2023 New York Laws › RSS - Retirement and Social Security › Article 15 - Coordinated Retirement Plan › 604-F - Twenty-Five Year Retirement Program for Deputy Sheriff Members.

* §  604-f.  Twenty-five  year  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.  "Deputy  sheriff" shall mean a member (as defined in subdivision e
of section six hundred one 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.
2. "Twenty-five year retirement program" shall mean all the terms  and
conditions of this section.
3.  "Starting  date  of the twenty-five year 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.
4. "Participant in the twenty-five year 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
retirement program, as applicable to him or her.
5. "Discontinued member" shall mean a participant in  the  twenty-five
year  retirement  program  who,  while  he  or  she was a deputy sheriff
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 retirement program. 1. Subject to
the provisions of paragraphs six and  seven  of  this  subdivision,  any
person  who  is  deputy  sheriff  member  on  the  starting  date of the
twenty-five year retirement program and who, as such  a  deputy  sheriff
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 deputy sheriff 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 deputy sheriff member after the
starting date of the twenty-five year retirement  program  and  who,  as
such  a  deputy  sheriff member of 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  deputy
sheriff  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  deputy  sheriff member on the date such application is
filed.
3. Any election to be a participant in the twenty-five year retirement
program shall be irrevocable.
4. Each deputy sheriff member 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  deputy  sheriff
member.
5.  Where  any  participant in the twenty-five year retirement program
shall cease to be employed by the city of New York as a  deputy  sheriff
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  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.
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 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,
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. (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 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-five percent of his or her final average salary; plus
(B) an amount on account of credited  service,  or  fraction  thereof,
beyond  such  required  minimum  period  of  service  equal  to  one and
seven-tenths 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  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 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 and two-tenths 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  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 three-quarters
percent of his or her compensation earned from (i) all credited 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  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 (i) 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,  or  (ii)  subdivision  f  of
section  six  hundred  four-d  of  this  article,  and  no member making
contributions pursuant  to  this  section  shall  be  required  to  make
contributions  pursuant  to  either  such  subdivision  d of section six
hundred four-c of this article, or such subdivision  f  of  section  six
hundred four-d 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 credited service as a deputy sheriff 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 contributions 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   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, 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 the amount of any unpaid
contribution deficiency chargeable to such member pursuant to paragraphs
four and five of this subdivision.
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, he  or  she  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
the  amount  of  any  unpaid  contribution deficiency chargeable to such
member pursuant to paragraphs four and five of this subdivision.
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  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  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 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) 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. No member of a public retirement  system  shall  be  permitted  to
borrow any portion of the additional member contributions (including any
interest  paid  thereon  by  the  participant) which are subject to this
subdivision.
* NB There are 2 § 604-f's