NY Ret & SS L § 604-E-2 (2021)
2021 New York Laws RSS - Retirement and Social Security Article 15 - Coordinated Retirement Plan 604-E*2 - Twenty-Five Year Retirement Program for EMT Members.

* §  604-e.  Twenty-five  year  retirement program for EMT 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. "EMT member" shall mean a member of the New  York  city  employees' retirement  system who is employed by the city of New York or by the New York city health and hospitals corporation in a title whose  duties  are those  of  an emergency medical technician or advanced emergency medical technician (as those terms are defined in section three thousand one  of the  public  health  law),  or  in  a  title  whose  duties  require the supervision of employees whose duties are those of an emergency  medical technician  or advanced emergency medical technician (as those terms are defined in section three thousand one of the public health law).   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 that date of enactment of this section.   4. "Participant in the twenty-five year retirement program" shall mean any EMT 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  an  EMT  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.   7.  "Allowable service as an EMT member" shall mean (i) all service as an EMT member; and (ii) all service while employed by the  city  of  New York  or  by  the  New York city health and hospitals corporation in the title motor vehicle operator.   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 an EMT member on the starting date of the twenty-five year retirement  program  and  who,  as such an EMT 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 an EMT 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 an EMT member after the starting date of the twenty-five year retirement program and who, as such an  EMT 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  an  EMT  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 an EMT member on the date such application is filed.   3.  Each EMT member, other than an EMT 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 an EMT member.  Provided, however, a person subject  to  this  paragraph,  and  who  has exceeded  age  twenty-five  upon  employment  as an EMT 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 an EMT 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 an EMT 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  an EMT member and returns to such service as an EMT 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 an EMT 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  an EMT 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 an EMT member during the period from completion of twenty-five years  of allowable  service as an EMT member to the date of retirement but not to exceed more than five years of additional service as an EMT 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 an EMT 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 an EMT 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  an  amount  equal  to  two  percent  of  such discontinued member's final average salary, multiplied by the number  of years of allowable service as an EMT 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 one-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  chapter  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 chapter.   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 an EMT 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  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 an EMT 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. 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-e's