NY Ret & SS L § 504-A (2021)
2021 New York Laws RSS - Retirement and Social Security Article 14 - Coordinated-Escalator Retirement Plan 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.