NY Ret & SS L § 383-D (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 383-D - Alternative Retirement Benefits for University Police Officers Appointed by the State University.

§   383-d.  Alternative  retirement  benefits  for  university  police officers appointed by the state university. a. As used in this  section, the  term  "university  police  officer"  shall  mean a person who is so appointed pursuant to paragraph l of subdivision two  of  section  three hundred fifty-five of the education law.   b.  Notwithstanding any other provision of law providing for transfers between retirement systems, any university police officer in the service of the state university who is a member of the New York state employees' retirement system may transfer to the New York state  and  local  police and  fire  retirement system and shall receive credit pursuant to and be entitled to the retirement benefits afforded  in  accordance  with  this section.  Upon  any  such  transfer  the member shall be entitled to the amount of service which would  have  been  deemed  creditable  had  such member  been  subject  to  such  system  during the course of his or her membership within such system. Contributions to  such  system  shall  be made  in accordance with appropriate provisions of law relating thereto. Application for such transfer must be made to the state  comptroller  on or before December thirty-first, two thousand fifteen. The provisions of section  three  hundred  forty-three  of this article shall apply to any member making application for transfer under this subdivision.   c.  Any  university  police  officer  in  the  service  of  the  state university  who  elects  or is required to contribute under this section shall contribute to the  New  York  state  and  local  police  and  fire retirement system on the basis of retirement upon his or her:   1. Completion of twenty-five years of total creditable service; or   2.  Attainment  of  age  sixty  as  a university police officer in the service of the state university, if prior thereto, on  an  allowance  of one-fiftieth  of  his or her final average salary for each year of total creditable service not in excess of  twenty-five  years.  Such  election shall  be  in  writing  and  shall  be  duly executed and filed with the comptroller.   d. Every employee entering or  re-entering  service  as  a  university police  officer  in  the service of the state university on or after the effective date of this section shall contribute on  the  basis  provided for by this section.   e.  A  member  who  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 or her compensation similarly determined. Such  latter proportion shall be computed to provide at the time when he or she shall first  become  eligible  for  retirement  under this section, an annuity equal to one-one hundredth of his or her final average salary  for  each year  of  service as a member prior to the attainment of the age when he or she shall first become eligible for retirement. Such member's rate of contribution pursuant to this section  shall  be  appropriately  reduced pursuant  to  section  three  hundred seventy-a of this article for such period of time as his or  her  employer  contributes  pursuant  to  such section  toward  pensions-providing-for-increased-take-home-pay. No such member shall be required  to  continue  contributions  after  completing twenty-five years of such service.   f.  A member contributing on the basis of this section, at the time of retirement,  shall  be  entitled  to  retire  after  the  completion  of twenty-five  years of total creditable service or upon the attainment of age sixty by filing an application therefor in a manner similar to  that provided  in  section  three  hundred seventy of this article. He or she shall receive, on retirement, a retirement allowance consisting of:   1. An annuity which shall be the actuarial equivalent of  his  or  her accumulated contributions at the time of his or her retirement, plus    2.  A pension which, together with such annuity and a pension which is the actuarial equivalent of the  reserve-for-increased-take-home-pay  to which  he  or she may then be entitled, if any, shall equal one-fiftieth of his or her final average salary for each year of  creditable  service in such service. This pension shall not exceed the amount needed to make the  total  amount  of  the  benefits  provided under this paragraph and paragraph one of this subdivision equal to  one-half  of  final  average salary.   3.  An  additional  pension  equal  to  the pension for any creditable service rendered while not employed as a university  police  officer  in the service of the state university as provided under paragraphs two and three  of  subdivision  a  of section three hundred seventy-five of this article. This pension shall:  (i) Be payable only if such member has attained age sixty at the  time of  retirement  and  has not completed twenty-five years of service as a university police officer in the service of  the  state  university  for which he or she receives credit under this article, and  (ii)  Not  increase  the  total allowance to more than he or she would have received had his or her total service been rendered as a university police officer in the service of the state university. For  the  purpose only  of  determining  the  amount  of  the pension provided herein, the annuity shall be computed as it would be:  (A) if not reduced by the  actuarial  equivalent  of  any  outstanding loan, and  (B)  if  not  increased  by the actuarial equivalent of any additional contributions, and  (C) if not reduced by reason of the member's election to decrease  his or  her annuity contributions to the retirement system in order to apply the amount of such reduction in payment of his or her contributions  for old-age and survivors insurance coverage.   g.  The  increased  pensions  to  a  university  police officer in the service of the state university, as provided by this section,  shall  be paid  from additional contributions made by the state on account of such members.   The actuary  of  the  retirement  system  shall  compute  the additional contribution of each member who elects to receive 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 by the  comptroller,  such additional  contributions  shall  be  certified  by  him  or  her to the chancellor of the state university. The amount thereof shall be included in the annual appropriation of the state for the state university.  Such amount  shall  be  paid on the warrant of the comptroller to the pension accumulation fund of the retirement system.   h. In computing the  twenty-five  years  of  completed  service  of  a university  police  officer in the service of the state university, full credit shall be given and full allowance shall be made  for  service  of such  member  in war after World War I as defined in section two of this chapter, provided such member at the time of his of  her  entrance  into the  armed  forces  was  in  state  service,  and  full  credit and full allowance shall be made for service as a university peace officer  prior to the effective date of chapter four hundred twenty-four of the laws of nineteen hundred ninety-eight.   i. The provisions of this section shall be controlling notwithstanding any provision in this article to the contrary.   j.  Notwithstanding  any  provision  of  subdivision d, e or i of this section to the contrary, a member who is in the  collective  negotiating unit  designated  as  the  agency  police  services unit and established  pursuant to article fourteen of  the  civil  service  law  and  who  has elected  or  is  required  to contribute in accordance with this section may, on or before March thirty-first, two  thousand  sixteen,  elect  to come  under  the  provisions  of section three hundred seventy-five-h of this article. Such election shall be duly executed and  filed  with  the comptroller.   k.  Commencing with the effective date of this section and in a manner determined by the head of the retirement system, the state, as employer, shall make contributions to the  retirement  system  to  fund  the  past service  liability  costs  associated  with  the  implementation of this section as those costs are calculated by the retirement system  actuary. Such  contributions  may,  at the election of the employer, be amortized over a ten year period.