2023 New York Laws › RSS - Retirement and Social Security › Article 11 - Limitations Applicable to New Entrants › 445-F - Optional Twenty-Five Year Improved Benefit Retirement Program for Deputy Sheriff Members.

* §  445-f.  Optional  twenty-five  year  improved  benefit retirement
program for deputy sheriff 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.  "Deputy  sheriff  member"  shall  mean  a member of the retirement
system who is subject to the provisions of this article, who is employed
by the city of New York as a deputy city sheriff level one, deputy  city
sheriff level two, supervising deputy sheriff or administrative sheriff.
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, as such date
is certified pursuant to section forty-one of the legislative law.
5. "Participant in the twenty-five year  improved  benefit  retirement
program"  shall mean any deputy sheriff 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.
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 credited service.
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 a deputy sheriff 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 a deputy sheriff
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 a deputy sheriff 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  a  deputy  sheriff  member,  a  duly  executed
application  for such participation with the retirement system, provided
he or she is such a deputy sheriff 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 a deputy sheriff
member, he or she shall cease to be such a participant and,  during  any
period  in  which  such  a  person  does  not hold such a deputy sheriff
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 a deputy sheriff member and

returns to such service as a deputy sheriff 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 a deputy sheriff 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  from  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-five  percent  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 one and seven-tenths 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 13-125 or section  13-162  of
the  administrative  code,  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, an
additional  six  and  three-quarters  percent of his or her compensation
earned  from  (i)  all  credited  service,  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
(ii)  all credited service 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 (i) the date as of which he or
she is eligible to retire with twenty-five  years  of  credited  service
under  such  retirement  program,  or  (ii) 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  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  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,  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  subclause  two  of  clause  (C)  of
subparagraph  (i)  of  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,  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  the  amount  of  any
unpaid  contribution  deficiency  chargeable  to such member pursuant to
paragraph three of this subdivision.
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 section 13-162  of  the
administrative  code 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 five years of credited
service cease to hold a position as a  deputy  sheriff  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. No member of the retirement system shall be permitted to borrow any
portion  of  the additional member contributions (including any interest
paid thereon) which are required by this subdivision.
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 There are 3 § 445-f's