§ 604-C*3 — Twenty-year retirement program for Triborough bridge and tunnel members

New York § 604-C*3

• Jurisdiction: New York
• Law RSS: Retirement & Social Security
• Art. 15: Coordinated Retirement Plan

Text

* § 604-c. Twenty-year retirement program for Triborough bridge and\ntunnel members. a. Definitions. The following words and phrases as used\nin this section shall have the following meanings unless a different\nmeaning is plainly required by the context.\n 1. "Triborough bridge and tunnel member" shall mean a member (as\ndefined in subdivision e of section six hundred one of this article) who\nis employed by the Triborough bridge and tunnel authority as a bridge\nand tunnel officer, sergeant, or lieutenant in a non-managerial\nposition.\n 2. "Twenty-year retirement program" shall mean all the terms and\nconditions of this section.\n 3. "Starting date of the twenty-year retirement program" shall mean\nthe date of enactment of the act which added this section, as such date\nis certified pursuant to section forty-one of the legislative law.\n 4. "Participant in the twenty-year retirement program" shall mean any\nTriborough bridge and tunnel member who, under the applicable provisions\nof subdivision b of this section, is entitled to the rights, benefits\nand privileges and is subject to the obligations of the twenty-year\nretirement program, as applicable to him or her.\n 5. "Discontinued member" shall mean a participant in the twenty-year\nretirement program who, while he or she was a Triborough bridge and\ntunnel member, discontinued service as such a member and has a right to\na deferred vested benefit under subdivision d of this section.\n 6. "Administrative code" shall mean the administrative code of the\ncity of New York.\n b. Participation in twenty-year retirement program. 1. Subject to the\nprovisions of paragraph six of this subdivision, any person who is a\nTriborough bridge and tunnel member on the starting date of the\ntwenty-year retirement program and who, as such a bridge and tunnel\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 bridge and tunnel member on the date such application is\nfiled.\n 2. Subject to the provisions of paragraph six of this subdivision, any\nperson who becomes a Triborough bridge and tunnel member after the\nstarting date of the twenty-year retirement program and who, as such a\nbridge and tunnel member or otherwise, last became subject to the\nprovisions of this article prior to such starting date, may elect to\nbecome a participant in the twenty-year retirement program by filing,\nwithin one hundred eighty days after becoming such a bridge and tunnel\nmember, 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 bridge and tunnel member on the date such application is\nfiled.\n 3. Any election to be a participant in the twenty-year retirement\nprogram shall be irrevocable.\n 4. Each Triborough bridge and tunnel member who becomes subject to the\nprovisions of this article on or after the starting date of the\ntwenty-year retirement program shall become a participant in the\ntwenty-year retirement program on the date he or she becomes such a\nbridge and tunnel member.\n 5. Where any participant in the twenty-year retirement program shall\ncease to be employed by the Triborough bridge and tunnel authority as a\nbridge and tunnel member, he or she shall cease to be such a participant\nand, during any period in which such person is not so employed, he or\nshe shall not be a participant in the twenty-year retirement program and\nshall not be eligible for the benefits of subdivision c of this section.\n 6. Where any participant in the twenty-year retirement program\nterminates service as a Triborough bridge and tunnel member and returns\nto such service as a Triborough bridge and tunnel member at a later\ndate, he or she shall again become such a participant on that date.\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; shall be retired\npursuant to the provisions of this section affording early service\nretirement.\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 the required minimum period of service,\nequal to one-half of his or her final average salary; plus\n (B) an amount of credited service, or fraction thereof, beyond such\nrequired minimum period of service equal to one and one-half percent of\nhis or her final average salary.\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\nshall be entitled to receive a deferred vested benefit as provided in\nthis subdivision if such participant:\n (i) discontinues service as a Triborough bridge and tunnel member,\nother than by death or retirement; and\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 six hundred thirteen of this\narticle unless such participant thereafter returns to public service and\nrepays the amounts so withdrawn, together with interest, pursuant to\nsuch section six hundred thirteen.\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) In the case of a participant who is not a New York city revised\nplan member, such vested benefit shall become payable on the earliest\ndate on which such discontinued member could have retired for service if\nsuch discontinuance had not occurred or, in the case of a participant\nwho is a New York city revised plan member, such vested benefit shall\nbecome payable at age sixty-three.\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.\n e. Additional member contributions. 1. In addition to the member\ncontributions required by section six hundred thirteen of this article,\neach participant in the twenty-year retirement program in the rank of\nbridge and tunnel officer shall contribute to the retirement system of\nwhich he or she is a member (subject to the applicable provisions of\nsubdivision d of section six hundred thirteen of this article) an\nadditional five and fifty one-hundredths percent of his or her\ncompensation and each participant in the twenty-year retirement program\nin the rank of sergeant or lieutenant shall contribute to the retirement\nsystem an additional six percent of his or her compensation earned from\nall allowable service as a Triborough bridge and tunnel member rendered\non and after the date which is one hundred eighty days prior to the\nstarting date of the twenty-year retirement program. A participant in\nthe twenty-year retirement program shall contribute additional member\ncontributions until the later of (i) the date as of which he or she has\ntwenty years of credited service as a bridge and tunnel officer, or (ii)\nthe third anniversary of the date that he or she last became a\nparticipant in the twenty-year retirement program.\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 rate specified in paragraph one of this\nsubdivision shall be deducted (subject to the applicable provisions of\nsubdivision d of section six hundred thirteen of this article) 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 (iv) Notwithstanding any other provisions of this paragraph, no\nparticipant shall be charged interest for any period prior to March\ntwenty-fifth, nineteen hundred ninety-eight with respect to any\ncontributions owed with respect to any payroll period beginning prior to\nsuch date.\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 participant's\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 six hundred thirteen of this article or a refund of\nadditional 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 7-a. Notwithstanding paragraph six or seven of this subdivision, where\na deficiency chargeable to a participant pursuant to paragraph three of\nthis subdivision has not been paid in full while the participant is a\nTriborough bridge and tunnel member and such participant retires prior\nto July first, two thousand eleven, such participant may elect to be\ncovered by this paragraph. Such participant shall be entitled to the\nbenefits provided in subdivision c of this section provided that\nparticipant authorizes the retirement system to deduct from such\nbenefits an amount which will result in the deficiency, plus associated\ninterest to date of final payment, being paid in full no later than July\nfirst, two thousand eleven or such earlier date as agreed to by the\nparticipant. Such amount will be deducted in equal installments on a\nmonthly basis. Nothing in this paragraph shall prevent the participant\nfrom making a partial payment of the amount of the deficiency at the\ntime of retirement so as to reduce the monthly payment nor to make a\nlump sum payment equal to the amount of the total unpaid balance at any\ntime during the period of repayment.\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 six hundred thirteen 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) Should a participant in the twenty-year retirement program who\nhas rendered less than fifteen years of allowable service as a\nTriborough bridge and tunnel member cease to hold a position as a\nTriborough bridge and tunnel member for any reason whatsoever, his or\nher accumulated 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 at the rate of five percent per\nannum, compounded annually.\n (iii) Except as provided in subparagraph (ii) of this paragraph, no\nmember, while he or she is a participant or otherwise, shall have a\nright to withdraw such additional member contributions or any interest\nthereon from the retirement system.\n 9. A member who has made the additional contributions specified by\nthis subdivision may borrow a portion of such contributions, pursuant to\nthe provisions of section six hundred thirteen-b of this article.\n * NB There are 3 § 604-c's\n