§ 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\nGlen Cove, after twenty years of service. a. As used in this section,\nthe following words and phrases shall have the following meanings unless\na different meaning is plainly required by the context:\n 1. "Police department". Members of the city of Glen Cove police\ndepartment.\n 2. "Service in such department". Full time police duty as an officer\nor member of the organized police department in the above mentioned\ncity.\n b. Every member in the police department who enters or re-enters\nservice in the department on or after July first, nineteen hundred\nsixty-five, and who is contributing under former section eighty-four-a\nof this chapter and members entering or re-entering service in the\ndepartment on and after April first, nineteen hundred sixty-seven and\nprior to September first, nineteen hundred eighty, shall contribute to\nthe retirement system in the manner provided for by this section.\n c. Every member in the police department who entered such service\nprior to July first, nineteen hundred sixty-five and who elected to\ncontribute under former section eighty-four-a of this chapter shall\ncontribute on the basis provided for by this section.\n d. A member who elected to contribute under former section\neighty-four-a or is required to contribute in accordance with this\nsection shall contribute, in lieu of the proportion of compensation as\nprovided in section three hundred twenty-one of this article, a\nproportion of his compensation similarly determined. Such latter\nproportion shall be computed to provide, at the time when he shall first\nbecome eligible for retirement under this section, an annuity equal to\none-eightieth of his final average salary for each year of service as a\nmember rendered after July first, nineteen hundred sixty-five and prior\nto the attainment of the age when he shall first become eligible for\nretirement. No such member shall be required to continue contributions\nafter completing twenty years of service.\n e. A member contributing on the basis of this section at the time of\nretirement, shall be entitled to retire after the completion of twenty\nyears of total creditable service in such department, or upon the\nattainment of age sixty-two, by filing an application therefore in a\nmanner similar to that provided in section seventy of this article. He\nthereupon shall receive on retirement a retirement allowance consisting\nof:\n 1. An annuity which shall be the actuarial equivalent of his\naccumulated contributions at the time of his retirement, plus\n 2. A pension which is the actuarial equivalent of the\nreserve-for-increased-take-home-pay to which he may then be entitled, if\nany, plus\n 3. A pension of one-eightieth of his final average salary for each\nyear of service rendered:\n (a) Since he last became a member, and\n (b) Prior to the completion of twenty years of total service in such\ndepartment, and\n (c) Toward which he and his employer have contributed under this\nsection, plus\n 4. An additional pension, if required, of such amount as shall be\nnecessary to increase the total amount of the benefits provided under\nparagraphs one, two and three of this subdivision e to at least one-half\nof his final average salary. The computation of this pension shall be\nlimited so that the total service in such department used as a basis for\npension credit under this paragraph four and paragraph three of this\nsubdivision e, shall not exceed twenty years, plus\n 5. An additional pension equal to the pension for any creditable\nservice rendered while not an employee of such department as provided\nunder paragraphs three and four of subdivision (a) of section three\nhundred seventy-five of this article. This pension shall be based on\nmember's final average salary, and\n (a) Be payable only if such member has attained age sixty-two at the\ntime of retirement and has not completed twenty years of service in such\ndepartment for which he receives credit under this article, and\n (b) Not increase the total allowance to more than he would have\nreceived had his total service been rendered in such department.\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 annuity contributions to the\nretirement system in order to apply the amount of such reduction in\npayment of his contributions for old-age survivors insurance coverage.\n f. A member who elects or is required to contribute in accordance with\nthis section shall retire on the first day of the calendar month next\nsucceeding his attainment of age sixty-two.\n g. The increased pensions to any member in such department, as\nprovided by this section, shall be paid from additional contributions\nmade by the appropriate participating employer on account of such\nmember. The actuary of the retirement system shall compute the\nadditional contributions for each member who elects the special benefits\nprovided under this section. Such additional contributions shall be\ncomputed on the basis of contributions during the prospective service of\nsuch member which will cover the liability of the retirement system for\nsuch extra pensions. Upon approval of the comptroller, such additional\ncontributions shall be certified by him to the fiscal officer of the\nparticipating employer. The amount thereof shall be included in the\nannual appropriation of the participating employer for its police\ndepartment. Such amount shall be paid on the warrant of the fiscal\nofficer of the participating employer to the pension accumulation fund\nof the retirement system.\n h. In computing the twenty years of completed service of a member in\nthe police department, full credit shall be given and full allowance\nshall be made for service of such member in time of war and service with\nthe American expeditionary forces subsequent to November eleventh,\nnineteen hundred 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 i. The provisions of this section shall be controlling,\nnotwithstanding any provision in this article to the contrary.\n