N.Y. Retirement & Social Security Law § 389: Twenty year retirement plan for LIRR police officers

* § 389. Twenty year retirement plan for LIRR police officers. a. As

used in this section, the following words and phrases shall have the

following meaning unless a different meaning is plainly required by the

context:

1. "LIRR". The Long Island Railroad Company.

2. "LIRR police officer." A person who on or after the effective date

of this section holds an appointment as a police officer in the LIRR

police department pursuant to section eighty-eight of the railroad law

as well as any probationary police officer in that department who is

expected to hold such an appointment after completing the requisite

training, but not including any such person unless the person's initial

employment with that department was in the position of such probationary

police officer or as a patrolman, policewoman, sergeant, lieutenant or

detective, or any successor title to any of the foregoing positions.

3. "LIRR police service." Service rendered prior to or on or after the

effective date of this section by any LIRR police officer while serving

only as a LIRR police officer.

4. "Twenty-year plan." The twenty year retirement plan for LIRR police

officers as provided in this section.

b. Except as otherwise provided in this article, a LIRR police officer

referred to in paragraph three of subdivision b of section three hundred

forty of this article or a LIRR police officer referred to in paragraph

one of subdivision c of such section who files an election pursuant to

subdivision d of this section shall be entitled to all retirement system

benefits provided to a member who participates in sections three hundred

eighty-four-d and three hundred eighty-four-e of this article and who

joins or rejoins the retirement system on the same date as such LIRR

police officer joins or rejoins the retirement system (subject to the

provisions of subdivision c of section four hundred forty of this

chapter).

c. Except as otherwise provided in this article, any provision of law

and any regulation promulgated by the head of the retirement system,

including, but not limited to, any such provision or regulation

pertaining to contributions, membership rights, benefits, service

credit, and procedures which are applicable to a member who joins or

rejoins the retirement system on the same date as a LIRR police officer

joins or rejoins the retirement system (subject to the provisions of

subdivision c of section four hundred forty of this chapter), as such

member is referred to in subdivision b of this section, and by virtue of

such member's membership in the retirement system, shall, to the extent

that any such provision or regulation is found applicable by the head of

the retirement system, apply to a LIRR police officer who contributes to

the retirement system referred to in subdivision b of this section.

d. A LIRR police officer referred to in paragraph three of subdivision

b of section three hundred forty of this article shall contribute to the

retirement system pursuant to the schedule provided in this paragraph

upon becoming a LIRR police officer, which rate shall thereafter not be

changed. A LIRR police officer referred to in paragraph one of

subdivision c of such section shall contribute to the retirement system

at the rate determined pursuant to the schedule provided in this

paragraph commencing with the effective date of this section but based

on his age when LIRR police service commenced, which rate shall

thereafter not be changed. Except as otherwise provided in this article,

such contributions shall be calculated, collected, credited and

otherwise treated by the retirement system in the same manner as are

member contributions and accumulated contributions under this chapter. A

member of the twenty year plan shall not, however, be required to

contribute pursuant to this paragraph after he has completed twenty

years of LIRR police service, nor shall such a member be permitted to

make contributions thereafter except as otherwise provided in this

section prior to the completion of twenty years of LIRR police service.

In the event of termination of employment with the LIRR as a LIRR police

officer, a member of the twenty year plan who is not vested or entitled

to any other benefit under this section or any other provision of this

chapter may withdraw an amount equal to his accumulated contributions

with interest credited thereon. In the event such membership shall

terminate other than as a result of transfer to a public employer, any

contributions and interest thereon remaining to the credit of the member

shall be refunded. For the purpose of such withdrawal or refund, the

contributions shall be credited with interest at the rate of five

percent per annum. Upon withdrawal of contributions by a member pursuant

to this paragraph, membership in the retirement system shall cease. A

former member who thereafter returns to employment with the LIRR as a

LIRR police officer shall not receive any credit for previous service to

which such withdrawn or refunded contributions applied unless such

member applies therefor and repays the amounts so withdrawn or refunded,

together with interest through the date of repayment at the rate of five

percent per annum.

Age at commencement of

LIRR police service Percentage rate

18 5.90

19 5.70

20 5.55

21 5.35

22 5.15

23 5.00

24 4.80

25 4.65

26 4.45

27 4.30

28 4.15

29 3.95

30 3.80

31 3.65

32 3.50

33 3.35

34 3.15

35 or older 3.00

e. In addition to such other sections of this chapter, as may pursuant

to subdivision b of this section, apply in accordance with their terms

(including, but not limited to, sections three hundred sixty-one, three

hundred sixty-one-a, three hundred sixty-three, three hundred

sixty-three-c and three hundred sixty-four), sections three hundred

sixty-two, three hundred seventy-six, three hundred eighty-four-d, three

hundred eighty-four-e and four hundred forty-eight of this chapter shall

apply to a LIRR police officer who is a member of the retirement system

in accordance with this section except as otherwise provided herein, and

provided that LIRR police service shall be substituted for total service

credit, as that latter term is used in section three hundred sixty-two,

for total service as that term is used in section three hundred

seventy-six, for total creditable service as that term is used in

section three hundred eighty-four-d, and for service as that term is

used in sections three hundred eighty-four-e and four hundred

forty-eight. Notwithstanding any other provision of the foregoing

sections or of this article to the contrary, member contributions under

subdivision d of this section shall not entitle the member to any

benefit pursuant to section three hundred eighty-four-d of this article

greater than one-half of his final average salary after twenty years of

LIRR police service, or, in the case of a member who has more than

twenty years of LIRR police service at retirement, any benefit pursuant

to subdivision b of section three hundred eighty-four-e of this article

for such additional years of LIRR police service not exceeding ten, or,

in the case of a member who has ten or more years but less than twenty

years of LIRR police service upon termination of service as a LIRR

police officer, any benefit pursuant to section three hundred

seventy-six of this article greater than the vested retirement allowance

described in subdivision b of section three hundred seventy-six of this

article.

f. Within one hundred twenty days after the effective date of this

section, the sum of (a) the balance held under The Long Island Rail Road

Company Money Purchase Plan for the account of all LIRR police officers

who as of the effective date become members of the retirement system

pursuant to section three hundred forty of this article and (b) the

amount of any contributions under The Long Island Rail Road Company

Pension Plan or The Long Island Rail Road Company Plan for Additional

Pensions made by any such LIRR police officer, together with interest on

such contributions in the same amount as interest would be credited

thereto under such plans if the amount of these contributions were

refunded thereunder to the member involved on the date of the transfer,

shall be transferred to the pension accumulation fund of the retirement

system by the LIRR and the amount so transferred other than the account

balance under The Long Island Rail Road Company Money Purchase Pension

Plan deriving from contributions thereunder by the LIRR shall be

considered contributions for purposes of subdivision d of this section.

g. Commencing on the effective date of this section and in a manner

determined by the head of the retirement system, the LIRR shall make

contributions to the retirement system to fund the normal cost to the

extent not funded by member contributions and the past service liability

cost associated with the implementation of this section to the extent

not funded by the amounts referred to in subdivision f of this section

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

contributions to fund the past service liability shall be made in level

dollar installments over a period equal to (a) the average remaining

working lifetime of the members of the twenty year plan or (b) ten

years, at the election of the LIRR, by notice of such election to the

retirement system together with the notice by the LIRR provided for in

subdivision b of section three hundred thirty-one of this article.

** h. Notwithstanding any other provision of law, the LIRR shall pick

up the member contributions required on and after the effective date of

this subdivision to be made under this section by LIRR police officers

and shall do so by reducing the salary of each of its employees to which

this section is applicable by that amount which each such employee is

required to contribute under this section. The contributions so picked

up shall be paid by the LIRR in lieu of the member contributions to be

paid by its employees under this section and shall be treated as

employer contributions in determining income tax treatment under section

four hundred fourteen (h) of the Internal Revenue Code. With the

exception of federal income tax treatment, the employee contributions

picked up or paid pursuant to this subdivision shall for all other

purposes, including computation of retirement benefits and contributions

by the LIRR and its employees, be deemed employee salary. Nothing

contained in this subdivision shall be construed as superseding the

provisions of section four hundred thirty-one of this chapter or any

similar provision of law which limits the salary base for computing

retirement benefits payable by a public retirement system.

** NB Effective the first day of the calendar month following receipt

by the comptroller of the election by The Long Island Rail Road Company

and shall remain in full force and effect only so long as such treatment

of employee contributions is authorized pursuant to the provisions of

the Internal Revenue Code

* NB Effective the first day of the calendar month following receipt

by the comptroller of the election by The Long Island Rail Road Company