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

§ 445-h. Optional twenty-five year improved benefit 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.  "Retirement  system"  shall  mean  the  New  York  city employees' retirement system.   2.  "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.   3.  "Twenty-five  year improved benefit retirement program" shall mean all the terms and conditions of this section.   4. "Starting date of the twenty-five year improved benefit  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.   5. "Participant in the twenty-five year  improved  benefit  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 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 the completion of twenty-five years of credited service.   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 police  communications  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 police communications 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 police communications 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 police communications member, a duly executed application for such participation with the retirement system,  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  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   police communications  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 police  communications 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 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.   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  police  communications  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 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  percent  of his or her compensation earned from (i) all credited 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 (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  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  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  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  subclause  two  of  clause (C) of subparagraph (i) 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  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 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) 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.