§ 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 police officer,
firefighter 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.