NY Ret & SS L § 445-G (2021)
2021 New York Laws RSS - Retirement and Social Security Article 11 - Limitations Applicable to New Entrants 445-G - Optional Twenty-Five Year/age Fifty Improved Benefit Retirement Program for Automotive Members.

§   445-g.   Optional  twenty-five  year/age  fifty  improved  benefit retirement program for automotive 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.   2. "Automotive member" shall mean a member of  the  retirement  system employed by the mayoral and non-mayoral agencies of the city of New York as  a senior automotive service worker, an automotive service worker, an auto body worker, an auto mechanic, a marine  maintenance  mechanic,  an oil burner specialist, a supervisor of mechanics (mechanical equipment), senior stationary engineer, stationary engineer, auto mechanic (diesel), auto electrician, auto machinist, machinist or machinist helper.   3.  "Twenty-five  year/age  fifty improved benefit retirement program" shall mean all the terms and conditions of this section.   4. "Starting date of the twenty-five year/age fifty  improved  benefit retirement program" shall mean, with respect to supervisors of mechanics (mechanical  equipment),  the  effective date of an act amending chapter five hundred sixty of the laws of two thousand  one,  as  such  date  is certified  pursuant  to  section  forty-one  of the legislative law, and shall mean December twelfth, two thousand one with respect to all  other automotive members.   5.  "Participant  in  the  twenty-five year/age fifty improved benefit retirement program" shall mean any  automotive  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/age fifty improved benefit retirement  program,  as applicable to him or her.   6.  "Administrative  code"  shall  mean the administrative code of the city of New York.   7. "Accumulated  deductions"  shall  mean  accumulated  deductions  as defined  in  subdivision  eleven of section 13-101 of the administrative code.   8. "Optional retirement provisions" shall mean the right to retire and receive  a  retirement  allowance  under  this  section  upon  (i)   the attainment  of age fifty and (ii) the completion of twenty-five years of credited service.   b. Election of twenty-five year/age fifty improved benefit  retirement program. 1. Subject to the provisions of paragraphs five and six of this subdivision, any person who is an automotive member on the starting date of  the  twenty-five  year/age fifty improved benefit retirement program may elect to become a participant  in  the  twenty-five  year/age  fifty improved  benefit  retirement  program  by  filing,  within  two hundred seventy days after such starting date, a duly executed  application  for such  participation  with  the  retirement system, provided he or she is such an automotive 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  an  automotive member after the starting  date  of  the  twenty-five  year/age  fifty  improved  benefit retirement  program may elect to become a participant in the twenty-five year/age fifty improved benefit retirement program by filing, within two hundred seventy days after becoming such an automotive  member,  a  duly executed  application for such participation with the retirement system, provided he or she is  such  an  automotive  member  on  the  date  such application is filed.   3.  Any election to be a participant in the twenty-five year/age fifty improved benefit retirement program shall be irrevocable.    4. Where any participant in the twenty-five/age fifty improved benefit retirement program shall cease to  hold  a  position  as  an  automotive member,  he  or  she shall cease to be such a participant and during any period in which such a person does not hold such an automotive position, he  or  she shall not be a participant in the twenty-five year/age fifty 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/age fifty improved benefit retirement program terminates service as  an  automotive  member and  returns to such service as an automotive 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/age fifty improved benefit retirement program pursuant to paragraph one or two of this subdivision for the  full  two  hundred  seventy  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/age fifty 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 an automotive 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 from 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 from 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,  or fraction  thereof,  beyond such required minimum period of service equal to two percent of his or her final average salary; and   4.  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.   d.  Additional  member  contributions.  1.  In  addition to the member contributions required pursuant to  section  13-125  or  13-162  of  the administrative  code, each participant in the twenty-five year/age fifty improved benefit retirement program shall  contribute,  subject  to  the applicable provisions of section 13-125.2 of the administrative code, an additional  four  and  eighty-three one-hundredths percent of his or her compensation earned from (i) all credited service, as a  participant  in the  twenty-five  year/age  fifty  improved  benefit retirement program, rendered on and after the date which is one hundred eighty days prior to  the starting date of the improved benefit 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  five of  subdivision  b  of  this  section.  A participant in the twenty-five year/age fifty improved  benefit  retirement  program  shall  contribute additional  member  contributions  until the later of (i) the date as of which he or she is eligible to retire with twenty-five years of credited service under such retirement program, or (ii) the first anniversary  of the  starting  date  of  the twenty-five year/age fifty 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/age fifty 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)  Interest  on  each  such  amount  included  in such participant's contribution deficiency pursuant  to  this  subparagraph  (i)  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.  (ii) 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 provided in subparagraph (iv) 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.  (iv)  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/age fifty 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 (ii) of 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/age   fifty   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  13-162  of  the administrative code while he or she is a participant in the  twenty-five year/age fifty improved benefit retirement program or otherwise.  (ii)  Should  a participant in the twenty-five year/age fifty improved benefit retirement program, who has rendered less  than  five  years  of credited  service  cease  to hold a position as an automotive 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/age fifty 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/age fifty 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 provisions of law th the  contrary,  the additional  member  contributions which are required by this subdivision shall not be reduced under any program for increased-take-home-pay.