§ 504-A — Twenty-year retirement program for New York city correction members below the rank of captain

New York § 504-A

• Jurisdiction: New York
• Law RSS: Retirement & Social Security
• Art. 14: Coordinated-escalator Retirement Plan

Text

§ 504-a. Twenty-year retirement program for New York city correction\nmembers below the rank of captain. 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. "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 2. "New York city correction member below the rank of captain" shall\nmean a general member (as defined in subdivision twelve of section five\nhundred one of this article) who is a New York city correction officer\nbelow the rank of captain.\n 3. "Twenty-year retirement program" shall mean all the terms and\nconditions of this section.\n 4. "Starting date of the twenty-year retirement program" shall mean\nthe effective date of this section, as such date is certified pursuant\nto section forty-one of the legislative law.\n 5. "Participant in the twenty-year retirement program" shall mean any\nNew York city correction member below the rank of captain 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-year retirement program, as applicable to him or her.\n 6. "Discontinued member" shall mean a participant in the twenty-year\nretirement program who, while he or she was a New York city correction\nofficer below the rank of captain, discontinued service in the uniformed\nforce of the New York city department of correction and has a right to a\ndeferred vested benefit under subdivision d of this section.\n 7. "Administrative code" shall mean the administrative code of the\ncity of New York.\n 8. "New York city correction officer of the rank of captain or above"\nshall have the same meaning as set forth in paragraph one of subdivision\na of section five hundred four-b of this article.\n 9. "Twenty-year retirement program for captains and above" shall mean\nall the terms and conditions of section five hundred four-b of this\narticle.\n 10. "Starting date of the twenty-year retirement program for captains\nand above" shall have the same meaning as set forth in paragraph four of\nsubdivision a of section five hundred four-b of this article.\n b. Participation in twenty-year retirement program. 1. Subject to the\nprovisions of paragraph six of this subdivision, any person who is a New\nYork city correction member below the rank of captain on the starting\ndate of the twenty-year retirement program and who, as such a correction\nmember or otherwise, last became subject to the provisions of this\narticle prior to such starting date, may elect to become a participant\nin the twenty-year retirement program by filing, within one hundred\neighty days after the starting date of the twenty-year retirement\nprogram, a duly executed application for such participation with the\nretirement system of which such person is a member, provided he or she\nis such a correction member below the rank of captain on the date such\napplication is filed.\n 2. Subject to the provisions of paragraph six of this subdivision, any\nperson who becomes a New York city correction member below the rank of\ncaptain after the starting date of the twenty-year retirement program\nand who, as such a correction member or otherwise, last became subject\nto the provisions of this article prior to such starting date, may elect\nto become a participant in the twenty-year retirement program by filing,\nwithin one hundred eighty days after becoming such a correction member,\na duly executed application for such participation with the retirement\nsystem of which such person is a member, provided he or she is such a\ncorrection member below the rank of captain on the date such application\nis filed.\n 3. Any election to be a participant in the twenty-year retirement\nprogram shall be irrevocable.\n 4. Each New York city correction member below the rank of captain who\nbecomes subject to the provisions of this article after the starting\ndate of the twenty-year retirement program (other than such a correction\nmember who is required pursuant to subdivision b of section five hundred\nfour-d of this article to be a participant in the twenty-year retirement\nprogram established by such section five hundred four-d) shall become a\nparticipant in the twenty-year retirement program on the date he or she\nbecomes such a correction member. Notwithstanding any other provision of\nlaw to the contrary, a New York city correction officer below the rank\nof captain who becomes a participant in the twenty-year retirement\nprogram pursuant to this paragraph by becoming subject to the provisions\nof this article after the starting date of the twenty-year retirement\nprogram shall have the term "credited service" applied to him or her in\nthe same manner as such term would be applied to a similarly situated\ncorrection officer below the rank of captain who is governed by article\neleven of this chapter, and who is a participant in the twenty-year\nimproved benefit retirement program pursuant to section four hundred\nforty-five-a of such article eleven.\n 4-a. Notwithstanding any other provision of this subdivision or any\nother provision of law to the contrary, no member of the uniformed force\nof the New York city department of correction who is a New York city\nuniformed correction/sanitation revised plan member shall be a\nparticipant in the twenty-year retirement program.\n 5. Where any participant in the twenty-year retirement program shall\ncease to hold the position of New York city correction officer below the\nrank of captain, he or she shall cease to be such a participant, and\nshall not be such a participant during any period in which he or she\ndoes not hold the position of New York city entry level correction\nofficer below the rank of captain.\n 6. Where any participant in the twenty-year retirement program\nterminates service as a New York city correction officer below the rank\nof captain and returns to such service as a New York city correction\nmember below the rank of captain at a later date, he or she shall again\nbecome such a participant on that date.\n 7. Where any participant in the twenty-year retirement program\nterminates service as a correction officer below the rank of captain,\nattains the rank of captain in the uniformed force of the New York city\ndepartment of correction and thereafter terminates such service and\nimmediately returns to service in the rank of correction officer below\nthe rank of captain, he or she shall be eligible to purchase service\ncredit for the period during which he or she held the rank of captain,\nprovided he or she shall be charged with a contribution deficiency based\nupon his or her compensation as a captain and pay additional member\ncontributions as provided in subdivision d of this section at the same\nrate he or she would have had to contribute if he or she held the rank\nof correction officer below the rank of captain during such time and had\nno such break in service; provided further that he or she shall be\npermitted to purchase such credit if he or she immediately returns to\nservice in the rank of correction officer below the rank of captain only\nduring the eighteen month probationary period, or such greater\nprobationary period as may be applicable, unless he or she is\ninvoluntarily transferred from the position of captain to correction\nofficer below the rank of captain in which event he or she shall be\nauthorized to purchase such service credit.\n c. Service retirement benefits. 1. A participant in the twenty-year\nretirement program:\n (i) who has completed twenty or more years of credited service; and\n (ii) who has paid, before the effective date of retirement, all\nadditional member contributions and interest (if any) required by\nsubdivision e of this section; and\n (iii) who files with the retirement system of which he or she is a\nmember an application for service retirement setting forth at what time\nhe or she desires to be retired; and\n (iv) who shall be a participant in the twenty-year retirement program\nat the time so specified for his or her retirement;\nshall be retired pursuant to the provisions of this section affording\nearly service retirement.\n 2. (i) Notwithstanding any other provision of law to the contrary, the\nearly service retirement benefit for participants in the twenty-year\nretirement program who retire pursuant to paragraph one of this\nsubdivision shall be a pension consisting of:\n (A) an amount, on account of twenty years of credited service, equal\nto one-half of his or her final average salary; plus\n (B) an amount for each additional year of credited service, or\nfraction thereof, beyond such twenty years of credited service equal to\none-sixtieth of the final average salary for such credited service\nduring the period from the completion of twenty years of credited\nservice to the date of retirement.\n (ii) The maximum pension computed without optional modification\npayable pursuant to subparagraph (i) of this paragraph shall equal that\npayable upon completion of thirty years of service.\n d. Vesting. 1. A participant in the twenty-year retirement program\nwho:\n (i) discontinues service in the uniformed force of the New York city\ndepartment of correction while he or she is a New York city correction\nofficer below the rank of captain, other than by death or retirement;\nand\n (ii) prior to such discontinuance, completed five but less than twenty\nyears of credited service; and\n (iii) has paid, prior to such discontinuance, all additional member\ncontributions and interest (if any) required by subdivision e of this\nsection; and\n (iv) does not withdraw in whole or in part his or her accumulated\nmember contributions pursuant to section five hundred seventeen of this\narticle unless such participant thereafter returns to public service and\nrepays the amounts so withdrawn, together with interest, pursuant to\nsuch section five hundred seventeen;\nshall be entitled to receive a deferred vested benefit as provided in\nthis subdivision.\n 2. (i) Upon such discontinuance under the conditions and in compliance\nwith the provisions of paragraph one of this subdivision, such deferred\nvested benefit shall vest automatically.\n (ii) Such vested benefit shall become payable on the earliest date on\nwhich such discontinued member could have retired for service if such\ndiscontinuance had not occurred.\n 3. Such deferred vested benefit shall be a pension consisting of an\namount equal to two and one-half percent of such discontinued member's\nfinal average salary, multiplied by the number of years of credited\nservice on the date of such discontinuance.\n e. Additional member contributions. 1. In addition to the member\ncontributions required by section five hundred seventeen of this\narticle, each participant in the twenty-year retirement program shall\ncontribute (subject to the applicable provisions of section 13-125.1 of\nthe administrative code) an additional percentage of his or her\ncompensation to the retirement system of which he or she is a member in\naccordance with the following schedule:\n (i) each such participant who became a New York city correction member\nbelow the rank of captain prior to July first, nineteen hundred\neighty-eight shall contribute an additional five and eleven\none-hundredths percent of his or her compensation earned from all\ncredited service rendered on and after the starting date of the\ntwenty-year retirement program;\n (ii) each such participant who became or becomes a New York city\ncorrection member below the rank of captain for the first time on or\nafter July first, nineteen hundred eighty-eight shall contribute an\nadditional three and sixty-one one-hundredths percent of his or her\ncompensation earned from all credited service earned as a correction\nofficer below the rank of captain rendered on or after the starting date\nof the twenty-year retirement program.\n A participant in the twenty-year retirement program shall contribute\nadditional member contributions only until he or she has twenty years of\ncredited service.\n 2. Commencing with the first full payroll period after each person\nbecomes a participant in the twenty-year retirement program, additional\nmember contributions at the applicable rate specified in paragraph one\nof this subdivision shall be deducted (subject to the applicable\nprovisions of section 13-125.1 of the administrative code) from the\ncompensation of such participant on each and every payroll of such\nparticipant 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 at the\nrate of five percent per annum, compounded 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.\n (ii) Except as provided in subparagraph (iii) of this paragraph, no\ninterest shall be due on any such unpaid additional contributions which\nare not attributable to the period prior to the first full payroll\nperiod referred to in paragraph two of this subdivision.\n (iii) Should any person who, pursuant to paragraph eight of this\nsubdivision, has withdrawn any additional member contributions (and any\ninterest paid thereon) again become a participant in the twenty-year\nretirement program pursuant to paragraph six of subdivision b of this\nsection, an appropriate amount shall be included in such participant's\ncontribution deficiency (including interest thereon as calculated\npursuant to subparagraph (i) of this paragraph) as if such additional\ncontributions had never been made.\n 4. The head of a retirement system which includes participants in the\ntwenty-year retirement program in its membership may, consistent with\nthe provisions of this subdivision, promulgate regulations for the\npayment of such additional member contributions, and any interest\nthereon, by such participants (including the deduction of such\ncontributions, and any interest thereon, from the participants'\ncompensation).\n 5. Where a contribution deficiency chargeable to a participant\npursuant to paragraph three of this subdivision has not been paid in\nfull before the effective date of retirement, that participant shall not\nbe eligible to retire pursuant to subdivision c of this section.\n 6. Where a contribution deficiency chargeable to a participant\npursuant to paragraph three of this subdivision has not been paid in\nfull before the date of discontinuance of service, that participant\nshall not be entitled to a deferred vested benefit pursuant to\nsubdivision d of this section.\n 7. 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 member contributions\npursuant to section five hundred seventeen of this article or a refund\nof additional member contributions pursuant to paragraph eight of this\nsubdivision, becomes payable under this article to the participant or to\nhis or her designated beneficiary or estate, the actuarial equivalent of\nany such unpaid amount shall be deducted from the benefit otherwise\npayable.\n 8. (i) Such additional member contributions (and any interest thereon)\nshall be paid into the contingent reserve fund of the retirement system\nof which the participant is a member and shall not for any purpose be\ndeemed to be member contributions or accumulated contributions of a\nmember under section five hundred seventeen of this article or otherwise\nwhile he or she is a participant in the twenty-year retirement program\nor otherwise, except that, a surplus of such additional member\ncontributions that are paid into the retirement system's contingent\nreserve fund may be used for the sole purpose of offsetting a deficit of\nbasic member contributions.\n (ii) (A) Except as otherwise provided in subparagraph (iii) of this\nparagraph, should a participant in the twenty-year retirement program\nwho has rendered less than fifteen years of credited service cease to\nhold the position of New York city correction officer below the rank of\ncaptain for any reason whatsoever, his or her accumulated additional\nmember contributions made pursuant to this subdivision (together with\nany interest thereon paid to the retirement system) may be withdrawn by\nhim or her pursuant to procedures promulgated in regulations of the\nboard of trustees of the retirement system, together with interest\nthereon at the rate of five percent per annum, compounded annually.\n (B) Upon the death of a participant in the twenty-year retirement\nprogram on or after the effective date of this clause, there shall be\npaid to such person as he or she has nominated or shall nominate to\nreceive his or her accumulated member contributions by written\ndesignation duly executed and filed with the retirement system during\nthe lifetime of such participant, or, to his or her estate if no such\nperson is nominated, his or her accumulated additional member\ncontributions made pursuant to this subdivision (including any interest\nthereon paid to the retirement system), together with interest thereon\nat the rate of five percent per annum, compounded annually.\n (iii) (A) Notwithstanding any other provisions 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, and who is\notherwise eligible to elect to become a participant in the twenty-year\nretirement program for captains and above pursuant to paragraph one or\ntwo of subdivision b of section five hundred four-b of this article, and\nwho withdraws 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 retirement program for\ncaptains and above shall not be eligible to elect to become a\nparticipant in the twenty-year retirement program for captains and above\npursuant to paragraph one or two of subdivision b of such section five\nhundred four-b.\n (B) Notwithstanding any other provision of law to the contrary, any\nperson who is promoted directly from the position of New York city\ncorrection officer below the rank of captain to the position of New York\ncity correction officer of the rank of captain or above and who, upon\nsuch promotion, becomes a participant in the twenty-year retirement\nprogram for captains and above pursuant to paragraph four of subdivision\nb of section five hundred four-b of this article, shall not be permitted\nto withdraw any portion of his or her accumulated additional member\ncontributions pursuant to the provisions of subparagraph (ii) of this\nparagraph at any time while he or she is a participant in the\ntwenty-year retirement program for captains and above.\n (C) Notwithstanding any other provision of law to the contrary, any\nformer participant in the twenty-year retirement program who becomes a\nparticipant in the twenty-year retirement program for captains and above\npursuant to any provision of subdivision b of section five hundred\nfour-b of this article, and who has additional member contributions on\ndeposit in the contingent reserve fund of the retirement system at the\ntime he or she becomes a participant in the twenty-year retirement\nprogram for captains and above, shall not be permitted to withdraw any\nportion of such accumulated additional member contributions pursuant to\nthe provisions of subparagraph (ii) of this paragraph at any time while\nhe or she is a participant in the twenty-year retirement program for\ncaptains and above.\n (iv) Except as provided in subparagraph (ii) of this paragraph, no\nmember while he or she is a participant or otherwise, shall have a right\nto withdraw such additional member contributions or any interest thereon\nfrom the retirement system.\n 9. No member of a public retirement system shall be permitted to\nborrow any portion of the additional member contributions (including any\ninterest paid thereon by the participant) which are subject to this\nsubdivision.\n f. The escalation of benefits provisions of section five hundred ten\nof this article shall not apply to any benefits received pursuant to the\nprovisions of this section.\n g. Except as provided in item (B) of subparagraph (i) of paragraph two\nof subdivision c of this section, the provisions of subdivision d of\nsection five hundred of this article shall apply to participants under\nthis section.\n h. In the event that the provisions of this section should result in\nany increase in the contribution rate of the city of New York, that\nincrease shall not apply to any calculation or certification for the\npurposes of subdivision c of section five hundred of this article.\n