NY Ret & SS L § 331 (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 331 - Participation by Public or Quasi-Public Organizations.

§  331.  Participation by public or quasi-public organizations. a. Any   public or quasi-public organization which heretofore joined the New York   state and local employees' retirement system, on behalf  of  its  police   officers  and  firefighters,  shall  on  and after April first, nineteen   hundred sixty-seven, participate, on behalf of such police officers  and   firefighters,  in  the police and fire retirement system pursuant to the   provisions of this article.b. On and after April first, nineteen hundred sixty-seven, any  public   or  quasi-public  organization  created wholly or partly or deriving its   powers by the legislature of the state and  which  organization  employs   police  officers  and  firefighters engaged in service to the public, by   resolution legally adopted by its governing body  and  approved  by  the   comptroller,  may  elect  to  have  its police officers and firefighters   become eligible to participate in the New York state  and  local  police   and  fire retirement system. Acceptance of the officers and employees of   such an employer for membership in the New York state and  local  police   and fire retirement system shall be optional with the comptroller. If he   or  she  shall approve their participation, such organization, except as   specifically provided in this article to the contrary, shall  thereafter   be  treated  as  a participating employer. Notwithstanding the foregoing   provisions of this subdivision, The Long Island Rail Road Company,  upon   its  election  filed  with the comptroller, shall participate in the New   York state and local police and fire retirement system with  respect  to   LIRR  police  officers  as  defined in paragraph two of subdivision a of   section three hundred eighty-nine of this article who are referred to in   paragraph three of subdivision b or in paragraph one of subdivision c of   section three hundred forty of this article, their  benefits  to  be  as   provided  in  or  pursuant  to  such  section three hundred eighty-nine,   provided that such election may only be made subsequent  to  the  latest   date  of the enactment of federal legislation or receipt of assurance or   relief from the relevant federal agency  or  agencies  for  all  of  the   following:  removal of such LIRR police officers from coverage under the   Federal Employers' Liability Act and  the  federal  Railway  Labor  Act,   removal  of  such  LIRR  police officers from coverage under the federal   Railroad Retirement Act and the federal Railroad Unemployment  Insurance   Act  and  exemption  for  such  LIRR police officers and The Long Island   Railroad Company from liability  either  for  taxes  under  the  federal   Railroad  Retirement  Tax  Act  or  the  federal  Railroad  Unemployment   Repayment Tax, and further provided that the authority for such election   shall expire and be null and void if each such enactment or  receipt  is   not effected on or before June fifteenth, nineteen hundred ninety-six.c.  The  officers and employees of such organization shall be credited   with such periods of prior  service  as  shall  be  certified  by  their   employer  for  service rendered to it, or its predecessor, or the state,   or in any other capacity approved by such employer and the  comptroller.   Service  for  such  employer  after  the  date  on which it commences to   participate in the police and fire retirement system and on  account  of   which  such  employer  pays  contributions shall be considered as member   service. An officer or employee of such employer who, as of the date  he   or  she  is so approved for membership in the police and fire retirement   system, is already a member thereof, shall not have  his  or  her  total   credit reduced by such approval. Any reserve held on account of any such   officer or employee in the pension accumulation fund shall be used as an   offset  against  the  deficiency contribution payable thereafter by such   employer on account of such officer or employee for  any  prior  service   credit  and  any  such  previous credit. Except as otherwise provided in   this article, a police officer or firefighter of such employer  who,  by   reason  of  his  or  her  service, is a member of any other governmental    retirement  system  shall  not  participate  in  the  police  and   fire   retirement  system  on  that part of his or her compensation so covered.   The term "governmental retirement system," as used in this  subdivision,   shall  include any retirement system wholly or partly maintained by this   state, by a municipality of this state, by another  state  or  political   subdivision  thereof, by the United States government, or by any foreign   country or political subdivision thereof.The provision in subdivision b of this section limiting  participation   in  the  New  York  state police and fire retirement system by reason of   membership in another governmental retirement system shall not  diminish   or  in any other way affect the prior or continual membership in the New   York state police and fire retirement system, or any rights or  benefits   heretofore or hereafter arising therefrom, of any officer or employee of   a  public or quasi-public organization who (1) is in the service of such   employer at the time this act takes effect, or was in such service prior   thereto, and (2) by reason of such service is or was  a  member  of  any   retirement system maintained by the United States government.d. An agreement, made by such an employer pursuant to this section, to   contribute   on   account   of  its  officers  and  employees  shall  be   irrevocable. In the event that such  employer  for  any  reason  becomes   financially  unable to make the contributions required on account of its   officers and  employees,  it  shall  be  deemed  to  be  in  default.  A   certificate to such effect thereupon shall be sent by the comptroller to   the  employer  and  to  the  state superintendent of financial services.   Every member of the police  and  fire  retirement  system,  who  was  an   officer or employee of such employer at the time of default, upon demand   made within ninety days thereafter, shall be entitled to discontinue his   or  her  membership  in  the  police and fire retirement system and to a   refund of his or her accumulated contributions. As of a date ninety days   following the date of such certificate of default, the  actuary  of  the   police  and  fire  retirement  system,  by  actuarial  valuation,  shall   determine the amount of the reserves held  on  account  of  each  active   member  and  pensioner  of such employer. He or she shall credit to each   such member and pensioner the amount of reserve so held.  In  the  event   such  an  active  member  does not discontinue his or her membership and   thus  become  entitled  to  the  refund  of  his  or   her   accumulated   contributions,  the reserve so credited, together with the amount of his   or her accumulated contributions shall be used to provide him or  her  a   paid  up  deferred  annuity  beginning at age sixty. The reserve of each   pensioner shall be used in providing such part of his  or  her  existing   pension  as  the  reserve  so held will provide, which pension, together   with his or her annuity, shall thereafter be payable to him or her.  The   rights  and  privileges  of  both  active members and pensioners of such   employer shall thereupon terminate except  as  to  the  payment  of  the   deferred  annuities  so provided for the previous active members and the   annuities  and  the  pensions,  or  parts  thereof  provided   for   the   pensioners.e.  Notwithstanding  anything  to  the  contrary,  the police and fire   retirement system shall not be liable for the payment of any pensions or   other benefits on account of the officers, employees  or  pensioners  of   any  employer  under  this  section  for  which  reserves  have not been   previously created from  funds  contributed  by  such  employer  or  its   officers  or employees for such benefits. This provision shall not apply   to any municipality which  elected  to  participate  in  the  retirement   system  under  former  section  seventy-five-a of this law prior to July   first, nineteen hundred forty-eight.