§ 604-F*2 — Twenty-five year retirement program for special officer, parking control specialist, school safety agent, campus peace officer or New Yor...

New York § 604-F*2

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

Text

* § 604-f. Twenty-five year retirement program for special officer,\nparking control specialist, school safety agent, campus peace officer or\nNew York city taxi and limousine inspector members. a. Definitions. The\nfollowing words and phrases as used in this section shall have the\nfollowing meanings unless a different meaning is plainly required by the\ncontext.\n 1. "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 2. "Parking control specialist" shall mean a peace officer employed by\nthe New York city department of transportation as a parking control\nspecialist.\n 3. "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 4. "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 5. "Taxi and limousine inspector" shall mean a peace officer of any\nrank employed by the New York city taxi and limousine commission.\n 6. "Twenty-five year retirement program" shall mean all the terms and\nconditions of this section.\n 7. "Starting date of the twenty-five year retirement program" shall\nmean that date of enactment 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 one of this subdivision made in section six of the chapter of\nthe laws of two thousand three which amended this paragraph.\n 8. "Participant in the twenty-five year retirement program" shall mean\na special officer, parking control specialist, school safety agent,\ncampus peace officer or taxi and limousine inspector member who, under\nthe applicable provisions of subdivision b of this section, is entitled\nto the rights, benefits and privileges and is subject to the obligations\nof the twenty-five year retirement program, as applicable to him or her.\n 9. "Discontinued member" shall mean a participant in the twenty-five\nyear retirement program who, while he or she was a special officer,\nparking control specialist, school safety agent, campus peace officer or\ntaxi and limousine inspector member, discontinued service as such a\nmember and has a right to a deferred vested benefit under subdivision d\nof this section.\n 10. "Administrative code" shall mean the administrative code of the\ncity of New York.\n 11. "Allowable service" as a special officer, parking control\nspecialist, school safety agent, campus peace officer and 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 or the New York city taxi and limousine commission or the\ncity of New York housing authority in a title whose duties are those of\na peace officer under the criminal procedure law.\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 a special officer, parking control specialist, school\nsafety agent, campus peace officer or taxi and limousine inspector\nmember on the starting date of the twenty-five year retirement program\nand who, as such a 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-five year retirement program by\nfiling, within one hundred eighty days after the starting date of the\ntwenty-five year retirement program, a duly executed application for\nsuch participation with the retirement system of which such person is a\nmember, provided he or she is such a member on the date such application\nis filed.\n 2. Subject to the provisions of paragraphs six and seven 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 retirement program and who, as such a member or otherwise, last\nbecame subject to the provisions of this article prior to such starting\ndate, may elect to become a participant in the twenty-five year\nretirement program by filing, within one hundred eighty days after\nbecoming such a member, a duly executed application for such\nparticipation with the retirement system for which such person is a\nmember, provided he or she is such a member on the date such application\nis filed.\n 3. Each special officer, parking control specialist, school safety\nagent, campus peace officer or taxi and limousine inspector member,\nother than such a member subject to paragraph one or two of this\nsubdivision, who becomes subject to the provisions of this article on or\nafter the starting date of the twenty-five year retirement program shall\nbecome a participant in the twenty-five year retirement program on the\ndate he or she becomes such a special officer, parking control\nspecialist, school safety agent, campus peace officer or taxi and\nlimousine inspector member. Provided, however, a person subject to this\nparagraph, who has exceeded age thirty upon employment as such a member,\nshall be exempt from participation in the improved twenty-five year\nretirement program if such person elects not to participate by filing a\nduly executed form with the retirement system within one hundred eighty\ndays of becoming such a member.\n 4. Any election to be a participant in the twenty-five year retirement\nprogram shall be irrevocable.\n 5. Where any participant in the twenty-five year retirement program\nshall cease to be employed as a special officer, parking control\nspecialist, school safety agent, campus peace officer or taxi and\nlimousine inspector member, he or she shall cease to be such a\nparticipant and, during any period in which such person is not so\nemployed, he or she shall not be a participant in the twenty-five year\nretirement program and shall not be eligible for the benefits of\nsubdivision c of this section.\n 6. Where any participant in the twenty-five year retirement program\nterminates service as a special officer, parking control specialist,\nschool safety agent, campus peace officer or taxi and limousine\ninspector member and returns to such service as such a member at a later\ndate, he or she shall again 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 allowable service\nas a special officer, parking control specialist, school safety agent,\ncampus peace officer or taxi and limousine inspector member; 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,\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. 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: an\namount, on account of the required minimum period of service, equal to\nfifty percent of his or her final average salary; plus an amount on\naccount of allowable service as a special officer, parking control\nspecialist, school safety agent, campus peace officer or taxi and\nlimousine inspector member, or fraction thereof, beyond such required\nminimum period of service equal to two percent of his or her final\nsalary for such allowable service as such a member during the period\nfrom completion of twenty-five years of allowable service as such a\nmember to the date of retirement but not to exceed more than five years\nof additional service as such a member.\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 allowable service as a special officer, parking\ncontrol specialist, school safety agent, campus peace officer or taxi\nand limousine inspector member; 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 any amount equal to two percent of such\ndiscontinued member's final average salary, multiplied by the number of\nyears of allowable service as a special officer, parking control\nspecialist, school safety agent, campus peace officer or taxi and\nlimousine inspector member.\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,\nsubject to the applicable provisions of subdivision d of section six\nhundred thirteen of this article, an additional six and twenty-five\nhundredths percent of his or her compensation earned from (i) all\nallowable service, as a participant in the twenty-five year retirement\nprogram, rendered on or after the starting date of the twenty-five year\nretirement program, and (ii) all allowable service after such person\nceases to be a participant, but before he or she again becomes a\nparticipant pursuant to paragraph six of subdivision b of this section.\nThe additional contributions required by this subdivision shall be in\nlieu of additional member contributions required by subdivision d of\nsection six hundred four-c of this article as added by chapter\nninety-six of the laws of nineteen hundred ninety-five, and no member\nmaking additional contributions pursuant to this section shall be\nrequired to make contributions pursuant to such subdivision d of section\nsix hundred four-c 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 allowable service as a special officer, parking control\nspecialist, school safety agent, campus peace officer or taxi and\nlimousine inspector 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 contribution 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 paragraph twelve\nof this subdivision), as if such additional member contributions never\nhad been paid.\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, or repay the entire amount of a loan\nof his or her additional member contributions pursuant to paragraph\neleven of this 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 such\nparticipant's service retirement benefit calculated pursuant to\nparagraph two of such subdivision c shall be reduced by a life annuity,\ncalculated in accordance with the method set forth in subdivision i of\nsection six hundred thirteen-b of this article, which is actuarially\nequivalent to:\n (i) the amount of any unpaid contribution deficiency chargeable to\nsuch member pursuant to paragraphs four and five of this subdivision;\nplus\n (ii) the amount of any unpaid balance of a loan of his or her\nadditional member contributions pursuant to paragraph eleven of this\nsubdivision including accrued interest on such loan.\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, or repay the entire amount\nof a loan of his or her additional member contributions pursuant to\nparagraph eleven of this subdivision including accrued interest on such\nloan, that participant, nevertheless, shall be eligible for a vested\nright to a deferred benefit pursuant to subdivision d of this section\nprovided, however, that the deferred vested benefit calculated pursuant\nto paragraph three of such subdivision d shall be reduced by a life\nannuity calculated in accordance with the method set forth in\nsubdivision i of section six hundred thirteen-b of this article which is\nactuarially equivalent to:\n (i) the amount of any unpaid contribution deficiency chargeable to\nsuch member pursuant to paragraphs four and five of this subdivision;\nplus\n (ii) the amount of any unpaid balance of a loan of his or her\nadditional member contributions pursuant to paragraph eleven of this\nsubdivision including accrued interest on such loan.\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 dedication 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 special officer, parking control specialist, school\nsafety agent, campus peace officer or taxi and limousine inspector\nmember or 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 (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. A participant in the twenty-five year retirement program shall be\npermitted to borrow from his or her additional member contributions\nincluding any interest paid thereon which are credited to the additional\ncontributions account established for such participant in the contingent\nreserve fund of the retirement system. The borrowing from such\nadditional member contributions pursuant to this paragraph shall be\ngoverned by the rights, privileges, obligations and procedures set forth\nin section six hundred thirteen-b of this article which govern the\nborrowing of member contributions made pursuant to section six hundred\nthirteen of this article. 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 article as made\napplicable to this subdivision, promulgate regulations governing the\nborrowing of such additional member contributions.\n 12. Whenever a person has an unpaid balance of a loan of his or her\nadditional member contributions pursuant to paragraph eleven 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 ten of this subdivision, the amount of such unpaid loan\nbalance including accrued interest shall be deemed to have been returned\nto such member, and the refund of such additional contributions shall be\nthe net amount of such contributions, together with interest thereon in\naccordance with the provisions of such subparagraph (ii).\n * NB There are 2 § 604-f's\n