N.Y. Retirement & Social Security Law § 504-a: Twenty-year retirement program for New York city correction members below the rank of captain

§ 504-a. Twenty-year 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. "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.

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

mean a general member (as defined in subdivision twelve of section five

hundred one of this article) who is a New York city correction officer

below the rank of captain.

3. "Twenty-year retirement program" shall mean all the terms and

conditions of this section.

4. "Starting date of the twenty-year 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-year 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 retirement program, as applicable to him or her.

6. "Discontinued member" shall mean a participant in the twenty-year

retirement program who, while he or she was a New York city correction

officer below the rank of captain, discontinued service in the uniformed

force of the New York city department of correction and has a right to a

deferred vested benefit under subdivision d of this section.

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

city of New York.

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

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

a of section five hundred four-b of this article.

9. "Twenty-year retirement program for captains and above" shall mean

all the terms and conditions of section five hundred four-b of this

article.

10. "Starting date of the twenty-year retirement program for captains

and above" shall have the same meaning as set forth in paragraph four of

subdivision a of section five hundred four-b of this article.

b. Participation in twenty-year retirement program. 1. Subject to the

provisions of paragraph six 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 retirement program and who, as such a correction

member or otherwise, last became subject to the provisions of this

article prior to such starting date, may elect to become a participant

in the twenty-year retirement program by filing, within one hundred

eighty days after the starting date of the twenty-year retirement

program, a duly executed application for such participation with the

retirement system of which such person is a member, 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 six 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 retirement program

and who, as such a correction member or otherwise, last became subject

to the provisions of this article prior to such starting date, may elect

to become a participant in the twenty-year 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 of which such person is a member, 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 retirement

program shall be irrevocable.

4. Each New York city correction member below the rank of captain who

becomes subject to the provisions of this article after the starting

date of the twenty-year retirement program (other than such a correction

member who is required pursuant to subdivision b of section five hundred

four-d of this article to be a participant in the twenty-year retirement

program established by such section five hundred four-d) shall become a

participant in the twenty-year retirement program on the date he or she

becomes such a correction member. Notwithstanding any other provision of

law to the contrary, a New York city correction officer below the rank

of captain who becomes a participant in the twenty-year retirement

program pursuant to this paragraph by becoming subject to the provisions

of this article after the starting date of the twenty-year retirement

program shall have the term "credited service" applied to him or her in

the same manner as such term would be applied to a similarly situated

correction officer below the rank of captain who is governed by article

eleven of this chapter, and who is a participant in the twenty-year

improved benefit retirement program pursuant to section four hundred

forty-five-a of such article eleven.

4-a. Notwithstanding any other provision of this subdivision or any

other provision of law to the contrary, no member of the uniformed force

of the New York city department of correction who is a New York city

uniformed correction/sanitation revised plan member shall be a

participant in the twenty-year retirement program.

5. Where any participant in the twenty-year 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

shall not be such a participant during any period in which he or she

does not hold the position of New York city entry level correction

officer below the rank of captain.

6. Where any participant in the twenty-year 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.

7. Where any participant in the twenty-year 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. Service retirement benefits. 1. A participant in the twenty-year

retirement program:

(i) who has completed twenty or more years of credited service; and

(ii) who has paid, before the effective date of retirement, all

additional member contributions and interest (if any) required by

subdivision e of this section; and

(iii) who files with the retirement system of which he or she is a

member an application for service retirement setting forth at what time

he or she desires to be retired; and

(iv) who shall be a participant in the twenty-year retirement program

at the time so specified for his or her retirement;

shall be retired pursuant to the provisions of this section affording

early service retirement.

2. (i) Notwithstanding any other provision of law to the contrary, the

early service retirement benefit for participants in the twenty-year

retirement program who retire pursuant to paragraph one of this

subdivision shall be a pension consisting of:

(A) an amount, on account of twenty years of credited service, equal

to one-half of his or her final average salary; plus

(B) an amount for each additional year of credited service, or

fraction thereof, beyond such twenty years of credited service equal to

one-sixtieth of the final average salary for such credited service

during the period from the completion of twenty years of credited

service to the date of retirement.

(ii) The maximum pension computed without optional modification

payable pursuant to subparagraph (i) of this paragraph shall equal that

payable upon completion of thirty years of service.

d. Vesting. 1. A participant in the twenty-year retirement program

who:

(i) discontinues service in the uniformed force of the New York city

department of correction while he or she is a New York city correction

officer below the rank of captain, other than by death or retirement;

and

(ii) prior to such discontinuance, completed five but less than twenty

years of credited service; and

(iii) has paid, prior to such discontinuance, all additional member

contributions and interest (if any) required by subdivision e of this

section; and

(iv) does not withdraw in whole or in part his or her accumulated

member contributions pursuant to section five hundred seventeen of this

article unless such participant thereafter returns to public service and

repays the amounts so withdrawn, together with interest, pursuant to

such section five hundred seventeen;

shall be entitled to receive a deferred vested benefit as provided in

this subdivision.

2. (i) Upon such discontinuance under the conditions and in compliance

with the provisions of paragraph one of this subdivision, such deferred

vested benefit shall vest automatically.

(ii) Such vested benefit shall become payable on the earliest date on

which such discontinued member could have retired for service if such

discontinuance had not occurred.

3. Such deferred vested benefit shall be a pension consisting of an

amount equal to two and one-half percent of such discontinued member's

final average salary, multiplied by the number of years of credited

service on the date of such discontinuance.

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

contributions required by section five hundred seventeen of this

article, each participant in the twenty-year retirement program 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 of which he or she is a member in

accordance with the following schedule:

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

below the rank of captain prior to July first, nineteen hundred

eighty-eight shall contribute an additional five and eleven

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

credited service rendered on and after the starting date of the

twenty-year retirement program;

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

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

after July first, nineteen hundred eighty-eight shall contribute an

additional three and sixty-one one-hundredths percent of his or her

compensation earned from all credited service earned as a correction

officer below the rank of captain rendered on or after the starting date

of the twenty-year retirement program.

A participant in the twenty-year retirement program shall contribute

additional member contributions only until he or she has twenty years of

credited service.

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

becomes a participant in the twenty-year retirement program, 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.

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 at the

rate of five percent per annum, 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.

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

interest shall be due on any such 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 eight of this

subdivision, has withdrawn any additional member contributions (and any

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

retirement program pursuant to paragraph six 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 head of a retirement system which includes participants in the

twenty-year retirement program in its membership may, consistent with

the provisions of this subdivision, promulgate regulations for the

payment of such additional member contributions, and any interest

thereon, by such participants (including the deduction of such

contributions, and any interest thereon, from the participants'

compensation).

5. Where a contribution deficiency chargeable to a participant

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

full before the effective date of retirement, that participant shall not

be eligible to retire pursuant to subdivision c of this section.

6. Where a contribution deficiency chargeable to a participant

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

full before the date of discontinuance of service, that participant

shall not be entitled to a deferred vested benefit pursuant to

subdivision d of this section.

7. 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 member contributions

pursuant to section five hundred seventeen of this article or a refund

of additional member contributions pursuant to paragraph eight of this

subdivision, becomes payable under this article 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.

8. (i) Such additional member contributions (and any interest thereon)

shall be paid into the contingent reserve fund of the retirement system

of which the participant is a member and shall not for any purpose be

deemed to be member contributions or accumulated contributions of a

member under section five hundred seventeen of this article or otherwise

while he or she is a participant in the twenty-year retirement program

or otherwise, except that, a surplus of such additional member

contributions that are paid into the retirement system's contingent

reserve fund may be used for the sole purpose of offsetting a deficit of

basic member contributions.

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

paragraph, should a participant in the twenty-year 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 at the rate of five percent per annum, compounded annually.

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

program on or after the effective date of this clause, there shall be

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

receive his or her accumulated member contributions 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 five percent per annum, compounded annually.

(iii) (A) Notwithstanding any other provisions 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, and who is

otherwise eligible to elect to become a participant in the twenty-year

retirement program for captains and above pursuant to paragraph one or

two of subdivision b of section five hundred four-b of this article, and

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 retirement program for

captains and above shall not be eligible to elect to become a

participant in the twenty-year retirement program for captains and above

pursuant to paragraph one or two of subdivision b of such section five

hundred four-b.

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

person who is 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 and who, upon

such promotion, becomes a participant in the twenty-year retirement

program for captains and above pursuant to paragraph four of subdivision

b of section five hundred four-b of this article, shall not be permitted

to withdraw any portion of his or her 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 retirement program for captains and above.

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

former participant in the twenty-year retirement program who becomes a

participant in the twenty-year retirement program for captains and above

pursuant to any provision of subdivision b of section five hundred

four-b of this article, 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 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 retirement program for

captains and above.

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

member while he or she is a participant or otherwise, shall have a right

to withdraw such additional member contributions or any interest thereon

from the retirement system.

9. No member of a public retirement system shall be permitted to

borrow any portion of the additional member contributions (including any

interest paid thereon by the participant) which are subject to this

subdivision.

f. The escalation of benefits provisions of section five hundred ten

of this article shall not apply to any benefits received pursuant to the

provisions of this section.

g. Except as provided in item (B) of subparagraph (i) of paragraph two

of subdivision c of this section, the provisions of subdivision d of

section five hundred of this article shall apply to participants under

this section.

h. In the event that the provisions of this section should result in

any increase in the contribution rate of the city of New York, that

increase shall not apply to any calculation or certification for the

purposes of subdivision c of section five hundred of this article.