§ 388 — Retirement of members in the city of Yonkers police force and fire department

§ 388. Retirement of members in the city of Yonkers police force and\nfire department. a. As used in this section, the following words and\nphrases shall have the following meanings unless a different meaning is\nplainly required by the context:\n 1. "City." City of Yonkers.\n 2. "Department." City of Yonkers police department or fire department.\n 3. "Service in such department." Full time duty as a police officer,\nfirefighter or police, fire officer or commissioner of the department.\n b. Any member in service in such department on September first,\nnineteen hundred sixty-five, who elected to contribute under former\nsection eighty-eight of this chapter, on or before January first,\nnineteen hundred sixty-six, shall contribute to the retirement system on\nthe basis of retirement upon his:\n 1. Completion of twenty-five years of service in such department, or\n 2. Attainment of age sixty in service in such department, if prior\nthereto, on an allowance of one-fiftieth of his final average salary for\neach year of service in such department not in excess of twenty-five\nyears, provided such election was in writing and duly executed and filed\nwith the comptroller.\n c. Employees entering or re-entering service in such department on and\nafter September first, nineteen hundred sixty-five, and who contributed\nunder former section eighty-eight of this chapter, and employees\nentering or re-entering service in such department on and after April\nfirst, nineteen hundred sixty-seven, shall contribute on the basis\nprovided for by this section.\n d. A member, who elects or is required to contribute in accordance\nwith this 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 compensation similarly determined.\n Such latter proportion shall be the same as that which was or which\nwould be computed under item three of subparagraph c of paragraph two of\nsubdivision e of section three hundred eighty-four of this article. In\nno event shall a member contribute under this section at a higher rate\nthan he was or would be required to contribute under item three of\nsubparagraph c of paragraph two of subdivision e of section three\nhundred eighty-four of this article had this section not been enacted.\n Such members' 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 employer contributes\npursuant to such section toward\npensions-providing-for-increased-take-home-pay, provided, however, that\nsuch member may by written notice duly acknowledged and filed with the\ncomptroller, make an election to waive such reduction as provided by\nsubdivision j of section three hundred twenty-one of this article. One\nyear or more after the filing thereof, a member may withdraw any such\nelection by written notice duly acknowledged and filed with the\ncomptroller.\n No such member shall be required to continue contributions after\ncompleting twenty-five years of such 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\ntwenty-five years of creditable service in such department or upon\nattainment of age sixty, if prior thereto, by filing an application\ntherefor in a manner similar to that provided in section 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\ncompletion of twenty-five years of such service, each such member shall\nreceive a pension which, together with an annuity which shall be the\nactuarial equivalent 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 chapter. 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 annuity contributions to the\nretirement system in order to apply the amount of such reduction in\npayment of his contributions for old-age and survivors insurance\ncoverage.\n f. The increased pensions to members of such department, as provided\nby this section, shall be paid from additional contributions made by the\ncity on account of such members. The actuary of the retirement system\nshall compute the additional contribution required for each member who\nelects to receive the special benefits provided under this section. Such\nadditional contributions shall be computed on the basis of contributions\nduring the prospective service of such member which will cover the\nliability of the retirement system for such extra pensions. Upon\napproval by the comptroller, such additional contributions shall be\ncertified by him to the mayor of the city of Yonkers. The amount thereof\nshall be included in the annual appropriations of the city. Such amount\nshall be paid on the warrant of the comptroller of the city to the\npension accumulation fund of the retirement system.\n g. In computing the twenty-five years of completed service in such\ndepartment, full credit shall be given and full allowance shall be made\nfor service of such member in war after world war I as defined in\nsection two of this chapter, provided such member at the time of his\nentrance into the armed forces was in service in such department.\n h. In the event a member shall continue in service after twenty-five\nyears of creditable service, there shall be added to his pension upon\nretirement a sum equal to one-sixtieth of his final average salary for\neach additional year of service after twenty-five years.\n i. Upon retirement of any member pursuant to this section, any\nadditional amounts credited to the member's annuity savings account\npursuant to subdivision b of section three hundred thirty of this\nchapter shall be treated as excess contributions and shall be used to\nprovide an annuity in addition to the annuity prescribed by this\nsection. Any other amounts credited to the member's annuity savings\naccount, except the amounts contributed or required to be contributed\nunder this section and except such amounts as are required to produce\nthe retirement allowance provided by subdivision e of this section, may\nat the option of the member at the time of retirement be withdrawn or\nused to provide an annuity in addition to the annuity prescribed by this\nsection.\n j. A member who elected or is required to contribute in accordance\nwith this section, who does not apply for retirement upon completion of\ntwenty-five years of service in such department or upon attainment of\nage sixty, shall retire from service on the last day of the calendar\nmonth next succeeding the calendar month in which he attains age\nsixty-four which shall be his mandatory retirement age.\n k. The provisions of this section shall be controlling notwithstanding\nany provision in this article to the contrary.\n