§ 445-A — Optional twenty-year improved benefit retirement program for New York city correction members below the rank of captain

New York § 445-A

• Jurisdiction: New York
• Law RSS: Retirement & Social Security
• Art. 11: Limitations Applicable to New Entrants

Text

§ 445-a. Optional twenty-year improved benefit retirement program for\nNew York city correction members below the rank of captain. a.\nDefinitions. The following words and phrases as used in this section\nshall have the following meanings unless a different meaning is plainly\nrequired by the context.\n 1. "Retirement system" shall mean the New York city employees'\nretirement system.\n 2. "New York city correction officer below the rank of captain" shall\nmean a member of the uniformed force of the New York city department of\ncorrection who holds the rank of correction officer below the rank of\ncaptain in the correction service of the classification of the\ndepartment of personnel of such city.\n 3. "New York city correction member below the rank of captain" shall\nmean a member of the retirement system who is subject to the provisions\nof this article, who is a New York city correction officer below the\nrank of captain and who has elected to contribute to the retirement\nsystem on the basis of a minimum retirement period of twenty years of\ncredited service pursuant to the optional retirement provisions of\nsection 13-155 of the administrative code.\n 4. "Twenty-year improved benefit retirement program" shall mean all\nthe terms and conditions of this section.\n 5. "Starting date of the twenty-year improved benefit retirement\nprogram" shall mean the effective date of this section, as such date is\ncertified pursuant to section forty-one of the legislative law.\n 6. "Participant in the twenty-year improved benefit retirement\nprogram" shall mean any New York city correction member below the rank\nof captain who, under the applicable provisions of subdivision b of this\nsection, is entitled to the rights, benefits and privileges and is\nsubject to the obligations of the twenty-year improved benefit\nretirement program, as applicable to him or her.\n 7. "Administrative code" shall mean the administrative code of the\ncity of New York.\n 8. "Accumulated deductions" shall mean accumulated deductions as\ndefined in subdivision eleven of section 13-101 of the administrative\ncode.\n 9. "New York city correction officer of the rank of captain or above"\nshall have the same meaning as set forth in paragraph two of subdivision\na of section four hundred forty-five-c of this article.\n 10. "Twenty-year improved benefit retirement program for captains and\nabove" shall mean all the terms and conditions of section four hundred\nforty-five-c of this article.\n 11. "Starting date of the twenty-year improved benefit retirement\nprogram for captains and above" shall have the same meaning as set forth\nin paragraph five of subdivision a of section four hundred forty-five-c\nof this article.\n b. Election of twenty-year improved benefit retirement program. 1.\nSubject to the provisions of paragraph five of this subdivision, any\nperson who is a New York city correction member below the rank of\ncaptain on the starting date of the twenty-year improved benefit\nretirement program may elect to become a participant in the twenty-year\nimproved benefit retirement program by filing, within one hundred eighty\ndays after such starting date, a duly executed application for such\nparticipation with the retirement system, provided he or she is such a\ncorrection member below the rank of captain on the date such application\nis filed.\n 2. Subject to the provisions of paragraph five of this subdivision,\nany person who becomes a New York city correction member below the rank\nof captain after the starting date of the twenty-year improved benefit\nretirement program may elect to become a participant in the twenty-year\nimproved benefit retirement program by filing, within one hundred eighty\ndays after becoming such a correction member, a duly executed\napplication for such participation with the retirement system, provided\nhe or she is such a correction member below the rank of captain on the\ndate such application is filed.\n 3. Any election to be a participant in the twenty-year improved\nbenefit retirement program shall be irrevocable.\n 4. Where any participant in the twenty-year improved benefit\nretirement program shall cease to hold the position of New York city\ncorrection officer below the rank of captain, he or she shall cease to\nbe such a participant and, during any period in which such person does\nnot hold the position of New York city correction officer below the rank\nof captain, he or she shall not be a participant in the twenty-year\nimproved benefit retirement program and shall not be eligible for the\nbenefits of subdivision c of this section.\n 5. Where any participant in the twenty-year improved benefit\nretirement program terminates service as a New York city correction\nofficer below the rank of captain and returns to such service as a New\nYork city correction member below the rank of captain at a later date,\nhe or she shall again become such a participant on that date.\n 6. Where any participant in the twenty-year improved benefit\nretirement program terminates service as a correction officer below the\nrank of captain, attains the rank of captain in the uniformed force of\nthe New York city department of correction and thereafter terminates\nsuch service and immediately returns to service in the rank of\ncorrection officer below the rank of captain, he or she shall be\neligible to purchase service credit for the period during which he or\nshe held the rank of captain, provided he or she shall be charged with a\ncontribution deficiency based upon his or her compensation as a captain\nand pay additional member contributions as provided in subdivision d of\nthis section at the same rate he or she would have had to contribute if\nhe or she held the rank of correction officer below the rank of captain\nduring such time and had no such break in service; provided further that\nhe or she shall be permitted to purchase such credit if he or she\nimmediately returns to service in the rank of correction officer below\nthe rank of captain only during the eighteen month probationary period,\nor such greater probationary period as may be applicable, unless he or\nshe is involuntarily transferred from the position of captain to\ncorrection officer below the rank of captain in which event he or she\nshall be authorized to purchase such service credit.\n c. Notwithstanding any other provision of law to the contrary, where a\nparticipant in the twenty-year improved benefit retirement program, who\nis otherwise qualified for a retirement allowance pursuant to section\n13-155 of the administrative code, has made and/or paid, while he or she\nis a New York city correction member below the rank of captain, all\nadditional member contributions and interest (if any) required by\nsubdivision d of this section, then:\n 1. That participant, while he or she remains a participant, shall not\nbe subject to the provisions of subdivision a of section four hundred\nforty-five of this article; and\n 2. If that participant, while such a participant, retires for service,\nhe or she shall not be subject to the provisions of section four hundred\nforty-four of this article; and\n 3. The maximum retirement benefit computed without optional\nmodification payable to that participant upon his or her retirement for\nservice as such a participant shall equal that payable upon completion\nof thirty years of service.\n 4. Notwithstanding any other provision of this article to the\ncontrary, a participant in the twenty-year improved benefit retirement\nprogram shall be entitled to the application of the same provisions with\nrespect to credited service as now or hereinafter apply to a similarly\nsituated correction officer under this article who is not a participant\nin such retirement program.\n d. Additional member contributions. 1. In addition to the member\ncontributions required pursuant to section 13-155 of the administrative\ncode, each participant in the twenty-year improved benefit retirement\nprogram shall contribute (subject to the applicable provisions of\nsection 13-125.1 of the administrative code) an additional six and\nthirty-seven one-hundredths percent of his or her compensation earned\nfrom all service as a New York city correction member below the rank of\ncaptain rendered on and after the starting date of the twenty-year\nimproved benefit retirement program. A participant in the twenty-year\nimproved benefit retirement program shall contribute additional member\ncontributions only until he or she is eligible to retire with twenty\nyears of credited service under such retirement program.\n 2. Commencing with the first full payroll period after each person\nbecomes a participant in the twenty-year improved benefit retirement\nprogram, additional member contributions at the rate specified in\nparagraph one of this subdivision shall be deducted (subject to the\napplicable provisions of section 13-125.1 of the administrative code)\nfrom the compensation of such participant on each and every payroll of\nsuch participant for each and every payroll period.\n 3. (i) Subject to the provisions of subparagraph (ii) of this\nparagraph, where any additional member contributions required by\nparagraph one of this subdivision are not paid by deductions from a\nparticipant's compensation pursuant to paragraph two of this\nsubdivision:\n (A) that participant shall be charged with a contribution deficiency\nconsisting of such unpaid amounts, together with interest thereon,\ncompounded annually; and\n (B) such interest on each amount of undeducted contributions shall\naccrue from the end of the payroll period for which such amount would\nhave been deducted from compensation if he or she had been a participant\nat the beginning of that payroll period, until such amount is paid to\nthe retirement system; and\n (C) the rate of interest to be applied to each such amount during the\nperiod for which interest accrues on that amount shall be equal to the\nrate or rates of interest required by law to be used during that same\nperiod to credit interest on the accumulated deductions of retirement\nsystem members.\n (ii) Except as provided in subparagraph (iii) of this paragraph, no\ninterest shall be due on any unpaid additional contributions which are\nnot attributable to the period prior to the first full payroll period\nreferred to in paragraph two of this subdivision.\n (iii) Should any person who, pursuant to paragraph seven of this\nsubdivision, has withdrawn any additional member contributions (and any\ninterest paid thereon) again become a participant in the twenty-year\nimproved benefit retirement program pursuant to paragraph five of\nsubdivision b of this section, an appropriate amount shall be included\nin such participant's contribution deficiency (including interest\nthereon as calculated pursuant to subparagraph (i) of this paragraph) as\nif such additional contributions had never been made.\n 4. The board of trustees of the retirement system may, consistent with\nthe provisions of this subdivision, promulgate regulations for the\npayment of such additional member contributions, and any interest\nthereon, by a participant in the twenty-year improved benefit retirement\nprogram (including the deduction of such contributions, and any interest\nthereon, from his or her compensation).\n 5. Where a contribution deficiency chargeable to a participant\npursuant to paragraph three of this subdivision has not been paid in\nfull while the participant is a New York city correction member below\nthe rank of captain, that participant shall not be entitled to the\nbenefits provided in subdivision c of this section.\n 6. Where a participant has not paid in full any contribution\ndeficiency chargeable to him or her pursuant to paragraph three of this\nsubdivision, and a benefit, other than a refund of a member's\naccumulated deductions or a refund of additional member contributions\npursuant to paragraph seven of this subdivision, becomes payable by the\nretirement system to the participant or to his or her designated\nbeneficiary or estate, the actuarial equivalent of any such unpaid\namount shall be deducted from the benefit otherwise payable.\n 7. (i) All additional member contributions required by this\nsubdivision (and any interest thereon) which are received by the\nretirement system shall be paid into its contingent reserve fund and\nshall be the property of the retirement system. Such additional member\ncontributions (and any interest thereon) shall not for any purpose be\ndeemed to be accumulated deductions of a member of the retirement system\nwhile he or she is a participant in the twenty-year improved benefit\nretirement program or otherwise.\n (ii) Except as otherwise provided in subparagraph (iii) of this\nparagraph, should a participant in the twenty-year improved benefit\nretirement program, who has rendered less than fifteen years of credited\nservice cease to hold the position of New York city correction officer\nbelow the rank of captain for any reason whatsoever, his or her\naccumulated additional member contributions made pursuant to this\nsubdivision (together with any interest thereon paid to the retirement\nsystem) may be withdrawn by him or her pursuant to procedures\npromulgated in regulations of the board of trustees of the retirement\nsystem, together with interest thereon equal to eight and one-quarter\npercent per annum, compounded annually.\n (iii) (A) Notwithstanding any other provision of law to the contrary,\nany person who has been promoted directly from the position of New York\ncity correction officer below the rank of captain to the position of New\nYork city correction officer of the rank of captain or above, who\nwithdraws any portion of his or her accumulated additional member\ncontributions pursuant to subparagraph (ii) of this paragraph on or\nafter the starting date of the twenty-year improved benefit retirement\nprogram for captains and above, shall not be eligible to elect to become\na participant in the twenty-year improved benefit retirement program for\ncaptains and above.\n (B) Notwithstanding any other provision of law to the contrary, any\nformer participant in the twenty-year improved benefit retirement\nprogram who becomes a participant in the twenty-year improved benefit\nretirement program for captains and above, and who has additional member\ncontributions on deposit in the contingent reserve fund of the\nretirement system at the time he or she becomes a participant in the\ntwenty-year improved benefit retirement program for captains and above,\nshall not be permitted to withdraw any portion of such accumulated\nadditional member contributions pursuant to the provisions of\nsubparagraph (ii) of this paragraph at any time while he or she is a\nparticipant in the twenty-year improved benefit retirement program for\ncaptains and above.\n (iv) Except as otherwise provided in subparagraph (ii) of this\nparagraph, no member of the retirement system, while he or she is a\nparticipant in such retirement program or otherwise, shall have a right\nto withdraw such additional member contributions or any interest thereon\nfrom the retirement system.\n 8. No member of the retirement system shall be permitted to borrow any\nportion of the additional member contributions (including any interest\npaid thereon) which are subject to this subdivision.\n 9. Notwithstanding any other provision of law to the contrary, the\nprovisions of section one hundred thirty-eight-b of this chapter shall\nnot be applicable to the additional member contributions which are\nrequired by this subdivision.\n 10. Notwithstanding any other provision of law to the contrary, the\nadditional member contributions which are required by this subdivision\nshall not be reduced under any program for increased-take-home-pay.\n e. The provisions of subdivision b of section four hundred forty of\nthis article shall apply to participants under this section.\n