NY Ret & SS L § 604-B (2021)
2021 New York Laws RSS - Retirement and Social Security Article 15 - Coordinated Retirement Plan 604-B - Twenty-Five-Year and Age Fifty-Five Retirement Program for New York City Transit Authority Members.

§  604-b.  Twenty-five-year  and age fifty-five retirement program for New York city transit authority members. a. Definitions.  The  following words  or  phrases  as  used  in  this  section shall have the following meanings unless a different meaning is plainly required by the context:   1. "New York city transit authority member" shall mean  a  member  (as defined in subdivision e of section six hundred one of this article) who (a) is an employee of the New York city transit authority, and (b) would have   been   subject  to  the  provisions  of  section  13-161  of  the administrative code of the city of New York had he joined the  New  York city  employees'  retirement system prior to July twenty-seven, nineteen hundred seventy-six.   2. "Twenty-five-year and age fifty-five retirement program" shall mean all the terms and conditions of this section.   3.  "Starting  date  of  the  twenty-five-year  and   age   fifty-five retirement  program"  shall  mean  the  commencement date of the payroll period which includes September first, nineteen hundred ninety-four.   4.  "Enactment  date  of  the  twenty-five-year  and  age   fifty-five retirement  program"  shall mean the date of enactment of the chapter of the laws of nineteen hundred ninety-four which added  this  section,  as such  date is certified pursuant to section forty-one of the legislative law.   5. "Participant in the twenty-five-year and age fifty-five  retirement program"  shall  mean  any  New  York city transit authority 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  and  age  fifty-five  retirement program, as applicable to him or her.   6.  "Allowable  service  in the transit authority" shall mean credited service which was rendered as a member of  the  New  York  city  transit authority.   7. "Minimum period" shall mean the minimum period of twenty-five years of  allowable service in the transit authority that is required in order for a participant in the twenty-five-year and age fifty-five  retirement program  to  be  eligible  for  early  service  retirement  pursuant  to paragraph one of subdivision c of this section.   8. "Final average salary" shall mean  a  participant's  final  average salary as defined in section six hundred eight of this article.   9.   "Discontinued   member"   shall   mean   a   participant  in  the twenty-five-year and age fifty-five retirement program who, while he  or she  was  a New York city transit authority member, discontinued service in the New York city transit authority and has a  right  to  a  deferred vested benefit under subdivision d of this section.   10.  "Administrative  code"  shall mean the administrative code of the city of New York.   b. Participation in twenty-five-year  and  age  fifty-five  retirement program.   1. Subject to the provisions of paragraph six of this subdivision, any person  who is a New York city transit authority member on the enactment date of the twenty-five-year and age fifty-five retirement  program  and who,  as  such  a  transit  authority  member  or otherwise, last became subject to the provisions of this article prior to such enactment  date, may  elect  to  become  a  participant  in  the twenty-five-year and age fifty-five retirement program by filing, within  forty-five  days  after the enactment date of the twenty-five-year and age fifty-five 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  transit  authority  member  on the date such application is filed.    2. Subject to the provisions of paragraph six of this subdivision, any person who becomes a New York city transit authority  member  after  the enactment  date  of  the  twenty-five-year and age fifty-five retirement program and who, as such a transit authority member, last became subject to  the  provisions  of  this  article prior to such enactment date, may elect to become a participant in the twenty-five-year and age fifty-five retirement program by filing, within forty-five days after becoming such transit  authority  member,  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 transit  authority  member  on  the date such application is filed.   3.  (i)  Any  election to be a participant in the twenty-five-year and age fifty-five  retirement  program  shall  be  irrevocable,  except  as provided in subparagraph (ii) of this paragraph.  (ii)  Notwithstanding  the  provisions  of  subparagraph  (i)  of this paragraph, any New York city transit authority  member  who  elected  to become   a  participant  in  the  twenty-five-year  and  age  fifty-five retirement program pursuant  to  the  provisions  of  paragraph  one  or paragraph  two  of this subdivision, and whose age and allowable service in the transit authority are such that he could not possibly be able  to accumulate  at  least  twenty-five  years of such service by the time he reaches age sixty-two, may revoke such election  by  filing  within  the period beginning November first, nineteen hundred ninety-nine and ending January thirtieth, two thousand, a written request to withdraw from such program  with  the  retirement  system  of which he is member. Upon such revocation the additional member contributions required by subdivision e of this section, without interest, shall be refunded to such member.   4. Each New York city transit authority member who becomes subject  to the  provisions  of  this  article on or after the enactment date of the twenty-five-year and age fifty-five retirement program  shall  become  a participant  in  the  twenty-five-year  and  age  fifty-five  retirement program on the date he or she becomes such a transit authority member.   4-a. (i) Notwithstanding any provision of paragraphs one  and  two  of this  subdivision  to  the  contrary, each person who is a New York city transit authority member on the starting  date  of  the  elimination  of additional  member  contributions as such date is defined in an election made pursuant to paragraph ten of subdivision e of this section and  who is  not  on  that  date  a  participant  in the twenty-five-year and age fifty-five  retirement  program  shall  become  a  participant  in   the twenty-five-year  and age fifty-five retirement program on such starting date; provided, however, that any such person who, immediately preceding such starting date, was a participant in the age fifty-seven  retirement program  set  forth  in  section  six hundred four-d of this article may elect to remain a participant in the age fifty-seven retirement program, instead of becoming  a  participant  in  the  twenty-five-year  and  age fifty-five  retirement  program,  by  filing  a written election to that effect with the retirement system of which such person is a member.  (ii)  Notwithstanding  any  provision  of  paragraph   two   of   this subdivision  to  the  contrary,  any  person who becomes a New York city transit authority member after the starting date of the  elimination  of additional  member  contributions, whether such person became subject to the provisions of this article prior to or subsequent to  the  enactment date  of  the  twenty-five-year  and  age fifty-five retirement program, shall become a participant in the twenty-five-year  and  age  fifty-five retirement  program,  on  the  date  he  or  she  becomes such a transit authority member.   5. Where any participant in the twenty-five-year  and  age  fifty-five retirement  program  shall  cease  to hold a position as a New York city  transit authority member, he or she shall cease to be such a participant and, during any period in which such person does not hold such a transit authority position, he  or  she  shall  not  be  a  participant  in  the twenty-five-year  and age fifty-five 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  and  age  fifty-five retirement  program  terminates  service  as  a  New  York  city transit authority member and returns to such service as a New York city  transit authority  member  at  a later date, he or she shall again become such a participant on that date.   7. Where any participant in the twenty-five-year  and  age  fifty-five retirement  program  terminates  service  as  a  New  York  city transit authority member due to having been promoted to a position that does not entail eligibility for such such  program,  the  accumulated  additional member  contributions  made pursuant to subdivision e of this section by such participant  (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.   c.   Service   retirement   benefits.   1.   A   participant   in  the twenty-five-year and age fifty-five retirement program:  (i) who has completed twenty-five or more years of  allowable  service in the transit authority; and  (ii) who has attained age fifty-five; and  (iii)  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  (iv)  who  files  with  the  retirement system of which he or she is a member an application for service retirement setting forth at what  time he or she desires to be retired; and  (v)  who  shall  be  a  participant  in  the  twenty-five-year and age fifty-five 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. Notwithstanding any other provision of law  to  the  contrary,  the early    service    retirement   benefit   for   participants   in   the twenty-five-year  and  age  fifty-five  retirement  program  who  retire pursuant  to  paragraph  one  of  this  subdivision  shall  be a pension consisting of:  (i)  an  amount,  on  account  of  the  required  minimum  period   of twenty-five  years of allowable service, equal to one-half of his or her final average salary; plus  (ii) an amount for each  additional  year  of  allowable  service,  or fraction  thereof,  beyond  such  required minimum period of twenty-five years of allowable service, equal to two percent of  his  or  her  final average salary, to a maximum of thirty years of allowable service; plus  (iii)  an  amount  for  each  additional year of allowable service, or fraction thereof, in excess of thirty years of allowable service,  equal to one and one-half percent of his or her final average salary.   d.   Vesting.  1.  A  participant  in  the  twenty-five-year  and  age fifty-five retirement program who:  (i) discontinues city-service and service as a member of the New  York city transit authority other than by death or retirement; and  (ii)  in  the case of a participant who is not a New York city revised plan member, prior to such discontinuance, completed five but less  than twenty-five  years  of allowable service in the transit authority or, in  the case of a participant who is a New York city  revised  plan  member, has  completed  ten but less than twenty-five years of allowable service in the transit authority prior to such discontinuance; and  (iii)  has  paid,  prior to such discontinuance, all additional member contributions and interest, if any, required by subdivision  e  of  this section; and  (iv)  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 of this article; shall be entitled  to receive  a  deferred  vested  benefit as provided in section six hundred twelve of this article.   2. A participant in the twenty-five year and age fifty-five retirement program who:  (i) discontinues city service and service as a New York  city  transit authority  member  other  than  by  death  or  retirement with immediate payability; and  (ii) prior to  such  discontinuance  completed  twenty-five  years  of allowable service in the transit authority; and  (iii) has not yet attained age fifty-five; and  (iv)  has  paid,  prior  to such discontinuance, all additional member contributions with interest (if any) required by subdivision e  of  this section; and  (v)  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 of this article; shall be entitled  to receive a deferred vested benefit as provided in this subdivision.   3. (i) Upon such discontinuance under the conditions and in compliance with  the provisions of paragraph two 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.   4. Such deferred vested benefit shall be determined  pursuant  to  the provisions of paragraph two of subdivision c of this section.   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 and age fifty-five retirement program shall contribute to the retirement system of which he or she  is a  member  (subject  to the applicable provisions of section 13-125.1 of the administrative code) an additional two and thirty-hundredths percent of his or her compensation earned from  all  allowable  service  in  the transit  authority  rendered  on  and  after  the  starting  date of the twenty-five-year and age fifty-five retirement program. A participant in the  twenty-five-year  and  age  fifty-five  retirement  program   shall contribute  additional  member  contributions  only  until he or she has thirty years of allowable service in the transit authority. In the event that the New York city transit authority elects to eliminate  additional member  contributions  pursuant  to paragraph ten of this subdivision, a participant  in  the  twenty-five-year  and  age  fifty-five  retirement program  who  becomes  a  participant  pursuant  to  the  provisions  of paragraph four-a of subdivision b of this section shall not be  required  to   make   any   additional   member  contributions  pursuant  to  this subdivision.   2. (i) Commencing with the payroll period which begins on the starting date  of the twenty-five-year and age fifty-five retirement program (for a person who elects to become  a  participant  prior  to  such  starting date),  or  commencing with the first full payroll period after a person becomes such a participant (for a person who becomes a participant on or after such starting date), 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.  (ii)  (A)  Where  any  additional  member  contributions  required  by paragraph  one  of  this  subdivision  are not paid by deductions from a participant's  compensation  pursuant  to  subparagraph  (i)   of   this paragraph  because  such  contributions  are  for  service rendered in a payroll period prior to the actual commencement of  deductions  pursuant to  such subparagraph (i), such amounts shall be paid by deductions from the compensation of such  participant  pursuant  to  item  (B)  of  this subparagraph.  (B)  Commencing  with  the  payroll  period  in  which  deductions  of additional member contributions from a  participant's  compensation  are begun  pursuant  to  subparagraph  (i) of this paragraph, in addition to such deductions required  by  such  subparagraph  (i),  there  shall  be another  deduction  of  additional  member  contributions  made from the compensation of such participant at the rate specified in paragraph  one of  this  subdivision  (subject  to the applicable provisions of section 13-125.1 of the administrative code) on each and  every  payroll  period until  the  total  amount  of  unpaid  additional  member  contributions described in item (A) of this subparagraph, if any,  has  been  paid  by deductions from compensation pursuant to this subparagraph.   3.  (i)  (A)  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, that participant  shall  be  charged  with  a  contribution deficiency  consisting  of  such  unpaid  amounts,  together  with  such interest thereon as required by subparagraph  (ii)  of  this  paragraph, compounded annually.  (B)  Except  as  provided  in  subparagraph (ii) of this paragraph, no participant shall be  required  to  pay  any  interest  on  his  or  her contribution deficiency.  (ii)  (A)  Should  any person who, pursuant to paragraph eight of this subdivision, has withdrawn any additional member contributions (and  any interest   paid   thereon)   again   become   a   participant   in   the twenty-five-year and  age  fifty-five  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 item (B) of this subparagraph) as if such additional contributions had never been made.  (B)  Interest  on  the  amounts  of  additional  member  contributions included in a participant's contribution deficiency pursuant to item (A) of  this  subparagraph  shall be calculated as if such additional member contributions had never been paid by a participant,  and  such  interest shall  accrue  from  the end of the payroll period to which an amount of additional member contributions is attributable, until  such  amount  is paid to the retirement system.  (C)  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.   4. A participant, while he or she is a New York city transit authority member, shall pay the total amount of his or her contribution deficiency to  the  retirement  system  in accordance with payment procedures which shall be established by the executive director of the retirement system, and approved by the board of trustees of the retirement system.   5.  Where  a  contribution  deficiency  chargeable  to  a  participant pursuant  to  paragraph  three  of this subdivision has not been paid in full before the effective date of retirement, that participant shall not be eligible to retire pursuant to subdivision c of this section.   6.  Where  a  contribution  deficiency  chargeable  to  a  participant pursuant  to  paragraph  three  of this subdivision has not been paid in full before the date of  discontinuance  of  service,  that  participant shall  not  be  entitled  to  a  deferred  vested  benefit  pursuant  to subdivision d of this section.   7.  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 member  contributions pursuant  to  section  six hundred thirteen of this article, a refund of additional member contributions pursuant  to  paragraph  eight  of  this subdivision  or  a refund of additional member contributions pursuant to paragraph seven of subdivision b of this section, 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.   8. (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 and age fifty-five 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)  (A)  Should  a  participant  in  the  twenty-five-year  and  age fifty-five   retirement   program   who   has   rendered    less    than twenty-five-years of allowable service in the transit authority cease to hold  a  position  as  a  New York city transit authority 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) maybe 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.  (B)  Upon  the  death of a participant in the twenty-five-year and age fifty-five retirement program, there shall be paid to such person as  he or she has nominated or shall nominate to receive his or her accumulated member contributions by written designation duly executed and filed with the  retirement  system  during the lifetime of such participant, or, to his or her estate if no such person is nominated, his or her accumulated additional  member  contributions  made  pursuant  to  this  subdivision (including any interest thereon paid to the retirement system), together with  interest thereon at the rate of five percent per annum, compounded annually.  (iii) Except as provided in subparagraph (ii) of  this  paragraph,  no member while he or she is a participant or otherwise, shall have a right to withdraw such additional member contributions or any interest thereon from the retirement system.   9.  A  member  who  has made the additional contributions specified by this subdivision may borrow a portion of such contributions, pursuant to the provisions of section six hundred thirteen-b of this article.   10. The New  York  city  transit  authority,  by  the  adoption  of  a resolution  or  resolutions,  may  make  an  election  or  elections  to eliminate the  additional  member  contributions  required  to  be  made pursuant  to  paragraph  one  of  this  subdivision.  Such  election  or elections may be  made  applicable  to  all  employees  of  the  transit authority,  to  employees  who  are represented by a specific collective bargaining organization, recognized or  certified  pursuant  to  article fourteen  of  the  civil  service  law,  and/or to employees who are not represented for the purposes of collective bargaining. Such election  or elections   shall  define  the  starting  date  of  the  elimination  of additional member contributions, except as set forth below, which  shall in  no event be earlier than the first payroll period following December fifteenth, two thousand. An election made  pursuant  to  this  paragraph shall  be  irrevocable. A demand for an elimination of additional member contributions shall not be subject to the provisions of subdivision five of section two hundred nine of the civil service law. The New York  city transit  authority shall notify the head of the New York city employees' retirement system of any election or elections  made  pursuant  to  this paragraph.  Notwithstanding  the  aforementioned  starting  date  of the elimination of additional member contributions or any other provision of this section, an  eligible  participant,  as  defined  below,  shall  be entitled  to a refund of all of his or her accumulated additional member contributions made pursuant to this subdivision which shall include  any and  all  interest  thereon paid to the retirement system, together with interest thereon at the rate  of  five  percent  per  annum,  compounded annually,  and  such  refund  shall  be payable, upon such participant's application, pursuant to procedures promulgated in  regulations  of  the board  of  trustees  of  the  retirement system. An eligible participant shall be a participant (i) who is or was employed in a title represented for purposes  of  collective  bargaining  by  an  employee  organization representing  a  majority  of  non-supervisory employees in the New York city transit authority's Queens Bus and/or Staten Island Bus  Divisions, recognized  or  certified  pursuant  to  article  fourteen  of the civil service law, and who, on December twenty-eight, two thousand  five,  had an  accumulated  balance  of  additional  member  contributions  at  the retirement system; or (ii) who is or was employed in a title represented for purposes of  collective  bargaining  by  the  employee  organization representing  the  majority of non-supervisory employees in the New York city transit authority in other than the Queens Bus and/or Staten Island Bus Divisions, recognized or certified pursuant to article  fourteen  of the  civil  service  law,  and  who, on December sixteenth, two thousand five, had an accumulated balance of additional member  contributions  at the retirement system.   11.  Notwithstanding  any  provision of law, rule or regulation to the contrary, any member who is a  current  member  of  the  New  York  city transit  authority  twenty-five  year and age fifty-five retirement plan authorized in this section:  (i) whose name was included on a preferred eligible  list  during  any period  occurring  on  or after May eleventh, two thousand ten and on or prior to July twenty-fifth,  two  thousand  twelve,  by  reason  of  the  abolition  of  a  position  held  by  him  or her with the New York city transit authority; and  (ii)  who  was  a  member or former member at the time when his or her name was placed on such list; shall be permitted to contribute to such  retirement  plan,  the  amount which  he  or she would have contributed to such system for the duration of time his or her name was included on such list, together with regular interest on such amount, and the  length  of  credited  time  for  which contributions  are  made pursuant to this paragraph shall be credited as allowable service in the transit authority plan under this  section  for all purposes, including eligibility for benefits.