Section 388. Retirement of members in the city of Yonkers police force and fire department

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. "City." City of Yonkers.
    2. "Department." City of Yonkers police department or fire department.
    3. "Service in such  department."  Full  time  duty  as  a  policeman,
  fireman or police, fire officer or commissioner of the department.
    b.  Any  member  in  service  in  such  department on September first,
  nineteen hundred sixty-five, who  elected  to  contribute  under  former
  section  eighty-eight  of  this  chapter,  on  or  before January first,
  nineteen hundred sixty-six, shall contribute to the retirement system on
  the basis of retirement upon his:
    1. Completion of twenty-five years of service in such department, or
    2. Attainment of age sixty in service in  such  department,  if  prior
  thereto, on an allowance of one-fiftieth of his final average salary for
  each  year  of  service  in such department not in excess of twenty-five
  years, provided such election was in writing and duly executed and filed
  with the comptroller.
    c. Employees entering or re-entering service in such department on and
  after September first, nineteen hundred sixty-five, and who  contributed
  under  former  section  eighty-eight  of  this  chapter,  and  employees
  entering or re-entering service in such department on  and  after  April
  first,  nineteen  hundred  sixty-seven,  shall  contribute  on the basis
  provided for by this section.
    d. A member, who elects or is required  to  contribute  in  accordance
  with  this  section,  shall  contribute,  in  lieu  of the proportion of
  compensation as provided in section three  hundred  twenty-one  of  this
  article, a proportion of his compensation similarly determined.
    Such  latter  proportion  shall be the same as that which was or which
  would be computed under item three of subparagraph c of paragraph two of
  subdivision e of section three hundred eighty-four of this article.   In
  no  event  shall a member contribute under this section at a higher rate
  than he was or would be required  to  contribute  under  item  three  of
  subparagraph  c  of  paragraph  two  of  subdivision  e of section three
  hundred eighty-four of this article had this section not been enacted.
    Such members' rate of contribution pursuant to this section  shall  be
  appropriately  reduced  pursuant  to  section three hundred seventy-a of
  this article for  such  period  of  time  as  his  employer  contributes
  pursuant            to           such           section           toward
  pensions-providing-for-increased-take-home-pay, provided, however,  that
  such  member  may by written notice duly acknowledged and filed with the
  comptroller, make an election to waive such  reduction  as  provided  by
  subdivision  j of section three hundred twenty-one of this article.  One
  year or more after the filing thereof, a member may  withdraw  any  such
  election  by  written  notice  duly  acknowledged  and  filed  with  the
  comptroller.
    No such member shall  be  required  to  continue  contributions  after
  completing twenty-five years of such service.
    e.  A member, contributing on the basis of this section at the time of
  retirement,  shall  be  entitled  to  retire  after  the  completion  of
  twenty-five  years  of  creditable  service  in  such department or upon
  attainment of age sixty, if prior  thereto,  by  filing  an  application
  therefor in a manner similar to that provided in section seventy of this
  article.
    (1)  Upon  completion  of  twenty-five  years of such service and upon
  retirement, each such member shall receive  a  pension  which,  together
  with  an  annuity  which  shall  be  the  actuarial  equivalent  of  his

  accumulated  contributions  at  the  time  of  his  retirement  and   an
  additional   pension   which   is   the   actuarial  equivalent  of  the
  reserve-for-increased-take-home-pay to which he may  then  be  entitled,
  shall  be sufficient to provide him with a retirement allowance equal to
  one-half of his final average salary.
    (2)  Upon  attainment  of  age  sixty  and  upon  retirement   without
  completion  of twenty-five years of such service, each such member shall
  receive a pension which, together with an annuity  which  shall  be  the
  actuarial equivalent of his accumulated contributions at the time of his
  retirement  and  an additional pension which is the actuarial equivalent
  of the reserve-for-increased-take-home-pay  to  which  he  may  then  be
  entitled, shall be sufficient to provide him with a retirement allowance
  equal  to  one-fiftieth  of  his  final  average salary for each year of
  creditable service in such division. Every such  member  shall  also  be
  entitled  to  an  additional  pension  equal  to  the  pension  for  any
  creditable service rendered while not an employee  of  the  division  as
  provided  under  paragraphs  three  and four of subdivision a of section
  three hundred seventy-five of this chapter. This  latter  pension  shall
  not  increase  the  total  allowance  to more than one-half of his final
  average salary.
    For the purpose only of determining the amount of the pension provided
  in this subdivision, the annuity shall be computed as it would be if  it
  were  not  reduced  by the actuarial equivalent of any outstanding loan,
  and if it  were  not  increased  by  the  actuarial  equivalent  of  any
  additional  contributions,  and  if it were not reduced by reason of the
  member's  election  to  decrease  his  annuity  contributions   to   the
  retirement  system  in  order  to  apply the amount of such reduction in
  payment  of  his  contributions  for  old-age  and  survivors  insurance
  coverage.
    f.  The  increased pensions to members of such department, as provided
  by this section, shall be paid from additional contributions made by the
  city on account of such members. The actuary of  the  retirement  system
  shall  compute  the additional contribution required for each member who
  elects to receive the special benefits provided under this section. Such
  additional contributions shall be computed on the basis of contributions
  during the prospective service of  such  member  which  will  cover  the
  liability  of  the  retirement  system  for  such  extra  pensions. Upon
  approval by the comptroller,  such  additional  contributions  shall  be
  certified by him to the mayor of the city of Yonkers. The amount thereof
  shall  be included in the annual appropriations of the city. Such amount
  shall be paid on the warrant of the  comptroller  of  the  city  to  the
  pension accumulation fund of the retirement system.
    g.  In  computing  the  twenty-five years of completed service in such
  department, full credit shall be given and full allowance shall be  made
  for  service  of  such  member  in  war  after world war I as defined in
  section two of this chapter, provided such member at  the  time  of  his
  entrance into the armed forces was in service in such department.
    h.  In  the event a member shall continue in service after twenty-five
  years of creditable service, there shall be added to  his  pension  upon
  retirement  a  sum equal to one-sixtieth of his final average salary for
  each additional year of service after twenty-five years.
    i. Upon retirement  of  any  member  pursuant  to  this  section,  any
  additional  amounts  credited  to  the  member's annuity savings account
  pursuant to subdivision b  of  section  three  hundred  thirty  of  this
  chapter  shall  be  treated as excess contributions and shall be used to
  provide an annuity  in  addition  to  the  annuity  prescribed  by  this
  section.  Any  other  amounts  credited  to the member's annuity savings
  account, except the amounts contributed or required  to  be  contributed

  under  this  section  and except such amounts as are required to produce
  the retirement allowance provided by subdivision e of this section,  may
  at  the  option  of the member at the time of retirement be withdrawn or
  used to provide an annuity in addition to the annuity prescribed by this
  section.
    j.  A  member  who  elected or is required to contribute in accordance
  with this section, who does not apply for retirement upon completion  of
  twenty-five  years  of  service in such department or upon attainment of
  age sixty, shall retire from service on the last  day  of  the  calendar
  month  next  succeeding  the  calendar  month  in  which  he attains age
  sixty-four which shall be his mandatory retirement age.
    k. The provisions of this section shall be controlling notwithstanding
  any provision in this article to the contrary.