NY Ret & SS L § 445-A (2021)
2021 New York Laws RSS - Retirement and Social Security Article 11 - Limitations Applicable to New Entrants 445-A - Optional Twenty-Year Improved Benefit Retirement Program for New York City Correction Members Below the Rank of Captain.

§  445-a. Optional twenty-year improved benefit 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.  "Retirement  system"  shall  mean  the  New  York  city employees' retirement system.   2. "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.   3. "New York city correction member below the rank of  captain"  shall mean  a member of the retirement system who is subject to the provisions of this article, who is a New York city  correction  officer  below  the rank  of  captain  and  who  has elected to contribute to the retirement system on the basis of a minimum retirement period of  twenty  years  of credited  service  pursuant  to  the  optional  retirement provisions of section 13-155 of the administrative code.   4. "Twenty-year improved benefit retirement program"  shall  mean  all the terms and conditions of this section.   5.  "Starting  date  of  the  twenty-year  improved benefit retirement program" shall mean the effective date of this section, as such date  is certified pursuant to section forty-one of the legislative law.   6.   "Participant  in  the  twenty-year  improved  benefit  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   improved   benefit retirement program, as applicable to him or her.   7.  "Administrative  code"  shall  mean the administrative code of the city of New York.   8. "Accumulated  deductions"  shall  mean  accumulated  deductions  as defined  in  subdivision  eleven of section 13-101 of the administrative code.   9. "New York city correction officer of the rank of captain or  above" shall have the same meaning as set forth in paragraph two of subdivision a of section four hundred forty-five-c of this article.   10.  "Twenty-year improved benefit retirement program for captains and above" shall mean all the terms and conditions of section  four  hundred forty-five-c of this article.   11.  "Starting  date  of  the  twenty-year improved benefit retirement program for captains and above" shall have the same meaning as set forth in paragraph five of subdivision a of section four hundred  forty-five-c of this article.   b.  Election  of  twenty-year  improved benefit retirement program. 1. Subject to the provisions of paragraph five  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  improved  benefit retirement  program may elect to become a participant in the twenty-year improved benefit retirement program by filing, within one hundred eighty days after such starting date, a  duly  executed  application  for  such participation  with  the retirement system, 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 five  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  improved  benefit  retirement  program may elect to become a participant in the twenty-year improved benefit 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, 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 improved benefit retirement program shall be irrevocable.   4.  Where  any  participant  in  the  twenty-year   improved   benefit 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, during any period in which such person does not hold the position of New York city correction officer below the rank of captain, he or she shall not be  a  participant  in  the  twenty-year improved  benefit  retirement  program and shall not be eligible for the benefits of subdivision c of this section.   5.  Where  any  participant  in  the  twenty-year   improved   benefit 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.   6.  Where  any  participant  in  the  twenty-year   improved   benefit 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. Notwithstanding any other provision of law to the contrary, where a participant  in the twenty-year improved benefit retirement program, who is otherwise qualified for a retirement allowance  pursuant  to  section 13-155 of the administrative code, has made and/or paid, while he or she is  a  New  York  city  correction member below the rank of captain, all additional member  contributions  and  interest  (if  any)  required  by subdivision d of this section, then:   1.  That participant, while he or she remains a participant, shall not be subject to the provisions of subdivision a of  section  four  hundred forty-five of this article; and   2. If that participant, while such a participant, retires for service, he or she shall not be subject to the provisions of section four hundred forty-four of this article; and   3.   The   maximum   retirement   benefit  computed  without  optional modification payable to that participant upon his or her retirement  for service  as  such a participant shall equal that payable upon completion of thirty years of service.    4.  Notwithstanding  any  other  provision  of  this  article  to  the contrary,  a  participant in the twenty-year improved benefit retirement program shall be entitled to the application of the same provisions with respect to credited service as now or hereinafter apply to  a  similarly situated  correction officer under this article who is not a participant in such retirement program.   d. Additional member contributions.  1.  In  addition  to  the  member contributions  required pursuant to section 13-155 of the administrative code, each participant in the twenty-year  improved  benefit  retirement program  shall  contribute  (subject  to  the  applicable  provisions of section 13-125.1 of the  administrative  code)  an  additional  six  and thirty-seven  one-hundredths  percent  of his or her compensation earned from all service as a New York city correction member below the rank  of captain  rendered  on  and  after  the  starting date of the twenty-year improved benefit retirement program. A participant  in  the  twenty-year improved  benefit  retirement program shall contribute additional member contributions only until he or she is eligible  to  retire  with  twenty years of credited service under such retirement program.   2.  Commencing  with  the  first full payroll period after each person becomes a participant in the  twenty-year  improved  benefit  retirement program,  additional  member  contributions  at  the  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, 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; and  (C) 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.  (ii) Except as provided in subparagraph (iii) of  this  paragraph,  no interest  shall  be due on any 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 seven of this subdivision, has withdrawn any additional member contributions (and  any interest  paid  thereon)  again  become a participant in the twenty-year improved benefit  retirement  program  pursuant  to  paragraph  five  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 board of trustees of the retirement system may, consistent with the  provisions  of  this  subdivision,  promulgate  regulations for the payment of  such  additional  member  contributions,  and  any  interest  thereon, by a participant in the twenty-year improved benefit retirement program (including the deduction of such contributions, and any interest thereon, from his or her compensation).   5.  Where  a  contribution  deficiency  chargeable  to  a  participant pursuant to paragraph three of this subdivision has  not  been  paid  in full  while  the  participant is a New York city correction member below the rank of captain, that participant  shall  not  be  entitled  to  the benefits provided in subdivision c of this section.   6.  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  a  member's accumulated deductions or a refund of  additional  member  contributions pursuant  to paragraph seven of this subdivision, becomes payable by the retirement system 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.   7.  (i)  All  additional  member  contributions   required   by   this subdivision  (and  any  interest  thereon)  which  are  received  by the retirement system shall be paid into its  contingent  reserve  fund  and shall  be  the property of the retirement system. Such additional member contributions (and any interest thereon) shall not for  any  purpose  be deemed to be accumulated deductions of a member of the retirement system while  he  or  she  is a participant in the twenty-year improved benefit retirement program or otherwise.  (ii) Except as  otherwise  provided  in  subparagraph  (iii)  of  this paragraph,  should  a  participant  in  the twenty-year improved benefit 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 equal to  eight  and  one-quarter percent per annum, compounded annually.  (iii)  (A) Notwithstanding any other provision 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, 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 improved  benefit  retirement program for captains and above, shall not be eligible to elect to become a participant in the twenty-year improved benefit retirement program for captains and above.  (B)  Notwithstanding  any  other provision of law to the contrary, any former  participant  in  the  twenty-year  improved  benefit  retirement program  who  becomes  a participant in the twenty-year improved benefit retirement program for captains and above, 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 improved benefit 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 improved benefit retirement  program  for captains and above.  (iv)  Except  as  otherwise  provided  in  subparagraph  (ii)  of this paragraph, no member of the retirement system, while  he  or  she  is  a participant  in such retirement program or otherwise, shall have a right to withdraw such additional member contributions or any interest thereon from the retirement system.   8. No member of the retirement system shall be permitted to borrow any portion  of  the additional member contributions (including any interest paid thereon) which are subject to this subdivision.   9. Notwithstanding any other provision of law  to  the  contrary,  the provisions  of  section one hundred thirty-eight-b of this chapter shall not be applicable to  the  additional  member  contributions  which  are required by this subdivision.   10.  Notwithstanding  any  other provision of law to the contrary, the additional member contributions which are required by  this  subdivision shall not be reduced under any program for increased-take-home-pay.   e.  The  provisions  of subdivision b of section four hundred forty of this article shall apply to participants under this section.