Section 389. Twenty year retirement plan for LIRR police officers

a. As
  used in this section, the following words and  phrases  shall  have  the
  following  meaning unless a different meaning is plainly required by the
  context:
    1. "LIRR". The Long Island Railroad Company.
    2. "LIRR police officer." A person who on or after the effective  date
  of  this  section  holds  an appointment as a police officer in the LIRR
  police department pursuant to section eighty-eight of the  railroad  law
  as  well  as  any  probationary police officer in that department who is
  expected to hold such an  appointment  after  completing  the  requisite
  training,  but not including any such person unless the person's initial
  employment with that department was in the position of such probationary
  police officer or as a patrolman, policewoman, sergeant,  lieutenant  or
  detective, or any successor title to any of the foregoing positions.
    3. "LIRR police service." Service rendered prior to or on or after the
  effective  date of this section by any LIRR police officer while serving
  only as a LIRR police officer.
    4. "Twenty-year plan." The twenty year retirement plan for LIRR police
  officers as provided in this section.
    b. Except as otherwise provided in this article, a LIRR police officer
  referred to in paragraph three of subdivision b of section three hundred
  forty of this article or a LIRR police officer referred to in  paragraph
  one  of  subdivision c of such section who files an election pursuant to
  subdivision d of this section shall be entitled to all retirement system
  benefits provided to a member who participates in sections three hundred
  eighty-four-d and three hundred eighty-four-e of this  article  and  who
  joins  or  rejoins  the  retirement system on the same date as such LIRR
  police officer joins or rejoins the retirement system  (subject  to  the
  provisions  of  subdivision  c  of  section  four  hundred forty of this
  chapter).
    c. Except as otherwise provided in this article, any provision of  law
  and  any  regulation  promulgated  by the head of the retirement system,
  including,  but  not  limited  to,  any  such  provision  or  regulation
  pertaining   to  contributions,  membership  rights,  benefits,  service
  credit, and procedures which are applicable to a  member  who  joins  or
  rejoins  the retirement system on the same date as a LIRR police officer
  joins or rejoins the retirement system (subject  to  the  provisions  of
  subdivision  c  of  section four hundred forty of this chapter), as such
  member is referred to in subdivision b of this section, and by virtue of
  such member's membership in the retirement system, shall, to the  extent
  that any such provision or regulation is found applicable by the head of
  the retirement system, apply to a LIRR police officer who contributes to
  the retirement system referred to in subdivision b of this section.
    d. A LIRR police officer referred to in paragraph three of subdivision
  b of section three hundred forty of this article shall contribute to the
  retirement  system  pursuant  to the schedule provided in this paragraph
  upon becoming a LIRR police officer, which rate shall thereafter not  be
  changed.  A  LIRR  police  officer  referred  to  in  paragraph  one  of
  subdivision c of such section shall contribute to the retirement  system
  at  the  rate  determined  pursuant  to  the  schedule  provided in this
  paragraph commencing with the effective date of this section  but  based
  on  his  age  when  LIRR  police  service  commenced,  which  rate shall
  thereafter not be changed. Except as otherwise provided in this article,
  such  contributions  shall  be  calculated,  collected,   credited   and
  otherwise  treated  by  the  retirement system in the same manner as are
  member contributions and accumulated contributions under this chapter. A
  member of the twenty year  plan  shall  not,  however,  be  required  to
  contribute  pursuant  to  this  paragraph  after he has completed twenty

  years of LIRR police service, nor shall such a member  be  permitted  to
  make  contributions  thereafter  except  as  otherwise  provided in this
  section prior to the completion of twenty years of LIRR police  service.
  In the event of termination of employment with the LIRR as a LIRR police
  officer,  a member of the twenty year plan who is not vested or entitled
  to any other benefit under this section or any other provision  of  this
  chapter  may  withdraw  an amount equal to his accumulated contributions
  with interest credited thereon.  In  the  event  such  membership  shall
  terminate  other  than as a result of transfer to a public employer, any
  contributions and interest thereon remaining to the credit of the member
  shall be refunded. For the purpose of such  withdrawal  or  refund,  the
  contributions  shall  be  credited  with  interest  at  the rate of five
  percent per annum. Upon withdrawal of contributions by a member pursuant
  to this paragraph, membership in the retirement system  shall  cease.  A
  former  member  who  thereafter returns to employment with the LIRR as a
  LIRR police officer shall not receive any credit for previous service to
  which such withdrawn  or  refunded  contributions  applied  unless  such
  member applies therefor and repays the amounts so withdrawn or refunded,
  together with interest through the date of repayment at the rate of five
  percent per annum.
 
               Age at commencement of
                LIRR police service        Percentage rate
 
                        18                      5.90
                        19                      5.70
                        20                      5.55
                        21                      5.35
                        22                      5.15
                        23                      5.00
                        24                      4.80
                        25                      4.65
                        26                      4.45
                        27                      4.30
                        28                      4.15
                        29                      3.95
                        30                      3.80
                        31                      3.65
                        32                      3.50
                        33                      3.35
                        34                      3.15
                        35 or older             3.00
 
    e. In addition to such other sections of this chapter, as may pursuant
  to  subdivision  b of this section, apply in accordance with their terms
  (including, but not limited to, sections three hundred sixty-one,  three
  hundred   sixty-one-a,   three   hundred   sixty-three,   three  hundred
  sixty-three-c and three  hundred  sixty-four),  sections  three  hundred
  sixty-two, three hundred seventy-six, three hundred eighty-four-d, three
  hundred eighty-four-e and four hundred forty-eight of this chapter shall
  apply  to a LIRR police officer who is a member of the retirement system
  in accordance with this section except as otherwise provided herein, and
  provided that LIRR police service shall be substituted for total service
  credit, as that latter term is used in section three hundred  sixty-two,
  for  total  service  as  that  term  is  used  in  section three hundred
  seventy-six, for total creditable  service  as  that  term  is  used  in
  section  three  hundred  eighty-four-d,  and for service as that term is
  used  in  sections  three  hundred  eighty-four-e   and   four   hundred

  forty-eight.  Notwithstanding  any  other  provision  of  the  foregoing
  sections or of this article to the contrary, member contributions  under
  subdivision  d  of  this  section  shall  not  entitle the member to any
  benefit  pursuant to section three hundred eighty-four-d of this article
  greater than one-half of his final average salary after twenty years  of
  LIRR  police  service,  or,  in  the  case of a member who has more than
  twenty years of LIRR police service at retirement, any benefit  pursuant
  to  subdivision b of section three hundred eighty-four-e of this article
  for such additional years of LIRR police service not exceeding ten,  or,
  in  the  case of a member who has ten or more years but less than twenty
  years of LIRR police service upon  termination  of  service  as  a  LIRR
  police   officer,   any   benefit  pursuant  to  section  three  hundred
  seventy-six of this article greater than the vested retirement allowance
  described in subdivision b of section three hundred seventy-six of  this
  article.
    f.  Within  one  hundred  twenty days after the effective date of this
  section, the sum of (a) the balance held under The Long Island Rail Road
  Company Money Purchase Plan for the account of all LIRR police  officers
  who  as  of  the  effective date become members of the retirement system
  pursuant to section three hundred forty of  this  article  and  (b)  the
  amount  of  any  contributions  under  The Long Island Rail Road Company
  Pension Plan or The Long Island Rail Road Company  Plan  for  Additional
  Pensions made by any such LIRR police officer, together with interest on
  such  contributions  in  the  same  amount as interest would be credited
  thereto under such plans if  the  amount  of  these  contributions  were
  refunded  thereunder to the member involved on the date of the transfer,
  shall be transferred to the pension accumulation fund of the  retirement
  system  by the LIRR and the amount so transferred other than the account
  balance under The Long Island Rail Road Company Money  Purchase  Pension
  Plan  deriving  from  contributions  thereunder  by  the  LIRR  shall be
  considered contributions for purposes of subdivision d of this section.
    g. Commencing on the effective date of this section and  in  a  manner
  determined  by  the  head  of the retirement system, the LIRR shall make
  contributions to the retirement system to fund the normal  cost  to  the
  extent not funded by member contributions and the past service liability
  cost  associated  with  the implementation of this section to the extent
  not funded by the amounts referred to in subdivision f of  this  section
  as  those  costs  are  calculated by the retirement system actuary. Such
  contributions to fund the past service liability shall be made in  level
  dollar  installments  over  a  period equal to (a) the average remaining
  working lifetime of the members of the  twenty  year  plan  or  (b)  ten
  years,  at  the  election of the LIRR, by notice of such election to the
  retirement system together with the notice by the LIRR provided  for  in
  subdivision b of section three hundred thirty-one of this article.
    ** h.  Notwithstanding any other provision of law, the LIRR shall pick
  up the member contributions required on and after the effective date  of
  this  subdivision  to be made under this section by LIRR police officers
  and shall do so by reducing the salary of each of its employees to which
  this section is applicable by that amount which each  such  employee  is
  required  to  contribute under this section. The contributions so picked
  up shall be paid by the LIRR in lieu of the member contributions  to  be
  paid  by  its  employees  under  this  section  and  shall be treated as
  employer contributions in determining income tax treatment under section
  four hundred fourteen  (h)  of  the  Internal  Revenue  Code.  With  the
  exception  of  federal  income tax treatment, the employee contributions
  picked up or paid pursuant to  this  subdivision  shall  for  all  other
  purposes, including computation of retirement benefits and contributions
  by  the  LIRR  and  its  employees,  be  deemed employee salary. Nothing

  contained in this subdivision shall  be  construed  as  superseding  the
  provisions  of  section  four  hundred thirty-one of this chapter or any
  similar provision of law which limits  the  salary  base  for  computing
  retirement benefits payable by a public retirement system.
    ** NB  Effective the first day of the calendar month following receipt
  by the comptroller of the election by The Long Island Rail Road  Company
  and shall remain in full force and effect only so long as such treatment
  of  employee  contributions  is authorized pursuant to the provisions of
  the Internal Revenue Code
    * NB Effective the first day of the calendar month  following  receipt
  by the comptroller of the election by The Long Island Rail Road Company