a. A new housing police member may elect, prior to the certification of his or her rate of contribution, if not previously a member of the retirement system, and within thirty days after his or her appointment to the housing police service, if such person is a member of the retirement system at the time of such appointment, to contribute on the basis of a minimum retirement period of twenty years of allowable service rendered in the housing police service by a written election duly executed and acknowledged, and filed with the board. The rate of contribution of a member so electing shall be equal to that (before any reduction in rate of contribution to which such member, after such election, may be entitled by reason of any plan for pensions-providing-for-increased-take-home-pay) at which he or she would contribute to the police pension fund maintained pursuant to subchapter two of chapter two of this title if (1) on the date of his or her appointment to the housing police service he or she had been appointed a member of the police force of the city, and (2) he or she had elected a minimum retirement period of twenty years as a member of such police pension fund. Upon the retirement of such a new housing police member for service, he or she shall receive a retirement allowance consisting of:
1. an annuity which shall be the actuarial equivalent of his or her accumulated deductions at the time of his or her retirement; and
2. a pension-providing-for-increased-take-home-pay, which shall be the actuarial equivalent of the reserve-for-increased-take-home-pay to which he or she may then be entitled, if any; and
3. a pension which shall be equal to:
(a) seventy-five per cent of one-fortieth of his or her final compensation multiplied by not to exceed the number of years of service in the housing police service on and after July first, nineteen hundred sixty-four, credited to him or her, which aggregates not more than twenty years of service, plus
(b) fifty-five per cent of one-sixtieth of his or her final compensation for the number of years of city-service prior to October first, nineteen hundred fifty-one acquired other than in the housing police service, plus
(c) seventy-five per cent of one-sixtieth of his or her final compensation multiplied by: (1) the number of years of city-service after October first, nineteen hundred fifty-one, acquired other than in the housing police service, and (2) the number of years of service in the housing police service credited to him or her in excess of twenty.
b. A new housing police member may elect, prior to the certification of his or her rate of contribution, if not previously a member of the retirement system, and within thirty days after his or her appointment to the housing police service, if such person is a member of the retirement system at the time of such appointment, to contribute on the basis of a minimum retirement period of twenty-five years of allowable service rendered in the housing police service, by a written election duly executed and acknowledged, and filed with the board. The rate of contribution of a member so electing shall be equal to that (before any reduction in rate of contribution to which such member, after such election, may be entitled by reason of any plan for pensions-providing-for-increased-take-home-pay) at which such member would contribute to the police pension fund maintained pursuant to subchapter two of chapter two of this title if (1) on the date of his or her appointment to the housing police service he or she had been appointed a member of the police force of the city, and (2) he or she had elected a minimum retirement period of twenty-five years as a member of such police pension fund. Upon the retirement of such a new housing police member for service, he or she shall receive a retirement allowance consisting of:
1. an annuity which shall be the actuarial equivalent of his or her accumulated deductions at the time of his or her retirement; and
2. a pension-providing-for-increased-take-home-pay which shall be the actuarial equivalent of the reserve-for-increased-take-home-pay to which he or she may then be entitled, if any; and
3. a pension which shall be equal to:
(a) seventy-five per cent of one-fiftieth of his or her final compensation multiplied by not to exceed the number of years of service in the housing police service on and after July first, nineteen hundred sixty-four, credited to him or her, which aggregates not more than twenty-five years of service, plus
(b) fifty-five per cent of one-sixtieth of his or her final compensation for the number of years of city-service prior to October first, nineteen hundred fifty-one acquired other than in the housing police service, plus
(c) seventy-five per cent of one-sixtieth of his or her final compensation multiplied by: (1) the number of years of city-service after October first, nineteen hundred fifty-one acquired other than in the housing police service, and (2) the number of years of service in the housing police service credited to him or her in excess of twenty-five.
c. A prior housing police member may elect, on or before September thirtieth, nineteen hundred sixty-five, by a written election duly executed and acknowledged, and filed with the board, to contribute on and after July first, nineteen hundred sixty-five at a rate of contribution equal to that (before any reduction in rate of contribution to which such member, after such election, may be entitled by reason of any plan for pensions-providing-for-increased-take-home-pay) at which he or she would have been contributing on such July first to the police pension fund maintained pursuant to subchapter two of chapter two of this title if (1) he or she were on that date a member of the police force of the city and of such police pension fund, and (2) he or she had elected a minimum retirement period of twenty years as a member of such fund, and (3) he or she had been appointed to the city police force on the date on which he or she was appointed to the housing police service. Upon the retirement of such a prior housing police member for service, he or she shall receive a retirement allowance consisting of:
1. an annuity which shall be the actuarial equivalent of his or her accumulated deductions at the time of his or her retirement; and
2. a pension-providing-for-increased-take-home-pay which shall be the actuarial equivalent of that portion of the reserve-for-increased-take-home-pay to which he or she may then be entitled, if any, remaining after deducting from such reserve (a) all sums therein, including regular interest thereon, credited to him or her while serving in the housing police service, prior to January fifth, nineteen hundred sixty-three, plus (b) all sums therein, including regular interest thereon, credited to him or her for the period between January fifth, nineteen hundred sixty-three and June thirtieth, nineteen hundred sixty-five, both dates inclusive, which are derived from that part of a reduced-rate-of-contribution factor in excess of two and one-half per cent, provided that such sums mentioned in subparagraphs (a) and (b) of this paragraph two, shall, at the time of his or her retirement, be withdrawn from the credit of such member, shall become the property of the retirement system, and shall be paid into the contingent reserve fund provided for in section 13-127 of this chapter; and
3. a pension which shall be equal to:
(a) seventy-five per cent of one-fortieth of his or her final compensation multiplied by not to exceed twenty years of service in the housing police service credited to him or her, plus
(b) fifty-five per cent of one-sixtieth of his or her final compensation for the number of years of city-service prior to October first, nineteen hundred fifty-one acquired other than in the housing police service, plus
(c) seventy-five per cent of one-sixtieth of his or her final compensation multiplied by: (1) the number of years of city-service on and after October first, nineteen hundred fifty-one, acquired other than in the housing police service, and (2) the number of years of service in the housing police service credited to him or her in excess of twenty.
d. A prior housing police member may elect, on or before September thirtieth, nineteen hundred sixty-five, by a written election duly executed and acknowledged, and filed with the board, to contribute on and after July first, nineteen hundred sixty-five at a rate of contribution equal to that (before any reduction in rate of contribution to which such member, after such election, may be entitled by reason of any plan for pensions-providing-for-increased-take-home-pay) at which he or she would have been contributing on such July first to the police pension fund maintained pursuant to subchapter two of chapter two of this title if (1) he or she were on that date a member of the police force of the city and of such police pension fund, and (2) he or she had elected a minimum retirement period of twenty-five years as a member of such fund, and (3) he or she had been appointed to the city police force on the date on which he or she was appointed to the housing police service. Upon the retirement of such a member for service he or she shall receive a retirement allowance consisting of:
1. an annuity which shall be the actuarial equivalent of his or her accumulated deductions at the time of his or her retirement; and
2. a pension-providing-for-increased-take-home-pay which shall be the actuarial equivalent of that portion of the reserve-for-increased-take-home-pay to which he or she may then be entitled, if any, remaining after deducting from such reserve (a) all sums therein, including regular interest thereon, credited to him or her while serving in the housing police service, prior to January fifth, nineteen hundred sixty-three, plus (b) all sums therein, including regular interest thereon, credited to him or her for the period between January fifth, nineteen hundred sixty-three and June thirtieth, nineteen hundred sixty-five, both dates inclusive, which are derived from that part of a reduced-rate-of-contribution factor in excess of two and one-half per cent, provided that such sums mentioned in subparagraphs (a) and (b) of this paragraph two, shall, at the time of his or her retirement, be withdrawn from the credit of such member, shall become the property of the retirement system, and shall be paid into the contingent reserve fund provided for in section 13-127 of this chapter; and
3. a pension which shall be equal to:
(a) seventy-five per cent of one-fiftieth of his or her final compensation multiplied by not to exceed twenty-five years of service in the housing police service credited to him or her, plus
(b) fifty-five per cent of one-sixtieth of his or her final compensation for the number of years of city-service prior to October first, nineteen hundred fifty-one acquired other than in the housing police service, plus
(c) seventy-five per cent of one-sixtieth of his or her final compensation multiplied by: (1) the number of years of city-service on and after October first, nineteen hundred fifty-one acquired other than in the housing police service, and (2) the number of years of service in the housing police service credited to him or her in excess of twenty-five.
e. Any housing police member who has elected pursuant to this section, optional retirement after twenty or twenty-five years of allowable service and who shall have attained the minimum period of service retirement elected by him or her, upon his or her own written application to and filed with the board setting forth at what time, not less than thirty days subsequent to the execution and filing thereof, he or she desires to be retired, shall be retired as of the date specified in said application, provided that at the time so specified for his or her retirement, his or her term or tenure of office or employment shall not have terminated or have been forfeited, and provided further that upon his or her request in writing, the member shall be granted a leave of absence from the date of filing said application until the date the retirement becomes effective.
f. Notwithstanding any other provision of this section, the provisions of section two hundred seven-d of the general municipal law shall apply to any housing police member in the same manner and to the same extent as if the definition of "police officer" in such section included a paid officer or member of the housing police service; provided, however, that any such member shall not be entitled to any rights or benefits under such section two hundred seven-d in the event that, if a member of the police force of the city and of the police pension fund maintained pursuant to subchapter two of chapter two of this title, who had elected a minimum period of service as a prerequisite for eligibility for retirement for service and who had served in the city police force beyond such minimum period of service, were to retire for any cause whatsoever on the same date as that on which such housing police member retires for any cause whatsoever, the provisions of such section two hundred seven-d would not be applicable, operative or effective for determining the rights or benefits of such member of the city police force.
g. (1) Notwithstanding the provisions of subdivisions a, b, c and d of this section, a housing police member shall, upon retirement for service, and in lieu of any lesser amount prescribed by the applicable provisions of such subdivisions or otherwise, receive a retirement allowance on account of his or her minimum period of service rendered in the housing police service, which shall, subject to the provisions of this subdivision g, be equal to one-half of his or her annual compensation earnable upon the date of his or her retirement; provided, however, that any such member shall not be entitled to a retirement allowance, determined under and pursuant to the foregoing provisions of this paragraph one, on account of his or her minimum period of such service, in the event that, if a member of the police force of the city and of the police pension fund maintained pursuant to subchapter two of chapter two of this title, who had elected completion of a minimum period of service as a prerequisite for eligibility for retirement for service, were to retire for service on the same date as such housing police member, the provisions of subdivision one of section two hundred seven-e of the general municipal law, as added by chapter two hundred fifty-eight of the laws of nineteen hundred sixty-three, would not be applicable, operative or effective for determining the rights to a retirement allowance of such member of the city police force for such minimum period of service and would not provide for such member of such police force, the retirement allowance specified in such subdivision one for such minimum period of service, in lieu of any lesser benefit otherwise prescribed.
(2) Subject to the provisions of section 13-130 of this chapter, the addition and computation of a further pension, in order to provide the retirement allowance mentioned in paragraph one of this subdivision g for housing police members, shall be subject to the terms and conditions of subdivision two of section two hundred seven-e of the general municipal law, as added by chapter two hundred fifty-eight of the laws of nineteen hundred sixty-three, in the same manner and to the same extent as if the term "uniformed force of the police department of such city", mentioned in such subdivision, included the housing police service.
(3) Where additional retirement benefits are payable to housing police members under the provisions of this section, other than the provisions of this subdivision and subdivision f thereof, or are required to be paid under the provisions of section two hundred seven-d of the general municipal law, as made applicable by the provisions of such subdivision f, such additional benefits shall be paid, for service in addition to and in excess of the minimum service requirements, in addition to the minimum retirement benefits required to be paid by this subdivision g.
h. (1) Subject to the provisions of paragraph three of this subdivision, when a housing police captain who is a housing police member shall have acted under regular detail in any capacity above the rank of housing police captain and shall have received additional compensation therefor, during a period or periods aggregating two years, such housing police officer, upon retirement pursuant to the provisions of subdivision e of this section, shall be entitled to a retirement allowance equal to that to which he would be entitled under the provisions of subdivision c of section 14-114 of this code, if:
(a) he had been a captain of the police force of the city who retired after having acted under regular detail in a capacity above the rank of captain in such city police force for a period or periods aggregating two years, and
(b) the highest salary received by him during such assumed period or periods of service in a capacity above the rank of captain in such city police force were identical with the highest salary actually received by such housing police officer during the period or periods of his service as a housing police officer in a capacity above the rank of housing police captain, and
(c) he had served in such city police force for a total period of time identical with his total period of service in the uniformed housing police service, and
(d) he had made during such assumed period of service in the city police force, the same election or elections as to waiver and withdrawal of waiver of a reduction in contributions by reason of any plan for pensions-providing-for-increased-take-home-pay, as he made during such period of service in the uniformed housing police service.
(2) Subject to the provisions of paragraph three of this subdivision, when a housing police captain who is a housing police member shall have served in the rank of housing police captain for a period of ten years, he shall have the same right to a retirement allowance as if he had been detailed to act as inspector and had served as such and had received additional compensation therefor during a period or periods of time aggregating two years. A housing police captain who is a housing police member and who shall have served as such less than ten years and more than five years, shall have the same right to a retirement allowance as if he had been detailed to act as a deputy inspector and had served as such and had received additional compensation therefor during a period or periods of time aggregating two years. For the purpose of determining the retirement allowance to which any housing police captain is entitled under the provisions of this paragraph, the salary of an inspector or deputy inspector of the police force of the city, at the time of such retirement of such housing police captain, shall be deemed to be identical with the salary of an inspector or deputy inspector, as the case may be, in the housing police service, at the same time. In the event that the detail of housing police captain acting as inspector, or deputy inspector, does not exist in the housing police service or the uniformed housing police service, then, for the purposes of this paragraph two, it shall be deemed that such detail does exist with the same salary as is applicable to such rank in the New York city police force at the time of such retirement of any such housing police captain.
(3) In any case where a housing police officer entitled to a retirement allowance under paragraph one or two of this subdivision, is a prior housing police member, and by reason of any such waiver or waivers by such housing police officer, he is entitled to receive a pension-providing-for-increased-take-home-pay, in addition to the portions of his retirement allowance otherwise payable under the foregoing provisions of this subdivision, such pension-providing-for-increased-take-home-pay shall be reduced in the manner prescribed by paragraph two of subdivision c or d of this section, as the case may be, and the pension-providing-for-increased-take-home-pay paid to such housing police officer shall be such pension as so reduced, and the sums deducted from the reserve-for-increased-take-home-pay, as prescribed by such paragraph two, shall, at the time of retirement of such housing police officer, be withdrawn from his credit, shall become the property of the retirement system and should be paid into the contingent reserve fund provided for in section 13-127 of this code.
i. Notwithstanding the provisions of section 13-166 of this chapter or any other section of the code to the contrary, no housing police member electing optional retirement pursuant to this section, who is on the date of such election sixty-three or more years of age or who on or after such date attains the age of sixty-three years, shall continue serving in the housing police service but shall be retired, provided, however, that any such member who is not eligible for retirement at the age of sixty-three may continue to serve in such service only until such time as he or she becomes eligible for retirement for service.
(2) Except as otherwise provided in this section and section 13-130 of this chapter, on and after July first, nineteen hundred sixty-five, each housing police member shall have and shall be entitled and subject to the same rights, benefits, privileges and obligations as a member of the police force of the city who is a member of the police pension fund maintained pursuant to subchapter two of chapter two of this title, with respect to the matters provided for in sections 13-219, 13-225, 13-226, 13-239, 13-242, 13-243, 13-244, 13-251, 13-252, 13-254, 13-256, 13-257, 13-258, 13-261, 13-261.2, 13-261.3 and 13-262 of such subchapter two; provided, however, that:
(a) each housing police member shall have and shall be entitled and subject to such rights, benefits, privileges and obligations as to such matters only in so far as such rights, benefits, privileges and obligations accrue on and after July first, nineteen hundred sixty-five, and nothing contained in this paragraph two shall confer upon or create in relation to any housing police member any such right, benefit, privilege or obligation with respect to any period of time or event occurring before July first, nineteen hundred sixty-five; and
(b) such rights, benefits, privileges and obligations conferred upon or created in relation to each housing police member by this paragraph two with respect to such matters provided for in such sections of such subchapter two, shall be in lieu of any and all rights, benefits, privileges and obligations which, if such member were not a housing police member, (1) would accrue to him or her under this chapter, on and after July first, nineteen hundred sixty-five, with respect to such matters, or (2) he or she would have and would be entitled and subject to under this chapter, with respect to such matters, for any period of time on and after such date, or by reason of any event occurring on or after such date; and
(c) any and all rights, benefits, privileges and obligations of a housing police member under this chapter, in so far as they accrued prior to July first, nineteen hundred sixty-five, or arose from or were based upon any event occurring prior to such date, shall be governed by and determined in accordance with the provisions of this title which would be applicable to such member if he or she were not a housing police member; and
(d) for the purpose of determining the rights, benefits, privileges and obligations of a housing police member under this paragraph two, nothing contained in subparagraphs (a) and (c) of this paragraph two shall be construed as depriving any such member (1) of credit, as otherwise granted or authorized by the provisions of this chapter, for city-service rendered prior to July first, nineteen hundred sixty-five, or (2) of credit for contributions made by such member prior to such date, or (3) of rights, accruing prior to such date, with respect to any plan for pensions-providing-for-increased-take-home-pay, provided that such rights as to such plan shall be reduced to the extent and in the manner provided in paragraph two of subdivisions c and d of this section and in paragraphs six and eleven of this subdivision i.
(3) The rights, benefits, privileges and obligations conferred upon or created in relation to housing police members by paragraph two of this subdivision i shall be determined by the retirement system in accordance with the actuarial tables adopted from time to time for the police pension fund maintained pursuant to subchapter two of chapter two of this title and such tables shall be employed by the retirement system, in making any such determination, in the same manner as they are employed under such subchapter two in determining the corresponding rights, benefits, privileges and obligations of members of such police pension fund.
(4) The rights, benefits, privileges and obligations conferred upon or created in relation to housing police members by paragraph two of this subdivision i shall be administered by the retirement system pursuant to its rules and regulations and nothing contained in this section or in any other law shall be construed as conferring upon the board of trustees of the police pension fund maintained pursuant to subchapter two of chapter two of this title, or the medical board or any other agency of such pension fund, any jurisdiction, power or duties to administer such rights, benefits, privileges or obligations or to adopt rules or regulations relating thereto.
(5) Notwithstanding any other provision of this section, where any part of the principal and interest with respect to any loan made to a member pursuant to section 13-140 of this chapter remains unpaid at the time when such member seeks to elect to become a housing police member pursuant to the applicable provisions of subdivisions a, b, c and d of this section, such member shall not have the right to make such election unless he or she shall execute and acknowledge, and file with the board, a written agreement providing that from and after the execution of such agreement, all of his or her obligations and rights with respect to the principal and interest remaining unpaid on such loan shall be governed by section 13-239 of this title, and that the terms and conditions of such loan may be changed or modified by the board, with respect to any principal thereof and interest thereon remaining unpaid, so as to conform with the provisions of section 13-239 of this title. For the purposes of this paragraph and of paragraph two of this subdivision i, wherever the term "pension fund" appears in such section, it shall be deemed to mean the retirement system.
(6) In any case where an ordinary death benefit or accidental death benefit is payable pursuant to the provisions of paragraph two of this subdivision i and the applicable provisions of section 13-243 or section 13-244 of this title, as the case may be, by reason of the death of a prior housing police member, any reserve-for-increased-take-home-pay payable or allocable to any beneficiary under such provisions shall first be reduced in the manner prescribed by paragraph two of subdivision c or d, as the case may be, of this section and the amount of the deduction from such reserve, as prescribed by subparagraphs (a) and (b) of such paragraph two, shall be withdrawn from the credit of such member, shall become the property of the retirement system and shall be paid into the contingent reserve fund provided for in section 13-127 of this chapter.
(7) In any case where an accidental death benefit is payable, pursuant to the provisions of paragraph two of this subdivision i and section 13-244 of this title, by reason of the death of a housing police member, the provisions of section 13-244 of this title prescribing that the pension payable thereunder shall in no case be less than one-half of the full salary payable to a first-grade police officer on the date of death of such employee, shall not apply to the determination of the amount of the death benefit payable by reason of the death of such housing police member, and the amount of such death benefit, including any pension payable, shall be determined as if such provisions were not included in such section.
(8) The provisions of section 13-150 of this chapter shall not apply to any housing police member.
(9) For the purposes of paragraph two of this subdivision i, wherever the following terms appear in any section of subchapter two of chapter two of this title mentioned in such paragraph two, they shall be deemed to have the following meanings:
(a) "commissioner": the New York city housing authority;
(b) "medical board": the medical board of the retirement system;
(c) "city-service": city-service as defined in subdivision three of section 13-101 of this chapter;
(d) "board": the board of trustees of the retirement system;
(e) "police service": allowable service in the housing police service as a member of such service, excluding any service credit acquired by transfer under any provision of law;
(f) "discontinued member": a housing police member who has discontinued service in the housing police service and has a vested right to a retirement allowance under the provisions of section 13-256 of this title.
(10) For the purposes of paragraph two of this subdivision i, the provisions of section 13-252 of this title shall not be applicable to a housing police member for whom application for retirement for accident disability is made, in any case where the city-service claimed to have resulted in the alleged disability of such member was performed prior to July first, nineteen hundred sixty-five.
(11) In any case where a retirement allowance for accident disability is payable, pursuant to the provisions of paragraph two of this subdivision i and section 13-258 of this title, with respect to a prior housing police member, any reserve-for-increased-take-home-pay constituting the basis of a pension payable pursuant to subdivision two of section 13-258 of this title, shall first be reduced in the manner prescribed by paragraph two of subdivision c or d, as the case may be, of this section, and the amount of the deduction from such reserve, as prescribed by subparagraphs (a) and (b) of such paragraph two, shall be withdrawn from the credit of such member, shall become the property of the retirement system, and shall be paid into the contingent reserve fund provided for in section 13-127 of this chapter. The pension payable with respect to such member pursuant to such subdivision two of section 13-258 of this title shall be the actuarial equivalent of the portion of such reserve remaining after such deduction.
(12) For the purposes of paragraph two of this subdivision i, the provisions of section 13-262 of this title shall be deemed to refer to a beneficiary receiving or entitled to receive a retirement allowance under subdivision a, b, c or d of this section, who re-enters city-service.
(13) The applicability of section 13-225 of this title to each prior housing police member, pursuant to the provisions of paragraph two of this subdivision i, shall be subject to the provisions of the opening paragraph of subdivision c or d of this section, as the case may be, with respect to rate of contribution.
(14) (a) For the purpose of computing an annuity and a pension, pursuant to paragraphs one and two of subdivision c of section 13-256 of this title, for a discontinued member, service credit acquired by such member pursuant to section forty-three of the retirement and social security law and accumulated contributions transferred pursuant to such section shall be excluded.
(b) For city-service credited to a discontinued member, other than allowable service in the housing police service as a member of such service, such member shall receive, in lieu of any other pension under section 13-256 of this title for such other service:
(i) a pension which shall be equal to fifty-five per cent of one-sixtieth of his or her final compensation multiplied by the number of years of such other city-service rendered prior to October first, nineteen hundred fifty-one; and
(ii) a pension which shall be equal to seventy-five per cent of one-sixtieth of his or her final compensation multiplied by the number of years of such other city-service rendered on and after October first, nineteen hundred fifty-one.
k. For the purposes of this section, the words, "final compensation", shall mean the average annual compensation earnable by a member for city-service during the last five years of city-service, or during any other five consecutive years of city-service since he or she last became a member which such member shall designate.
l. In the event that a housing police member, without having previously retired as such member, shall cease to be employed in the housing police service and shall enter upon any other form of city service, the provisions of subdivision g of section 13-107 of this chapter shall be inapplicable to such member, and in the event that any benefit shall become payable under this chapter to such member or to any beneficiary of such member, while such member is performing any such other form of city-service, his or her service in the housing police service shall be credited and treated in the same manner as such other form of city-service.
m. Nothing contained in this section shall affect or decrease the amount of the contributions due from any housing police member for any period prior to July first, nineteen hundred sixty-five or give rise to any right on the part of any such member to a refund of any contributions made by such member for any period prior to such date or to any benefit in lieu of such refund.
n. The provisions of section 13-108 of this chapter shall be inapplicable to any housing police member so long as he or she shall be such a member.
o. (1) The election by any housing police member of optional retirement after twenty or twenty-five years of allowable service pursuant to the applicable provisions of subdivisions a, b, c and d of this section shall constitute a consent and agreement by each member that in the event that any provision of this section confers, or is adjudged by any court of competent jurisdiction to confer upon such member any right, benefit or privilege which is greater than the corresponding right, benefit or privilege which such member would possess if he or she were, under the same circumstances, a member of the police force of the city and a member of the police pension fund maintained pursuant to subchapter two of chapter two of this title, the legislature shall have the right and power to enact any law or laws or amendments thereto which diminish such right, benefit or privilege of such housing police member so that the same becomes equal to such corresponding right, benefit or privilege which such member would possess if he or she were a member of such police pension fund.
(2) In enacting this section, the legislature, in pursuance of the consent and agreement provided for by paragraph one of this subdivision n, does hereby reserve to the state of New York and to itself, the right and power to enact any law or laws or amendments thereto referred to in such paragraph one.
(3) Every written election of optional retirement executed and filed pursuant to the applicable provisions of subdivisions a, b,c and d of this section shall contain a copy of this subdivision n; provided, however, that the omission of such copy from any such written election shall not invalidate the consent granted and agreement made by such election, as herein prescribed.
p. (1) Any member who holds a position in the housing police service on the effective date of this subdivision o and at the time of filing an application as hereinafter in this subdivision provided, may, by a written application duly executed and acknowledged and filed with the board prior to January first, nineteen hundred seventy-one, elect to contribute to the retirement system for the right to be a housing police member under the terms and conditions set forth in this section and to retire after twenty or twenty-five years, as such member may designate, of allowable service rendered in the housing police service, at a retirement allowance computed pursuant to the applicable provisions of this section.
(2) The rate of contribution of any member making such election, shall, on and after July first, nineteen hundred sixty-five, or on the date of the commencement of his or her service both in a position in the housing police service and as a member of the retirement system, whichever is later, be that (before any reduction in rate of contribution to which such member, after such election, may be entitled by reason of any plan for pensions-providing-for-increased-take-home-pay) at which, on such later date applicable to him or her, he or she would have been contributing to the police pension fund maintained pursuant to subchapter two of chapter two of this title if (a) he or she were on that date a member of such police pension fund and (b) he or she had elected, as his or her minimum period of service for retirement, the minimum period designated by him or her pursuant to this subdivision o, and (c) he or she had been appointed to the police force of the city on the date on which he or she was appointed to a position in the housing police service.
(3) (a) The reserve-for-increased-take-home-pay of any member who elects to become a housing police member pursuant to the provisions of this subdivision o, shall, upon his or her death or retirement while a housing police member, be reduced by deducting therefrom:
(i) all sums in such reserve, including regular interest thereon, credited to him or her with respect to any period prior to January fifth, nineteen hundred sixty-three, during which period he or she held a position in the housing police service; and
(ii) all sums in such reserve, including regular interest thereon, credited to him or her with respect to the period from January fifth, nineteen hundred sixty-three to January twelfth, nineteen hundred sixty-seven, both dates inclusive, which sums are derived from that part of a reduced-rate-of-contribution factor in excess of two and one-half per cent.
(b) Any sums deducted as provided for in subparagraph (a) of this paragraph three shall be withdrawn from the credit of such member and shall become the property of the retirement system.
(4) In the case of any member who elects to become a housing police member pursuant to the provisions of this subdivision o, a comparison shall be made between:
(a) the total amount of the member contributions actually made by him or her as required contributions, from the date as of which he or she is required to begin contributing as a housing police member under the provisions of paragraph two of this subdivision o up to the date of commencement of deductions from his or her compensation at the required rate of contribution prescribed by such paragraph two; and
(b) the total amount of the required member contributions which such member would have made with respect to the period mentioned in subparagraph (a) of this paragraph four, if he or she had contributed during such period at the required rate prescribed by such paragraph two.
(5) (a) If the total amount computed pursuant to subparagraph (a) of paragraph four of this subdivision o is less than the total amount computed pursuant to subparagraph (b) of such paragraph four, such member shall contribute the amount of such deficiency, with regular interest thereon, to the appropriate fund of the retirement system by deductions from his or her compensation at a rate elected by him or her, which shall not be less than five per cent of his or her compensation. The actuarial equivalent of any balance of such deficiency which remains unpaid at the time any benefit may become payable to or with respect to such member shall be deducted from the benefit otherwise payable.
(b) If the total amount computed pursuant to subparagraph (a) of paragraph four of this subdivision o is more than the total amount computed pursuant to subparagraph (b) of such paragraph four, the amount of such excess shall be refunded to such member without interest.
(6) Any member who elects to become a housing police member pursuant to the provisions of this subdivision o shall in no event have or obtain any right, benefit or privilege which is greater than he or she would have had or obtained if he or she had elected to become a housing police member at the time when he or she was originally eligible to make such election.
q. (1) Notwithstanding any other provision of this section or chapter to the contrary, any housing police member who was a member in city-service on the effective date of this subdivision and who shall hereafter purchase service credit pursuant to paragraph two of this subdivision for any period of continuous city-service in a position in the uniformed housing police service, which period:
(a) next precedes the date on which such member last became a member; and
(b) begins not earlier than the date six months prior to the date on which he or she last became a member; shall be credited with such service for the purpose of determining the amount of his or her retirement allowance and in computing the minimum period of service retirement elected by him or her. Service credit used pursuant to this subdivision to satisfy such requirements shall in no event exceed six months.
(2) A housing police member who elects to purchase service credit under the provisions of paragraph one of this subdivision shall pay into the annuity savings fund of the retirement system the amount of the employee contributions required to have been paid into the retirement system for such service, within one year after this subdivision shall take effect.
(3) Notwithstanding the provisions of paragraph two of this subdivision, any housing police member who desires to purchase service credit under the provisions of paragraph one of this subdivision and who, for reasons not ascribable to his or her negligence, did not or was unable to avail himself or herself of the opportunity to purchase service credit at an earlier date, shall be allowed to elect to purchase service credit under the provisions of paragraph one of this subdivision if he or she shall pay into the annuity savings of the retirement system the amount of the employee contributions required to have been paid into the retirement system for such service by July first, nineteen hundred ninety-three.
r. Notwithstanding the provisions of any general, special, local law charter, administrative code or rule or regulation to the contrary, the payment of any pension to a housing police member shall not be revoked, repealed or diminished by reason of the pensioner holding or receiving any compensation as the result of his or her election to a public office under the state of New York, or of any city, county or other political subdivision or agency or board of the state of New York.
(Am. 2018 N.Y. Laws Ch. 476, 12/28/2018, eff. 12/28/2018)