N.Y. RSS Law § 445-F*2 — New York Code / Act RSS / Article 11 / Section 445-F*2
Optional twenty-five year/age fifty improved benefit retirement program for senior automotive service workers, automotive service workers...
Status: in_force

* § 445-f. Optional twenty-five year/age fifty improved benefit\nretirement program for senior automotive service workers, automotive\nservice workers, auto body workers, auto mechanics, marine maintenance\nmechanics and oil burner specialists. a. Definitions. The following\nwords and phrases as used in this section shall have the following\nmeanings unless a different meaning is plainly required by the context.\n  1. "Retirement system" shall mean the New York city employees'\nretirement system.\n  2. "Senior automotive service worker, automotive service worker, auto\nbody worker, auto mechanic, marine maintenance mechanic and oil burner\nspecialist" shall mean a member of the retirement system who is subject\nto the provisions of this article, who is employed by the mayoral and\nnon-mayoral agencies of the city of New York and who has elected to\ncontribute to the retirement system on the basis of a minimum retirement\nperiod of twenty-five year/age fifty of allowable service rendered\npursuant to the optional retirement provisions as set forth in paragraph\neight of this subdivision.\n  3. "Twenty-five year/age fifty improved benefit retirement program"\nshall mean all the terms and conditions of this section.\n  4. "Starting date of the twenty-five year/age fifty improved benefit\nretirement program" shall mean the effective date of this section, as\nsuch date is certified pursuant to section forty-one of the legislative\nlaw.\n  5. "Participant in the twenty-five year/age fifty improved benefit\nretirement program" shall mean any senior automotive service worker,\nautomotive service worker, auto body worker, auto mechanic, marine\nmaintenance mechanic and oil burner specialist who, under the applicable\nprovisions of subdivision b of this section, is entitled to the rights,\nbenefits and privileges and is subject to the obligations of the\ntwenty-five year/age fifty improved benefit retirement program, as\napplicable to him or her.\n  6. "Administrative code" shall mean the administrative code of the\ncity of New York.\n  7. "Accumulated deductions" shall mean accumulated deductions as\ndefined in subdivision eleven of section 13-101 of the administrative\ncode.\n  8. "Optional retirement provisions" shall mean the right to receive a\nretirement allowance upon (i) the attainment of age fifty, and (ii) the\ncompletion of twenty-five years of service.\n  b. Election of twenty-five year/age fifty improved benefit retirement\nprogram. 1. Subject to the provisions of paragraph five of this\nsubdivision, any person who is a senior automotive service worker,\nautomotive service worker, auto body worker, auto mechanic, marine\nmaintenance mechanic, or oil burner specialist on the starting date of\nthe twenty-five year/age fifty improved benefit retirement program may\nelect to become a participant in the twenty-five year/age fifty improved\nbenefit retirement program by filing, within one hundred eighty days\nafter such starting date, a duly executed application for such\nparticipation with the retirement system, provided he or she is such a\nsenior automotive service worker, automotive service worker, auto body\nworker, auto mechanic, marine maintenance mechanic or oil burner\nspecialist on the date such application is filed.\n  2. Subject to the provisions of paragraph five of this subdivision,\nany person who becomes a senior automotive service worker, automotive\nservice worker, auto body worker, auto mechanic, marine maintenance\nmechanic or oil burner specialist after the starting date of the\ntwenty-five year/age fifty improved benefit retirement program may elect\nto become a participant in the twenty-five year/age fifty improved\nbenefit retirement program by filing, within one hundred eighty days\nafter becoming such a senior automotive service worker, automotive\nservice worker, auto body worker, auto mechanic, marine maintenance\nmechanic or oil burner specialist, a duly executed application for such\nparticipation with the retirement system, provided he or she is such a\nsenior automotive service worker, automotive service worker, auto body\nworker, auto mechanic, marine maintenance mechanic or oil burner\nspecialist on the date such application is filed.\n  3. Any election to be a participant in the twenty-five year/age fifty\nimproved benefit retirement program shall be irrevocable.\n  4. Where any participant in the twenty-five year/age fifty improved\nbenefit retirement program shall cease to hold a position as a senior\nautomotive service worker, automotive service worker, auto body worker,\nauto mechanic, marine maintenance mechanic or oil burner specialist, he\nor she shall cease to be such a participant and, during any period in\nwhich such a person does not hold such a senior automotive service\nworker, automotive service worker, auto body worker, auto mechanic,\nmarine maintenance mechanic or oil burner specialist position, he or she\nshall not be a participant in the twenty-five year/age fifty improved\nbenefit retirement program and shall not be eligible for the benefits of\nsubdivision c of this section.\n  5. Where any participant in the twenty-five year/age fifty improved\nbenefit retirement program terminates service as a senior automotive\nservice worker, automotive service worker, auto body worker, auto\nmechanic, marine maintenance mechanic or oil burner specialist and\nreturns to such service as a senior automotive service worker,\nautomotive service worker, auto body worker, auto mechanic, marine\nmaintenance mechanic or oil burner specialist at a later date, he or she\nshall again become such a participant on that date.\n  c. Service retirement benefits. Notwithstanding any other provision of\nlaw to the contrary, where a participant in the twenty-five year/age\nfifty improvement benefit retirement program, who is otherwise qualified\nfor a retirement allowance pursuant to the optional retirement\nprovisions set forth in subdivision a of this section, has made and/or\npaid, while he or she is a senior automotive service worker, automotive\nservice worker, auto body worker, auto mechanic, marine maintenance\nmechanic or oil burner specialist, all additional member contributions\nand interest (if any) required by subdivision d of this section, then:\n  1. 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 article; and\n  2. 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 article; and\n  3. his or her retirement allowance shall be an amount, on account of\nthe required minimum period of service, equal to one-half of his or her\nfinal average salary, plus an amount for each additional year of\nallowable service, or fraction thereof, beyond such required minimum\nperiod of service equal to two percent of his or her final average\nsalary; and\n  4. 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 13-162 of the administrative\ncode, each participant in the twenty-five year/age fifty improved\nbenefit retirement program in the title of senior automotive service\nworker, automotive service worker, auto body worker, auto mechanic,\nmarine maintenance mechanic or oil burner specialist shall contribute an\nadditional four and eighty-three one-hundredths percent of his or her\ncompensation earned from all allowable service as a senior automotive\nservice worker, automotive service worker, auto body worker, auto\nmechanic, marine maintenance mechanic or oil burner specialist rendered\non and after the date which is one hundred eighty days prior to the\nstarting date of the twenty-five year/age fifty improved benefit\nretirement program. A participant in the twenty-five year/age fifty\nimproved benefit retirement program shall contribute additional member\ncontributions until the later of (i) the date as of which he or she is\neligible to retire with twenty-five years of creditable service as a\nsenior automotive service worker, automotive service worker, auto body\nworker, auto mechanic, marine maintenance mechanic or oil burner\nspecialist under such retirement program, or (ii) the first anniversary\nof the starting date of the twenty-five year/age fifty improved benefit\nretirement program. The additional contributions required by this\nparagraph shall be in lieu of additional member contributions required\nby subdivision d of section four hundred forty-five-d of this article,\nas added by chapter ninety-six of the laws of nineteen hundred\nninety-five, and no member paying additional contributions pursuant to\nthis section shall be required to pay additional contributions pursuant\nto such subdivision d of section four hundred forty-five-d of this\narticle.\n  2. Commencing with the first full payroll period after each person\nbecomes a participant in the twenty-five year/age fifty improved benefit\nretirement program, additional member contributions at the rate\nspecified in paragraph one of this subdivision shall be deducted from\nthe compensation of such participant on each and every payroll of such\nparticipant for each and every payroll period.\n  3. (i) Subject to the provisions of subparagraph (ii) of this\nparagraph, 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:\n  (A) that participant shall be charged with a contribution deficiency\nconsisting of such unpaid amounts, together with interest thereon,\ncompounded annually; and\n  (B) such interest on each amount of undeductible contributions shall\naccrue from the end of the payroll period for which such amount would\nhave been deducted from compensation if he or she had been a participant\nat the beginning of that payroll period, until such amount is paid to\nthe retirement system; and\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.\n  (ii) Except as provided in subparagraph (iii) of this paragraph, no\ninterest shall be due on any unpaid additional contributions which are\nnot attributable to the period prior to the first full payroll period\nreferred to in paragraph two of this subdivision.\n  (iii) 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-five\nyear/age fifty improved benefit retirement program pursuant to paragraph\nfive of subdivision b of this section, an appropriate amount shall be\nincluded in such participant's contribution deficiency (including\ninterest thereon as calculated pursuant to subparagraph (i) of this\nparagraph) as if such additional contributions had never been made.\n  4. The board of trustees of the retirement system may, consistent with\nthe provisions of this subdivision, promulgate regulations for the\npayment of such additional member contributions, and any interest\nthereon, by a participant in the twenty-five year/age fifty improved\nbenefit retirement program (including the deduction of such\ncontributions, and any interest thereon, from his or her compensation).\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 senior automotive service worker,\nautomotive service worker, auto body worker, auto mechanic, marine\nmaintenance mechanic or oil burner specialist, that participant shall\nnot be entitled to the benefits provided in subdivision c of this\nsection.\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-five year/age fifty\nimproved benefit retirement program or otherwise.\n  (ii) Should a participant in the twenty-five year/age fifty improved\nbenefit retirement program, who has rendered less than fifteen years of\ncredited service cease to hold a position as a senior automotive service\nworker, automotive service worker, auto body worker, auto mechanic,\nmarine maintenance mechanic or oil burner specialist 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 equal to eight and\none-quarter percent per annum, 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. A member who has made the additional contributions specified by\nthis subdivision may borrow a portion of such contributions pursuant to\nthe provisions of section six hundred thirteen-b of this chapter.\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  * NB Rpld per ch 414/02, § 1. § 480 of Retirement and Social Security\nLaw (as amended by ch. 35/2005 § 2) extends disability benefits\nimplemented by former § 63-c.\n  * NB There are 3 § 445-f's\n