N.Y. Retirement & Social Security Law § 604-f: Twenty-five year retirement program for deputy sheriff members

* § 604-f. Twenty-five year retirement program for deputy sheriff

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. "Deputy sheriff" shall mean a member (as defined in subdivision e

of section six hundred one of this article) who is employed by the city

of New York as a deputy city sheriff level one, deputy city sheriff

level two, supervising deputy sheriff or administrative sheriff.

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

conditions of this section.

3. "Starting date of the twenty-five year retirement program" shall

mean the date of enactment of this section, as such date is certified

pursuant to section forty-one of the legislative law.

4. "Participant in the twenty-five year retirement program" shall mean

any deputy sheriff 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

retirement program, as applicable to him or her.

5. "Discontinued member" shall mean a participant in the twenty-five

year retirement program who, while he or she was a deputy sheriff

member, discontinued service as such a member and has a right to a

deferred vested benefit under subdivision d of this section.

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

city of New York.

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

the provisions of paragraphs six and seven of this subdivision, any

person who is deputy sheriff member on the starting date of the

twenty-five year retirement program and who, as such a deputy sheriff

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-five year retirement program by filing, within one hundred

eighty days after the starting date of the twenty-five 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 deputy sheriff member on the date such application is filed.

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

subdivision, any person who becomes a deputy sheriff member after the

starting date of the twenty-five year retirement program and who, as

such a deputy sheriff member of otherwise, last became subject to the

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

become a participant in the twenty-five year retirement program by

filing, within one hundred eighty days after becoming such a deputy

sheriff member, a duly executed application for such participation with

the retirement system for which such person is a member, provided he or

she is such a deputy sheriff member on the date such application is

filed.

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

program shall be irrevocable.

4. Each deputy sheriff member who becomes subject to the provisions of

this article on or after the starting date of the twenty-five year

retirement program shall become a participant in the twenty-five year

retirement program on the date he or she becomes such a deputy sheriff

member.

5. Where any participant in the twenty-five year retirement program

shall cease to be employed by the city of New York as a deputy sheriff

member, he or she shall cease to be such a participant and, during any

period in which such person is not so employed, he or she shall not be a

participant in the twenty-five year retirement program and shall not be

eligible for the benefits of subdivision c of this section.

6. Where any participant in the twenty-five year retirement program

terminates service as a deputy sheriff member and returns to such

service as a deputy sheriff member at a later date, he or she shall

again become such a participant on that date.

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

person who is eligible to elect to become a participant in the

twenty-five year 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. 1. A participant in the twenty-five

year retirement program:

(i) who has completed twenty-five 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,

not less than thirty days subsequent to the execution and filing

thereof, he or she desires to be retired; and

(iv) who shall be a participant in the twenty-five 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, and

subject to the provisions of paragraph six of subdivision e of this

section, the early service retirement benefit for participants in the

twenty-five year retirement program who retire pursuant to paragraph one

of this subdivision shall be a retirement allowance consisting of:

(A) an amount, on account of the required minimum period of service,

equal to fifty-five percent of his or her final average salary; plus

(B) an amount on account of credited service, or fraction thereof,

beyond such required minimum period of service equal to one and

seven-tenths percent of his or her final salary;

(ii) The maximum retirement allowance 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-five year retirement

program:

(i) who discontinues service as such a participant, other than by

death or retirement; and

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

twenty-five years of credited service; and

(iii) who, subject to the provisions of paragraph seven of subdivision

e of this section, has paid, prior to such discontinuance, all

additional member contributions and interest (if any) required by

subdivision e of this section; and

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

member contributions pursuant to section six hundred thirteen of this

article unless such participant thereafter returns to public service and

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

such section six hundred thirteen; 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) In the case of a participant who is not a New York city revised

plan member, 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 or, in the case of a participant

who is a New York city revised plan member, such vested benefit shall

become payable at age sixty-three.

3. Subject to the provisions of paragraph seven of subdivision e of

this section, such deferred vested benefit shall be a retirement

allowance consisting of an amount equal to two and two-tenths percent of

such discontinued member's final average salary, multiplied by the

number of years of credited service.

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

contributions required by section six hundred thirteen of this article,

each participant in the twenty-five year retirement program shall

contribute to the retirement system of which he or she is a member

(subject to the applicable provisions of subdivision d of section six

hundred thirteen of this article) an additional six and three-quarters

percent of his or her compensation earned from (i) all credited service,

as a participant in the twenty-five year retirement program, rendered on

or after the starting date of the twenty-five year retirement program,

and (ii) all credited service after such person ceases to be a

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

to paragraph six of subdivision b of this section. The additional

contributions required by this subdivision shall be in lieu of

additional member contributions required by (i) subdivision d of section

six hundred four-c of this article, as added by chapter ninety-six of

the laws of nineteen hundred ninety-five, or (ii) subdivision f of

section six hundred four-d of this article, and no member making

contributions pursuant to this section shall be required to make

contributions pursuant to either such subdivision d of section six

hundred four-c of this article, or such subdivision f of section six

hundred four-d of this article.

2. A participant in the twenty-five year retirement program shall

contribute additional member contributions until the later of (i) the

first anniversary of the starting date of the twenty-five year

retirement program, or (ii) the date on which he or she completes thirty

years of credited service as a deputy sheriff member.

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

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

additional member contributions at the rate specified in paragraph one

of this subdivision shall be deducted (subject to the applicable

provisions of subdivision d of section six hundred thirteen of this

article) 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.

4. (i) Each participant in the twenty-five year retirement program

shall be charged with a contribution deficiency consisting of the total

amounts of additional member contributions such person is required to

make pursuant to paragraphs one and two of this subdivision which are

not deducted from his or her compensation pursuant to paragraph three of

this subdivision, if any, together with interest thereon, compounded

annually, and computed in accordance with the provisions of

subparagraphs (ii) and (iii) of this paragraph.

(ii) (A) The interest required to be paid on each such amount

specified in subparagraph (i) of this paragraph 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.

(B) 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.

(iii) Except as otherwise provided in paragraph five of this

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

contributions which are not attributable to a period prior to the first

full payroll period referred to in paragraph three of this subdivision.

5. (i) Should any person who, pursuant to subparagraph (ii) of

paragraph ten of this subdivision, has received a refund of his or her

additional member contributions including any interest paid on such

contributions, again become a participant in the twenty-five 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 (ii) of this paragraph) for any credited

service for which such person received a refund of such additional

member contributions (including any amount of an unpaid loan balance

deemed to have been returned to such person pursuant to this

subdivision), as if such additional member contributions never had been

paid.

(ii)(A) Interest on a participant's additional member contributions

included in such participant's contribution deficiency pursuant to

subparagraph (i) of this paragraph shall be calculated as if such

additional member contributions had never 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,

until such amount is paid to the retirement system.

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

period for which interest accrues on that amount shall be five percent

per annum, compounded annually.

6. 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 paragraphs

four and five of this subdivision, that participant, nevertheless, shall

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

provided, however, that such participant's service retirement benefit

calculated pursuant to paragraph two of such subdivision c 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

article) which is actuarially equivalent to the amount of any unpaid

contribution deficiency chargeable to such member pursuant to paragraphs

four and five of this subdivision.

7. Where a participant who is otherwise eligible for a vested right to

a deferred benefit pursuant to subdivision d of this section did not,

prior to the date of discontinuance of service, pay the entire amount of

a contribution deficiency chargeable to him or her pursuant to

paragraphs four and five of this subdivision, he or she nevertheless,

shall be eligible for a vested right to a deferred benefit pursuant to

subdivision d of this section, provided, however, that the deferred

vested benefit calculated pursuant to paragraph three of such

subdivision d 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 article) which is actuarially equivalent to

the amount of any unpaid contribution deficiency chargeable to such

member pursuant to paragraphs four and five of this subdivision.

8. The head of a retirement system which includes participants in the

twenty-five 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 participant's

compensation).

9. Subject to the provisions of paragraphs six and seven of this

subdivision, where a participant has not paid in full any contribution

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

of this subdivision, and a benefit, other than a refund of member

contributions pursuant to section six hundred thirteen of this article

or a refund of additional member contributions pursuant to subparagraph

(ii) of paragraph ten 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.

10. (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 six hundred thirteen of this

article or otherwise while he or she is a participant in the twenty-five

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) Should a participant in the twenty-five year retirement program

who has rendered less than fifteen years of credited service cease to

hold a position as a deputy sheriff 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) 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.

(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 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.

11. 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.

* NB There are 2 § 604-f's