There is a newer version of the New York Consolidated Laws
2006 New York Code - Definitions.
§ 13-501 Definitions. The following words and phrases as used in this
chapter, unless a different meaning is plainly required by the context,
shall have the following meanings:
1. "Retirement system" shall mean the arrangement for the payment of
retirement allowances, under the provisions of this chapter.
2. "Retirement association" shall mean the teachers' retirement
association provided for in section 13-503 of this chapter.
3. "Retirement board" shall mean the teachers' retirement board
provided for in section 13-507 of this chapter.
4. "Medical board" shall mean the board of physicians provided for in
section 13-519 of this chapter.
5. "Board of education" shall mean the board of education of the city.
6. "Public school" shall mean any class, school, high school, normal
school, training school, vocational school, truant school, parental
school, and all schools or classes conducted under the order and
superintendence of the board of education, and the schools or classes
maintained by the department of social services or by the department of
correctional services in pursuance of the rules established by the board
of education, or by the commissioner of social services or by the
commissioner of correction for schools or classes maintained by such
commissioners, respectively.
7. (a) "Teacher" shall mean the superintendent of schools, the
associate superintendents, the assistant superintendents, the director
and the assistant director of the divisions of reference and research,
the director and the assistant directors of the bureau of compulsory
education, school census and child welfare, attendance teachers and
specially certificated attendance officers who are first employed by the
New York city board of education on or after September first, nineteen
hundred sixty-eight, attendance teachers and specially certificated
attendance officers who were members of the New York city board of
education retirement system and who, on or before December thirty-first,
nineteen hundred sixty-nine, gave notice to said board of education
retirement system of their intention to transfer to the New York city
teachers' retirement system, the director of attendance, assistant
director of attendance, chief attendance officer, division supervising
attendance officers and district supervising attendance officers of the
bureau of compulsory education, school census and child welfare,
supervisors of school social workers who are first employed by the New
York city board of education on or after September first, nineteen
hundred sixty-nine or who were members of the New York city board of
education retirement system and who on or before December thirty-first,
nineteen hundred seventy, gave notice to the said board of education
retirement system of their intention to transfer to the New York city
teachers' retirement system, the members of the board of examiners, the
directors and the assistant directors of special branches, the
supervisor and assistant supervisors of lectures, all principals,
vice-principals, assistants-to-principals, heads of departments, and all
regular and special teachers of the public day schools of the city, and
all employees of the board of education appointed to regular positions
in the service of the public schools at annual salaries and whose
appointments were made or shall be made from eligible lists prepared as
the result of examinations held by the board of examiners or from hiring
lists established by the chancellor of the board of education, as the
case may be, and all employees employed by the board of education in the
titles of teacher aide, educational assistant, educational associate,
auxiliary trainer, bilingual professional assistant, family worker,
family assistant, family associate, parent program assistant, who file
an application for membership in the retirement association on a form
supplied by the retirement board.
(b) (1) A member employed in a title added by the provisions of the
amendment made by chapter nine hundred ninety-seven of the laws of
nineteen hundred eighty-three may elect a service retirement benefit
pursuant to the provisions of subparagraphs two and three of this
paragraph.
(2) A member employed in a title specified in subparagraph one may
elect a service retirement without having to satisfy the requirement set
forth in paragraph one of subdivision b of section six hundred nine of
the retirement and social security law that a minimum of five years of
credited service be performed subsequent to joining a retirement system.
Provided however, that nothing herein shall be deemed to affect any
applicable condition of eligibility for a service retirement, including
but not limited to, that such member has: (i) attained age sixty-two as
required by section six hundred three of the retirement and social
security law; (ii) rendered a minimum of ten years of credited service
as required by subdivision a of section six hundred two of such law; and
(iii) purchased credit for any creditable service rendered in such title
or titles prior to joining the New York city teachers' retirement system
by making payment to such system prior to the effective date of
retirement an amount equal to three percent of the employee's salary
earned during the period such prior service was rendered, with interest
at the rate of five percent per annum compounded annually. Further
provided, that nothing herein shall be construed to mean that any
service shall be credited in a manner inconsistent with the provisions
of subdivision a of section six hundred nine of the retirement and
social security law, or, if applicable, the provisions of subdivision e
of such section.
(3) In order to be effective, elections made pursuant to the
provisions of this paragraph shall be in writing on a form supplied by
the New York city teachers' retirement system and duly acknowledged and
filed with such system on or before December thirty-first, nineteen
hundred eighty-five.
8. "Present-teacher" shall mean any teacher employed in the public
schools as a teacher on the first day of August, nineteen hundred
seventeen, or on leave of absence on such date; and any teacher serving
on a temporary license on the first day of August, nineteen hundred
seventeen who, without separation from service, became a contributor to
the teachers' retirement system; and any teacher-clerk or clerical
assistant employed in the public day schools as a teacher-clerk or
clerical assistant on the second day of June, nineteen hundred nineteen,
and whose service as such teacher-clerk or clerical assistant was
continuous from any time prior to the thirtieth day of June, nineteen
hundred seventeen to the second day of June, nineteen hundred nineteen;
and any teacher-clerk or clerical assistant employed as such in the
public day schools from any time prior to the thirtieth day of June,
nineteen hundred seventeen and who, without separation from service, was
appointed as a regular teacher on a per annum salary prior to the second
day of June, nineteen hundred nineteen and who, prior to the fourth day
of May, nineteen hundred thirty-five, was classified upon the records of
the retirement board as "present-teacher"; and any teacher-clerk or
clerical assistant who was employed as such in the public day schools on
the second day of June, nineteen hundred nineteen and who, prior to the
fourth day of May, nineteen hundred thirty five, was classified upon the
records of the retirement board as "present-teacher"; and any teacher
who was employed in the public schools as a teacher on the first day of
August, nineteen hundred seventeen who subsequently resigned and who was
reinstated or reappointed within two years from the date of such
resignation.
9. "New-entrant" shall mean any teacher appointed to serve in the
public schools after the first day of August, nineteen hundred
seventeen.
10. "Contributor" shall mean any member of the retirement association.
11. "Transferred-contributor" shall mean a contributor as defined in
section 13-523 of this chapter.
12. "Beneficiary" shall mean any person in receipt of a pension, a
pension-providing-for-increased-take-home-pay, an annuity, a retirement
allowance, or other benefit as provided in this chapter.
13. "city-service" shall mean any service as an employee of the city
or of any department, bureau, board or corporation thereof, or of the
counties within the city.
14. "Prior-service" shall mean all city-service and all teaching or
supervisory service in schools or colleges not maintained by the city
computed to and including the sixteenth day of September, nineteen
hundred seventeen, in the case of a present-teacher, and, in the case of
a new-entrant, to the date of his or her appointment as a teacher,
subject to the limitations and restrictions imposed by section 13-505 of
this chapter.
15. "Total-service" shall mean all prior-service together with all
subsequent service as a teacher or contributor as provided in this
chapter.
15-a. "Member-service" shall mean credited city-service rendered while
a contributor.
16. "Service retirement" shall mean retirement as defined in section
13-545, 13-547 or 13-549 of this chapter.
17. "Disability retirement" shall mean any of the following:
(a) retirement prior to July first, nineteen hundred seventy for
disability, as defined in subdivision seventeen-a of this section;
(b) retirement for ordinary disability, as defined in subdivision
seventeen-b of this section;
(c) retirement for accident disability, as defined in subdivision
seventeen-c of this section.
17-a. "Retirement prior to July first, nineteen hundred seventy for
disability" shall mean retirement of a contributor for disability
pursuant to section 13-550 of this chapter in any case where the
effective date of such retirement precedes July first, nineteen hundred
seventy.
17-b. "Retirement for ordinary disability" shall mean retirement of a
contributor for disability pursuant to section 13-550 of this chapter,
in any case where such retirement becomes effective on or after July
first, nineteen hundred seventy.
17-c. "Retirement for accident disability" shall mean retirement
pursuant to section 13-551 of this chapter.
17-d. "Disability pensioner". Any retired person whose retirement
constitutes disability retirement.
18. "Average salary" shall mean the average annual salary earnable by
a contributor for the five years immediately preceding the date of death
or retirement or, at the option of such contributor, it shall mean the
average annual salary earnable during any ten consecutive years of his
or her total service, said ten years to be selected by the contributor
prior to the date of death or retirement; upon the death of a
contributor before retirement and prior to the selection of the period
of time upon which his or her average annual salary shall be based, for
the purpose of determining the amount to be paid as special death and
retirement benefits pursuant to section 13-543 of this chapter, "average
salary" shall mean the average annual salary earnable by such
contributor during the five years immediately preceding his or her death
or the average annual salary earnable by him or her during any ten
consecutive years of total service, whichever of the two averages is
greater in amount.
18-a. (a) For the purposes of paragraphs (b), (c) and (d) of this
subdivision, the term "improved salary base contributor" shall mean any
contributor:
(i) who dies or retires on or after the date on which this subdivision
takes effect; and
(ii) whose last three years of credited service after his or her
contribution rate fixation date (as defined in subdivision forty-seven
of this section) were rendered in the position held by him or her on the
date of death or retirement.
(b) (1) Notwithstanding the provisions of subdivision eighteen of this
section or any other provision of law to the contrary, "average salary"
shall mean, in the case of any improved salary base contributor, the
annual salary earnable by such contributor during the year immediately
preceding the date of death or retirement or, at the option of such
contributor, it shall mean the average annual salary earnable during any
five consecutive years of his or her total service, such five years to
be selected by such contributor prior to the date of death or
retirement.
(2) In any case where an improved salary base contributor dies prior
to the selection of the period of time upon which his or her average
salary shall be based, and such death occurs prior to his or her
retirement or under such circumstances that a benefit is payable
pursuant to paragraph a or b of subdivision two of section 13-545 of
this chapter, then for the purpose of determining the amount to be paid
as special death and retirement benefits pursuant to section 13-543 of
this chapter or for the purpose of determining the amount of the benefit
to be paid pursuant to paragraph a or b of subdivision two of section
13-545 of this chapter, as the case may be, "average salary" shall mean
the annual salary earnable by such contributor during the year
immediately preceding his or her death or the average annual salary
earnable by him or her during any five consecutive years of total
service, whichever of such earnable amounts is greater.
(c) Notwithstanding any provision of paragraphs (a) and (b) of this
subdivision to the contrary, in any case where a contributor would
qualify as an improved salary base contributor, except for lack of the
three years of service required by subparagraph (ii) of paragraph (a) of
this subdivision, and such contributor, after his or her contribution
rate fixation date (as defined in subdivision forty-seven of this
section), rendered credited service for a period of three or more years
during which period of three or more years he or she held no more than
one position, such contributor shall be deemed, for the purposes of
paragraphs (a), (b) and (d) of this subdivision, to be an improved
salary base contributor; provided, however, that wherever the expression
"annual salary earnable by such contributor during the year immediately
preceding the date of death or retirement," or "annual salary earnable
by such contributor during the year immediately preceding his or her
death", appear in paragraph (b) of this subdivision, such expressions
shall be instead deemed to mean, with respect to a contributor who
qualifies as an improved salary base contributor under this paragraph
(c), the annual salary earnable by such contributor during the last year
of the most recent period of three or more years of credited service of
such contributor (after his or her contribution rate fixation date, as
defined in subdivision forty-seven of this section), during which period
of three or more years he or she held no more than one position.
(d) (1) Subject to the provisions of subparagraph two of this
paragraph, the provisions of paragraphs (a), (b) and (c) of this
subdivision shall not apply to any contributor:
(i) who heretofore retired or shall hereafter retire or who heretofore
became or shall hereafter become a withdrawn contributor or a
discontinued member; and
(ii) who, after such retirement or withdrawal or after his or her
discontinuance of service as a discontinued member, as the case may be,
and after June thirtieth, nineteen hundred sixty-nine, re-entered or
shall re-enter service (whether or not with service credit and status
prior to withdrawal or discontinuance of service, as the case may be);
and
(iii) who would otherwise qualify as an improved salary base
contributor at the time of death or retirement occurring after such
re-entry; unless and until such contributor, after such re-entry,
completes a period of not less than four years of member-service (as
defined in subdivision fifteen-a of this section).
(2) In any case where any contributor retires as an improved salary
base contributor or discontinues service as an improved salary base
discontinued member (as defined in subdivision eighteen-b of this
section) and thereafter retires without having the status of an improved
salarybase contributor, the average salary used in computing the
retirement allowance of such contributor with respect to such subsequent
retirement shall in no event be less than the average salary:
(i) which was used in computing the retirement allowance awarded to
him or her with respect to his or her prior retirement as an improved
salary base contributor, in the case of such a contributor who retired
after a prior retirement; or
(ii) which would have been required to be used in computing the
retirement allowance to which he or she would have been entitled as a
discontinued member if he or she had not re-entered service, in the case
of such a contributor who retires after previously discontinuing service
as a discontinued member.
18-b (a) For the purposes of paragraph (b) and (c) of this
subdivision, the term "improved salary base discontinued member" shall
mean, except as otherwise provided in paragraph (c) of this subdivision,
any discontinued member:
(i) who:
(a) became such a member by discontinuing service on or after the date
on which this subdivision takes effect and after five years of credited
service immediately preceding such termination, as required by section
13-556 of this chapter (relating to vested retirement rights); or
(b) became such a member after a prior discontinuance of service and
re-entry into service, by discontinuing service on or after the date on
which this subdivision takes effect and after completion of five years
of credited service after such re-entry into service and immediately
preceding such subsequent termination as required by such section
13-556; and
(ii) whose last three years of credited service prior to his or her
most recent discontinuance were rendered in the position held by him or
her on the date of such most recent discontinuance.
(b) (1) Notwithstanding the provisions of subdivision eighteen of this
section or any other provision of law to the contrary, "average salary"
shall mean, in the case of any improved salary base discontinued member,
the annual salary earnable by such member during the year immediately
preceding the date of his or her discontinuance of service, or, at the
option of such member, it shall mean the average annual salary earnable
during any five consecutive years of his or her total-service, said five
years to be selected by such member prior to the date on which his or
her retirement allowance becomes payable under the provisions of section
13-556 of this chapter (relating to vested retirement rights).
(c) Notwithstanding any provision of paragraphs (a) and (b) of this
subdivision to the contrary, in any case where a discontinued member
would qualify as an improved salary base discontinued member, except for
lack of the three years of service required by subparagraph (ii) of
paragraph (a) of this subdivision, and such member, after his or her
contribution rate fixation date (as defined in subdivision forty-seven
of this section) rendered credited service for a period of three or more
years during which period of three or more years he or she held no more
than one position, such member shall be deemed, for the purposes of
paragraphs (a) and (b) of this subdivision to be an improved salary base
discontinued member; provided, however, that the expression "annual
salary earnable by such member during the year immediately preceding the
date of his or her discontinuance of service" set forth in paragraph (b)
of this subdivision shall be deemed to mean, with respect to a
discontinued member who qualifies as an improved salary base
discontinued member under this paragraph (c), the annual salary earnable
by such member during the last year of the most recent period of three
or more years of credited service of such member during which period of
three or more years he or she held no more than one position.
19. (a) "Minimum contribution", except as otherwise provided in
paragraphs (b) and (c) of this subdivision, shall mean (1) the amount
realized by deducting from the salary of a contributor three per cent of
his or her earnable salary; or (2) such per cent thereof, if less than
three per cent, as shall be computed to be sufficient, with regular
interest, when paid until age sixty-five, to provide for him or her on
retirement at that age an annuity which, when added to his or her
pension provided for in this title, will provide a retirement allowance
of fifty percent of his or her average salary.
(b) The "minimum contribution" of a twenty-year pension plan
contributor shall be that realized by deducting from his or her salary
the proportion of his or her earnable salary represented by his or her
effective contribution rate as a twenty-year pension plan contributor
(as such rate is defined in subdivision forty-five of this section).
(c) The "minimum contribution" of an age-fifty-five-increased-benefits
pension plan contributor shall be that realized by deducting from his or
her salary the proportion of his or her earnable salary represented by
his or her effective contribution rate as an
age-fifty-five-increased-benefits pension plan contributor (as such rate
is defined in subdivision forty-six of this section).
(d) The method of computation and the deductions herein prescribed
shall be appropriately modified in the case of a contributor for whom a
rate is otherwise fixed pursuant to section 13-546 of this chapter
(relating to pensions-providing-for-increased-take-home-pay).
20. "Minimum accumulation" shall mean:
(a) Except as otherwise provided in paragraphs (b) and (c) of this
subdivision, the amount created by the accumulation of the minimum
contributions, together with the regular interest thereon; and
(b) Subject to the provisions of paragraphs (c) and (d) of this
subdivision, such term, in the case of any twenty-year pension plan
contributor, shall mean the remainder obtained:
(1) by computing the amount which the accumulated deductions of such
contributor would equal, as of the date of his or her completion of
twenty years of twenty-year pension plan qualifying service, if during
the period from his or her contribution rate fixation date up to and
including the date of completion of such twenty years of service, he or
she contributed to the retirement system at his or her normal rate of
contribution as such contributor; and
(2) by subtracting from such amount computed pursuant to subparagraph
one of this paragraph (b), the amount of the
reserve-for-increased-take-home-pay to which such contributor is
entitled for such period of twenty years of service, as such reserve was
as of the date of completion of such period of service.
(c) For the purposes of subparagraph one of paragraph (b) of this
subdivision, the accumulated deductions referred to in such subparagraph
shall be computed as they would be:
(i) in the absence of any outstanding loan; and
(ii) if they were not increased by any additional contributions, and
(iii) if they were not reduced by reason of any election of the
contributor to apply the amount of such reduction in payment of his or
her contributions for old-age and survivors insurance coverage; and
(iv) if, in the case of contributor who is a participant in the
variable annuity program, he or she had never been a participant in such
program during the period from his or her contribution rate fixation
date up to and including the date of completion of twenty years of
twenty-year pension plan qualifying service.
(d) (1) In the case of a twenty-year pension plan contributor who,
prior to his or her contribution rate fixation date, had completed
twenty or more years of twenty-year pension plan qualifying service, the
minimum accumulation shall be an amount which, as of the initial date of
retirement allowance payability with respect to such contributor, is the
actuarial equivalent of an annuity equal to twelve and one-half per
centum of his or her annual salary earnable on his or her contribution
rate fixation date.
(2) In the case of a twenty-year pension plan contributor who, after
having retired as a twenty-year pension plan contributor, re-enters
city-service, the minimum accumulation of such contributor while a
twenty-year pension plan contributor shall be his or her minimum
accumulation at the time of his or her prior retirement as a twenty-year
pension plan contributor.
(3) For the purpose of the computation prescribed by subparagraph one
of paragraph b of this subdivision, in the case of a twenty-year pension
plan contributor whose first twenty years of twenty-year pension plan
qualifying service includes transferred service as described in
subdivision forty-four of this section (relating to definitions), the
accumulated deductions of such contributor attributable to all such
transferred service rendered prior to July first, nineteen hundred
seventy shall be the amount obtained by adding together:
(i) the amount which the accumulated deductions of such contributor
resulting from his or her contributions as a member of the other
retirement system would have equalled at the end of such period of
transferred service rendered prior to July first, nineteen hundred
seventy, (a) in the absence of a loan, (b) if not increased by
additional contributions and (c) if not reduced by reason of such
contributor's election as a member of such other retirement system to
decrease his or her contributions in order to apply the amount of such
reduction in payment of his or her contributions for old age and
survivors insurance coverage; and
(ii) the reserve-for-increased-take-home-pay, if any, which accrued
for such period of transferred service rendered prior to July first,
nineteen hundred seventy in favor of such contributor as a member of
such other retirement system.
(4) For the purpose of facilitating the computation of minimum
accumulations, the retirement board may promulgate rules and regulations
providing, with respect to any twenty-year pension plan contributor
whose first twenty years of twenty-year pension plan qualifying service
include any such service rendered after his or her contribution rate
fixation date and prior to July first, nineteen hundred seventy, that
for the purpose of computing that part of his or her minimum
accumulation attributable to the period of his or her twenty-year
pension plan qualifying service commencing on his or her contribution
rate fixation date (or on the date of his or her last entry into
city-service constituting member-service, if he or she is subject to the
provisions of subparagraph three of this paragraph (c)) and ending on
June thirtieth, nineteen hundred seventy or on the date on which he or
she completes twenty years of twenty-year pension plan qualifying
service, whichever is earlier;
(i) his or her earnable salary during such period shall be deemed to
increase annually by a constant amount; and
(ii) if such entire period includes one or more constituent periods
(hereinafter referred to as sub-periods) for which he or she did not
receive service credit, such part of his or her minimum accumulations
shall be the amount obtained:
(a) by computing, in accordance with the method of computation
mentioned in item one of this paragraph four, the amount which his or
her accumulated deductions for such entire period would equal, as of the
last day of such period, if throughout such period, including in such
period all such sub-periods, he or she contributed continuously to the
retirement system at his or her normal rate of contribution; and
(b) by multiplying such amount computed pursuant to subitem (a) of
this item (ii) by a fraction, the numerator of which is the number of
years of service for which he or she is credited with respect to such
entire period, and the denominator of which is the number of years of
service for which he or she would be credited with respect to such
entire period if no such sub-periods were included therein.
20-a. "Minimum accumulation factor" shall mean an amount equal to an
annuity which would be, as of the date on which the retirement allowance
of a twenty-year pension plan contributor begins, the actuarial
equivalent of his or her minimum accumulation.
21. "Accumulated deductions" shall mean the total of the amounts
deducted from the salary of a contributor and standing to the credit of
his or her individual account in the annuity savings fund, together with
the regular interest and special interest, if any, thereon.
22. (a) Except as otherwise provided in paragraphs (b), (c), (d), (e)
and (g) of this subdivision, "regular interest," in the cases of persons
who are members on the thirtieth day of June, nineteen hundred
forty-seven, shall mean interest at four per centum per annum,
compounded annually, and in the case of persons becoming members
thereafter, shall mean interest of three per centum per annum,
compounded annually to and including the thirty-first day of December,
nineteen hundred sixty-six, and interest at four per centum per annum,
compounded annually from and after the first day of January, nineteen
hundred sixty-seven, except that in the cases of persons becoming
members after the thirtieth day of June, nineteen hundred forty-seven
whose service as a teacher, contributor, or transferred-contributor is
terminated by death, retirement, resignation, dismissal or otherwise
prior to the thirtieth day of June, nineteen hundred sixty-seven, the
term "regular interest" shall mean interest at three per centum per
annum compounded annually, to and including the date of such
termination.
(b) The provisions of paragraph (a) of this subdivision shall not
apply to any actuarial valuation, determination or appraisal which is
made pursuant to this chapter and which is used to determine the amount
of any contribution required to be paid by the city or other public
employer into the contingent reserve fund or pension reserve fund number
two of the retirement system in nineteen hundred seventy-seven--nineteen
hundred seventy-eight fiscal year of the city or any subsequent fiscal
year thereof.
(c) (i) Subject to the provisions of subparagraph (ii) of paragraph
(f) of this subdivision, for the purpose of any actuarial valuation,
determination or appraisal which is made pursuant to this title and
which is used to determine the amount of any contribution required to be
paid by the city (or other obligors required to pay public employer
contributions on account of contributors) into the contingent reserve
fund or pension reserve fund number two of the retirement system in the
nineteen hundred seventy-seven--nineteen hundred seventy-eight fiscal
year of the city and in each succeeding fiscal year thereof to and
including the nineteen hundred seventy-nine--nineteen hundred eighty
fiscal year thereof, "regular interest" shall mean interest at five and
one-half per centum per annum, compounded annually.
(ii) Subject to the provisions of subparagraph (ii) of paragraph (f)
of this subdivision, and except as otherwise provided in subdivision a
of section 13-527 of this chapter and subdivision d of such section with
respect to determination of the amount of the balance sheet liability as
of June thirtieth, nineteen hundred eighty and balance sheet liability
contributions, for the purpose of any actuarial valuation, determination
or appraisal which is made pursuant to this title and which is used to
determine the amount of any contribution required to be paid by the city
(or other obligors required to pay public employer contributions on
account of contributors) into the contingent reserve fund or pension
reserve fund number two of the retirement system in the nineteen hundred
eighty--nineteen hundred eighty-one fiscal year of the city and in each
succeeding fiscal year thereof to and including the nineteen hundred
eighty-one--nineteen hundred eighty-two fiscal year thereof, "regular
interest" shall mean interest at the rate of seven and one-half per
centum per annum, compounded annually.
(iii) Subject to the provisions of subparagraph (ii) of paragraph (f)
of this subdivision, and except as otherwise provided in subdivision a
of section 13-527 of this chapter and subdivision d of such section with
respect to the determination of the amount of the balance sheet
liability as of June thirtieth, nineteen hundred eighty and balance
sheet liability contributions, for the purpose of any actuarial
valuation, determination or appraisal which is made pursuant to this
title and which is used to determine the amount of any contribution
required to be paid by the city (or other obligors required to pay
public employer contributions on account of contributors) into the
contingent reserve fund or pension reserve fund number two of the
retirement system in the nineteen hundred eighty-two--nineteen hundred
eighty-three fiscal year of the city and in each succeeding fiscal year
thereof to and including the nineteen hundred eighty-seven--nineteen
hundred eighty-eight fiscal year thereof, "regular interest" shall mean
interest at the rate of eight per centum per annum, compounded annually.
(iv) Subject to the provisions of subparagraph (ii) of paragraph (f)
of this subdivision, and except as otherwise provided in subdivision a
of section 13-527 of this chapter and subdivision d of such section with
respect to the determination of the amount of the balance sheet
liability as of June thirtieth, nineteen hundred eighty and balance
sheet liability contributions, for the purpose of any actuarial
valuation, determination or appraisal which is made pursuant to this
chapter and which is used to determine the amount of any contribution
required to be paid by the city (or other obligors required to pay
public employer contributions on account of contributors) into the
contingent reserve fund or pension reserve fund number two of the
retirement system in the nineteen hundred eighty-eight--nineteen hundred
eighty-nine fiscal year of the city and the nineteen hundred
eighty-nine--nineteen hundred ninety fiscal year thereof, "regular
interest" shall mean interest at the rate of eight and one-quarter per
centum per annum, compounded annually.
(d) Subject to the provisions of subparagraph (ii) of paragraph (f) of
this subdivision, and except as otherwise provided in subdivision a of
section 13-527 of this chapter and subdivision f of such section with
respect to determination of the amount of the balance sheet liability as
of June thirtieth, nineteen hundred eighty and balance sheet liability
contributions, for the purpose of any actuarial valuation, determination
or appraisal which is made pursuant to this chapter and which is used to
determine the amount of any contribution required to be paid by the city
(or other obligors required to pay public employer contributions on
account of contributors) into the contingent reserve fund or pension
reserve fund number two of the retirement system in the nineteen hundred
ninety--nineteen hundred ninety-one fiscal year of the city and in any
subsequent fiscal year thereof, "regular interest" shall mean interest
at such rate per annum, compounded annually, as shall be prescribed by
the legislature in section 13-638.2 of this title.
(e) On or after May first, nineteen hundred eighty-nine and no later
than October thirty-first of such year, the retirement board shall
submit to the governor, the temporary president and minority leader of
the senate, the speaker of the assembly, the majority and minority
leaders of the assembly, the state superintendent of insurance, the
chairman of the permanent commission on public employee pension and
retirement systems, the mayor of the city, and the members of the board
of estimate and city council thereof, the written recommendations of the
retirement board as to the rate of interest and effective period thereof
which should be established by law as "regular interest" for the purpose
specified in the paragraph (d) of this subdivision.
(f) (i) Subject to the provisions of paragraph four of subdivision (b)
of section 13-527 of this chapter, nothing contained in paragraphs (b),
(c), (d) and (e) of this subdivision shall be construed as prescribing,
for the purpose of crediting interest to individual accounts in the
annuity savings fund or to reserves-for-increased-take-home-pay or for
any other purpose besides that specified in such paragraphs, a rate of
regular interest other than as prescribed by the applicable provisions
of paragraph (a) or paragraph (g) of this subdivision.
(ii) Subject to the provisions of section 13-638.2 of this title,
nothing contained in paragraphs (c) and (d) of this subdivision shall be
construed as requiring the original unfunded accrued liability
contribution, as defined in subdivision c of section 13-527 of this
chapter, and the revised unfunded accrued liability contribution, as
defined in subdivision d of such section, and the nineteen hundred
eighty unfunded accrued liability adjustment, as defined in subdivision
e of such section and the nineteen hundred eighty-two unfunded accrued
liability adjustment, as defined in such subdivision, to be determined
in any manner other than as prescribed by the applicable provisions of
such subdivisions. Subject to the provisions of section 13-638.2 of this
title, nothing contained in paragraphs (c) and (d) of this subdivision
shall be construed as requiring any balance sheet liability or balance
sheet liability contribution computed pursuant to the provisions of
subdivision f of section 13-527 of this chapter to be determined in any
manner other than as prescribed in such subdivision.
(g) (i) Commencing on August first, nineteen hundred eighty-three, and
continuing thereafter, "regular interest", in the cases of persons who
were in member service on July thirty-first, nineteen hundred
eighty-three or who thereafter entered or resumed or enter or resume
member service, shall mean, subject to the provisions of subparagraphs
(ii) to (ix), inclusive, of this paragraph (g) and subdivision b of
section 13-578 of the code, interest at seven per centum per annum,
compounded annually.
(ii)(A)(1) Subject to the provisions of sub-items (2) and (3) of this
item (A), regular interest at the rate of seven per centum per annum,
compounded annually, shall be used as the actuarial interest assumption
for determining any actuarial equivalent benefit (other than a variable
annuity program benefit) payable to or on account of any seven percent
member for actuarial equivalent benefit purposes.
(2) Where an actuarial equivalent benefit is required by retirement
board resolution to be determined for any seven percent member for
actuarial equivalent benefit purposes through the use of the modified
Option 1 pension computation formula (as defined in subdivision
fifty-nine of section 13-501 of the code), the actuarial interest
assumptions used in making such determination shall be as prescribed in
such formula.
(3) Where it is provided by retirement board resolution that a portion
of an actuarial equivalent benefit shall be determined for any seven
percent member for actuarial equivalent benefit purposes on the basis of
gender-neutral mortality tables, and that the remainder of such benefit
shall be determined on the basis of mortality tables which are not
gender-neutral, regular interest at the rate of seven per centum per
annum, compounded annually, shall be used as the actuarial interest
assumption for determining the portion of such benefit required by such
resolution to be determined on the basis of gender-neutral mortality
tables and such rate of regular interest shall not apply to the
determination of the remainder of such benefit.
(B) Notwithstanding that the process of determining whether a member
is a seven percent member for actuarial benefit purposes may include,
for the purpose of ascertaining the highest applicable benefit,
alternative hypothetical benefit calculations utilizing a rate of
regular interest other than such rate of seven per centum, nothing
contained in subparagraph (i) of this paragraph (g) or in item (A) of
this subparagraph (ii) shall be construed as requiring that in the
determination of any actuarial equivalent benefit (other than a variable
annuity program benefit) payable to or on account of any member who is
not a seven percent member for actuarial equivalent benefit purposes,
any rate of interest be used as the actuarial interest assumption other
than regular interest, compounded annually, as prescribed by the
applicable provisions of paragraph (a) of this subdivision twenty-two.
(iii) The provisions of item (A) of subparagraph (ii) of this
paragraph shall not apply to any person who prior to August first,
nineteen hundred eighty-three, retired as a member of the retirement
system for service or superannuation or for ordinary or accident
disability and was such a retiree immediately prior to such August
first, provided, however, that if any such retiree, on or after July
thirty-first, nineteen hundred eighty-three, returned or returns to
member service, the provisions of such item (A), from and after such
date of restoration to member service, shall apply to such restored
member, provided that nothing contained in the preceding provisions of
this subparagraph shall be construed as applicable to any such restored
member who was not or is not a seven percent member for actuarial
equivalent benefit purposes at the time of subsequent retirement or
subsequent discontinuance of service so as to qualify for benefits.
(iv) (A) Subject to the provisions of item (B) of this subparagraph
(iv), the provisions of item (A) of subparagraph (ii) of this paragraph
shall not apply to any Tier I or Tier II member who (1) prior to August
first, nineteen hundred eighty-three, discontinued service under such
circumstances that such member became a discontinued member and acquired
a vested right to receive a retirement allowance pursuant to section
13-556 of the code (and in the case of a Tier II member, article eleven
of the retirement and social security law), and (2) was a discontinued
member immediately prior to such August first.
(B) If such a discontinued member, on or after July thirty-first,
nineteen hundred eighty-three, returned or returns to member service,
the provisions of item (A) of subparagraph (ii) of this paragraph shall
apply to him or her on and after the date of such resumption of member
service, provided that nothing contained in this item (B) shall be
construed as making the provisions of item (A) of such subparagraph (ii)
applicable to any such member who was not or is not a seven percent
member for actuarial equivalent benefit purposes at the time of
subsequent retirement or subsequent discontinuance of service so as to
qualify for benefits.
(v) (A) Subject to the provisions of item (B) of this subparagraph
(v), the provisions of item (A) of subparagraph (ii) of this paragraph
shall not apply to any Tier III member or Tier IV member who (1) prior
to August first, nineteen hundred eighty-three, terminated employment
under such circumstances that such member became a Tier III member
entitled to a vested benefit or a Tier IV member entitled to a vested
benefit, and (2) had such status immediately prior to such August first.
(B) If a member who became entitled to a vested benefit, as described
in item (A) of this subparagraph (v), returned or returns to member
service on or after July thirty-first, nineteen hundred eighty-three,
the provisions of item (A) of such subparagraph (ii) shall apply to him
or her on and after the date of such resumption of member service,
provided that nothing contained in the preceding provisions of this item
(B) shall be construed as applicable to any such member who was not or
is not a seven percent member for actuarial equivalent benefit purposes
at the time of subsequent retirement or subsequent discontinuance of
service so as to qualify for benefits.
(vi) (A) Subject to the provisions of items (B) and (C) of this
subparagraph (vi) and to the provisions of subparagraph (vii) of this
paragraph (g), the selection of mode of benefit (as defined in
subdivision sixty of this section) which, prior to the termination date
of eligibility for option re-selection (as defined in subdivision
sixty-four of this section), a person entitled to a recomputation of
benefits (as defined in subdivision sixty-two of this section) made or
makes in relation to the retirement allowance (or any component thereof)
which became or becomes payable to him or her prior to such termination
date of eligibility for option re-selection, shall be the selection of
mode of benefit applicable to the recomputed retirement allowance (or
any corresponding component thereof) to which he or she is entitled
under the best-of-three-computations method or the gender-neutral
computations method, and, any such person entitled to a recomputation of
benefits pursuant to the best-of-three-computations method or the
gender-neutral computations method shall not be entitled to make any
change in such selection of mode of benefit.
(B)(1) Notwithstanding the provisions of item (A) of this subparagraph
(vi), a person entitled to a recomputation of benefits pursuant to the
best-of-three-computations method shall be entitled, to the extent and
in the manner prescribed in the succeeding sub-items of this item (B),
to change the original selection of mode of benefit applicable to the
retirement allowance (or component thereof) which became or becomes
payable to him or her prior to the termination date of eligibility for
option re-selection.
(2) In any case where the original selection of mode of benefit of a
person entitled to a recomputation of benefits was a selection of a
joint and survivor option (as defined in subdivision sixty-three of this
section), no change from such original selection of a joint and survivor
option may be made under this item (B) to any other selection of mode of
benefit if the designated beneficiary selected with respect to such
joint and survivor option by such person entitled to a recomputation is
not alive at the time of filing of the form whereby such person entitled
to a recomputation seeks to change, pursuant to this item (B), his or
her original selection of such joint and survivor option.
(3) Except for a change of selection of mode of benefit prohibited by
sub-item two of this item (B), any original selection of mode of benefit
may be changed pursuant to this item (B) to another selection of mode of
benefit, provided all of the conditions set forth in sub-items four, six
and eight of this item (B) are met.
(4) Subject to the provisions of sub-items seven and eight of this
item (B), a person entitled to a recomputation of benefits may, pursuant
to this item (B), effect any such permissible change of his or her
original selection of mode of benefit by executing, acknowledging and
filing with the retirement system, within the applicable period of time
prescribed by sub-item six of this item, a new selection of mode of
benefit. If the original selection of mode of benefit of the person
filing such new selection was a selection of a joint and survivor
option, such new selection shall be void and of no effect unless (a) the
designated beneficiary named in such orignal selection of a joint and
survivor option signs and acknowledges, in the form for such new
selection of mode of benefit, a consent to such changed selection of
mode of benefit, and (b) such original designated beneficiary is alive
on the date of filing of such new selection.
(5) The retirement system shall mail to each person entitled to a
recomputation of benefits a letter showing amounts of benefits, as
recomputed for such person under the best-of-three-computations method
or the gender-neutral computations method, for modes of benefit other
than joint and survivor options, together with a statement advising such
person that upon request, the amounts of recomputed benefits under joint
and survivor options will be provided.
(6) The period of time within which any such person entitled to a
recomputation may file a new selection of mode of benefit as provided
for in sub-items three and four of this item (B) shall be sixty days
after the date of issuance set forth in such letter mailed to such
person pursuant to sub-item five of this item; provided, however, that
if, pursuant to the request of such person, a later letter setting forth
benefits information in relation to new selection of mode of benefit is
mailed to such person by the retirement system, such period of time for
filing a new selection of mode of benefit shall be thirty days after the
date of issuance set forth in such later letter.
(7) Upon the filing of a new selection of mode of benefit pursuant to
this item (B) by any such person entitled to a recomputation, such new
selection shall be irrevocable and such person shall not be entitled to
file any other selection of mode of benefit with respect to such
retirement allowance (or any component thereof) which became payable to
him or her prior to the termination date of eligibility for option
re-selection.
(8) No new selection of mode of benefit filed pursuant to the
preceding sub-items of this item (B) shall be valid or effective as a
change of mode of benefit or for any other purpose unless the person
entitled to a recomputation of benefits who files such new selection is
alive on the date (hereinafter referred to as the "validating date")
three hundred sixty-five days after the date of filing of such new
selection of mode of benefit. If such person filing such new selection
of mode of benefit is alive on the validating date with respect to such
new selection, such new selection shall become valid and effective on
such validating date; provided, however, that from and after the
effective date of retirement of such person making such valid and
effective new selection of mode of benefit (if he or she retired for
service or superannuation or for ordinary or accident disability) or
from and after the date on which payability of the original benefits of
such person began (if he or she was a discontinued member or Tier III
member entitled to a vested benefit or Tier IV member entitled to a
vested benefit), such new selection of mode of benefit shall supersede
such original selection of mode of benefit and shall apply to and govern
the amount of benefits payable to such person or to his or her
designated beneficiary or estate.
(C) Nothing contained in item (A) or item (B) of this subparagraph
(vi) shall be construed as preventing any change in selection of mode of
benefit where such change is authorized by section 13-565 of the code.
(vii) In any case where a retiree or discontinued member or Tier III
member entitled to a vested benefit or Tier IV member entitled to a
vested benefit referred to in subparagraph (vi) of this paragraph
returns to member service on or after July thirty-first, nineteen
hundred eighty-three, nothing contained in such subparagraph shall be
construed as preventing such person so restored to member service, upon
his or her subsequent retirement, from exercising any right, which any
other applicable law grants to him or her under such circumstances, to
make a selection of mode of benefit (as defined in subdivision sixty of
this section).
(viii) Notwithstanding the provisions of subparagraph (i) of this
paragraph (g) prescribing a rate of regular interest of seven per centum
per annum, compounded annually, for specified members described in such
subparagraph (i), the rate of regular interest which shall be applied to
fix the rate of interest on any loan to any such member eligible to
borrow shall be four per centum per annum, compounded annually.
(ix) The rate of regular interest applicable to determination of the
rate of member contribution of any member whose last membership began
prior to the date of enactment (as certified pursuant to section
forty-one of the legislative law) of this paragraph shall be the rate of
regular interest which was applicable, under the provisions of law in
effect prior to such date of enactment, to the determination of the rate
of member contribution of such member, and nothing contained in the
preceding subparagraphs of this paragraph shall be construed as
applicable to the determination of the rate of member contribution of
any such member whose last membership so began or as changing or
affecting the rate of member contribution of any such member.
23. "Pension" shall mean payments for life derived from appropriations
made by the city and from any other sources of revenue of the pension
reserve funds as provided in this chapter.
23-a. "Pension-providing-for-increased-take-home-pay" shall mean the
annual allowance for life payable in monthly installments derived from
contributions made to the contingent reserve fund pursuant to section
13-546 of this chapter.
24. "Annuity" shall mean payments for life derived from contributions
made by a contributor as provided in this chapter.
25. "Retirement allowance" shall mean the pension, plus the annuity
and the pension-providing-for-increased-take-home-pay, if any.
26. "Pension reserve" shall mean the present value computed on the
basis of such mortality tables as shall be adopted by the retirement
board, with regular interest, of the future payments to be made on
account of any pension granted under the provisions of this chapter.
26-a. "Reserve-for-increased-take-home-pay" shall mean an amount
which, at the time of death or retirement, shall be equal to the sum
obtained by adding together the amounts specified in the succeeding
paragraphs of this subdivision, as follows:
(i) A sum representing two and one-half per centum of the
contributor's salary paid to him or her during the period with respect
to which the city contributes, pursuant to subdivisions b and f of
section 13-546 of this chapter, towards
pensions-providing-for-increased-take-home-pay, plus regular interest
and additional interest, if any, on such sum;
(ii) A sum representing the product obtained by multiplying the
percentage selected by the board of estimate pursuant to the provisions
of paragraph four of subdivision c of section 13-546 of this chapter, by
the salary of the contributor during the period with respect to which
the city contributes, pursuant to subdivisions d and f of such section
13-546, towards pensions-providing-for-increased-take-home-pay, plus
regular interest and additional interest, if any, on such sum;
(iii) A sum representing five per centum of the contributor's salary
paid to him or her during the period with respect to which the city
contributes, pursuant to paragraph four of subdivision g or paragraph
four of subdivision i of such section 13-546 and subdivision f of such
section, towards pensions-providing-for-increased-take-home-pay, plus
regular interest and additional interest, if any, on such sum;
(iv) In the case of contributors employed by the board of education, a
sum representing three per centum of the salary of each such contributor
paid to him or her during the period with respect to which the city
contributes, pursuant to subparagraph a of paragraph one of subdivision
j of such section 13-546 and subdivision f of such section, towards
pensions-providing-for-increased-take-home-pay, plus regular interest on
such sum;
(v) In the case of contributors employed by the board of education, a
sum representing eight per centum of each contributor's salary paid to
him or her during the period with respect to which the city contributes,
pursuant to subparagraph (c) of paragraph one of subdivision j of such
section 13-546 and subdivision f of such section, towards
pensions-providing-for-increased-take-home-pay, plus regular interest on
such sum;
(vi) In the case of contributors employed by the board of education, a
sum representing eight per centum of the salary of each such contributor
paid to him or her during the period with respect to which the city
contributes, pursuant to subdivisions k and f of such section 13-546 of
this chapter, towards pensions-providing-for-increased-take-home-pay,
plus regular interest on such sum; provided, however, that if the
reduction in contributions of such contributors with respect to the
months of July and August, nineteen hundred seventy is governed by
paragraph one of subdivision m of section 13-546 of this chapter, the
reserve provided for in this paragraph (vi) shall not inlcude any
portion of the salary of each such contributor paid to him or her with
respect to such months;
(vii) In the case of contributors employed by the city university of
New York, a sum representing three per centum of the salary of each such
contributor paid to him or her during the period with respect to which,
if an election by the mayor requires such contributions, the city
contributes, pursuant to subparagraph a of paragraph one of subdivision
l of such section 13-546 of this chapter and subdivision f of such
section, towards pensions-providing-for-increased-take-home-pay, plus
regular interest on such sum;
(viii) In the case of contributors employed by the city university of
New York, a sum representing eight per centum of each contributor's
salary paid to him or her during the period with respect to which the
city contributes, pursuant to subparagraph (c) of paragraph one of
subdivision l of such section 13-546 of this chapter and subdivision f
of such section, towards pensions providing-for-increased-take-home-pay,
plus regular interest on such sum, if the mayor elects a reduction in
the contributions of such contributors pursuant to such paragraph (c);
provided, however, that if the reduction in contributions of such
contributors with respect to the months of July and August, nineteen
hundred seventy is governed by paragraph one of subdivision n of section
13-546 of this chapter, the reserve provided for in this paragraph
(viii) shall not include any portion of the salary of each such
contributor paid to him or her with respect to such months;
(ix) (a) In the case of contributors employed by the board of
education, a sum representing five per centum of the salary of each such
contributor paid to him or her during the period with respect to which
the city contributes, pursuant to paragraph one of subdivision m of
section 13-546 of this chapter and subdivision f of such section,
towards pensions-providing-for-increased-take-home-pay, plus regular
interest on such sum, if a bill entitled "An act to amend the
administrative code of the city of New York, in relation to providing
additional rights, privileges and benefits for contributors to the New
York city teachers' retirement system, including optional retirement
plans" is enacted into law, or
(b) In the case of contributors employed by the board of education, a
sum representing eight per centum of the salary of each such contributor
paid to him or her during the period with respect to which the city
contributes, pursuant to paragraph two of subdivision m of section
13-546 of this chapter and subdivision f of such section, towards
pensions-providing-for-increased-take-home-pay, plus regular interest on
such sum, in the event a bill entitled "An act to amend the
administrative code of the city of New York, in relation to providing
additional rights, privileges and benefits for contributors to the New
York city teachers' retirement system, including optional retirement
plans" is not enacted into law;
(x) (a) In the case of contributors employed by the board of higher
education, a sum representing five per centum of each contributor's
salary paid to him or her during the period with respect to which the
city contributes, pursuant to paragraph one of subdivision n of section
13-546 of this chapter and subdivision f of such section, towards
pensions-providing-for-increased-take-home-pay, plus regular interest on
such sum, if a bill entitled "An act to amend the administrative code of
the city of New York, in relation to providing additional rights,
privileges and benefits for contributors to the New York city teachers'
retirement system, including optional retirement plans" is enacted into
law, or
(b) In the case of contributors employed by the board of higher
education, a sum representing eight per centum of each contributor's
salary paid to him or her during the period with respect to which the
city contributes, pursuant to paragraph two of subdivision n of section
13-546 of this chapter and subdivision f of such section, towards
pensions-providing-for-increased-take-home-pay, plus regular interest on
such sum, in the event a bill entitled "An act to amend the
administrative code of the city of New York, in relation to providing
additional rights, privileges and benefits for contributors to the New
York city teachers' retirement system, including optional retirement
plans" is not enacted into law;
(xi) In the case of contributors employed by the board of education or
board of higher education, a sum representing five per centum of the
salary of each such contributor paid to him or her during the period
with respect to which the city contributes, pursuant to paragraph one of
subdivision o of section 13-546 of this chapter and subdivision f of
such section, towards pensions-providing-for-increased-take-home-pay,
plus regular interest on such sum.
(xii) In the event that the mayor makes the election authorized by
paragraph one of subdivision p of section 13-546 of this chapter, then
in the case of contributors employed by the board of education or board
of higher education, a sum representing five per centum of the salary of
each such contributor paid to him or her during the period with respect
to which the city contributes, pursuant to paragraph one of such
subdivision p and subdivision f of such section, towards
pensions-providing-for-increased-take-home-pay, plus regular interest on
such sum.
(xiii) In any case where it is prescribed in section 13-535 of this
chapter that in the determination of the
reserve-for-increased-take-home-pay of any contributor with respect to a
specified period heretofore or hereafter occurring, additional interest
shall be included with respect to such period, the definition of
reserve-for-increased-take-home-pay set forth in this subdivision, to
the extent that it does not specifically provide for inclusion of such
additional interest, shall be deemed to provide for the inclusion of
such additional interest, in the amount prescribed for such period, in
such contributor's reserve-for-increased-take-home-pay.
27. "Annuity reserve" shall mean the present value computed on the
basis of such mortality tables as shall be adopted by the retirement
board, with regular interest, of the future payments to be made on
account of any annuity or benefit granted and based on the accumulated
deductions of the contributor.
28. "Expense fund" shall mean the fund provided for in section 13-526
of this chapter.
29. "Contingent reserve fund" shall mean the fund provided for in
section 13-527 of this chapter.
30. "Pension reserve fund number one" shall mean the fund provided for
in section 13-530 of this chapter.
31. "Pension reserve fund number two" shall mean the fund provided for
in section 13-530 of this chapter.
32. "Annuity savings fund" shall mean the fund provided for in section
13-521 of this chapter.
33. "Annuity reserve fund" shall mean the fund provided for in section
13-522 of this chapter.
34. "Fiscal year" shall mean the year commencing with the first day of
July and ending with the thirtieth day of June next following.
35. "Special interest". A distribution to the annuity savings fund, in
addition to regular interest, which distribution (a) for each of the
periods as to which the provisions of section 13-535 of this chapter or
section 13-638.2 of this title grant special interest, consists of the
amount prescribed by such provisions for such period and (b) for each
such period is credited in such applicable amount to the accounts in the
annuity savings fund of members who are eligible under such provisions
for crediting of such amount for such period.
36. "Additional interest". A distribution to the
reserve-for-increased-take-home-pay, in addition to regular interest,
which distribution (a) for each of the periods as to which the
provisions of section 13-535 of this chapter or section 13-638.2 of this
title grant additional interest, consists of the amount prescribed by
such provisions for such period and (b) for each such period is to be
included in such applicable amount in the
reserve-for-increased-take-home-pay of each contributor who is eligible
under such provisions for inclusion of such amount for such period.
37. "Twenty-year pension plan" shall mean the rights, benefits and
privileges granted by the provisions of section 13-547 of this chapter
(relating to the twenty-year pension plan).
38. "Twenty-year-pension plan contributor" shall mean a contributor
who has elected the benefits of section 13-547 of this chapter (relating
to the twenty-year pension plan) pursuant to its terms and to whom the
provisions of such section are applicable.
39. "Applicant for retirement with a deferred payability date" shall
mean a twenty year pension plan contributor who, pursuant to section
13-547 of this chapter (relating to the twenty-year pension plan), has
filed an application for retirement designating an effective date of
retirement occurring before his or her initial date of retirement
allowance payability (as defined in subdivision forty-three of this
section).
40. "Twenty-year pension plan retiree having a deferred payability
date" shall mean any twenty-year pension plan contributor who has
retired pursuant to section 13-547 of this chapter (relating to the
twenty-year pension plan) and whose effective date of retirement
precedes the date on which his or her retirement allowance begins.
41. "Age-fifty-five-increased-benefits pension plan" shall mean the
rights, benefits and privileges granted by the provisions of section
13-548 of this chapter (relating to the
age-fifty-five-increased-benefits pension plan), by paragraph f of
subdivision one of section 13-545 (relating to eligibility of
age-fifty-five-increased-benefits pension plan contributors for service
retirement), and by paragraph e of subdivision one of section 13-554 of
this chapter (relating to service retirement pensions payable to
age-fifty-five-increased-benefits pension plan contributors).
42. "Age-fifty-five-increased-benefits-pension plan contributor" shall
mean a contributor (a) who is entitled to retire for service upon
attaining age fifty-five, as provided for in paragraph f of subdivision
one of section 13-545 of this chapter and (b) who, upon retirement for
service, is entitled to a pension as provided for in paragraph e of
subdivision one of section 13-554 of this chapter (relating to service
retirement pensions payable to age-fifty-five-increased-benefits pension
plan contributors).
43. "Initial date of retirement allowance payability" shall mean the
earliest date as of which the retirement allowance of a twenty-year
pension plan contributor may be caused by him or her to commence under
the provisions of section 13-547 of this chapter (relating to the
twenty-year pension plan).
44. "Twenty-year-pension plan qualifying service" shall mean (a)
credited city-service and (b) any service credited to a twenty-year
pension plan contributor by reason of transfer to the New York city
teachers' retirement system pursuant to section five hundred twenty-two
of the education law or section forty-three of the retirement and social
security law or other applicable law authorizing a transfer of service
credit to such retirement system from another publicly supported
retirement system.
45. "Effective contribution rate as a twenty-year pension plan
contributor" shall mean the normal rate of contribution fixed for a
twenty-year pension plan contributor pursuant to the applicable
provisions of section 13-547 of this chapter (relating to the
twenty-year pension plan) or section 13-549 of this chapter (relating to
deferred eligibility of certain retirees, withdrawn contributors and
discontinued members for benefits under certain pension plans);
provided, however, that in any case where such a contributor contributes
at a rate of fifteen per centum or more but less than such normal rate
pursuant to paragraph (b) of subdivision seven of section 13-521 of this
chapter (relating to contributions of twenty-year pension plan
contributors and age-fifty-five-increased-benefits pension plan
contributors), the term herein defined shall mean his or her rate of
contribution pursuant to such paragraph (b).
46. "Effective contribution rate as an
age-fifty-five-increased-benefits pension plan contributor" shall mean
the normal rate of contribution fixed for an age
fifty-five-increased-benefits pension plan contributor pursuant to the
applicable provisions of section 13-548 of this chapter (relating to the
age-fifty-five-increased-benefits pension plan) or section 13-549 of
this chapter (relating to deferred eligibility of certain retirees,
withdrawn contributors and discontinued members for benefits under
certain pension plans); provided, however, that in any case where such a
contributor contributes at a rate of fifteen per centum or more but less
than such normal rate pursuant to paragraph (b) of subdivision seven of
section 13-521 of this chapter (relating to contributions of twenty-year
pension plan contributors and age fifty-five-increased-benefits pension
plan contributors), the term herein defined shall mean his or her rate
of contribution pursuant to such paragraph (b).
47. "Contribution rate fixation date" shall have the following
meanings:
(a) Except as otherwise provided in paragraphs (b) and (c) of this
subdivision, such term shall mean the date on which a contributor first
became a contributor, whether or not he or she subsequently became a
withdrawn contributor, or discontinued member and thereafter re-entered
city-service.
(b) In any case where a withdrawn contributor heretofore re-entered or
hereafter re-enter service as a contributor without being entitled to
service credit and status prior to withdrawal as provided for in section
13-506 of this chapter (relating to withdrawn contributors who re-enter
service), such term shall mean the date upon which such contributor last
re-entered member-service without such entitlement, after being a
withdrawn contributor.
(c) In any case where a contributor became a discontinued member
pursuant to section 13-556 of this chapter (relating to vested
retirement rights) and after becoming such a member, re-entered service
as a contributor without being entitled to service credit and status
prior to withdrawal as provided for in such section, such term shall
mean the date upon which such contributor, after becoming a discontinued
member, last re-entered member-service without such entitlement.
(d) In any case where a contributor has or acquires credit for service
by reason of transfer of service credit pursuant to section five hundred
twenty-two of the education law, section forty-three of the retirement
and social security law or any other law authorizing a transfer of
service credit to this retirement system from another publicly supported
retirement system, such transferred service credit shall be deemed to be
member-service for the purposes of this subdivision.
48. "Twenty-five-year-age-fifty-five-one-per-centum contributor" shall
mean a contributor who, by reason of elections made pursuant to
paragraph e of subdivision one of section 13-545 of this chapter
(relating to the age fifty-five, twenty-five year pension plan) and
paragraph d of subdivision one of section 13-554 of this chapter
(relating to election of a pension of one per centum of average salary
for each year of credited service) is entitled upon retirement to
receive the benefits provided for by such paragraphs.
49. "Supplementary interest". An annual allowance, in addition to
regular interest, of interest on the mean amount for the preceding year
in each of the funds provided for in accordance with the provisions of
this chapter (excluding, however, the expense fund and pension reserve
fund number two and the amount in the annuity savings fund and the
amount in the contingent reserve fund to the extent that the amount in
such latter fund consists of reserves-for-increased-take-home-pay),
which allowance, (a) for each of the periods as to which the provisions
of section 13-535 of this chapter or section 13-638.2 of this title
grant supplementary interest, consists of the amount prescribed by such
provisions for such period and (b) for each such period, is credited in
such applicable amount to such funds (with the exclusions above
mentioned in this subdivision) at the time, in the manner and to the
extent provided for in the provisions of such section 13-535 or section
13-638.2.
50. "Actuarial equivalent benefit." Any benefit which by law is
required to be an actuarial equivalent or by law is required to be
determined on the basis of an actuarial equivalent.
51. "Seven percent member for actuarial equivalent benefit purposes."
(a) A member who meets all of the following conditions:
(i) subparagraph (i) of paragraph (g) of subdivision twenty-two of
this section (relating to the definition of members as to whom regular
interest at seven per centum per annum, compounded annually, applies)
applies to such member; and
(ii) an actuarial equivalent benefit (other than a variable annuity
program benefit) has become payable to or on account of such member; and
(iii) it is provided by a resolution adopted by the retirement board
(A) that a mortality table which does not differentiate on the basis of
sex shall be used to calculate such actuarial equivalent benefit or a
portion of such benefit or (B) that the modified Option 1 pension
computation formula (as defined in subdivision fifty-nine of this
section) shall be used to calculate such actuarial equivalent benefit.
(b) Except in cases to which the modified Option 1 pension computation
formula applies pursuant to a resolution adopted by the retirement
board, nothing contained in subparagraph (iii) of paragraph (a) of this
subdivision shall be construed as referring to or including any
calculation of an actuarial equivalent benefit (or a portion of such
benefit) payable to any person where such calculation is required by
retirement board resolution to be made through the use of a
sex-differentiated mortality table.
52. "Tier I member." A member whose benefits (other than a
supplemental retirement allowance) are prescribed by this chapter and
who is not subject to the provisions of article eleven, article fourteen
or article fifteen of the retirement and social security law.
53. "Tier II member." A member who is subject to the provisions of
article eleven of the retirement and social security law.
54. "Tier III member." A member who is subject to the provisions of
article fourteen of the retirement and social security law.
55. "Tier IV member." A member who is subject to article fifteen of
the retirement and social security law.
56. "Tier III member entitled to a vested benefit." A Tier III member
who is entitled to a deferred vested benefit under the provisions of
section five hundred sixteen of the retirement and social security law.
57. "Tier IV member entitled to a vested benefit." A Tier IV member
who is entitled to a deferred vested benefit under the provisions of
section six hundred twelve of the retirement and social security law.
58. "Variable annuity program benefit." Any benefit under the variable
annuity program which is payable from the variable annuity reserve fund
or the variable pension reserve fund.
59. "Modified Option 1 pension computation formula." (a) The method of
computing the pension component of an Option 1 retirement allowance
payable to a Tier I member and the amount of the Option 1 benefit
payable to the beneficiary or estate of the member who selected or
selects (or is deemed to have selected) Option 1 as to such pension
component, which method of computation is as prescribed by the
succeeding paragraphs of this subdivision.
(b) The initial reserve for such pension component shall be computed
through use of mortality tables which do not differentiate on the basis
of sex (hereinafter referred to as "gender-neutral mortality tables")
and an interest assumption consisting of regular interest of seven per
centum per annum, compounded annually.
(c) Solely for the purpose of use as the minuend from which the
payments of such pension component to such member are subtracted in
order to determine the amount of the Option 1 benefit payable, upon such
member's death, to such member's beneficiary or estate by reason of such
Option 1 selection in relation to such pension component, the present
value of such member's maximum pension, as it was at the time of such
member's retirement, shall be deemed to be the greatest of:
(i) such present value determined on the basis of gender-neutral
mortality tables and an interest assumption consisting of regular
interest of seven per centum per annum, compounded annually; or
(ii) such present value determined on the basis of the female
mortality tables and the regular interest applicable to such member in
effect immediately prior to the date of enactment (as certified pursuant
to section forty-one of the legislative law) of this subdivision
fifty-nine; or
(iii) such present value determined on the basis of the male mortality
tables and the regular interest applicable to such member in effect
immediately prior to the date of enactment of this subdivision.
(d) The pension component payable to such member shall be computed on
the basis of gender-neutral mortality tables and an interest assumption
consisting of regular interest of seven per centum per annum, compounded
annually, so that:
(i) the present value, as it was at the time of such member's
retirement, of such component; plus
(ii) the present value, as it was at the time of such member's
retirement, of the amount payable to such member's Option 1 beneficiary
or estate upon the death of the member as provided for by the applicable
provisions of paragraph (e) of this subdivision; shall be equal to the
Option 1 initial reserve determined for such pension component with
respect to such member pursuant to the provisions of paragraph (b) of
this subdivision.
(e)(i) Where such member dies before he or she has received payments
on account of such pension component equal to the present value of such
member's maximum pension as computed pursuant to paragraph (c) of this
subdivision, the Option 1 benefit payable to the beneficiary or estate
of such deceased member, by reason of such Option 1 selection in
relation to such pension component, shall be the remainder obtained by
subtracting from such present value determined pursuant to such
paragraph (c) in relation to such pension component, the total of such
Option 1 payments on account of such pension component received by or
payable to such member for the period prior to his or her death.
(ii) In any case where the Option 1 beneficiary's benefit referred to
in subparagraph (i) of this paragraph (e) is payable to such beneficiary
in the form of an annuity payable in installments, or in the form of a
lesser annuity, with provision that any unexhausted balance of the
initial reserve for such lesser annuity shall be paid to a designated
beneficiary or to an estate, such annuity or lesser annuity shall be
determined to be the greater of the following in relation to the
beneficiary entitled to such annuity or lesser annuity:
(A) such annuity or lesser annuity calculated on the basis of
gender-neutral mortality tables and an interest assumption consisting of
regular interest of seven per centum per annum, compounded annually; or
(B) such annuity or lesser annuity calculated on the basis of the
female mortality tables applicable to such an annuity or lesser annuity
or lesser annuity, as the case may be, and the regular interest
applicable to such member, as such tables and interest were in effect
immediately prior to the date of enactment (as certified pursuant to
section forty-one of the legislative law) of this subdivision; or
(C) such annuity or lesser annuity calculated on the basis of the male
mortality tables applicable to such an annuity or lesser annuity, as the
case may be, and the regular interest applicable to such member, as such
tables and interest were in effect immediately prior to the date of
enactment of this subdivision.
(iii) Any unexhausted balance of an initial reserve payable to a
designated beneficiary or to an estate after payment of a lesser annuity
as described in subparagraph (ii) of this paragraph shall be the balance
of such reserve remaining after there is subtracted from such reserve,
the total amount of such lesser annuity payments paid or payable for the
period prior to the annuitant's death.
(f) In relation to the Option 1 benefits determined pursuant to the
method of computation set forth in this subdivision by reason of
discontinuance by a discontinued member, the phrase "time of such
member's retirement," as set forth in paragraphs (c) and (d) of this
subdivision, shall be deemed, for the purposes of this subdivision, to
mean the date of commencement of the retirement allowance of such
discontinued member.
60. "Selection of mode of benefit." The choice made by a member (as
permitted by and pursuant to the requirements of law governing such
choice by such member) as to whether the maximum amount of his or her
retirement allowance or a component thereof shall be payable or such
retirement allowance or a component thereof shall be payable under an
option selected by the member. The term "selection of mode of benefit"
shall include a case where the maximum retirement allowance or a maximum
component thereof becomes payable because of a member's omission, within
the time permitted by law, to select the maximum benefit or an option.
61. "Best-of-three-computations method." (a) A method (as prescribed
by a resolution of the retirement board) under which a retirement
allowance (or portion thereof) payable to a member is required to be
determined for such member so that:
(i) if such retirement allowance (or portion thereof) does not include
a variable annuity program benefit, such retirement allowance (or
portion thereof) is the greatest of:
(A) such retirement allowance (or portion thereof) determined on the
basis of gender-neutral mortality tables and regular interest at the
rate of seven per centum per annum; or
(B) such retirement allowance (or portion thereof) determined on the
basis of female mortality tables and the regular interest applicable to
such member as of a time prescribed in such resolution; or
(C) such retirement allowance (or portion thereof) determined on the
basis of male mortality tables and the regular interest applicable to
such member as of a time prescribed in such resolution; and
(ii) if such retirement allowance (or portion thereof) includes a
variable annuity program benefit, then the part of such retirement
allowance (or portion thereof) other than any variable annuity program
benefit is determined in the manner provided for by subparagraph (i) of
this paragraph and such variable annuity program benefit (or portion
thereof) is the greatest of:
(A) such variable annuity program benefit (or portion thereof)
determined on the basis of gender-neutral mortality tables and a uniform
rate of interest of four percent, as such rate of interest is provided
for in section 13-578 of the code; or
(ii) such variable annuity program benefit (or portion thereof)
determined on the basis of female mortality tables and such uniform rate
of interest of four percent; or
(iii) such variable annuity program benefit (or portion thereof)
determined on the basis of male mortality tables and such uniform rate
of interest of four percent.
(b) Where, under the provisions of any such resolution of the
retirement board, the modified Option 1 pension computation formula (as
defined in subdivision fifty-nine of this section) applies to any
member, the term, "best-of-three-computations method," where used in
relation to such member, shall be deemed to include such modified Option
1 pension computation formula, to the extent that such formula governs
the determination of the pension component (or portion thereof) of such
member's retirement allowance.
61-a. "Gender-neutral computations method." A method (as prescribed by
a resolution of the retirement board) under which a retirement allowance
(or portion thereof) payable to a member is required to be determined in
the following manner:
(a) if such retirement allowance (or portion thereof) does not include
a variable annuity program benefit, such retirement allowance (or
portion thereof) is determined on the basis of gender-neutral mortality
tables and regular interest at the rate of seven per centum per annum,
without reference to any other actuarial mortality or interest
assumption; or
(b) if such retirement allowance (or portion thereof) includes a
variable annuity program benefit, then the part of such retirement
allowance (or portion thereof) other than any variable annuity program
benefit is determined in the manner provided for by paragraph (a) of
this subdivision, and such variable annuity program benefit (or portion
thereof) is determined on the basis of gender-neutral mortality tables
and a uniform rate of interest of four percent (as such rate of interest
is provided for in section 13-578 of the code), without reference to any
other actuarial mortality or interest assumption.
62. "Person entitled to a recomputation of benefits." Any person who
meets all of the conditions stated below in this subdivision:
(a) such person, during the period beginning on August first, nineteen
hundred eighty-three and ending on the date next preceding the
termination date of eligibility for option re-selection (as defined in
subdivision sixty-four of this section), (i) retired or retires for
service or superannuation or for ordinary or accident disability, or
(ii) discontinued or discontinues member service so as to become a
discontinued member, or (iii) terminated or terminates employment so as
to become a Tier III member entitled to a vested benefit or a Tier IV
member entitled to a vested benefit; and
(b) such person's retirement allowance (or a portion thereof), by
reason of such retirement or discontinuance of member service or
termination of employment, is required by a resolution adopted by the
board to be re-determined pursuant to the best-of-three-computations
method (as defined in subdivision sixty-one of this section); and
(c) the date of commencement of such person's benefits occurred or
occurs the termination date of eligibility for option re-selection (if
such person, at the time of retirement, discontinuance of service or
termination of employment, was a Tier I member, Tier II member or Tier
III member); or (if such person, at the time of retirement, or
termination of employment, was a Tier IV member), his or her effective
date of retirement (or date of commencement of benefits, if he or she
was a Tier IV member entitled to a vested benefit) occurred or occurs
prior to the termination date of eligibility for option re-selection.
63. "Joint and survivor option". (a) Any option under which, at the
time when such option is selected, a choice is made which includes both:
(i) a benefit payable for the lifetime of the retired or vested member
by whom or in whose behalf such option is selected; and
(ii) a benefit (A) which consists of an amount equal to or
constituting a percentage of such retired or vested member's benefit and
(B) which is payable for the lifetime of a designated beneficiary
selected at the time when such option is selected.
(b) In any case where an option described in paragraph (a) of this
subdivision includes a provision prescribing that if the designated
beneficiary predeceases such retired or vested member, a maximum benefit
shall become payable to such member, such option shall nevertheless be
deemed to be a joint and survivor option.
64. "Termination date of eligibility for option re-selection" shall
mean October first, nineteen hundred eighty-seven, provided that if the
executive director of the retirement system certifies to the retirement
board that as of such October first, or any later termination date which
the retirement board may establish pursuant to the provisions of this
subdivision sixty-four, it will not be administratively feasible to
process benefits (including conversions from fixed to variable benefits
and vice versa) under the best-of-three-computations method (as defined
in subdivision sixty-one of this section) and/or the gender-neutral
computations methods (as defined in subdivision sixty-one-a of this
section) for any persons who are entitled, pursuant to law and/or
retirement board resolution, to benefits so computed then the retirement
board, by resolution, may extend the termination date of eligibility for
options re-selection, as applicable to such persons, to a later date,
provided further, however, that any such extension or extensions
directed by the retirement board upon such certification or
certifications shall not result in any such extended termination date
later than eighteen months after October first, nineteen hundred
eighty-seven. In the event that any such extension is directed by a
resolution of the retirement board adopted prior to the date of
enactment of this subdivision sixty-four, such extension, upon the
enactment of this subdivision, shall be valid and effective as of the
date of adoption of such resolution in the same manner and to the same
extent as if such enactment had occurred before such date of adoption.
* 65. "Basic rate of contribution as a Tier I or Tier II member." (a)
Subject to the provisions of paragraph (b) of this subdivision, the
"basic rate of contribution of a Tier I or Tier II member" in the case
of any contributor who is such a member shall mean the percent of the
total amount of salary earnable by such contributor in a payroll period,
which percent, pursuant to the provisions of section 13-521 of this
chapter and other applicable provisions thereof, is required to be
deducted as the member contributions of such contributor, exclusive of
any increase in such contributions resulting from an election by such
contributor pursuant to section 13-525 of this chapter or subdivision
two of section 13-554 of this chapter to effect such an increase, or any
decrease in such contributions on account of any program for
increased-take-home-pay or pursuant to subdivision one of section one
hundred thirty-eight-b of the retirement and social security law
(relating to election to decrease member contributions by contributions
due on account of social security coverage).
(b) In any case where it is provided in this chapter that the
deduction from salary on account of member contributions required to be
made by a contributor who is a Tier I member or Tier II member shall not
be in excess of fifteen per centum unless the contributor so elects, and
such contributor makes such election, any per centum of such deduction
in excess of fifteen per centum with respect to such contributor shall
not be included in such contributor's basic rate of contribution as a
Tier I or Tier II member.
* NB Expires per ch. 681/92 § 16
* 66. "Contributing Tier I or Tier II member." With respect to any
payroll period as to which the status of a contributor who is a Tier I
member or Tier II member as to required member contributions is to be
determined, the term "contributing Tier I or Tier II member" shall mean
any Tier I member or Tier II member other than any such member who,
under the provisions of section 13-524 of this chapter, is not required
to contribute during such payroll period. A contributor who, being a
Tier I member or Tier II member, is not required to contribute under the
provisions of such section 13-524, but who nevertheless continues to
make member contributions, shall not be deemed to be a contributing Tier
I or Tier II member.
* NB Expires per ch. 681/92 § 16
* 67. "Employer responsible for pick up." The public employer by whom
a Tier I member or Tier II member is employed.
* NB Expires per ch. 681/92 § 16
* 68. "Tier I or Tier II member contributions eligible for pick up by
the employer." (a) With respect to any payroll period for a contributing
Tier I or Tier II member (as defined in subdivision sixty-six of this
section), the term "Tier I or Tier II member contributions eligible for
pick up by the employer" shall mean the amount of member contributions
which, in the absence of a pick up program applicable to such member
pursuant to section 13-521.1 of this chapter (providing for pick up of
required member contributions of certain contributing Tier I or Tier II
members) would be required by law to be deducted, on account of such
member's basic rate of contribution as a Tier I or Tier II member (as
defined in subdivision sixty-five of this section), from the salary of
such member for such payroll period, after (1) giving effect to any
reduction in such contributions required under any program for
increased-take-home-pay or pursuant to subdivision one of section one
hundred thirty-eight-b of the retirement and social security law and (2)
excluding any deductions from such salary (or redeposits, restorations
or payments) on account of (i) loans or withdrawal of excess
contributions or (ii) any election by any such member, pursuant to any
applicable provision of law, to increase his or her member contributions
above the level prescribed by his or her basic rate of contribution as a
Tier I or Tier II member or (iii) any other cause not attributable to
the member's basic rate of contribution as a Tier I or Tier II member
after reduction in such rate, if any, as described in subparagraph one
of this paragraph (a). The term "Tier I or Tier II member contributions
eligible for pick up by the employer" shall also mean the contributions
made by a member pursuant to the terms of an irrevocable payroll
deduction agreement for the purchase of credit for prior service
pursuant to subdivision g of section 13-505 of this chapter or
subdivision b-1 of section four hundred forty-six of the retirement and
social security law.
(b) If no deductions on account of any contributor's basic rate of
contribution as a Tier I or Tier II member are required by law to be
made from the salary of such contributor for any payroll period, such
contributor shall not have, for such payroll period, any such Tier I or
Tier II member contributions eligible for pick up by the employer;
provided, however, that member contributions required pursuant to an
irrevocable payroll deduction agreement for the purchase of prior
service credit for such payroll period shall be eligible for pick up by
the employer. Except as otherwise provided pursuant to the terms of an
irrevocable payroll deduction agreement for the purchase of prior
service credit, the amount of Tier I or Tier II member contributions
eligible for pick up by the employer of any Tier I member or Tier II
member for any payroll period shall be determined solely on the basis of
salary which would have been paid to such member for such payroll period
by his or her public employer in the absence of a pick up program
applicable to such member pursuant to section 13-521.1 of this chapter.
A Tier I member or Tier II member shall not have any Tier I or Tier II
member contributions eligible for pick up by the employer with respect
to any payroll period for which he or she is not paid salary by his or
her public employer.
* NB Expires per ch. 681/92 § 16
* 69. "Starting date for pick up." The first day of the first whole
payroll period commencing after the date which is sixty days after the
internal revenue service have issued a ruling that member contributions
picked up pursuant to section 13-525.1 of this chapter are not
includible as gross income for federal income tax purposes until
distributed or made available.
* NB Expires per ch. 681/92 § 16
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