Section 13-193.6. Payments to transit police superior officers' variable supplements fund for TPSOVSF basis fiscal years related to a payment guarantee

1.  (a)  Subject  to the provisions of paragraph (b) of this  subdivision, for the purpose 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 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 TPSOVSF basis fiscal year related
  to a payment guarantee (as defined in paragraph (c) of subdivision three
  of this section):
    (i)  the term TPSOVSF 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 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 TPSOVSF
  basis fiscal  year  related  to  a  payment  guarantee  (as  defined  in
  paragraph (c) of subdivision three of this section):
    (a)  the  term  "TPSOVSF  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  TPSOVSF  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 superior officers section 13-192". Section  13-192
  of  this chapter, which relates to the transit police superior officers'
  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)  "TPSOVSF  basis  fiscal year related to a payment guarantee". Any
  fiscal year of the city commencing on or after July first of  the  first
  TPSOVSF  calendar  year  covered  by  a payment guarantee (as defined in
  paragraph (j) of this subdivision).
    (d) "Prior TPSOVSF 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 TPSOVSF 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 TPSOVSF 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 TPSOVSF 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
  TPSOVSF 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) Subject to the provisions of subparagraph (vi) of this paragraph,
  pursuant  to  the procedure set forth in paragraphs (c) (d), (e) and (f)
  of transit police section 13-193, the cumulative  earnings  differential
  for  the base fiscal year (as defined in paragraph eleven of subdivision
  a of section 13-232 of this title) shall be computed for the fiscal year
  of the city next preceding July first of the first TPSOVSF calendar year
  covered by a payment guarantee (as defined  in  paragraph  (j)  of  this
  subdivision).
    (iii)   Subject  to  the  provisions  of  subparagraph  (vi)  of  this
  paragraph, 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 paragraphs (c), (d), (e) and (f) of  transit  police  section
  13-193 with respect to such fiscal year next preceding July first of the
  first TPSOVSF calendar year covered by a payment guarantee.
    (iv) Subject to the provisions of subparagraph (vi) of this paragraph,
  the  amount  of  transferable  earnings  (as defined in paragraph (c) of
  subdivision one of transit police section  13-193),  if  any,  for  such
  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  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  TPSOVSF  calendar  year  covered by a payment
  guarantee.
    (vi) For the purposes of the computations prescribed by the  preceding
  subparagraphs of this paragraph:
    (A)  the  term  "base fiscal year" set forth in the provisions of such
  sections 13-193 and 13-232 mentioned  in  such  subparagraphs  shall  be
  deemed to refer, as appropriate, to such fiscal year next preceding such
  July  first  and to any fiscal year of the city which both precedes such
  next preceding fiscal year and occurs  after  June  thirtieth,  nineteen
  hundred eighty-seven; and
    (B)  such  computations  shall  be  made  in the same manner as if the
  provisions of section 13-193.1 of this chapter (other  than  subdivision
  six  of such section ) and the amendment made by section twenty-eight of
  chapter eight hundred seventy-eight of  the  laws  of  nineteen  hundred
  ninety had never been enacted.

    (g)  "Cumulative  earnings factor". (i) The cumulative earnings factor
  for any TPSOVSF 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
  TPSOVSF basis fiscal year related to a payment guarantee was a  positive
  quantity,  the  cumulative  earnings factor for the TPSOVSF basis fiscal
  year related to a payment guarantee  shall  be  equal  to  the  earnings
  differential  for  such  basis  TPSOVSF fiscal year related to a payment
  guarantee.
    (B) If the cumulative earnings factor for  the  immediately  preceding
  TPSOVSF  basis fiscal year related to a payment guarantee was a negative
  quantity, the cumulative earnings factor for the  TPSOVSF  basis  fiscal
  year related to a payment guarantee shall be equal to the sum of:
    (1)  the  earnings  differential  for  the  TPSOVSF  basis fiscal year
  related to a payment guarantee; and
    (2) the cumulative  earnings  factor  for  the  immediately  preceding
  TPSOVSF 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  TPSOVSF  basis  fiscal  year  related  to  a
  payment  guarantee  for  which  a  cumulative  earnings  factor is being
  determined pursuant to this paragraph.
    (ii) In applying the  provisions  of  this  paragraph  for  the  first
  TPSOVSF  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 as "cumulative earnings factor as of June thirtieth  in
  the first TPSOVSF calendar year covered by a payment guarantee" shall be
  substituted for the term "cumulative earnings factor for the immediately
  preceding TPSOVSF basis fiscal year related to a payment guarantee".
    (h)  "TPSOVSF cumulative earnings factor". With respect to any TPSOVSF
  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   by
  subdivision  one thereof), for such TPSOVSF 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
  TPSOVSF basis fiscal year related to a payment guarantee  on  behalf  of
  all  transit police members who are transit police superior officers (as
  defined in subdivision eighty-four of section 13-101 of  this  chapter),
  as of the last day of such TPSOVSF basis fiscal year and the denominator
  of  which shall be the total contributions made to the retirement system
  with respect to such TPSOVSF 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 TPSOVSF basis
  fiscal year.
    (i) "TPSOVSF unfunded  accrued  liability".  In  any  case  where  the
  valuation  of  assets  and  liabilities  of  the transit police superior
  officers' variable supplements fund by the actuary pursuant to paragraph
  (i) of subdivision three of transit  police  superior  officers  section
  13-192 shows that for any TPSOVSF basis fiscal year related to a payment
  guarantee,  such  liabilities  exceed  such  assets,  the  term "TPSOVSF
  unfunded accrued liability" shall mean the amount of the excess of  such
  liabilities over the amount of such assets for such TPSOVSF basis fiscal
  year.

    (j)  "TPSOVSF  calendar  year  covered  by  a  payment guarantee". The
  calendar year in which a guarantee, by a guarantee obligor  (as  defined
  in  paragraph (f) of subdivision one of transit police superior officers
  section 13-192 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 TPSOVSF fiscal year related to a payment  guarantee".  The
  fiscal  year  of  the  city  next succeeding a TPSOVSF 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 TPSOVSF 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  TPSOVSF 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 TPSOVSF cumulative earnings factor (as defined in paragraph  (h)  of
  subdivision  three  of  this section) with respect to such TPSOVSF basis
  fiscal year.
    5. If the TPSOVSF cumulative earnings factor  of  such  TPSOVSF  basis
  fiscal  year is a positive quantity, the retirement system, on or before
  December thirty-first of the current TPSOVSF fiscal year  related  to  a
  payment  guarantee,  shall  pay  from its contingent reserve fund to the
  transit police superior officers'  variable  supplements  fund,  as  the
  payment  due  for  such TPSOVSF 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 TPSOVSF basis fiscal year as provided
  for in subdivision five of this section shall be the lesser of  (a)  the
  TPSOVSF  cumulative  earnings  factor for such TPSOVSF basis fiscal year
  referred to in such subdivision five or (b) the TPSOVSF unfunded accrued
  liability (as defined in paragraph (i)  of  subdivision  three  of  this
  section) for such TPSOVSF 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 TPSOVSF  basis
  fiscal year related to a payment guarantee which shall exceed the TPOVSF
  unfunded   accrued   liability  for  such  TPSOVSF  basis  fiscal  year,
  regardless of  the  amount  and  character  of  the  TPSOVSF  cumulative
  earnings factor for such TPSOVSF 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.