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

* §  445-f.  Optional  twenty-five  year  improved  benefit 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. "Retirement  system"  shall  mean  the  New  York  city  employees' retirement system.   2.  "Deputy  sheriff  member"  shall  mean  a member of the retirement system who is subject to the provisions 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.   3.  "Twenty-five  year improved benefit retirement program" shall mean all the terms and conditions of this section.   4. "Starting date of the twenty-five year improved benefit  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.   5. "Participant in the twenty-five year  improved  benefit  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 improved benefit retirement program, as  applicable  to him or her.   6.  "Administrative  code"  shall  mean the administrative code of the city of New York.   7. "Accumulated  deductions"  shall  mean  accumulated  deductions  as defined  in  subdivision  eleven of section 13-101 of the administrative code.   8. "Optional retirement provisions" shall mean the right to retire and receive a retirement allowance under this section upon the completion of twenty-five years of credited service.   b. Election of twenty-five year improved benefit  retirement  program. 1.    Subject  to  the  provisions  of  paragraphs  five and six of this subdivision, any person who is a deputy sheriff member on  the  starting date  of  the  twenty-five  year improved benefit retirement program may elect to become a participant in the twenty-five year  improved  benefit retirement  program by filing, within one hundred eighty days after such starting date, a duly executed application for such  participation  with the  retirement  system,  provided  he  or  she is such a deputy sheriff member on the date such application is filed.   2. Subject to the provisions  of  paragraphs  five  and  six  of  this subdivision,  any  person  who becomes a deputy sheriff member after the starting date  of  the  twenty-five  year  improved  benefit  retirement program  may  elect  to  become  a  participant  in the twenty-five year improved benefit 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, 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 improved benefit retirement program shall be irrevocable.   4. Where any participant in  the  twenty-five  year  improved  benefit retirement  program  shall  cease to hold a position as a deputy sheriff member, he or she shall cease to be such a participant and,  during  any period  in  which  such  a  person  does  not hold such a deputy sheriff position, he or she shall not be a participant in the  twenty-five  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-five  year  improved  benefit 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.   6.  Notwithstanding  any  other  provision of law to the contrary, any person who is eligible to become a participant in the  twenty-five  year improved  benefit 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. Notwithstanding any other provision of law  to  the  contrary,  where  a  participant  in  the twenty-five year improved benefit retirement program, who is otherwise  qualified  for  a retirement  allowance pursuant to the optional retirement provisions set forth in subdivision a of this section, has made and/or paid,  while  he or  she  is a deputy sheriff member, all additional member contributions and interest (if any) required by subdivision d of this section, then:   1. 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 article; and   2. if that participant, while such a participant, retires for service, he or she shall not be subject to the provisions of section four hundred forty-four of this article; and   3. his or her retirement allowance shall be an amount, on  account  of the  required  minimum  period  of  service,  equal to the sum of (i) an annuity which shall be  the  actuarial  equivalent  of  the  accumulated deductions  from  his  or her pay during such period, (ii) a pension for increased-take-home-pay which shall be the actuarial equivalent  of  the reserve  for  increased-take-home-pay to which he or she may be entitled for such period, and (iii) a pension which, when added to  such  annuity and  such  pension  for  increased-take-home-pay,  produces a retirement allowance equal to fifty-five  percent  of  his  or  her  final  average salary, plus an amount for each additional year of allowable service, or fraction  thereof,  beyond such required minimum period of service equal to one and seven-tenths percent of his or her final average salary; and   4.  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 13-125 or section  13-162  of the  administrative  code,  each  participant  in  the  twenty-five year improved benefit retirement program shall  contribute,  subject  to  the applicable provisions of section 13-125.2 of the administrative code, 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  improved  benefit retirement program, rendered on and after the starting date of the improved benefit 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 five  of subdivision b of this section. A participant in the twenty-five year improved benefit retirement  program  shall  contribute  additional member  contributions  until the later of (i) the date as of which he or she is eligible to retire with twenty-five  years  of  credited  service under  such  retirement  program,  or  (ii) the first anniversary of the starting date  of  the  twenty-five  year  improved  benefit  retirement program.  The  additional contributions required by this paragraph shall be in lieu of additional member contributions required by subdivision  d  of  section  four  hundred  forty-five-d  of  this  article, as added by chapter ninety-six of the laws of nineteen hundred ninety-five,  and  no member paying additional contributions pursuant to this section shall be required  to pay additional contributions pursuant to such subdivision d of section four hundred forty-five-d of this article.   2. Commencing with the first full payroll  period  after  each  person becomes   a   participant  in  the  twenty-five  year  improved  benefit retirement  program,  additional  member  contributions  at   the   rate specified  in  paragraph  one  of  this  subdivision  shall be deducted, subject  to  the  applicable  provisions  of  section  13-125.2  of  the administrative  code,  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.   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, 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 and such deductions had been required for such payroll period  until  such  amount  is  paid  to  the retirement system; and  (C)  (1)  interest  on each such amount included in such participant's contribution  deficiency  pursuant  to  this   subparagraph   shall   be calculated  as  if  such  additional member contributions never had 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, compounded annually, until such amount is paid to the retirement system.  (2)  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.  (ii)  Except  as  provided in subparagraph (iii) of this paragraph, no interest shall be due on any 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  seven  of  this subdivision,  has withdrawn any additional member contributions (and any interest paid thereon) again become a  participant  in  the  twenty-five 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  subclause  two  of  clause  (C)  of subparagraph  (i)  of  this  paragraph)  for  any  credited service with respect to which such person received  a  refund  of  additional  member contributions  (including any amount of an unpaid loan balance deemed to have been returned to such person pursuant to paragraph  seven  of  this subdivision),  as if such additional member contributions never had been paid.   4. The board of trustees of the retirement system may, consistent with the provisions of  this  subdivision,  promulgate  regulations  for  the  payment   of  the  additional  member  contributions  required  by  this subdivision,  and  any  interest  thereon,  by  a  participant  in   the twenty-five  year  improved  benefit  retirement  program (including the deduction  of  such contributions, and any interest thereon, from his or her compensation).   5.  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 paragraph three of this subdivision,  that  participant,  nevertheless,  shall  be eligible  to retire pursuant to subdivision c of this section, provided, however, that where such participant is not  entitled  to  a  refund  of additional  member  contributions  pursuant  to  paragraph seven of this subdivision, such participant's service  retirement  benefit  calculated pursuant  to  the applicable provisions of subdivision c of this section 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 chapter) which is actuarially  equivalent  to  the  amount  of  any unpaid  contribution  deficiency  chargeable  to such member pursuant to paragraph three of this subdivision.   6. Subject to the provisions of paragraph five  of  this  subdivision, 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 member contributions or accumulated deductions of a member of the retirement system under section 13-125 or section 13-162  of  the administrative  code while he or she is a participant in the twenty-five year improved benefit retirement program or otherwise.  (ii) Should a participant in the  twenty-five  year  improved  benefit retirement  program,  who  has rendered less than five 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) which remain credited to such  participant's  account  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 interest  required  by  law  to  be  used  to  credit  interest  on  the accumulated deductions of retirement system members 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 improved benefit 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.    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 required by 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.   * NB There are 3 § 445-f's