Section 13-193.2. Payments to transit police officer's variable supplements fund for TPOVSF basis fiscal years related to a payment guarantee

1.  (a)  Subject to the provisions of paragraph (b) of this subdivision, for
  the purposes of this section, the definitions  of  terms  set  forth  in
  paragraphs (d), (e) and (f) of subdivision one of transit police section
  13-193  shall  apply  to  this  section 13-193.2 with the same force and
  effect as if such  definitions  were  specifically  set  forth  in  this
  section.
    (b)  For  the  purpose of any determination, calculation or allocation
  under this section with respect to any TPOVSF basis fiscal year  related
  to a payment guarantee (as defined in paragraph (c) of subdivision three
  of this section):
    (i) the term "TPOVSF basis fiscal year related to a payment guarantee"
  shall  be  deemed to be substituted for the term "base fiscal year" used
  in such paragraphs (d), (e) and (f);
    (ii) the term "transferable earnings", as used in such paragraph  (f),
  shall  be deemed to refer to a cumulative earnings factor (as defined in
  paragraph (g) of subdivision three of this section), whether such factor
  is a positive or a negative quantity.
    2. For the purposes of this section,  the  definitions  set  forth  in
  paragraphs five, six, seven and eight of subdivision a of section 13-232
  of  this  title shall apply to this section 13-193.2 with the same force
  and effect as if such definitions were specifically set  forth  in  this
  section;  provided,  however, that for the purpose of any determination,
  calculation or allocation under this section with respect to any  TPOVSF
  basis  fiscal  year  related  to  a  payment  guarantee  (as  defined in
  paragraph (c) of subdivision three of this section):
    (a) the term "TPOVSF basis fiscal year related to a payment guarantee"
  shall be deemed to be substituted for the term "base  fiscal  year"  set
  forth in such paragraphs;
    (b)  the  words  "retirement system" shall be deemed to be substituted
  for the words "pension fund" or "fund" set forth in subparagraph (a)  of
  such paragraph five and in such paragraphs seven and eight;
    (c)  the  board  referred to in subparagraph b of such paragraph eight
  shall be deemed to mean the board of trustees of the  retirement  system
  and the term "tie vote" shall be deemed to refer to a circumstance where
  a  resolution  is  not adopted because of the provisions of subparagraph
  (d) of paragraph five  of  subdivision  b  of  section  13-103  of  this
  chapter; and
    (d)  the term "transferable earnings" set forth in subparagraph (b) of
  such paragraph eight shall be  deemed  to  mean  any  TPOVSF  cumulative
  earnings  factor  (as  defined  in paragraph (h) of subdivision three of
  this section) which is a positive quantity.
    3. For the purposes of this section the following terms shall mean and
  include:
    (a) "Transit police officers section 13-191". Section 13-191  of  this
  chapter,   which  relates  to  the  transit  police  officer's  variable
  supplements fund.
    (b) "Transit police section 13-193". Section 13-193 of  this  chapter,
  which relates to the transit police variable supplements funds.
    (c)  "TPOVSF  basis  fiscal  year related to a payment guarantee". Any
  fiscal year of the city commencing on or after July first of  the  first
  TPOVSF  calendar  year  covered  by  a  payment guarantee (as defined in
  paragraph (j) of this subdivision).
    (d) "Prior TPOVSF basis fiscal year related to a  payment  guarantee".
  Any  fiscal  year  of  the  city which begins on or after the July first
  referred to in paragraph (c) of this subdivision and which also precedes
  a TPOVSF basis fiscal year related to a payment guarantee.

    (e) "Earnings differential". The amount (expressed as  a  positive  or
  negative quantity) by which the equity experience factor (expressed as a
  positive  or  negative quantity) with respect to the TPOVSF basis fiscal
  year related to a payment guarantee (as defined in paragraph (c) of this
  subdivision)  differs  from  the  hypothetical  fixed  income securities
  earnings with respect to such TPOVSF basis fiscal year. If  such  equity
  experience  factor  is  greater  than  such  hypothetical  fixed  income
  securities earnings, the difference between the two shall  be  expressed
  as  a  positive  quantity.  If such hypothetical fixed income securities
  earnings are greater than such equity experience factor, the  difference
  between the two shall be expressed as a negative quantity.
    (f)  "Cumulative  earnings  factor  as  of June thirtieth in the first
  TPOVSF calendar year covered by a payment  guarantee".  (i)  An  amount,
  expressed  as a positive or negative quantity, as the case may be, which
  shall be determined in accordance with  the  method  set  forth  in  the
  succeeding subparagraphs of this paragraph.
    (ii)  (A)  Subject to the provisions of item (B) of this subparagraph,
  the cumulative earnings  differential  for  the  base  fiscal  year  (as
  defined  in  paragraph eleven of subdivision a of section 13-232 of this
  title), as made applicable  by  paragraph  (c)  of  subdivision  one  of
  transit  police  section  13-193  to  the  base  fiscal years defined in
  paragraph (a) of such subdivision one, shall  be  computed  pursuant  to
  such  section  13-193  for  the  base fiscal year (as so defined by such
  paragraph (a)) next preceding July first of the  first  TPOVSF  calendar
  year covered by a payment guarantee (as defined in paragraph (j) of this
  subdivision).
    (B)  In  the  computation  of the cumulative earnings differential for
  such next preceding base fiscal year as provided for in item (A) of this
  subparagraph, computations for such next preceding base fiscal year  and
  each  preceding  base  fiscal  year shall be made in compliance with the
  applicable provisions of subdivision  four  of  transit  police  section
  13-193.
    (iii)  The cumulative distributions of transferable earnings for prior
  base fiscal years (as defined in paragraph thirteen of subdivision a  of
  such  section  13-232) shall be computed pursuant to such section 13-232
  and transit police section 13-193 with respect to such base fiscal  year
  next preceding July first of the first TPOVSF calendar year covered by a
  payment guarantee.
    (iv)  The amount of transferable earnings (as defined in paragraph (c)
  of subdivision one of transit police section 13-193), if any,  for  such
  base   fiscal  year  next  preceding  such  July  first,  determined  in
  accordance with the applicable provisions of subdivision  four  of  such
  section  13-193,  shall  be  added  to  the  cumulative distributions of
  transferable earnings computed pursuant to subparagraph  (iii)  of  this
  paragraph.
    (v)  The  sum  resulting  from the addition prescribed by subparagraph
  (iv) of this paragraph (f) shall be subtracted from the amount  computed
  pursuant to subparagraph (ii) of this paragraph. The remainder resulting
  from  the subtraction shall be the cumulative earnings factor as of June
  thirtieth in the  first  TPOVSF  calendar  year  covered  by  a  payment
  guarantee.
    (g)  "Cumulative  earnings factor". (i) The cumulative earnings factor
  for any TPOVSF basis fiscal year related  to  a  payment  guarantee  (as
  defined  in  paragraph  (c)  of this subdivision) shall be determined as
  follows:
    (A) If the cumulative earnings factor for  the  immediately  preceding
  TPOVSF  basis  fiscal year related to a payment guarantee was a positive
  quantity, the cumulative earnings factor for  the  TPOVSF  basis  fiscal

  year  related  to  a  payment  guarantee  shall be equal to the earnings
  differential for such TPOVSF basis fiscal  year  related  to  a  payment
  guarantee.
    (B)  If  the  cumulative earnings factor for the immediately preceding
  TPOVSF basis fiscal year related to a payment guarantee was  a  negative
  quantity,  the  cumulative  earnings  factor for the TPOVSF basis fiscal
  year related to a payment guarantee shall be equal to the sum of:
    (1) the earnings differential for the TPOVSF basis fiscal year related
  to a payment guarantee; and
    (2) the cumulative  earnings  factor  for  the  immediately  preceding
  TPOVSF  basis fiscal year related to a payment guarantee, increased with
  interest at a rate equal to the assumed rate of interest (as defined  in
  paragraph  eight  of  subdivision  a of section 13-232 of this title, as
  made applicable to this section by  subdivision  two  of  this  section)
  fixed with respect to such TPOVSF basis fiscal year related to a payment
  guarantee  for  which  a  cumulative earnings factor is being determined
  pursuant to this paragraph (g).
    (ii) In applying the provisions of this paragraph (g)  for  the  first
  TPOVSF  basis  fiscal year related to a payment guarantee (as defined in
  paragraph (c) of this subdivision), the term defined in paragraph (f) of
  this subdivision  three  as  "cumulative  earnings  factor  as  of  June
  thirtieth  in  the  first  TPOVSF  calendar  year  covered  by a payment
  guarantee" shall be substituted for the term "cumulative earnings factor
  for the immediately preceding TPOVSF basis  fiscal  year  related  to  a
  payment guarantee."
    (h)  "TPOVSF  cumulative  earnings factor". With respect to any TPOVSF
  basis fiscal  year  related  to  a  payment  guarantee  (as  defined  in
  paragraph  (c)  of this subdivision), the amount obtained by multiplying
  the allocation to the transit  police  variable  supplements  funds  (as
  defined  in  paragraph  (f) of subdivision one of transit police section
  13-193 of this chapter, as made applicable to this section  13-193.2  by
  subdivision one thereof), for such TPOVSF basis fiscal year related to a
  payment  guarantee  by  a  fraction, the numerator of which shall be the
  total contributions made to the retirement system with respect  to  such
  TPOVSF basis fiscal year related to a payment guarantee on behalf of all
  transit  police  members  who are transit police officers (as defined in
  subparagraph two of paragraph (f) of subdivision one of  transit  police
  officers section 13-191), as of the last day of such TPOVSF basis fiscal
  year  and the denominator of which shall be the total contributions made
  to the retirement system with respect to such TPOVSF basis  fiscal  year
  related  to  a payment guarantee on behalf of all transit police members
  who are members of the uniformed transit police force as of the last day
  of such TPOVSF basis fiscal year.
    (i) "TPOVSF  unfunded  accrued  liability".  In  any  case  where  the
  valuation  of  assets  and  liabilities  of the transit police officer's
  variable supplements fund by the actuary pursuant to  paragraph  (i)  of
  subdivision  three  of transit police officers section 13-191 shows that
  for any TPOVSF basis fiscal year related to a  payment  guarantee,  such
  liabilities  exceed  such  assets,  the  term  "TPOVSF  unfunded accrued
  liability" shall mean the amount of the excess of such liabilities  over
  the amount of such assets for such TPOVSF basis fiscal year.
    (j)  "TPOVSF  calendar  year  covered  by  a  payment  guarantee". The
  calendar year in which a guarantee, by a guarantee obligor  (as  defined
  in  paragraph  (g) of subdivision one of transit police officers section
  13-191 of this title), of payment of variable  supplements  first  takes
  effect  pursuant  to paragraph (f) or paragraph (g) of subdivision three
  of such section, and any succeeding calendar year.

    (k) "Current TPOVSF fiscal year related to a payment  guarantee".  The
  fiscal  year  of  the  city  next  succeeding a TPOVSF basis fiscal year
  related to a payment guarantee (as defined  in  paragraph  (c)  of  this
  subdivision).
    4.  As soon as practicable after the close of each TPOVSF basis fiscal
  year related to a payment guarantee (as  defined  in  paragraph  (c)  of
  subdivision  three  of  this  section),  but  not  later  than  December
  thirty-first of the current TPOVSF fiscal  year  related  to  a  payment
  guarantee  (as  defined  in  paragraph  (k) of subdivision three of this
  section), the board of trustees of the retirement system  shall  compute
  the  TPOVSF  cumulative  earnings factor (as defined in paragraph (h) of
  subdivision three of this section) with respect  to  such  TPOVSF  basis
  fiscal year.
    5.  If  the  TPOVSF  cumulative  earnings factor for such TPOVSF basis
  fiscal year is a positive quantity, the retirement system, on or  before
  December  thirty-first  of  the  current TPOVSF fiscal year related to a
  payment guarantee, shall pay from its contingent  reserve  fund  to  the
  transit  police  officer's variable supplements fund, as the payment due
  for such  TPOVSF  basis  fiscal  year  under  this  section,  an  amount
  determined  pursuant  to  the  provisions  of  subdivision  six  of this
  section.
    6. The amount payable for such TPOVSF basis fiscal  year  as  provided
  for  in  subdivision five of this section shall be the lesser of (a) the
  TPOVSF cumulative earnings factor for  such  TPOVSF  basis  fiscal  year
  referred  to in such subdivision five or (b) the TPOVSF unfunded accrued
  liability (as defined in paragraph (i)  of  subdivision  three  of  this
  section) for such TPOVSF basis fiscal year.
    7.  No amount shall be due from or payable by the retirement system to
  such variable supplements fund under this section for any  TPOVSF  basis
  fiscal year related to a payment guarantee which shall exceed the TPOVSF
  unfunded accrued liability for such TPOVSF basis fiscal year, regardless
  of the amount and character of the TPOVSF cumulative earnings factor for
  such TPOVSF basis fiscal year.
    8.  The  comptroller  shall  furnish  to  the board of trustees of the
  retirement system such information and data as it may  request  for  the
  purpose of carrying out the provisions of this section.