NY Ret & SS L § 389 (2021)
2021 New York Laws RSS - Retirement and Social Security Article 8 - New York State and Local Police and Fire Retirement System Title 10 - Special Retirement Plans Applicable to Specified Classes of Members 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 ofLIRR police service        Percentage rate 18                      5.9019                      5.7020                      5.5521                      5.3522                      5.1523                      5.0024                      4.8025                      4.6526                      4.4527                      4.3028                      4.1529                      3.9530                      3.8031                      3.6532                      3.5033                      3.3534                      3.1535 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