N.Y. RSS Law § 445-B — New York Code / Act RSS / Article 11 / Section 445-B
Optional twenty-year improved benefit retirement program for New York city sanitation members
Status: in_force

§ 445-b. Optional twenty-year improved benefit retirement program for\nNew York city sanitation members.  a. Definitions. The following words\nand phrases as used in this section shall have the following meanings\nunless a different meaning is plainly required by the context:\n  1. "Retirement system" shall mean the New York city employees'\nretirement system.\n  2. "New York city sanitation member" shall mean a member of the\nretirement system who is subject to the provisions of this article, who\nis a member of the uniformed force of the New York city department of\nsanitation and who has elected to contribute to the retirement system on\nthe basis of a minimum retirement period of twenty years of allowable\nservice rendered in such sanitation force pursuant to the optional\nretirement provisions of section 13-159 or 13-160 of the administrative\ncode.\n  3. "Twenty-year improved benefit retirement program" shall mean all\nthe terms and conditions of this section.\n  4. "Starting date of the twenty-year improved benefit retirement\nprogram" shall mean the commencement date of the payroll period which\nincludes July first, nineteen hundred ninety-two.\n  5. "Enactment date of the twenty-year improved benefit retirement\nprogram" shall mean the date of enactment of the act which added this\nsection, as such date is certified pursuant to section forty-one of the\nlegislative law.\n  6. "Participant in the twenty-year improved benefit retirement\nprogram" shall mean any New York city sanitation member who, under the\napplicable provisions of subdivision b of this section, is entitled to\nthe rights, benefits and privileges and is subject to the obligations of\nthe twenty-year improved benefit retirement program, as applicable to\nhim or her.\n  7. "Administrative code" shall mean the administrative code of the\ncity of New York.\n  8. "Accumulated deductions" shall mean accumulated deductions as\ndefined in subdivision eleven of section 13-101 of the administrative\ncode.\n  b. Election of twenty-year improved benefit retirement program. 1.\nSubject to the provisions of paragraph five of this subdivision, any\nperson who is a New York city sanitation member on the enactment date of\nthe twenty-year improved benefit retirement program may elect to become\na participant in the twenty-year improved benefit retirement program by\nfiling, within ninety days after such enactment date, a duly executed\napplication for such participation with the retirement system, provided\nhe or she is such a sanitation member on the date such application is\nfiled.\n  2. Subject to the provisions of paragraph five of this subdivision,\nany person who becomes a New York city sanitation member after the\nenactment date of the twenty-year improved benefit retirement program\nmay elect to become a participant in the twenty-year improved benefit\nretirement program by filing, within ninety days after becoming such a\nsanitation member, a duly executed application for such participation\nwith the retirement system, provided he or she is such a sanitation\nmember on the date such application is filed.\n  3. Any election to be a participant in the twenty-year improved\nbenefit retirement program shall be irrevocable.\n  4. Where any participant in the twenty-year improved benefit\nretirement program shall cease to hold a position in the uniformed force\nof the New York city department of sanitation, he or she shall cease to\nbe such a participant and, during any period in which such person does\nnot hold such a uniformed sanitation position, he or she shall not be a\nparticipant in the twenty-year improved benefit retirement program and\nshall not be eligible for the benefits of subdivision c of this section.\n  5. Where any participant in the twenty-year improved benefit\nretirement program terminates service in the uniformed force of the New\nYork city department of sanitation and returns to such service as a New\nYork city sanitation member at a later date, he or she shall again\nbecome such a participant on that date.\n  c. Notwithstanding any other provision of law to the contrary, where a\nparticipant in the twenty-year improved benefit retirement program, who\nis otherwise qualified for a retirement allowance pursuant to section\n13-159, 13-160 or 13-173.1 of the administrative code, has made and/or\npaid, while he or she is a New York city sanitation member, all\nadditional member contributions and interest (if any) required by\nsubdivision d of this section, then:\n  (i) that participant, while he or she remains a participant, shall not\nbe subject to the provisions of subdivision a of section four hundred\nforty-five of this chapter; and\n  (ii) if that participant, while such a participant, retires from\nservice, he or she shall not be subject to the provisions of section\nfour hundred forty-four of this chapter; and\n  (iii) the maximum retirement benefit computed without optional\nmodification payable to that participant upon his or her retirement for\nservice as such a participant shall equal that payable upon completion\nof thirty years of service.\n  d. Additional member contributions. 1. In addition to the member\ncontributions required pursuant to section 13-159 or 13-160 of the\nadministrative code, each participant in the twenty-year improved\nbenefit retirement program shall contribute (subject to the applicable\nprovisions of section 13-125.1 of the administrative code) an additional\nfive and thirty-five one-hundredths percent of his or her compensation\nearned from all service as a New York city sanitation member (including\nservice creditable as such sanitation service) rendered on and after the\nstarting date of the twenty-year improved benefit retirement program. A\nparticipant in the twenty-year improved benefit retirement program shall\ncontribute additional member contributions only until he or she is\neligible to retire with twenty years of allowable service in the\nuniformed force of the New York city department of sanitation under such\nretirement program.\n  2. (i) Commencing with the payroll period which begins on the starting\ndate of the twenty-year improved benefit retirement program (for a\nperson who elects to become a participant prior to such starting date),\nor commencing with the first full payroll period after a person becomes\nsuch a participant (for a person who becomes a participant on or after\nsuch starting date), additional member contributions at the rate\nspecified in paragraph one of this subdivision shall be deducted\n(subject to the applicable provisions of section 13-125.1 of the\nadministrative code) from the compensation of such participant on each\nand every payroll of such participant for each and every payroll period.\n  (ii) (A) Where any additional member contributions required by\nparagraph one of this subdivision are not paid by deductions from a\nparticipant's compensation pursuant to subparagraph (i) of this\nparagraph because such contributions are for service rendered in a\npayroll period prior to the actual commencement of deductions pursuant\nto such subparagraph (i), such amounts shall be paid by deductions from\nthe compensation of such participant pursuant to item (B) of this\nsubparagraph.\n  (B) Commencing with the payroll period in which deductions of\nadditional member contributions from a participant's compensation are\nbegun pursuant to subparagraph (i) of this paragraph, addition to such\ndeductions required by such subparagraph (i), there shall be another\ndeduction of additional member contributions made from the compensation\nof such participant at the rate specified in paragraph one of this\nsubdivision (subject to the applicable provisions of section 13-125.1 of\nthe administrative code) on each and every payroll period until the\ntotal amount of unpaid additional member contributions described in item\n(A) of this subparagraph, if any, has been paid by deductions from\ncompensation pursuant to this subparagraph.\n  3. (i) (A) Where any additional member contributions required by\nparagraph one of this subdivision are not paid by deductions from a\nparticipant's compensation pursuant to paragraph two of this\nsubdivision, that participant shall be charged with a contribution\ndeficiency consisting of such unpaid amounts, together with interest\nthereon as required by subparagraph (ii) of this paragraph compounded\nannually.\n  (B) Except as provided in subparagraph (ii) of this paragraph, no\nparticipant shall be required to pay any interest on his or her\ncontribution deficiency.\n  (ii) (A) Should any person who, pursuant to paragraph seven of this\nsubdivision, has withdrawn any additional member contributions (and any\ninterest paid thereon) again become a participant in the twenty-year\nimproved benefit retirement program pursuant to paragraph five of\nsubdivision b of this section, an appropriate amount shall be included\nin such participant's contribution deficiency (including interest\nthereon as calculated pursuant to item (B) of this subparagraph) as if\nsuch additional contributions had never been made.\n  (B) Interest on the amounts of additional member contributions\nincluded in a participant's contribution deficiency pursuant to item (A)\nof this subparagraph shall be calculated as if such additional member\ncontributions had never been paid by a participant, and such interest\nshall accrue from the end of the payroll period to which an amount of\nadditional member contributions is attributable, until such amount is\npaid to the retirement system.\n  (C) The rate of interest to be applied to each such amount during the\nperiod for which interest accrues on that amount shall be equal to the\nrate or rates of interest required by law to be used during that same\nperiod to credit interest on the accumulated deductions of retirement\nsystem members, compounded annually.\n  4. A participant, while he or she is a New York city sanitation\nmember, shall pay the total amount of his or her contribution deficiency\nto the retirement system in accordance with payment procedures which\nshall be established by the executive director of the retirement system,\nand approved by the board of trustees of the retirement system.\n  5. Where a contribution deficiency chargeable to a participant\npursuant to paragraph three of this subdivision has not been paid in\nfull while the participant is a New York city sanitation member, that\nparticipant shall not be entitled to the benefits provided in\nsubdivision c of this section.\n  6. Where a participant has not paid in full any contribution\ndeficiency chargeable to him or her pursuant to paragraph three of this\nsubdivision, and a benefit, other than a refund of a member's\naccumulated deductions or a refund of additional member contributions\npursuant to paragraph seven of this subdivision, becomes payable by the\nretirement system to the participant or to his or her designated\nbeneficiary or estate, the actuarial equivalent of any such unpaid\namount shall be deducted from the benefit otherwise payable.\n  7. (i) All additional member contributions required by this\nsubdivision (and any interest thereon) which are received by the\nretirement system shall be paid into its contingent reserve fund and\nshall be the property of the retirement system. Such additional member\ncontributions (and any interest thereon) shall not for any purpose be\ndeemed to be accumulated deductions of a member of the retirement system\nwhile he or she is a participant in the twenty-year improved benefit\nretirement program or otherwise.\n  (ii) (A) Should a participant in the twenty-year improved benefit\nretirement program, who has rendered less than fifteen years of service\nin the uniformed force of the New York city department of sanitation\ncease to hold a position in such uniformed force for any reason\nwhatsoever, his or her accumulated additional member contributions made\npursuant to this subdivision (together with any interest thereon paid to\nthe retirement system) may be withdrawn by him or her pursuant to\nprocedures promulgated in regulations of the board of trustees of the\nretirement system, together with interest thereon at the rate of eight\nand one-quarter percent per annum, compounded annually.\n  (B) Upon the death of a participant in the twenty-year improved\nbenefit retirement program, there shall be paid to such person as he or\nshe has nominated or shall nominate to receive his or her accumulated\ndeductions by written designation duly executed and filed with the\nretirement system during the lifetime of such participant, or, to his or\nher estate if no such person is nominated, his or her accumulated\nadditional member contributions made pursuant to this subdivision\n(including any interest thereon paid to the retirement system), together\nwith interest thereon at the rate of eight and one-quarter percent per\nannum, compounded annually.\n  (iii) Except as otherwise provided in subparagraph (ii) of this\nparagraph, no member of the retirement system, while he or she is a\nparticipant in such retirement program or otherwise, shall have a right\nto withdraw such additional member contributions or any interest thereon\nfrom the retirement system.\n  8. No member of the retirement system shall be permitted to borrow any\nportion of the additional member contributions (including any interest\npaid thereon) which are subject to this subdivision.\n  9. Notwithstanding any other provision of law to the contrary, the\nprovisions of section one hundred thirty-eight-b of this chapter shall\nnot be applicable to the additional member contributions which are\nrequired by this subdivision.\n  10. Notwithstanding any other provision of law to the contrary, the\nadditional member contributions which are required by this subdivision\nshall not be reduced under any program for increased-take-home-pay.\n  e. The provisions of this section shall not be construed to provide\nbenefits to any participant in the twenty-year improved benefit\nretirement program which are greater than those which would be received\nby a similarly situated member of the uniformed force of the New York\ncity department of sanitation who is governed by the provisions of\nsection 13-159 or 13-160 of the administrative code, but who is not\ngoverned by the provisions of this article.\n