N.Y. Retirement & Social Security Law § 445-e*2: Optional twenty-five year improved benefit retirement program for EMT members

* § 445-e. Optional twenty-five year improved benefit retirement

program for EMT members. 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. "EMT member" shall mean a member of the retirement system who is

employed by the city of New York or by the New York city health and

hospitals corporation in a title whose duties are those of an emergency

medical technician or advanced emergency medical technician (as those

terms are defined in section three thousand one of the public health

law), or in a title whose duties require the supervision of employees

whose duties are those of an emergency medical technician or advanced

emergency medical technician (as those terms are defined in section

three thousand one of the public health law).

3. "Twenty-five year improved benefit retirement program" shall mean

all the terms and conditions of this section.

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

program" shall mean the date of enactment of this section.

5. "Participant in the twenty-five year improved benefit retirement

program" shall mean any EMT member 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-five year

improved benefit retirement program, as applicable to him or her.

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

city of New York.

7. "Accumulated deductions" shall mean accumulated deductions as

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

code of the city of New York.

8. "Optional retirement provisions" shall mean the right to retire and

receive a retirement allowance under this section upon the completion of

twenty-five years of allowable service as an EMT member.

9. "Allowable service as an EMT member" shall mean (i) all service as

an EMT member; and (ii) all service while employed by the city of New

York or by the New York city health and hospitals corporation in the

title motor vehicle operator.

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

1. Subject to the provisions of paragraphs five and six of this

subdivision, any person who is an EMT member on the starting date of the

twenty-five year improved benefit retirement program may elect to become

a participant in the twenty-five 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 an EMT member on the date

such application is filed.

2. Subject to the provisions of paragraphs five and six of this

subdivision, any person who becomes an EMT member after the starting

date of the twenty-five year improved benefit retirement program may

elect to become a participant in the twenty-five year improved benefit

retirement program by filing, within one hundred eighty days after

becoming such an EMT member, a duly executed application for such

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

EMT member on the date such application is filed.

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

benefit retirement program shall be irrevocable.

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

retirement program shall cease to hold a position as an EMT member, he

or she shall cease to be such a participant and, during any period in

which such a person does not hold such an EMT position, he or she shall

not be a participant in the twenty-five 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-five year improved benefit

retirement program terminates service as an EMT member and returns to

such service as an EMT member at a later date, he or she shall again

become such a participant on that date.

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

person who is eligible to become a participant in the twenty-five year

improved benefit retirement program pursuant to paragraph one or two of

this subdivision for the full one hundred eighty day period provided for

in such applicable paragraph and who fails to timely file a duly

executed application for such participation with the retirement system,

shall not thereafter be eligible to become a participant in such

program.

c. Service retirement benefits. Notwithstanding any other provision of

law to the contrary, where a participant in the twenty-five year

improved benefit retirement program, who is otherwise qualified for a

retirement allowance pursuant to the optional retirement provisions set

forth in subdivision a of this section, has made and/or paid, while he

or she is an EMT member, 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. his or her retirement allowance shall be an amount, on account of

the required minimum period of service, equal to the sum of (i) an

annuity which shall be the actuarial equivalent of the accumulated

deductions for his or her pay during such period, (ii) a pension for

increased-take-home-pay which shall be the actuarial equivalent of the

reserve for increased-take-home-pay to which he or she may be entitled

for such period, and (iii) a pension which, when added to such annuity

and such pension for increased-take-home-pay, produces a retirement

allowance equal to fifty percent of his or her final average salary,

plus an amount for each additional year of allowable service as an EMT

member, or fraction thereof, beyond such required minimum period of

service equal to two percent of his or her final average salary for such

allowable service as an EMT member during the period from completion of

twenty-five years of allowable service as an EMT member to the date of

retirement but not to exceed more than five years of additional service

as an EMT member.

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

contributions required pursuant to section 13-125 or 13-162 of the

administrative code of the city of New York, each participant in the

twenty-five year improved benefit retirement program shall contribute,

subject to the applicable provisions of section 13-125.2 of the

administrative code of the city of New York, an additional six and

twenty-five one-hundredths percent of his or her compensation earned

from all allowable service as an EMT member, as a participant in the

twenty-five year improved benefit retirement program, rendered on and

after the starting date of the improved benefit retirement program, and

all allowable service as an EMT member after such person ceases to be a

participant, but before he or she again becomes a participant pursuant

to paragraph five of subdivision b of this section. A participant in the

twenty-five year improved benefit retirement program shall contribute

additional member contributions until the later of the date as of which

he or she is eligible to retire with thirty years of allowable service

as an EMT member under such retirement program, or the first anniversary

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

program. The additional contributions required by this paragraph shall

be in lieu of additional member contributions required by subdivision d

of section four hundred forty-five-d of this chapter, as added by

chapter ninety-six of the laws of nineteen hundred ninety-five, and no

member paying additional contributions pursuant to this section shall be

required to pay additional contributions pursuant to such subdivision d

of section four hundred forty-five-d of this chapter.

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

becomes a participant in the twenty-five 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 13-125.2 of the

administrative code of the city of New York, from the compensation of

such participant on each and every payroll of such participant for each

and every payroll period for which he or she is such a participant.

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 and such deductions had been

required for such payroll period until such amount is paid to the

retirement system; and

(C) (1) interest on each such amount included in such participant's

contribution deficiency pursuant to this subparagraph shall be

calculated as if such additional member contributions never had been

paid by such participant, and such interest shall accrue from the end of

the payroll period to which an amount of such additional member

contributions is attributable, compounded annually, until such amount is

paid to the retirement system.

(2) 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-five

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 this paragraph) for any credited

service with respect to which such person received a refund of

additional member contributions (including any amount of an unpaid loan

balance deemed to have been returned to such person pursuant to

paragraph seven of this subdivision), as if such additional member

contributions never had been paid.

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

the provisions of this subdivision, promulgate regulations for the

payment of the additional member contributions required by this

subdivision, and any interest thereon, by a participant in the

twenty-five year improved benefit retirement program (including the

deduction of such contributions, and any interest thereon, from his or

her compensation).

5. Where a participant who is otherwise eligible for service

retirement pursuant to subdivision c of this section did not, prior to

the effective date of retirement, pay the entire amount of a

contribution deficiency chargeable to him or her pursuant to paragraph

three of this subdivision, or repay the entire amount of a loan of his

or her additional member contributions pursuant to paragraph eight of

this subdivision (including accrued interest on such loan), that

participant, nevertheless, shall be eligible to retire pursuant to

subdivision c of this section, provided, however, that where such

participant is not entitled to a refund of additional member

contributions pursuant to paragraph seven of this subdivision, such

participant's service retirement benefit calculated pursuant to the

applicable provisions of subdivision c of this section shall be reduced

by a life annuity (calculated in accordance with the method set forth in

subdivision i of section six hundred thirteen-b of this chapter) which

is actuarially equivalent to:

(i) the amount of any unpaid contribution deficiency chargeable to

such member pursuant to paragraph three of this subdivision; plus

(ii) the amount of any unpaid balance of a loan of his or her

additional member contributions pursuant to paragraph eight of this

subdivision (including accrued interest on such loan).

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

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 member contributions or accumulated deductions of a member

of the retirement system under section 13-125 or 13-162 of the

administrative code of the city of New York while he or she is a

participant in the twenty-five year improved benefit retirement program

or otherwise.

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

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

service cease to hold a position as an EMT member 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) which remain credited to such participant's

account 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 interest required

by law to be used to credit interest on the accumulated deductions of

retirement system members compounded annually.

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

no person shall be permitted to withdraw from the retirement system any

additional member contributions paid pursuant to this subdivision or any

interest paid thereon, except pursuant to and in accordance with the

preceding subparagraphs of this paragraph; and (B) no person, while he

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

retirement program, shall be permitted to withdraw any such additional

member contributions or any interest paid thereon pursuant to any of the

preceding subparagraphs of this paragraph or otherwise.

8. A participant in the twenty-five year improved benefit retirement

program shall be permitted to borrow from his or her additional member

contributions, including any interest paid thereon, which are credited

to the additional contributions account established for such participant

in the contingent reserve fund of the retirement system. The borrowing

from such additional member contributions pursuant to this paragraph

shall be governed by the same rights, privileges, obligations and

procedures set forth in section six hundred thirteen-b of this chapter

which govern the borrowing by members subject to article fifteen of this

chapter of member contributions made pursuant to section six hundred

thirteen of this chapter. The board of trustees of the retirement system

may, consistent with the provisions of this subdivision and the

provisions of section six hundred thirteen-b of this chapter as made

applicable to this subdivision, promulgate regulations governing the

borrowing of such additional member contributions.

9. Wherever a person has an unpaid balance of a loan of his or her

additional member contributions pursuant to paragraph eight of this

subdivision at the time he or she becomes entitled to a refund of his or

her additional member contributions pursuant to subparagraph (ii) of

paragraph seven of this subdivision, the amount of such unpaid loan

balance (including accrued interest) shall be deemed to have been

returned to such member, and the refund of such additional contributions

shall be the net amount of such contributions, together with interest

thereon in accordance with the provisions of such subparagraph.

10. 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.

11. 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 this section shall not be construed to provide

benefits to any participant in the twenty-five year improved benefit

retirement program which are greater than those which would be received

by a similarly situated member who is entitled to benefits under the

provisions of section 13-157.2 of the administrative code of the city of

New York, but who is not governed by the provisions of this article.

* NB There are 2 § 445-e's