N.Y. Retirement & Social Security Law § 383-d: Alternative retirement benefits for university police officers appointed by the state university

§ 383-d. Alternative retirement benefits for university police

officers appointed by the state university. a. As used in this section,

the term "university police officer" shall mean a person who is so

appointed pursuant to paragraph l of subdivision two of section three

hundred fifty-five of the education law.

b. Notwithstanding any other provision of law providing for transfers

between retirement systems, any university police officer in the service

of the state university who is a member of the New York state employees'

retirement system may transfer to the New York state and local police

and fire retirement system and shall receive credit pursuant to and be

entitled to the retirement benefits afforded in accordance with this

section. Upon any such transfer the member shall be entitled to the

amount of service which would have been deemed creditable had such

member been subject to such system during the course of his or her

membership within such system. Contributions to such system shall be

made in accordance with appropriate provisions of law relating thereto.

Application for such transfer must be made to the state comptroller on

or before December thirty-first, two thousand fifteen. The provisions of

section three hundred forty-three of this article shall apply to any

member making application for transfer under this subdivision.

c. Any university police officer in the service of the state

university who elects or is required to contribute under this section

shall contribute to the New York state and local police and fire

retirement system on the basis of retirement upon his or her:

1. Completion of twenty-five years of total creditable service; or

2. Attainment of age sixty as a university police officer in the

service of the state university, if prior thereto, on an allowance of

one-fiftieth of his or her final average salary for each year of total

creditable service not in excess of twenty-five years. Such election

shall be in writing and shall be duly executed and filed with the

comptroller.

d. Every employee entering or re-entering service as a university

police officer in the service of the state university on or after the

effective date of this section shall contribute on the basis provided

for by this section.

e. A member who is required to contribute in accordance with this

section shall contribute, in lieu of the proportion of compensation as

provided in section three hundred twenty-one of this article, a

proportion of his or her compensation similarly determined. Such latter

proportion shall be computed to provide at the time when he or she shall

first become eligible for retirement under this section, an annuity

equal to one-one hundredth of his or her final average salary for each

year of service as a member prior to the attainment of the age when he

or she shall first become eligible for retirement. Such member's rate of

contribution pursuant to this section shall be appropriately reduced

pursuant to section three hundred seventy-a of this article for such

period of time as his or her employer contributes pursuant to such

section toward pensions-providing-for-increased-take-home-pay. No such

member shall be required to continue contributions after completing

twenty-five years of such service.

f. A member contributing on the basis of this section, at the time of

retirement, shall be entitled to retire after the completion of

twenty-five years of total creditable service or upon the attainment of

age sixty by filing an application therefor in a manner similar to that

provided in section three hundred seventy of this article. He or she

shall receive, on retirement, a retirement allowance consisting of:

1. An annuity which shall be the actuarial equivalent of his or her

accumulated contributions at the time of his or her retirement, plus

2. A pension which, together with such annuity and a pension which is

the actuarial equivalent of the reserve-for-increased-take-home-pay to

which he or she may then be entitled, if any, shall equal one-fiftieth

of his or her final average salary for each year of creditable service

in such service. This pension shall not exceed the amount needed to make

the total amount of the benefits provided under this paragraph and

paragraph one of this subdivision equal to one-half of final average

salary.

3. An additional pension equal to the pension for any creditable

service rendered while not employed as a university police officer in

the service of the state university as provided under paragraphs two and

three of subdivision a of section three hundred seventy-five of this

article. This pension shall:

(i) Be payable only if such member has attained age sixty at the time

of retirement and has not completed twenty-five years of service as a

university police officer in the service of the state university for

which he or she receives credit under this article, and

(ii) Not increase the total allowance to more than he or she would

have received had his or her total service been rendered as a university

police officer in the service of the state university. For the purpose

only of determining the amount of the pension provided herein, the

annuity shall be computed as it would be:

(A) if not reduced by the actuarial equivalent of any outstanding

loan, and

(B) if not increased by the actuarial equivalent of any additional

contributions, and

(C) if not reduced by reason of the member's election to decrease his

or her annuity contributions to the retirement system in order to apply

the amount of such reduction in payment of his or her contributions for

old-age and survivors insurance coverage.

g. The increased pensions to a university police officer in the

service of the state university, as provided by this section, shall be

paid from additional contributions made by the state on account of such

members. The actuary of the retirement system shall compute the

additional contribution of each member who elects to receive the special

benefits provided under this section. Such additional contributions

shall be computed on the basis of contributions during the prospective

service of such member which will cover the liability of the retirement

system for such extra pensions. Upon approval by the comptroller, such

additional contributions shall be certified by him or her to the

chancellor of the state university. The amount thereof shall be included

in the annual appropriation of the state for the state university. Such

amount shall be paid on the warrant of the comptroller to the pension

accumulation fund of the retirement system.

h. In computing the twenty-five years of completed service of a

university police officer in the service of the state university, full

credit shall be given and full allowance shall be made for service of

such member in war after World War I as defined in section two of this

chapter, provided such member at the time of his of her entrance into

the armed forces was in state service, and full credit and full

allowance shall be made for service as a university peace officer prior

to the effective date of chapter four hundred twenty-four of the laws of

nineteen hundred ninety-eight.

i. The provisions of this section shall be controlling notwithstanding

any provision in this article to the contrary.

j. Notwithstanding any provision of subdivision d, e or i of this

section to the contrary, a member who is in the collective negotiating

unit designated as the agency police services unit and established

pursuant to article fourteen of the civil service law and who has

elected or is required to contribute in accordance with this section

may, on or before March thirty-first, two thousand sixteen, elect to

come under the provisions of section three hundred seventy-five-h of

this article. Such election shall be duly executed and filed with the

comptroller.

k. Commencing with the effective date of this section and in a manner

determined by the head of the retirement system, the state, as employer,

shall make contributions to the retirement system to fund the past

service liability costs associated with the implementation of this

section as those costs are calculated by the retirement system actuary.

Such contributions may, at the election of the employer, be amortized

over a ten year period.