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

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

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

shall mean a member of the uniformed force of the department of

correction of the city of New York who holds the rank of correction

captain; assistant deputy warden, also known as warden correction level

I; deputy warden or deputy warden-in-command, also known as warden

correction level II; warden or deputy chief, also known as warden

correction level III; or chief of department, also known as warden

correction in the correction service of such city.

3. "New York city correction member of the rank of captain or above"

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 of

the rank of captain or above 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 for captains and

above" shall mean all the terms and conditions of this section.

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

program for captains and above" 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

for captains and above" shall mean any New York city correction member

of the rank of captain or above 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 for captains and above, 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.

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

captains and above. 1. Subject to the provisions of paragraph five of

this subdivision and of subparagraph (iii) of paragraph seven of

subdivision d of section four hundred forty-five-a of this article, any

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

or above on the starting date of the twenty-year improved benefit

retirement program for captains and above may elect to become a

participant in the twenty-year improved benefit retirement program for

captains and above by filing, within ninety 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 of the

rank of captain or above on the date such application is filed.

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

of subparagraph (iii) of paragraph seven of subdivision d of section

four hundred forty-five-a of this article, any person who becomes a New

York city correction member of the rank of captain or above after the

starting date of the twenty-year improved benefit retirement program for

captains and above may elect to become a participant in the twenty-year

improved benefit retirement program for captains and above by filing,

within ninety 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 of the rank of captain or

above on the date such application is filed.

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

benefit retirement program for captains and above shall be irrevocable.

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

retirement program for captains and above shall cease to hold the

position of New York city correction officer of the rank of captain or

above, 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 of the rank of captain or above, he or she shall not

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

for captains and above 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 for captains and above terminates service as a New

York city correction officer of the rank of captain or above and returns

to such service as a New York city correction member of the rank of

captain or above at a later date, he or she shall again become such a

participant on that date.

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

subject to the provisions of paragraph nine of subdivision d of this

section, where a participant in the twenty-year improved benefit

retirement program for captains and above is otherwise qualified for a

retirement allowance pursuant to section 13-155 of the administrative

code, 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; and

4. notwithstanding any other provision of this article to the

contrary, that participant 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 for captains and above shall contribute (subject to the

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

additional percentage of his or her compensation to the retirement

system in accordance with the following schedule:

(i) each such participant who became a New York city correction member

of the rank of captain or above prior to November first, nineteen

hundred ninety-two shall contribute an additional five and fifty-nine

one-hundredths percent of his or her compensation earned from all

service as a New York city correction member of the rank of captain or

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

improved benefit retirement program for captains and above;

(ii) each such participant who became or becomes a New York city

correction member of the rank of captain or above for the first time on

or after November first, nineteen hundred ninety-two shall contribute an

additional seven and forty-six one-hundredths percent of his or her

compensation earned from all service as a New York city correction

member of the rank of captain or above rendered on and after the

starting date of the twenty-year improved benefit retirement program for

captains and above.

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

program for captains and above shall contribute additional member

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

years of credited service under such retirement program.

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

become a participant in the twenty-year improved benefit retirement

program for captains and above, additional member contributions at the

applicable 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.

4. In addition to the member contributions required pursuant to

section 13-155 of the administrative code, and the additional member

contributions required pursuant to paragraph one of this subdivision,

each participant in the twenty-year improved benefit retirement program

for captains and above who, prior to becoming such a participant,

rendered service as a New York city correction member of the rank of

captain or above on or after December nineteenth, nineteen hundred

ninety and prior to the starting date of the twenty-year improved

benefit retirement program for captains and above and/or service as a

New York city correction member below the rank of captain on or after

December nineteenth, nineteen hundred ninety and prior to becoming such

a participant shall make retroactive additional member contributions to

the retirement system based on such service in accordance with the

following schedule:

(i) each such participant who became a New York city correction member

of the rank of captain or above prior to November first, nineteen

hundred ninety-two shall contribute an amount equal to five and

fifty-nine one-hundredths percent of his or her compensation earned

from:

(A) all service as a New York city correction member of the rank of

captain or above rendered on and after December nineteenth, nineteen

hundred ninety and prior to the starting date of the twenty-year

improved benefit retirement program for captains and above; and

(B) all service as a New York city correction member below the rank of

captain rendered on and after December nineteenth, nineteen hundred

ninety and prior to becoming a participant in the twenty-year improved

benefit retirement program for captains and above;

(ii) each such participant who became or becomes a New York city

correction member of the rank of captain or above for the first time on

or after November first, nineteen hundred ninety-two shall contribute an

amount equal to seven and forty-six one-hundredths percent of his or her

compensation earned from:

(A) all service as a New York city correction member of the rank of

captain or above rendered on and after November first, nineteen hundred

ninety-two and prior to the starting date of the twenty-year improved

benefit retirement program for captains and above; and

(B) all service as a New York city correction member below the rank of

captain rendered on and after December nineteenth, nineteen hundred

ninety and prior to becoming a participant in the twenty-year improved

benefit retirement program for captains and above.

5. Each participant in the twenty-year improved benefit retirement

program for captains and above who is required to make retroactive

additional member contributions in accordance with the provisions of

paragraph four of this subdivision shall be charged with a contribution

deficiency consisting of the amounts of such retroactive additional

member contributions determined in accordance with such paragraph four,

together with interest thereon compounded annually, and

(i) such interest on each such amount 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 and such deduction had been required for such

payroll period, until such amount is paid to the retirement system; and

(ii) the rate of interest to be applied to each such 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.

6. Where a person who became or becomes a participant in the

twenty-year improved benefit retirement program for captains and above

has rendered less than fifteen years of credited service as of the date

he or she became or becomes a New York city correction member of the

rank of captain or above, the amount of the contribution deficiency

charged to such a participant pursuant to paragraph five of this

subdivision, consisting of retroactive additional member contributions

plus interest on such amounts, shall be reduced by an amount equal to

the additional member contributions which such participant made pursuant

to paragraph one of subdivision d of section four hundred forty-five-a

of this article as a participant in the twenty-year improved benefit

retirement program for correction officers below the rank of captain

(together with any interest thereon) which are on deposit in the

contingent reserve fund of the retirement system on the date such person

became or becomes a participant in the twenty-year improved benefit

retirement program for captains and above.

7. (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 three 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 unpaid amount 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 otherwise provided in subparagraph (iii) of this

paragraph, no interest shall be due on any unpaid additional member

contributions which are not attributable to the period prior to the

first full payroll period referred to in paragraph three of this

subdivision.

(iii) Should any person who, pursuant to paragraph eleven 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 for captains and above 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.

8. 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 for captains and above (including the deduction of such

contributions, and any interest thereon, from his or her compensation).

9. Where a participant, who is otherwise eligible to have the benefits

of subdivision c of this section applied to the calculation of his or

her retirement allowance, did not, while he or she was a correction

member of the rank of captain or above, pay the entire amount of a

contribution deficiency chargeable to him or her pursuant to paragraphs

five and/or seven of this subdivision, that participant, nevertheless,

shall be entitled to the benefits of subdivision c of this section,

provided, however, that the retirement allowance, as modified by the

provisions of such subdivision c, shall be reduced by the actuarial

equivalent of the amount of any contribution deficiency pursuant to such

paragraphs five and/or seven which such participant did not pay while he

or she was a correction member of the rank of captain or above.

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

deficiency chargeable to him or her pursuant to paragraphs five and/or

seven 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 eleven of this subdivision, or a

retirement allowance which has been reduced pursuant to the provisions

of paragraph nine 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.

11. (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 for captains and above or otherwise.

(ii) (A) Should a participant in the twenty-year improved benefit

retirement program for captains and above who has rendered less than

fifteen years of credited service cease to hold the position of New York

city correction officer of the rank of captain or above 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 at the rate of eight

and one-quarter percent per annum, compounded annually.

(B) Upon the death of a participant in the twenty-year improved

benefit retirement program for captains and above, there shall be paid

to such person as he or she has nominated or shall nominate to receive

his or her accumulated deductions by written designation duly executed

and filed with the retirement system during the lifetime of such

participant, or, to his or her estate if no such person is nominated,

his or her accumulated additional member contributions made pursuant to

this subdivision (including any interest thereon paid to the retirement

system), together with interest thereon at the rate of eight and

one-quarter percent per annum, compounded annually.

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

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

participant or otherwise, shall have a right to withdraw such additional

member contributions or any interest thereon from the retirement system.

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

member of the retirement system shall not be permitted to borrow any

portion of his or her additional member contributions (including any

interest paid thereon) which are subject to this subdivision.

13. Notwithstanding any other provisions 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.

14. 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.

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

this article shall apply to participants under this section.