NY Ret & SS L § 445-E-2 (2021)
2021 New York Laws RSS - Retirement and Social Security Article 11 - Limitations Applicable to New Entrants 445-E*2 - Optional Twenty-Five Year Improved Benefit Retirement Program for EMT Members.

* §  445-e.  Optional  twenty-five  year  improved  benefit 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.  "Retirement  system"  shall  mean  the  New  York  city employees' retirement system.   2. "EMT member" shall mean a member of the 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).   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.   5. "Participant in the twenty-five year  improved  benefit  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 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 of the city of New York.   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 allowable service as an EMT member.   9. "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.  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 an EMT 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 an EMT 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 an EMT  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 an EMT  member,  a  duly  executed  application  for  such participation  with the retirement system, provided he or she is such an EMT 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 an EMT  member,  he or  she  shall  cease to be such a participant and, during any period in  which such a person does not hold such an EMT 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 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.   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  an  EMT  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 for 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  percent of his or her final average salary, plus an amount for each additional year 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 average 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.  Additional  member  contributions.  1.  In  addition to the member contributions required pursuant to  section  13-125  or  13-162  of  the administrative  code  of  the  city of New York, 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 of the city of  New  York,  an  additional  six  and twenty-five  one-hundredths  percent  of  his or her compensation earned from all allowable service as an EMT member, 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 all  allowable service as an EMT member 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 the date as of  which he  or  she is eligible to retire with thirty years of allowable service as an EMT member under such retirement program, or 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  chapter, 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 chapter.   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  of  the city of New York, 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  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, or repay the entire amount of a loan  of  his or  her  additional  member contributions pursuant to paragraph eight 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  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:  (i) the amount of any unpaid  contribution  deficiency  chargeable  to such member pursuant to paragraph three of this subdivision; plus  (ii)  the  amount  of  any  unpaid  balance  of  a  loan of his or her additional member contributions pursuant  to  paragraph  eight  of  this subdivision (including accrued interest on such loan).   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  13-162  of  the administrative code of the city of  New  York  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 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)  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.  A  participant in the twenty-five year improved benefit 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  same  rights,  privileges,  obligations  and procedures  set  forth in section six hundred thirteen-b of this chapter which govern the borrowing by members subject to article fifteen of this chapter of member contributions made pursuant  to  section  six  hundred thirteen of this chapter. 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  chapter  as  made applicable  to  this  subdivision,  promulgate regulations governing the borrowing of such additional member contributions.   9. Wherever a person has an unpaid balance of a loan  of  his  or  her additional  member  contributions  pursuant  to  paragraph eight 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  seven  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.   10. 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.   11.  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-five  year  improved  benefit retirement  program which are greater than those which would be received by a similarly situated member who is entitled  to  benefits  under  the provisions of section 13-157.2 of the administrative code of the city of New York, but who is not governed by the provisions of this article.   * NB There are 2 § 445-e's