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 › 384-B - Retirement of Members of the Police Department of the City of Glen Cove, After Twenty Years of Service.

§ 384-b. Retirement of members of the police department of the city of
Glen  Cove,  after twenty years of service.  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. "Police department".   Members of the  city  of  Glen  Cove  police
department.
2.  "Service in such department".  Full time police duty as an officer
or member of the organized police  department  in  the  above  mentioned
city.
b.  Every  member  in  the  police  department who enters or re-enters
service in the department on  or  after  July  first,  nineteen  hundred
sixty-five,  and  who is contributing under former section eighty-four-a
of this chapter and members  entering  or  re-entering  service  in  the
department  on  and  after April first, nineteen hundred sixty-seven and
prior to September first, nineteen hundred eighty, shall  contribute  to
the retirement system in the manner provided for by this section.
c.  Every  member  in  the  police department who entered such service
prior to July first, nineteen hundred  sixty-five  and  who  elected  to
contribute  under  former  section  eighty-four-a  of this chapter shall
contribute on the basis provided for by this section.
d.  A  member  who  elected  to  contribute   under   former   section
eighty-four-a  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 computed to provide, at the time when he shall first
become  eligible  for retirement under this section, an annuity equal to
one-eightieth of his final average salary for each year of service as  a
member  rendered after July first, nineteen hundred sixty-five and prior
to the attainment of the age when he shall  first  become  eligible  for
retirement.   No such member shall be required to continue contributions
after completing twenty years of 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
years of total creditable  service  in  such  department,  or  upon  the
attainment  of  age  sixty-two,  by filing an application therefore in a
manner similar to that provided in section seventy of this article.   He
thereupon  shall receive on retirement a retirement allowance consisting
of:
1.  An  annuity  which  shall  be  the  actuarial  equivalent  of  his
accumulated contributions at the time of his retirement, plus
2.   A   pension   which   is   the   actuarial   equivalent   of  the
reserve-for-increased-take-home-pay to which he may then be entitled, if
any, plus
3. A pension of one-eightieth of his final  average  salary  for  each
year of service rendered:
(a) Since he last became a member, and
(b)  Prior  to the completion of twenty years of total service in such
department, and
(c) Toward which he and  his  employer  have  contributed  under  this
section, plus
4.  An  additional  pension,  if  required, of such amount as shall be
necessary to increase the total amount of the  benefits  provided  under
paragraphs one, two and three of this subdivision e to at least one-half
of  his  final  average salary. The computation of this pension shall be
limited so that the total service in such department used as a basis for
pension credit under this paragraph four and  paragraph  three  of  this
subdivision e, shall not exceed twenty years, plus
5.  An  additional  pension  equal  to  the pension for any creditable
service rendered while not an employee of such  department  as  provided
under  paragraphs  three  and  four  of subdivision (a) of section three
hundred seventy-five of this article. This pension  shall  be  based  on
member's final average salary, and
(a)  Be  payable only if such member has attained age sixty-two at the
time of retirement and has not completed twenty years of service in such
department for which he receives credit under this article, and
(b) Not increase the total  allowance  to  more  than  he  would  have
received had his total service been rendered in such department.
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 survivors insurance coverage.
f. A member who elects or is required to contribute in accordance with
this  section  shall  retire on the first day of the calendar month next
succeeding his attainment of age sixty-two.
g. The increased  pensions  to  any  member  in  such  department,  as
provided  by  this  section, shall be paid from additional contributions
made by the  appropriate  participating  employer  on  account  of  such
member.    The  actuary  of  the  retirement  system  shall  compute the
additional contributions for each member who elects 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 of the comptroller,  such  additional
contributions  shall  be  certified  by him to the fiscal officer of the
participating employer. The amount thereof  shall  be  included  in  the
annual  appropriation  of  the  participating  employer  for  its police
department.  Such amount shall be paid on  the  warrant  of  the  fiscal
officer  of  the participating employer to the pension accumulation fund
of the retirement system.
h. In computing the twenty years of completed service of a  member  in
the  police  department,  full  credit shall be given and full allowance
shall be made for service of such member in time of war and service with
the American  expeditionary  forces  subsequent  to  November  eleventh,
nineteen hundred eighteen, and prior to June thirtieth, nineteen hundred
nineteen,  of  honorably discharged officers, soldiers, sailors, marines
and army nurses, who were actual residents of the state at the  time  of
their  entry  into  the  military  service of the United States, and the
service of members of the national guard in the military service of  the
United  States  of  America  pursuant  to  the call of the president for
Mexican border service.
i.  The   provisions   of   this   section   shall   be   controlling,
notwithstanding any provision in this article to the contrary.