N.Y. Retirement & Social Security Law § 445-f*2: Optional twenty-five year/age fifty improved benefit retirement program for senior automotive service workers, automotive service workers...

* § 445-f. Optional twenty-five year/age fifty improved benefit

retirement program for senior automotive service workers, automotive

service workers, auto body workers, auto mechanics, marine maintenance

mechanics and oil burner specialists. 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. "Senior automotive service worker, automotive service worker, auto

body worker, auto mechanic, marine maintenance mechanic and oil burner

specialist" shall mean a member of the retirement system who is subject

to the provisions of this article, who is employed by the mayoral and

non-mayoral agencies of the city of New York and who has elected to

contribute to the retirement system on the basis of a minimum retirement

period of twenty-five year/age fifty of allowable service rendered

pursuant to the optional retirement provisions as set forth in paragraph

eight of this subdivision.

3. "Twenty-five year/age fifty improved benefit retirement program"

shall mean all the terms and conditions of this section.

4. "Starting date of the twenty-five year/age fifty 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.

5. "Participant in the twenty-five year/age fifty improved benefit

retirement program" shall mean any senior automotive service worker,

automotive service worker, auto body worker, auto mechanic, marine

maintenance mechanic and oil burner specialist 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/age fifty 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.

8. "Optional retirement provisions" shall mean the right to receive a

retirement allowance upon (i) the attainment of age fifty, and (ii) the

completion of twenty-five years of service.

b. Election of twenty-five year/age fifty improved benefit retirement

program. 1. Subject to the provisions of paragraph five of this

subdivision, any person who is a senior automotive service worker,

automotive service worker, auto body worker, auto mechanic, marine

maintenance mechanic, or oil burner specialist on the starting date of

the twenty-five year/age fifty improved benefit retirement program may

elect to become a participant in the twenty-five year/age fifty 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

senior automotive service worker, automotive service worker, auto body

worker, auto mechanic, marine maintenance mechanic or oil burner

specialist on the date such application is filed.

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

any person who becomes a senior automotive service worker, automotive

service worker, auto body worker, auto mechanic, marine maintenance

mechanic or oil burner specialist after the starting date of the

twenty-five year/age fifty improved benefit retirement program may elect

to become a participant in the twenty-five year/age fifty improved

benefit retirement program by filing, within one hundred eighty days

after becoming such a senior automotive service worker, automotive

service worker, auto body worker, auto mechanic, marine maintenance

mechanic or oil burner specialist, a duly executed application for such

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

senior automotive service worker, automotive service worker, auto body

worker, auto mechanic, marine maintenance mechanic or oil burner

specialist on the date such application is filed.

3. Any election to be a participant in the twenty-five year/age fifty

improved benefit retirement program shall be irrevocable.

4. Where any participant in the twenty-five year/age fifty improved

benefit retirement program shall cease to hold a position as a senior

automotive service worker, automotive service worker, auto body worker,

auto mechanic, marine maintenance mechanic or oil burner specialist, he

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

which such a person does not hold such a senior automotive service

worker, automotive service worker, auto body worker, auto mechanic,

marine maintenance mechanic or oil burner specialist position, he or she

shall not be a participant in the twenty-five year/age fifty 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/age fifty improved

benefit retirement program terminates service as a senior automotive

service worker, automotive service worker, auto body worker, auto

mechanic, marine maintenance mechanic or oil burner specialist and

returns to such service as a senior automotive service worker,

automotive service worker, auto body worker, auto mechanic, marine

maintenance mechanic or oil burner specialist at a later date, he or she

shall again become such a participant on that date.

c. Service retirement benefits. Notwithstanding any other provision of

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

fifty improvement 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 a senior automotive service worker, automotive

service worker, auto body worker, auto mechanic, marine maintenance

mechanic or oil burner specialist, 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 from

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 one-half of his or her

final average salary, plus an amount for each additional year of

allowable service, or fraction thereof, beyond such required minimum

period of service equal to two percent of his or her final average

salary; and

4. 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.

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

contributions required pursuant to section 13-162 of the administrative

code, each participant in the twenty-five year/age fifty improved

benefit retirement program in the title of senior automotive service

worker, automotive service worker, auto body worker, auto mechanic,

marine maintenance mechanic or oil burner specialist shall contribute an

additional four and eighty-three one-hundredths percent of his or her

compensation earned from all allowable service as a senior automotive

service worker, automotive service worker, auto body worker, auto

mechanic, marine maintenance mechanic or oil burner specialist rendered

on and after the date which is one hundred eighty days prior to the

starting date of the twenty-five year/age fifty improved benefit

retirement program. A participant in the twenty-five year/age fifty

improved benefit retirement program shall contribute additional member

contributions until the later of (i) the date as of which he or she is

eligible to retire with twenty-five years of creditable service as a

senior automotive service worker, automotive service worker, auto body

worker, auto mechanic, marine maintenance mechanic or oil burner

specialist under such retirement program, or (ii) the first anniversary

of the starting date of the twenty-five year/age fifty 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 article,

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

article.

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

becomes a participant in the twenty-five year/age fifty improved benefit

retirement program, additional member contributions at the rate

specified in paragraph one of this subdivision shall be deducted 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 undeductible 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-five

year/age fifty 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-five year/age fifty 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 senior automotive service worker,

automotive service worker, auto body worker, auto mechanic, marine

maintenance mechanic or oil burner specialist, 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-five year/age fifty

improved benefit retirement program or otherwise.

(ii) Should a participant in the twenty-five year/age fifty improved

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

credited service cease to hold a position as a senior automotive service

worker, automotive service worker, auto body worker, auto mechanic,

marine maintenance mechanic or oil burner specialist 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) 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. A member who has made the additional contributions specified by

this subdivision may borrow a portion of such contributions pursuant to

the provisions of section six hundred thirteen-b of this chapter.

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.

* NB Rpld per ch 414/02, § 1. § 480 of Retirement and Social Security

Law (as amended by ch. 35/2005 § 2) extends disability benefits

implemented by former § 63-c.

* NB There are 3 § 445-f's