2006 New York Code - Payments To Housing Police Officer\'s Variable Supplements Fund For Hpovsf Basis Fiscal Years Related To A Payment Guarantee.

 
    §  13-193.4  Payments to housing police officer's variable supplements
  fund for HPOVSF basis fiscal years related to a  payment  guarantee.  1.
  (a)  Subject to the provisions of paragraph (b) of this subdivision, the
  definitions of terms set  forth  in  paragraphs  (d),  (e)  and  (f)  of
  subdivision  one  of  housing  police section 13-193 shall apply to this
  section with the same force and  effect  as  if  such  definitions  were
  specifically set forth in this section.
    (b)  For  the  purpose of any determination, calculation or allocation
  under this section with respect to any HPOVSF basis fiscal year  related
  to a payment guarantee (as defined in paragraph (c) of subdivision three
  of this section):
    (i) the term "HPOVSF basis fiscal year related to a payment guarantee"
  shall  be  deemed to be substituted for the term "base fiscal year" used
  in paragraphs (d), (e) and (f) of  subdivision  one  of  housing  police
  section 13-193 of this chapter;
    (ii)  the  term  "transferable  earnings", as used in paragraph (f) of
  subdivision one of housing police section 13-193 of this chapter,  shall
  be  deemed  to  refer  to  a  cumulative  earnings factor (as defined in
  paragraph (g) of subdivision three of this section), whether such factor
  is a positive or a negative quantity.
    2. For the purposes of this section,  the  definitions  set  forth  in
  paragraphs five, six, seven and eight of subdivision a of section 13-232
  of  this  title shall apply to this section 13-193.4 with the same force
  and effect as if such definitions were specifically set  forth  in  this
  section;  provided,  however, that for the purpose of any determination,
  calculation or allocation under this section with respect to any  HPOVSF
  basis  fiscal  year  related  to  a  payment  guarantee  (as  defined in
  paragraph (c) of subdivision three of this section):
    (a) the term "HPOVSF basis fiscal year related to a payment guarantee"
  shall be deemed to be substituted for the term "base  fiscal  year"  set
  forth  in  paragraphs  five,  six,  seven  and eight of subdivision a of
  section 13-232 of this title;
    (b) the words "retirement system" shall be deemed  to  be  substituted
  for  the words "pension fund" or "fund" set forth in subparagraph (a) of
  paragraph five and in paragraphs seven and eight  of  subdivision  a  of
  section 13-232 of this chapter;
    (c)  the  board  referred  to  in subparagraph b of paragraph eight of
  subdivision a of section 13-232 of this chapter shall be deemed to  mean
  the  board  of trustees of the retirement system and the term "tie vote"
  shall be deemed to refer to a circumstance where  a  resolution  is  not
  adopted  because of the provisions of subparagraph (d) of paragraph five
  of subdivision b of section 13-103 of this chapter; and
    (d) the term "transferable earnings" set forth in subparagraph (b)  of
  paragraph eight of subdivision a of section 13-232 of this chapter shall
  be  deemed  to mean any HPOVSF cumulative earnings factor (as defined in
  paragraph (h) of subdivision three of this section) which is a  positive
  quantity.
    3. For the purposes of this section the following terms shall mean and
  include:
    (a)  "Housing  police officers section 13-191". Section 13-191 of this
  chapter,  which  relates  to  the  housing  police  officer's   variable
  supplements fund.
    (b)  "Housing  police section 13-193". Section 13-193 of this chapter,
  which relates to the housing police variable supplements funds.
    (c) "HPOVSF basis fiscal year related to  a  payment  guarantee".  Any
  fiscal  year  of the city commencing on or after July first of the first
  HPOVSF calendar year covered by  a  payment  guarantee  (as  defined  in
  paragraph (j) of this subdivision).


    (d)  "Prior  HPOVSF basis fiscal year related to a payment guarantee".
  Any fiscal year of the city which begins on  or  after  the  July  first
  referred to in paragraph (c) of this subdivision and which also precedes
  a HPOVSF basis fiscal year related to a payment guarantee.
    (e)  "Earnings  differential".  The amount (expressed as a positive or
  negative quantity) by which the equity experience factor (expressed as a
  positive or negative quantity) with respect to the HPOVSF  basis  fiscal
  year related to a payment guarantee (as defined in paragraph (c) of this
  subdivision)  differs  from  the  hypothetical  fixed  income securities
  earnings with respect to such HPOVSF basis fiscal year. If  such  equity
  experience  factor  is  greater  than  such  hypothetical  fixed  income
  securities earnings, the difference between the two shall  be  expressed
  as  a  positive  quantity.  If such hypothetical fixed income securities
  earnings are greater than such equity experience factor, the  difference
  between the two shall be expressed as a negative quantity.
    (f)  "Cumulative  earnings  factor  as  of June thirtieth in the first
  HPOVSF calendar year covered by a payment  guarantee".  (i)  An  amount,
  expressed  as a positive or negative quantity, as the case may be, which
  shall be determined in accordance with  the  method  set  forth  in  the
  succeeding subparagraphs of this paragraph.
    (ii)  (A)  Subject to the provisions of item (B) of this subparagraph,
  the cumulative earnings  differential  for  the  base  fiscal  year  (as
  defined  in  paragraph eleven of subdivision a of section 13-232 of this
  title), as made applicable  by  paragraph  (c)  of  subdivision  one  of
  housing  police  section  13-193  to  the  base  fiscal years defined in
  paragraph (a) of such subdivision one, shall  be  computed  pursuant  to
  such  section  13-193  for  the  base fiscal year (as so defined by such
  paragraph (a)) next preceding July first  of  the  first  calendar  year
  covered  by  a  payment  guarantee  (as defined in paragraph (j) of this
  subdivision).
    (B) In the computation of the  cumulative  earnings  differential  for
  such next preceding base fiscal year as provided for in item (A) of this
  subparagraph,  computations for such next preceding base fiscal year and
  each preceding base fiscal year shall be made  in  compliance  with  the
  applicable  provisions  of  subdivision  four  of housing police section
  13-193.
    (iii) The cumulative distributions of transferable earnings for  prior
  base  fiscal years (as defined in paragraph thirteen of subdivision a of
  section 13-232 of this title) shall be computed pursuant to such section
  13-232 and housing police section  13-193  with  respect  to  such  base
  fiscal  year next preceding July first of the first HPOVSF calendar year
  covered by a payment guarantee.
    (iv) The amount of transferable earnings (as defined in paragraph  (c)
  of  subdivision  one of housing police section 13-193), if any, for such
  base  fiscal  year  next  preceding  such  July  first,  determined   in
  accordance  with  the  applicable provisions of subdivision four of such
  section 13-193, shall  be  added  to  the  cumulative  distributions  of
  transferrable  earnings  computed pursuant to subparagraph (iii) of this
  paragraph.
    (v) The sum resulting from the  addition  prescribed  by  subparagraph
  (iv)  of  this  paragraph  shall  be subtracted from the amount computed
  pursuant to subparagraph (ii) of this paragraph. The remainder resulting
  from the subtraction shall be the cumulative earnings factor as of  June
  thirtieth  in  the  first  HPOVSF  calendar  year  covered  by a payment
  guarantee.
    (g) "Cumulative earnings factor". (i) The cumulative  earnings  factor
  for  any  HPOVSF  basis  fiscal  year related to a payment guarantee (as


  defined in paragraph (c) of this subdivision)  shall  be  determined  as
  follows:
    (A)  If  the  cumulative earnings factor for the immediately preceding
  HPOVSF basis fiscal year related to a payment guarantee was  a  positive
  quantity,  the  cumulative  earnings  factor for the HPOVSF basis fiscal
  year related to a payment guarantee  shall  be  equal  to  the  earnings
  differential  for  such  HPOVSF  basis  fiscal year related to a payment
  guarantee.
    (B) If the cumulative earnings factor for  the  immediately  preceding
  HPOVSF  basis  fiscal year related to a payment guarantee was a negative
  quantity, the cumulative earnings factor for  the  HPOVSF  basis  fiscal
  year related to a payment guarantee shall be equal to the sum of:
    (1) the earnings differential for the HPOVSF basis fiscal year related
  to a payment guarantee; and
    (2)  the  cumulative  earnings  factor  for  the immediately preceding
  HPOVSF basis fiscal year related to payment  guarantee,  increased  with
  interest  at a rate equal to the assumed rate of interest (as defined in
  paragraph eight of subdivision a of section 13-232  of  this  title,  as
  made  applicable  to  this  section  by subdivision two of this section)
  fixed with respect to such HPOVSF basis fiscal year related to a payment
  guarantee for which a cumulative earnings  factor  is  being  determined
  pursuant to this paragraph.
    (ii) In applying the provisions of this paragraph for the first HPOVSF
  basis  fiscal  year  related  to  a  payment  guarantee  (as  defined in
  paragraph (c) of this subdivision), the term defined in paragraph (f) of
  this subdivision as "cumulative earnings factor as of June thirtieth  in
  the  first HPOVSF calendar year covered by a payment guarantee" shall be
  substituted for the term "cumulative earnings factor for the immediately
  preceding HPOVSF basis fiscal year related to a payment guarantee".
    (h) "HPOVSF cumulative earnings factor". With respect  to  any  HPOVSF
  basis  fiscal  year  related  to  a  payment  guarantee  (as  defined in
  paragraph (c) of this subdivision), the amount obtained  by  multiplying
  the  allocation  to  the  housing  police variable supplements funds (as
  defined in paragraph (f) of subdivision one of  housing  police  section
  13-193,  as  made  applicable to this section by subdivision one of this
  section), for such  HPOVSF  basis  fiscal  year  related  to  a  payment
  guarantee  by  a  fraction,  the  numerator  of which shall be the total
  contributions made to the retirement system with respect to such  HPOVSF
  basis  fiscal  year  related  to  a  payment  guarantee on behalf of all
  housing police members who are housing police officers  (as  defined  in
  subparagraph  two  of paragraph (f) of subdivision one of housing police
  officers section 13-191), as of the last day of such HPOVSF basis fiscal
  year and the denominator of which shall be the total contributions  made
  to  the  retirement system with respect to such HPOVSF basis fiscal year
  related to a payment guarantee on behalf of all housing  police  members
  who are members of the housing police service as of the last day of such
  HPOVSF basis fiscal year.
    (i)  "HPOVSF  unfunded  accrued  liability".  In  any  case  where the
  valuation of assets and liabilities  of  the  housing  police  officer's
  variable  supplements  fund  by the actuary pursuant to paragraph (g) of
  subdivision three of housing police officers section 13-191  shows  that
  for  any  HPOVSF  basis fiscal year related to a payment guarantee, such
  liabilities exceed  such  assets,  the  term  "HPOVSF  unfunded  accrued
  liability"  shall mean the amount of the excess of such liabilities over
  the amount of such assets for such HPOVSF basis fiscal year.
    (j) "HPOVSF  calendar  year  covered  by  a  payment  guarantee".  The
  calendar  year  nineteen hundred ninety-four and any succeeding calendar
  year.


    (k) "Current HPOVSF fiscal year related to a payment  guarantee".  The
  fiscal  year  of  the  city  next  succeeding a HPOVSF basis fiscal year
  related to a payment guarantee (as defined  in  paragraph  (c)  of  this
  subdivision).
    4.  As soon as practicable after the close of each HPOVSF basis fiscal
  year related to a payment guarantee (as  defined  in  paragraph  (c)  of
  subdivision  three  of  this  section),  but  not  later  than  December
  thirty-first of the current HPOVSF fiscal  year  related  to  a  payment
  guarantee  (as  defined  in  paragraph  (k) of subdivision three of this
  section), the board of trustees of the retirement system  shall  compute
  the  HPOVSF  cumulative  earnings factor (as defined in paragraph (h) of
  subdivision three of this section) with respect  to  such  HPOVSF  basis
  fiscal year.
    5.  If  the  HPOVSF  cumulative  earnings factor for such HPOVSF basis
  fiscal year is a positive quantity, the retirement system, on or  before
  December  thirty-first  of  the  current HPOVSF fiscal year related to a
  payment guarantee, shall pay from its contingent  reserve  fund  to  the
  housing  police  officer's variable supplements fund, as the payment due
  for such  HPOVSF  basis  fiscal  year  under  this  section,  an  amount
  determined  pursuant  to  the  provisions  of  subdivision  six  of this
  section.
    6. The amount payable for such HPOVSF basis fiscal  year  as  provided
  for  in  subdivision five of this section shall be the lesser of (a) the
  HPOVSF cumulative earnings factor for  such  HPOVSF  basis  fiscal  year
  referred  to in such subdivision five or (b) the HPOVSF unfunded accrued
  liability (as defined in paragraph (i)  of  subdivision  three  of  this
  section) for such HPOVSF basis fiscal year.
    7.  No amount shall be due from or payable by the retirement system to
  such variable supplements fund under this section for any  HPOVSF  basis
  fiscal year related to a payment guarantee which shall exceed the HPOVSF
  unfunded accrued liability for such HPOVSF basis fiscal year, regardless
  of the amount and character of the HPOVSF cumulative earnings factor for
  such HPOVSF basis fiscal year.
    8.  The  comptroller  shall  furnish  to  the board of trustees of the
  retirement system such information and data as it may  request  for  the
  purpose of carrying out the provisions of this section.