§ 604-F — Twenty-five year retirement program for deputy sheriff members

New York § 604-F

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

Text

* § 604-f. Twenty-five year retirement program for deputy sheriff\nmembers. a. Definitions. The following words and phrases as used in this\nsection shall have the following meanings unless a different meaning is\nplainly required by the context.\n 1. "Deputy sheriff" shall mean a member (as defined in subdivision e\nof section six hundred one of this article) who is employed by the city\nof New York as a deputy city sheriff level one, deputy city sheriff\nlevel two, supervising deputy sheriff or administrative sheriff.\n 2. "Twenty-five year retirement program" shall mean all the terms and\nconditions of this section.\n 3. "Starting date of the twenty-five year retirement program" shall\nmean the date of enactment of this section, as such date is certified\npursuant to section forty-one of the legislative law.\n 4. "Participant in the twenty-five year retirement program" shall mean\nany deputy sheriff member 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-five year\nretirement program, as applicable to him or her.\n 5. "Discontinued member" shall mean a participant in the twenty-five\nyear retirement program who, while he or she was a deputy sheriff\nmember, discontinued service as such a member and has a right to a\ndeferred 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-five year retirement program. 1. Subject to\nthe provisions of paragraphs six and seven of this subdivision, any\nperson who is deputy sheriff member on the starting date of the\ntwenty-five year retirement program and who, as such a deputy sheriff\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-five year retirement program by filing, within one hundred\neighty days after the starting date of the twenty-five 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 deputy sheriff member on the date such application is filed.\n 2. Subject to the provisions of paragraphs six and seven of this\nsubdivision, any person who becomes a deputy sheriff member after the\nstarting date of the twenty-five year retirement program and who, as\nsuch a deputy sheriff member of otherwise, last became subject to the\nprovisions of this article prior to such starting date, may elect to\nbecome a participant in the twenty-five year retirement program by\nfiling, within one hundred eighty days after becoming such a deputy\nsheriff member, a duly executed application for such participation with\nthe retirement system for which such person is a member, provided he or\nshe is such a deputy sheriff member on the date such application is\nfiled.\n 3. Any election to be a participant in the twenty-five year retirement\nprogram shall be irrevocable.\n 4. Each deputy sheriff member who becomes subject to the provisions of\nthis article on or after the starting date of the twenty-five year\nretirement program shall become a participant in the twenty-five year\nretirement program on the date he or she becomes such a deputy sheriff\nmember.\n 5. Where any participant in the twenty-five year retirement program\nshall cease to be employed by the city of New York as a deputy sheriff\nmember, he or she shall cease to be such a participant and, during any\nperiod in which such person is not so employed, he or she shall not be a\nparticipant in the twenty-five year retirement program and shall not be\neligible for the benefits of subdivision c of this section.\n 6. Where any participant in the twenty-five year retirement program\nterminates service as a deputy sheriff member and returns to such\nservice as a deputy sheriff member at a later date, he or she shall\nagain become such a participant on that date.\n 7. Notwithstanding any other provision of law to the contrary, any\nperson who is eligible to elect to become a participant in the\ntwenty-five year 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. 1. A participant in the twenty-five\nyear retirement program:\n (i) who has completed twenty-five or more years of credited service;\nand\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,\nnot less than thirty days subsequent to the execution and filing\nthereof, he or she desires to be retired; and\n (iv) who shall be a participant in the twenty-five year retirement\nprogram at the time so specified for his or her retirement; shall be\nretired pursuant to the provisions of this section affording early\nservice retirement.\n 2. (i) Notwithstanding any other provision of law to the contrary, and\nsubject to the provisions of paragraph six of subdivision e of this\nsection, the early service retirement benefit for participants in the\ntwenty-five year retirement program who retire pursuant to paragraph one\nof this subdivision shall be a retirement allowance consisting of:\n (A) an amount, on account of the required minimum period of service,\nequal to fifty-five percent of his or her final average salary; plus\n (B) an amount on account of credited service, or fraction thereof,\nbeyond such required minimum period of service equal to one and\nseven-tenths percent of his or her final salary;\n (ii) The maximum retirement allowance computed without optional\nmodification payable pursuant to subparagraph (i) of this paragraph\nshall equal that payable upon completion of thirty years of service.\n d. Vesting. 1. A participant in the twenty-five year retirement\nprogram:\n (i) who discontinues service as such a participant, other than by\ndeath or retirement; and\n (ii) who prior to such discontinuance, completed five but less than\ntwenty-five years of credited service; and\n (iii) who, subject to the provisions of paragraph seven of subdivision\ne of this section, has paid, prior to such discontinuance, all\nadditional member contributions and interest (if any) required by\nsubdivision e of this section; and\n (iv) who 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; shall be entitled to receive a\ndeferred vested benefit as provided in this 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) 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. Subject to the provisions of paragraph seven of subdivision e of\nthis section, such deferred vested benefit shall be a retirement\nallowance consisting of an amount equal to two and two-tenths percent of\nsuch discontinued member's final average salary, multiplied by the\nnumber of years of credited service.\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-five year retirement program shall\ncontribute to the retirement system of which he or she is a member\n(subject to the applicable provisions of subdivision d of section six\nhundred thirteen of this article) an additional six and three-quarters\npercent of his or her compensation earned from (i) all credited service,\nas a participant in the twenty-five year retirement program, rendered on\nor after the starting date of the twenty-five year retirement program,\nand (ii) all credited service after such person ceases to be a\nparticipant, but before he or she again becomes a participant pursuant\nto paragraph six of subdivision b of this section. The additional\ncontributions required by this subdivision shall be in lieu of\nadditional member contributions required by (i) subdivision d of section\nsix hundred four-c of this article, as added by chapter ninety-six of\nthe laws of nineteen hundred ninety-five, or (ii) subdivision f of\nsection six hundred four-d of this article, and no member making\ncontributions pursuant to this section shall be required to make\ncontributions pursuant to either such subdivision d of section six\nhundred four-c of this article, or such subdivision f of section six\nhundred four-d of this article.\n 2. A participant in the twenty-five year retirement program shall\ncontribute additional member contributions until the later of (i) the\nfirst anniversary of the starting date of the twenty-five year\nretirement program, or (ii) the date on which he or she completes thirty\nyears of credited service as a deputy sheriff member.\n 3. Commencing with the first full payroll period after each person\nbecomes a participant in the twenty-five year retirement program,\nadditional member contributions at the rate specified in paragraph one\nof this subdivision shall be deducted (subject to the applicable\nprovisions of subdivision d of section six hundred thirteen of this\narticle) from the compensation of such participant on each and every\npayroll of such participant for each and every payroll period for which\nhe or she is such a participant.\n 4. (i) Each participant in the twenty-five year retirement program\nshall be charged with a contribution deficiency consisting of the total\namounts of additional member contributions such person is required to\nmake pursuant to paragraphs one and two of this subdivision which are\nnot deducted from his or her compensation pursuant to paragraph three of\nthis subdivision, if any, together with interest thereon, compounded\nannually, and computed in accordance with the provisions of\nsubparagraphs (ii) and (iii) of this paragraph.\n (ii) (A) The interest required to be paid on each such amount\nspecified in subparagraph (i) of this paragraph shall accrue from the\nend of the payroll period for which such amount would have been deducted\nfrom compensation if he or she had been a participant at the beginning\nof that payroll period and such deduction had been required for such\npayroll period, until such amount is paid to the retirement system.\n (B) 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 (iii) Except as otherwise provided in paragraph five of this\nsubdivision, no interest shall be due on any unpaid additional member\ncontributions which are not attributable to a period prior to the first\nfull payroll period referred to in paragraph three of this subdivision.\n 5. (i) Should any person who, pursuant to subparagraph (ii) of\nparagraph ten of this subdivision, has received a refund of his or her\nadditional member contributions including any interest paid on such\ncontributions, again become a participant in the twenty-five 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 (ii) of this paragraph) for any credited\nservice for which such person received a refund of such additional\nmember contributions (including any amount of an unpaid loan balance\ndeemed to have been returned to such person pursuant to this\nsubdivision), as if such additional member contributions never had been\npaid.\n (ii)(A) Interest on a participant's additional member contributions\nincluded in such participant's contribution deficiency pursuant to\nsubparagraph (i) of this paragraph shall be calculated as if such\nadditional member contributions had never been paid by such participant,\nand such interest shall accrue from the end of the payroll period to\nwhich an amount of such additional member contributions is attributable,\nuntil such amount is paid to the retirement system.\n (B) The rate of interest to be applied to each such amount during the\nperiod for which interest accrues on that amount shall be five percent\nper annum, compounded annually.\n 6. 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 paragraphs\nfour and five of this subdivision, that participant, nevertheless, shall\nbe eligible to retire pursuant to subdivision c of this section,\nprovided, however, that such participant's service retirement benefit\ncalculated pursuant to paragraph two of such subdivision c shall be\nreduced by a life annuity (calculated in accordance with the method set\nforth in subdivision i of section six hundred thirteen-b of this\narticle) which is actuarially equivalent to the amount of any unpaid\ncontribution deficiency chargeable to such member pursuant to paragraphs\nfour and five of this subdivision.\n 7. Where a participant who is otherwise eligible for a vested right to\na deferred benefit pursuant to subdivision d of this section did not,\nprior to the date of discontinuance of service, pay the entire amount of\na contribution deficiency chargeable to him or her pursuant to\nparagraphs four and five of this subdivision, he or she nevertheless,\nshall be eligible for a vested right to a deferred benefit pursuant to\nsubdivision d of this section, provided, however, that the deferred\nvested benefit calculated pursuant to paragraph three of such\nsubdivision d shall be reduced by a life annuity (calculated in\naccordance with the method set forth in subdivision i of section six\nhundred thirteen-b of this article) which is actuarially equivalent to\nthe amount of any unpaid contribution deficiency chargeable to such\nmember pursuant to paragraphs four and five of this subdivision.\n 8. The head of a retirement system which includes participants in the\ntwenty-five year retirement program in its membership may, consistent\nwith the 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 9. Subject to the provisions of paragraphs six and seven of this\nsubdivision, where a participant has not paid in full any contribution\ndeficiency chargeable to him or her pursuant to paragraphs four and five\nof this subdivision, and a benefit, other than a refund of member\ncontributions pursuant to section six hundred thirteen of this article\nor a refund of additional member contributions pursuant to subparagraph\n(ii) of paragraph ten of this subdivision, becomes payable under this\narticle 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 10. (i) Such additional member contributions (and any interest\nthereon) shall be paid into the contingent reserve fund of the\nretirement system of which the participant is a member and shall not for\nany purpose be deemed to be member contributions or accumulated\ncontributions of a member under section six hundred thirteen of this\narticle or otherwise while he or she is a participant in the twenty-five\nyear retirement program or otherwise, except that, a surplus of such\nadditional member contributions that are paid into the retirement\nsystem's contingent reserve fund may be used for the sole purpose of\noffsetting a deficit of basic member contributions.\n (ii) Should a participant in the twenty-five year retirement program\nwho has rendered less than fifteen years of credited service cease to\nhold a position as a deputy sheriff member for any reason whatsoever,\nhis or her accumulated additional member contributions made pursuant to\nthis subdivision (together with any interest thereon paid to the\nretirement system) 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) 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 retirement program,\nshall be permitted to withdraw any such additional member contributions\nor any interest paid thereon pursuant to any of the preceding\nsubparagraphs of this paragraph or otherwise.\n 11. 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 * NB There are 2 § 604-f's\n