~

aCHArt J MAYIC Uti ~I ruUampJ bullbullJOHN J OmiddotSUttIVAN utI I

T_-ltJ~t CJi- 8J TrMUUJ RANK A PtUMBO Uti ulrpoundJUlft o

ICHARD J VIINI It)~a 41 i ( Ril S4Q LAo I

AVIO C TOBIN eNGbullbullbull 6dlU

OF GREAT~R NEW YORK AMes B SPlttANl wo IDS

uturUe4JArmJ Z2~ BROAOWVf New YORIC N Y t0007

TEWIHON~ B EUCMAH 3-4234

LOCAL UNION No 94

~11

Dear Sir amp Brother

Governor Rockef~lmiddotle middothas middot vetoed the SUDolementarv Pmiddotensicn ~l passed by both Houses oithe Legislature Be~ause -eRe shyGovernors COLlnsel felt it contained a technical legal defect This deEect will be corrected tq lcomply wiih tl1e Govenor r~ Couns~l t sobj ection middot9

middot middotIn the meantime 1 it sholld be recorded that the UFA has receivedmiddot from the Ci~Y oE New Y~~k a1 agreeme~t i~ writing st2ting that

~ 1 The citY middot~ta~qs behind the c~mmittt~nt inademiddot in q)llective middot bumiddotSraning 1 agreeing td again submit tomiddot the 1egfsmiddot~2ture ror passage and the middot middotGovernor r s sigI)at~e a hiJlmiddotmiddotfree of the IItechnic~ depoundects1I

2 bull The City willmiddot request that the bi~l be retroactive s6 that there will be no loss of middotbenefits to the

UFA middotmembmiddoters

It should v~e noted that the money is being invested end when the middotbillmiddotmiddot is passed 1 t~e ~ntermiddotest earned wil-l be used ~n accordance with th~ ~9Iftr-aci witfl the City middot fltr the be~e=its

under the SUPIJle1lent~ ~J4S-ioli~ oha iettmiddotoacti~ve middot ~ asis l 29p11oshy

ing to all retirees as ~f c-tob~r 1 1968

In shot the Supplementary Pension Bill supported by the City and the UFAhas been yetoed by the Governor on advice 0pound his Counsel for a technical deficiency the COlnselmiddot ~1covered at the last moment However the City has guaranteed the TEA tl t t 1 db t ttm t h

----- ~ l1wrltlng 1 middot la ~ W1__ s-ean middot y ~ s com1l~ em W1 t~e

UFA1that a corrected bill will be ~ntroduced at ~he nex~ session of the legislature and the UFA and its membershio will not suffer a1Y loss because ofmiddot the pled e 01 reboactivl~Y

IRICPY~D J VIZZINI

bull bull bull bull I~bullbull bull bullbull lt bullbullbull l I

GERALD JRYAN FORMER PRESIDEN~ UFA 77 STANDREWS RD SOUTHAMPTONNY 11968 (516) 283-3338

TO WHOM IT MAY CONCERN FOR THE RECORD I WISH TO STATE AND MAKE

PERFECTLY CLEAR THAT r (GERALD JRYAN) NEVER NEGOTIATED A NYC FIRE DEPT CONTRACT WITH THE PURPOSE OF EXCLUDING ANY FIREshyFIGHTER RETIREES FROM RECEIVING THE VARIABLE SUPPLEMENT FUND

GER LD J-RYAN

~Alaquoc2~==jNOTARY

MARIE A SOLMS NOTA~Y PUBLIC St)2 0 New York

111 3~6495 2 - ~I

C~~middot middotmiddot~~ middot middotmiddot E lt~~ i9~

_ rlmlTran FIJtr4tj~f of LdQt and COTlfjrOl 0 InduJlria Or9anizaiionJ Ihrou911 lte iriltrMllrcllal 11TorialioTl Firr 191t ilffititJl~d ~ilh Union LIjgt1 ana SUII Tradn Coun(1 vi GrallY Nrw fork

ffillu ~h I NJ Yo-k City C47urat Labor CoUTleil Ii F L-CIO irjiialld ~il Nt Yori SUIII InmiddotCIO

UD IMICHAIIl J bull va IUJ 11

~

MNJ( A PIgtLUMDO VouP BENJIgtMIN J MPNA IIU eo

TNUH_ItUM_

RICHARD J VlnHI IW9bullbull1 JOHN W Io4UllI04 10 I ~ 6 TIM- SH1 7_lH~~

DAVID C TONT_ ~ THOA fl Raluv i 7~

JAM B 8PILLANE $1

IIgtD lCM1 OF GREATER NEW YORK at BRO-UraquoWAY Naw YoJtX N Y 0007

TnKPHQNKI BItampKMAN 3-11~

LOCAL UNION NO 949 PHARD MCWltaHln T~

UO

May 5 1969

Hon Robert O DouglassExecutive Chamber State CapitolAlbany Naw York 12224

Dear Mr Douglass Re Assembly 6885

This bill Assembly 16885 is the result ofa ne~ot1ated areeshyment between the representatives 8pound the 11000 f reMen of hi NIYork Fire Department and the City of New York

This legislation will establish provisions for a Supplemental Pension benefit for the fiteftghgerS of theEliension fund based wholly on equity iVestmen 0 t e pens~on no and at no cost to the city

The present provision for investment of pension funds within the City of New York allows for the investment 9f a certain permiddot centage of the reserves in an equity portfolio And as a result of the anticipated increased return from this equity portfoliowithin the framework of the actual return with complete proshyvision provided for the guaranteed return of interest and an adshyditional return to cover the Cost of the pension for the Cityof New York we anticipate with the return above these guaranshyteed returns ~ establfih a ~uPjleen~al tenSion fund for b9~h ~rticle 1 andltEpound2h fA memBers Of tHe Pire bepafsectent of the

129 6pound MaC pound6 bull shy

The conception of a supplemental pension benefit does not reshyflect an obligation upon the City of New York b~t ~111 only be granted if the returns on the eqUity portfolio sie such as to allow the supplemental pension to be established

21

_ rlmlTran FIJtr4tj~f of LdQt and COTlfjrOl 0 InduJlria Or9anizaiionJ Ihrou911 lte iriltrMllrcllal 11TorialioTl Firr 191t ilffititJl~d ~ilh Union LIjgt1 ana SUII Tradn Coun(1 vi GrallY Nrw fork

ffillu ~h I NJ Yo-k City C47urat Labor CoUTleil Ii F L-CIO irjiialld ~il Nt Yori SUIII InmiddotCIO

UD IMICHAIIl J bull va IUJ 11

~

MNJ( A PIgtLUMDO VouP BENJIgtMIN J MPNA IIU eo

TNUH_ItUM_

RICHARD J VlnHI IW9bullbull1 JOHN W Io4UllI04 10 I ~ 6 TIM- SH1 7_lH~~

DAVID C TONT_ ~ THOA fl Raluv i 7~

JAM B 8PILLANE $1

IIgtD lCM1 OF GREATER NEW YORK at BRO-UraquoWAY Naw YoJtX N Y 0007

TnKPHQNKI BItampKMAN 3-11~

LOCAL UNION NO 949 PHARD MCWltaHln T~

UO

May 5 1969

Hon Robert O DouglassExecutive Chamber State CapitolAlbany Naw York 12224

Dear Mr Douglass Re Assembly 6885

This bill Assembly 16885 is the result ofa ne~ot1ated areeshyment between the representatives 8pound the 11000 f reMen of hi NIYork Fire Department and the City of New York

This legislation will establish provisions for a Supplemental Pension benefit for the fiteftghgerS of theEliension fund based wholly on equity iVestmen 0 t e pens~on no and at no cost to the city

The present provision for investment of pension funds within the City of New York allows for the investment 9f a certain permiddot centage of the reserves in an equity portfolio And as a result of the anticipated increased return from this equity portfoliowithin the framework of the actual return with complete proshyvision provided for the guaranteed return of interest and an adshyditional return to cover the Cost of the pension for the Cityof New York we anticipate with the return above these guaranshyteed returns ~ establfih a ~uPjleen~al tenSion fund for b9~h ~rticle 1 andltEpound2h fA memBers Of tHe Pire bepafsectent of the

129 6pound MaC pound6 bull shy

The conception of a supplemental pension benefit does not reshyflect an obligation upon the City of New York b~t ~111 only be granted if the returns on the eqUity portfolio sie such as to allow the supplemental pension to be established

21

11970 hEGULAR SESSION Ch877 earnings with reapeot to moh fiscal year exeeeda the equity erperience factor with respect to such fiscal year i and provided further that no lix per cent interest offlet with rpCt to allY bue fUcal year shall in() any event exceed the amount obtained by lubtracting the equity experishyence factor with respect to such fUcal year from the hypothetical fixed income securities eamprlling with lellpeot to IUch r1lCamp1 year

10 Intereat comparison factor In relation to any baae fiaeal year-the amount obtained by subtracting the lix per cent interest offlet if any with respect to such fiscal year from the hyPOthetical fixed income

11shy securities earnings with respect to luch filcal year )f 11 Cumulative earnings differential for the baae filcal year In

~ relation to a base raw year the amount (expressed as a positive or negative quantity) obtained by adding to the earning differential for

h such base fiscal year the total of all earnings differential for all prior d bue fiscal years i ~ 12 Transferable earnings In relation to a base raw year the t

total amount required by the proviiona of aubdiviaion e of tbibullbullaction I shy to be distributed with respect to SUCD base fiscal year in the manner ~ provided by subdivision d of this section I 13 Cumulative distributions of transferable earnings for prior base fiscal years In relation to a base fiscal year the total of all payments of transferable earmnn made or required to be made by the pension j

fund to the ru-emen8 variable supplements fund and the fire officers I variable supplements fund with respect to aU prior base fiscal years if~l I - pursuant to lubdiviaions c and d of this section I 14 Firemens variable supplements fund The firemen variable 11 t supplements fund established by article five of title B of chapter nine- flit bullbulltJ teen of the code

15 Fire officers variable supplements fund The rUe officers variable supplements fund established by article six of title B of chapter 1)efmiddot1i

of f~ flDf J)

~1 ~

nineteen of the code I

I

deletlDna by kent 1847

ALL

~ f f5 I Ilt t 0EJrbull tJeurol-b1ltgt Il rU tJ11-

lr ~e period endikfie+n~~~fiflY~ne and sevenIYfi~~ I cent of such reserves for the period subsequent to such date and the maintenance of retirement allowance reserves as provided for in this article maint~nance of the accumushylation-for-increased-take-home-pay and the payment of all retirement allowances refunds death benefits and any other benefits granted under the provisions of this article are hereby made obligations of the city Except as otherwise provided in section B 19-7681 of the

code all income interest and dividends derived from deposits and investments authorized by this article shall be used for the payment of such obligations of the city Upon the basis of each actuarial determination and appraisal provided for in this article the commisshysioner shall prepare pursuant to section one hundred twelve of the charter and submit to the director of the budget an itemized estimate of the amounts necessary to be approprishyated by the city middotto the retirement allowance accumulation fund to provide for payment in full during the ensuing fiscal year of all such obligations of the city accruing during the ensuing fiscal year There shall annually be included in the budget a sum sufficient to provide for such obligations of the city The comptroller shall pay the sums so provided IDto the various funds provided for by this article

L L 1951 No 100 sectsect 4 and 5 read as follows

Nothing contained in this local law shall increase the amount of the retirement allowshyance payable to any member of the fire department pension fund as defined in administrashytive code section B 19-754 for any period of city service prior to October first nineteen hundred fifty-one nor shall anything contained herein increase or affect the amount of the contributions due from the city to such fund for any period prior to such date nor shall anything contained herein decrease or affect the amount of the contributions due from any such member for any period prior to such date or give rise to any rights on the part of any such member to a refund of any part of the contributions made by him for any period prior to such date or to any other benefit in lieu of any such refund

Insofar as the provisions of this local law are inconsistent with the provisions of any other law general special or local ~e provisions of this local law shall be controlling

sect B 19middot7681 ments to variable su For the purposes of this section the fo OWJDg erms

1 Base fiscal year Any fiscal year of the city beginning on or after July first nineteen hundred sixty-nine with respect to which fiscal year a computation of earnings differential based on equity investments made or held by the pension fund during such fiscal year is being made pursuant to this section

2 Current fiscal year The fiscal year of the city next succeeding the base fiscal year

3 Prior base fiscal year Any fiscal year of the city which begins on or after July first nineteen hundred sixty-nine and which preceds the base fiscal year

bullSo in original [EvidentiYshould read precerlcJ

4 EuIlings differential nie amount (expressed as a positive or negative quantity) by which the e9uity experience factor (exptess~d as a positive or negative luantity) with

- -Hi~Pb~~Pfi~~r9r~)i~~Jfite~~~t~~et~e~ikelf~t6~t i~()~~f~~Qfn~~~iIcfi-im~i~~yent~~~~ parison factoI the difference between the two shall be expressed as a positive quai1tity Itsuchmterest compariscm factor is greater than such equity experience factor the differshyence betWeen th~dwo middot shall be expressed as a negative quantity c~- middot - gt Imiddot

5 (a) j~uityen experience factor An amount (expressed a~ a positive or negative quantIty) equal to (I) the Income earned by the pensIon fund dUrIng the base fiscal year from its irivest~ents in equities plus (ii) the capital gains realized or unrealized occur- middot ring during such fiscal year by reason of such investments less (iii) the capital losses realized or unrealiZed occurring during such fiscal year by reason of such investments

(b) In the event that ~my equity is sold during the base fiscal year the ~xpense of

157

fiscal year unless the hypothetical fixed income securities earnings with respect to such fiscal year exceeds the equity experience factor with respect to such fiscal year and proshyvided further that no six per cent interest offset with respect to any base fiscal year shall in any event exceed the amount obtained by subtracting the equity experience factor with respect to such fiscal year from the hypothetical fixed income securities earnings with respect to such fiscal year

10 Interest comparison factor In relation to any base fiscal year the amount obtained by subtracting the six per cent interest offset if any with respect to such fiscal year from the hypothetical fixed income securities earnings with respect to such fiscal year

50 in original [Evidently should read or] tSo in original [Word misspelled]

11 Cumulative earnings differential for the base fiscal year In relation to a base fiscai year the amount (expressed as a positive or negative quantity) obtained by adding to the earnings differential for such base fiscal year the total of all earnings differentials for all prior base fiscal years

12 Transferable earnings In relation to a base fiscal year the total amoUnt required by the provisions of subdivision c of this section to be distributed with respect to such base fiscal year in the manner provided by subdivision d of this section

13 Cumulative distributions of transferable earnings for prior base fiscal years In relation to a base fiscal year the total of all payments of transferable earnings made or required to be made by the pension fund to the firemens variable supplements fund and the fire officers variable supplements fund with respect to all prior base fiscal years pursuant to subdivisions c and d of this section

14 Firemens variable sUpplements fund The firemen riable supplements fund established by article five of title B of chapter nineteen of the co-~

15 Fire officers variable supplements fund The fire officers variable supplements fund es~ablished by article six of title B of chapter nineteen of the code

r 16 FiremFp~ (a)411 firemen and (b) all wipers (uniformed) who are members of the fire department psnSJon fund one-B

_oii=-~ 17 middotmiddotFire officers (a)All members of the uniformed force of the fire department h~lding tli~ rank ~pound ueutenanror Clny positon of hi~er ran~ in such force and (b)ilL

pIlots mapJJLenpound1Piers (umformed) or asslstaQt mwpe epgweers (umformed) who are memoers ot ffie New York fire departHlent pensIon fund one-B

b As soon as practicable afte the close of each base fiscal year but not later than August thirty-first of the current fiscal year the board shaH compute

(1) the eamlIlgs differential with respeCt to such base fiscal year and the interest offset if any ~ with TsSpect to such base fiscal year

(2) the ~o~c~ntributions made to the pension fund one-B with respect to such base fiscal year on behalf of all personnel who are firemen as of the last day of such base fiscalVeaailcf - ~ -~~ - lt -~ - ---- ~ --~ - -- - -~- - ----- -

() the t()~l contributions made to the pension fUJid one-B with respect to such - base fiscal year on behalf of all persorinel who are fire officers as of such last day

c If~he cumulative e3rnin~s qiffe~ential for the base fiscal year is a ~ositive quanshytity and exceeds the cumulatIve dlstnbutlons of transferable earnIngs for prior base fiscal years a sum equal to the amount of such excess shall be distributed by the pension fund in the manner provided by sUbdivision d of this section

d (1) If there be transferable earnings with respect to the base fiscal year comshyputed as hereinabove provided such transferable earnings shall be divided into a firemens

ALL

~ f f5 I Ilt t 0EJrbull tJeurol-b1ltgt Il rU tJ11-

lr ~e period endikfie+n~~~fiflY~ne and sevenIYfi~~ I cent of such reserves for the period subsequent to such date and the maintenance of retirement allowance reserves as provided for in this article maint~nance of the accumushylation-for-increased-take-home-pay and the payment of all retirement allowances refunds death benefits and any other benefits granted under the provisions of this article are hereby made obligations of the city Except as otherwise provided in section B 19-7681 of the

code all income interest and dividends derived from deposits and investments authorized by this article shall be used for the payment of such obligations of the city Upon the basis of each actuarial determination and appraisal provided for in this article the commisshysioner shall prepare pursuant to section one hundred twelve of the charter and submit to the director of the budget an itemized estimate of the amounts necessary to be approprishyated by the city middotto the retirement allowance accumulation fund to provide for payment in full during the ensuing fiscal year of all such obligations of the city accruing during the ensuing fiscal year There shall annually be included in the budget a sum sufficient to provide for such obligations of the city The comptroller shall pay the sums so provided IDto the various funds provided for by this article

L L 1951 No 100 sectsect 4 and 5 read as follows

Nothing contained in this local law shall increase the amount of the retirement allowshyance payable to any member of the fire department pension fund as defined in administrashytive code section B 19-754 for any period of city service prior to October first nineteen hundred fifty-one nor shall anything contained herein increase or affect the amount of the contributions due from the city to such fund for any period prior to such date nor shall anything contained herein decrease or affect the amount of the contributions due from any such member for any period prior to such date or give rise to any rights on the part of any such member to a refund of any part of the contributions made by him for any period prior to such date or to any other benefit in lieu of any such refund

Insofar as the provisions of this local law are inconsistent with the provisions of any other law general special or local ~e provisions of this local law shall be controlling

sect B 19middot7681 ments to variable su For the purposes of this section the fo OWJDg erms

1 Base fiscal year Any fiscal year of the city beginning on or after July first nineteen hundred sixty-nine with respect to which fiscal year a computation of earnings differential based on equity investments made or held by the pension fund during such fiscal year is being made pursuant to this section

2 Current fiscal year The fiscal year of the city next succeeding the base fiscal year

3 Prior base fiscal year Any fiscal year of the city which begins on or after July first nineteen hundred sixty-nine and which preceds the base fiscal year

bullSo in original [EvidentiYshould read precerlcJ

4 EuIlings differential nie amount (expressed as a positive or negative quantity) by which the e9uity experience factor (exptess~d as a positive or negative luantity) with

- -Hi~Pb~~Pfi~~r9r~)i~~Jfite~~~t~~et~e~ikelf~t6~t i~()~~f~~Qfn~~~iIcfi-im~i~~yent~~~~ parison factoI the difference between the two shall be expressed as a positive quai1tity Itsuchmterest compariscm factor is greater than such equity experience factor the differshyence betWeen th~dwo middot shall be expressed as a negative quantity c~- middot - gt Imiddot

5 (a) j~uityen experience factor An amount (expressed a~ a positive or negative quantIty) equal to (I) the Income earned by the pensIon fund dUrIng the base fiscal year from its irivest~ents in equities plus (ii) the capital gains realized or unrealized occur- middot ring during such fiscal year by reason of such investments less (iii) the capital losses realized or unrealiZed occurring during such fiscal year by reason of such investments

(b) In the event that ~my equity is sold during the base fiscal year the ~xpense of

157

fiscal year unless the hypothetical fixed income securities earnings with respect to such fiscal year exceeds the equity experience factor with respect to such fiscal year and proshyvided further that no six per cent interest offset with respect to any base fiscal year shall in any event exceed the amount obtained by subtracting the equity experience factor with respect to such fiscal year from the hypothetical fixed income securities earnings with respect to such fiscal year

10 Interest comparison factor In relation to any base fiscal year the amount obtained by subtracting the six per cent interest offset if any with respect to such fiscal year from the hypothetical fixed income securities earnings with respect to such fiscal year

50 in original [Evidently should read or] tSo in original [Word misspelled]

11 Cumulative earnings differential for the base fiscal year In relation to a base fiscai year the amount (expressed as a positive or negative quantity) obtained by adding to the earnings differential for such base fiscal year the total of all earnings differentials for all prior base fiscal years

12 Transferable earnings In relation to a base fiscal year the total amoUnt required by the provisions of subdivision c of this section to be distributed with respect to such base fiscal year in the manner provided by subdivision d of this section

13 Cumulative distributions of transferable earnings for prior base fiscal years In relation to a base fiscal year the total of all payments of transferable earnings made or required to be made by the pension fund to the firemens variable supplements fund and the fire officers variable supplements fund with respect to all prior base fiscal years pursuant to subdivisions c and d of this section

14 Firemens variable sUpplements fund The firemen riable supplements fund established by article five of title B of chapter nineteen of the co-~

15 Fire officers variable supplements fund The fire officers variable supplements fund es~ablished by article six of title B of chapter nineteen of the code

r 16 FiremFp~ (a)411 firemen and (b) all wipers (uniformed) who are members of the fire department psnSJon fund one-B

_oii=-~ 17 middotmiddotFire officers (a)All members of the uniformed force of the fire department h~lding tli~ rank ~pound ueutenanror Clny positon of hi~er ran~ in such force and (b)ilL

pIlots mapJJLenpound1Piers (umformed) or asslstaQt mwpe epgweers (umformed) who are memoers ot ffie New York fire departHlent pensIon fund one-B

b As soon as practicable afte the close of each base fiscal year but not later than August thirty-first of the current fiscal year the board shaH compute

(1) the eamlIlgs differential with respeCt to such base fiscal year and the interest offset if any ~ with TsSpect to such base fiscal year

(2) the ~o~c~ntributions made to the pension fund one-B with respect to such base fiscal year on behalf of all personnel who are firemen as of the last day of such base fiscalVeaailcf - ~ -~~ - lt -~ - ---- ~ --~ - -- - -~- - ----- -

() the t()~l contributions made to the pension fUJid one-B with respect to such - base fiscal year on behalf of all persorinel who are fire officers as of such last day

c If~he cumulative e3rnin~s qiffe~ential for the base fiscal year is a ~ositive quanshytity and exceeds the cumulatIve dlstnbutlons of transferable earnIngs for prior base fiscal years a sum equal to the amount of such excess shall be distributed by the pension fund in the manner provided by sUbdivision d of this section

d (1) If there be transferable earnings with respect to the base fiscal year comshyputed as hereinabove provided such transferable earnings shall be divided into a firemens

ALL

fiscal year unless the hypothetical fixed income securities earnings with respect to such fiscal year exceeds the equity experience factor with respect to such fiscal year and proshyvided further that no six per cent interest offset with respect to any base fiscal year shall in any event exceed the amount obtained by subtracting the equity experience factor with respect to such fiscal year from the hypothetical fixed income securities earnings with respect to such fiscal year

10 Interest comparison factor In relation to any base fiscal year the amount obtained by subtracting the six per cent interest offset if any with respect to such fiscal year from the hypothetical fixed income securities earnings with respect to such fiscal year

50 in original [Evidently should read or] tSo in original [Word misspelled]

11 Cumulative earnings differential for the base fiscal year In relation to a base fiscai year the amount (expressed as a positive or negative quantity) obtained by adding to the earnings differential for such base fiscal year the total of all earnings differentials for all prior base fiscal years

12 Transferable earnings In relation to a base fiscal year the total amoUnt required by the provisions of subdivision c of this section to be distributed with respect to such base fiscal year in the manner provided by subdivision d of this section

13 Cumulative distributions of transferable earnings for prior base fiscal years In relation to a base fiscal year the total of all payments of transferable earnings made or required to be made by the pension fund to the firemens variable supplements fund and the fire officers variable supplements fund with respect to all prior base fiscal years pursuant to subdivisions c and d of this section

14 Firemens variable sUpplements fund The firemen riable supplements fund established by article five of title B of chapter nineteen of the co-~

15 Fire officers variable supplements fund The fire officers variable supplements fund es~ablished by article six of title B of chapter nineteen of the code

r 16 FiremFp~ (a)411 firemen and (b) all wipers (uniformed) who are members of the fire department psnSJon fund one-B

_oii=-~ 17 middotmiddotFire officers (a)All members of the uniformed force of the fire department h~lding tli~ rank ~pound ueutenanror Clny positon of hi~er ran~ in such force and (b)ilL

pIlots mapJJLenpound1Piers (umformed) or asslstaQt mwpe epgweers (umformed) who are memoers ot ffie New York fire departHlent pensIon fund one-B

b As soon as practicable afte the close of each base fiscal year but not later than August thirty-first of the current fiscal year the board shaH compute

(1) the eamlIlgs differential with respeCt to such base fiscal year and the interest offset if any ~ with TsSpect to such base fiscal year

(2) the ~o~c~ntributions made to the pension fund one-B with respect to such base fiscal year on behalf of all personnel who are firemen as of the last day of such base fiscalVeaailcf - ~ -~~ - lt -~ - ---- ~ --~ - -- - -~- - ----- -

() the t()~l contributions made to the pension fUJid one-B with respect to such - base fiscal year on behalf of all persorinel who are fire officers as of such last day

c If~he cumulative e3rnin~s qiffe~ential for the base fiscal year is a ~ositive quanshytity and exceeds the cumulatIve dlstnbutlons of transferable earnIngs for prior base fiscal years a sum equal to the amount of such excess shall be distributed by the pension fund in the manner provided by sUbdivision d of this section

d (1) If there be transferable earnings with respect to the base fiscal year comshyputed as hereinabove provided such transferable earnings shall be divided into a firemens

ALL