2023 New York Laws › RSS - Retirement and Social Security › Article 15 - Coordinated Retirement Plan › 604-B - Twenty-Five-Year and Age Fifty-Five Retirement Program for New York City Transit Authority Members.

§  604-b.  Twenty-five-year  and age fifty-five retirement program for
New York city transit authority members. a. Definitions.  The  following
words  or  phrases  as  used  in  this  section shall have the following
meanings unless a different meaning is plainly required by the context:
1. "New York city transit authority member" shall mean  a  member  (as
defined in subdivision e of section six hundred one of this article) who
(a) is an employee of the New York city transit authority, and (b) would
have   been   subject  to  the  provisions  of  section  13-161  of  the
administrative code of the city of New York had he joined the  New  York
city  employees'  retirement system prior to July twenty-seven, nineteen
hundred seventy-six.
2. "Twenty-five-year and age fifty-five retirement program" shall mean
all the terms and conditions of this section.
3.  "Starting  date  of  the  twenty-five-year  and   age   fifty-five
retirement  program"  shall  mean  the  commencement date of the payroll
period which includes September first, nineteen hundred ninety-four.
4.  "Enactment  date  of  the  twenty-five-year  and  age   fifty-five
retirement  program"  shall mean the date of enactment of the chapter of
the laws of nineteen hundred ninety-four which added  this  section,  as
such  date is certified pursuant to section forty-one of the legislative
law.
5. "Participant in the twenty-five-year and age fifty-five  retirement
program"  shall  mean  any  New  York city transit authority 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  and  age  fifty-five  retirement
program, as applicable to him or her.
6.  "Allowable  service  in the transit authority" shall mean credited
service which was rendered as a member of  the  New  York  city  transit
authority.
7. "Minimum period" shall mean the minimum period of twenty-five years
of  allowable service in the transit authority that is required in order
for a participant in the twenty-five-year and age fifty-five  retirement
program  to  be  eligible  for  early  service  retirement  pursuant  to
paragraph one of subdivision c of this section.
8. "Final average salary" shall mean  a  participant's  final  average
salary as defined in section six hundred eight of this article.
9.   "Discontinued   member"   shall   mean   a   participant  in  the
twenty-five-year and age fifty-five retirement program who, while he  or
she  was  a New York city transit authority member, discontinued service
in the New York city transit authority 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.
b. Participation in twenty-five-year  and  age  fifty-five  retirement
program.
1. Subject to the provisions of paragraph six of this subdivision, any
person  who is a New York city transit authority member on the enactment
date of the twenty-five-year and age fifty-five retirement  program  and
who,  as  such  a  transit  authority  member  or otherwise, last became
subject to the provisions of this article prior to such enactment  date,
may  elect  to  become  a  participant  in  the twenty-five-year and age
fifty-five retirement program by filing, within  forty-five  days  after
the enactment date of the twenty-five-year and age fifty-five 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  transit  authority  member  on the date such application is
filed.
2. Subject to the provisions of paragraph six of this subdivision, any
person who becomes a New York city transit authority  member  after  the
enactment  date  of  the  twenty-five-year and age fifty-five retirement
program and who, as such a transit authority member, last became subject
to  the  provisions  of  this  article prior to such enactment date, may
elect to become a participant in the twenty-five-year and age fifty-five
retirement program by filing, within forty-five days after becoming such
transit  authority  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 transit  authority  member  on  the
date such application is filed.
3.  (i)  Any  election to be a participant in the twenty-five-year and
age fifty-five  retirement  program  shall  be  irrevocable,  except  as
provided in subparagraph (ii) of this paragraph.
(ii)  Notwithstanding  the  provisions  of  subparagraph  (i)  of this
paragraph, any New York city transit authority  member  who  elected  to
become   a  participant  in  the  twenty-five-year  and  age  fifty-five
retirement program pursuant  to  the  provisions  of  paragraph  one  or
paragraph  two  of this subdivision, and whose age and allowable service
in the transit authority are such that he could not possibly be able  to
accumulate  at  least  twenty-five  years of such service by the time he
reaches age sixty-two, may revoke such election  by  filing  within  the
period beginning November first, nineteen hundred ninety-nine and ending
January thirtieth, two thousand, a written request to withdraw from such
program  with  the  retirement  system  of which he is member. Upon such
revocation the additional member contributions required by subdivision e
of this section, without interest, shall be refunded to such member.
4. Each New York city transit authority member who becomes subject  to
the  provisions  of  this  article on or after the enactment date of the
twenty-five-year and age fifty-five retirement program  shall  become  a
participant  in  the  twenty-five-year  and  age  fifty-five  retirement
program on the date he or she becomes such a transit authority member.
4-a. (i) Notwithstanding any provision of paragraphs one  and  two  of
this  subdivision  to  the  contrary, each person who is a New York city
transit authority member on the starting  date  of  the  elimination  of
additional  member  contributions as such date is defined in an election
made pursuant to paragraph ten of subdivision e of this section and  who
is  not  on  that  date  a  participant  in the twenty-five-year and age
fifty-five  retirement  program  shall  become  a  participant  in   the
twenty-five-year  and age fifty-five retirement program on such starting
date; provided, however, that any such person who, immediately preceding
such starting date, was a participant in the age fifty-seven  retirement
program  set  forth  in  section  six hundred four-d of this article may
elect to remain a participant in the age fifty-seven retirement program,
instead of becoming  a  participant  in  the  twenty-five-year  and  age
fifty-five  retirement  program,  by  filing  a written election to that
effect with the retirement system of which such person is a member.
(ii)  Notwithstanding  any  provision  of  paragraph   two   of   this
subdivision  to  the  contrary,  any  person who becomes a New York city
transit authority member after the starting date of the  elimination  of
additional  member  contributions, whether such person became subject to
the provisions of this article prior to or subsequent to  the  enactment
date  of  the  twenty-five-year  and  age fifty-five retirement program,
shall become a participant in the twenty-five-year  and  age  fifty-five
retirement  program,  on  the  date  he  or  she  becomes such a transit
authority member.
5. Where any participant in the twenty-five-year  and  age  fifty-five
retirement  program  shall  cease  to hold a position as a New York city

transit authority member, he or she shall cease to be such a participant
and, during any period in which such person does not hold such a transit
authority position, he  or  she  shall  not  be  a  participant  in  the
twenty-five-year  and age fifty-five 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  and  age  fifty-five
retirement  program  terminates  service  as  a  New  York  city transit
authority member and returns to such service as a New York city  transit
authority  member  at  a later date, he or she shall again become such a
participant on that date.
7. Where any participant in the twenty-five-year  and  age  fifty-five
retirement  program  terminates  service  as  a  New  York  city transit
authority member due to having been promoted to a position that does not
entail eligibility for such such  program,  the  accumulated  additional
member  contributions  made pursuant to subdivision e of this section by
such participant  (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.
c.   Service   retirement   benefits.   1.   A   participant   in  the
twenty-five-year and age fifty-five retirement program:
(i) who has completed twenty-five or more years of  allowable  service
in the transit authority; and
(ii) who has attained age fifty-five; 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
he or she desires to be retired; and
(v)  who  shall  be  a  participant  in  the  twenty-five-year and age
fifty-five 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,  the
early    service    retirement   benefit   for   participants   in   the
twenty-five-year  and  age  fifty-five  retirement  program  who  retire
pursuant  to  paragraph  one  of  this  subdivision  shall  be a pension
consisting of:
(i)  an  amount,  on  account  of  the  required  minimum  period   of
twenty-five  years of allowable service, equal to one-half of his or her
final average salary; plus
(ii) an amount for each  additional  year  of  allowable  service,  or
fraction  thereof,  beyond  such  required minimum period of twenty-five
years of allowable service, equal to two percent of  his  or  her  final
average salary, to a maximum of thirty years of allowable service; plus
(iii)  an  amount  for  each  additional year of allowable service, or
fraction thereof, in excess of thirty years of allowable service,  equal
to one and one-half percent of his or her final average salary.
d.   Vesting.  1.  A  participant  in  the  twenty-five-year  and  age
fifty-five retirement program who:
(i) discontinues city-service and service as a member of the New  York
city transit authority other than by death or retirement; and
(ii)  prior  to  such  discontinuance,  completed  five  but less than
twenty-five years of allowable service in the transit authority; 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 of this article;
shall be entitled to receive a deferred vested benefit  as  provided  in
section six hundred twelve of this article.
2. A participant in the twenty-five year and age fifty-five retirement
program who:
(i)  discontinues  city service and service as a New York city transit
authority member other  than  by  death  or  retirement  with  immediate
payability; and
(ii)  prior  to  such  discontinuance  completed  twenty-five years of
allowable service in the transit authority; and
(iii) has not yet attained age fifty-five; and
(iv) has paid, prior to such  discontinuance,  all  additional  member
contributions  with  interest (if any) required by subdivision e of this
section; and
(v) 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 of this article; shall be entitled to
receive a deferred vested benefit as provided in this subdivision.
3. (i) Upon such discontinuance under the conditions and in compliance
with the provisions of paragraph two 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.
4.  Such  deferred  vested benefit shall be determined pursuant to the
provisions of paragraph two of subdivision c of this section.
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 and age  fifty-five  retirement
program  shall contribute to the retirement system of which he or she is
a member (subject to the applicable provisions of  section  13-125.1  of
the administrative code) an additional two and thirty-hundredths percent
of  his  or  her  compensation  earned from all allowable service in the
transit authority rendered  on  and  after  the  starting  date  of  the
twenty-five-year and age fifty-five retirement program. A participant in
the   twenty-five-year  and  age  fifty-five  retirement  program  shall
contribute additional member contributions only  until  he  or  she  has
thirty years of allowable service in the transit authority. In the event
that  the New York city transit authority elects to eliminate additional
member contributions pursuant to paragraph ten of  this  subdivision,  a
participant  in  the  twenty-five-year  and  age  fifty-five  retirement
program  who  becomes  a  participant  pursuant  to  the  provisions  of
paragraph  four-a of subdivision b of this section shall not be required
to  make  any  additional  member   contributions   pursuant   to   this
subdivision.
2. (i) Commencing with the payroll period which begins on the starting
date  of the twenty-five-year and age fifty-five retirement program (for
a person who elects to become  a  participant  prior  to  such  starting
date),  or  commencing with the first full payroll period after a person
becomes such a participant (for a person who becomes a participant on or
after  such  starting date), additional member contributions at the rate
specified in  paragraph  one  of  this  subdivision  shall  be  deducted
(subject  to  the  applicable  provisions  of  section  13-125.1  of the
administrative code) from the compensation of such participant  on  each
and every payroll of such participant for each and every payroll period.
(ii)  (A)  Where  any  additional  member  contributions  required  by
paragraph one of this subdivision are not  paid  by  deductions  from  a
participant's   compensation   pursuant  to  subparagraph  (i)  of  this
paragraph because such contributions  are  for  service  rendered  in  a
payroll  period  prior to the actual commencement of deductions pursuant
to such subparagraph (i), such amounts shall be paid by deductions  from
the  compensation  of  such  participant  pursuant  to  item (B) of this
subparagraph.
(B)  Commencing  with  the  payroll  period  in  which  deductions  of
additional  member  contributions  from a participant's compensation are
begun pursuant to subparagraph (i) of this  paragraph,  in  addition  to
such  deductions  required  by  such  subparagraph  (i),  there shall be
another deduction of  additional  member  contributions  made  from  the
compensation  of such participant at the rate specified in paragraph one
of this subdivision (subject to the  applicable  provisions  of  section
13-125.1  of  the  administrative code) on each and every payroll period
until  the  total  amount  of  unpaid  additional  member  contributions
described  in  item  (A)  of this subparagraph, if any, has been paid by
deductions from compensation pursuant to this subparagraph.
3. (i) (A) 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,  that  participant  shall  be  charged  with a contribution
deficiency  consisting  of  such  unpaid  amounts,  together  with  such
interest  thereon  as  required  by subparagraph (ii) of this paragraph,
compounded annually.
(B) Except as provided in subparagraph  (ii)  of  this  paragraph,  no
participant  shall  be  required  to  pay  any  interest  on  his or her
contribution deficiency.
(ii) (A) 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-five-year  and  age  fifty-five  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 item (B)  of  this
subparagraph) as if such additional contributions had never been made.
(B)  Interest  on  the  amounts  of  additional  member  contributions
included in a participant's contribution deficiency pursuant to item (A)
of this subparagraph shall be calculated as if  such  additional  member
contributions  had  never  been paid by a participant, and such interest
shall accrue from the end of the payroll period to which  an  amount  of
additional  member  contributions  is attributable, until such amount is
paid to the retirement system.
(C) 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.
4. A participant, while he or she is a New York city transit authority
member, shall pay the total amount of his or her contribution deficiency
to the retirement system in accordance  with  payment  procedures  which
shall be established by the executive director of the retirement system,
and approved by the board of trustees of the retirement system.
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,  a  refund  of
additional  member  contributions  pursuant  to  paragraph eight of this
subdivision or a refund of additional member contributions  pursuant  to
paragraph  seven of subdivision b of this section, 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.
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-five-year  and  age
fifty-five  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)  (A)  Should  a  participant  in  the  twenty-five-year  and  age
fifty-five    retirement    program   who   has   rendered   less   than
twenty-five-years of allowable service in the transit authority cease to
hold a position as a New York city  transit  authority  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) maybe 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.
(B) Upon the death of a participant in the  twenty-five-year  and  age
fifty-five  retirement program, there shall be paid to such person as he
or she has nominated or shall nominate to receive his or her accumulated
member contributions by written designation duly executed and filed with
the retirement system during the lifetime of such  participant,  or,  to
his or her estate if no such person is nominated, his or her accumulated
additional  member  contributions  made  pursuant  to  this  subdivision
(including any interest thereon paid to 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.
10.  The  New  York  city  transit  authority,  by  the  adoption of a
resolution  or  resolutions,  may  make  an  election  or  elections  to
eliminate  the  additional  member  contributions  required  to  be made
pursuant  to  paragraph  one  of  this  subdivision.  Such  election  or
elections  may  be  made  applicable  to  all  employees  of the transit
authority, to employees who are represented  by  a  specific  collective
bargaining  organization,  recognized  or  certified pursuant to article
fourteen of the civil service law,  and/or  to  employees  who  are  not
represented  for the purposes of collective bargaining. Such election or
elections  shall  define  the  starting  date  of  the  elimination   of
additional  member contributions, except as set forth below, which shall
in no event be earlier than the first payroll period following  December
fifteenth,  two  thousand.  An  election made pursuant to this paragraph
shall be irrevocable. A demand for an elimination of  additional  member
contributions shall not be subject to the provisions of subdivision five
of  section two hundred nine of the civil service law. The New York city
transit authority shall notify the head of the New York city  employees'
retirement  system  of  any  election or elections made pursuant to this
paragraph. Notwithstanding  the  aforementioned  starting  date  of  the
elimination of additional member contributions or any other provision of
this  section,  an  eligible  participant,  as  defined  below, shall be
entitled to a refund of all of his or her accumulated additional  member
contributions  made pursuant to this subdivision which shall include any
and all interest thereon paid to the retirement  system,  together  with
interest  thereon  at  the  rate  of  five percent per annum, compounded
annually, and such refund shall  be  payable,  upon  such  participant's
application,  pursuant  to  procedures promulgated in regulations of the
board of trustees of the  retirement  system.  An  eligible  participant
shall be a participant (i) who is or was employed in a title represented
for  purposes  of  collective  bargaining  by  an  employee organization
representing a majority of non-supervisory employees  in  the  New  York
city  transit authority's Queens Bus and/or Staten Island Bus Divisions,
recognized or certified  pursuant  to  article  fourteen  of  the  civil
service  law,  and who, on December twenty-eight, two thousand five, had
an  accumulated  balance  of  additional  member  contributions  at  the
retirement system; or (ii) who is or was employed in a title represented
for  purposes  of  collective  bargaining  by  the employee organization
representing the majority of non-supervisory employees in the  New  York
city transit authority in other than the Queens Bus and/or Staten Island
Bus  Divisions,  recognized or certified pursuant to article fourteen of
the civil service law, and who,  on  December  sixteenth,  two  thousand
five,  had  an accumulated balance of additional member contributions at
the retirement system.
11. Notwithstanding any provision of law, rule or  regulation  to  the
contrary,  any  member  who  is  a  current  member of the New York city
transit authority twenty-five year and age  fifty-five  retirement  plan
authorized in this section:
(i)  whose  name  was included on a preferred eligible list during any
period occurring on or after May eleventh, two thousand ten  and  on  or
prior  to  July  twenty-fifth,  two  thousand  twelve,  by reason of the
abolition of a position held by him  or  her  with  the  New  York  city
transit authority; and
(ii)  who  was  a  member or former member at the time when his or her
name was placed on such list;

shall be permitted to contribute to such  retirement  plan,  the  amount
which  he  or she would have contributed to such system for the duration
of time his or her name was included on such list, together with regular
interest on such amount, and the  length  of  credited  time  for  which
contributions  are  made pursuant to this paragraph shall be credited as
allowable service in the transit authority plan under this  section  for
all purposes, including eligibility for benefits.