2006 New York Code - Payments To Housing Police Superior Officers\' Variable Supplements Fund For Hpsovsf Transition Fiscal Years.

 
    §  13-193.5  Payments  to  housing  police superior officers' variable
  supplements fund for HPSOVSF transition fiscal years. 1. (a) Subject  to
  the  provisions  of paragraph (b) of this subdivision, the definition of
  terms set forth in paragraphs (d), (e) and (f)  of  subdivision  one  of
  housing police force 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 HPSOVSF  transition  fiscal  year
  (as defined in paragraph (d) of subdivision three of this section):
    (i) the term "base fiscal year" used in paragraphs (d), (e) and (f) of
  subdivision  one  of  housing  police  section 13-193 shall be deemed to
  refer to a HPSOVSF transition fiscal year;
    (ii) the term "transferable earnings", as used  in  paragraph  (f)  of
  subdivision  one  of  housing  police section 13-193, shall be deemed to
  refer to a cumulative earnings factor (as defined in  paragraph  (i)  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 of terms set
  forth in paragraphs four, six, eight, nine and ten of subdivision  a  of
  section  13-232  of this title shall apply to this section 13-193.5 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 HPSOVSF transition fiscal year (as defined in  paragraph  (d)  of
  subdivision three of this section):
    (a)  the  term  "HPSOVSF transition fiscal year" shall be deemed to be
  substituted for the term "base fiscal  year"  set  forth  in  paragraphs
  four,  eight,  nine  and  ten 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" set forth in paragraph eight of subdivision
  a  of  section  13-232  of this chapter 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;
    (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
    (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 HPSOVSF cumulative earnings factor (as defined in
  paragraph (j) 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) "HPOVSF basis fiscal year related to  a  payment  guarantee".  Any
  fiscal  year  which  is  a HPOVSF basis fiscal year related to a payment
  guarantee, as defined in paragraph (c) of subdivision three  of  section
  13-193.4 of this chapter.
    (b)  "Housing  police section 13-193". Section 13-193 of this chapter,
  which relates to the housing police variable supplements funds.
    (c) "HPSOVSF basis fiscal year related to a  payment  guarantee".  Any
  fiscal  year  which  is a HPSOVSF basis fiscal year related to a payment
  guarantee, as defined in paragraph (c) of subdivision three  of  section
  13-193.7 of this chapter.
    (d)  "HPSOVSF  transition  fiscal  year".  Any fiscal year of the city
  which is a HPOVSF basis fiscal year related to a payment  guarantee  (as


  defined in paragraph (a) of this subdivision) but is not a HPSOVSF basis
  fiscal  year related to a payment guarantee (as defined in paragraph (c)
  of this subdivision).
    (e)  "Prior  HPSOVSF  transition  fiscal year". Any fiscal year of the
  city which is a HPSOVSF transition fiscal year (as defined in  paragraph
  (d)  of  this  subdivision) and which also precedes a HPSOVSF transition
  fiscal year for which a computation  is  being  made  pursuant  to  this
  section to determine whether a payment is due from the retirement system
  to the housing police superior officers' variable supplements fund.
    (f)  "Cumulative  earnings  factor as of June thirtieth next preceding
  the first HPSOVSF transition fiscal year".  (1) 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.
    (2)  (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
  chapter), 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 HPSOVSF transition
  fiscal year (as defined in paragraph (d) 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 of this chapter.
    (3) 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
  and housing police section 13-193 with respect to such base fiscal  year
  next preceding July first of the first HPSOVSF transition fiscal year.
    (4)  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,  shall be added to the cumulative distributions of transferable
  earnings computed pursuant to subparagraph three of this paragraph.
    (5) The sum resulting from the  addition  prescribed  by  subparagraph
  four  of  this  paragraph  shall  be subtracted from the amount computed
  pursuant to subparagraph two of this paragraph. The remainder  resulting
  from  the subtraction shall be the cumulative earnings factor as of June
  thirtieth next preceding the first HPSOVSF transition fiscal year.
    (g) "Equity experience factor". (1) An amount (expressed as a positive
  or negative  quantity)  which  shall  be  determined  for  each  HPSOVSF
  transition fiscal year (as defined in paragraph (d) of this subdivision)
  in accordance with the method of computation set forth in the succeeding
  subparagraphs of this paragraph.
    (2)  The  amount  of income earned by the retirement system during the
  HPSOVSF transition fiscal year from its investment in equities shall  be
  computed.
    (3)  To  each  such  amount of income for each such HPSOVSF transition
  fiscal year there  shall  be  added  the  capital  gains,  realized  and
  unrealized,  occurring  during  such  HPSOVSF  transition fiscal year by
  reason of such investments.


    (4)  From  the  sums  resulting  from  the  addition   prescribed   by
  subparagraph  three  of  this  paragraph  there  shall be subtracted the
  capital losses, realized or unrealized, occurring  during  such  HPSOVSF
  transition fiscal year by reason of such investment.
    (5)  In  the  event  that  any  equity is sold during any such HPSOVSF
  transition 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 a capital loss and the amount thereof.
    (6)  The  remainder  resulting  from  the  subtraction  prescribed  by
  subparagraph four of this paragraph shall be adjusted so that it  equals
  the  amount  which it would have been in the absence of the enactment of
  chapter three hundred seventy-five  of  the  laws  of  nineteen  hundred
  ninety-three.
    (7)  Any  adjustment required to be made pursuant to the provisions of
  subparagraph six of this paragraph  shall  be  computed  pursuant  to  a
  scientific method recommended to the board of trustees of the retirement
  system  by the actuary and approved by such board; provided that if such
  board is unable to approve, by  the  required  vote,  any  such  formula
  recommended  by  the actuary, such adjustment shall be computed pursuant
  to a scientific formula recommended by the actuary and  approved  by  an
  arbitrator   designated   pursuant   to   the  procedure  set  forth  in
  subparagraph (b) of paragraph eight of subdivision a of  section  13-232
  of  this title, as made applicable to this section by subdivision two of
  this section. For the purposes of this paragraph, the term "transferable
  earnings" set forth in such subparagraph (b) shall be deemed to  mean  a
  HPSOVSF  transition  cumulative earnings factor (as defined in paragraph
  (j) of this subdivision) which is a positive quantity.
    (8) The equity experience factor for such  HPSOVSF  transition  fiscal
  year  shall  be  the amount remaining after the adjustment prescribed by
  subparagraphs six and seven of this paragraph has been made.
    (h)  "Hypothetical  fixed  income  securities  earnings".    (1)   The
  aggregate  of  the  hypothetical  interest  yields  computed pursuant to
  subparagraphs two, three and four of this paragraph.
    (2) The board of trustees of the retirement systems shall compute with
  respect to each investment made or maintained by the  retirement  system
  in  an  equity  during the HPSOVSF transition fiscal year (as defined in
  paragraph (d) of this subdivision), the amount of interest  which  would
  have  been  hypothetically  earned  during  such  fiscal year, under the
  methods of calculation prescribed in this paragraph, if an amount  equal
  to  such  investment  had  instead been hypothetically invested in fixed
  income securities and such securities had been held  by  the  retirement
  system for a period (in the HPSOVSF transition fiscal year) co-extensive
  with  the  period  during  which  such equity was held by the retirement
  system in the HPSOVSF transition fiscal year.
    (3) For  the  purposes  of  this  section,  the  amount  or  any  such
  investment  in an equity during the HPSOVSF transition fiscal year shall
  be deemed to be:
    (i) the market value of the equity on the first  day  of  the  HPSOVSF
  transition  fiscal  year, in the case of any such equity acquired by the
  retirement system prior to the commencement of such fiscal year and held
  by the retirement system on the first day of such fiscal year; and
    (ii) the total amount paid by the retirement  system  to  acquire  the
  equity,  including  but  not  limited  to broker's commissions and other
  expenses of such acquisition, in the case of any such  equity  which  is
  acquired  by  the retirement system during the HPSOVSF transition fiscal
  year.


    (4) For the purposes of this section, the  amount  of  interest  which
  would  have  been  earned  by the retirement system on such hypothetical
  fixed income securities during the HPSOVSF transition fiscal year  shall
  be deemed to be the amount obtained:
    (i)  by  multiplying  the  amount  of  the  investment in such equity,
  determined as prescribed by subparagraph three of this paragraph, by the
  assumed rate of interest for the HPSOVSF transition fiscal year; and
    (ii) by prorating the interest so computed,  in  any  case  where  the
  investment  in such equity was maintained by the retirement system for a
  part of the HPSOVSF transition fiscal year; and
    (iii) by multiplying the amount of  interest  computed  for  the  full
  HPSOVSF  transition  fiscal  year pursuant to items (i) and (ii) of this
  subparagraph by a  fraction,  the  numerator  of  which  is  the  amount
  designated  as the equity experience factor with respect to such HPSOVSF
  transition fiscal year by subparagraph eight of paragraph  (g)  of  this
  subdivision  and  the  denominator of which is the remainder produced by
  the subtraction prescribed by subparagraph four of such  paragraph  with
  respect to such HPSOVSF transition fiscal year; and
    (iv)  by  adding  together  the  products  of all such multiplications
  performed pursuant to item (iii) of this subparagraph in relation to all
  such equities held by the retirement system during such fiscal year.
    (i) "Cumulative earnings factor". (1) The cumulative  earnings  factor
  for  any  HPSOVSF transition fiscal year (as defined in paragraph (d) of
  this subdivision) shall be determined as follows:
    (i) If the cumulative earnings factor for  the  immediately  preceding
  HPSOVSF  transition  fiscal year was a positive quantity, the cumulative
  earnings factor for the HPSOVSF transition fiscal year shall be equal to
  the earnings differential for the HPSOVSF transition fiscal year.
    (ii) If the cumulative earnings factor for the  immediately  preceding
  HPSOVSF  transition  fiscal year was a negative quantity, the cumulative
  earnings factor for the HPSOVSF transition fiscal year shall be equal to
  the sum of:
    (A) the earnings differential for the HPSOVSF transition fiscal  year;
  and
    (B)  the  cumulative  earnings  factor  for  the immediately preceding
  HPSOVSF transition fiscal year.
    (2) In applying the provisions of this paragraph  (i)  for  the  first
  HPSOVSF  transition  fiscal  year,  the term defined in paragraph (f) of
  this subdivision as "cumulative earnings factor  as  of  June  thirtieth
  next  preceding  the  first  HPSOVSF  transition  fiscal  year" shall be
  substituted for the term "cumulative earnings factor for the immediately
  preceding HPSOVSF transition fiscal year".
    (j) "HPSOVSF transition cumulative earnings factor". With  respect  to
  any  HPSOVSF transition fiscal year (as defined in paragraph (d) 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  HPSOVSF
  transition  fiscal  year  by a fraction, the numerator of which shall be
  the total contributions made to the retirement system  with  respect  to
  such  HPSOVSF  transition  fiscal  year  on behalf of all housing police
  members  who  are  housing  police  superior  officers  (as  defined  in
  subdivision  eighty-four of section 13-101 of this title) as of the last
  day of such HPSOVSF transition fiscal year, and the denominator of which
  shall be the total contributions made  to  the  retirement  system  with
  respect  to such HPSOVSF transition fiscal year on behalf of all housing
  police members who are members of the housing police service as  of  the
  last day of such HPSOVSF transition fiscal year.


    (k)  "Current  HPSOVSF transition fiscal year". The fiscal year of the
  city next succeeding a HPSOVSF transition fiscal  year  (as  defined  in
  paragraph (d) of this subdivision).
    4.  As  soon as practicable after the close of each HPSOVSF transition
  fiscal year (as defined in paragraph (d) of subdivision  three  of  this
  section),  but not later than August thirty-first of the current HPSOVSF
  transition fiscal year related to a payment  guarantee  (as  defined  in
  paragraph  (k)  of  subdivision  three of this section), the board shall
  compute the HPSOVSF transition cumulative earnings factor (as defined in
  paragraph (j) of subdivision three of this section) with respect to such
  HPSOVSF transition fiscal year.
    5. If the  HPSOVSF  transition  cumulative  earnings  factor  for  the
  HPSOVSF  transition  fiscal  year is a positive quantity, the retirement
  system,  on  or  before  August  thirty-first  of  the  current  HPSOVSF
  transition  fiscal  year,  shall pay from its contingent reserve fund to
  the housing police superior officers' variable supplements  fund  a  sum
  equal to the amount of such factor.
    6.  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.