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

§  445-b. Optional twenty-year improved benefit retirement program for New York city sanitation 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.  "New  York  city  sanitation  member"  shall  mean a member of the retirement system who is subject to the provisions of this article,  who is  a  member  of the uniformed force of the New York city department of sanitation and who has elected to contribute to the retirement system on the basis of a minimum retirement period of twenty  years  of  allowable service  rendered  in  such  sanitation  force  pursuant to the optional retirement provisions of section 13-159 or 13-160 of the  administrative code.   3.  "Twenty-year  improved  benefit retirement program" shall mean all the terms and conditions of this section.   4. "Starting date  of  the  twenty-year  improved  benefit  retirement program"  shall  mean  the commencement date of the payroll period which includes July first, nineteen hundred ninety-two.   5. "Enactment date of  the  twenty-year  improved  benefit  retirement program"  shall  mean  the date of enactment of the act which added this section, as such date is certified pursuant to section forty-one of  the legislative law.   6.   "Participant  in  the  twenty-year  improved  benefit  retirement program" shall mean any New York city sanitation 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-year improved benefit retirement program,  as  applicable  to him or her.   7.  "Administrative  code"  shall  mean the administrative code of the city of New York.   8. "Accumulated  deductions"  shall  mean  accumulated  deductions  as defined  in  subdivision  eleven of section 13-101 of the administrative code.   b. Election of twenty-year improved  benefit  retirement  program.  1. Subject  to  the  provisions  of paragraph five of this subdivision, any person who is a New York city sanitation member on the enactment date of the twenty-year improved benefit retirement program may elect to  become a  participant in the twenty-year improved benefit retirement program by filing, within ninety days after such enactment date,  a  duly  executed application  for such participation with the retirement system, provided he or she is such a sanitation member on the date  such  application  is filed.   2.  Subject  to  the provisions of paragraph five of this subdivision, any person who becomes a New  York  city  sanitation  member  after  the enactment  date  of  the twenty-year improved benefit retirement program may elect to become a participant in the  twenty-year  improved  benefit retirement  program  by filing, within ninety days after becoming such a sanitation member, a duly executed application  for  such  participation with  the  retirement  system,  provided  he or she is such a sanitation member on the date such application is filed.   3. Any election to  be  a  participant  in  the  twenty-year  improved benefit retirement program shall be irrevocable.   4.   Where   any  participant  in  the  twenty-year  improved  benefit retirement program shall cease to hold a position in the uniformed force of the New York city department of sanitation, he or she shall cease  to be  such  a participant and, during any period in which such person does not hold such a uniformed sanitation position, he or she shall not be  a  participant  in  the twenty-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-year  improved  benefit retirement program terminates service in the uniformed force of the  New York  city department of sanitation and returns to such service as a New York city sanitation member at a later  date,  he  or  she  shall  again become such a participant on that date.   c. Notwithstanding any other provision of law to the contrary, where a participant  in the twenty-year improved benefit retirement program, who is otherwise qualified for a retirement allowance  pursuant  to  section 13-159,  13-160  or 13-173.1 of the administrative code, has made and/or paid, while he or  she  is  a  New  York  city  sanitation  member,  all additional  member  contributions  and  interest  (if  any)  required by subdivision d of this section, then:  (i) 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 chapter; and  (ii)  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 chapter; and  (iii)   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  13-159  or 13-160 of the administrative  code,  each  participant  in  the  twenty-year  improved benefit  retirement  program shall contribute (subject to the applicable provisions of section 13-125.1 of the administrative code) an additional five and thirty-five one-hundredths percent of his or  her  compensation earned  from all service as a New York city sanitation member (including service creditable as such sanitation service) rendered on and after the starting date of the twenty-year improved benefit retirement program.  A participant in the twenty-year improved benefit retirement program shall contribute  additional  member  contributions  only  until  he or she is eligible to retire  with  twenty  years  of  allowable  service  in  the uniformed force of the New York city department of sanitation under such retirement program.   2. (i) Commencing with the payroll period which begins on the starting date  of  the  twenty-year  improved  benefit  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, 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  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  seven  of  this subdivision,  has withdrawn any additional member contributions (and any interest paid thereon) again become a  participant  in  the  twenty-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 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 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, compounded annually.   4. A participant, while he or  she  is  a  New  York  city  sanitation 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 while the participant is a New York city  sanitation  member,  that participant   shall   not  be  entitled  to  the  benefits  provided  in subdivision c of this section.   6.  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 accumulated deductions of a member of the retirement system while he or she is a participant in  the  twenty-year  improved  benefit retirement program or otherwise.  (ii)  (A)  Should  a  participant  in the twenty-year improved benefit retirement program, who has rendered less than fifteen years of  service in  the  uniformed  force  of the New York city department of sanitation cease to hold  a  position  in  such  uniformed  force  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  eight and one-quarter percent per annum, compounded annually.  (B)  Upon  the  death  of  a  participant  in the twenty-year improved benefit retirement program, there shall be paid to such person as he  or she  has  nominated  or shall nominate to receive his or her accumulated deductions 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 eight and one-quarter percent per annum, compounded annually.  (iii) Except as  otherwise  provided  in  subparagraph  (ii)  of  this paragraph,  no  member  of  the  retirement system, while he or she is a participant in such retirement program or otherwise, shall have a  right to withdraw such additional member contributions or any interest thereon from the retirement system.   8. No member of the retirement system shall be permitted to borrow any portion  of  the additional member contributions (including any interest paid thereon) which are subject to this subdivision.   9. 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.   10.  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.   e.  The  provisions  of this section shall not be construed to provide benefits  to  any  participant  in  the  twenty-year  improved   benefit retirement  program which are greater than those which would be received by a similarly situated member of the uniformed force of  the  New  York city  department  of  sanitation  who  is  governed by the provisions of section 13-159 or 13-160 of the administrative  code,  but  who  is  not governed by the provisions of this article.