§ 381-A — Retirement of members or officers of the state police; new plan

New York § 381-A

• Jurisdiction: New York
• Law RSS: Retirement & Social Security
• Title 10: Special Retirement Plans Applicable to Specified Classes of Members
• Art. 8: New York State and Local Police and Fire Retirement System

Text

§ 381-a. Retirement of members or officers of the state police; new\nplan. a. Every member or officer of the division of state police in the\nexecutive department who enters or re-enters service in the division on\nor after May first, nineteen hundred sixty-one shall contribute to the\npolice and fire retirement system in the manner provided for by this\nsection.\n b. Every member or officer of the division of state police who entered\nsuch service prior to May first, nineteen hundred sixty-one and who\ncontributed under former section eighty-one-a of this chapter, in effect\nprior to April first, nineteen hundred sixty-seven shall contribute on\nthe basis provided for by this section.\n c. A member who elects or is required to contribute in accordance with\nthis section, shall contribute, in lieu of the proportion of\ncompensation as provided in section three hundred twenty-one of this\narticle, a proportion of his or her compensation similarly determined.\nSuch latter proportion shall be computed to provide, at the time when he\nor she shall first become eligible for retirement under this section, an\nannuity equal to one-one hundredth of his or her final average salary\nfor each year of service as a member of the state employees' retirement\nsystem or the police and fire retirement system rendered after April\nsixteenth, nineteen hundred thirty-eight, and prior to the attainment of\nthe age when he or she shall first become eligible for retirement. Such\nmember's rate of contribution pursuant to this section shall be\nappropriately reduced pursuant to section three hundred seventy-a of\nthis article for such period of time as his or her employer contributes\npursuant to such section toward\npensions-providing-for-increased-take-home-pay. No such member shall\ncontinue to make contributions after completing twenty-five years of\nsuch service.\n d. A member contributing on the basis of this section at the time of\nretirement, shall be entitled to retire after the completion of\ntwenty-five years of total creditable service in such division, or upon\nthe attainment of age sixty, by filing an application therefor in a\nmanner similar to that provided in section three hundred seventy of this\narticle.\n 1. Upon completion of twenty-five years of such service and upon\nretirement, each such member shall receive a pension which, together\nwith an annuity which shall be the actuarial equivalent of his\naccumulated contributions at the time of his retirement and an\nadditional pension which is the actuarial equivalent of the\nreserve-for-increased-take-home-pay to which he may then be entitled\nshall be sufficient to provide him with a retirement allowance equal to\none-half of his final average salary.\n 2. Upon attainment of age sixty and upon retirement without completion\nof twenty-five years of such service, each such member shall receive a\npension which together with an annuity which shall be the actuarial\nequivalent of his accumulated contributions at the time of his\nretirement and an additional pension which is the actuarial equivalent\nof the reserve-for-increased-take-home-pay to which he may then be\nentitled, shall be sufficient to provide him with a retirement allowance\nequal to one-fiftieth of his final average salary for each year of\ncreditable service in such division. Every such member shall also be\nentitled to an additional pension equal to the pension for any\ncreditable service rendered while not an employee of the division as\nprovided under paragraphs three and four of subdivision a of section\nthree hundred seventy-five of this article. This latter pension shall\nnot increase the total allowance to more than one-half of his final\naverage salary.\n For the purpose only of determining the amount of the pension provided\nin this subdivision, the annuity shall be computed as it would be if it\nwere not reduced by the actuarial equivalent of any outstanding loan,\nand if it were not increased by the actuarial equivalent of any\nadditional contributions, and if it were not reduced by reason of the\nmember's election to decrease his or her annuity contributions to the\npolice and fire retirement system in order to apply the amount of such\nreduction in payment of his or her contributions for old-age and\nsurvivors insurance coverage.\n e. The increased pensions to members of the division, as provided by\nthis section, shall be paid from additional contributions made by the\nstate on account of such members. The actuary of the police and fire\nretirement system shall compute the additional contribution required for\neach member who elects to receive the special benefits provided under\nthis section. Such additional contributions shall be computed on the\nbasis of contributions during the prospective service of such member\nwhich will cover the liability of the police and fire retirement system\nfor such extra pensions. Upon approval by the comptroller, such\nadditional contributions shall be certified by him or her to the\nsuperintendent of state police. The amount thereof shall be included in\nthe annual appropriation of the state for the division of state police.\nSuch amount shall be paid on the warrant of the comptroller to the\npension accumulation fund of the police and fire retirement system.\n f. In computing the twenty-five years of completed service of a member\nin the division, full credit shall be given and full allowance shall be\nmade for service of such member in time of war and service with the\nAmerican expeditionary forces subsequent to November eleventh, nineteen\nhundred eighteen, and prior to June thirtieth, nineteen hundred\nnineteen, of honorably discharged officers, soldiers, sailors, marines\nand army nurses, who were actual residents of the state at the time of\ntheir entry into the military service of the United States, and the\nservice of members of the national guard in the military service of the\nUnited States of America pursuant to the call of the president for\nMexican border service.\n g. The provisions of this section shall be controlling notwithstanding\nany provision in this article to the contrary.\n