NY Ret & SS L § 604-F-2 (2021)
2021 New York Laws RSS - Retirement and Social Security Article 15 - Coordinated Retirement Plan 604-F*2 - Twenty-Five Year Retirement Program for Special Officer, Parking Control Specialist, School Safety Agent, Campus Peace Officer or New York City Taxi

* §  604-f.  Twenty-five  year retirement program for special officer, parking control specialist, school safety agent, campus peace officer or New York city taxi and limousine inspector 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. "Special officers" shall mean all peace officers  who  are  special officers  of  any  rank  employed by a mayoral agency of the city of New York or the New York city health and hospitals corporation or  the  city of  New  York  housing  authority, and shall include all persons who are employed by the city of New York in  the  title  urban  park  ranger  or associate urban park ranger.   2. "Parking control specialist" shall mean a peace officer employed by the  New  York  city  department  of transportation as a parking control specialist.   3. "School safety agent" shall mean a  peace  officer  employed  as  a school  safety  agent  of  any rank employed by the New York city police department or the board of education of the city of New York.   4. "Campus peace officer" shall mean a peace  officer  employed  as  a campus  peace officer of any rank employed by the city university of New York.   5. "Taxi and limousine inspector" shall mean a peace  officer  of  any rank employed by the New York city taxi and limousine commission.   6.  "Twenty-five year retirement program" shall mean all the terms and conditions of this section.   7. "Starting date of the twenty-five year  retirement  program"  shall mean  that date of enactment of this section; provided that, for persons who are employed by the city of New York in the title urban park  ranger and  associate urban park ranger, "starting date of the twenty-five year retirement program" shall mean the effective date of  the  amendment  to paragraph  one of this subdivision made in section six of the chapter of the laws of two thousand three which amended this paragraph.   8. "Participant in the twenty-five year retirement program" shall mean a special officer, parking  control  specialist,  school  safety  agent, campus  peace  officer or taxi and limousine inspector 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.   9.  "Discontinued  member" shall mean a participant in the twenty-five year retirement program who, while he or  she  was  a  special  officer, parking control specialist, school safety agent, campus peace officer or taxi  and  limousine  inspector  member,  discontinued service as such a member 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.   11.  "Allowable  service"  as  a  special  officer,  parking   control specialist,  school  safety  agent,  campus  peace  officer and taxi and limousine inspector member shall mean all service while employed by  the city  of  New  York  or  by  the  New  York  city  health  and hospitals corporation, the New York city board of education, the  city  university of  New  York  or the New York city taxi and limousine commission or the city of New York housing authority in a title whose duties are those  of a peace officer under the criminal procedure law.   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 a special  officer,  parking  control  specialist,  school safety  agent,  campus  peace  officer  or  taxi and limousine inspector  member on the starting date of the twenty-five year  retirement  program and  who,  as  such  a  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 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 special officer,  parking  control specialist,  school  safety  agent,  campus  peace  officer  or taxi and limousine inspector member after the starting date  of  the  twenty-five year  retirement  program  and  who, as such a 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 becoming   such   a   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 member on the date such application is filed.   3.  Each  special  officer,  parking control specialist, school safety agent, campus peace officer or  taxi  and  limousine  inspector  member, other  than  such  a  member  subject  to  paragraph  one or two of this subdivision, 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  special  officer,  parking  control specialist, school safety  agent,  campus  peace  officer  or  taxi  and limousine  inspector member. Provided, however, a person subject to this paragraph, who has exceeded age thirty upon employment as such a member, shall be exempt from participation  in  the  improved  twenty-five  year retirement  program if such person elects not to participate by filing a duly executed form with the retirement system within one hundred  eighty days of becoming such a member.   4. Any election to be a participant in the twenty-five year retirement program shall be irrevocable.   5.  Where  any  participant in the twenty-five year retirement program shall cease to  be  employed  as  a  special  officer,  parking  control specialist,  school  safety  agent,  campus  peace  officer  or taxi and limousine inspector  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  special officer, parking control specialist, school  safety  agent,  campus  peace  officer  or  taxi  and  limousine inspector member and returns to such service as such a 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 allowable service as a special officer, parking control specialist, school  safety  agent, campus peace officer or taxi and limousine inspector member; 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. 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: an amount, on account of the required minimum period of service,  equal  to fifty  percent  of  his  or  her final average salary; plus an amount on account of allowable service  as  a  special  officer,  parking  control specialist,  school  safety  agent,  campus  peace  officer  or taxi and limousine inspector member, or fraction thereof,  beyond  such  required minimum  period  of  service  equal  to  two percent of his or her final salary for such allowable service as such a  member  during  the  period from  completion  of  twenty-five  years  of allowable service as such a member to the date of retirement but not to exceed more than five  years of additional service as such a member.   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  allowable  service  as  a special officer, parking control specialist, school safety agent, campus peace officer or taxi and limousine inspector member 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 allowable service as a  special  officer,  parking  control  specialist, school  safety  agent,  campus  peace  officer  or  taxi  and  limousine inspector member; 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  any  amount  equal  to  two  percent  of  such discontinued  member's final average salary, multiplied by the number of years of  allowable  service  as  a  special  officer,  parking  control specialist,  school  safety  agent,  campus  peace  officer  or taxi and limousine inspector member.   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 twenty-five hundredths percent of his  or  her  compensation  earned  from  (i)  all allowable  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 allowable 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 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, and no member making additional  contributions  pursuant  to  this  section  shall  be required to make contributions pursuant to such subdivision d of section six hundred four-c 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  allowable  service  as  a  special  officer,  parking  control specialist,  school  safety  agent,  campus  peace  officer  or taxi and limousine inspector 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 contribution  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 paragraph twelve of 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, or repay the entire amount of a loan of his or her additional  member  contributions  pursuant  to  paragraph eleven 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   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:  (i)  the  amount  of  any unpaid contribution deficiency chargeable to such member pursuant to paragraphs four and five  of  this  subdivision; plus  (ii)  the  amount  of  any  unpaid  balance  of  a  loan of his or her additional member contributions pursuant to  paragraph  eleven  of  this subdivision including accrued interest on such loan.   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, or repay the entire amount of  a  loan  of  his  or her additional member contributions pursuant to paragraph  eleven of this subdivision including accrued interest on such loan, that participant, 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:  (i)  the  amount  of  any unpaid contribution deficiency chargeable to such member pursuant to paragraphs four and five  of  this  subdivision; plus  (ii)  the  amount  of  any  unpaid  balance  of  a  loan of his or her additional member contributions pursuant to  paragraph  eleven  of  this subdivision including accrued interest on such loan.   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  dedication  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 special officer, parking control specialist, school safety agent, campus peace  officer  or  taxi  and  limousine  inspector member  or  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. A participant in the twenty-five year 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 rights, privileges, obligations and procedures set forth in section six hundred thirteen-b  of  this  article  which  govern  the borrowing  of  member contributions made pursuant to section six hundred thirteen of this article. 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 article as made applicable to this subdivision,  promulgate  regulations  governing  the borrowing of such additional member contributions.   12.  Whenever  a  person has an unpaid balance of a loan of his or her additional member contributions pursuant to  paragraph  eleven  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 ten 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 (ii).   * NB There are 2 § 604-f's