2023 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 › 330 - Participation by Municipalities.

§   330.   Participation  by  municipalities.  a.  Every  municipality
  (exclusive of those maintaining a  local  pension  system  for  all  its
  police   officers   and  firefighters)  employing  police  officers  and
  firefighters must participate in the police and fire retirement  system,
  and such participation shall be irrevocable.
b.  A  municipality  maintaining a local pension system for its police
  officers and firefighters may elect to participate  in  the  police  and
  fire  retirement  system  upon  the  petition of sixty per centum of the
  members  of  the  local  pension  system   for   police   officers   and
  firefighters.  Such  election  shall  be  exercised by the adoption of a
  resolution approved by its local legislative body and any other body  or
  officer  required by law to approve resolution of such local legislative
  body. Upon the filing of a certified copy of such  resolution  with  the
  comptroller,  such  election  shall be irrevocable, and the municipality
  shall become a participating employer. As of the date such participation
  is approved:
1. The operation of such local pension system shall be discontinued.
2. The existing pensioners and annuitants of such local pension system
  shall be continued and paid at their existing rates by  the  police  and
  fire retirement system.
3.  Any cash and securities to the credit of such local pension system
  shall be transferred to the police and fire retirement system.
4. The trustees or other administrative head  of  such  local  pension
  system shall certify the proportion, if any, of the funds of such system
  that  represents  the  accumulated  contributions of the members and the
  individual shares of the members therein. Such shares shall be  credited
  to  the  respective  annuity  savings  accounts  of such members in this
  retirement system. The balance of the funds so transferred to the police
  and fire retirement system shall be  offset  against  the  liability  on
  account  of  existing  pensioners,  annuitants  and  active members. The
  resulting liability so determined shall be the basis  for  the  rate  of
  deficiency  contribution  of  such  county,  city,  town  or  village as
  determined pursuant to section twenty-three of this article.
c. The  county  of  Monroe,  by  resolution  legally  adopted  by  its
  governing  body filed with and approved by the comptroller, may elect to
  have   its   fire   chief-airport,   firefighter-airport,    and    fire
  captain-airport  personnel  in those titles designated by such governing
  body, become eligible to participate in the New  York  state  and  local
  police  and  fire  retirement  system.  Upon such adoption, such county,
  except as specifically provided in this article to the  contrary,  shall
  thereafter be treated as a participating employer. Such resolution shall
  provide  for  the  payment  by the county of any costs incurred for past
  service credit as  well  as  future  cost  occasioned  by  the  county's
  election  under this subdivision; provided articles fourteen and fifteen
  member contributions previously made by members of the  New  York  state
  and  local  employees'  retirement system who will become members of the
  New York state and local police and fire retirement  system  under  this
  section  shall be transferred to the New York state and local police and
  fire retirement system and used to offset the  amount  of  past  service
  costs  which  would  otherwise  result. Further, the past service costs,
  less such accumulated tiers 3 and 4 member contributions, shall be  paid
  over  a  ten  year period at the rates of interest used in the actuarial
  valuations covering the ten year period.
d. A participating employer's election of any retirement  benefit  for
  members  of  the state and local police and fire retirement system shall
  apply either to its police officers or its firefighters, as the case may
  be.