NY Ret & SS L § 445-F-2 (2021)
2021 New York Laws RSS - Retirement and Social Security Article 11 - Limitations Applicable to New Entrants 445-F*2 - Optional Twenty-Five Year/age Fifty Improved Benefit Retirement Program for Senior Automotive Service Workers, Auto Body Worker

* §  445-f.  Optional  twenty-five  year/age  fifty  improved  benefit retirement program for senior  automotive  service  workers,  automotive service  workers,  auto body workers, auto mechanics, marine maintenance mechanics and oil burner  specialists.  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.  "Senior automotive service worker, automotive service worker, auto body worker, auto mechanic, marine maintenance mechanic and  oil  burner specialist"  shall mean a member of the retirement system who is subject to the provisions of this article, who is employed by  the  mayoral  and non-mayoral  agencies  of  the  city  of New York and who has elected to contribute to the retirement system on the basis of a minimum retirement period of twenty-five  year/age  fifty  of  allowable  service  rendered pursuant to the optional retirement provisions as set forth in paragraph eight of this subdivision.   3.  "Twenty-five  year/age  fifty improved benefit retirement program" shall mean all the terms and conditions of this section.   4. "Starting date of the twenty-five year/age fifty  improved  benefit retirement  program"  shall  mean the effective date of this section, as such date is certified pursuant to section forty-one of the  legislative law.   5.  "Participant  in  the  twenty-five year/age fifty improved benefit retirement program" shall mean any  senior  automotive  service  worker, automotive  service  worker,  auto  body  worker,  auto mechanic, marine maintenance mechanic and oil burner specialist 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/age  fifty  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 receive  a retirement  allowance upon (i) the attainment of age fifty, and (ii) the completion of twenty-five years of service.   b. Election of twenty-five year/age fifty improved benefit  retirement program.  1.  Subject  to  the  provisions  of  paragraph  five  of this subdivision, any person who  is  a  senior  automotive  service  worker, automotive  service  worker,  auto  body  worker,  auto mechanic, marine maintenance mechanic, or oil burner specialist on the starting  date  of the  twenty-five  year/age fifty improved benefit retirement program may elect to become a participant in the twenty-five year/age fifty 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 senior  automotive  service worker, automotive service worker, auto body worker,  auto  mechanic,  marine  maintenance  mechanic  or  oil  burner specialist on the date such application is filed.   2.  Subject  to  the provisions of paragraph five of this subdivision, any person who becomes a senior automotive  service  worker,  automotive service  worker,  auto  body  worker,  auto mechanic, marine maintenance mechanic or oil  burner  specialist  after  the  starting  date  of  the twenty-five year/age fifty improved benefit retirement program may elect to  become  a  participant  in  the  twenty-five year/age fifty improved  benefit retirement program by filing, within  one  hundred  eighty  days after  becoming  such  a  senior  automotive  service worker, automotive service worker, auto body  worker,  auto  mechanic,  marine  maintenance mechanic  or oil burner specialist, a duly executed application for such participation with the retirement system, provided he or she is  such  a senior  automotive  service worker, automotive service worker, auto body worker,  auto  mechanic,  marine  maintenance  mechanic  or  oil  burner specialist on the date such application is filed.   3.  Any election to be a participant in the twenty-five year/age fifty improved benefit retirement program shall be irrevocable.   4. Where any participant in the twenty-five  year/age  fifty  improved benefit  retirement  program  shall cease to hold a position as a senior automotive service worker, automotive service worker, auto body  worker, auto  mechanic, marine maintenance mechanic or oil burner specialist, he or she shall cease to be such a participant and, during  any  period  in which  such  a  person  does  not  hold such a senior automotive service worker, automotive service worker,  auto  body  worker,  auto  mechanic, marine maintenance mechanic or oil burner specialist position, he or she shall  not  be  a participant in the twenty-five year/age fifty 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/age  fifty  improved benefit  retirement  program  terminates  service as a senior automotive service worker,  automotive  service  worker,  auto  body  worker,  auto mechanic,  marine  maintenance  mechanic  or  oil  burner specialist and returns  to  such  service  as  a  senior  automotive  service   worker, automotive  service  worker,  auto  body  worker,  auto mechanic, marine maintenance mechanic or oil burner specialist at a later date, he or she shall again become such a participant on that date.   c. Service retirement benefits. Notwithstanding any other provision of law to the contrary, where a participant  in  the  twenty-five  year/age fifty improvement 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 senior automotive service worker, automotive service worker, auto body  worker,  auto  mechanic,  marine  maintenance mechanic  or  oil burner specialist, 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  from 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 one-half 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 two 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 13-162 of the administrative code, each  participant  in  the  twenty-five  year/age  fifty  improved benefit  retirement  program  in  the title of senior automotive service  worker, automotive service worker,  auto  body  worker,  auto  mechanic, marine maintenance mechanic or oil burner specialist shall contribute an additional  four  and  eighty-three one-hundredths percent of his or her compensation  earned  from  all allowable service as a senior automotive service worker,  automotive  service  worker,  auto  body  worker,  auto mechanic,  marine maintenance mechanic or oil burner specialist rendered on and after the date which is one hundred  eighty  days  prior  to  the starting  date  of  the  twenty-five  year/age  fifty  improved  benefit retirement program. A participant  in  the  twenty-five  year/age  fifty 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 creditable service as a senior automotive service worker, automotive service worker,  auto  body worker,  auto  mechanic,  marine  maintenance  mechanic  or  oil  burner specialist under such retirement program, or (ii) the first  anniversary of  the starting date of the twenty-five year/age fifty 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/age fifty improved benefit retirement  program,  additional  member  contributions  at   the   rate specified  in  paragraph  one of this subdivision shall be deducted 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, compounded annually; and  (B)  such  interest on each amount of undeductible 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; and  (C) 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/age fifty 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  subparagraph  (i)  of  this paragraph) as if such additional contributions had never been made.   4. The board of trustees of the retirement system may, consistent with the  provisions  of  this  subdivision,  promulgate  regulations for the payment of  such  additional  member  contributions,  and  any  interest thereon,  by  a  participant  in the twenty-five year/age fifty improved benefit  retirement   program   (including   the   deduction   of   such contributions, and any interest thereon, from his or her compensation).   5.  Where  a  contribution  deficiency  chargeable  to  a  participant pursuant to paragraph three of this subdivision has  not  been  paid  in full  while  the  participant  is  a  senior  automotive service worker, automotive service worker,  auto  body  worker,  auto  mechanic,  marine maintenance  mechanic  or  oil burner specialist, that participant shall not be entitled to the  benefits  provided  in  subdivision  c  of  this section.   6.  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 accumulated deductions of a member of the retirement system while  he  or  she  is  a  participant in the twenty-five year/age fifty improved benefit retirement program or otherwise.  (ii) Should a participant in the twenty-five year/age  fifty  improved benefit  retirement program, who has rendered less than fifteen years of credited service cease to hold a position as a senior automotive service worker, automotive service worker,  auto  body  worker,  auto  mechanic, marine  maintenance  mechanic  or  oil  burner specialist 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 equal to eight and one-quarter percent per annum, compounded annually.  (iii) Except as  otherwise  provided  in  subparagraph  (ii)  of  this paragraph,  no  member  of  the  retirement system, while he or she is a participant in such retirement program or otherwise, shall have a  right to withdraw such additional member contributions or any interest thereon from the retirement system.   8.  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 chapter.   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 Rpld per ch 414/02, § 1. § 480 of Retirement and Social  Security Law  (as  amended  by  ch.  35/2005  §  2)  extends  disability benefits implemented by former § 63-c.   * NB There are 3 § 445-f's