There is a newer version of the New York Consolidated Laws
2006 New York Code - Transit Police Officer\'s Variable Supplements Fund.
* § 13-191 Transit police officer's variable supplements fund. 1. As
used in this section, the following words and phrases shall have the
following meanings, unless a different meaning is plainly required by
the context:
(a) "Association". The New York city transit police patrolmen's
benevolent association.
(b) "Variable supplements board". The board of trustees provided for
in subdivision three of this section.
(c) "Beneficiary". Any person who receives a retirement allowance by
reason of having retired, on or after July first, nineteen hundred
eighty-seven for service (with credit for twenty or more years of
service toward the minimum period) as a transit police officer;
provided, that no person who held a rank or position as a transit police
superior officer, as defined in subdivision eighty-four of section
13-101 of this title who, on or after May first, nineteen hundred
ninety-two, subsequently became a transit police officer shall be
considered a beneficiary unless such person (1) subsequently performed
at least three years of service as a transit police officer or (2)
returned to service, from the position of sergeant, as a transit police
officer during the eighteen month probationary period, or such other
probationary period as may be applicable or (3) returned to service as a
transit police officer during the three year period specified in
paragraph (e) of subdivision one of section seventy-five of the civil
service law, or (4) returned to service as a transit police officer as
the result of a hearing conducted pursuant to applicable law.
(d) "Variable supplement". Any sum authorized to be paid to a
beneficiary pursuant to the provisions of this section.
(e) "Minimum period". The minimum period of credited service which a
transit police member is required by law to perform in order to be
eligible to retire for service with immediate payability of retirement
allowance.
(f) "Transit police officer". (1) As used in the opening clause of
paragraph (c) of this subdivision, such term shall mean a transit police
member who, at the time of retirement for service by reason of
fulfillment of the minimum period of service, was not a transit police
superior officer, as defined in subdivision eighty-four of section
13-101 of this title.
(2) Where used elsewhere in this section, such term shall mean a
transit police member who, at the time as of which his or her status is
to be determined, is not a transit police superior officer, as so
defined.
(g) "Guarantee obligor". (1) With respect to any TPOVSF calendar year
covered by a payment guarantee (as defined in paragraph (i) of this
subdivision) or part of such a calendar year, for which calendar year or
part thereof payment of variable supplements is an obligation of and
guaranteed by the city pursuant to the applicable provisions of
paragraphs (f), (g) and (h) of subdivision three of this section, the
term "guarantee obligor" shall mean the city.
(2) With respect to any TPOVSF calendar year covered by a payment
guarantee or part of such a calendar year, for which calendar year or
part thereof payment of variable supplements is an obligation of and
guaranteed by a governmental entity pursuant to the applicable
provisions of paragraphs (f), (g) and (h) of subdivision three of this
section, the term "guarantee obligor" shall mean such governmental
entity.
(h) "TPOVSF calendar year not covered by a payment guarantee". Any
calendar year beginning on or after January first, nineteen hundred
ninety-two, which year precedes the first calendar year in which a
guarantee, by a guarantee obligor (as defined in paragraph (g) of this
subdivision), of payment of variable supplements takes effect pursuant
to the provisions of paragraph (f) or paragraph (g) of subdivision three
of this section.
(i) "TPOVSF calendar year covered by a payment guarantee". The
calendar year in which a guarantee, by a guarantee obligor (as defined
in paragraph (g) of this subdivision), of payment of variable
supplements first takes effect pursuant to paragraph (f) or paragraph
(g) of subdivision three of this section, and any succeeding calendar
year.
2. (a) There is hereby established a fund, to be known as the transit
police officer's variable supplements fund. Such fund shall consist of
such monies as may be paid thereto from the retirement system pursuant
to the provisions of sections 13-193 and 13-193.2 of this chapter and
all other monies received by such fund from any other source pursuant to
law.
(b) It is hereby declared by the legislature that the transit police
officer's variable supplements fund shall not be, and shall not be
construed to constitute, a pension or retirement system or fund, and
that it shall function as a means whereby payments, not constituting a
pension or retirement allowance, may be made in accordance with the
provisions of this section, to eligible beneficiaries as a supplement to
benefits received by them pursuant to this title. The legislature hereby
reserves to the state and itself the right and power to amend, modify or
repeal any or all of the provisions of this section.
3. (a) The transit police officer's variable supplements fund shall be
administered by a board of trustees which shall, subject to applicable
provisions of law, from time to time establish rules and regulations for
the administration and transaction of the business of such fund and for
the control and disposition thereof.
(b) Such variable supplements board shall consist of:
(1) The representative of the mayor who is a member of the board of
trustees of the retirement system, who shall be entitled to cast one
vote. The mayor may, by instrument in writing filed in his or her office
and with the variable supplements board, designate one or more members
of his or her office to act in the place of such representative at
meetings of the board, in the event of such representative's absence
therefrom.
(2) The comptroller of the city, who shall be entitled to cast one
vote. Any deputy comptroller authorized pursuant to subdivision b of
section ninety-four of the New York city charter, to act in the place of
the comptroller as a member of the board of trustees of the retirement
system, may be authorized by the comptroller, in accordance with the
provisions of such subdivision, to act in the place of the comptroller
as a member of the variable supplements board.
(2-a) The commissioner of finance, who shall be entitled to cast one
vote. Such commissioner may, by instrument in writing filed in his or
her office and with the variable supplements board, designate one or
more members of his or her office to act in his or her place at meetings
of such board, in the event of such commissioner's absence therefrom.
(3) Two members of the association designated by it, who shall each be
entitled to cast one vote. The members so designated shall be officers
of the association. Each such designee may at any time, by written
authorization filed with the variable supplements board, authorize any
other officer of the association to act in his or her place as a member
of the board in the event of such designee's absence from any meeting
thereof; provided that the by-laws or constitution of the association
provide for the designation of a representative for such purpose.
(c) Every act of the variable supplements board shall be by resolution
which shall be adopted only by a vote of at least three-fifths of the
whole number of votes authorized to be cast by all of the members of
such board.
(d) The actuary appointed by the board of the retirement system shall
be the technical advisor of the variable supplements board.
(d-1) The retirement system shall assign to the variable supplements
board such number of clerical and other assistants as may be necessary
for the performance of its functions.
(e) (1) As of October thirty-first, nineteen hundred ninety-two and as
of October thirty-first of each succeeding TPOVSF calendar year not
covered by a payment guarantee (as defined in paragraph (h) of
subdivision one of this section), the actuary referred to in paragraph
(d) of this subdivision shall value the assets of the variable
supplements fund, subject to the provisions of paragraph (j) of this
subdivision, and make an estimate of the total amount of variable
supplements which would be payable, pursuant to subdivision four of this
section and subparagraph two of this paragraph, to beneficiaries on or
about December fifteenth of such calendar year for which such valuation
and estimate are made, if such actuary determines that the value of such
assets, as of October thirty-first of such calendar year, is equal to or
greater than such total amount of variable supplements.
(2) If such actuary determines that the value of such assets, as of
October thirty-first of any such calendar year for which a valuation and
estimate are required by subparagraph one of this paragraph, is equal to
or greater than such estimated total amount of variable supplements
which would be payable on or about December fifteenth of such calendar
year, then the variable supplements which, upon a favorable
determination of the actuary under this paragraph (e), are declared by
subdivision four of this section to be payable to beneficiaries for such
calendar year or a part thereof shall be paid by the variable
supplements fund, in the applicable amounts prescribed by such
subdivision four, to beneficiaries on or about December fifteenth of
such calendar year.
(3) If such actuary determines that the value of such assets, as of
October thirty-first of any such calendar year for which a valuation and
estimate are required by subparagraph one of this paragraph, is less
than such estimated total amount of variable supplements which would be
payable on or about December fifteenth of such calendar year pursuant to
a favorable determination of the actuary, then no beneficiary shall be
entitled to receive any variable supplement for such calendar year or
any part thereof and no variable supplement shall be paid to any
beneficiary for such calendar year or any part thereof.
(4) In any case where, pursuant to the provisions of subparagraphs one
and three of this paragraph, no variable supplements are payable for a
calendar year or part thereof to any beneficiary, no variable
supplements for such calendar year or part thereof shall at any time
thereafter be payable and no beneficiary shall at any time thereafter be
entitled to receive a variable supplement for such calendar year or part
thereof.
(f) (1) As of October thirty-first, nineteen hundred ninety-two and as
of October thirty-first of each succeeding calendar year up to and
including the earlier of (i) the first TPOVSF calendar year covered by a
payment guarantee (as defined in paragraph (i) of subdivision one of
this section) or (ii) the calendar year two thousand six, the actuary
referred to in paragraph (d) of this subdivision shall value the assets
of the variable supplements fund, subject to the provisions of paragraph
(j) of this subdivision, and shall estimate the present value, as of
such October thirty-first, of all variable supplements which the
variable supplements fund, under the provisions of subdivision four of
this section, would be obligated to pay to beneficiaries with respect to
the calendar year in which such October thirty-first occurs and all
succeeding calendar years up to and including the calendar year two
thousand six, if it were assumed that such variable supplements were
payable with respect to all such calendar years occurring during the
period beginning with the calendar year in which such October
thirty-first occurs and extending to and including the calendar year two
thousand six.
(2) If the value of such assets as of any such October thirty-first is
equal to or greater than the sum obtained by adding together such
estimated present value of variable supplements as of such October
thirty-first and a sum equal to fifteen per centum of the assets of the
variable supplements fund as of such October thirty-first:
(i) variable supplements, as provided for in subdivision four of this
section, shall be paid to beneficiaries for the calendar year in which
such October thirty-first occurs and for each subsequent calendar year;
and
(ii) paragraph (e) of this subdivision shall be inapplicable with
respect to entitlement of beneficiaries to variable supplements for the
calendar years referred to in item (i) of this subparagraph; and
(iii) subject to the provisions of paragraph (h) of this subdivision,
payment of all variable supplements payable for the calendar years
referred to in item (i) of this subparagraph is hereby made an
obligation of the guarantee obligor (as defined in paragraph (g) of
subdivision one of this section) and the guarantee obligor hereby
guarantees that such supplements shall be paid to all beneficiaries for
such calendar years.
(g) If a guarantee of payment of variable supplements, pursuant to
paragraph (f) of this subdivision, does not take effect prior to the
calendar year two thousand seven, variable supplements, as provided for
in subdivision four of this section, shall be paid pursuant to such
subdivision four for the calendar year two thousand seven and each
subsequent calendar year. Subject to the provisions of paragraph (h) of
this subdivision, such payment is hereby made an obligation of the
guarantee obligor (as defined in paragraph (g) of subdivision one of
this section) and the guarantee obligor hereby guarantees that such
variable supplements shall be paid to all beneficiaries for such
calendar years.
(h) (1) Subject to the provisions of subparagraph three of this
paragraph, if, as of January first of the first TPOVSF calendar year
covered by a payment guarantee (as defined in paragraph (i) of
subdivision one of this section), the city is legally obligated to pay
(including payment by way of reimbursement) the salaries of the members
of the uniformed transit police force, the city shall be the guarantee
obligor referred to in the applicable provisions of paragraph (f) or
paragraph (g) of this subdivision with respect to such first calendar
year and all succeeding calendar years.
(2) If, as of January first of the first TPOVSF calendar year covered
by a payment guarantee (as defined in paragraph (i) of subdivision one
of this section), the city is not legally obligated to pay (or reimburse
for) the salaries of the members of the uniformed transit police force,
the governmental entity which is legally obligated to pay such salaries
as of such January first shall be the guarantee obligor referred to in
the applicable provisions of paragraph (f) or paragraph (g) of this
subdivision with respect to such first calendar year and all succeeding
calendar years.
(3) If, after becoming a guarantee obligor pursuant to subparagraph
one of this paragraph, the city ceases to be legally obligated to pay
(or reimburse for) the salaries of the members of the uniformed transit
police force:
(i) any obligation and guarantee of the city, under the provisions of
paragraph (f) or paragraph (g) of this subdivision, with respect to
variable supplements payable for calendar years preceding the calendar
year in which the city ceased to be so obligated to pay (or reimburse
for) such salaries, shall continue in effect; and
(ii) any such obligation and guarantee of the city with respect to
such variable supplements payable for the calendar year in which such
obligation of the city to pay (or reimburse for) such salaries ceased
shall be prorated as provided for in subparagraph four of this
paragraph; and
(iii) the city shall have no obligation and shall make no guarantee
with respect to payment of any such variable supplements payable for
calendar years succeeding the calendar year in which such obligation of
the city to pay (or reimburse for) such salaries ceased; and
(iv) there is hereby imposed on the governmental entity which, on the
date on which the city ceases to be legally obligated to pay (or
reimburse for) such salaries, becomes legally obligated to pay such
salaries, a prorated obligation and guarantee, as provided for in
subparagraph four of this paragraph, with respect to payment of such
variable supplements payable for the calendar year in which such
obligations of the city to pay (or reimburse for) such salaries ceased;
and
(v) payment of such variable supplements payable for calendar years
succeeding the calendar year in which such obligation of the city to pay
(or reimburse for) such salaries ceased is hereby made the obligation of
the governmental entity referred to in item (iv) of this subparagraph
and such governmental entity hereby guarantees that such variable
supplements shall be paid to all beneficiaries for such succeeding
calendar years.
(4) Prorating of the obligation and guarantee of the city and such
governmental entity, as provided for in items (ii) and (iv) of
subparagraph three of this paragraph, for the calendar year referred to
in such items, shall be in the ratio that the number of days of such
calendar year during which the obligation and guarantee of each such
obligor is in effect bears to the whole number of days in such calendar
year.
(i) (1) Subject to the provisions of paragraph (j) of this
subdivision, as of June thirtieth next succeeding the first TPOVSF
calendar year covered by a payment guarantee (as defined in paragraph
(i) of subdivision one of this section) and as of each succeeding June
thirtieth, the actuary referred to in paragraph (d) of this subdivision
shall make a valuation of the assets and liabilities of the variable
supplements fund in accordance with the requirements of the succeeding
subparagraphs of this paragraph. For the purposes of paragraph (i) of
subdivision three of section 13-193.2 of this chapter, such valuation as
of any such June thirtieth shall be the valuation for the TPOVSF basis
fiscal year related to a payment guarantee (as defined in paragraph (c)
of subdivision three of such section 13-193.2) in which such June
thirtieth occurs.
(2) The actuary shall base such annual valuation of liabilities only
(i) upon the persons who, as of each such June thirtieth, are
beneficiaries and (ii) upon the persons who, being transit police
officers in service as of such June thirtieth, may be actuarially
expected to retire thereafter as transit police officers for service
with twenty or more years of service creditable toward the minimum
period.
(3) The liabilities determined in such valuation shall be equal to the
actuarial present value of accumulated plan benefits. The actuarial
assumptions used by the actuary in making such annual valuation of
liabilities, including assumptions as to interest rate, mortality of
beneficiaries and number of transit police officers in service as of
June thirtieth who will retire for service with twenty or more years of
service creditable toward the minimum period, shall be adopted by the
variable supplements board on the recommendation of the actuary.
(j) For the purposes of the valuation of the assets of the variable
supplements fund pursuant to paragraphs (e), (f) and (i) of this
subdivision, such assets shall be valued at their fair market value as
of the applicable date with respect to which such assets are required to
be valued under the applicable provisions of such paragraphs.
(k) Whenever variable supplements are payable to beneficiaries of the
transit police officer's variable supplements fund pursuant to the
provisions of this section, such payment, except as provided in
paragraphs (f), (g) and (h) of this subdivision, shall not be an
obligation of the city or the New York city transit authority or any
other governmental entity described in such paragraph (h) and neither
the city, nor the transit authority nor any such other governmental
entity, except as provided for in such paragraphs (f), (g) and (h),
shall guarantee such payment.
4. (a) The variable supplements fund shall pay variable supplements to
beneficiaries in accordance with the succeeding paragraphs of this
subdivision.
(b) No variable supplements shall be payable to any beneficiary for
any calendar year or part thereof preceding January first, nineteen
hundred ninety-two.
(c) For calendar years succeeding December thirty-first, nineteen
hundred ninety-one, the variable supplements fund, subject to the
provisions of paragraphs (e), (f), (g) and (h) of subdivision three of
this section, and provided any applicable conditions precedent to
payability as prescribed by such provisions are satisfied, and subject
to the provisions of paragraph (f) of this subdivision, shall pay to
each beneficiary, who retired on or after July first, nineteen hundred
eighty-seven and prior to July first, nineteen hundred eighty-eight, or
who, having been in service as a member of the uniformed transit police
force and as a member of the retirement system on June thirtieth,
nineteen hundred eighty-eight, retired for service prior to January
first, nineteen hundred ninety-two, variable supplements payments as
follows:
(1) for each calendar year following calendar year nineteen hundred
ninety-one, but not including the calendar year of the beneficiary's
death, a single annual payment to be paid on or about December fifteenth
of such year, as follows:
CALENDAR YEAR SUPPLEMENT
1992 $4,500
1993 $5,000
1994 $5,500
1995 $6,000
1996 $6,500
1997 $7,000
1998 $7,500
1999 $8,000
2000 $8,500
2001 $9,000
2002 $9,500
2003 $10,000
2004 $10,500
2005 $11,000
2006 $11,500
2007 and each
calendar year
thereafter $12,000
(2) for the calendar year of the beneficiary's death (for those
beneficiaries who die on or after February first, nineteen hundred
ninety-two), an amount calculated by multiplying one-twelfth times the
supplement applicable to the year of death, as provided in the chart set
forth in subparagraph one of this paragraph (c), by the number of full
calendar months the beneficiary lived during that calendar year prior to
the month of his or her death.
(d) For calendar years succeeding December thirty-first, nineteen
ninety-one, the variable supplements fund, subject to the provisions of
paragraphs (e), (f), (g) and (h) of subdivision three of this section
and provided any applicable conditions precedent to payability under
such provisions are satisfied, and subject to the provisions of
paragraph (f) of this subdivision, shall pay to each person who, on June
thirtieth, nineteen hundred eighty-eight, was actually employed as a
member of the uniformed transit police force and as a member of the
retirement system and who retired from service on or after January
first, nineteen hundred ninety-two so as to become a beneficiary,
variable supplements payments as follows:
(1) for the calendar year of retirement, an amount calculated by
multiplying one-twelfth times the supplement applicable to the year of
retirement, as provided for in the chart set forth in subparagraph one
of paragraph (c) of this subdivision, by the number of calendar months
elapsing from and including the month next following the month of
retirement to the end of such calendar year of retirement, such payment
to be made on or about December fifteenth of such year;
(2) for each calendar year following the year of retirement, but not
including the calendar year of the beneficiary's death, a single annual
payment equal to the supplement provided for with respect to each such
calendar year as set forth in the chart in subparagraph one of such
paragraph (c), which payment shall be made on or about December
fifteenth of such year;
(3) for the calendar year of the beneficiary's death (for those
beneficiaries who die on or after February first, nineteen hundred
ninety-two), an amount calculated by multiplying one-twelfth times the
supplement applicable to the year of death, as provided for in the chart
set forth in subparagraph one of such paragraph (c), by the number of
full calendar months the beneficiary lived during that calendar year
prior to the month of his or her death; and
(4) if the retirement and death of a beneficiary occur in the same
calendar year, aggregate payments under subparagraphs one and three of
this paragraph shall be made only in respect to calendar months
following the month of retirement and preceding the month of death.
(e) The variable supplements fund, subject to the provisions of
paragraphs (e), (f), (g) and (h) of subdivision three of this section
and provided any applicable conditions precedent to payability under
such provisions are satisfied, and subject to the provisions of
paragraph (f) of this subdivision, shall pay to each person who became
or becomes actually employed as a member of the uniformed transit police
force and a member of the retirement system on or after July first,
nineteen hundred eighty-eight, and who retires for service so as to
become a beneficiary, variable supplements payments as follows:
(1) for the calendar year of retirement, an amount calculated by
multiplying one-twelfth times the sum of twenty-five hundred dollars by
the number of calendar months elapsing from and including the month next
following the month of retirement to the end of such calendar year of
retirement, such payment to be made on or about December fifteenth of
such year;
(2) for each calendar year following the year of retirement, but not
including the calendar year of the beneficiary's death, a single annual
payment to be paid on or about December fifteenth of such year, as
follows:
CALENDAR YEAR OF ANNIVERSARY
OF RETIREMENT (references
hereinafter to "anniversary
year" mean calendar year of
anniversary) SUPPLEMENT
First anniversary year The sum of (1) a lower-based component
equal to one-twelfth of the base sum of
$2500 multiplied by the number of whole
calendar months from and including the
first month of such calendar year to and
including the month in which the anni-
versary of the date of retirement oc-
curs, and (2) a higher-based component
equal to one-twelfth of the base sum of
$3000 multiplied by the number of months
remaining in such calendar year
Second anniversary year The sum of a lower-based component and
and each succeeding a higher-based component computed pur-
anniversary year to and suant to the formula, above, for the
including the nineteenth first anniversary year, except that for
anniversary year each such anniversary year succeeding
the first, the lower-based component
shall be computed on a base sum $500
higher than the base sum required to be
used in computing the lower-based compo-
nent for the next preceding anniversary
year and the higher-based component
shall be computed on a base sum $500
higher than the base sum required to be
used in computing the higher-based com-
ponent for such next preceding anniver-
sary year
Twentieth anniversary year
and each succeeding
anniversary year $12,000
(3) for the calendar year of the beneficiary's death, an amount
calculated in accordance with the formula for that year set forth in
subparagraph two of this paragraph (e) but prorated on the basis of the
number of full calendar months the beneficiary lived during that year
prior to the month of his or her death; and
(4) if the retirement and death of a beneficiary occur in the same
calendar year, aggregate payments under subparagraphs one and three
above shall be made only in respect to calendar months following the
month of retirement and preceding the month of death.
(f) (1) (i) Subject to the provisions of items (ii), (iii) and (iv) of
this subparagraph one, on or after January first, nineteen hundred
ninety-two, where a beneficiary is entitled to receive variable
supplements payments pursuant to paragraph (c), paragraph (d) or
paragraph (e) of this subdivision, and that beneficiary is also entitled
to receive a supplemental retirement allowance or cost-of-living
adjustment pursuant to any other provision of law enacted on or after
January first, nineteen hundred ninety-two (hereinafter referred to as
"other supplemental retirement allowance"), the amount of such variable
supplement payable for a calendar year or a part of such calendar year
to such beneficiary shall be reduced by the amount of such other
supplemental retirement allowance that is payable to such beneficiary to
the extent that such other supplemental retirement allowance is
attributable to the same calendar year or part of such calendar year.
(ii) For any beneficiary referred to in paragraph (c) or paragraph (d)
of this subdivision, whose variable supplements payments are being
reduced pursuant to item (i) of this subparagraph one because such other
supplemental retirement allowance is also payable to that beneficiary,
the reduction provided for in such item (i) shall cease as to such
beneficiary on the later of (A) the first day of the month next
following the month in which such beneficiary attains age sixty-two; or
(B) January first, two thousand seven.
(iii) For any beneficiary referred to in paragraph (e) of this
subdivision, whose variable supplements payments are being reduced
pursuant to item (i) of this subparagraph one because such other
supplemental retirement allowance is also payable to that beneficiary,
the reduction provided for in such item (i) shall cease as to such
beneficiary on the later of (A) the first day of the month following the
month in which such beneficiary attains age sixty-two; or (B) the first
day of the month next following the month in which the nineteenth
anniversary of the retirement of such beneficiary occurs.
(iv) In any case where the reduction of variable supplements payments
to a beneficiary has ceased pursuant to item (ii) or item (iii) of this
subparagraph one, that beneficiary, for the purpose of determining his
or her eligibility for and the amount of any other supplemental
retirement allowance, shall be deemed to have retired on the date of the
cessation of such reduction specified in the applicable provisions of
such item (ii) or item (iii).
(2) The legislature hereby declares that the variable supplements
authorized by this section and the granting and receipt thereof:
(i) shall not create or constitute membership in a pension or
retirement system and shall not create or constitute a contract with any
beneficiary or with any transit police member; and
(ii) shall not constitute a pension or retirement allowance or benefit
under the retirement system or otherwise.
(3) Except as otherwise provided in subdivision eleven of this section
and in sections 13-193, 13-193.1 and 13-193.2 of this chapter, nothing
contained in this section shall create or impose any obligation on the
part of the retirement system, or the funds or monies thereof, or
authorize such funds or monies to be appropriated or used for any
payment under this section or for any purpose thereof.
(g) Beneficiaries shall be eligible to receive variable supplements
pursuant to this section, notwithstanding any other provision of law to
the contrary.
(h) The monies or assets of the variable supplements fund shall not be
used for any purpose, other than payment of variable supplements
pursuant to the provisions of this section, except that they may be
invested as authorized by subdivision six of this section.
5. The transit police officer's variable supplements fund shall have
the powers and privileges of a corporation and by its name all of its
business shall be transacted, all of its funds invested, all warrants
for money drawn and payments made, and all of its cash and securities
and other property held.
6. (a) The members of the variable supplements board shall be the
trustees of the monies received by or belonging to the transit police
officer's variable supplements fund pursuant to this section and,
subject to the provisions of paragraph (b) of this subdivision, shall
have full power to invest same, subject to the terms, conditions,
limitations and restrictions imposed by law upon savings banks in the
making and disposing of investments by savings banks; and subject to
like terms, conditions, limitations and restrictions, such trustees
shall have full power to hold, purchase, sell, assign, transfer or
dispose of any of the securities or investments in which any of such
monies shall have been invested as well as of the proceeds of such
investments and of any monies belonging to such fund.
(b) The members of the variable supplements board shall have the same
investment powers and power to delegate such powers as are vested by the
code and the retirement and social security law in the members of the
board of trustees of the retirement system.
7. The variable supplements board shall publish annually in the City
Record a report for the preceding year showing the assets of the transit
police officer's variable supplements fund and a statement as to the
accumulated cash and securities of such fund as certified by the
comptroller, and shall set forth in such report such other facts,
recommendations and data as the board may deem pertinent.
8. The comptroller shall be custodian of the monies and assets of the
transit police officer's variable supplements fund. All such monies and
assets included in such fund or which shall hereafter accrue to such
fund shall be in his or her custody for the purposes of this section
subject to the direction, control and approval of such board as to
disposition, investment, management and report. All payments from such
fund shall be made by the comptroller upon a voucher signed by the
secretary of the variable supplements board.
9. Except as provided in this section, the trustees and employees
assigned to the variable supplements board are prohibited from having
any interest, directly or indirectly, in the gains or profits of any
investment of the transit police officer's variable supplements fund or
as such, directly or indirectly, from receiving any pay or emolument for
their services. The trustees and such employees, directly or indirectly,
for themselves or as agents or partners of others, shall not borrow any
of its funds or deposits or in any manner use the same except to make
such current and necessary payments as are authorized by such board.
10. The superintendent of insurance may examine the affairs of the
transit police officer's variable supplements fund with the same powers
and jurisdiction as are applicable in the case of an examination of a
life insurance company by the superintendent under article three of the
insurance law. The transit police officer's variable supplements fund
shall be subject to assessment for expenses pursuant to the provisions
of section three hundred thirteen of the insurance law, but shall not be
subject to assessment for expenses under any of the provisions of
section three hundred thirty-two of the insurance law.
11. In the event that, for any calendar year covered by a payment
guarantee, the assets of the variable supplements fund are not
sufficient to pay benefits under this section for such year, an amount
sufficient to pay such benefits shall be appropriated from the
contingent reserve fund of the retirement system and transferred to the
transit police officer's variable supplements fund.
* NB There are 2 § 13-191's
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