NY Ret & SS L § 330 (2021)
2021 New York Laws RSS - Retirement and Social Security Article 8 - New York State and Local Police and Fire Retirement System Title 5 - Participation in System by Political Subdivisions and Other Organizations 330 - Participation by Municipalities.

§   330.   Participation  by  municipalities.  a.  Every  municipality   (exclusive of those maintaining a  local  pension  system  for  all  its   police   officers   and  firefighters)  employing  police  officers  and   firefighters must participate in the police and fire retirement  system,   and such participation shall be irrevocable.b.  A  municipality  maintaining a local pension system for its police   officers and firefighters may elect to participate  in  the  police  and   fire  retirement  system  upon  the  petition of sixty per centum of the   members  of  the  local  pension  system   for   police   officers   and   firefighters.  Such  election  shall  be  exercised by the adoption of a   resolution approved by its local legislative body and any other body  or   officer  required by law to approve resolution of such local legislative   body. Upon the filing of a certified copy of such  resolution  with  the   comptroller,  such  election  shall be irrevocable, and the municipality   shall become a participating employer. As of the date such participation   is approved:1. The operation of such local pension system shall be discontinued.2. The existing pensioners and annuitants of such local pension system   shall be continued and paid at their existing rates by  the  police  and   fire retirement system.3.  Any cash and securities to the credit of such local pension system   shall be transferred to the police and fire retirement system.4. The trustees or other administrative head  of  such  local  pension   system shall certify the proportion, if any, of the funds of such system   that  represents  the  accumulated  contributions of the members and the   individual shares of the members therein. Such shares shall be  credited   to  the  respective  annuity  savings  accounts  of such members in this   retirement system. The balance of the funds so transferred to the police   and fire retirement system shall be  offset  against  the  liability  on   account  of  existing  pensioners,  annuitants  and  active members. The   resulting liability so determined shall be the basis  for  the  rate  of   deficiency  contribution  of  such  county,  city,  town  or  village as   determined pursuant to section twenty-three of this article.c. The  county  of  Monroe,  by  resolution  legally  adopted  by  its   governing  body filed with and approved by the comptroller, may elect to   have   its   fire   chief-airport,   firefighter-airport,    and    fire   captain-airport  personnel  in those titles designated by such governing   body, become eligible to participate in the New  York  state  and  local   police  and  fire  retirement  system.  Upon such adoption, such county,   except as specifically provided in this article to the  contrary,  shall   thereafter be treated as a participating employer. Such resolution shall   provide  for  the  payment  by the county of any costs incurred for past   service credit as  well  as  future  cost  occasioned  by  the  county's   election  under this subdivision; provided articles fourteen and fifteen   member contributions previously made by members of the  New  York  state   and  local  employees'  retirement system who will become members of the   New York state and local police and fire retirement  system  under  this   section  shall be transferred to the New York state and local police and   fire retirement system and used to offset the  amount  of  past  service   costs  which  would  otherwise  result. Further, the past service costs,   less such accumulated tiers 3 and 4 member contributions, shall be  paid   over  a  ten  year period at the rates of interest used in the actuarial   valuations covering the ten year period.d. A participating employer's election of any retirement  benefit  for   members  of  the state and local police and fire retirement system shall   apply either to its police officers or its firefighters, as the case may   be.