NY Ret & SS L § 604-G (2021)
2021 New York Laws RSS - Retirement and Social Security Article 15 - Coordinated Retirement Plan 604-G - Twenty-Five Year/age Fifty Retirement Program for Automotive Members.

§  604-g. Twenty-five year/age fifty retirement program for automotive 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.  "Automotive  member"  shall mean a member of the retirement system employed by the mayoral and non-mayoral agencies of the city of New York as a senior automotive service worker, an automotive service worker,  an auto  body  worker,  an auto mechanic, a marine maintenance mechanic, an oil burner specialist, a supervisor of mechanics (mechanical equipment), senior stationary engineer, stationary engineer, auto mechanic (diesel), auto electrician, auto machinist, machinist or machinist helper.   2. "Twenty-five year/age fifty retirement program" shall mean all  the terms and conditions of this section.   3.  "Starting  date  of  the  twenty-five  year/age  fifty  retirement program"  shall  mean,  with  respect  to   supervisors   of   mechanics (mechanical  equipment), the effective date of this section as such date is certified pursuant to section forty-one of the legislative  law,  and shall  mean December twelfth, two thousand one with respect to all other automotive members.   4. "Participant in the twenty-five year/age fifty retirement  program" shall mean any automotive 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/age fifty retirement program, as applicable to him or her.   5. "Discontinued member" shall mean a participant in  the  twenty-five year/age fifty retirement program who, while he or she was an automotive 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-five year/age fifty retirement program. 1. Subject  to  the  provisions  of  paragraphs  six  and  seven  of   this subdivision, any person who is an automotive member on the starting date of the twenty-five year/age fifty retirement program and who, as such an automotive 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/age  fifty  retirement  program  by filing,  within  two hundred seventy days after the starting date of the twenty-five  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 an automotive 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  automotive member after the starting date of the twenty-five year/age fifty retirement  program  and who,  as  such an automotive 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/age  fifty  retirement program by filing within two hundred seventy days after becoming such an automotive  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 automotive member on  the  date  such  application  is filed.   3.  Any election to be a participant in the twenty-five year/age fifty retirement program shall be irrevocable.   4. Each automotive member who becomes subject  to  the  provisions  of this  article  on or after the starting date of the twenty-five year/age fifty retirement program shall become a participant in  the  twenty-five  year/age  fifty retirement program on the date he or she becomes such an automotive member.   5.  Where any participant in the twenty-five year/age fifty retirement program shall cease to be employed  by  the  city  of  New  York  as  an automotive  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/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-five year/age fifty retirement program terminates service as an automotive member and returns  to  such service  as  an  automotive 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/age fifty retirement program pursuant to paragraph  one or  two  of this subdivision for the full two hundred seventy 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/age fifty retirement program:  (i) who has attained age fifty; and  (ii) who has completed twenty-five or more years of credited  service; 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, not less than  thirty  days  subsequent  to  the  execution  and  filing thereof, he or she desires to be retired; and  (v)  who  shall  be  a  participant  in the twenty-five 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, 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/age fifty retirement program  who  retire  pursuant  to paragraph  one  of  this  subdivision  shall  be  a retirement allowance consisting of:  (A) an amount on account of the required  minimum  period  of  service equal to fifty percent of his or her final average salary; plus  (B)  an amount on account of each additional year of credited service, or fraction thereof, beyond such  required  minimum  period  of  service equal to two percent of his or her final salary;  (ii)  the  maximum  retirement  allowance  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-five  year/age fifty 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  credited  service  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 credited service; 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 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-five year/age  fifty  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  four  and  eighty-three one-hundredths  percent  of  his or her compensation earned from (i) all credited service, as a participant in  the  twenty-five  year/age  fifty retirement  program,  rendered on or after the date which is one hundred eighty days prior to the starting date of the twenty-five year/age fifty 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 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  article,  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 article.   2. A participant in the twenty-five year/age fifty retirement  program shall  contribute additional member contributions until the later of (i) the first anniversary of the starting date of the  twenty-five  year/age fifty  retirement program, or (ii) the date on which he or she completes thirty years of credited service as an automotive member.   3. Commencing with the first full payroll  period  after  each  person becomes  a  participant  in  the  twenty-five  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  for which he or she is such a participant.   4.  (i)  Each participant in the twenty-five year/age fifty retirement program shall he 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 of this subdivision, has received a refund  of  his  or her  additional member contributions including any interest paid on such contributions, again become a participant in  the  twenty-five  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 (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/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).   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/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-five year/age fifty retirement program  who has rendered less than five years of credited service cease  to hold a position as an automotive 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/age fifty 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/age fifty 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).