§ 445-H — Optional twenty-five year improved benefit retirement program for police communications members

New York § 445-H

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

Text

§ 445-h. Optional twenty-five year improved benefit retirement program\nfor police communications members. a. Definitions. The following words\nand phrases as used in this section shall have the following meanings\nunless a different meaning is plainly required by the context.\n 1. "Retirement system" shall mean the New York city employees'\nretirement system.\n 2. "Police communications member" shall mean a member of the\nretirement system employed by the police department as a police\ncommunications technician, a supervising police communications\ntechnician or a principal police communications technician.\n 3. "Twenty-five year improved benefit retirement program" shall mean\nall the terms and conditions of this section.\n 4. "Starting date of the twenty-five year improved benefit retirement\nprogram" shall mean the date of enactment of this section, as such date\nis certified pursuant to section forty-one of the legislative law.\n 5. "Participant in the twenty-five year improved benefit retirement\nprogram" shall mean any police communications member who, under the\napplicable provisions of subdivision b of this section, is entitled to\nthe rights, benefits and privileges and is subject to the obligations of\nthe twenty-five year improved benefit retirement program, as applicable\nto him or her.\n 6. "Administrative code" shall mean the administrative code of the\ncity of New York.\n 7. "Accumulated deductions" shall mean accumulated deductions as\ndefined in subdivision eleven of section 13-101 of the administrative\ncode.\n 8. "Optional retirement provisions" shall mean the right to retire and\nreceive a retirement allowance under this section upon the completion of\ntwenty-five years of credited service.\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 police communications member on the\nstarting date of the twenty-five year improved benefit retirement\nprogram may elect to become a participant in the twenty-five 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\npolice communications member 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 police communications member after\nthe starting date of the twenty-five year improved benefit retirement\nprogram may elect to become a participant in the twenty-five year\nimproved benefit retirement program by filing, within one hundred eighty\ndays after becoming such a police communications member, a duly executed\napplication for such participation with the retirement system, provided\nhe or she is such a police communications member on the date such\napplication 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 police\ncommunications member, he or she shall cease to be such a participant\nand, during any period in which such a person does not hold such a\npolice communications position, he or she shall not be a participant in\nthe twenty-five year improved benefit retirement program and shall not\nbe eligible for the 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 police communications member\nand returns to such service as a police communications member at a later\ndate, he or she shall again become such a participant on 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 police communications member, all additional member\ncontributions and interest (if any) required by subdivision d of this\nsection, 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 from\nservice, he or she shall not be subject to the provisions of section\nfour hundred forty-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 from 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, or\nfraction thereof, beyond such required minimum period of service equal\nto two percent of his or her final average salary; and\n 4. 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 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 percent of his or her compensation earned from (i) all\ncredited service, as a participant in the twenty-five year improved\nbenefit retirement program, rendered on and after the starting date of\nthe improved benefit retirement program, and (ii) all credited service\nafter such person ceases to be a participant, but before he or she again\nbecomes a participant pursuant to paragraph five of subdivision b of\nthis section. A participant in the twenty-five year improved benefit\nretirement program shall contribute additional member contributions\nuntil the later of (i) the date as of which he or she is eligible to\nretire with twenty-five years of credited service under such retirement\nprogram, or (ii) 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 participant's\ncontribution deficiency pursuant to this subparagraph shall be\ncalculated as if such additional member contributions never had been\npaid by such participant, and such interest shall accrue from the end of\nthe payroll period to which an amount of such additional member\ncontributions is attributable, compounded annually, until such amount is\npaid 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 subclause two of clause (C) of\nsubparagraph (i) of this paragraph) for any credited service with\nrespect to which such person received a refund of additional member\ncontributions (including any amount of an unpaid loan balance deemed to\nhave been returned to such person pursuant to paragraph seven of this\nsubdivision), as if such additional member contributions never had been\npaid.\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 five years of credited\nservice cease to hold a position as a police communications member for\nany reason whatsoever, his or her accumulated additional member\ncontributions made pursuant to this subdivision (together with any\ninterest thereon paid to the retirement system) which remain credited to\nsuch participant's account 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\ninterest required by law to be used to credit interest on the\naccumulated deductions of retirement system members 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