2023 New York Laws › RSS - Retirement and Social Security › Article 15 - Coordinated Retirement Plan › 604-C*3 - Twenty-Year Retirement Program for Triborough Bridge and Tunnel Members.

* §  604-c.  Twenty-year  retirement program for Triborough bridge and
tunnel 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. "Triborough bridge and tunnel  member"  shall  mean  a  member  (as
defined in subdivision e of section six hundred one of this article) who
is  employed  by  the Triborough bridge and tunnel authority as a bridge
and  tunnel  officer,  sergeant,  or  lieutenant  in  a   non-managerial
position.
2.  "Twenty-year  retirement  program"  shall  mean  all the terms and
conditions of this section.
3. "Starting date of the twenty-year retirement  program"  shall  mean
the  date of enactment of the act which added this section, as such date
is certified pursuant to section forty-one of the legislative law.
4. "Participant in the twenty-year retirement program" shall mean  any
Triborough bridge and tunnel 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-year
retirement program, as applicable to him or her.
5.  "Discontinued  member" shall mean a participant in the twenty-year
retirement program who, while he or she  was  a  Triborough  bridge  and
tunnel  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-year retirement program. 1. Subject to the
provisions of paragraph six of this subdivision, any  person  who  is  a
Triborough  bridge  and  tunnel  member  on  the  starting  date  of the
twenty-year retirement program and who, as  such  a  bridge  and  tunnel
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-year  retirement  program  by filing, within one hundred
eighty days after  the  starting  date  of  the  twenty-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  bridge  and  tunnel  member on the date such application is
filed.
2. Subject to the provisions of paragraph six of this subdivision, any
person who becomes a Triborough  bridge  and  tunnel  member  after  the
starting  date  of the twenty-year retirement program and who, as such a
bridge and tunnel 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-year retirement  program  by  filing,
within  one  hundred eighty days after becoming such a bridge and tunnel
member, 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 bridge and tunnel member  on  the  date  such  application  is
filed.
3.  Any  election  to  be  a participant in the twenty-year retirement
program shall be irrevocable.
4. Each Triborough bridge and tunnel member who becomes subject to the
provisions of this  article  on  or  after  the  starting  date  of  the
twenty-year  retirement  program  shall  become  a  participant  in  the
twenty-year retirement program on the date he  or  she  becomes  such  a
bridge and tunnel member.
5.  Where  any participant in the twenty-year retirement program shall
cease to be employed by the Triborough bridge and tunnel authority as  a
bridge and tunnel 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-year retirement program and
shall not be eligible for the benefits of subdivision c of this section.
6.  Where  any  participant  in  the  twenty-year  retirement  program
terminates service as a Triborough bridge and tunnel member and  returns
to  such  service  as  a  Triborough bridge and tunnel member at a later
date, he or she shall again become such a participant on that date.
c. Service retirement benefits. 1. A participant  in  the  twenty-year
retirement program:
(i) who has completed twenty or more years of credited service; 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
he or she desires to be retired; and
(iv)  who shall be a participant in the twenty-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. (i) Notwithstanding any other provision of law to the contrary, the
early service retirement benefit for  participants  in  the  twenty-year
retirement  program  who  retire  pursuant  to  paragraph  one  of  this
subdivision shall be a pension consisting of:
(A) an amount, on account of the required minimum period  of  service,
equal to one-half of his or her final average salary; plus
(B)  an  amount  of credited service, or fraction thereof, beyond such
required minimum period of service equal to one and one-half percent  of
his or her final average salary.
(ii)  The  maximum  pension  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-year retirement program
shall be entitled to receive a deferred vested benefit  as  provided  in
this subdivision if such participant:
(i)  discontinues  service  as  a Triborough bridge and tunnel member,
other than by death or retirement; and
(ii) prior to such discontinuance, completed five but less than twenty
years of credited service; and
(iii) has paid, prior to such discontinuance,  all  additional  member
contributions  and  interest  (if any) required by subdivision e of this
section; and
(iv) 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.
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. Such deferred vested benefit shall be a pension  consisting  of  an
amount  equal  to two and one-half 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-year retirement program in the rank of
bridge and tunnel officer 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   five  and  fifty  one-hundredths  percent  of  his  or  her
compensation and each participant in the twenty-year retirement  program
in the rank of sergeant or lieutenant shall contribute to the retirement
system  an additional six percent of his or her compensation earned from
all allowable service as a Triborough bridge and tunnel member  rendered
on  and  after  the  date  which is one hundred eighty days prior to the
starting date of the twenty-year retirement program.  A  participant  in
the  twenty-year  retirement  program shall contribute additional member
contributions until the later of (i) the date as of which he or she  has
twenty years of credited service as a bridge and tunnel officer, or (ii)
the  third  anniversary  of  the  date  that  he  or  she  last became a
participant in the twenty-year retirement program.
2. Commencing with the first full payroll  period  after  each  person
becomes  a participant in the twenty-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.
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 at the
rate of five percent per annum, 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, until such amount is paid to
the retirement system.
(ii) Except as provided in subparagraph (iii) of  this  paragraph,  no
interest  shall be due on any such 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 eight of this
subdivision, has withdrawn any additional member contributions (and  any
interest  paid  thereon)  again  become a participant in the twenty-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  (i) of this paragraph) as if such additional
contributions had never been made.
(iv) Notwithstanding  any  other  provisions  of  this  paragraph,  no
participant  shall  be  charged  interest  for any period prior to March
twenty-fifth,  nineteen  hundred  ninety-eight  with  respect   to   any
contributions owed with respect to any payroll period beginning prior to
such date.
4.  The head of a retirement system which includes participants in the
twenty-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  deduction  of  such
contributions,  and  any  interest  thereon,  from   the   participant's
compensation).
5.  Where  a  contribution  deficiency  chargeable  to  a  participant
pursuant to paragraph three of this subdivision has  not  been  paid  in
full before the effective date of retirement, that participant shall not
be eligible to retire pursuant to subdivision c of this section.
6.  Where  a  contribution  deficiency  chargeable  to  a  participant
pursuant to paragraph three of this subdivision has  not  been  paid  in
full  before  the  date  of  discontinuance of service, that participant
shall  not  be  entitled  to  a  deferred  vested  benefit  pursuant  to
subdivision d of this section.
7.  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 member contributions
pursuant to section six hundred thirteen of this article or a refund  of
additional  member  contributions  pursuant  to  paragraph eight 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.
7-a. Notwithstanding paragraph six or seven of this subdivision, where
a  deficiency chargeable to a participant pursuant to paragraph three of
this subdivision has not been paid in full while the  participant  is  a
Triborough  bridge  and tunnel member and such participant retires prior
to July first, two thousand eleven, such participant  may  elect  to  be
covered  by  this  paragraph.  Such participant shall be entitled to the
benefits provided  in  subdivision  c  of  this  section  provided  that
participant  authorizes  the  retirement  system  to  deduct  from  such
benefits an amount which will result in the deficiency, plus  associated
interest to date of final payment, being paid in full no later than July
first,  two  thousand  eleven  or  such earlier date as agreed to by the
participant. Such amount will be deducted in  equal  installments  on  a
monthly  basis.  Nothing in this paragraph shall prevent the participant
from making a partial payment of the amount of  the  deficiency  at  the
time  of  retirement  so  as to reduce the monthly payment nor to make a
lump sum payment equal to the amount of the total unpaid balance at  any
time during the period of repayment.
8. (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-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-year  retirement  program  who
has  rendered  less  than  fifteen  years  of  allowable  service  as  a
Triborough bridge and tunnel member  cease  to  hold  a  position  as  a
Triborough  bridge  and  tunnel 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)  Except  as  provided in subparagraph (ii) of this paragraph, no
member, while he or she is a participant  or  otherwise,  shall  have  a
right  to  withdraw such additional member contributions or any interest
thereon from the retirement system.
9. 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 article.
* NB There are 3 § 604-c's