§ 330. Participation by municipalities. a. Every municipality
(exclusive of those maintaining a local pension system for all its
police officers and firefighters) employing police officers and
firefighters must participate in the police and fire retirement system,
and such participation shall be irrevocable.

b. A municipality maintaining a local pension system for its police
officers and firefighters may elect to participate in the police and
fire retirement system upon the petition of sixty per centum of the
members of the local pension system for police officers and
firefighters. Such election shall be exercised by the adoption of a
resolution approved by its local legislative body and any other body or
officer required by law to approve resolution of such local legislative
body. Upon the filing of a certified copy of such resolution with the
comptroller, such election shall be irrevocable, and the municipality
shall become a participating employer. As of the date such participation
is approved:

1. The operation of such local pension system shall be discontinued.

2. The existing pensioners and annuitants of such local pension system
shall be continued and paid at their existing rates by the police and
fire retirement system.

3. Any cash and securities to the credit of such local pension system
shall be transferred to the police and fire retirement system.

4. The trustees or other administrative head of such local pension
system shall certify the proportion, if any, of the funds of such system
that represents the accumulated contributions of the members and the
individual shares of the members therein. Such shares shall be credited
to the respective annuity savings accounts of such members in this
retirement system. The balance of the funds so transferred to the police
and fire retirement system shall be offset against the liability on
account of existing pensioners, annuitants and active members. The
resulting liability so determined shall be the basis for the rate of
deficiency contribution of such county, city, town or village as
determined pursuant to section twenty-three of this article.

c. The county of Monroe, by resolution legally adopted by its
governing body filed with and approved by the comptroller, may elect to
have its fire chief-airport, firefighter-airport, and fire
captain-airport personnel in those titles designated by such governing
body, become eligible to participate in the New York state and local
police and fire retirement system. Upon such adoption, such county,
except as specifically provided in this article to the contrary, shall
thereafter be treated as a participating employer. Such resolution shall
provide for the payment by the county of any costs incurred for past
service credit as well as future cost occasioned by the county's
election under this subdivision; provided articles fourteen and fifteen
member contributions previously made by members of the New York state
and local employees' retirement system who will become members of the
New York state and local police and fire retirement system under this
section shall be transferred to the New York state and local police and
fire retirement system and used to offset the amount of past service
costs which would otherwise result. Further, the past service costs,
less such accumulated tiers 3 and 4 member contributions, shall be paid
over a ten year period at the rates of interest used in the actuarial
valuations covering the ten year period.

d. A participating employer's election of any retirement benefit for
members of the state and local police and fire retirement system shall
apply either to its police officers or its firefighters, as the case may
be.