2006 New York Code - Payments To Correction Officers\' Variable Supplements Fund.



 
    §  13-195  Payments to correction officers' variable supplements fund.
  1.  As used in this section, the following terms shall mean and include:
    (a) "Base fiscal year". Any fiscal year of the city  beginning  on  or
  after  July  first, nineteen hundred ninety-nine and ending on or before
  June thirtieth of the first calendar year covered by a payment guarantee
  (as defined in paragraph (g) of this subdivision), with respect to which
  fiscal year a determination is required to be made  as  to  whether  the
  retirement  system  is  required  to  make  a  payment,  pursuant to the
  provisions  of  this  section,  to  the  correction  officers'  variable
  supplements fund.
    (b) "Current fiscal year". The fiscal year of the city next succeeding
  the base fiscal year.
    (c)  "Transferable  earnings". (i) The total amount obtained in a base
  fiscal year with respect to the  New  York  city  employees'  retirement
  system  by  following  the  procedure  described  in paragraph twelve of
  subdivision a of section 13-232 of this  title,  as  such  procedure  is
  modified in subparagraph (ii) of this paragraph.
    (ii)  In  determining the transferable earnings for a base fiscal year
  pursuant to subparagraph (i) of this paragraph, the term  "assumed  rate
  of interest", as used in item (i) of subparagraph (d) of paragraph seven
  of subdivision a of section 13-232 of this title shall be deemed to mean
  the rate of interest equal to one hundred fifteen percent of the average
  of  monthly, ten-year United States treasury note yields as published in
  the  Federal  Reserve  Statistical  Bulletin  H.15  or   any   successor
  publication.  In  the  event  that  ten-year United States treasury note
  yields are no longer so published, then a comparable bond yield will  be
  used.
    (d)  "Amount  of assets of the retirement system". With respect to any
  base fiscal year, the aggregate amount of all assets of  the  retirement
  system on June thirtieth of such fiscal year.
    (e)  "Correction  officers assets". The amount obtained by multiplying
  the total assets of the retirement system as of June thirtieth  of  such
  base fiscal year by (i) the total salaries of correction officer members
  of  the  retirement  system  as  of such June thirtieth and dividing the
  product by (ii) the total salaries of members of the  retirement  system
  as of such June thirtieth.
    (f)  "Allocation  to  the  correction  officers'  variable supplements
  fund".  With respect to any base fiscal year, the amount obtained:
    (i) by multiplying the transferable earnings, if any, with respect  to
  such  base  fiscal  year by the amount of correction officer assets with
  respect to such base fiscal year; and
    (ii) by dividing the amount computed pursuant to subparagraph  (i)  of
  this  paragraph  by  the  amount of assets of the retirement system with
  respect to such base fiscal year.
    (g) "Calendar year covered by a payment guarantee". The calendar  year
  in  which  a  guarantee  by  the city of payment of variable supplements
  first takes effect  pursuant  to  paragraph  (f)  or  paragraph  (g)  of
  subdivision  three of section 13-194 of this chapter, and any succeeding
  calendar year.
    (h) "Basis fiscal year related to a  payment  guarantee".  Any  fiscal
  year  of the city beginning on or after July first of the first calendar
  year covered by a payment guarantee (as defined in paragraph (g) of this
  subdivision).
    2. As soon as practicable after the close of each  base  fiscal  year,
  but  not  later than August thirty-first of the current fiscal year, the
  board of the retirement system shall:
    (a) determine, in the manner provided in paragraph (f) of  subdivision
  one  of  this  section, whether there is an allocation to the correction

officers' variable supplements fund with respect to such base fiscal year; and (b) if there be such an allocation to the correction officers' variable supplements fund with respect to the base fiscal year, determined as hereinabove provided, the retirement system shall pay such allocation from the contingent reserve fund to the correction officers' variable supplements fund. 3. For the nineteen hundred ninety-nine--two thousand base fiscal year (as defined in paragraph (a) of subdivision one of this section) and each succeeding base fiscal year to and including the base fiscal year ending on June thirtieth of the first calendar year covered by a payment guarantee (as defined in paragraph (g) of subdivision one of this section), the determination as to whether there are transferable earnings with respect to each base fiscal year, and if there are such transferable earnings, the amount thereof, shall be made pursuant to the preceding subdivisions of this section. 4. The preceding subdivisions of this section shall be inapplicable to the determination of any and all rights of the correction officers' variable supplements fund to any payments from the retirement system derived from or based on investment earnings of the retirement system in any fiscal year of the city commencing on or after July first of the first calendar year covered by a payment guarantee (as defined in paragraph (g) of subdivision one this section). 5. The determination as to whether the retirement system is required to pay any monies to the corrections officers' variable supplements fund with respect to all basis fiscal years related to a payment guarantee (as defined in paragraph (h) of subdivision one of this section), and if any such monies are so payable, the amount thereof, shall be made pursuant to section 13-195.1 of this chapter.

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