2023 New York Laws › RSS - Retirement and Social Security › Article 15 - Coordinated Retirement Plan › 604-F*2 - Twenty-Five Year Retirement Program for Special Officer, Parking Control Specialist, School Safety Agent, Campus Peace Officer or New York City Taxi

* §  604-f.  Twenty-five  year retirement program for special officer,
parking control specialist, school safety agent, campus peace officer or
New York city taxi and limousine inspector 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. "Special officers" shall mean all peace officers  who  are  special
officers  of  any  rank  employed by a mayoral agency of the city of New
York or the New York city health and hospitals corporation or  the  city
of  New  York  housing  authority, and shall include all persons who are
employed by the city of New York in  the  title  urban  park  ranger  or
associate urban park ranger.
2. "Parking control specialist" shall mean a peace officer employed by
the  New  York  city  department  of transportation as a parking control
specialist.
3. "School safety agent" shall mean a  peace  officer  employed  as  a
school  safety  agent  of  any rank employed by the New York city police
department or the board of education of the city of New York.
4. "Campus peace officer" shall mean a peace  officer  employed  as  a
campus  peace officer of any rank employed by the city university of New
York.
5. "Taxi and limousine inspector" shall mean a peace  officer  of  any
rank employed by the New York city taxi and limousine commission.
6.  "Twenty-five year retirement program" shall mean all the terms and
conditions of this section.
7. "Starting date of the twenty-five year  retirement  program"  shall
mean  that date of enactment of this section; provided that, for persons
who are employed by the city of New York in the title urban park  ranger
and  associate urban park ranger, "starting date of the twenty-five year
retirement program" shall mean the effective date of  the  amendment  to
paragraph  one of this subdivision made in section six of the chapter of
the laws of two thousand three which amended this paragraph.
8. "Participant in the twenty-five year retirement program" shall mean
a special officer, parking  control  specialist,  school  safety  agent,
campus  peace  officer or taxi and limousine inspector 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.
9.  "Discontinued  member" shall mean a participant in the twenty-five
year retirement program who, while he or  she  was  a  special  officer,
parking control specialist, school safety agent, campus peace officer or
taxi  and  limousine  inspector  member,  discontinued service as such a
member and has a right to a deferred vested benefit under subdivision  d
of this section.
10.  "Administrative  code"  shall mean the administrative code of the
city of New York.
11.  "Allowable  service"  as  a  special  officer,  parking   control
specialist,  school  safety  agent,  campus  peace  officer and taxi and
limousine inspector member shall mean all service while employed by  the
city  of  New  York  or  by  the  New  York  city  health  and hospitals
corporation, the New York city board of education, the  city  university
of  New  York  or the New York city taxi and limousine commission or the
city of New York housing authority in a title whose duties are those  of
a peace officer under the criminal procedure law.
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 a special  officer,  parking  control  specialist,  school
safety  agent,  campus  peace  officer  or  taxi and limousine inspector

member on the starting date of the twenty-five year  retirement  program
and  who,  as  such  a  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 a 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 a special officer,  parking  control
specialist,  school  safety  agent,  campus  peace  officer  or taxi and
limousine inspector member after the starting date  of  the  twenty-five
year  retirement  program  and  who, as such a 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   a   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 a member on the date such application
is filed.
3.  Each  special  officer,  parking control specialist, school safety
agent, campus peace officer or  taxi  and  limousine  inspector  member,
other  than  such  a  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  a  special  officer,  parking  control
specialist, school safety  agent,  campus  peace  officer  or  taxi  and
limousine  inspector member. Provided, however, a person subject to this
paragraph, who has exceeded age thirty upon employment as such a 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 such a 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  a  special  officer,  parking  control
specialist,  school  safety  agent,  campus  peace  officer  or taxi and
limousine inspector  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  a  special officer, parking control specialist,
school  safety  agent,  campus  peace  officer  or  taxi  and  limousine
inspector member and returns to such service as such a 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 a special officer, parking control specialist, school  safety  agent,
campus peace officer or taxi and limousine inspector 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  a  special  officer,  parking  control
specialist,  school  safety  agent,  campus  peace  officer  or taxi and
limousine inspector 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 such a  member  during  the  period
from  completion  of  twenty-five  years  of allowable service as such a
member to the date of retirement but not to exceed more than five  years
of additional service as such a 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)  who  prior  to such discontinuance, completed five but less than
twenty-five years of allowable service as  a  special  officer,  parking
control  specialist,  school  safety agent, campus peace officer or taxi
and limousine inspector 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  any  amount  equal  to  two  percent  of such
discontinued member's final average salary, multiplied by the number  of
years  of  allowable  service  as  a  special  officer,  parking control
specialist, school safety  agent,  campus  peace  officer  or  taxi  and
limousine inspector 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
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  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  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  a  special  officer,  parking control
specialist, school safety  agent,  campus  peace  officer  or  taxi  and
limousine inspector 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  dedication  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 a special officer, parking control specialist, school
safety agent, campus peace  officer  or  taxi  and  limousine  inspector
member  or  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-f's