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

§ 445-c. Optional twenty-year improved benefit retirement program for\nNew York city correction members of the rank of captain or above. 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 of the rank of captain or above"\nshall mean a member of the uniformed force of the department of\ncorrection of the city of New York who holds the rank of correction\ncaptain; assistant deputy warden, also known as warden correction level\nI; deputy warden or deputy warden-in-command, also known as warden\ncorrection level II; warden or deputy chief, also known as warden\ncorrection level III; or chief of department, also known as warden\ncorrection in the correction service of such city.\n 3. "New York city correction member of the rank of captain or above"\nshall mean a member of the retirement system who is subject to the\nprovisions of this article, who is a New York city correction officer of\nthe rank of captain or above and who has elected to contribute to the\nretirement system on the basis of a minimum retirement period of twenty\nyears of credited service pursuant to the optional retirement provisions\nof section 13-155 of the administrative code.\n 4. "Twenty-year improved benefit retirement program for captains and\nabove" shall mean all the terms and conditions of this section.\n 5. "Starting date of the twenty-year improved benefit retirement\nprogram for captains and above" shall mean the effective date of this\nsection, as such date is certified pursuant to section forty-one of the\nlegislative law.\n 6. "Participant in the twenty-year improved benefit retirement program\nfor captains and above" shall mean any New York city correction member\nof the rank of captain or above who, under the applicable provisions of\nsubdivision b of this section, is entitled to the rights, benefits and\nprivileges and is subject to the obligations of the twenty-year improved\nbenefit retirement program for captains and above, as applicable to him\nor 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 b. Election of twenty-year improved benefit retirement program for\ncaptains and above. 1. Subject to the provisions of paragraph five of\nthis subdivision and of subparagraph (iii) of paragraph seven of\nsubdivision d of section four hundred forty-five-a of this article, any\nperson who is a New York city correction member of the rank of captain\nor above on the starting date of the twenty-year improved benefit\nretirement program for captains and above may elect to become a\nparticipant in the twenty-year improved benefit retirement program for\ncaptains and above by filing, within ninety days after such starting\ndate, a duly executed application for such participation with the\nretirement system, provided he or she is such a correction member of the\nrank of captain or above on the date such application is filed.\n 2. Subject to the provisions of paragraph five of this subdivision and\nof subparagraph (iii) of paragraph seven of subdivision d of section\nfour hundred forty-five-a of this article, any person who becomes a New\nYork city correction member of the rank of captain or above after the\nstarting date of the twenty-year improved benefit retirement program for\ncaptains and above may elect to become a participant in the twenty-year\nimproved benefit retirement program for captains and above by filing,\nwithin ninety days after becoming such a correction member, a duly\nexecuted application for such participation with the retirement system,\nprovided he or she is such a correction member of the rank of captain or\nabove on the date such application is filed.\n 3. Any election to be a participant in the twenty-year improved\nbenefit retirement program for captains and above shall be irrevocable.\n 4. Where any participant in the twenty-year improved benefit\nretirement program for captains and above shall cease to hold the\nposition of New York city correction officer of the rank of captain or\nabove, he or she shall cease to be such a participant and, during any\nperiod in which such person does not hold the position of New York city\ncorrection officer of the rank of captain or above, he or she shall not\nbe a participant in the twenty-year improved benefit retirement program\nfor captains and above and shall not be eligible for the benefits of\nsubdivision c of this section.\n 5. Where any participant in the twenty-year improved benefit\nretirement program for captains and above terminates service as a New\nYork city correction officer of the rank of captain or above and returns\nto such service as a New York city correction member of the rank of\ncaptain or above at a later date, he or she shall again become such a\nparticipant on that date.\n c. Notwithstanding any other provision of law to the contrary, and\nsubject to the provisions of paragraph nine of subdivision d of this\nsection, where a participant in the twenty-year improved benefit\nretirement program for captains and above is otherwise qualified for a\nretirement allowance pursuant to section 13-155 of the administrative\ncode, 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; and\n 4. notwithstanding any other provision of this article to the\ncontrary, that participant shall be entitled to the application of the\nsame provisions with respect to credited service as now or hereinafter\napply to a similarly situated correction officer under this article who\nis not a participant in 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 for captains and above shall contribute (subject to the\napplicable provisions of section 13-125.1 of the administrative code) an\nadditional percentage of his or her compensation to the retirement\nsystem in accordance with the following schedule:\n (i) each such participant who became a New York city correction member\nof the rank of captain or above prior to November first, nineteen\nhundred ninety-two shall contribute an additional five and fifty-nine\none-hundredths percent of his or her compensation earned from all\nservice as a New York city correction member of the rank of captain or\nabove rendered on and after the starting date of the twenty-year\nimproved benefit retirement program for captains and above;\n (ii) each such participant who became or becomes a New York city\ncorrection member of the rank of captain or above for the first time on\nor after November first, nineteen hundred ninety-two shall contribute an\nadditional seven and forty-six one-hundredths percent of his or her\ncompensation earned from all service as a New York city correction\nmember of the rank of captain or above rendered on and after the\nstarting date of the twenty-year improved benefit retirement program for\ncaptains and above.\n 2. A participant in the twenty-year improved benefit retirement\nprogram for captains and above 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 3. Commencing with the first full payroll period after each person\nbecome a participant in the twenty-year improved benefit retirement\nprogram for captains and above, additional member contributions at the\napplicable rate specified in paragraph one of this subdivision shall be\ndeducted (subject to the applicable provisions of section 13-125.1 of\nthe administrative code) from the compensation of such participant on\neach and every payroll of such participant for each and every payroll\nperiod.\n 4. In addition to the member contributions required pursuant to\nsection 13-155 of the administrative code, and the additional member\ncontributions required pursuant to paragraph one of this subdivision,\neach participant in the twenty-year improved benefit retirement program\nfor captains and above who, prior to becoming such a participant,\nrendered service as a New York city correction member of the rank of\ncaptain or above on or after December nineteenth, nineteen hundred\nninety and prior to the starting date of the twenty-year improved\nbenefit retirement program for captains and above and/or service as a\nNew York city correction member below the rank of captain on or after\nDecember nineteenth, nineteen hundred ninety and prior to becoming such\na participant shall make retroactive additional member contributions to\nthe retirement system based on such service in accordance with the\nfollowing schedule:\n (i) each such participant who became a New York city correction member\nof the rank of captain or above prior to November first, nineteen\nhundred ninety-two shall contribute an amount equal to five and\nfifty-nine one-hundredths percent of his or her compensation earned\nfrom:\n (A) all service as a New York city correction member of the rank of\ncaptain or above rendered on and after December nineteenth, nineteen\nhundred ninety and prior to the starting date of the twenty-year\nimproved benefit retirement program for captains and above; and\n (B) all service as a New York city correction member below the rank of\ncaptain rendered on and after December nineteenth, nineteen hundred\nninety and prior to becoming a participant in the twenty-year improved\nbenefit retirement program for captains and above;\n (ii) each such participant who became or becomes a New York city\ncorrection member of the rank of captain or above for the first time on\nor after November first, nineteen hundred ninety-two shall contribute an\namount equal to seven and forty-six one-hundredths percent of his or her\ncompensation earned from:\n (A) all service as a New York city correction member of the rank of\ncaptain or above rendered on and after November first, nineteen hundred\nninety-two and prior to the starting date of the twenty-year improved\nbenefit retirement program for captains and above; and\n (B) all service as a New York city correction member below the rank of\ncaptain rendered on and after December nineteenth, nineteen hundred\nninety and prior to becoming a participant in the twenty-year improved\nbenefit retirement program for captains and above.\n 5. Each participant in the twenty-year improved benefit retirement\nprogram for captains and above who is required to make retroactive\nadditional member contributions in accordance with the provisions of\nparagraph four of this subdivision shall be charged with a contribution\ndeficiency consisting of the amounts of such retroactive additional\nmember contributions determined in accordance with such paragraph four,\ntogether with interest thereon compounded annually, and\n (i) such interest on each such amount shall accrue from the end of the\npayroll period for which such amount would have been deducted from\ncompensation if he or she had been a participant at the beginning of\nthat payroll period and such deduction had been required for such\npayroll period, until such amount is paid to the retirement system; and\n (ii) the rate of interest to be applied to each such amount shall be\nequal to the rate or rates of interest required by law to be used during\nthat same period to credit interest on the accumulated deductions of\nretirement system members.\n 6. Where a person who became or becomes a participant in the\ntwenty-year improved benefit retirement program for captains and above\nhas rendered less than fifteen years of credited service as of the date\nhe or she became or becomes a New York city correction member of the\nrank of captain or above, the amount of the contribution deficiency\ncharged to such a participant pursuant to paragraph five of this\nsubdivision, consisting of retroactive additional member contributions\nplus interest on such amounts, shall be reduced by an amount equal to\nthe additional member contributions which such participant made pursuant\nto paragraph one of subdivision d of section four hundred forty-five-a\nof this article as a participant in the twenty-year improved benefit\nretirement program for correction officers below the rank of captain\n(together with any interest thereon) which are on deposit in the\ncontingent reserve fund of the retirement system on the date such person\nbecame or becomes a participant in the twenty-year improved benefit\nretirement program for captains and above.\n 7. (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 three 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 unpaid amount shall accrue from the end of\nthe payroll period for which such amount would have been deducted from\ncompensation if he or she had been a participant at the beginning of\nthat payroll period, until such amount is paid to the retirement system;\nand\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 otherwise provided in subparagraph (iii) of this\nparagraph, no interest shall be due on any unpaid additional member\ncontributions which are not attributable to the period prior to the\nfirst full payroll period referred to in paragraph three of this\nsubdivision.\n (iii) Should any person who, pursuant to paragraph eleven 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 for captains and above pursuant to\nparagraph five of subdivision b of this section, an appropriate amount\nshall be included in such participant's contribution deficiency\n(including interest thereon as calculated pursuant to subparagraph (i)\nof this paragraph) as if such additional contributions had never been\nmade.\n 8. 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 for captains and above (including the deduction of such\ncontributions, and any interest thereon, from his or her compensation).\n 9. Where a participant, who is otherwise eligible to have the benefits\nof subdivision c of this section applied to the calculation of his or\nher retirement allowance, did not, while he or she was a correction\nmember of the rank of captain or above, pay the entire amount of a\ncontribution deficiency chargeable to him or her pursuant to paragraphs\nfive and/or seven of this subdivision, that participant, nevertheless,\nshall be entitled to the benefits of subdivision c of this section,\nprovided, however, that the retirement allowance, as modified by the\nprovisions of such subdivision c, shall be reduced by the actuarial\nequivalent of the amount of any contribution deficiency pursuant to such\nparagraphs five and/or seven which such participant did not pay while he\nor she was a correction member of the rank of captain or above.\n 10. Where a participant has not paid in full any contribution\ndeficiency chargeable to him or her pursuant to paragraphs five and/or\nseven of this subdivision, and a benefit, other than a refund of a\nmember's accumulated deductions, or a refund of additional member\ncontributions pursuant to paragraph eleven of this subdivision, or a\nretirement allowance which has been reduced pursuant to the provisions\nof paragraph nine of this subdivision becomes payable by the retirement\nsystem to the participant or to his or her designated beneficiary or\nestate, the actuarial equivalent of any such unpaid amount shall be\ndeducted from the benefit otherwise payable.\n 11. (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 for captains and above or otherwise.\n (ii) (A) Should a participant in the twenty-year improved benefit\nretirement program for captains and above who has rendered less than\nfifteen years of credited service cease to hold the position of New York\ncity correction officer of the rank of captain or above for any reason\nwhatsoever, his or her accumulated additional member contributions made\npursuant to this subdivision (together with any interest thereon paid to\nthe retirement system) may be withdrawn by him or her pursuant to\nprocedures promulgated in regulations of the board of trustees of the\nretirement system, together with interest thereon at the rate of eight\nand one-quarter percent per annum, compounded annually.\n (B) Upon the death of a participant in the twenty-year improved\nbenefit retirement program for captains and above, there shall be paid\nto such person as he or she has nominated or shall nominate to receive\nhis or her accumulated deductions by written designation duly executed\nand filed with the retirement system during the lifetime of such\nparticipant, or, to his or her estate if no such person is nominated,\nhis or her accumulated additional member contributions made pursuant to\nthis subdivision (including any interest thereon paid to the retirement\nsystem), together with interest thereon at the rate of eight and\none-quarter percent per annum, compounded annually.\n (iii) Except as otherwise provided in subparagraph (ii) of this\nparagraph, no member of the retirement system, while he or she is such a\nparticipant or otherwise, shall have a right to withdraw such additional\nmember contributions or any interest thereon from the retirement system.\n 12. Notwithstanding any other provision of law to the contrary, a\nmember of the retirement system shall not be permitted to borrow any\nportion of his or her additional member contributions (including any\ninterest paid thereon) which are subject to this subdivision.\n 13. Notwithstanding any other provisions 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 14. 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 15. The provisions of subdivision b of section four hundred forty of\nthis article shall apply to participants under this section.\n