NY Ret & SS L § 384-B (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 384-B - Retirement of Members of the Police Department of the City of Glen Cove, After Twenty Years of Service.

§ 384-b. Retirement of members of the police department of the city of Glen  Cove,  after twenty years of service.  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. "Police department".   Members of the  city  of  Glen  Cove  police department.   2.  "Service in such department".  Full time police duty as an officer or member of the organized police  department  in  the  above  mentioned city.   b.  Every  member  in  the  police  department who enters or re-enters service in the department on  or  after  July  first,  nineteen  hundred sixty-five,  and  who is contributing under former section eighty-four-a of this chapter and members  entering  or  re-entering  service  in  the department  on  and  after April first, nineteen hundred sixty-seven and prior to September first, nineteen hundred eighty, shall  contribute  to the retirement system in the manner provided for by this section.   c.  Every  member  in  the  police department who entered such service prior to July first, nineteen hundred  sixty-five  and  who  elected  to contribute  under  former  section  eighty-four-a  of this chapter shall contribute on the basis provided for by this section.   d.  A  member  who  elected  to  contribute   under   former   section eighty-four-a  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 computed to provide, at the time when he shall first become  eligible  for retirement under this section, an annuity equal to one-eightieth of his final average salary for each year of service as  a member  rendered after July first, nineteen hundred sixty-five and prior to the attainment of the age when he shall  first  become  eligible  for retirement.   No such member shall be required to continue contributions after completing twenty years of 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 years of total creditable  service  in  such  department,  or  upon  the attainment  of  age  sixty-two,  by filing an application therefore in a manner similar to that provided in section seventy of this article.   He thereupon  shall receive on retirement a retirement allowance consisting of:   1.  An  annuity  which  shall  be  the  actuarial  equivalent  of  his accumulated contributions at the time of his retirement, plus   2.   A   pension   which   is   the   actuarial   equivalent   of  the reserve-for-increased-take-home-pay to which he may then be entitled, if any, plus   3. A pension of one-eightieth of his final  average  salary  for  each year of service rendered:  (a) Since he last became a member, and  (b)  Prior  to the completion of twenty years of total service in such department, and  (c) Toward which he and  his  employer  have  contributed  under  this section, plus   4.  An  additional  pension,  if  required, of such amount as shall be necessary to increase the total amount of the  benefits  provided  under paragraphs one, two and three of this subdivision e to at least one-half of  his  final  average salary. The computation of this pension shall be limited so that the total service in such department used as a basis for pension credit under this paragraph four and  paragraph  three  of  this subdivision e, shall not exceed twenty years, plus    5.  An  additional  pension  equal  to  the pension for any creditable service rendered while not an employee of such  department  as  provided under  paragraphs  three  and  four  of subdivision (a) of section three hundred seventy-five of this article. This pension  shall  be  based  on member's final average salary, and  (a)  Be  payable only if such member has attained age sixty-two at the time of retirement and has not completed twenty years of service in such department for which he receives credit under this article, and  (b) Not increase the total  allowance  to  more  than  he  would  have received had his total service been rendered in such department.   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 survivors insurance coverage.   f. A member who elects or is required to contribute in accordance with this  section  shall  retire on the first day of the calendar month next succeeding his attainment of age sixty-two.   g. The increased  pensions  to  any  member  in  such  department,  as provided  by  this  section, shall be paid from additional contributions made by the  appropriate  participating  employer  on  account  of  such member.    The  actuary  of  the  retirement  system  shall  compute the additional contributions for each member who elects 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 of the comptroller,  such  additional contributions  shall  be  certified  by him to the fiscal officer of the participating employer. The amount thereof  shall  be  included  in  the annual  appropriation  of  the  participating  employer  for  its police department.  Such amount shall be paid on  the  warrant  of  the  fiscal officer  of  the participating employer to the pension accumulation fund of the retirement system.   h. In computing the twenty years of completed service of a  member  in the  police  department,  full  credit shall be given and full allowance shall be made for service of such member in time of war and service with the American  expeditionary  forces  subsequent  to  November  eleventh, nineteen hundred eighteen, and prior to June thirtieth, nineteen hundred nineteen,  of  honorably discharged officers, soldiers, sailors, marines and army nurses, who were actual residents of the state at the  time  of their  entry  into  the  military  service of the United States, and the service of members of the national guard in the military service of  the United  States  of  America  pursuant  to  the call of the president for Mexican border service.   i.  The   provisions   of   this   section   shall   be   controlling, notwithstanding any provision in this article to the contrary.