2006 New York Code - Payments To Housing Police Superior Officers\' Variable Supplements Fund For Hpsovsf Basis Fiscal Years Related To A Payment Guarantee.

 
    §  13-193.7  Payments  to  housing  police superior officers' variable
  supplements fund for HPSOVSF basis fiscal years  related  to  a  payment
  guarantee.  1.  (a)  Subject  to the provisions of paragraph (b) of this
  subdivision, for the purpose of this section, 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 13-193.7 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 basis fiscal year related
  to a payment guarantee (as defined in paragraph (c) of subdivision three
  of this section):
    (i) the term HPSOVSF basis fiscal year related to a payment  guarantee
  shall  be  deemed to be substituted for the term "base fiscal year" used
  in such paragraphs (d), (e) and (f);
    (ii) the term "transferable earnings", as used in such paragraph  (f),
  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 purpose 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 13-193.7 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
  basis fiscal  year  related  to  a  payment  guarantee  (as  defined  in
  paragraph (c) of subdivision three of this section):
    (a)  the  term  "HPSOVSF  basis  fiscal  year  related  to  a  payment
  guarantee" shall be deemed to be substituted for the term  "base  fiscal
  year" set forth in such paragraphs;
    (b)  the  words  "retirement system" shall be deemed to be substituted
  for the words "pension fund" or "fund" set forth in subparagraph (a)  of
  such paragraph five and in such paragraphs seven and eight;
    (c)  the board referred to in subparagraph (b) of such paragraph eight
  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
  such paragraph eight shall be deemed  to  mean  any  HPSOVSF  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 superior officers section 13-192". Section  13-192
  of  this chapter, which relates to the housing police superior officers'
  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)  "HPSOVSF  basis  fiscal year related to a payment guarantee". Any
  fiscal year of the city commencing on or after July first of  the  first
  HPSOVSF  calendar  year  covered  by  a payment guarantee (as defined in
  paragraph (j) of this subdivision).
    (d) "Prior HPSOVSF 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 HPSOVSF 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 HPSOVSF 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 HPSOVSF 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
  HPSOVSF 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) Subject to the provisions of subparagraph (vi) of this paragraph,
  pursuant  to the procedure set forth in paragraphs (c), (d), (e) and (f)
  of housing police section 13-193, the cumulative  earnings  differential
  for  the base fiscal year (as defined in paragraph eleven of subdivision
  a of section 13-232 of this title) shall be computed for the fiscal year
  of the city next preceding July first of the first HPSOVSF calendar year
  covered by a payment guarantee (as defined  in  paragraph  (j)  of  this
  subdivision).
    (iii)   Subject  to  the  provisions  of  subparagraph  (vi)  of  this
  paragraph, the cumulative distributions  of  transferable  earnings  for
  prior base fiscal years (as defined in paragraph thirteen of subdivision
  a  of  such  section  13-232) shall be computed pursuant to such section
  13-232 and paragraphs (c), (d), (e) and (f) of  housing  police  section
  13-193 with respect to such fiscal year next preceding July first of the
  first HPSOVSF calendar year covered by a payment guarantee.
    (iv) Subject to the provisions of subparagraph (vi) of this paragraph,
  the  amount  of  transferable  earnings  (as defined in paragraph (c) of
  subdivision one of housing police section  13-193),  if  any,  for  such
  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 transferable
  earnings computed pursuant to subparagraph (iii) of this paragraph.
    (v) The sum resulting from the  addition  prescribed  by  subparagraph
  (iv)  of this paragraph (f) 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  HPSOVSF  calendar  year  covered by a payment
  guarantee.
    (vi) For the purposes of the computations prescribed by the  preceding
  subparagraphs of this paragraph:
    (A)  the  term  "base fiscal year" set forth in the provisions of such
  sections 13-193 and 13-232 mentioned  in  such  subparagraphs  shall  be
  deemed to refer, as appropriate, to such fiscal year next preceding such
  July  first  and to any fiscal year of the city which both precedes such
  next preceding fiscal year and occurs  after  June  thirtieth,  nineteen
  hundred eighty-seven; and
    (B)  such  computations  shall  be  made  in the same manner as if the
  provisions of section 13-193.1 of this chapter (other  than  subdivision
  six  of  such section) 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.


    (g)  "Cumulative  earnings factor". (i) The cumulative earnings factor
  for any HPSOVSF 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
  HPSOVSF basis fiscal year related to a payment guarantee was a  positive
  quantity,  the  cumulative  earnings factor for the HPSOVSF basis fiscal
  year related to a payment guarantee  shall  be  equal  to  the  earnings
  differential  for  such  basis  HPSOVSF fiscal year related to a payment
  guarantee.
    (B) If the cumulative earnings factor for  the  immediately  preceding
  HPSOVSF  basis fiscal year related to a payment guarantee was a negative
  quantity, the cumulative earnings factor for the  HPSOVSF  basis  fiscal
  year related to a payment guarantee shall be equal to the sum of:
    (1)  the  earnings  differential  for  the  HPSOVSF  basis fiscal year
  related to a payment guarantee; and
    (2) the cumulative  earnings  factor  for  the  immediately  preceding
  HPSOVSF basis fiscal year related to a 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  HPSOVSF  basis  fiscal  year  related  to  a
  payment  guarantee  for  which  a  cumulative  earnings  factor is being
  determined pursuant to this paragraph (g).
    (ii) In applying the provisions of this paragraph (g)  for  the  first
  HPSOVSF  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  three  as  "cumulative  earnings  factor  as  of  June
  thirtieth  in  the  first  HPSOVSF  calendar  year  covered by a payment
  guarantee" shall be substituted for the term "cumulative earnings factor
  for the immediately preceding HPSOVSF basis fiscal  year  related  to  a
  payment guarantee".
    (h)  "HPSOVSF cumulative earnings factor". With respect to any HPSOVSF
  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 of this chapter, as made applicable to this section  13-193.7  by
  subdivision  one thereof), for such HPSOVSF 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
  HPSOVSF basis fiscal year related to a payment guarantee  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  chapter),
  as of the last day of such HPSOVSF basis fiscal year and the denominator
  of  which shall be the total contributions made to the retirement system
  with respect to such HPSOVSF 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 HPSOVSF basis fiscal
  year.
    (i) "HPSOVSF unfunded  accrued  liability".  In  any  case  where  the
  valuation  of  assets  and  liabilities  of  the housing police superior
  officers' variable supplements fund by the actuary pursuant to paragraph
  (h) of subdivision three of housing  police  superior  officers  section
  13-192 shows that for any HPSOVSF basis fiscal year related to a payment
  guarantee,  such  liabilities  exceed  such  assets,  the  term "HPSOVSF
  unfunded accrued liability" shall mean the amount of the excess of  such


  liabilities over the amount of such assets for such HPSOVSF basis fiscal
  year.
    (j)  "HPSOVSF  calendar  year  covered  by  a  payment guarantee". The
  calendar year in which a guarantee of payment  of  variable  supplements
  first  takes  effect  pursuant  to  paragraph  (f)  or  paragraph (g) of
  subdivision three of housing police superior  officers  section  13-192,
  and any succeeding calendar year.
    (k)  "Current  HPSOVSF  fiscal year related to payment guarantee". The
  fiscal year of the city next succeeding  a  HPSOVSF  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 HPSOVSF 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 HPSOVSF 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  HPSOVSF  cumulative earnings factor (as defined in paragraph (h) of
  subdivision three of this section) with respect to  such  HPSOVSF  basis
  fiscal year.
    5.  If  the  HPSOVSF  cumulative earnings factor of such HPSOVSF basis
  fiscal year is a positive quantity, the retirement system, on or  before
  December  thirty-first  of  the current HPSOVSF fiscal year related to a
  payment guarantee, shall pay from its contingent  reserve  fund  to  the
  housing  police  superior  officers'  variable  supplements fund, as the
  payment due for such HPSOVSF 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 HPSOVSF basis fiscal year  as  provided
  for  in  subdivision five of this section shall be the lesser of (a) the
  HPSOVSF cumulative earnings factor for such HPSOVSF  basis  fiscal  year
  referred to in such subdivision five or (b) the HPSOVSF unfunded accrued
  liability  (as  defined  in  paragraph  (i) of subdivision three of this
  section) for such HPSOVSF 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 HPSOVSF basis
  fiscal year related to  a  payment  guarantee  which  shall  exceed  the
  HPSOVSF  unfunded  accrued liability for such HPSOVSF basis fiscal year,
  regardless of  the  amount  and  character  of  the  HPSOVSF  cumulative
  earnings factor for such HPSOVSF 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.