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On June 29, 2017, the U.S. Senate Committee on Agriculture, Nutrition, and Forestry voted overwhelmingly to confirm the nomination of J. Christopher Giancarlo as Chairman of the U.S. Commodity Futures Trading Commission (“CFTC”), paving the way for his nomination to move forward to consideration on the floor of the U.S. Senate. Within two hours of this announcement, the CFTC announced its first non-prosecution agreements. These agreements and the related “spoofing” cases are discussed in more detail below. These same-day announcements reflect the advancing ambitious agenda outlined by Acting Chairman Giancarlo in his speech entitled “CFTC: A New Direction Forward,” given on March 15, 2017. Acting Chairman Giancarlo has since taken every opportunity to advise the industry of his goals to reduce regulatory burdens, modernize the agency, and maintain the CFTC’s aggressive enforcement efforts. All the while, the industry awaits the opinion of the U.S. Court of Appeals for the Seventh Circuit in the U.S. v. Coscia criminal trial and the opinion of the Honorable Judge Richard Sullivan from the U.S. District Court for the Southern District of New York in the CFTC v. Wilson and DRW Investments, LLC bench trial.
So much policymaking, rulemaking, and thought have been directed at building a regulatory superstructure that ostensibly would prevent another 2008-style crisis that we’ve lost sight of the emerging challenges just ahead and what is the right regulatory response …. America’s derivatives markets are struggling, in some cases, under the weight of flawed and excessive regulation …. Accordingly, financial market regulators, like the CFTC, must pursue their missions to foster open, transparent, competitive and financially sound markets in ways that best foster American economic growth and prosperity.
I am today announcing the launch of Project KISS, which stands for “Keep It Simple Stupid.” Project KISS will be an agency-wide review of CFTC rules, regulations and practices to make them simpler, less burdensome and less costly.
A miscellaneous category for anything not related to the four topic areas described above.
Comments are due by September 30, 2017.
The world is changing. Our parents’ financial markets are gone. The 21st century digital transformation is well underway. The digital technology genie won’t go back in the bottle. Nor should it.
Thus, in just a few months the Acting Chairman has started to put his agenda into action. Assuming their pending nominations are successful, Commissioner Nominees Brian D. Quintenz and Dawn DeBerry Stump will assuredly be supporters of the Acting Chairman’s plans. This anticipated support, coupled with the June 20, 2017 announcement of Commissioner Sharon Y. Bowen’s resignation, provides the soon-to-be confirmed Chairman with a virtual mandate.
For almost two years, the most controversial regulatory initiative of the CFTC in decades involves its ongoing efforts for Proposed Rulemaking on Regulation Automated Trading (“Reg AT”). Below we briefly summarize this history and analyze the Acting Chairman’s views regarding Reg AT.
I am unaware of any other industry where the federal government has such easy access to a firm’s intellectual property and future business strategies. Other than possibly in the area of national defense and security, I question whether the federal government has similarly unfettered access to the future business strategy of any American industrial sector. Does the SEC require such access from its registrants? Do other agencies in the federal government have ready access to businesses’ intellectual property and business strategies?
I have previously said that proposed Regulation Automated Trading (Reg AT) is a well-meaning attempt by the Commodity Futures Trading Commission (CFTC or Commission) to catch up to the digital revolution in U.S. futures markets. However, I have also raised some concerns ranging from the prescriptive compliance burdens to the disproportionate impact on small market participants to the regulatory inconsistencies of the proposed rule. I have also warned that any public good achieved by the rule is undone by the now notorious source code repository requirement. Not surprisingly, dozens of commenters to the proposal echoed my concerns and vehemently opposed the source code requirement.
The Supplemental NPRM was published in the Federal Register on November 25, 2016 with a 90-day comment period. At the end of the 90-day comment period on January 24, 2017, the CFTC extended the comment period until May 1, 2017, when the comment period closed.
By way of background, in March 2015, the Futures Industry Association (“FIA”) published its Guide to the Development and Operation of Automated Trading Systems (“FIA AT Guidelines”) and the Financial Industry Regulatory Authority (“FINRA”) issued Regulatory Notice 15-09 (“NTM 15-09”). Both FIA’s and FINRA’s guidance provided principles-based approaches, as opposed to the more proscriptive approaches for regulating algorithmic trading outlined in the Reg AT proposals.
In the securities industry, NTM 15-09 is applicable to FINRA member broker-dealer firms. This regulatory notice, however, does not require furnishing source code to regulators. Rather, NTM 15-09 provides that participants: archive source code versions in a retrievable manner for a period of time that is reasonable in view of the firm’s size and the complexity of its algorithmic trading programs and maintain, at a minimum, a basic summary description of algorithmic strategies that enables supervisory, compliance, and regulatory staff to understand the intended function of an algorithm without the need to resort, as an initial matter, to direct code review. Regarding the U.S. Securities and Exchange Commission (“SEC”), its books and records rules are very broad, but do not specifically articulate and address source code. From a policy perspective, the SEC most assuredly will interpret the current statutory language broadly to cover source code. That said, source code is not specifically required to be made available to the SEC by any statute or rule in the federal securities laws. In practice, only one group in the SEC’s Office of Compliance Inspections and Examinations seeks source code: the Quantitative Analytics Unit. The SEC’s Division of Enforcement only obtains source code on strategic occasions when warranted and by subpoena after obtaining a Formal Order of Investigation. Prosecutors in federal criminal investigations conducted by the U.S. Department of Justice only obtain source code pursuant to a grand jury subpoena. By way of perspective, in the U.S. v. Coscia case, there is no indication in the court docket or in the public record to indicate that the prosecution used source code as evidence to establish guilt.
Over the years, the CFTC and CME have periodically found themselves entrenched on the opposite sides of significant industry issues. We believe that this is not one of those times – that if and when the CFTC takes further action regarding Reg AT – it will adopt a principles-based approach, in line with the CME’s proposal and NTM 15-09.
But, as I mention the CFTC’s Division of Enforcement, let me take this moment to warn those who may seek to cheat or manipulate our markets: you will face aggressive and assertive enforcement action by the CFTC under the Trump Administration. There will be no pause, let up or reduction in our duty to enforce the law and punish wrongdoing in our derivatives markets. The American people are counting on us.
Turning specifically to CFTC enforcement efforts, one of the most pressing enforcement priorities remains investigating and prosecuting manipulative trading and, more specifically, spoofing. The CFTC’s Enforcement Division’s efforts in this area have continued to be aggressive from the start of Acting Chairman Giancarlo’s tenure. Specifically, on January 19, 2017, the CFTC settled a spoofing case against a large, well-known FCM affiliated with a U.S.-based global bank. The manipulative trading occurred in U.S. Treasury futures and this FCM also settled failure to supervise charges. In settling the charges, the FCM paid $25 million in penalties and agreed to certain undertakings. The undertakings related to the failure to supervise charge. They included “Procedures and Controls to Detect Spoofing Activity.” More specifically, this undertaking includes a requirement that this FCM maintain systems and controls that: are reasonably designed to detect spoofing; at a minimum be designed to detect and generate a report regarding patterns of trading that “might” constitute spoofing activity, such as the placement and rapid cancellation of large-lot futures orders; and that the FCM’s personnel shall promptly review such reports and follow-up as necessary to determine whether spoofing activity has occurred. In short, the CFTC required this FCM to implement/maintain a manipulative trading surveillance system to detect and prevent spoofing (as was the case with the CFTC v. Oystacher and 3 Red Trading LLC settlement).
As mentioned at the start, the industry awaits the Seventh Circuit opinion for the U.S. v. Coscia criminal trial and the opinion of the Hon. Judge Richard Sullivan from the CFTC v. Wilson and DRW Investments, LLC bench trial. Within a matter of days, weeks, or months of each other, these two opinions will be issued and may provide case law analyses and interpretations of legal standards that may impact how the government investigates and prosecutes manipulative trading in the futures industry.
The Seventh Circuit previously heard oral arguments in the appeal of Michael Coscia’s criminal conviction from U.S. v. Coscia . Regardless of the appellate victor, it is unlikely either party will obtain a writ of certiorari to the U.S. Supreme Court, likely giving the Seventh Circuit the “final say.” Thus, when issued, this opinion will provide a precedential-setting legal discussion and analysis for spoofing. The bench trial for CFTC v. Wilson and DRW Investments, LLC wrapped up at the end of last year. A bench trial almost always results in a written opinion issued by the trial judge to support his or her ruling. When the Hon. Judge Richard Sullivan issues his ruling and opinion, he will provide an important legal analysis of the CFTC’s charged manipulative trading theories, including “banging the close.” If the Court rules in the CFTC’s favor, an appeal to the U.S. Court of Appeals for the Second Circuit is virtually guaranteed. If the Court rules in the Defendants’ favor, then the Acting Chairman and his Enforcement Director will have a critical decision to make regarding whether to appeal to the Second Circuit for a case that was investigated, approved, and charged under the prior regime.
Reg AT will likely be finalized and passed in some form. Virtually all commenters repeatedly agreed that some form of rulemaking and increased regulation for high-speed, algorithmic trading is appropriate. That said, based on the Acting Chairman’s repeated public statements, we should anticipate that Reg. AT may ultimately look very different from how the CFTC first proposed it. These authors, along with numerous commenters and industry participants, believe that it will ultimately be principles-based.
With Project KISS, industry participants should anticipate reduced regulatory burdens and a more modernized regulator, monitor these developments, and adjust their business models accordingly.
While regulatory burdens may be reduced, the CFTC will continue to aggressively pursue investigations into manipulative trading and, in particular, spoofing. The prospects of traders being investigated for this conduct do not appear to be declining. Thus, for every order and cancel entered, a bona fide and reasonable basis to support that trading decision is a must. A possible appropriate way to justify and defend these trading decisions may be by preparing a daily or weekly log appropriately describing the contemporaneous, bona fide reasoning for the trading strategies. As for the firms, the CFTC is investigating and charging firms with failing to supervise related to these violations. It also is requiring surveillance as an undertaking. Firms should heed the messages the CFTC is sending and assess their compliance and supervisory processes, policies, and procedures to obtain appropriate assurances that they can reasonably detect and prevent manipulative trading and spoofing.
Acting Chairman Giancarlo and his ambitious agenda make this an exciting time for the futures industry and, from a regulatory perspective, the future looks bright. But for those continuing to manipulate or attempt to manipulate the markets, their futures remain bleak.

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§ 58-1 Trustees; bond; depository.
§ 58-2 Exemption from execution; false or fraudulent claims; penalty.
§ 58-3 Source of contributions.
§ 58-4 Authority to grant pensions.
§ 58-5 Estimate of income for ensuing year; deficiencies.
§ 58-6 Alternate method for dealing with deficiencies.
§ 58-7A Continuation in service of partially disabled members.
§ 58-9 Consolidation with Firemen's Pension Fund.
§ 58-10 Minimum benefits for widows.
§ 58-11 Supplemental retirement allowance increase.
§ 58-12 Supplemental retirement allowance increase for widows.
§ 58-13 Supplemental retirement allowance increases for retirees and widows.
Department of Police — See Sections 58 and 59 of the Charter of the City of New Rochelle.
Firemen's Pension Fund — See Ch. 37, Art. I.
The Mayor, the City Manager, the Police Commissioner or, in the event that the office of Police Commissioner is or becomes vacant for any reason whatsoever, then the Chief of Police of the City of New Rochelle and their successors in office, the Commissioner of Finance, the City Clerk and a retired member of the Department of Police who is a member of the local pension fund elected by the members of this pension fund to serve for a period of two years shall constitute a board of trustees of the Police Pension Fund established by this Act. The Mayor shall be President of said Police Pension Fund. The board of trustees of said Police Pension Fund shall on the first Monday of February after the passage of this Act elect a Secretary and Treasurer of said fund. The President and Secretary shall perform the customary duties of their respective offices. The Treasurer shall, before entering upon the discharge of his duties as such Treasurer with two or more sureties or a surety company, execute and deliver to the trustees of the Police Pension Fund a joint and several bond to the people of the State of New York, to be approved by the said trustees, in a penalty to be fixed by the said trustees, conditioned for the faithful discharge of his duties as such Treasurer, and the payment and delivery to his successor, or to the said trustees, of said fund, upon the expiration of his term of office or upon his resignation, death or removal from office, which bond when approved shall be filed in the office of the City Clerk of the City of New Rochelle; and the sureties upon the said bond shall be jointly and severally liable for the faithful discharge of the duties of such Treasurer and the payment and delivery to his successor, or to the said trustees, of said fund, not only during the term of office for which such Treasurer was appointed, but in case of his reappointment, shall continue until a new bond with sureties shall have been given, approved and filed as herein provided. The trustees of said Police Pension Fund shall designate a depository in which the funds received by the Treasurer shall be deposited, and all checks or drafts drawn upon said funds shall be signed by said Treasurer and countersigned by the President of said trustees. The trustees of the Police Pension Fund shall have charge of and administer said fund, and from time to time invest the same or any part thereof as they shall deem most beneficial to said fund; but no investment of funds shall be made except by the unanimous vote of the trustees of said pension fund; and they are empowered to make all necessary contacts and take all necessary and proper actions and proceedings in the premises, and to make payments from such funds and pensions granted in pursuance of this Act. The said trustees may and they are authorized and empowered from time to time to establish such rules and regulations for the disposition, investment, preservation and administration of the Police Pension Fund as they may deem best. They shall report in detail to the Council of the City of New Rochelle annually at the same time that the City Manager makes his annual report to the said Council, in which report shall be stated the condition of the Police Pension Fund, how invested and the items, and their receipts and disbursements on account of the same. No payments whatsoever shall be allowed or made by the said trustees as reward, gratuity or compensation to any person or persons for salary or service rendered to or for said trustees, except payment of legal expenses and the cost of procuring said treasurer's bond from a surety company.
The moneys, securities and effects of the Police Pension Fund, and all moneys granted and payable from said fund, shall be and are exempt from execution and from all process and proceedings to enjoin and recover the same by or on behalf of any creditor of any person having or asserting any claim against or debt or any liability of any pensioner of said fund. Every person who knowingly or willfully in any way procures the taking or presentation of any false affidavit or affirmation concerning any claim for pension or payment thereof shall, in every case, forfeit a sum not exceeding $250, to be sued for and recovered by and in the name of the said trustees, and whenever received to be paid over to and thereupon become a part of the said Police Pension Fund. Any person who shall willfully swear falsely in any oath or affirmation in obtaining or procuring any pension or payment thereof, under the provisions of this Act, shall be guilty of perjury.
All fines imposed by the City Manager or Police Commissioner or Chief of Police upon members of the police force.
All fees, gifts, testimonials and emoluments that may be presented, paid or given to any member of the police force on account of police service, and 1/2 of all rewards.
All lost or stolen moneys remaining in the hands of the Police Department for the space of one year and for which there shall be no lawful claimant, and the moneys arising from the sale of unclaimed property which the Police Department is hereby authorized to sell after said property shall have been without a lawful claimant for the space of one year.
All moneys, pay, compensation or salary or any part thereof forfeited, deducted or withheld from any member of the police force on account of absence from duty or loss of time shall be paid monthly to the treasurer of the Police Pension Fund.
A sum of money equal to but not greater than 6% of the monthly pay, salary or compensation of each member of the police force, which sum shall be deducted monthly by the Commissioner of Finance of the City of New Rochelle from the pay, salary or compensation of each and every member of the police force, and said Commissioner of Finance of the City of New Rochelle is hereby authorized, empowered and directed to deduct the said sum of money as aforesaid and forthwith pay the same to the treasurer of the trustees of the Police Pension Fund.
To any member of the police force who is permanently disabled physically or mentally so as to be unfit for duty by reason of any injuries received by him while in the actual performance of police duty and whom the City physician and a physician appointed by the City Manager for the purpose of examining said member shall declare, in a certificate signed by them, is permanently disabled physically or mentally so as to be unfit for duty by reason of any injuries received by him while in the actual performance of police duty, and who shall, by order of the Director of Public Safety of the City of New Rochelle, be relieved and dismissed from said force and service and placed on the roll of the Police Pension Fund, an annual pension, payable monthly during his lifetime, of a sum of money equal to but not less than 1/2 of the full amount of annual salary or compensation received by such member at the time he may be retired; provided, however, that if said member shall have completed 25 years of service, he shall receive an annual pension payable in the same manner of a sum of money equal to but not less than 3/4 of the full amount of annual salary or compensation received by such member at the time he may be retired. In the event that the physician appointed by the City Manager does not agree in his findings with the City physician, the two physicians shall appoint a third physician satisfactory to the City Manager to examine the member. The three physicians shall constitute a medical board and a decision by a majority of said medical board shall be binding on the City, and the Director of Public Safety shall continue or relieve and dismiss said member from the force in accordance with the findings of said medical board.
A total sum equal to one month's salary received by such member of the police force at the time of his retirement for each year of service, if such member of the police force has been in service less than five years.
If such member shall be in the service for a period of more than 10 years at the time of his retirement, an annual pension payable monthly during his lifetime of a sum of money equal to 1/2 of the full amount of annual salary received by such members at the time of retirement.
Any person having served as a member of said police force for a period of 25 years shall, upon his request and with the consent of the City Manager of said City, be retired from said force, and shall thereafter receive from said fund a sum of money monthly, during his lifetime, equal to 1/2 of his monthly salary, received by him just prior to his retirement. In the event that any officer or member of the uniformed police force has served as such member for 25 years and continues in service thereafter, upon his subsequent retirement for any cause whatsoever, there shall be added to the amount of the annual pension or retirement allowance to which he was entitled upon completion of such minimum period an additional amount computed at the rate of 1/60 of his final compensation for each year of such additional service. These benefits shall apply to every member who qualifies and retires subsequent to June 1, 1960. Each member of the police force shall retire upon reaching his 62nd birthday.
Notwithstanding the foregoing or any other provisions of this Act known as the Police Pension Fund Act, as amended, the trustees of the Police Pension Fund created by this Act shall pay a minimum of $1,733 annually to any retired member of the police force who is receiving a pension of less than that sum or to the widow or dependent children of members or retired members of the police force who are receiving pensions of less than that sum.
The trustees of the Police Pension Fund shall pay annually to any local retired member of the police force a supplemental pension payment which shall not exceed $1,000 per year and to be computed in accordance with the schedule set forth in § 192 of the Retirement and Social Security Law and which, together with the pension payment and the benefits received under federal old-age and survivors' insurance system, shall not exceed $2,600 a year; provided, however, that any local retired member of the Police Department who will receive a supplemental amount of less than $200 as a result of this amendment shall receive an amount of not less than $200 on filing an affidavit to the effect that he is over 65 years of age, is not receiving social security and is not gainfully employed by virtue of ill health or infirmity.
To the widow, if any, or if the deceased police officer leaves no widow, then to any person dependent on such police officer who shall have been killed while in the actual performance of police duty or who shall have died before or after retirement from the effects of any injury received in the actual discharge of such duty, the sum of $500. To the widow of any member of the police force who shall have been killed while in the performance of his duty or who shall have died before or after retirement from the effects of any injury received in the actual discharge of such duty, if there is no child or children of such member under 18 years of age, a sum per annum equal to 1/2 of the salary received by such police officer prior to his death or retirement, but if there is any child or children of such member under the age aforesaid, then the sum may be divided between such widow, child or children in such proportions and in such manner as the said trustees may direct.
To any child or children under 18 years of age of such member killed while in the actual performance of police duty or dying from the effects of any injury received in the actual discharge of such duty but leaving no widow, or if the widow, then after her death to such child or children being under 18 years of age, a sum per annum equal to 1/2 of the salary received by the deceased police officer prior to his death.
A total sum equal to one month's salary received by such member of the police force at the time of his death or retirement for each year of service if such member of the police force has been in service less than five years, but if there is no widow, then such sum shall be paid to his child or children, if any, and if there is no child or children, said sum shall be paid to the dependents of the said police officer or to his estate in the discretion of the trustees.
If such member shall have been in service at least five years and not more than 10 years, an annual pension of $500, payable monthly, but if there is any child or children under 18 years of age, then the said sum may be divided between such widow, child or children in such proportions and in such manner as the trustees may direct.
If such member shall have been in service for a period of more than 10 years at the time of his death or retirement, an annual pension, payable monthly, of a sum of money equal to 1/3 of the full amount of his annual salary received by such member at the time of his death or retirement, but if there is a child or children under 18 years of age, then the said sum may be divided between such widow, child or children in such proportions and in such manner as the trustees may direct.
To the widow of any member of the police force who shall have retired by reason of at least 25 years of service, if there is no child or children of such member under 18 years of age, a sum per month equal to 1/3 of the monthly salary received by such police officer just prior to his retirement, but if there is any child or children of such member under 18 years of age, then the sum may be divided between such widow, child or children in such proportions and in such manner as the trustees may direct. If there is no widow then the said sum shall be payable to any child or children under 18 years of age.
To the mother or father depending for support on such member killed or dying as aforesaid, or pensioner as aforesaid, but leaving no widow or children, whether such widow or children would be entitled to receive a pension as aforesaid, a sum, to be paid in such manner as the trustees may direct, not to exceed $1,200 per annum.
If a member of the police force is still in service after 25 years of service, he shall be entitled to receive his pension upon applying for the same even though discharged from the service for any reason.
It shall be the duty of the trustees each year, prior to January 31, to prepare a full and detailed statement of the anticipated income of said Police Pension Fund for the ensuing fiscal year and the estimated amount which will be required to pay in full all pensions expected to be payable during such fiscal year and to certify the same to the Board of Police Commissioners. If such certificate shows an anticipated deficiency of income, it shall be the duty of the Board of Police Commissioners each year at the time of making up the departmental estimate, on or before the 31st day of January, to present the said certificate to the Board of Estimate and Apportionment, together with a statement of the amount of money required to enable the trustees to pay the said pensions in full, as certified to them. It shall be the duty of said Board of Estimate and Apportionment and of the Common Council to make an appropriation sufficient to provide for such deficiency, and the amount so appropriated shall be included in the annual appropriations and in the annual tax levies, and the Comptroller shall pay over the moneys so appropriated to the treasurer of the Police Pension Fund.
In the event that the amount appropriated for deficiency of income in any fiscal year shall prove insufficient to enable the trustees to pay all pensions in full that shall be due and payable during said fiscal year, the trustees shall certify such fact to the Board of Estimate and Apportionment and the Common Council.
The Council, however, shall not be limited to the method provided in § 58-5 herein in providing for the annual deficiencies mentioned in said section but may provide for the payment of the same by such other means as it may deem advisable consistent with the state laws and the Constitution of the State of New York, provided that no additional contributions shall be required from the members of the police force.
No new member of the Police Department of the City of New Rochelle appointed on or after the date of adoption of this local law shall be a member of the New Rochelle Police Pension Fund, nor shall be be required to pay any money, salary or compensation to such pension fund, and no such new member of the New Rochelle Police Department appointed on or after said date, nor his widow or relatives, shall be entitled to receive or be paid any pension allowance or money from such pension fund. This section shall not apply, however, to those members or officers appointed prior to the date of adoption of this local law who, after ceasing to be members or officers, are thereafter duly reinstated. Such men after being so reinstated will be restored to their former pension rights.
In the discretion of the Director of Public Safety, members partially disabled by reason of injuries sustained in or induced by performance of police duty may be continued in service and assigned to such work as the City physician may certify they are capable of performing.
All medical examinations required by or made pursuant to the provisions of this Act shall be conducted by the City physician, or some other physician duly authorized by the Director of Public Safety; provided, however, that any member, within 30 days after receipt of the decision of such physician, in writing may request that the decision of such physician be reviewed by a special medical board which shall consist of one doctor appointed by the Director of Public Safety other than the doctor who made the physical examination and a doctor selected and compensated by such member. The decision of such special board shall supersede the decision of the examining physician. In the event that the two doctors of the special board shall disagree, a recognized specialist on the condition, disease or injury for which such member has been examined or for which disability is claimed shall be selected by such doctors to be a third member of the special board. The decision of a majority of the three members of such special board shall supersede the decision of the examining physician. The specialist selected by the two doctors of the special board shall be compensated by the City. Such compensation shall be fixed by the City Manager and shall be subject to his audit.
This pension fund may be consolidated with the Firemen's Pension Fund by a local law, which local law, if enacted, shall contain no less than the benefits provided for in nor impose greater obligations upon the members of the police force than the Act creating the Police Pension Fund, as amended to date, and the board of trustees under the new law shall consist of all the trustees of the Firemen's Pension Fund and of the Police Pension Fund.
Notwithstanding any other provision of the Police Pension Fund, the trustees shall pay to the widow of any member who has heretofore died or who shall hereafter die an annual pension benefit not less than $2,400 payable in equal monthly installments.
Notwithstanding any other provisions of the Police Pension Fund, the supplemental retirement allowance heretofore provided for the local retired members of the police force is hereby increased pursuant to the per centum outlined in Subdivision b of § 78 of the Retirement and Social Security Law. Such supplemental retirement allowance shall be computed on the basis of the first $13,500 of such annual retirement allowance and shall be payable commencing with the payment for the month of July 1999 and continuing through the month of August 2000, unless of Subdivision b of § 78 of the Retirement and Social Security Law is further amended to permit such payments for additional periods of time, and, in such event, the increase in the supplemental retirement allowance payment provided for herein shall continue during such extended periods.
Editor's Note: This local law also provided that it shall take effect July 1, 1999.
Notwithstanding any other provisions of the Police Pension Fund, the supplemental retirement allowance heretofore provided for the widows of local retired members of the Police Department is hereby increased pursuant to the per centum outlined in Subdivision b of § 78 of the Retirement and Social Security Law. Such supplemental retirement allowance shall be computed on the basis of the first $13,500 of such annual retirement allowance and shall be payable commencing with the payment for the month of July 1999 and continuing through the month of August 2000, unless of Subdivision b of § 78 of the Retirement and Social Security Law is further amended to permit such payments for additional periods of time, and, in such event, the increase in the supplemental retirement allowance payment provided for herein shall continue during such extended periods.
Notwithstanding any other provisions of the Police Pension Fund, the City of New Rochelle hereby extends the supplemental retirement allowance increases benefits provided under § 78-a of the New York State Retirement and Social Security Law to its local retirement system police retirees and widows, effective September 1, 2000.