencing not later than the end of the calendar year
following the calendar year in which the participant dies (or, if the
designated beneficiary is the participant's surviving spouse, commencing
not later than the end of the calendar year following the calendar year
in which the participant would have attained age seventy and one-half).