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

* §  604-f.  Twenty-five  year  retirement  program for deputy sheriff 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.  "Deputy  sheriff" shall mean a member (as defined in subdivision e of section six hundred one of this article) who is employed by the  city of  New  York  as  a  deputy city sheriff level one, deputy city sheriff level two, supervising deputy sheriff or administrative sheriff.   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  deputy  sheriff  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 deputy sheriff 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  deputy  sheriff  member  on  the  starting  date of the twenty-five year retirement program and who, as such  a  deputy  sheriff 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 deputy sheriff 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 deputy sheriff member after the starting date of the twenty-five year retirement  program  and  who,  as such  a  deputy  sheriff member of 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  deputy sheriff  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  deputy  sheriff 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 deputy sheriff 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  deputy  sheriff 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  deputy  sheriff 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  deputy  sheriff  member  and  returns  to  such service  as  a  deputy  sheriff  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 what 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-five 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  one and seven-tenths 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 and two-tenths 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  and  three-quarters 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 (i) 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,  or (ii) subdivision f of section six hundred  four-d  of  this  article,  and  no  member  making contributions  pursuant  to  this  section  shall  be  required  to make contributions pursuant to either  such  subdivision  d  of  section  six hundred  four-c  of  this  article, or such subdivision f of section six hundred four-d 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 deputy sheriff 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   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, 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 the amount of any unpaid contribution deficiency chargeable to such member pursuant to paragraphs four and five of this subdivision.   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, he  or  she  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 the amount of any unpaid  contribution  deficiency  chargeable  to  such member pursuant to paragraphs four and five of this subdivision.   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 fifteen years of credited service cease to hold a position as a deputy sheriff 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. No member of a public retirement  system  shall  be  permitted  to borrow any portion of the additional member contributions (including any interest  paid  thereon  by  the  participant) which are subject to this subdivision.   * NB There are 2 § 604-f's