(a) 
There shall be a board of police pensions consisting of the mayor, president of the council and the comptroller, which board shall be the successor of the board of trustees of the police pension fund as heretofore constituted. Said board shall administer the police pension fund and grant all pensions therefrom. The director of the treasury shall be the treasurer of the fund.
(b) 
The board shall have the power to make reasonable rules and regulations for the management and administration of said fund, to pay the necessary expense of administration therefrom, to take any legal action necessary for its protection, to administer oaths and take testimony of witnesses in matters pertaining to applications for pensions, to conduct investigations concerning any matters affecting said fund and, as to such matters, the board shall have all the powers of investigation conferred on the council by section 3-7 of this act.
The police pension fund shall consist of all moneys and securities belonging to the fund at the time this act, as hereby amended, takes effect. There shall be annually credited to said fund all moneys accruing thereto by general law and as income from moneys and investments of said fund. There shall also be credited to said fund such other moneys as may be made available thereto from time to time by the council. If the amount derived from the above mentioned sources shall be insufficient to provide current payments to the reserve adequate to provide for all current accruing liabilities, it shall be the duty of the comptroller, when submitting his or her budget estimate to submit to the mayor a full and detailed statement of the amount required to pay such sums. The board of police pensions may direct the treasurer to invest the fund, or portions thereof, in such securities as a savings bank may purchase for investment. The controller shall account for police pension funds in compliance with generally accepted accounting standards, and he shall establish an appropriate system of internal controls to safeguard fund assets. Such assets of said fund shall be used for no purpose whatsoever other than the purposes stated in this article, provided, however, that when the final obligation of such fund shall have been met, the balance of its assets, if any, shall be turned over to the general fund of the city, and thereupon said pension fund shall terminate.
Each member of the police force and each employee of the police department who, immediately prior to the date on which this act as hereby amended goes into effect, is entitled to participate in the benefits of the police pension fund, shall continue to be a member thereof until his or her death, resignation from the department, or removal therefrom in the manner provided by law, or resignation from membership in said fund. No other person shall ever become a member. Any member may resign from membership in said fund at his or her election. Such resignation shall be in writing, signed, acknowledged and filed with the board. Thereupon all deductions from his or her compensation theretofore paid into said pension fund shall be returned to him or her without interest and his or her right and the right of any dependent to benefits from said fund shall terminate. Any member so resigning shall not be eligible thereafter to membership in said fund.
Except as otherwise provided in section 25-5, the board shall grant a pension to the widow, children, incompetent son or daughter over the age of eighteen years and dependent parents of any member who shall die during his or her service in the department or after his or her retirement therefrom, but only upon the following conditions:
(a) 
To the widow until her death or remarriage.
(b) 
To any child until he or she shall reach the age of eighteen years or until his or her death before such age.
(c) 
To an incompetent son or daughter over the age of eighteen years until his or her death, or until such time as such son or daughter is duly declared competent by due process of law.
(d) 
To a dependent parent where no pension is being paid to a widow, children or incompetent son or daughter over the age of eighteen years of the deceased, and in any case only where such dependency shall be established to the satisfaction of the board.
The term "widow" as used in this section and in section 25-5 of this act, as hereby amended, shall exclude a woman whose marriage to a member occurs after his retirement upon a pension.
The term "incompetent son or daughter" as used in this act shall mean any son or daughter over the age of eighteen years who, at the time of the member's death, is incompetent by reason of disease, weakness of mind, or through any cause, and upon satisfactory proof is deemed by the board to be unable or incapable unassisted to manage his or her property properly and is incapable of self-support.
Pensions shall be paid in equal monthly installments as follows:
(a) 
To a member retired pursuant to subdivision one of section four hundred sixty-three of the charter of the city of Buffalo in effect on July 1, 1999 or subdivision one of section four hundred sixty-four of the charter of the city of Buffalo in effect on July 1, 1999, a sum equal to one-half of such member's salary or compensation received at the time of his retirement, but not less than one thousand one hundred thirty-five dollars per month.
[Amended 3-21-2000 by L.L. No. 4-2000, effective 7-1-2000; 5-29-2001 by L.L. No. 8-2001, effective 7-1-2001]
(b) 
To a member retired after this local law takes effect solely by reason of twenty-five years of service, a sum equal to one-half of such member's salary or compensation received at the time of his or her retirement but not less than one thousand one hundred thirty-five dollars per month.
[Amended 3-21-2000 by L.L. No. 4-2000, effective 7-1-2000; 5-29-2001 by L.L. No. 8-2001, effective 7-1-2001]
(c) 
To a member retired pursuant to subdivision four of section four hundred sixty-four of the charter of the city of Buffalo in effect on July 1, 1999, a sum equal to one-half of such member's salary or compensation received at the time of his or her retirement but not less than one thousand one hundred thirty-five dollars per month.
[Amended 3-21-2000 by L.L. No. 4-2000, effective 7-1-2000; 5-29-2001 by L.L. No. 8-2001, effective 7-1-2001]
(d) 
To a member retired pursuant to subdivision five of section four hundred sixty-four of the charter of the city of Buffalo in effect on July 1, 1999, a pension shall be granted upon the conditions and at the rate applicable to said member on the day preceding his or her receipt of said notice of discharge or demotion but not less than one thousand one hundred thirty-five dollars per month.
[Amended 3-21-2000 by L.L. No. 4-2000, effective 7-1-2000; 5-29-2001 by L.L. No. 8-2001, effective 7-1-2001]
(e) 
To a member retired by reason of having reached the age of seventy years, a sum equal to one-half of such member's salary or compensation received at the time of his or her retirement but not less than one thousand one hundred thirty-five dollars per month.
[Amended 3-21-2000 by L.L. No. 4-2000, effective 7-1-2000; 5-29-2001 by L.L. No. 8-2001, effective 7-1-2001]
(f) 
To any member retired on account of injury, disease or disability and who has completed ten or more years of service, a sum equal to one-half of such member's salary or compensation received at the time of his or her retirement but not less than one thousand one hundred thirty-five dollars per month.
[Amended 3-21-2000 by L.L. No. 4-2000, effective 7-1-2000; 5-29-2001 by L.L. No. 8-2001, effective 7-1-2001]
(g) 
To the widow of any member heretofore or hereafter killed in the discharge of his or her duty in said department, a sum in monthly installments equal to his or her salary or compensation for one year at the rate paid him or her at the time of his or her death and after the first year the sum of nine hundred and ten dollars per month.
[Amended 3-21-2000 by L.L. No. 4-2000, effective 7-1-2000; 5-29-2001 by L.L. No. 8-2001, effective 7-1-2001]
(h) 
To the widow of any member who dies or has heretofore died as a result of injury received in the discharge of his or her duty in said department, a sum in monthly installments equal to his or her salary or compensation for one year at the rate paid him or her at the time of his or her death and thereafter the sum of nine hundred and ten dollars per month until her death or remarriage.
[Amended 3-21-2000 by L.L. No. 4-2000, effective 7-1-2000; 5-29-2001 by L.L. No. 8-2001, effective 7-1-2001]
(i) 
To the widow of a member who dies or has heretofore died while in service or after retirement, a sum of nine hundred and ten dollars per month during her lifetime or until her remarriage.
[Amended 3-21-2000 by L.L. No. 4-2000, effective 7-1-2000; 5-29-2001 by L.L. No. 8-2001, effective 7-1-2001]
(j) 
To each child of a deceased member and to any incompetent son or daughter over the age of eighteen years, the sum of ten dollars per month in a case where the deceased left a widow surviving; in the event that such a surviving widow shall predecease an incompetent son or daughter said son or daughter shall be entitled to an amount equal to the said widow's pension in addition to said pension of ten dollars per month, or in the event that such widow shall die without receiving a pension or shall remarry, then an amount equal to the widow's pension shall be paid to such child and to any incompetent son or daughter over the age of eighteen years in addition to said pension of ten dollars per month; if there be more than one child and more than one incompetent son and daughter over the age of eighteen years, then said additional amount shall be equally divided among such children and incompetent children over the age of eighteen years.
[Amended 3-21-2000 by L.L. No. 4-2000, effective 7-1-2000; 5-29-2001 by L.L. No. 8-2001, effective 7-1-2001]
(k) 
To the dependent parents, jointly, or to the surviving dependent parent of any member where no pension is being paid to a widow or child of such deceased, the sum of four hundred seventy dollars per month.
(l) 
Where a member dies leaving no widow, child or children or dependent parent or parents him or her surviving, then his or her accumulated contributions, without interest, shall be paid to a surviving designated beneficiary, or where there is no such surviving designated beneficiary, then to his or her estate.
(m) 
Any retired member of the police or fire department receiving a pension in accordance with the provisions of the charter providing for the payment of pensions to retired members of the police or fire department or any dependent of such member who received payments based upon the service of a retired policeman or fireman in accordance with the provisions of the charter of the city of Buffalo may waive all or part of the pension benefit provided.
A waiver of all or a portion of the benefit payable to a retired policeman or fireman or his dependent shall be filed with the pension clerk of the city of Buffalo and such waiver shall continue in force until withdrawn by such retired policeman or fireman or his dependent.
The city shall not be liable for any claim for benefit which has been waived. A waiver filed with the pension clerk may be amended or withdrawn at any time and shall be effective from the first of the month following the date of the filing of such amendment or withdrawal of such waiver.
(n) 
In addition to any payments provided in subdivisions (a), (b), (c), (d), (e) and (f) of this section, there shall be paid to a member an annual pension total of the pension amount as prescribed on June thirty two thousand one, plus an additional amount of twenty-five dollars per month.
[Amended 3-21-2000 by L.L. No. 4-2000, effective 7-1-2000; 5-29-2001 by L.L. No. 8-2001, effective 7-1-2001]
(o) 
The term "final compensation," as used in sections two hundred seven-b and two hundred seven-d of the general municipal law, to compute the pension benefits to be received by policemen or firemen employed by the city of Buffalo, who have previously elected not to be a member of the New York state policemen's or firemen's retirement system, is to mean the regular compensation earned by such a policeman or fireman during thirty-six months of actual service immediately preceding the date of retirement of such policeman or fireman exclusive of any lump sum payments for sick leave, or accumulated vacation credit, or any form of termination pay; provided, however, if the compensation earned during any twelve months exceeds that of the previous twelve months by more than twenty per centum, the amount of excess of twenty per centum shall be excluded in the computation of final average salary.
No pension heretofore granted shall be affected by the provisions of this act. Any member who has heretofore retired and has been granted a pension, shall hereafter be entitled to receive such pension without diminution, whether or not he engages or has engaged in any business or occupation or enters or has entered any employment and has or has not derived any earnings therefrom. Any pension to the widow or other dependent of a member who dies or is retired upon a pension prior to the date this act as hereby amended goes into effect shall be granted in accordance with the provisions of this act in force at the time of such member's death or retirement.
The moneys, securities and effects of the police pension fund, and all pensions granted and payable from said fund, shall be and are exempt from execution, and from all processes and proceedings to enjoin the payment thereof, and to recover the same by or on behalf of any creditor or person having or asserting any claims against or debt or liability of any pensioner of said fund.
Any person who shall knowingly make any false statement or who shall falsify or permit to be falsified any record concerning any claim for pension with intent to defraud shall be guilty of a misdemeanor and shall be punishable therefor as provided in the penal law.
There shall be a board of firemen's pensions consisting of the mayor, president of the council and the comptroller, which board shall be the successor of the board of trustees of the firemen's relief and pension fund as heretofore constituted. Said board shall administer the firemen's pension fund and grant all pensions therefrom. The director of the treasury shall be the treasurer of the fund.
The firemen's pension fund shall consist of all moneys and securities belonging to the fund at the time this act, as hereby amended, takes effect. There shall be annually credited to said fund all moneys accruing thereto by general law and as income from moneys and investments of said fund. All moneys accruing thereto from the tax on foreign insurance premiums provided for in section 25-14 of this act shall be credited annually to said fund. There shall also be credited to said fund such other moneys as may be made available thereto from time to time by the council. If the amount derived from the above mentioned sources shall be insufficient to provide current payments to the reserve adequate to provide for all current accruing liabilities, it shall be the duty of the comptroller, when submitting his budget estimate, to submit to the mayor a full and detailed statement of the amount required to pay such sums. The board of firemen's pensions may direct the treasurer to invest the fund or portions thereof, in such securities as a savings bank may purchase for investment. The controller shall account for firemen's pension funds in compliance with generally accepted accounting standards, and he shall establish an appropriate system of internal controls to safeguard fund assets. Such assets of said fund shall be used for no purpose whatsoever other than the purposes stated in this article, provided, however, that when the final obligation of such fund shall have been met, the balance of its assets, if any, shall be turned over to the general fund of the city, and thereupon said pension fund shall terminate.
Each member of the department of fire, who, immediately prior to the date on which this act as hereby amended goes into effect, is entitled to participate in the benefits of the firemen's pension fund, shall continue to be a member thereof until his death, resignation from the department, or removal therefrom in the manner provided by law, or resignation from membership in said fund. No other person shall ever become a member. Any member, other than one who comes within the provisions of section 25-7, may resign from membership in said fund at his election. Such resignation shall be in writing, signed, acknowledged and filed with the board. Thereupon all deductions from his compensation theretofore paid into said pension fund shall be returned to him without interest and his right and the right of any dependent to benefits from said fund shall terminate. Any member so resigning shall not be eligible thereafter to membership in said fund.
Provisions exactly similar to those contained in sections 25-8 and 25-9, both inclusive, in relation to the police pension system shall apply in all respects to the firemen's pension system. The powers and duties conferred by those sections upon the board of police pensions in relation to the police pension system are hereby conferred upon the board of firemen's pensions in relation to the firemen's pension system. The rights and privileges of the members of the firemen's pension fund and their widows, children, dependent parents, beneficiaries and estates to share in said pension fund shall be exactly the same as the rights and privileges of the members of the police pension fund and their widows, children, dependent parents, beneficiaries and estates to share in the police pension fund.
Changes exactly similar to those made and established by the foregoing provisions of this local law, in relation to the administration of the police pension system and the benefits payable therefrom, are hereby made and established in relation to the administration of the firemen's pension system and the benefits payable therefrom.
On or before the first day of February in each year, every foreign fire insurance corporation, association or individuals effecting insurance against losses or injury by fire in the city shall pay to the director of the treasury of the firemen's pension fund of the city for the use and benefit of the department of fire the sum of two dollars upon the hundred dollars, and at that rate upon the amount of all premiums which, during the year or part of a year ending on the last preceding thirty-first day of December, shall have been received by such foreign fire insurance corporation; association or individuals, or shall have been agreed to be paid for any such insurance.
Every such foreign fire insurance corporation, association or individuals shall render with the payment to said treasurer a just and true report verified by oath, of all such premiums so paid or agreed to be paid during the period prescribed in section 25-14. Said director of the treasury shall prescribe the form and furnish on demand the necessary blanks to enable the making of such reports and the said treasurer shall have power to examine the officers and agents of any such foreign fire insurance corporation or association or any such individuals under oath and to require the production of all books and papers that he may deem necessary.
All such foreign fire insurance corporation, association or individuals, that fails to make a report or to pay the tax imposed by section 25-14 of this charter, shall forfeit a sum to be fixed by the court, but not exceeding one thousand dollars, which may be recovered in an action brought by the director of the treasury for the use of the department of fire for each offense.
The director of the treasury shall on or before April first in each year deliver to the treasurer of the firemen's association of the state of New York, a statement showing the name of each person or corporation from whom such taxes have been received and the amount paid by each, which statement shall be verified by him to the effect that the same is correct and true and that such statement correctly shows the amount of such tax received by him since the first day of April in the preceding year.
Within ten days after the receipt of such moneys, the director of the treasury shall pay to the treasurer of the firemen's association of the state of New York for the support or maintenance of the volunteer firemen's home at Hudson, New York, ten per centum of the amount so received. Ninety per centum of the moneys becoming due subsequent to February first, nineteen hundred forty-seven and received by the director of the treasury shall be retained by said director of the treasury and credited to the firemen's pension fund of the city of Buffalo.