§ 330 — Participation by municipalities

New York § 330

• Jurisdiction: New York
• Law RSS: Retirement & Social Security
• Title 5: Participation In System By Political Subdivisions and Other Organizations
• Art. 8: New York State and Local Police and Fire Retirement System

Text

§ 330. Participation by municipalities. a. Every municipality\n(exclusive of those maintaining a local pension system for all its\npolice officers and firefighters) employing police officers and\nfirefighters must participate in the police and fire retirement system,\nand such participation shall be irrevocable.\n b. A municipality maintaining a local pension system for its police\nofficers and firefighters may elect to participate in the police and\nfire retirement system upon the petition of sixty per centum of the\nmembers of the local pension system for police officers and\nfirefighters. Such election shall be exercised by the adoption of a\nresolution approved by its local legislative body and any other body or\nofficer required by law to approve resolution of such local legislative\nbody. Upon the filing of a certified copy of such resolution with the\ncomptroller, such election shall be irrevocable, and the municipality\nshall become a participating employer. As of the date such participation\nis approved:\n 1. The operation of such local pension system shall be discontinued.\n 2. The existing pensioners and annuitants of such local pension system\nshall be continued and paid at their existing rates by the police and\nfire retirement system.\n 3. Any cash and securities to the credit of such local pension system\nshall be transferred to the police and fire retirement system.\n 4. The trustees or other administrative head of such local pension\nsystem shall certify the proportion, if any, of the funds of such system\nthat represents the accumulated contributions of the members and the\nindividual shares of the members therein. Such shares shall be credited\nto the respective annuity savings accounts of such members in this\nretirement system. The balance of the funds so transferred to the police\nand fire retirement system shall be offset against the liability on\naccount of existing pensioners, annuitants and active members. The\nresulting liability so determined shall be the basis for the rate of\ndeficiency contribution of such county, city, town or village as\ndetermined pursuant to section twenty-three of this article.\n c. The county of Monroe, by resolution legally adopted by its\ngoverning body filed with and approved by the comptroller, may elect to\nhave its fire chief-airport, firefighter-airport, and fire\ncaptain-airport personnel in those titles designated by such governing\nbody, become eligible to participate in the New York state and local\npolice and fire retirement system. Upon such adoption, such county,\nexcept as specifically provided in this article to the contrary, shall\nthereafter be treated as a participating employer. Such resolution shall\nprovide for the payment by the county of any costs incurred for past\nservice credit as well as future cost occasioned by the county's\nelection under this subdivision; provided articles fourteen and fifteen\nmember contributions previously made by members of the New York state\nand local employees' retirement system who will become members of the\nNew York state and local police and fire retirement system under this\nsection shall be transferred to the New York state and local police and\nfire retirement system and used to offset the amount of past service\ncosts which would otherwise result. Further, the past service costs,\nless such accumulated tiers 3 and 4 member contributions, shall be paid\nover a ten year period at the rates of interest used in the actuarial\nvaluations covering the ten year period.\n d. A participating employer's election of any retirement benefit for\nmembers of the state and local police and fire retirement system shall\napply either to its police officers or its firefighters, as the case may\nbe.\n