NY Ret & SS L § 604-C-3 (2021)
2021 New York Laws RSS - Retirement and Social Security Article 15 - Coordinated Retirement Plan 604-C*3 - Twenty-Year/age Fifty Retirement Program for Triborough Bridge and Tunnel Members.

* §  604-c.  Twenty-year/age  fifty  retirement program for Triborough bridge and tunnel 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.  "Triborough  bridge  and  tunnel  member"  shall mean a member (as defined in subdivision e of section six hundred one of this article) who is employed by the Triborough bridge and tunnel authority  as  a  bridge and   tunnel  officer,  sergeant,  or  lieutenant  in  a  non-managerial position.   2. "Twenty-year/age fifty retirement program" shall mean all the terms and conditions of this section.   3. "Starting date of the  twenty-year/age  fifty  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.   4. "Participant in the twenty-year/age fifty retirement program" shall mean any Triborough bridge and tunnel 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/age fifty retirement program, as applicable to him or her.   5.   "Discontinued   member"   shall   mean   a   participant  in  the twenty-year/age fifty retirement program who, while  he  or  she  was  a Triborough  bridge  and  tunnel  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-year/age  fifty  retirement  program.  1. Subject  to  the  provisions  of  paragraph six of this subdivision, any person who is a Triborough bridge and tunnel member on the starting date of the twenty-year/age fifty retirement  program  and  who,  as  such  a bridge  and  tunnel  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-year/age fifty retirement program by filing, within one hundred eighty days after the starting  date  of  the twenty-year/age  fifty  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 bridge and tunnel member on the date such application is filed.   2. Subject to the provisions of paragraph six of this subdivision, any person who becomes a Triborough  bridge  and  tunnel  member  after  the starting  date  of the twenty-year/age fifty retirement program and who, as such a bridge and tunnel 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-year/age fifty retirement program by filing, within one hundred eighty days after becoming such a bridge  and tunnel  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 bridge and tunnel member on the date such application is filed.   3. Any election to be  a  participant  in  the  twenty-year/age  fifty retirement program shall be irrevocable.   4. Each Triborough bridge and tunnel member who becomes subject to the provisions  of  this  article  on  or  after  the  starting  date of the twenty-year/age fifty retirement program shall become a  participant  in the  twenty-year/age  fifty  retirement  program  on  the date he or she becomes such a bridge and tunnel member.    5. Where any  participant  in  the  twenty-year/age  fifty  retirement program  shall  cease to be employed by the Triborough bridge and tunnel authority as a bridge and tunnel 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-year/age fifty retirement program and shall not be eligible for the  benefits  of subdivision c of this section.   6.  Where  any  participant  in  the  twenty-year/age fifty retirement program terminates service as a Triborough bridge and tunnel member  and returns  to  such  service as a Triborough bridge and tunnel member at a later date, he or she shall again become  such  a  participant  on  that date.   c.   Service   retirement   benefits.   1.   A   participant   in  the twenty-year/age fifty retirement program:  (i) who has completed twenty or more years of credited service; and  (ii) who has attained age fifty; 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-year/age fifty 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, the early service retirement benefit for participants in the twenty-year/age fifty retirement program who retire pursuant to paragraph  one  of  this subdivision shall be a pension consisting of:  (A)  an  amount, on account of the required minimum period of service, equal to one-half of his or her final average salary; plus  (B) an amount of credited service, or fraction  thereof,  beyond  such required  minimum period of service equal to one and one-half percent of his or her final average salary.  (ii)  The  maximum  pension  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-year/age  fifty  retirement program who:  (i)  discontinues  service  as  a Triborough bridge and tunnel member, 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 years of credited service or, in the case of a participant who is a New York city revised plan member, has completed  ten  but  less  than twenty years of credited service; 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;  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.  Such  deferred  vested benefit shall be a pension consisting of an amount equal to two and one-half 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-year/age fifty retirement program in  the rank  of  bridge  and  tunnel officer 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 five and fifty one-hundredths percent of  his  or her  compensation  and  each  participant  in  the twenty-year/age fifty retirement  program  in  the  rank  of  sergeant  or  lieutenant   shall contribute  to the retirement system an additional six percent of his or her compensation earned from  all  allowable  service  as  a  Triborough bridge  and  tunnel  member  rendered on and after the date which is one hundred eighty days prior to the starting date  of  the  twenty-year/age fifty  retirement  program.  A  participant in the twenty-year/age fifty retirement program  shall  contribute  additional  member  contributions until  the  later of (i) the date as of which he or she has twenty years of credited service as a bridge and tunnel officer, or  (ii)  the  third anniversary  of the date that he or she last became a participant in the twenty-year/age fifty retirement program.   2. Commencing with the first full payroll  period  after  each  person becomes  a  participant in the twenty-year/age fifty 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.   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 at the rate of five percent per annum, 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, until such amount is paid to the retirement system.  (ii) Except as provided in subparagraph (iii) of  this  paragraph,  no interest  shall be due on any such 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 eight of this subdivision, has withdrawn any additional member contributions (and  any  interest paid thereon) again become a participant in the twenty-year/age fifty  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 (i) of this paragraph)  as  if  such additional contributions had never been made.  (iv)  Notwithstanding  any  other  provisions  of  this  paragraph, no participant shall be charged interest for  any  period  prior  to  March twenty-fifth,   nineteen   hundred  ninety-eight  with  respect  to  any contributions owed with respect to any payroll period beginning prior to such date.   4. The head of a retirement system which includes participants in  the twenty-year/age   fifty   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).   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 or a refund  of additional  member  contributions  pursuant  to  paragraph eight 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.   7-a. Notwithstanding paragraph six or seven of this subdivision, where a  deficiency chargeable to a participant pursuant to paragraph three of this subdivision has not been paid in full while the  participant  is  a Triborough  bridge  and tunnel member and such participant retires prior to July first, two thousand eleven, such participant  may  elect  to  be covered  by  this  paragraph.  Such participant shall be entitled to the benefits provided  in  subdivision  c  of  this  section  provided  that participant  authorizes  the  retirement  system  to  deduct  from  such benefits an amount which will result in the deficiency, plus  associated interest to date of final payment, being paid in full no later than July first,  two  thousand  eleven  or  such earlier date as agreed to by the participant. Such amount will be deducted in  equal  installments  on  a monthly  basis.  Nothing in this paragraph shall prevent the participant from making a partial payment of the amount of  the  deficiency  at  the time  of  retirement  so  as to reduce the monthly payment nor to make a lump sum payment equal to the amount of the total unpaid balance at  any time during the period of repayment.   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-year/age fifty 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-year/age fifty retirement program who has rendered less than fifteen years of allowable service as a Triborough bridge and tunnel member cease to  hold  a  position  as  a Triborough  bridge  and  tunnel 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)  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.   * NB There are 3 § 604-c's