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The right of a person to a pension-providing-for-increased-take-home-pay, an annuity, a dependent benefit, or a retirement allowance, to the return of contribution, the pension-providing-for-increased-take-home-pay, annuity, dependent benefit, or a retirement allowance itself, any optional benefit, any other right accrued or accruing to any person under the provisions of this chapter, and the moneys in the various funds provided for by this chapter are hereby exempt from any state or municipal tax, and shall not be subject to execution, garnishment, attachment, or any other process whatsoever, and shall be unassignable except as in this chapter specifically provided. Notwithstanding the foregoing provisions of this section, a retired member shall have the right, at any time after the retired member's retirement, to execute and file a dues deduction authorization card or an authorization in writing with the New York city police pension fund authorizing the deduction from the retired member's retirement allowance of membership dues or premiums for employee organization sponsored group insurance plans and the payment thereof to a retiree organization of which the retired member certifies he or she is then a member and which the retired member certifies is then affiliated with either an employee organization certified or recognized as the collective bargaining representative of all employees in the negotiating unit of which the retired member was a part prior to his or her retirement or an employee organization with which such employee organization is then affiliated. The comptroller shall thereafter deduct from the retirement allowance of such retired member the amount of membership dues required to be paid by such retired member or premiums for employee organization sponsored group insurance plans and shall transmit the sum so deducted to said retiree organization. Such authorization shall continue in effect until revoked in writing by such retired member. The board shall determine the cost of administering deductions for premiums for employee organization sponsored group insurance plans and the cost incurred by the pension fund and the comptroller in administering the same shall be paid by the employee organization.
a. Notwithstanding anything to the contrary contained in section 13-264 of this subchapter, in the event that, under the terms of this subchapter, a person becomes entitled to a distribution from the pension fund which constitutes an "eligible rollover distribution" within the meaning of paragraph thirty-one of subsection a of section four hundred one of the internal revenue code, such distributee may elect, subject to any rules and regulations adopted pursuant to subdivision b of this section, to have such distribution, or a portion thereof, paid directly to an "eligible retirement plan" within the meaning of paragraph thirty-one of subsection a of section four hundred one of the internal revenue code.
b. The board of trustees is authorized to adopt such rules and regulations as it finds to be necessary in administering the provisions of this section, provided that they are not inconsistent with the applicable provisions of the internal revenue code and the rules and regulations thereunder.
Any person who shall knowingly make any false statement, or shall falsify or permit to be falsified any record or records of this pension fund, shall be guilty of a misdemeanor. Should any change of error in records result in any member or beneficiary receiving from the pension fund more or less than he or she would have been entitled to receive otherwise, on the discovery of any such error such board shall correct such error, and, as far as practicable, shall adjust the payments in such a manner that the actuarial equivalent of the benefit to which he or she was entitled shall be paid.
The pension fund shall be subject to the supervision of the department of insurance in accordance with the provisions of sections three hundred seven through three hundred twelve of the insurance law, so far as the same are applicable thereto, and are not inconsistent with the provisions of this subchapter.
No other provision of law which provides wholly or partly at the expense of the city for pensions or retirement benefits for employees in the city-service, shall apply to such employees who are entitled to be members or beneficiaries of the pension fund provided for by this subchapter, their surviving spouses or their other dependents.
a. As used in this section, the following words and phrases shall have the following meanings, unless a different meaning is plainly required by the context:
(1) "Retirement benefits" shall mean benefits payable to a beneficiary by the pension fund or a variable supplements fund established pursuant to subchapter three or four of this chapter which are subject to the limitations imposed by section 415(b) of the Internal Revenue Code.
(2) "Beneficiary" shall mean a person who is receiving retirement benefits from the pension fund.
(3) "Excess benefit plan" shall mean the excess benefit plan established by this section for the sole purpose of paying benefits as permitted under section 415(m) of the Internal Revenue Code.
(4) "Eligible participant" shall mean a beneficiary who is entitled to replacement benefits from the excess benefit plan for a plan year in accordance with subdivisions d and e of this section.
(5) "Replacement benefits" shall mean the benefits payable by the excess benefit plan to an eligible participant as determined pursuant to subdivision e of this section.
(6) "Internal Revenue Code" shall mean the Federal Internal Revenue Code of 1986, as amended.
(7) "Plan year" shall mean the limitation year of the pension fund as provided in section six hundred twenty of the retirement and social security law.
b. There is hereby established an excess benefit plan, the sole purpose of which shall be to provide replacement benefits, as permitted by section 415(m) of the Internal Revenue Code, to beneficiaries whose annual retirement benefits have been reduced because such benefits exceed the limitations imposed by section 415(b) of the Internal Revenue Code. The excess benefit plan shall be administered by the board of trustees of the pension fund.
c. There is hereby established a fund to be known as the excess benefit fund which shall be maintained for the sole purpose of providing replacement benefits to eligible participants in the excess benefit plan established by this section, as permitted under section 415(m) of the Internal Revenue Code. Such fund shall consist of such employer contributions as shall be made thereto pursuant to subdivision f of this section. Such contributions to the excess benefit fund shall be held separate and apart from the assets held by the other funds of the pension fund, provided, however, that the assets of the excess benefit fund may be invested with the other pension fund assets, but such excess benefit fund assets shall be accounted for separately from the other pension fund assets.
d. All beneficiaries of the pension fund whose retirement benefits for a plan year are being reduced because of section 415(b) of the Internal Revenue Code shall be eligible participants in the excess benefit plan for that plan year. Participation in the excess benefit plan shall be determined for each plan year. No beneficiary of the pension fund shall be an eligible participant in the excess benefit plan for any plan year for which his or her retirement benefits are not reduced because of section 415(b) of the Internal Revenue Code.
e. (1) For each plan year in which a beneficiary is an eligible participant in the excess benefit plan, such eligible participant shall receive replacement benefits from the excess benefit plan equal to the difference between the full amount of the retirement benefits otherwise payable to the eligible participant for that plan year prior to any reduction because of section 415(b) of the Internal Revenue Code, and the retirement benefits payable to the eligible participant for that plan year as reduced because of section 415(b) of the Internal Revenue Code. No replacement benefits for any plan year shall be paid pursuant to this subdivision to any beneficiary who is not receiving retirement benefits from the pension fund for that plan year.
(2) Replacement benefits pursuant to this section shall be paid at the same time and in the same manner as the retirement benefits which are being replaced. At no time shall an eligible participant be permitted directly or indirectly to defer compensation under the excess benefit plan.
f. (1) The required employer contributions to the excess benefit fund for each plan year shall be an amount, as determined by the actuary, which is necessary to pay the total amount of replacement benefits that are payable pursuant to this section to eligible participants for that plan year.
(2) Such required employer contributions shall be paid into the excess benefit fund from an allocation of the employer contribution amounts paid pursuant to section 13-228 of this subchapter and other applicable provisions of law. Such allocation of employer contribution amounts shall be paid into the excess benefit fund at such times and in such amounts as determined by the actuary.
(3) The benefit liabilities of the excess benefit plan shall be funded on a plan year to plan year basis, provided, however, that any employer contributions to the excess benefit fund, including any investment earnings on such contributions, which are not used to pay replacement benefits for the current plan year shall be used to pay replacement benefits for future plan years.
g. The right of an eligible participant to receive replacement benefits pursuant to this section, and the replacement benefits received pursuant to this section, shall be exempt from any state or municipal tax, and shall not be subject to execution, garnishment, attachment or any other process whatsoever, and shall be unassignable, except as otherwise specifically provided for benefits payable by the pension fund.
h. Nothing contained in this section shall be construed to mean or imply that variable supplements payments from a variable supplements fund established pursuant to subchapter three or four of this chapter constitute pension or retirement allowance payments, or that any such variable supplements fund constitutes a pension or retirement system or fund.
i. Nothing contained in this section shall be construed as affecting in any way the eligibility of any person for variable supplements pursuant to applicable provisions of subchapter three or four of this chapter.
Subchapter 3: [Police Officer's Variable Supplements Fund]
As used in this subchapter, the following words and phrases shall have the following meanings, unless a different meaning is plainly required by the context:
1. "Variable supplements fund". The police officer's variable supplements fund established by this subchapter.
1-a. "Minimum period". The minimum period of credited service which a member of pension fund, subchapter one or pension fund, subchapter two is required by law to perform in order to be eligible to retire for service with immediate payability of retirement allowance.
1-b. "Police officer". A member of either pension fund referred to in subdivision one-a of this section who, at the time of retirement for service by reason of fulfillment of the minimum period, was not a police superior officer as defined in subdivision four of section 13-278 of subchapter four of this chapter.
2. "Association". The patrolmen's benevolent association of the city of New York.
3. "Fiscal year". Any year commencing with the first day of July and ending with the thirtieth day of June next following.
4. "Board". The board of trustees provided for in section 13-270 of this subchapter.
5. "Pension fund beneficiary". Any person who receives a retirement allowance by reason of having retired, on or after October first, nineteen hundred sixty-eight, for service (with credit for twenty or more years of service creditable toward the minimum period) as a member of pension fund, subchapter one or pension fund, subchapter two and as a police officer.
6. "Variable supplement". Any sum authorized to be paid to a pension fund beneficiary pursuant to the provisions of this subchapter.
7. "Pension fund, subchapter one". The New York police department pension fund maintained pursuant to subchapter one of chapter two of this title.
8. "Pension fund, subchapter two". The New York police department pension fund maintained pursuant to subchapter two of chapter two of this title.
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