2023 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. "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.