N.Y. Retirement & Social Security Law § 445-a: Optional twenty-year improved benefit retirement program for New York city correction members below the rank of captain

§ 445-a. Optional twenty-year improved benefit retirement program for

New York city correction members below the rank of captain. a.

Definitions. The following words and phrases as used in this section

shall have the following meanings unless a different meaning is plainly

required by the context.

1. "Retirement system" shall mean the New York city employees'

retirement system.

2. "New York city correction officer below the rank of captain" shall

mean a member of the uniformed force of the New York city department of

correction who holds the rank of correction officer below the rank of

captain in the correction service of the classification of the

department of personnel of such city.

3. "New York city correction member below the rank of captain" shall

mean a member of the retirement system who is subject to the provisions

of this article, who is a New York city correction officer below the

rank of captain and who has elected to contribute to the retirement

system on the basis of a minimum retirement period of twenty years of

credited service pursuant to the optional retirement provisions of

section 13-155 of the administrative code.

4. "Twenty-year improved benefit retirement program" shall mean all

the terms and conditions of this section.

5. "Starting date of the twenty-year improved benefit retirement

program" shall mean the effective date of this section, as such date is

certified pursuant to section forty-one of the legislative law.

6. "Participant in the twenty-year improved benefit retirement

program" shall mean any New York city correction member below the rank

of captain who, under the applicable provisions of subdivision b of this

section, is entitled to the rights, benefits and privileges and is

subject to the obligations of the twenty-year improved benefit

retirement program, as applicable to him or her.

7. "Administrative code" shall mean the administrative code of the

city of New York.

8. "Accumulated deductions" shall mean accumulated deductions as

defined in subdivision eleven of section 13-101 of the administrative

code.

9. "New York city correction officer of the rank of captain or above"

shall have the same meaning as set forth in paragraph two of subdivision

a of section four hundred forty-five-c of this article.

10. "Twenty-year improved benefit retirement program for captains and

above" shall mean all the terms and conditions of section four hundred

forty-five-c of this article.

11. "Starting date of the twenty-year improved benefit retirement

program for captains and above" shall have the same meaning as set forth

in paragraph five of subdivision a of section four hundred forty-five-c

of this article.

b. Election of twenty-year improved benefit retirement program. 1.

Subject to the provisions of paragraph five of this subdivision, any

person who is a New York city correction member below the rank of

captain on the starting date of the twenty-year improved benefit

retirement program may elect to become a participant in the twenty-year

improved benefit retirement program by filing, within one hundred eighty

days after such starting date, a duly executed application for such

participation with the retirement system, provided he or she is such a

correction member below the rank of captain on the date such application

is filed.

2. Subject to the provisions of paragraph five of this subdivision,

any person who becomes a New York city correction member below the rank

of captain after the starting date of the twenty-year improved benefit

retirement program may elect to become a participant in the twenty-year

improved benefit retirement program by filing, within one hundred eighty

days after becoming such a correction member, a duly executed

application for such participation with the retirement system, provided

he or she is such a correction member below the rank of captain on the

date such application is filed.

3. Any election to be a participant in the twenty-year improved

benefit retirement program shall be irrevocable.

4. Where any participant in the twenty-year improved benefit

retirement program shall cease to hold the position of New York city

correction officer below the rank of captain, he or she shall cease to

be such a participant and, during any period in which such person does

not hold the position of New York city correction officer below the rank

of captain, he or she shall not be a participant in the twenty-year

improved benefit retirement program and shall not be eligible for the

benefits of subdivision c of this section.

5. Where any participant in the twenty-year improved benefit

retirement program terminates service as a New York city correction

officer below the rank of captain and returns to such service as a New

York city correction member below the rank of captain at a later date,

he or she shall again become such a participant on that date.

6. Where any participant in the twenty-year improved benefit

retirement program terminates service as a correction officer below the

rank of captain, attains the rank of captain in the uniformed force of

the New York city department of correction and thereafter terminates

such service and immediately returns to service in the rank of

correction officer below the rank of captain, he or she shall be

eligible to purchase service credit for the period during which he or

she held the rank of captain, provided he or she shall be charged with a

contribution deficiency based upon his or her compensation as a captain

and pay additional member contributions as provided in subdivision d of

this section at the same rate he or she would have had to contribute if

he or she held the rank of correction officer below the rank of captain

during such time and had no such break in service; provided further that

he or she shall be permitted to purchase such credit if he or she

immediately returns to service in the rank of correction officer below

the rank of captain only during the eighteen month probationary period,

or such greater probationary period as may be applicable, unless he or

she is involuntarily transferred from the position of captain to

correction officer below the rank of captain in which event he or she

shall be authorized to purchase such service credit.

c. Notwithstanding any other provision of law to the contrary, where a

participant in the twenty-year improved benefit retirement program, who

is otherwise qualified for a retirement allowance pursuant to section

13-155 of the administrative code, has made and/or paid, while he or she

is a New York city correction member below the rank of captain, all

additional member contributions and interest (if any) required by

subdivision d of this section, then:

1. That participant, while he or she remains a participant, shall not

be subject to the provisions of subdivision a of section four hundred

forty-five of this article; and

2. If that participant, while such a participant, retires for service,

he or she shall not be subject to the provisions of section four hundred

forty-four of this article; and

3. The maximum retirement benefit computed without optional

modification payable to that participant upon his or her retirement for

service as such a participant shall equal that payable upon completion

of thirty years of service.

4. Notwithstanding any other provision of this article to the

contrary, a participant in the twenty-year improved benefit retirement

program shall be entitled to the application of the same provisions with

respect to credited service as now or hereinafter apply to a similarly

situated correction officer under this article who is not a participant

in such retirement program.

d. Additional member contributions. 1. In addition to the member

contributions required pursuant to section 13-155 of the administrative

code, each participant in the twenty-year improved benefit retirement

program shall contribute (subject to the applicable provisions of

section 13-125.1 of the administrative code) an additional six and

thirty-seven one-hundredths percent of his or her compensation earned

from all service as a New York city correction member below the rank of

captain rendered on and after the starting date of the twenty-year

improved benefit retirement program. A participant in the twenty-year

improved benefit retirement program shall contribute additional member

contributions only until he or she is eligible to retire with twenty

years of credited service under such retirement program.

2. Commencing with the first full payroll period after each person

becomes a participant in the twenty-year improved benefit retirement

program, additional member contributions at the rate specified in

paragraph one of this subdivision shall be deducted (subject to the

applicable provisions of section 13-125.1 of the administrative code)

from the compensation of such participant on each and every payroll of

such participant for each and every payroll period.

3. (i) Subject to the provisions of subparagraph (ii) of this

paragraph, where any additional member contributions required by

paragraph one of this subdivision are not paid by deductions from a

participant's compensation pursuant to paragraph two of this

subdivision:

(A) that participant shall be charged with a contribution deficiency

consisting of such unpaid amounts, together with interest thereon,

compounded annually; and

(B) such interest on each amount of undeducted contributions shall

accrue from the end of the payroll period for which such amount would

have been deducted from compensation if he or she had been a participant

at the beginning of that payroll period, until such amount is paid to

the retirement system; and

(C) the rate of interest to be applied to each such amount during the

period for which interest accrues on that amount shall be equal to the

rate or rates of interest required by law to be used during that same

period to credit interest on the accumulated deductions of retirement

system members.

(ii) Except as provided in subparagraph (iii) of this paragraph, no

interest shall be due on any unpaid additional contributions which are

not attributable to the period prior to the first full payroll period

referred to in paragraph two of this subdivision.

(iii) Should any person who, pursuant to paragraph seven of this

subdivision, has withdrawn any additional member contributions (and any

interest paid thereon) again become a participant in the twenty-year

improved benefit retirement program pursuant to paragraph five of

subdivision b of this section, an appropriate amount shall be included

in such participant's contribution deficiency (including interest

thereon as calculated pursuant to subparagraph (i) of this paragraph) as

if such additional contributions had never been made.

4. The board of trustees of the retirement system may, consistent with

the provisions of this subdivision, promulgate regulations for the

payment of such additional member contributions, and any interest

thereon, by a participant in the twenty-year improved benefit retirement

program (including the deduction of such contributions, and any interest

thereon, from his or her compensation).

5. Where a contribution deficiency chargeable to a participant

pursuant to paragraph three of this subdivision has not been paid in

full while the participant is a New York city correction member below

the rank of captain, that participant shall not be entitled to the

benefits provided in subdivision c of this section.

6. Where a participant has not paid in full any contribution

deficiency chargeable to him or her pursuant to paragraph three of this

subdivision, and a benefit, other than a refund of a member's

accumulated deductions or a refund of additional member contributions

pursuant to paragraph seven of this subdivision, becomes payable by the

retirement system to the participant or to his or her designated

beneficiary or estate, the actuarial equivalent of any such unpaid

amount shall be deducted from the benefit otherwise payable.

7. (i) All additional member contributions required by this

subdivision (and any interest thereon) which are received by the

retirement system shall be paid into its contingent reserve fund and

shall be the property of the retirement system. Such additional member

contributions (and any interest thereon) shall not for any purpose be

deemed to be accumulated deductions of a member of the retirement system

while he or she is a participant in the twenty-year improved benefit

retirement program or otherwise.

(ii) Except as otherwise provided in subparagraph (iii) of this

paragraph, should a participant in the twenty-year improved benefit

retirement program, who has rendered less than fifteen years of credited

service cease to hold the position of New York city correction officer

below the rank of captain for any reason whatsoever, his or her

accumulated additional member contributions made pursuant to this

subdivision (together with any interest thereon paid to the retirement

system) may be withdrawn by him or her pursuant to procedures

promulgated in regulations of the board of trustees of the retirement

system, together with interest thereon equal to eight and one-quarter

percent per annum, compounded annually.

(iii) (A) Notwithstanding any other provision of law to the contrary,

any person who has been promoted directly from the position of New York

city correction officer below the rank of captain to the position of New

York city correction officer of the rank of captain or above, who

withdraws any portion of his or her accumulated additional member

contributions pursuant to subparagraph (ii) of this paragraph on or

after the starting date of the twenty-year improved benefit retirement

program for captains and above, shall not be eligible to elect to become

a participant in the twenty-year improved benefit retirement program for

captains and above.

(B) Notwithstanding any other provision of law to the contrary, any

former participant in the twenty-year improved benefit retirement

program who becomes a participant in the twenty-year improved benefit

retirement program for captains and above, and who has additional member

contributions on deposit in the contingent reserve fund of the

retirement system at the time he or she becomes a participant in the

twenty-year improved benefit retirement program for captains and above,

shall not be permitted to withdraw any portion of such accumulated

additional member contributions pursuant to the provisions of

subparagraph (ii) of this paragraph at any time while he or she is a

participant in the twenty-year improved benefit retirement program for

captains and above.

(iv) Except as otherwise provided in subparagraph (ii) of this

paragraph, no member of the retirement system, while he or she is a

participant in such retirement program or otherwise, shall have a right

to withdraw such additional member contributions or any interest thereon

from the retirement system.

8. No member of the retirement system shall be permitted to borrow any

portion of the additional member contributions (including any interest

paid thereon) which are subject to this subdivision.

9. Notwithstanding any other provision of law to the contrary, the

provisions of section one hundred thirty-eight-b of this chapter shall

not be applicable to the additional member contributions which are

required by this subdivision.

10. Notwithstanding any other provision of law to the contrary, the

additional member contributions which are required by this subdivision

shall not be reduced under any program for increased-take-home-pay.

e. The provisions of subdivision b of section four hundred forty of

this article shall apply to participants under this section.