N.Y. Retirement & Social Security Law § 388: Retirement of members in the city of Yonkers police force and fire department

§ 388. Retirement of members in the city of Yonkers police force and

fire department. a. As used in this section, the following words and

phrases shall have the following meanings unless a different meaning is

plainly required by the context:

1. "City." City of Yonkers.

2. "Department." City of Yonkers police department or fire department.

3. "Service in such department." Full time duty as a police officer,

firefighter or police, fire officer or commissioner of the department.

b. Any member in service in such department on September first,

nineteen hundred sixty-five, who elected to contribute under former

section eighty-eight of this chapter, on or before January first,

nineteen hundred sixty-six, shall contribute to the retirement system on

the basis of retirement upon his:

1. Completion of twenty-five years of service in such department, or

2. Attainment of age sixty in service in such department, if prior

thereto, on an allowance of one-fiftieth of his final average salary for

each year of service in such department not in excess of twenty-five

years, provided such election was in writing and duly executed and filed

with the comptroller.

c. Employees entering or re-entering service in such department on and

after September first, nineteen hundred sixty-five, and who contributed

under former section eighty-eight of this chapter, and employees

entering or re-entering service in such department on and after April

first, nineteen hundred sixty-seven, shall contribute on the basis

provided for by this section.

d. A member, who elects or 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 compensation similarly determined.

Such latter proportion shall be the same as that which was or which

would be computed under item three of subparagraph c of paragraph two of

subdivision e of section three hundred eighty-four of this article. In

no event shall a member contribute under this section at a higher rate

than he was or would be required to contribute under item three of

subparagraph c of paragraph two of subdivision e of section three

hundred eighty-four of this article had this section not been enacted.

Such members' 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 employer contributes

pursuant to such section toward

pensions-providing-for-increased-take-home-pay, provided, however, that

such member may by written notice duly acknowledged and filed with the

comptroller, make an election to waive such reduction as provided by

subdivision j of section three hundred twenty-one of this article. One

year or more after the filing thereof, a member may withdraw any such

election by written notice duly acknowledged and filed with the

comptroller.

No such member shall be required to continue contributions after

completing twenty-five years of such service.

e. 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 creditable service in such department or upon

attainment of age sixty, if prior thereto, by filing an application

therefor in a manner similar to that provided in section seventy of this

article.

(1) Upon completion of twenty-five years of such service and upon

retirement, each such member shall receive a pension which, together

with an annuity which shall be the actuarial equivalent of his

accumulated contributions at the time of his retirement and an

additional pension which is the actuarial equivalent of the

reserve-for-increased-take-home-pay to which he may then be entitled,

shall be sufficient to provide him with a retirement allowance equal to

one-half of his final average salary.

(2) Upon attainment of age sixty and upon retirement without

completion of twenty-five years of such service, each such member shall

receive a pension which, together with an annuity which shall be the

actuarial equivalent of his accumulated contributions at the time of his

retirement and an additional pension which is the actuarial equivalent

of the reserve-for-increased-take-home-pay to which he may then be

entitled, shall be sufficient to provide him with a retirement allowance

equal to one-fiftieth of his final average salary for each year of

creditable service in such division. Every such member shall also be

entitled to an additional pension equal to the pension for any

creditable service rendered while not an employee of the division as

provided under paragraphs three and four of subdivision a of section

three hundred seventy-five of this chapter. This latter pension shall

not increase the total allowance to more than one-half of his final

average salary.

For the purpose only of determining the amount of the pension provided

in this subdivision, the annuity shall be computed as it would be if it

were not reduced by the actuarial equivalent of any outstanding loan,

and if it were not increased by the actuarial equivalent of any

additional contributions, and if it were not reduced by reason of the

member's election to decrease his annuity contributions to the

retirement system in order to apply the amount of such reduction in

payment of his contributions for old-age and survivors insurance

coverage.

f. The increased pensions to members of such department, as provided

by this section, shall be paid from additional contributions made by the

city on account of such members. The actuary of the retirement system

shall compute the additional contribution required for 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 to the mayor of the city of Yonkers. The amount thereof

shall be included in the annual appropriations of the city. Such amount

shall be paid on the warrant of the comptroller of the city to the

pension accumulation fund of the retirement system.

g. In computing the twenty-five years of completed service in such

department, 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

entrance into the armed forces was in service in such department.

h. In the event a member shall continue in service after twenty-five

years of creditable service, there shall be added to his pension upon

retirement a sum equal to one-sixtieth of his final average salary for

each additional year of service after twenty-five years.

i. Upon retirement of any member pursuant to this section, any

additional amounts credited to the member's annuity savings account

pursuant to subdivision b of section three hundred thirty of this

chapter shall be treated as excess contributions and shall be used to

provide an annuity in addition to the annuity prescribed by this

section. Any other amounts credited to the member's annuity savings

account, except the amounts contributed or required to be contributed

under this section and except such amounts as are required to produce

the retirement allowance provided by subdivision e of this section, may

at the option of the member at the time of retirement be withdrawn or

used to provide an annuity in addition to the annuity prescribed by this

section.

j. A member who elected or is required to contribute in accordance

with this section, who does not apply for retirement upon completion of

twenty-five years of service in such department or upon attainment of

age sixty, shall retire from service on the last day of the calendar

month next succeeding the calendar month in which he attains age

sixty-four which shall be his mandatory retirement age.

k. The provisions of this section shall be controlling notwithstanding

any provision in this article to the contrary.