NY Ret & SS L § 388 (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 388 - Retirement of Members in the City of Yonkers Police Force and Fire Department.

§  388.  Retirement of members in the city of Yonkers police force and fire department. 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. "City." City of Yonkers.   2. "Department." City of Yonkers police department or fire department.   3. 3. "Service in  such  department."  Full  time  duty  as  a  police officer,  firefighter  or  police,  fire  officer or commissioner of the department.   b. Any member in  service  in  such  department  on  September  first, nineteen  hundred  sixty-five,  who  elected  to contribute under former section eighty-eight of  this  chapter,  on  or  before  January  first, nineteen hundred sixty-six, shall contribute to the retirement system on the basis of retirement upon his:   1. Completion of twenty-five years of service in such department, or   2.  Attainment  of  age  sixty in service in such department, if prior thereto, on an allowance of one-fiftieth of his final average salary for each year of service in such department not  in  excess  of  twenty-five years, provided such election was in writing and duly executed and filed with the comptroller.   c. Employees entering or re-entering service in such department on and after  September first, nineteen hundred sixty-five, and who contributed under  former  section  eighty-eight  of  this  chapter,  and  employees entering  or  re-entering  service in such department on and after April first, nineteen hundred  sixty-seven,  shall  contribute  on  the  basis provided for by this section.   d.  A  member,  who  elects 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 the same as that which  was  or  which would be computed under item three of subparagraph c of paragraph two of subdivision  e  of section three hundred eighty-four of this article. In no event shall a member contribute under this section at a  higher  rate than  he  was  or  would  be  required to contribute under item three of subparagraph c of paragraph  two  of  subdivision  e  of  section  three hundred eighty-four of this article had this section not been enacted.   Such  members'  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 employer contributes pursuant           to           such           section            toward pensions-providing-for-increased-take-home-pay,  provided, however, that such member may by written notice duly acknowledged and filed  with  the comptroller,  make  an  election  to waive such reduction as provided by subdivision j of section three hundred twenty-one of this  article.  One year  or  more  after the filing thereof, a member may withdraw any such election  by  written  notice  duly  acknowledged  and  filed  with  the comptroller.   No  such  member  shall  be  required  to continue contributions after completing twenty-five years of such 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-five years of creditable  service  in  such  department  or  upon attainment  of  age  sixty,  if  prior thereto, by filing an application therefor in a manner similar to that provided in section seventy of this article.  (1) Upon completion of twenty-five years  of  such  service  and  upon retirement,  each  such  member  shall receive a pension which, together  with  an  annuity  which  shall  be  the  actuarial  equivalent  of  his accumulated   contributions  at  the  time  of  his  retirement  and  an additional  pension  which  is   the   actuarial   equivalent   of   the reserve-for-increased-take-home-pay  to  which  he may then be entitled, shall be sufficient to provide him with a retirement allowance equal  to one-half of his final average salary.  (2)   Upon  attainment  of  age  sixty  and  upon  retirement  without completion of twenty-five years of such service, each such member  shall receive  a  pension  which,  together with an annuity which shall be the actuarial equivalent of his accumulated contributions at the time of his retirement and an additional pension which is the  actuarial  equivalent of  the  reserve-for-increased-take-home-pay  to  which  he  may then be entitled, shall be sufficient to provide him with a retirement allowance equal to one-fiftieth of his final  average  salary  for  each  year  of creditable  service  in  such  division. Every such member shall also be entitled  to  an  additional  pension  equal  to  the  pension  for  any creditable  service  rendered  while  not an employee of the division as provided under paragraphs three and four of  subdivision  a  of  section three  hundred  seventy-five  of this chapter. This latter pension shall not increase the total allowance to more  than  one-half  of  his  final average salary.   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  and  survivors  insurance coverage.   f. The increased pensions to members of such department,  as  provided by this section, shall be paid from additional contributions made by the city  on  account  of such members. The actuary of the retirement system shall compute the additional contribution required for 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 to the mayor of the city of Yonkers. The amount thereof shall be included in the annual appropriations of the city. Such  amount shall  be  paid  on  the  warrant  of the comptroller of the city to the pension accumulation fund of the retirement system.   g. In computing the twenty-five years of  completed  service  in  such department,  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 entrance into the armed forces was in service in such department.   h. In the event a member shall continue in service  after  twenty-five years  of  creditable  service, there shall be added to his pension upon retirement a sum equal to one-sixtieth of his final average  salary  for each additional year of service after twenty-five years.   i.  Upon  retirement  of  any  member  pursuant  to  this section, any additional amounts credited to  the  member's  annuity  savings  account pursuant  to  subdivision  b  of  section  three  hundred thirty of this chapter shall be treated as excess contributions and shall  be  used  to provide  an  annuity  in  addition  to  the  annuity  prescribed by this section. Any other amounts credited  to  the  member's  annuity  savings  account,  except  the  amounts contributed or required to be contributed under this section and except such amounts as are  required  to  produce the  retirement allowance provided by subdivision e of this section, may at  the  option  of the member at the time of retirement be withdrawn or used to provide an annuity in addition to the annuity prescribed by this section.   j. A member who elected or is required  to  contribute  in  accordance with  this section, who does not apply for retirement upon completion of twenty-five years of service in such department or  upon  attainment  of age  sixty,  shall  retire  from service on the last day of the calendar month next succeeding  the  calendar  month  in  which  he  attains  age sixty-four which shall be his mandatory retirement age.   k. The provisions of this section shall be controlling notwithstanding any provision in this article to the contrary.