NY Ret & SS L § 604-H (2021)
2021 New York Laws RSS - Retirement and Social Security Article 15 - Coordinated Retirement Plan 604-H - Twenty-Five Year Retirement Program for Police Communications Members.

§ 604-h. Twenty-five year retirement program for police communications 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.  "Police  communications  member"  shall  mean  a  member  of   the retirement  system  employed  by  the  police  department  as  a  police communications   technician,   a   supervising   police   communications technician or a principal police communications technician.   2.  "Twenty-five year retirement program" shall mean all the terms and conditions of this section.   3. "Starting date of the twenty-five year  retirement  program"  shall mean  the  date  of enactment of this section, as such date is certified pursuant to section forty-one of the legislative law.   4. "Participant in the twenty-five year retirement program" shall mean any police communications 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 retirement program, as applicable to him or her.   5. "Discontinued member" shall mean a participant in  the  twenty-five year retirement program who, while he or she was a police communications member,  discontinued  service  as  such  a  member and has a right to a deferred vested benefit under subdivision d of this section.   6. "Administrative code" shall mean the  administrative  code  of  the city of New York.   b. Participation in twenty-five year retirement program. 1. Subject to the  provisions  of  paragraphs  six  and seven of this subdivision, any person who is a police communications member on the starting date of the twenty-five  year  retirement  program  and  who,  as  such   a   police communications   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-five  year retirement program by filing, within one hundred eighty days after the starting  date  of  the twenty-five  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 police communications member on the date such application is filed.   2.  Subject  to  the  provisions  of  paragraphs six and seven of this subdivision, any person who becomes a police communications member after the starting date of the twenty-five year retirement program and who, as such a police communications 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-five  year  retirement  program  by filing,  within  one  hundred  eighty  days after becoming such a police communications  member,   a   duly   executed   application   for   such participation  with  the  retirement  system  for which such person is a member, provided he or she is such a police communications member on the date such application is filed.   3. Any election to be a participant in the twenty-five year retirement program shall be irrevocable.   4. Each police  communications  member  who  becomes  subject  to  the provisions  of  this  article  on  or  after  the  starting  date of the twenty-five year retirement program shall become a  participant  in  the twenty-five year retirement program on the date he or she becomes such a police  communications  member.  Provided,  however, a person subject to this paragraph who has exceeded age thirty upon  employment  as  such  a member  shall  be  exempt  from  participation  in  the twenty-five year retirement program if such person elects not to participate by filing  a  duly  executed form with the retirement system within one hundred eighty days of becoming such a member.   5.  Where  any  participant in the twenty-five year retirement program shall cease to be  employed  by  the  city  of  New  York  as  a  police communications  member,  he  or she shall cease to be such a participant and, during any period in which such person is not so  employed,  he  or she  shall  not  be  a  participant  in  the twenty-five year retirement program and shall not be eligible for the benefits of subdivision  c  of this section.   6.  Where  any  participant in the twenty-five year retirement program terminates service as a police communications member and returns to such service as a police communications member at a later  date,  he  or  she shall again become such a participant on that date.   7.  Notwithstanding  any  other  provision of law to the contrary, any person who  is  eligible  to  elect  to  become  a  participant  in  the twenty-five  year 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. 1. A participant in the twenty-five year retirement program:  (i) who has completed twenty-five 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 that time, not less than  thirty  days  subsequent  to  the  execution  and  filing thereof, he or she desires to be retired; and  (iv)  who  shall  be  a participant in the twenty-five 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, and subject to the provisions of paragraph six  of  subdivision  e  of  this section,  the  early  service retirement benefit for participants in the twenty-five year retirement program who retire pursuant to paragraph one of this subdivision shall be a retirement allowance consisting of:  (A) an amount, on account of the required minimum period  of  service, equal to fifty percent of his or her final average salary; plus  (B)  an  amount  on  account of credited service, or fraction thereof, beyond such required minimum period of service equal to two  percent  of his or her final salary;  (ii)  The  maximum  retirement  allowance  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-five year retirement program:  (i) who discontinues service as such  a  participant,  other  than  by death or retirement; and  (ii)  in  the case of a participant who is not a New York city revised plan member, who prior to such discontinuance, completed five  but  less than  twenty-five  years  of  credited  service  or,  in  the  case of a participant who is a New York city revised plan  member,  who  prior  to  such  discontinuance,  completed  ten but less than twenty-five years of credited service; and  (iii) who, subject to the provisions of paragraph seven of subdivision e  of  this  section,  has  paid,  prior  to  such  discontinuance,  all additional member  contributions  and  interest  (if  any)  required  by subdivision e of this section; and  (iv)  who does not withdraw in whole or in part his or her accumulated member contributions pursuant to section six hundred  thirteen  of  this article unless such participant thereafter returns to public service and repays  the  amounts  so  withdrawn, together with interest, pursuant to such section six hundred  thirteen;  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) In the case of a participant who is not a New York  city  revised plan  member,  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 or, in the case  of  a  participant who  is  a  New York city revised plan member, such vested benefit shall become payable at age sixty-three.   3. Subject to the provisions of paragraph seven of  subdivision  e  of this  section,  such  deferred  vested  benefit  shall  be  a retirement allowance  consisting  of  an  amount  equal  to  two  percent  of  such discontinued  member's final average salary, multiplied by the number of years of credited service.   e. Additional member contributions.  1.  In  addition  to  the  member contributions  required by section six hundred thirteen of this article, each participant  in  the  twenty-five  year  retirement  program  shall contribute  to  the  retirement  system  of  which he or she is a member (subject to the applicable provisions of subdivision d  of  section  six hundred  thirteen  of  this article) an additional six percent of his or her compensation earned from (i) all credited service, as a  participant in  the  twenty-five  year  retirement program, rendered on or after the starting date of the twenty-five year retirement program, and  (ii)  all credited  service  after  such  person  ceases  to be a participant, but before he or she again becomes a participant pursuant to  paragraph  six of  subdivision b of this section. The additional contributions required by this subdivision shall be in lieu of additional member  contributions required by subdivision d of section six hundred four-c of this article, as  added  by  chapter  ninety-six  of  the  laws  of  nineteen  hundred ninety-five, and no member making contributions pursuant to this section shall be required to make contributions pursuant to such  subdivision  d of section six hundred four-c of this article.   2.  A  participant  in  the  twenty-five year retirement program shall contribute additional member contributions until the later  of  (i)  the first   anniversary  of  the  starting  date  of  the  twenty-five  year retirement program, or (ii) the date on which he or she completes thirty years of credited service as a police communications member.   3. Commencing with the first full payroll  period  after  each  person becomes  a  participant  in  the  twenty-five  year  retirement program, additional member contributions at the rate specified in  paragraph  one of  this  subdivision  shall  be  deducted  (subject  to  the applicable provisions of subdivision d of section  six  hundred  thirteen  of  this article)  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.    4.  (i)  Each  participant  in the twenty-five year retirement program shall be charged with a contribution deficiency consisting of the  total amounts  of  additional  member contributions such person is required to make pursuant to paragraphs one and two of this  subdivision  which  are not deducted from his or her compensation pursuant to paragraph three of this  subdivision,  if  any,  together with interest thereon, compounded annually,  and  computed  in   accordance   with   the   provisions   of subparagraphs (ii) and (iii) of this paragraph.  (ii)  (A)  The  interest  required  to  be  paid  on  each such amount specified in subparagraph (i) of this paragraph 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 deduction had  been  required  for  such payroll period, until such amount is paid to the retirement system.  (B)  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.  (iii)   Except  as  otherwise  provided  in  paragraph  five  of  this subdivision, no interest shall be due on any  unpaid  additional  member contributions  which are not attributable to a period prior to the first full payroll period referred to in paragraph three of this subdivision.   5. (i) Should  any  person  who,  pursuant  to  subparagraph  (ii)  of paragraph  ten  of this subdivision, has received a refund of his or her additional member contributions including  any  interest  paid  on  such contributions,  again  become  a  participant  in  the  twenty-five 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  (ii)  of  this  paragraph)  for any credited service for which such person  received  a  refund  of  such  additional member  contributions  (including  any  amount of an unpaid loan balance deemed to have been returned to such person pursuant to paragraph twelve of this subdivision), as if such additional member  contributions  never had been paid.  (ii)(A)  Interest  on  a participant's additional member contributions included in  such  participant's  contribution  deficiency  pursuant  to subparagraph  (i)  of  this  paragraph  shall  be  calculated as if such additional member contributions had never 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, until such amount is paid to the retirement system.  (B)  The rate of interest to be applied to each such amount during the period for which interest accrues on that amount shall be  five  percent per annum, compounded annually.   6.   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  paragraphs four  and five of this subdivision, or repay the entire amount of a loan of his or her additional  member  contributions  pursuant  to  paragraph eleven  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  such participant's  service  retirement  benefit   calculated   pursuant   to paragraph  two  of such subdivision c 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 article) which is actuarially equivalent to:  (i)  the  amount  of  any unpaid contribution deficiency chargeable to such member pursuant to paragraphs four and five  of  this  subdivision; plus  (ii)  the  amount  of  any  unpaid  balance  of  a  loan of his or her additional member contributions pursuant to  paragraph  eleven  of  this subdivision (including accrued interest on such loan).   7. Where a participant who is otherwise eligible for a vested right to a  deferred  benefit  pursuant to subdivision d of this section did not, prior to the date of discontinuance of service, pay the entire amount of a  contribution  deficiency  chargeable  to  him  or  her  pursuant   to paragraphs four and five of this subdivision, or repay the entire amount of  a  loan  of  his  or her additional member contributions pursuant to paragraph eleven of this subdivision (including accrued interest on such loan), that participant, nevertheless, shall be eligible  for  a  vested right  to  a deferred benefit pursuant to subdivision d of this section, provided, however, that the deferred vested benefit calculated  pursuant to  paragraph  three  of  such  subdivision d 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 article) which is actuarially equivalent to:  (i) the amount of any unpaid  contribution  deficiency  chargeable  to such  member  pursuant  to paragraphs four and five of this subdivision; plus  (ii) the amount of any  unpaid  balance  of  a  loan  of  his  or  her additional  member  contributions  pursuant  to paragraph eleven of this subdivision (including accrued interest on such loan).   8. The head of a retirement system which includes participants in  the twenty-five  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  participant's compensation).   9. Subject to the provisions of  paragraphs  six  and  seven  of  this subdivision,  where  a participant has not paid in full any contribution deficiency chargeable to him or her pursuant to paragraphs four and five of this subdivision, and a  benefit,  other  than  a  refund  of  member contributions  pursuant  to section six hundred thirteen of this article or a refund of additional member contributions pursuant to  subparagraph (ii)  of  paragraph  ten 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.   10.  (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 six hundred thirteen of this article or otherwise while he or she is a participant in the twenty-five 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)  Should  a participant in the twenty-five year retirement program who has rendered less than five years of credited service cease to  hold a  position as a police communications 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) 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.  (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 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.   11. A participant in the twenty-five year 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 rights, privileges, obligations and procedures set forth in section six hundred thirteen-b  of  this  article  which  govern  the borrowing  of  member contributions made pursuant to section six hundred thirteen of this article. 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 article as made applicable to this subdivision,  promulgate  regulations  governing  the borrowing of such additional member contributions.   12.  Whenever  a  person has an unpaid balance of a loan of his or her additional member contributions pursuant to  paragraph  eleven  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 ten 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 (ii).