NY Ret & SS L § 445-F-3 (2021)
2021 New York Laws RSS - Retirement and Social Security Article 11 - Limitations Applicable to New Entrants 445-F*3 - Optional Twenty-Five Year Improved Benefit Retirement Program for Special Officer, Parking Control Specialist, School Safety Agent, Campus Peace Offic

* §  445-f.  Optional  twenty-five  year  improved  benefit retirement program for special officer, parking control specialist,  school  safety agent,  campus  peace  officer,  and  New  York  city taxi and limousine inspector 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. "Retirement  system"  shall  mean  the  New  York  city  employees' retirement  system  or  the  New York city board of education retirement system.   2. "Special officers" shall mean all peace officers  who  are  special officers  of  any  rank  employed by a mayoral agency of the city of New York or the New York city health and hospitals corporation or  the  city of  New  York  housing  authority, and shall include all persons who are employed by the city of New York in  the  title  urban  park  ranger  or associate urban park ranger.   3. "Parking control specialist" shall mean a peace officer employed by the  New  York  city  department  of transportation as a parking control specialist.   4. "School safety agent" shall mean a  peace  officer  employed  as  a school  safety  agent  of  any rank employed by the New York city police department or the board of education of the city of New York.   5. "Campus peace officer" shall mean a peace  officer  employed  as  a campus  peace officer of any rank employed by the city university of New York.   6. "Taxi and limousine inspector" shall mean a peace  officer  of  any rank employed by the New York city taxi and limousine commission.   7.  "Twenty-five  year improved benefit retirement program" shall mean all the terms and conditions of this section; provided that, for persons who are employed by the city of New York in the title urban park  ranger and  associate  urban park ranger "starting date of the twenty-five year retirement program" shall mean the effective date of  the  amendment  to paragraph two of this subdivision made in section four of the chapter of the laws of two thousand three which amended this paragraph.   8.  "Starting date of the twenty-five year improved benefit retirement program" shall mean the date of enactment of this section.   9. "Participant in the twenty-five year  improved  benefit  retirement program"  shall  mean  any  special officer, parking control specialist, school  safety  agent,  campus  peace  officer  or  taxi  and  limousine inspector  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 improved benefit retirement program, as applicable to him or her.   10. "Administrative code" shall mean the administrative  code  of  the city of New York.   11.  "Accumulated  deductions"  shall  mean  accumulated deductions as defined in subdivision eleven of section 13-101  of  the  administrative code.   12.  "Optional  retirement  provisions" shall mean the right to retire and  receive  a  retirement  allowance  under  this  section  upon   the completion  of  twenty-five  years  of  allowable  service  as a special officer, parking control specialist, school safety agent,  campus  peace officer or taxi and limousine inspector member.   13.   "Allowable  service"  as  a  special  officer,  parking  control specialist, school safety  agent,  campus  peace  officer  or  taxi  and limousine  inspector member shall mean all service while employed by the city of  New  York  or  by  the  New  York  city  health  and  hospitals corporation,  the  New York city board of education, the city university of New York, the New York city taxi and limousine commission or the city  of New York housing authority in a title whose duties  are  those  of  a peace officer under the criminal procedure law.   b. Election of twenty-five year improved benefit retirement program.   1.  Subject  to  the  provisions  of  paragraphs  five and six of this subdivision, any person  who  is  a  special  officer,  parking  control specialist,  school  safety  agent,  campus  peace  officer  or taxi and limousine inspector member on the starting date of the twenty-five  year improved benefit retirement program may elect to become a participant in the  twenty-five  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 special officer, parking control specialist, school safety agent, campus peace  officer  or  taxi  and  limousine  inspector member on the date such application is filed.   2.  Subject  to  the  provisions  of  paragraphs  five and six of this subdivision, any person who becomes a special officer,  parking  control specialist,  school  safety  agent,  campus  peace  officer  or taxi and limousine inspector member after the starting date  of  the  twenty-five year   improved  benefit  retirement  program  may  elect  to  become  a participant in the twenty-five year improved benefit retirement  program by  filing, within one hundred eighty days after becoming such a special officer, parking control specialist, school safety agent,  campus  peace officer  and  taxi  and  limousine  inspector  member,  a  duly executed application for such participation with the retirement system,  provided he  or she is such a special officer, parking control specialist, school safety agent, campus peace  officer  or  taxi  and  limousine  inspector member on the date such application is filed.   3.  Any  election to be a participant in the twenty-five year improved benefit retirement program shall be irrevocable.   4. Where any participant in  the  twenty-five  year  improved  benefit retirement  program shall cease to hold a position as a special officer, parking control specialist, school safety agent, campus peace officer or taxi and limousine inspector member, he or she shall cease to be such  a participant  and, during any period in which such a person does not hold such a position, he or she shall not be a participant in the twenty-five 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-five year improved benefit retirement program terminates service  as  a  special  officer,  parking control  specialist,  school  safety agent, campus peace officer or taxi and limousine inspector member and returns to such  service  as  such  a member  at a later date, he or she shall again become such a participant on that date.   6. Notwithstanding any other provision of law  to  the  contrary,  any person  who  is eligible to become a participant in the twenty-five year improved benefit 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. Notwithstanding any other provision of law to the  contrary,  where  a  participant  in  the  twenty-five  year improved  benefit  retirement  program, who is otherwise qualified for a retirement allowance pursuant to the optional retirement provisions  set forth  in  subdivision a of this section, has made and/or paid, while he or she is a special officer, parking control specialist,  school  safety agent,  campus peace officer or taxi and limousine inspector member, 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.  his  or her retirement allowance shall be an amount, on account of the required minimum period of service, equal  to  the  sum  of  (i)  an annuity  which  shall  be  the  actuarial  equivalent of the accumulated deductions for his or her pay during such period,  (ii)  a  pension  for increased-take-home-pay  which  shall be the actuarial equivalent of the reserve for increased-take-home-pay to which he or she may  be  entitled for  such  period, and (iii) a pension which, when added to such annuity and such pension  for  increased-take-home-pay,  produces  a  retirement allowance  equal  to  fifty  percent of his or her final average salary, plus an amount for each  additional  year  of  allowable  service  as  a special officer, parking control specialist, school safety agent, campus peace  officer  or  taxi  and  limousine  inspector  member, or fraction thereof, beyond such required minimum period of  service  equal  to  two percent of his or her final average salary for such allowable service as a  special  officer,  parking  control  specialist, school safety agent, campus peace officer or taxi and limousine inspector member  during  the period from completion of twenty-five years of allowable service as such a  member  to  the  date  of retirement but not to exceed more than five years of additional service as such a member.   d. Additional member contributions.  1.  In  addition  to  the  member contributions  required  pursuant to section 13-125 or section 13-162 of the administrative  code,  each  participant  in  the  twenty-five  year improved  benefit  retirement  program  shall contribute, subject to the applicable provisions of section 13-125.2 of the administrative code, an additional six and twenty-five one hundredths  percent  of  his  or  her compensation  earned from all allowable service, as a participant in the twenty-five year improved benefit retirement program,  rendered  on  and after  the starting date of the improved benefit retirement program, and all allowable service after such person ceases to be a participant,  but before  he or she again becomes a participant pursuant to paragraph five of subdivision b of this section. A participant in the twenty-five  year improved  benefit  retirement program shall contribute additional member contributions until the later of the date as  of  which  he  or  she  is eligible  to  retire  with  thirty years of allowable service under such retirement program, or the first anniversary of the starting date of the twenty-five year improved benefit  retirement  program.  The  additional contributions  required by this paragraph shall be in lieu of additional member contributions required by subdivision d of section  four  hundred forty-five-d of this article, as added by chapter ninety-six of the laws of  nineteen  hundred  ninety-five,  and  no  member  paying  additional contributions  pursuant  to  this  section  shall  be  required  to  pay additional  contributions pursuant to such subdivision d of section four hundred forty-five-d of this article.   2. Commencing with the first full payroll  period  after  each  person becomes   a   participant  in  the  twenty-five  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  13-125.2  of  the administrative  code,  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.   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 and such deductions had been required for such payroll period  until  such  amount  is  paid  to  the retirement system; and  (C)  (1) interest on each such amount included in such amount included in  such  participant's  contribution  deficiency   pursuant   to   this subparagraph   shall   be   calculated  as  if  such  additional  member contributions never had 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,  compounded annually, until such amount is paid to the retirement system.  (2) 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-five 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  this  paragraph) for any credited service  with  respect  to  which  such  person  received  a  refund  of additional  member contributions (including any amount of an unpaid loan balance deemed  to  have  been  returned  to  such  person  pursuant  to paragraph  seven  of  this  subdivision),  as  if such additional member contributions never had been paid.   4. The board of trustees of the retirement system may, consistent with the provisions of  this  subdivision,  promulgate  regulations  for  the payment   of  the  additional  member  contributions  required  by  this subdivision,  and  any  interest  thereon,  by  a  participant  in   the twenty-five  year  improved  benefit  retirement  program (including the deduction of such contributions, and any interest thereon, from  his  or her compensation).   5.   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  paragraph three  of  this subdivision, or repay the entire amount of a loan of his or her additional member contributions pursuant to  paragraph  eight  of this  subdivision  (including  accrued  interest  on  such  loan),  that  participant, nevertheless, shall  be  eligible  to  retire  pursuant  to subdivision  c  of  this  section,  provided,  however,  that where such participant  is  not  entitled  to  a  refund   of   additional   member contributions  pursuant  to  paragraph  seven  of this subdivision, such participant's service retirement  benefit  calculated  pursuant  to  the applicable  provisions of subdivision c of this section 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  chapter,  which is actuarially equivalent to:  (i)  the  amount  of  any unpaid contribution deficiency chargeable to such member pursuant to paragraph three of this subdivision; plus  (ii) the amount of any  unpaid  balance  of  a  loan  of  his  or  her additional  member  contributions  pursuant  to  paragraph eight of this subdivision (including accrued interest on such loan).   6. Subject to the provisions of paragraph five  of  this  subdivision, 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 member contributions or accumulated deductions of a member of the retirement system under section 13-125 or section 13-162  of  the administrative  code while he or she is a participant in the twenty-five year improved benefit retirement program or otherwise.  (ii) Should a participant in the  twenty-five  year  improved  benefit retirement program, who has rendered less than fifteen years of credited service  cease  to hold a position as a special officer, parking control specialist, school safety  agent,  campus  peace  officer  or  taxi  and limousine  inspector  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, which remain credited  to  such  participant's  account  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 interest required by law to be used to  credit  interest  on the accumulated deductions of retirement system members 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  improved  benefit 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.   8. A participant in the twenty-five year improved  benefit  retirement program  shall  be permitted to borrow from his or her additional member contributions, including any interest paid thereon, which  are  credited to the additional contributions account established for such participant  in  the  contingent reserve fund of the retirement system. The borrowing from such additional member contributions  pursuant  to  this  paragraph shall  be  governed  by  the  same  rights,  privileges, obligations and procedures  set  forth in section six hundred thirteen-b of this chapter which govern the borrowing by members subject to article fifteen of this chapter of member contributions made pursuant  to  section  six  hundred thirteen of this chapter. The board of trustees of the retirement system may,  consistent  with  the  provisions  of  this  subdivision  and  the provisions of section six hundred thirteen-b of  this  chapter  as  made applicable  to  this  subdivision,  promulgate regulations governing the borrowing of such additional member contributions.   9. Wherever a person has an unpaid balance of a loan  of  his  or  her additional  member  contributions  pursuant  to  paragraph eight of this subdivision at the time he or she becomes entitled to a refund of his or her additional member contributions pursuant  to  subparagraph  (ii)  of paragraph  seven  of  this  subdivision,  the amount of such unpaid loan balance, including accrued  interest,  shall  be  deemed  to  have  been returned to such member, and the refund of such additional contributions shall  be  the  net amount of such contributions, together with interest thereon in accordance with the provisions of such subparagraph.   10. 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.   11.  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 this section shall not be construed to provide benefits to any participant in the  twenty-five  year  improved  benefit retirement  program which are greater than those which would be received by a similarly situated member who is entitled  to  benefits  under  the provisions  of  section  13-157.3 of the administrative code, but who is not governed by the provisions of this article.   * NB There are 3 § 445-f's