§ 445-F*3 — Optional twenty-five year improved benefit retirement program for special officer, parking control specialist, school safety agent, campu...

* § 445-f. Optional twenty-five year improved benefit retirement\nprogram for special officer, parking control specialist, school safety\nagent, campus peace officer, and New York city taxi and limousine\ninspector members. a. Definitions. The following words and phrases as\nused in this section shall have the following meanings unless a\ndifferent meaning is plainly required by the context.\n 1. "Retirement system" shall mean the New York city employees'\nretirement system or the New York city board of education retirement\nsystem.\n 2. "Special officers" shall mean all peace officers who are special\nofficers of any rank employed by a mayoral agency of the city of New\nYork or the New York city health and hospitals corporation or the city\nof New York housing authority, and shall include all persons who are\nemployed by the city of New York in the title urban park ranger or\nassociate urban park ranger.\n 3. "Parking control specialist" shall mean a peace officer employed by\nthe New York city department of transportation as a parking control\nspecialist.\n 4. "School safety agent" shall mean a peace officer employed as a\nschool safety agent of any rank employed by the New York city police\ndepartment or the board of education of the city of New York.\n 5. "Campus peace officer" shall mean a peace officer employed as a\ncampus peace officer of any rank employed by the city university of New\nYork.\n 6. "Taxi and limousine inspector" shall mean a peace officer of any\nrank employed by the New York city taxi and limousine commission.\n 7. "Twenty-five year improved benefit retirement program" shall mean\nall the terms and conditions of this section; provided that, for persons\nwho are employed by the city of New York in the title urban park ranger\nand associate urban park ranger "starting date of the twenty-five year\nretirement program" shall mean the effective date of the amendment to\nparagraph two of this subdivision made in section four of the chapter of\nthe laws of two thousand three which amended this paragraph.\n 8. "Starting date of the twenty-five year improved benefit retirement\nprogram" shall mean the date of enactment of this section.\n 9. "Participant in the twenty-five year improved benefit retirement\nprogram" shall mean any special officer, parking control specialist,\nschool safety agent, campus peace officer or taxi and limousine\ninspector member who, under the applicable provisions of subdivision b\nof this section, is entitled to the rights, benefits and privileges and\nis subject to the obligations of the twenty-five year improved benefit\nretirement program, as applicable to him or her.\n 10. "Administrative code" shall mean the administrative code of the\ncity of New York.\n 11. "Accumulated deductions" shall mean accumulated deductions as\ndefined in subdivision eleven of section 13-101 of the administrative\ncode.\n 12. "Optional retirement provisions" shall mean the right to retire\nand receive a retirement allowance under this section upon the\ncompletion of twenty-five years of allowable service as a special\nofficer, parking control specialist, school safety agent, campus peace\nofficer or taxi and limousine inspector member.\n 13. "Allowable service" as a special officer, parking control\nspecialist, school safety agent, campus peace officer or taxi and\nlimousine inspector member shall mean all service while employed by the\ncity of New York or by the New York city health and hospitals\ncorporation, the New York city board of education, the city university\nof New York, the New York city taxi and limousine commission or the city\nof New York housing authority in a title whose duties are those of a\npeace officer under the criminal procedure law.\n b. Election of twenty-five year improved benefit retirement program.\n 1. Subject to the provisions of paragraphs five and six of this\nsubdivision, any person who is a special officer, parking control\nspecialist, school safety agent, campus peace officer or taxi and\nlimousine inspector member on the starting date of the twenty-five year\nimproved benefit retirement program may elect to become a participant in\nthe twenty-five year improved benefit retirement program by filing,\nwithin one hundred eighty days after such starting date, a duly executed\napplication for such participation with the retirement system, provided\nhe or she is such a special officer, parking control specialist, school\nsafety agent, campus peace officer or taxi and limousine inspector\nmember on the date such application is filed.\n 2. Subject to the provisions of paragraphs five and six of this\nsubdivision, any person who becomes a special officer, parking control\nspecialist, school safety agent, campus peace officer or taxi and\nlimousine inspector member after the starting date of the twenty-five\nyear improved benefit retirement program may elect to become a\nparticipant in the twenty-five year improved benefit retirement program\nby filing, within one hundred eighty days after becoming such a special\nofficer, parking control specialist, school safety agent, campus peace\nofficer and taxi and limousine inspector member, a duly executed\napplication for such participation with the retirement system, provided\nhe or she is such a special officer, parking control specialist, school\nsafety agent, campus peace officer or taxi and limousine inspector\nmember on the date such application is filed.\n 3. Any election to be a participant in the twenty-five year improved\nbenefit retirement program shall be irrevocable.\n 4. Where any participant in the twenty-five year improved benefit\nretirement program shall cease to hold a position as a special officer,\nparking control specialist, school safety agent, campus peace officer or\ntaxi and limousine inspector member, he or she shall cease to be such a\nparticipant and, during any period in which such a person does not hold\nsuch a position, he or she shall not be a participant in the twenty-five\nyear improved benefit retirement program and shall not be eligible for\nthe benefits of subdivision c of this section.\n 5. Where any participant in the twenty-five year improved benefit\nretirement program terminates service as a special officer, parking\ncontrol specialist, school safety agent, campus peace officer or taxi\nand limousine inspector member and returns to such service as such a\nmember at a later date, he or she shall again become such a participant\non that date.\n 6. Notwithstanding any other provision of law to the contrary, any\nperson who is eligible to become a participant in the twenty-five year\nimproved benefit retirement program pursuant to paragraph one or two of\nthis subdivision for the full one hundred eighty day period provided for\nin such applicable paragraph and who fails to timely file a duly\nexecuted application for such participation with the retirement system,\nshall not thereafter be eligible to become a participant in such\nprogram.\n c. Service retirement benefits. Notwithstanding any other provision of\nlaw to the contrary, where a participant in the twenty-five year\nimproved benefit retirement program, who is otherwise qualified for a\nretirement allowance pursuant to the optional retirement provisions set\nforth in subdivision a of this section, has made and/or paid, while he\nor she is a special officer, parking control specialist, school safety\nagent, campus peace officer or taxi and limousine inspector member, 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. his or her retirement allowance shall be an amount, on account of\nthe required minimum period of service, equal to the sum of (i) an\nannuity which shall be the actuarial equivalent of the accumulated\ndeductions for his or her pay during such period, (ii) a pension for\nincreased-take-home-pay which shall be the actuarial equivalent of the\nreserve for increased-take-home-pay to which he or she may be entitled\nfor such period, and (iii) a pension which, when added to such annuity\nand such pension for increased-take-home-pay, produces a retirement\nallowance equal to fifty percent of his or her final average salary,\nplus an amount for each additional year of allowable service as a\nspecial officer, parking control specialist, school safety agent, campus\npeace officer or taxi and limousine inspector member, or fraction\nthereof, beyond such required minimum period of service equal to two\npercent of his or her final average salary for such allowable service as\na special officer, parking control specialist, school safety agent,\ncampus peace officer or taxi and limousine inspector member during the\nperiod from completion of twenty-five years of allowable service as such\na member to the date of retirement but not to exceed more than five\nyears of additional service as such a member.\n d. Additional member contributions. 1. In addition to the member\ncontributions required pursuant to section 13-125 or section 13-162 of\nthe administrative code, each participant in the twenty-five year\nimproved benefit retirement program shall contribute, subject to the\napplicable provisions of section 13-125.2 of the administrative code, an\nadditional six and twenty-five one hundredths percent of his or her\ncompensation earned from all allowable service, as a participant in the\ntwenty-five year improved benefit retirement program, rendered on and\nafter the starting date of the improved benefit retirement program, and\nall allowable service after such person ceases to be a participant, but\nbefore he or she again becomes a participant pursuant to paragraph five\nof subdivision b of this section. A participant in the twenty-five year\nimproved benefit retirement program shall contribute additional member\ncontributions until the later of the date as of which he or she is\neligible to retire with thirty years of allowable service under such\nretirement program, or the first anniversary of the starting date of the\ntwenty-five year improved benefit retirement program. The additional\ncontributions required by this paragraph shall be in lieu of additional\nmember contributions required by subdivision d of section four hundred\nforty-five-d of this article, as added by chapter ninety-six of the laws\nof nineteen hundred ninety-five, and no member paying additional\ncontributions pursuant to this section shall be required to pay\nadditional contributions pursuant to such subdivision d of section four\nhundred forty-five-d of this article.\n 2. Commencing with the first full payroll period after each person\nbecomes a participant in the twenty-five year improved benefit\nretirement program, additional member contributions at the rate\nspecified in paragraph one of this subdivision shall be deducted,\nsubject to the applicable provisions of section 13-125.2 of the\nadministrative code, from the compensation of such participant on each\nand every payroll of such participant for each and every payroll period\nfor which he or she is such a participant.\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 and such deductions had been\nrequired for such payroll period until such amount is paid to the\nretirement system; and\n (C) (1) interest on each such amount included in such amount included\nin such participant's contribution deficiency pursuant to this\nsubparagraph shall be calculated as if such additional member\ncontributions never had been paid by such participant, and such interest\nshall accrue from the end of the payroll period to which an amount of\nsuch additional member contributions is attributable, compounded\nannually, until such amount is paid to the retirement system.\n (2) 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-five\nyear improved 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 this paragraph) for any credited\nservice with respect to which such person received a refund of\nadditional member contributions (including any amount of an unpaid loan\nbalance deemed to have been returned to such person pursuant to\nparagraph seven of this subdivision), as if such additional member\ncontributions never had been paid.\n 4. The board of trustees of the retirement system may, consistent with\nthe provisions of this subdivision, promulgate regulations for the\npayment of the additional member contributions required by this\nsubdivision, and any interest thereon, by a participant in the\ntwenty-five year improved benefit retirement program (including the\ndeduction of such contributions, and any interest thereon, from his or\nher compensation).\n 5. Where a participant who is otherwise eligible for service\nretirement pursuant to subdivision c of this section did not, prior to\nthe effective date of retirement, pay the entire amount of a\ncontribution deficiency chargeable to him or her pursuant to paragraph\nthree of this subdivision, or repay the entire amount of a loan of his\nor her additional member contributions pursuant to paragraph eight of\nthis subdivision (including accrued interest on such loan), that\nparticipant, nevertheless, shall be eligible to retire pursuant to\nsubdivision c of this section, provided, however, that where such\nparticipant is not entitled to a refund of additional member\ncontributions pursuant to paragraph seven of this subdivision, such\nparticipant's service retirement benefit calculated pursuant to the\napplicable provisions of subdivision c of this section shall be reduced\nby a life annuity, calculated in accordance with the method set forth in\nsubdivision i of section six hundred thirteen-b of this chapter, which\nis actuarially equivalent to:\n (i) the amount of any unpaid contribution deficiency chargeable to\nsuch member pursuant to paragraph three of this subdivision; plus\n (ii) the amount of any unpaid balance of a loan of his or her\nadditional member contributions pursuant to paragraph eight of this\nsubdivision (including accrued interest on such loan).\n 6. Subject to the provisions of paragraph five of this subdivision,\nwhere a participant has not paid in full any contribution deficiency\nchargeable 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 member contributions or accumulated deductions of a member\nof the retirement system under section 13-125 or section 13-162 of the\nadministrative code while he or she is a participant in the twenty-five\nyear improved benefit retirement program or otherwise.\n (ii) Should a participant in the twenty-five year improved benefit\nretirement program, who has rendered less than fifteen years of credited\nservice cease to hold a position as a special officer, parking control\nspecialist, school safety agent, campus peace officer or taxi and\nlimousine inspector member 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, which remain credited to such participant's account may be\nwithdrawn by him or her pursuant to procedures promulgated in\nregulations of the board of trustees of the retirement system, together\nwith interest thereon at the rate of interest required by law to be used\nto credit interest on the accumulated deductions of retirement system\nmembers compounded annually.\n (iii) Notwithstanding any other provision of law to the contrary, (A)\nno person shall be permitted to withdraw from the retirement system any\nadditional member contributions paid pursuant to this subdivision or any\ninterest paid thereon, except pursuant to and in accordance with the\npreceding subparagraphs of this paragraph; and (B) no person, while he\nor she is a participant in the twenty-five year improved benefit\nretirement program, shall be permitted to withdraw any such additional\nmember contributions or any interest paid thereon pursuant to any of the\npreceding subparagraphs of this paragraph or otherwise.\n 8. A participant in the twenty-five year improved benefit retirement\nprogram shall be permitted to borrow from his or her additional member\ncontributions, including any interest paid thereon, which are credited\nto the additional contributions account established for such participant\nin the contingent reserve fund of the retirement system. The borrowing\nfrom such additional member contributions pursuant to this paragraph\nshall be governed by the same rights, privileges, obligations and\nprocedures set forth in section six hundred thirteen-b of this chapter\nwhich govern the borrowing by members subject to article fifteen of this\nchapter of member contributions made pursuant to section six hundred\nthirteen of this chapter. The board of trustees of the retirement system\nmay, consistent with the provisions of this subdivision and the\nprovisions of section six hundred thirteen-b of this chapter as made\napplicable to this subdivision, promulgate regulations governing the\nborrowing of such additional member contributions.\n 9. Wherever a person has an unpaid balance of a loan of his or her\nadditional member contributions pursuant to paragraph eight of this\nsubdivision at the time he or she becomes entitled to a refund of his or\nher additional member contributions pursuant to subparagraph (ii) of\nparagraph seven of this subdivision, the amount of such unpaid loan\nbalance, including accrued interest, shall be deemed to have been\nreturned to such member, and the refund of such additional contributions\nshall be the net amount of such contributions, together with interest\nthereon in accordance with the provisions of such subparagraph.\n 10. 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 11. 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 this section shall not be construed to provide\nbenefits to any participant in the twenty-five year improved benefit\nretirement program which are greater than those which would be received\nby a similarly situated member who is entitled to benefits under the\nprovisions of section 13-157.3 of the administrative code, but who is\nnot governed by the provisions of this article.\n * NB There are 3 § 445-f's\n