2006 New York Code - Procedural Modifications As To Determination Of Payments To Transit Police And Housing Police Variable Supplements Funds.

 
    § 13-193.1 Procedural modifications as to determination of payments to
  transit police and housing police variable supplements funds. 1. As used
  in this section, the following terms shall mean and include:
    (a)  "Transit  police section 13-193." Section 13-193 of this chapter,
  as added by chapter eight hundred forty-four of  the  laws  of  nineteen
  hundred eighty-seven.
    (b)  "Housing  police section 13-193." Section 13-193 of this chapter,
  as added by chapter eight hundred forty-six  of  the  laws  of  nineteen
  hundred eighty-seven.
    (c)  "Base fiscal year." Where used in this section in relation to the
  transit police officer's variable supplements fund or the transit police
  superior officers' variable supplements fund, such  term  shall  mean  a
  fiscal year of the city included within the definition of the term "base
  fiscal  year"  in paragraph (a) of subdivision one of the transit police
  section 13-193. Where used in this section in relation  to  the  housing
  police  officer's  variable  supplements  fund  or  the  housing  police
  superior officers' variable supplements fund, such  term  shall  mean  a
  fiscal year of the city included within the definition of the term "base
  fiscal  year"  in  paragraph  (a)  of  subdivision one of housing police
  section 13-193.
    (d) "Board." The board of trustees of the  New  York  city  employees'
  retirement system.
    2. For the purpose of determining the entitlement, with respect to any
  base  fiscal  year  including  in  the  period  beginning on July first,
  nineteen hundred eighty-eight and ending  on  June  thirtieth,  nineteen
  hundred  ninety,  of  the  transit police officer's variable supplements
  fund, the transit police superior officers' variable  supplements  fund,
  the  housing  police  officer's variable supplements fund or the housing
  police superior officers' variable supplements fund to  receive  payment
  of  any  sum  from  the retirement system pursuant to the transit police
  section 13-193 or the  housing  police  section  13-193,  the  procedure
  described in paragraph twelve of subdivision a of section 13-232 of this
  title  shall  be modified as provided for in the succeeding subdivisions
  of this section.
    3. For such purpose only, paragraph five  of  subdivision  a  of  such
  section 13-232 shall be deemed to read as follows:
        5. (a) "Equity experience factor." An amount (expressed as
        a  positive  or negative quantity) which shall be computed
        pursuant to the succeeding subparagraphs of this paragraph
        five.
          (b) There shall be computed an amount equal to  (i)  the
        income  earned  by  the  retirement system during the base
        fiscal year from its investments in  equities,  plus  (ii)
        the  capital  gains,  realized  or  unrealized,  occurring
        during such fiscal year by  reason  of  such  investments,
        less  (iii)  the  capital  losses, realized or unrealized,
        occurring during  such  fiscal  year  by  reason  of  such
        investments.
          (c) In the event that any equity is sold during the base
        fiscal  year,  the expense of such sale, including but not
        limited to broker's commissions, shall  be  deducted  from
        capital  gain  or  added  to  capital loss, in determining
        whether such sale produced a capital gain or capital  loss
        and the amount thereof.
          (d)  There  shall be computed the sum which would be the
        equity experience factor for such base fiscal year if such
        factor were  determined  pursuant  to  paragraph  five  of
        subdivision a of section 13-232 of this title.


          (e)  There shall be computed the amount which would have
        been the sum computed pursuant to subparagraph (d) of this
        paragraph (i) in the absence of the enactment  of  chapter
        five  hundred  eighty-one  of the laws of nineteen hundred
        eighty-nine.
          (f)  The  amount required to be computed pursuant to the
        provisions of subparagraph (e) of this paragraph shall  be
        computed  pursuant  to  a scientific method recommended to
        the board by  the  actuary  and  approved  by  the  board;
        provided  that  if  the board is unable to approve, by the
        required  vote,  any  such  formula  recommended  by   the
        actuary,  such  amount  shall  be  computed  pursuant to a
        scientific formula recommended by the actuary and approved
        by an arbitrator designated by the board. If the board  is
        unable  to  designate  an arbitrator by the required vote,
        such amount shall be computed  pursuant  to  a  scientific
        formula  recommended  by  the  actuary  and approved by an
        arbitrator  appointed  by  the  supreme  court,   on   the
        application of any member of the board.
          (g)  The  equity  experience factor for such base fiscal
        year  shall  be  the  amount  computed  pursuant  to   the
        provisions of subparagraph (e) of this paragraph.
  4.  For  such  purpose  only,  subparagraph  (a)  of  paragraph seven of
  subdivision a of section 13-232 of this title shall be deemed to read as
  follows:
        (a) Subject to the provisions of subparagraph (e) of  this
        paragraph   seven,   the  aggregate  of  the  hypothetical
        interest yields computed pursuant  to  subparagraphs  (b),
        (c) and (d) of this paragraph.
  5.  For  such  purpose only, paragraph seven of subdivision a of section
  13-232 of this title shall be  deemed  to  include  a  subparagraph  (e)
  reading as follows:
        (e)  (i) The hypothetical fixed income securities earnings
        for any base fiscal year included in the period  beginning
        on July first, nineteen hundred eighty-eight and ending on
        June   thirtieth,   nineteen   hundred   ninety  shall  be
        determined pursuant to the provisions of this subparagraph
        (e).
          (ii) There  shall  be  computed  the  amount  which  the
        hypothetical  fixed  income  securities  earnings for such
        base fiscal year would be, if determined pursuant  to  the
        provisions  of subparagraphs (a), (b), (c) and (d) of this
        paragraph seven.
          (iii) The amount computed pursuant to item (ii) of  this
        subparagraph  shall  be  multiplied  by  a  fraction;  the
        numerator of which is the  equity  experience  factor  for
        such  base  fiscal  year prescribed by subparagraph (g) of
        paragraph five of subdivision a of section 13-232 of  this
        title,  as  such  paragraph  is  deemed  to read under the
        provisions of subdivision three of this  section  13-193.1
        and  the  denominator  of  which  is  the  amount computed
        pursuant to subparagraph (d) of such  paragraph  five,  as
        such paragraph is so deemed to read.
          (iv)  The  hypothetical fixed income securities earnings
        for such base fiscal year shall  be  the  product  of  the
        multiplication   prescribed   by   item   (iii)   of  this
        subparagraph.


    6. For  the  purpose  of  determining  the  entitlement,  with
  respect  to  any  base  fiscal  year  beginning on or after July
  first, nineteen hundred ninety, of any variable supplements fund
  referred to in  subdivision  two  of  this  section  to  receive
  payment  of  any  sum  from  the  retirement  system pursuant to
  transit police section 13-193 or housing police  section  13-193
  of this title, the cumulative earnings differential for the base
  fiscal  year (as defined in paragraph eleven of subdivision a of
  section 13-232 of this title) and the  cumulative  distributions
  of transferable earnings for prior base fiscal years (as defined
  in  paragraph  thirteen of such subdivision) shall be calculated
  in the same manner as if this section 13-193.1 and the amendment
  made  by  section  twenty-eight   of   chapter   eight   hundred
  seventy-eight  of  the laws of nineteen hundred ninety had never
  been enacted.