State Codes and Statutes

Statutes > New-york > Rss > Article-11 > 445-a

§  445-a. Optional twenty-year improved benefit retirement program for  New York city  correction  members  below  the  rank  of  captain.    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. "New York city correction officer below the rank of captain"  shall  mean  a member of the uniformed force of the New York city department of  correction who holds the rank of correction officer below  the  rank  of  captain   in  the  correction  service  of  the  classification  of  the  department of personnel of such city.    3. "New York city correction member below the rank of  captain"  shall  mean  a member of the retirement system who is subject to the provisions  of this article, who is a New York city  correction  officer  below  the  rank  of  captain  and  who  has elected to contribute to the retirement  system on the basis of a minimum retirement period of  twenty  years  of  credited  service  pursuant  to  the  optional  retirement provisions of  section 13-155 of the administrative code.    4. "Twenty-year improved benefit retirement program"  shall  mean  all  the terms and conditions of this section.    5.  "Starting  date  of  the  twenty-year  improved benefit retirement  program" shall mean the effective date of this section, as such date  is  certified pursuant to section forty-one of the legislative law.    6.   "Participant  in  the  twenty-year  improved  benefit  retirement  program" shall mean any New York city correction member below  the  rank  of captain 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   improved   benefit  retirement program, as applicable to him or her.    7.  "Administrative  code"  shall  mean the administrative code of the  city of New York.    8. "Accumulated  deductions"  shall  mean  accumulated  deductions  as  defined  in  subdivision  eleven of section 13-101 of the administrative  code.    9. "New York city correction officer of the rank of captain or  above"  shall have the same meaning as set forth in paragraph two of subdivision  a of section four hundred forty-five-c of this article.    10.  "Twenty-year improved benefit retirement program for captains and  above" shall mean all the terms and conditions of section  four  hundred  forty-five-c of this article.    11.  "Starting  date  of  the  twenty-year improved benefit retirement  program for captains and above" shall have the same meaning as set forth  in paragraph five of subdivision a of section four hundred  forty-five-c  of this article.    b.  Election  of  twenty-year  improved benefit retirement program. 1.  Subject to the provisions of paragraph five  of  this  subdivision,  any  person  who  is  a  New  York  city  correction member below the rank of  captain on  the  starting  date  of  the  twenty-year  improved  benefit  retirement  program may elect to become a participant in the twenty-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  correction member below the rank of captain on the date such application  is filed.    2. Subject to the provisions of paragraph five  of  this  subdivision,  any  person who becomes a New York city correction member below the rank  of captain after the starting date of the twenty-year  improved  benefitretirement  program may elect to become a participant in the twenty-year  improved benefit retirement program by filing, within one hundred eighty  days  after  becoming  such  a  correction  member,  a   duly   executed  application  for such participation with the retirement system, provided  he or she is such a correction member below the rank of captain  on  the  date such application is filed.    3.  Any  election  to  be  a  participant  in the twenty-year improved  benefit retirement program shall be irrevocable.    4.  Where  any  participant  in  the  twenty-year   improved   benefit  retirement  program  shall  cease  to hold the position of New York city  correction officer below the rank of captain, he or she shall  cease  to  be  such  a participant and, during any period in which such person does  not hold the position of New York city correction officer below the rank  of captain, he or she shall not be  a  participant  in  the  twenty-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-year   improved   benefit  retirement  program  terminates  service  as  a New York city correction  officer below the rank of captain and returns to such service as  a  New  York  city  correction member below the rank of captain at a later date,  he or she shall again become such a participant on that date.    6.  Where  any  participant  in  the  twenty-year   improved   benefit  retirement  program terminates service as a correction officer below the  rank of captain, attains the rank of captain in the uniformed  force  of  the  New  York  city  department of correction and thereafter terminates  such  service  and  immediately  returns  to  service  in  the  rank  of  correction  officer  below  the  rank  of  captain,  he  or she shall be  eligible to purchase service credit for the period during  which  he  or  she held the rank of captain, provided he or she shall be charged with a  contribution  deficiency based upon his or her compensation as a captain  and pay additional member contributions as provided in subdivision d  of  this  section at the same rate he or she would have had to contribute if  he or she held the rank of correction officer below the rank of  captain  during such time and had no such break in service; provided further that  he  or  she  shall  be  permitted  to  purchase such credit if he or she  immediately returns to service in the rank of correction  officer  below  the  rank of captain only during the eighteen month probationary period,  or such greater probationary period as may be applicable, unless  he  or  she  is  involuntarily  transferred  from  the  position  of  captain to  correction officer below the rank of captain in which event  he  or  she  shall be authorized to purchase such service credit.    c. Notwithstanding any other provision of law to the contrary, where a  participant  in the twenty-year improved benefit retirement program, who  is otherwise qualified for a retirement allowance  pursuant  to  section  13-155 of the administrative code, has made and/or paid, while he or she  is  a  New  York  city  correction member below the rank of captain, 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.   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.4.  Notwithstanding  any  other  provision  of  this  article  to  the  contrary,  a  participant in the twenty-year improved benefit retirement  program shall be entitled to the application of the same provisions with  respect to credited service as now or hereinafter apply to  a  similarly  situated  correction officer under this article who is not a participant  in such retirement program.    d. Additional member contributions.  1.  In  addition  to  the  member  contributions  required pursuant to section 13-155 of the administrative  code, each participant in the twenty-year  improved  benefit  retirement  program  shall  contribute  (subject  to  the  applicable  provisions of  section 13-125.1 of the  administrative  code)  an  additional  six  and  thirty-seven  one-hundredths  percent  of his or her compensation earned  from all service as a New York city correction member below the rank  of  captain  rendered  on  and  after  the  starting date of the twenty-year  improved benefit retirement program. A participant  in  the  twenty-year  improved  benefit  retirement program shall contribute additional member  contributions only until he or she is eligible  to  retire  with  twenty  years of credited service under such retirement program.    2.  Commencing  with  the  first full payroll period after each person  becomes a participant in the  twenty-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 13-125.1 of the administrative code)  from the compensation of such participant on each and every  payroll  of  such participant for each and every payroll period.    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, until such amount is paid to  the retirement system; and    (C) 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-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 subparagraph (i) of this paragraph) as  if such additional contributions had never been made.    4. The board of trustees of the retirement system may, consistent with  the  provisions  of  this  subdivision,  promulgate  regulations for the  payment of  such  additional  member  contributions,  and  any  interestthereon, by a participant in the twenty-year improved benefit retirement  program (including the deduction of such contributions, and any interest  thereon, from his or her compensation).    5.  Where  a  contribution  deficiency  chargeable  to  a  participant  pursuant to paragraph three of this subdivision has  not  been  paid  in  full  while  the  participant is a New York city correction member below  the rank of captain, that participant  shall  not  be  entitled  to  the  benefits provided in subdivision c of this section.    6.  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 accumulated deductions of a member of the retirement system  while  he  or  she  is a participant in the twenty-year improved benefit  retirement program or otherwise.    (ii) Except as  otherwise  provided  in  subparagraph  (iii)  of  this  paragraph,  should  a  participant  in  the twenty-year improved benefit  retirement program, who has rendered less than fifteen years of credited  service cease to hold the position of New York city  correction  officer  below  the  rank  of  captain  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 equal to  eight  and  one-quarter  percent per annum, compounded annually.    (iii)  (A) Notwithstanding any other provision of law to the contrary,  any person who has been promoted directly from the position of New  York  city correction officer below the rank of captain to the position of New  York  city  correction  officer  of  the  rank  of captain or above, who  withdraws any portion  of  his  or  her  accumulated  additional  member  contributions  pursuant  to  subparagraph  (ii)  of this paragraph on or  after the starting date of the twenty-year improved  benefit  retirement  program for captains and above, shall not be eligible to elect to become  a participant in the twenty-year improved benefit retirement program for  captains and above.    (B)  Notwithstanding  any  other provision of law to the contrary, any  former  participant  in  the  twenty-year  improved  benefit  retirement  program  who  becomes  a participant in the twenty-year improved benefit  retirement program for captains and above, and who has additional member  contributions  on  deposit  in  the  contingent  reserve  fund  of   the  retirement  system  at  the  time he or she becomes a participant in the  twenty-year improved benefit retirement program for captains and  above,  shall  not  be  permitted  to  withdraw  any portion of such accumulated  additional  member  contributions  pursuant   to   the   provisions   of  subparagraph  (ii)  of  this  paragraph at any time while he or she is a  participant in the twenty-year improved benefit retirement  program  for  captains and above.(iv)  Except  as  otherwise  provided  in  subparagraph  (ii)  of this  paragraph, no member of the retirement system, while  he  or  she  is  a  participant  in such retirement program or otherwise, shall have a right  to withdraw such additional member contributions or any interest thereon  from the retirement system.    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 subject to 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.    e.  The  provisions  of subdivision b of section four hundred forty of  this article shall apply to participants under this section.

State Codes and Statutes

Statutes > New-york > Rss > Article-11 > 445-a

§  445-a. Optional twenty-year improved benefit retirement program for  New York city  correction  members  below  the  rank  of  captain.    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. "New York city correction officer below the rank of captain"  shall  mean  a member of the uniformed force of the New York city department of  correction who holds the rank of correction officer below  the  rank  of  captain   in  the  correction  service  of  the  classification  of  the  department of personnel of such city.    3. "New York city correction member below the rank of  captain"  shall  mean  a member of the retirement system who is subject to the provisions  of this article, who is a New York city  correction  officer  below  the  rank  of  captain  and  who  has elected to contribute to the retirement  system on the basis of a minimum retirement period of  twenty  years  of  credited  service  pursuant  to  the  optional  retirement provisions of  section 13-155 of the administrative code.    4. "Twenty-year improved benefit retirement program"  shall  mean  all  the terms and conditions of this section.    5.  "Starting  date  of  the  twenty-year  improved benefit retirement  program" shall mean the effective date of this section, as such date  is  certified pursuant to section forty-one of the legislative law.    6.   "Participant  in  the  twenty-year  improved  benefit  retirement  program" shall mean any New York city correction member below  the  rank  of captain 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   improved   benefit  retirement program, as applicable to him or her.    7.  "Administrative  code"  shall  mean the administrative code of the  city of New York.    8. "Accumulated  deductions"  shall  mean  accumulated  deductions  as  defined  in  subdivision  eleven of section 13-101 of the administrative  code.    9. "New York city correction officer of the rank of captain or  above"  shall have the same meaning as set forth in paragraph two of subdivision  a of section four hundred forty-five-c of this article.    10.  "Twenty-year improved benefit retirement program for captains and  above" shall mean all the terms and conditions of section  four  hundred  forty-five-c of this article.    11.  "Starting  date  of  the  twenty-year improved benefit retirement  program for captains and above" shall have the same meaning as set forth  in paragraph five of subdivision a of section four hundred  forty-five-c  of this article.    b.  Election  of  twenty-year  improved benefit retirement program. 1.  Subject to the provisions of paragraph five  of  this  subdivision,  any  person  who  is  a  New  York  city  correction member below the rank of  captain on  the  starting  date  of  the  twenty-year  improved  benefit  retirement  program may elect to become a participant in the twenty-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  correction member below the rank of captain on the date such application  is filed.    2. Subject to the provisions of paragraph five  of  this  subdivision,  any  person who becomes a New York city correction member below the rank  of captain after the starting date of the twenty-year  improved  benefitretirement  program may elect to become a participant in the twenty-year  improved benefit retirement program by filing, within one hundred eighty  days  after  becoming  such  a  correction  member,  a   duly   executed  application  for such participation with the retirement system, provided  he or she is such a correction member below the rank of captain  on  the  date such application is filed.    3.  Any  election  to  be  a  participant  in the twenty-year improved  benefit retirement program shall be irrevocable.    4.  Where  any  participant  in  the  twenty-year   improved   benefit  retirement  program  shall  cease  to hold the position of New York city  correction officer below the rank of captain, he or she shall  cease  to  be  such  a participant and, during any period in which such person does  not hold the position of New York city correction officer below the rank  of captain, he or she shall not be  a  participant  in  the  twenty-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-year   improved   benefit  retirement  program  terminates  service  as  a New York city correction  officer below the rank of captain and returns to such service as  a  New  York  city  correction member below the rank of captain at a later date,  he or she shall again become such a participant on that date.    6.  Where  any  participant  in  the  twenty-year   improved   benefit  retirement  program terminates service as a correction officer below the  rank of captain, attains the rank of captain in the uniformed  force  of  the  New  York  city  department of correction and thereafter terminates  such  service  and  immediately  returns  to  service  in  the  rank  of  correction  officer  below  the  rank  of  captain,  he  or she shall be  eligible to purchase service credit for the period during  which  he  or  she held the rank of captain, provided he or she shall be charged with a  contribution  deficiency based upon his or her compensation as a captain  and pay additional member contributions as provided in subdivision d  of  this  section at the same rate he or she would have had to contribute if  he or she held the rank of correction officer below the rank of  captain  during such time and had no such break in service; provided further that  he  or  she  shall  be  permitted  to  purchase such credit if he or she  immediately returns to service in the rank of correction  officer  below  the  rank of captain only during the eighteen month probationary period,  or such greater probationary period as may be applicable, unless  he  or  she  is  involuntarily  transferred  from  the  position  of  captain to  correction officer below the rank of captain in which event  he  or  she  shall be authorized to purchase such service credit.    c. Notwithstanding any other provision of law to the contrary, where a  participant  in the twenty-year improved benefit retirement program, who  is otherwise qualified for a retirement allowance  pursuant  to  section  13-155 of the administrative code, has made and/or paid, while he or she  is  a  New  York  city  correction member below the rank of captain, 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.   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.4.  Notwithstanding  any  other  provision  of  this  article  to  the  contrary,  a  participant in the twenty-year improved benefit retirement  program shall be entitled to the application of the same provisions with  respect to credited service as now or hereinafter apply to  a  similarly  situated  correction officer under this article who is not a participant  in such retirement program.    d. Additional member contributions.  1.  In  addition  to  the  member  contributions  required pursuant to section 13-155 of the administrative  code, each participant in the twenty-year  improved  benefit  retirement  program  shall  contribute  (subject  to  the  applicable  provisions of  section 13-125.1 of the  administrative  code)  an  additional  six  and  thirty-seven  one-hundredths  percent  of his or her compensation earned  from all service as a New York city correction member below the rank  of  captain  rendered  on  and  after  the  starting date of the twenty-year  improved benefit retirement program. A participant  in  the  twenty-year  improved  benefit  retirement program shall contribute additional member  contributions only until he or she is eligible  to  retire  with  twenty  years of credited service under such retirement program.    2.  Commencing  with  the  first full payroll period after each person  becomes a participant in the  twenty-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 13-125.1 of the administrative code)  from the compensation of such participant on each and every  payroll  of  such participant for each and every payroll period.    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, until such amount is paid to  the retirement system; and    (C) 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-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 subparagraph (i) of this paragraph) as  if such additional contributions had never been made.    4. The board of trustees of the retirement system may, consistent with  the  provisions  of  this  subdivision,  promulgate  regulations for the  payment of  such  additional  member  contributions,  and  any  interestthereon, by a participant in the twenty-year improved benefit retirement  program (including the deduction of such contributions, and any interest  thereon, from his or her compensation).    5.  Where  a  contribution  deficiency  chargeable  to  a  participant  pursuant to paragraph three of this subdivision has  not  been  paid  in  full  while  the  participant is a New York city correction member below  the rank of captain, that participant  shall  not  be  entitled  to  the  benefits provided in subdivision c of this section.    6.  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 accumulated deductions of a member of the retirement system  while  he  or  she  is a participant in the twenty-year improved benefit  retirement program or otherwise.    (ii) Except as  otherwise  provided  in  subparagraph  (iii)  of  this  paragraph,  should  a  participant  in  the twenty-year improved benefit  retirement program, who has rendered less than fifteen years of credited  service cease to hold the position of New York city  correction  officer  below  the  rank  of  captain  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 equal to  eight  and  one-quarter  percent per annum, compounded annually.    (iii)  (A) Notwithstanding any other provision of law to the contrary,  any person who has been promoted directly from the position of New  York  city correction officer below the rank of captain to the position of New  York  city  correction  officer  of  the  rank  of captain or above, who  withdraws any portion  of  his  or  her  accumulated  additional  member  contributions  pursuant  to  subparagraph  (ii)  of this paragraph on or  after the starting date of the twenty-year improved  benefit  retirement  program for captains and above, shall not be eligible to elect to become  a participant in the twenty-year improved benefit retirement program for  captains and above.    (B)  Notwithstanding  any  other provision of law to the contrary, any  former  participant  in  the  twenty-year  improved  benefit  retirement  program  who  becomes  a participant in the twenty-year improved benefit  retirement program for captains and above, and who has additional member  contributions  on  deposit  in  the  contingent  reserve  fund  of   the  retirement  system  at  the  time he or she becomes a participant in the  twenty-year improved benefit retirement program for captains and  above,  shall  not  be  permitted  to  withdraw  any portion of such accumulated  additional  member  contributions  pursuant   to   the   provisions   of  subparagraph  (ii)  of  this  paragraph at any time while he or she is a  participant in the twenty-year improved benefit retirement  program  for  captains and above.(iv)  Except  as  otherwise  provided  in  subparagraph  (ii)  of this  paragraph, no member of the retirement system, while  he  or  she  is  a  participant  in such retirement program or otherwise, shall have a right  to withdraw such additional member contributions or any interest thereon  from the retirement system.    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 subject to 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.    e.  The  provisions  of subdivision b of section four hundred forty of  this article shall apply to participants under this section.

State Codes and Statutes

State Codes and Statutes

Statutes > New-york > Rss > Article-11 > 445-a

§  445-a. Optional twenty-year improved benefit retirement program for  New York city  correction  members  below  the  rank  of  captain.    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. "New York city correction officer below the rank of captain"  shall  mean  a member of the uniformed force of the New York city department of  correction who holds the rank of correction officer below  the  rank  of  captain   in  the  correction  service  of  the  classification  of  the  department of personnel of such city.    3. "New York city correction member below the rank of  captain"  shall  mean  a member of the retirement system who is subject to the provisions  of this article, who is a New York city  correction  officer  below  the  rank  of  captain  and  who  has elected to contribute to the retirement  system on the basis of a minimum retirement period of  twenty  years  of  credited  service  pursuant  to  the  optional  retirement provisions of  section 13-155 of the administrative code.    4. "Twenty-year improved benefit retirement program"  shall  mean  all  the terms and conditions of this section.    5.  "Starting  date  of  the  twenty-year  improved benefit retirement  program" shall mean the effective date of this section, as such date  is  certified pursuant to section forty-one of the legislative law.    6.   "Participant  in  the  twenty-year  improved  benefit  retirement  program" shall mean any New York city correction member below  the  rank  of captain 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   improved   benefit  retirement program, as applicable to him or her.    7.  "Administrative  code"  shall  mean the administrative code of the  city of New York.    8. "Accumulated  deductions"  shall  mean  accumulated  deductions  as  defined  in  subdivision  eleven of section 13-101 of the administrative  code.    9. "New York city correction officer of the rank of captain or  above"  shall have the same meaning as set forth in paragraph two of subdivision  a of section four hundred forty-five-c of this article.    10.  "Twenty-year improved benefit retirement program for captains and  above" shall mean all the terms and conditions of section  four  hundred  forty-five-c of this article.    11.  "Starting  date  of  the  twenty-year improved benefit retirement  program for captains and above" shall have the same meaning as set forth  in paragraph five of subdivision a of section four hundred  forty-five-c  of this article.    b.  Election  of  twenty-year  improved benefit retirement program. 1.  Subject to the provisions of paragraph five  of  this  subdivision,  any  person  who  is  a  New  York  city  correction member below the rank of  captain on  the  starting  date  of  the  twenty-year  improved  benefit  retirement  program may elect to become a participant in the twenty-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  correction member below the rank of captain on the date such application  is filed.    2. Subject to the provisions of paragraph five  of  this  subdivision,  any  person who becomes a New York city correction member below the rank  of captain after the starting date of the twenty-year  improved  benefitretirement  program may elect to become a participant in the twenty-year  improved benefit retirement program by filing, within one hundred eighty  days  after  becoming  such  a  correction  member,  a   duly   executed  application  for such participation with the retirement system, provided  he or she is such a correction member below the rank of captain  on  the  date such application is filed.    3.  Any  election  to  be  a  participant  in the twenty-year improved  benefit retirement program shall be irrevocable.    4.  Where  any  participant  in  the  twenty-year   improved   benefit  retirement  program  shall  cease  to hold the position of New York city  correction officer below the rank of captain, he or she shall  cease  to  be  such  a participant and, during any period in which such person does  not hold the position of New York city correction officer below the rank  of captain, he or she shall not be  a  participant  in  the  twenty-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-year   improved   benefit  retirement  program  terminates  service  as  a New York city correction  officer below the rank of captain and returns to such service as  a  New  York  city  correction member below the rank of captain at a later date,  he or she shall again become such a participant on that date.    6.  Where  any  participant  in  the  twenty-year   improved   benefit  retirement  program terminates service as a correction officer below the  rank of captain, attains the rank of captain in the uniformed  force  of  the  New  York  city  department of correction and thereafter terminates  such  service  and  immediately  returns  to  service  in  the  rank  of  correction  officer  below  the  rank  of  captain,  he  or she shall be  eligible to purchase service credit for the period during  which  he  or  she held the rank of captain, provided he or she shall be charged with a  contribution  deficiency based upon his or her compensation as a captain  and pay additional member contributions as provided in subdivision d  of  this  section at the same rate he or she would have had to contribute if  he or she held the rank of correction officer below the rank of  captain  during such time and had no such break in service; provided further that  he  or  she  shall  be  permitted  to  purchase such credit if he or she  immediately returns to service in the rank of correction  officer  below  the  rank of captain only during the eighteen month probationary period,  or such greater probationary period as may be applicable, unless  he  or  she  is  involuntarily  transferred  from  the  position  of  captain to  correction officer below the rank of captain in which event  he  or  she  shall be authorized to purchase such service credit.    c. Notwithstanding any other provision of law to the contrary, where a  participant  in the twenty-year improved benefit retirement program, who  is otherwise qualified for a retirement allowance  pursuant  to  section  13-155 of the administrative code, has made and/or paid, while he or she  is  a  New  York  city  correction member below the rank of captain, 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.   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.4.  Notwithstanding  any  other  provision  of  this  article  to  the  contrary,  a  participant in the twenty-year improved benefit retirement  program shall be entitled to the application of the same provisions with  respect to credited service as now or hereinafter apply to  a  similarly  situated  correction officer under this article who is not a participant  in such retirement program.    d. Additional member contributions.  1.  In  addition  to  the  member  contributions  required pursuant to section 13-155 of the administrative  code, each participant in the twenty-year  improved  benefit  retirement  program  shall  contribute  (subject  to  the  applicable  provisions of  section 13-125.1 of the  administrative  code)  an  additional  six  and  thirty-seven  one-hundredths  percent  of his or her compensation earned  from all service as a New York city correction member below the rank  of  captain  rendered  on  and  after  the  starting date of the twenty-year  improved benefit retirement program. A participant  in  the  twenty-year  improved  benefit  retirement program shall contribute additional member  contributions only until he or she is eligible  to  retire  with  twenty  years of credited service under such retirement program.    2.  Commencing  with  the  first full payroll period after each person  becomes a participant in the  twenty-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 13-125.1 of the administrative code)  from the compensation of such participant on each and every  payroll  of  such participant for each and every payroll period.    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, until such amount is paid to  the retirement system; and    (C) 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-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 subparagraph (i) of this paragraph) as  if such additional contributions had never been made.    4. The board of trustees of the retirement system may, consistent with  the  provisions  of  this  subdivision,  promulgate  regulations for the  payment of  such  additional  member  contributions,  and  any  interestthereon, by a participant in the twenty-year improved benefit retirement  program (including the deduction of such contributions, and any interest  thereon, from his or her compensation).    5.  Where  a  contribution  deficiency  chargeable  to  a  participant  pursuant to paragraph three of this subdivision has  not  been  paid  in  full  while  the  participant is a New York city correction member below  the rank of captain, that participant  shall  not  be  entitled  to  the  benefits provided in subdivision c of this section.    6.  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 accumulated deductions of a member of the retirement system  while  he  or  she  is a participant in the twenty-year improved benefit  retirement program or otherwise.    (ii) Except as  otherwise  provided  in  subparagraph  (iii)  of  this  paragraph,  should  a  participant  in  the twenty-year improved benefit  retirement program, who has rendered less than fifteen years of credited  service cease to hold the position of New York city  correction  officer  below  the  rank  of  captain  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 equal to  eight  and  one-quarter  percent per annum, compounded annually.    (iii)  (A) Notwithstanding any other provision of law to the contrary,  any person who has been promoted directly from the position of New  York  city correction officer below the rank of captain to the position of New  York  city  correction  officer  of  the  rank  of captain or above, who  withdraws any portion  of  his  or  her  accumulated  additional  member  contributions  pursuant  to  subparagraph  (ii)  of this paragraph on or  after the starting date of the twenty-year improved  benefit  retirement  program for captains and above, shall not be eligible to elect to become  a participant in the twenty-year improved benefit retirement program for  captains and above.    (B)  Notwithstanding  any  other provision of law to the contrary, any  former  participant  in  the  twenty-year  improved  benefit  retirement  program  who  becomes  a participant in the twenty-year improved benefit  retirement program for captains and above, and who has additional member  contributions  on  deposit  in  the  contingent  reserve  fund  of   the  retirement  system  at  the  time he or she becomes a participant in the  twenty-year improved benefit retirement program for captains and  above,  shall  not  be  permitted  to  withdraw  any portion of such accumulated  additional  member  contributions  pursuant   to   the   provisions   of  subparagraph  (ii)  of  this  paragraph at any time while he or she is a  participant in the twenty-year improved benefit retirement  program  for  captains and above.(iv)  Except  as  otherwise  provided  in  subparagraph  (ii)  of this  paragraph, no member of the retirement system, while  he  or  she  is  a  participant  in such retirement program or otherwise, shall have a right  to withdraw such additional member contributions or any interest thereon  from the retirement system.    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 subject to 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.    e.  The  provisions  of subdivision b of section four hundred forty of  this article shall apply to participants under this section.