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graph three of this paragraph, for the calendar year referred to in such items, shall be in the ratio that the number of days of such calendar year during which the obligation and guarantee of each such obligor is 'in effect bears to the whole number of days in such calendar year.

(i) (1) Subject to the provisions of paragraph (j) of this subdivision, as of June thirtieth next succeeding the first calendar year covered by, ą payment guarantee (as defined in paragraph (i) of subdivision one of this section) and as of each succeeding, June thirtieth, the actuary

referred to in paragraph (d) of subdivision one of this section shall make a valuation of the assets and liabilities of the variable supplements fund in accordance with the requirements of the succeeding subparagraphs of this paragraph. For the purposes of paragraph (1) of subdivision three of section 13-193.2 of this chapter, such valuation as of any such June thirtieth shall be the yaluation for the basis fiscal year related to a payment guarantee (as defined in paragraph (c) of subdivision three of such section 13-193.2) in which such June thirtieth

(2) The actuary shall base such annual valuation of liabilities only (i)

beneficiaries and (ii) upon the persons who, being transit police officers in service as of such June thirtieth, may be actuarially expected to retire thereafter

transit police officers for service with twenty or more years of service creditable toward the minimum period.

(3) The liabilities determined in such valuation shall be equal to the actuarial present value of accumulated plan benefits. The actuarial assumptions used by the actuary in making such annual valuation of liabilities, including assumptions as to interest rate, mortality of beneficiaries and number of transit police officers in service as of June thirtieth who will retire for service with twenty or more years of vice creditable toward the minimum period, shall be adopted by the variable supplements board on the recommendation of the actuary.

(j). For the purposes of the valuation of the assets of the variable supplements, fund pursuant to paragraphs (e), (f) and (i) of this subdivision, such assets shall be valued at their fair market value as of the applicable date with respect to which such assets required to be valued under the applicable provisions of such paragraphs.

(k) Whenever variable supplements are payable to beneficiaries of the transit police officer's variable supplements fund

pursuant to the provisions of this section, such payment, except as provided in paragraphs (f), (8) and (h) of this subdivision, shall not be an obligation of 'the city or the New York city transit authority or any other governmental entity described in such paragraph (h) and neither the city, the transit authority nor any such other governmental entity, except as provided for in such paragraphs (f), (?) and (h), shall guarantee such payment.

10. Subdivision 4 of section 13-191 of the administrative code of the city of New York, as added by chapter 844 of the laws of 1987, is amended to read as follows:

4. (a) The variable supplements (board may in its discretion authorize payments from the transit police officer's variable supplements fund

to beneficiaries pursuant to the provisions of this section. Subject to the provisions of paragraph (Þ) of this subdivision, such payments made in such form, in such amount and in such cases as the variable supplements board may in its discretion determine; provided, however, that the board, in so exercising, its discretion, shall give consideration to equity, fairness and principles of prudent management) fund shall pay variable

supplements to beneficiaries in accordance with the succeeding paragraphs of this subdivision.

(b) No variable supplements shall be payable to any beneficiary, for any calendar year or part thereof preceding January first, nineteen hundred ninety-two.

(c) For calendar years succeeding December thirty-first, nineteen hundred ninety-one, the variable supplements fund, subject the provisions of paragraphs (e), (f), (8) and (h) of subdivision three of this section, and provided any applicable conditions precedent to payability

prescribed by such provisions are satisfied, and subject to the provisions of paragraph (f) of this subdivision, shall pay to each beneficiary, who retired on or after July, first, nineteen hundred eightyseven and prior to July first, nineteen hundred eighty-eight,

or who, having been in service as a member of the uniformed transit police force and as a member of the retirement system June thirtieth,

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hundred eighty-eight, retired for service prior to January first,
nineteen hundred ninety-two, variable supplements payments as follows:

(1) for each calendar year following calendar year nineteen hundred
ninety-one, but not including the calendar year of the beneficiary's
death, a single annual payment to be paid on or about December fifteenth
of such year, as follows:
CALENDAR YEAR

SUPPLEMENT
1992

$4,500 1993

$5,000 1994

$5,500 1995

$6,000 1996

$6,500 1997

$7,000 1998

$7,500 1999

$8,000 2000

$8,500 2001

$9,000 2002

$9,500 2003

$10,000 2004

$10,500 2005

$11,000
2006

$11,500
2007 and each
calendar year
thereafter

$12,000
(2) for the calendar year of the beneficiary's death (for those bene-
ficiaries who die on or after February first, nineteen hundred ninety-

an amount calculated by multiplying one-twelfth times the supple-
ment applicable to the year of death, as provided in the chart set forth
in subparagraph one of this paragraph (c), by the number of full calen-
dar months the beneficiary lived during that calendar year prior to the
month of his or her death.

(d) For calendar years succeeding December thirty-first, nineteen
ninety-one, the variable supplements fund, subject to the provisions of
paragraphs (e), (f), (8) and (h) of subdivision three of this section
and provided any applicable conditions precedent to payability under
such provisions satisfied, and subject to the provisions of para-
graph (f) of this subdivision, shall pay to each person

who,

June thirtieth, nineteen hundred eighty-eight, was actually employed as a member of the uniformed transit police force and

member of the retirement system and who retired from

service on or after January
first, nineteen hundred ninety-two so as to become a beneficiary, vari-
able supplements payments as follows:

(1) for the calendar year of retirement, an amount calculated by mul-
tiplying one-twelfth times the supplement applicable to the year of
retirement,

as provided for in the chart set forth in subparagraph one
of paragraph (c) of this subdivision, by the number of calendar months
elapsing from and including the month next following the month of
retirement to the end of such calendar year of retirement, such payment
to be made on or about December fifteenth of such year;

(?), for each calendar year following the year of retirement, but not including the calendar year of the beneficiary's death, a single annual payment equal to the supplement provided for with respect to each such calendar year as set forth in the chart in subparagraph

of such paragraph (c), which payment

shall be made on or about December fifteenth of such year;

(3) for the calendar year of the beneficiary's death (for those beneficiaries who die on or after February first, nineteen hundred ninety

an amount calculated by multiplying one-twelfth times the supplemert applicable to the year of death, as provided for in the chart set forth in subparagraph one of such paragraph (c), by the number of full calendar months the beneficiary lived during that calendar year prior to the month of his or her death; and

(4) if the retirement and death of a beneficiary occur in the same
calendar year, aggregate payments under subparagraphs one and

three of
paragraph shall be made only in respect to calendar months follow-
ing the month of retirement and preceding the month of death.
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(e) The variable supplements fund, subject to the provisions of paragraphs (e), (f), (8) and (h) of subdivision three of this section and provided

any applicable conditions precedent to payability under such provisions are satisfied, and subject to the provisions of paragraph (f) of this subdivision, shall pay to each person who became or becomes actually employed as a member of the uniformed transit police force and member of the retirement system on or after July first, nineteen hundred eighty-eight, and who retires for service so as to become a beneficiary, variable supplements payments as follows:

(1) for the calendar year of retirement, an amount calculated by multiplying one-twelfth times the sum of twenty-five hundred dollars by the number

of calendar months elapsing from and including the month next following the month of retirement to the end of such calendar year of retirement, such

payment to be made on or about December fifteenth of such year;

(2) for each calendar year following the year of retirement, but not including the calendar year of the beneficiary's death, a single annual payment to be paid

about December fifteenth of such year, as follows:

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or

CALENDAR YEAR OF ANNIVERSARY
OF RETIREMENT (references
hereinafter to "anniversary
year" mean calendar year
of anniversary)
First anniversary year

SUPPLEMENT

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Second anniversary year and each succeeding anniversary year to and including the nineteenth anniversary year

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of (1) a lower-based component equal to one-twelfth of the base sum of $2500 multiplied by the number of whole calendar months from and including the first month of such calendar year to and including the month

in which the an-
niversary,

of the date of retirement oc-
curs, and (2) a higher-based component
equal to one-twelfth of the base sum of
$3000 multiplied by the number of months
remaining in such calendar year
The

of a lower-based component and
a higher-based component computed pur-
suant to the formula,

above, for the first anniversary year, except that for each such anniversary

year succeeding the first, the lower-based component shall be computed on base

$500 higher than the base sum required to be used in computing the lower-based component for the next preceding, anniversary year and

the higher-based component shall be computed on a base sum $500 higher than the base sum required to be used in computing the higher-based component for such next preceding anniversary year

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(3), for the calendar year of the beneficiary's death, an amount calculated in accordance with the formula for that year set forth in subparagraph two of this paragraph (e) but prorated on the basis of the number of full calendar months the beneficiary lived during that year prior to the month of his or her death; and

(4) if the retirement and death of a beneficiary occur in the same calendar year, aggregate payments under subparagraphs

and three above shall be made only in respect to calendar months following the month of retirement and preceding the month of death.

[(b)] (f) (1) [No beneficiary shall have a right to receive variable supplements except to the extent, in the manner and for the period

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authorized by the variable supplements board in the exercise of its
discretion pursuant to this section and any such supplements granted may
at any time be discontinued by the variable supplements board in the
exercise of such discretion] (i) Subject to the provisions of items
(ii), (iii) and (iv), of this subparagraph one, on or after January
first, nineteen hundred ninety-two, where å beneficiary is entitled to
receive variable supplements payments, pursuant to paragraph (C), para-
graph (d) or paragraph (e) of this subdivision, and that beneficiary

is
also entitled to receive a supplemental retirement allowance pursuant to
any other provision of law enacted on or after January first, nineteen
hundred ninety-two (hereinafter referred to "other supplemental
retirement allowance"), the amount of such variable supplement payable
for a calendar year or a part of such calendar year to such beneficiary
shall be reduced by the amount of such other supplemental retirement al-
lowance that is payable to such beneficiary to the extent that such
other supplemental retirement allowance is attributable to the same
calendar year or part of such calendar year.

(ii) For any beneficiary referred to in paragraph (C) or paragraph (d)
of this subdivision, whose variable supplements payments are being
reduced pursuant to item (i) of this subparagraph one because such other
supplemental retirement allowance is also payable to that beneficiary,
the reduction provided for in such item (i) shall cease as to such bene-
ficiary on the later of (A) the first day of the month next following
the month in which such beneficiary attains age sixty-two; or (B) Janu-
ary first, two thousand seven.

(iii) For any beneficiary referred to in paragraph (e) of this subdi-
vision, whose variable supplements payments are being reduced pursuant
to item (i), of this subparagraph one because such other supplemental
retirement allowance is also payable to that beneficiary, the reduction
provided for in such item (i) shall cease as to such beneficiary on the
later of (A) the first day of the month following the month in which
such beneficiary attains age sixty-two; or (B) the first day of the
month next following the month in which the nineteenth anniversary of
the retirement of such beneficiary occurs.

(iv) In any case where the reduction of variable supplements payments
to a beneficiary has ceased pursuant to item (ii) or item (iii) of this
subparagraph, one,

that beneficiary, for the purpose of determining his
or her eligibility for and the amount of any other supplemental retire-
ment allowance, shall be deemed to have retired on the date of the ces-
sation of such reduction specified in the applicable provisions of such
item (ii) or item (iii).
12. The legislature hereby declares

that the variable supplements
authorized by this section and the granting and receipt thereof:

(i) shall not create or constitute membership in a pension or retire-
ment system and shall not create or constitute a contract with any bene-
ficiary or with any transit police member; and

(ii) shall not constitute à pension or retirement allowance or benefit
under the retirement system or otherwise.
(3) Except as

as otherwise provided in [section] sections 13-193,
13-193.1 and 13-193.2 of this chapter, nothing contained in this section
shall create or impose any obligation on the part of the retirement sys-
tem, or the funds or monies thereof, or authorize such funds monies
to be appropriated or used for any payment under this section or for any
purpose thereof.

(c)] (8) Beneficiaries shall be eligible to receive variable supple-
ments pursuant to this section, notwithstanding any other provision of
law to the contrary.
[(d) (1) The variable supplements board shall not grant any variable
supplement pursuant to this section unless the transit police officer's
variable supplements fund, at the time of the making of such grant, has
in its possession monies or assets which are sufficient to provide such
supplement and which have not been encumbered by any other grant of any
such supplement.

(2) Upon the making of any such grant, the] (h) The monies or assets
Çencumbered thereby shall be set aside and] of the variable supplements
fund shall not

be used for any [other] purpose, other than payment of
variable supplements pursuant to the provisions of this section,
that they may be

except
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§ 11. Subdivision 6 of section 13-191 of the administrative code of the city of New York, as added by chapter 844 of the laws of 1987, is amended to read as follows:

6. (a) The members of the variable supplements board shall be the trustees of the monies received by or belonging to the transit police officer's variable supplements fund pursuant to this section and shall have full power to invest same, subject to the terms, conditions, limitations and restrictions imposed by law upon savings banks in the making and disposing of investments by savings banks; and subject

to

like terms conditions, limitations and restrictions, such trustees shall have full power to hold, purchase, sell, assign, transfer or dispose of

of the securities or investments in which any of such monies shall have been invested as well as of the proceeds of such investments and of any monies belonging to such fund.

(b) The members of the variable supplements board shall have the same investment powers and power to delegate such powers as are vested by the code and the retirement and social security law in the members of the board of trustees of the retirement system.

§ 12. Subdivision 10 of section 13-191 of the administrative code of the city of New York, as added by chapter 844 of the laws of

1987,

is amended to read as follows:

10. [(a) The transit police officer's variable supplements fund shall not make any payments to beneficiaries unless a plan setting forth the basis and amounts of such payments and the qualifications for receipt thereof is first filed with the superintendent of insurance and approved by him or her as consistent with the provisions of this section.

(b)] The superintendent of insurance may examine the affairs of the transit police officer's variable supplements fund with the same powers and jurisdiction are applicable in the case of an examination of a life insurance company by the superintendent under article three of the insurance law. The transit police officer's variable supplements fund shall be subject to assessment for expenses pursuant to the provisions of [sections] section three hundred thirteen (and three hundred thirtytwo) of the insurance law, but shall not be subject to assessment for expenses under any of the provisions of section three hundred thirty-two of the insurance law.

§ 13. Paragraph (a) of subdivision 1 of section 13-193 of the administrative code of the city of New York, as added by chapter 844 of the laws of 1987, is amended to read as follows:

(a) "Base fiscal year". Any fiscal year of the city beginning on or after July first, nineteen hundred eighty-seven and ending on or before June thirtieth of the first calendar year, covered by a payment guarantee (as defined in paragraph (8) of this subdivision), with respect to which fiscal year determination is required to be made as to whether the retirement system is required to make a payment, pursuant to the provisions of this section, to the transit police officer's variable supplements fund and the transit police superior officers' variable supplements fund.

§ 14. Subdivision 1 of section 13-193 of the administrative code of the city of New York, as added by chapter 844 of the laws of 1987, is amended by adding two new paragraphs (8) and (h) to read as follows:

(8) "Calendar year covered by a payment guarantee". The calendar year in which a guarantee, by a guarantee obligor (as defined in paragraph

subdivision one of section 13-191 of this chapter (relating to the transit police officer's variable supplements fund)), of payment

of variable supplements first takes effect pursuant to paragraph (f), or paragraph (8) of subdivision three of such section, and any succeeding calendar year. (h) "Basis fiscal year related

to a payment guarantee". Any fiscal year of the city beginning on or after July first of the first calendar year covered by a payment guarantee (as defined in paragraph (8) of this subdivision).

$ 15. Section 13-193 of the administrative code of the city of New York, as added by chapter 844 of the laws of 1987, is amended by adding four new subdivisions 4, 5, 6 and 7 to read as follows:

4. The determination as to whether there are transferable earnings with respect to each base fiscal year occurring after June thirtieth, nineteen hundred eighty-seven and prior to July first of the first calendar year covered by a payment guarantee (as defined in paragraph (8) of subdivision one of this section), and if there are such transferable earnings, the amount thereof, shall be made as follows:

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