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(a) for the nineteen hundred eighty-seven-nineteen hundred eightyeight base fiscal year, such determination shall be made pursuant to the preceding subdivisions of this section;

(b) for the nineteen hundred eighty-eight-nineteen hundred eighty-nine and nineteen hundred eighty-nine-nineteen hundred ninety base fiscal years, such determination shall be made pursuant to the preceding, subdivisions of this section, as modified by the provisions of subdivisions

through five, inclusive, of section 13-193.1 of this chapter, as such subdivisions one through five

in effect during such fiscal years;

(c) for the nineteen hundred ninety-nineteen hundred ninety-one base fiscal year and each succeeding base fiscal year to and including the base fiscal year ending on June thirtieth of the first calendar year covered by a payment guarantee (as defined in paragraph (8), of subdivision one of this section), such determination shall be made pursuant to the preceding subdivisions of this section and subdivision six

of tion 13-193.1 of this chapter; and

(d) for the purpose of applying subdivision six of such section 13-193.1 pursuant to the provisions of paragraph (c) of this subdivision, such subdivision six shall be deemed to refer only to the base fiscal years mentioned in such paragraph (c).

5. The preceding subdivisions of this section shall be inapplicable to determination of any and all rights of the transit police officer's variable supplements fund and of the transit police superior officers' variable supplements fund to any payments from the retirement system derived from or based on investment earnings of the retirement system in any fiscal year of the city commencing on or after July first of the first calendar year covered by a payment guarantee (as defined in paragraph (R) of subdivision one of this section),

The determination as to whether the retirement system is required to pay any monies to the transit police officer's variable supplements fund with respect to all basis fiscal years related to a payment guarantee (as defined in paragraph (h) of subdivision one of this section), and if any such monies are so payable, the amount thereof, shall be made pursuant to section 13-193.2 of this chapter.

7. The determination as to whether the retirement system is required to pay any monies to the transit police superior officers' variable supplements fund with respect to all basis fiscal years related to a payment guarantee (as defined in such paragraph (h)), and if

any such monies

payable, the amount thereof, shall be made pursuant to section 13-193.3 of this chapter.

§ 16. The administrative code of the city of New York is amended by adding a new section 13-193.2 to read as follows:

$ 13-193.2 Payments to transit police officer's variable supplements fund for basis fiscal years related to a payment guarantee. 1. (a) Subject

to

the provisions of paragraph (b) of this subdivision, for the purposes of this section, the definitions of terms set forth in graphs (d), (e) and (f) of subdivision one of transit police section 13-193 shall apply to this section 13-193.2 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 basis fiscal year, related to payment guarantee (as defined in paragraph (c) of subdivision three of this section):

(i) the term "base fiscal year" used in such paragraphs (d), (e) and (f) shall be deemed to refer to a basis fiscal year related to a payment guarantee;

(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 (8) 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 13-193.2 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 basis fiscal year related to a payment guarantee (as defined in paragraph (c) of subdivision three of this section): EXPLANATION-Matter in italics is new; matter in brackets [] is old law

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(a) the term "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 seyen 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 TPOVSF 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 officers section 13-191". Section 13-191 of this chapter, which relates to the transit police officer's 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) "Basis fiscal year related to a payment guarantee". Any fiscal year of the city commencing on or after July first of the first calendar year covered by a payment guarantee (as defined in paragraph (j) of this subdivision). (d) "Prior 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 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 negative quantity) with respect to the 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 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 pressed as a negative quantity:

(f) "Cumulative earnings factor of June thirtieth in the first calendar year covered by a payment guarantee". (i) An amount,

expressed 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) (A) Subject to the provisions of item (B) of this subparagraph, the cumulative earnings differential for the base fiscal year (as defined in paragraph eleven of subdivision a of section 13-232 of this title), as made applicable by paragraph (C) of subdivision one of transit police section 13-193 to the base fiscal years defined in paragraph (a) of such subdivision one, shall be computed pursuant to such section 13-193 for the base fiscal year (as so defined by such paragraph (a)) next preceding July first of the first calendar year covered by payment guarantee (as defined in paragraph (j) of this subdivision),

(B) In the computation of the cumulative earnings differential for such next preceding base fiscal rear as provided for in item (A) of this subparagraph, computations for such next preceding base fiscal year and each preceding base fiscal year shall be made in compliance with the applicable provisions of subdivision four of transit police section 13-193.

(iii). 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 transit police section 13-193 with respect to such base fiscal year next preceding July first of the first calendar year covered by a payment guarantee.

(iv) the amount of transferable earnings (as defined in paragraph (c) of subdivision one of transit police section 13-193), if any, for such base fiscal year next preceding such July first, determined in accordance with the applicable provisions of subdivision four of such section

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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 (f) 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 calendar year covered by a payment guarantee.

(8) "Cumulative earnings factor". (i) The cumulative earnings factor for any 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 basis fiscal year related to a payment guarantee was positive quan-, tity, the cumulative earnings factor for the basis fiscal year related to a payment guarantee shall be equal to the earnings differential for such basis fiscal year related to a payment guarantee.

(B) If the cumulative earnings factor for the immediately preceding basis fiscal year related to a payment guarantee was negative tity, the cumulative earnings factor for the basis fiscal year related to a payment guarantee shall be equal to the sum of :

(1) the earnings differential for the basis fiscal year related to a payment guarantee; and

(2) the cumulative earnings factor for the immediately preceding 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 8 of section 13-232 of this title, as made applica, ble to this section by subdivision two of this section) fixed with respect to such basis fiscal year related to payment guarantee for which & cumulative earnings factor is being determined pursuant to this

Tagihapon applying the provisions of this paragraph (8) for the first 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 three as "cumulative earnings factor as of June thirtieth in the first calendar year covered by a payment guarantee" shall be substituted for the term "cumulative earnings factor for the immediately preceding basis fiscal year related to a payment guarantee."

(h) "TPOVSF cumulative earnings factor". With respect to any 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 13-193.2 by subdivision thereof), for such 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 basis fiscal year related to a payment guarantee on behalf of all transit police members who transit police officers (as defined in paragraph (f) of subdivision one of transit police officers section 13-191), as of the last day of basis fiscal year and the denominator of which shall be the total contributions made to the retirement system with respect to such 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 basis fiscal year.

(i) "TPOVSF unfunded accrued liability". In any case where the valuation of assets and liabilities of the transit police officer's variable supplements fund by the actuary pursuant to paragraph (1) of subdivision three of transit police officers' section 13-191 shows that for any basis fiscal year related to a payment guarantee, such liabilities exceed such assets,' the term "TPOVSF unfunded accrued liability" shall mean the amount of the excess of such liabilities over the amount of such assets for such basis fiscal year.

(j) "Calendar year covered by a payment guarantee". The calendar year in which a guarantee, by a guarantee obligor (as defined in paragraph (8) of subdivision one of transit police officers section 13-191 of this title), of payment of variable supplements first takes effect

pursuant to paragraph (f) or paragraph (8) of subdivision three of such section, and any succeeding calendar year. EXPLANATION-Matter in italics is new; matter in brackets [ ] is old law

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(k) "Current fiscal year related to a payment guarantee". The fiscal year of the city next succeeding basis fiscal year related to payment guarantee (as defined in paragraph (c) of this subdivision).

4. As soon as practicable after the close of each 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 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 TPOVSF cumulative earnings factor (as defined in paragraph (h) of subdivision three of this section) with respect to such basis fiscal year.

5. If the TPOVSF cumulative earnings factor for such basis fiscal year is a positive quantity, the retirement system,

before December thirty-first of the current fiscal year related to a payment guarantee, shall pay from its contingent reserve fund to the transit

police officer's variable supplements fund, as the payment due for such 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 basis fiscal year as provided for in subdivision five of this section shall be the lesser of (a) the T POVSF cumulative earnings factor for such basis fiscal year referred to in such subdivision five or (b) the TPOVSF unfunded accrued liability

(as defined in paragraph (i) of subdivision three of this section) for such 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 basis fiscal year related to a payment guarantee which shall exceed the TPOVSF unfunded accrued liability for such basis fiscal year, regardless of the amount and character of the TPOVSF cumulative earnings factor for such 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. §

17. The administrative code of the city of New York is amended by adding a new section 13-193.3 to read as follows:

§ 13-193.3 Payments to transit police superior officers' variable supplements fund for basis fiscal years related to a payment guarantee. 1. (a) Subject to the provisions of paragraph (b) of this subdivision, for the purposes 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 13-193.3 with the same force and effect as if such definitions were specifically set forth in this section. (b) For

For the purpose of any determination, calculation or allocation under this section with respect to any basis fiscal year related to payınent guarantee

(as defined in paragraph (d) of subdivision three of this section): i)

term "base fiscal year" used in such paragraphs (d), (e) and (f) shall be deemed to refer to a basis fiscal year related to a payment guarantee;

(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 (i) of subdivision three of this section), whether such factor is a positive or a negative quantity.

For the purposes of this section, the definitions of terms set forth in paragraphs four, six, eight, nine and ten of subdivision of section 13-232 of this title shall' apply to this section 13-193.3 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 basis fiscal year related to a payment guarantee (as defined in paragraph (c) of subdivision three of this section):

(a) the term "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" set forth in such paragraph eight 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

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(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

(d) the term "transferable earnings" set forth in subparagraph (b) of such paragraph eight shall be deemed to

any TPSOVSF cumulative earnings factor (as defined in paragraph (j) of subdivision three of this section) which is a positive quantity:

For the purposes of this section, the following terms shall mean and include:

(a) "Transit police officers section 13-191". Section 13-191 of this chapter, which relates to the transit police officer's variable supplements fund.

(b) "Transit police section 13-193", Section 13-193 of this chapter, which relates to the transit police variable supplements fundş.

(0) "Calendar year covered by a payment guarantee". The calendar year in which a guarantee, by a guarantee obligor (as defined in paragraph (8) of subdivision one of transit police officers section 13-191 of this title), of payment of variable supplements first takes effect

pursuant to paragraph (f) or paragraph (8) of subdivision three of such section, and any succeeding calendar year.

(d) "Basis fiscal year related to a payment guarantee". Any fiscal year of the city commencing on or after July first of the first calendar year covered by a payment guarantee (as defined in paragraph (c) of this subdivision). (e) "Prior basis fiscal

related

to a payment guarantee". Any fiscal year of the city which begins on or after the July first referred to in paragraph (d) of this subdivision and which also precedes a basis fiscal year related to a payment guarantee. (f) "Cumulative earnings factor

of June thirtieth in the first calendar year covered by a payment guarantee". (1) 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.

(2) (A) Subject to the provisions of item (B) of this subparagraph, the cumulative earnings differential for the base fiscal year

(as defined in paragraph eleven of subdivision a of section 13-232 of this title), as made applicable by paragraph (c) of subdivision one of transit police section 13-193 to the base fiscal years defined in paragraph (a) of such subdivision one, shall be computed pursuant to such section 13-193 for the base fiscal year (as so defined by such paragraph (a)) next preceding July first of the first calendar year covered by payment guarantee (as defined in paragraph (c) of this subdivision)

(B) In the computation of the cumulative earnings differential for such next preceding base fiscal year as provided for in item (A) of this subparagraph, computations for such next preceding base fiscal year and each preceding base fiscal year shall be made in compliance with the applicable provisions of subdivision four of transit police section 13-193.

(3) 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 transit police section 13-193 with respect to such base fiscal year next preceding July first of the first calendar year covered by a payment quarantee.

(4) The amount of transferable earnings (as defined in paragraph (C) of subdivision one of transit police section 13-193), if any, for such base 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 three of this paragraph. (5) The

from the addition prescribed by subparagraph four of this paragraph (f) shall be subtracted from the amount computed pursuant to subparagraph two of this paragraph. The remainder resulting from the subtraction shall be the cumulative earnings factor as of June thirtieth in the first calendar year covered by a payment guarantee.

(8) "Equity experience factor". (1) An amount (expressed as a positive or negative quantity) which shall be determined for each basis fiscal year related to a payment guarantee (as defined in paragraph (d) of this EXPLANATION—Matter in italics is new; matter in brackets [] is old law

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