2006 New York Code - Twenty-five Year Retirement Program For Investigator Members.

 
    §  13-157.1  Twenty-five  year  retirement  program  for  investigator
  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.  "Investigator  member" shall mean a member who is a police officer
  as defined in paragraph (g) of subdivision thirty-four of  section  1.20
  of the criminal procedure law.
    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  investigator  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 an investigator member,
  discontinued service as such a member and has  a  right  to  a  deferred
  vested benefit under the provisions of subdivision d of this section.
    b. Participation in twenty-five year retirement program. 1. Subject to
  the  provisions of paragraph five of this subdivision, any person who is
  an investigator member on the starting  date  of  the  twenty-five  year
  retirement  program may elect to become a participant in the twenty-five
  year retirement program by filing, within one hundred eighty days  after
  the   provisions   of  this  paragraph  take  effect,  a  duly  executed
  application for such participation with the retirement program of  which
  such  person  is  a  member,  provided he or she is such an investigator
  member on the date such application is filed.
    2. Subject to the provisions of paragraph five  of  this  subdivision,
  any person who becomes an investigator member after the starting date of
  the   twenty-five   year  retirement  program  may  elect  to  become  a
  participant in the twenty-five year retirement program by filing, within
  the later of  (i)  one  hundred  eighty  days  after  becoming  such  an
  investigator member or (ii) one hundred eighty days after the provisions
  of  this  paragraph  take  effect,  a duly executed application for such
  participation with the retirement system  of  which  such  person  is  a
  member,  provided  he  or she is such an investigator 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. Where any participant in the twenty-five  year  retirement  program
  shall  cease  to  be employed as an investigator 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.
    5.  Where  any  participant in the twenty-five year retirement program
  terminates service as an investigator member and returns to such service
  as an investigator member at a later date, he or she shall again  become
  such a participant on that date.
    c.  Service  retirement  benefits. 1. A participant in the twenty-five
  year retirement program:
    (i) who has completed twenty-five or more years of  credited  service;
  and


    (ii)  who  files with the retirement system an application for service
  retirement setting forth at what time he or she desires to  be  retired;
  and
    (iii)  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. Notwithstanding any other provision of law  to  the  contrary,  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:
    (i)  an  amount, on account of the required minimum period of service,
  equal to fifty-five percent of the salary earned in the  year  prior  to
  his or her retirement; plus
    (ii)  an  amount  for  each  additional  year  of credited service, or
  fraction thereof, beyond such required minimum period of  service  equal
  to  one  and  seven-tenths  percent of the final average salary for such
  credited service during the period from the  completion  of  twenty-five
  years of credited service to the date of retirement.
    d.  Vesting.  1.  A  participant  in  the  twenty-five year retirement
  program who:
    (i) discontinues service as an  investigator  member,  other  than  by
  death or retirement; and
    (ii)  prior  to  such  discontinuance, completed fifteen but less than
  twenty-five years of credited service; and
    (iii) does not withdraw in whole or in part  his  or  her  accumulated
  member  contributions  pursuant to section 13-141 of this chapter, 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) 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.
    3. 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.  Member  contributions. All investigator members of the twenty-five
  year  retirement  program  shall  be  required  to  contribute  to   the
  retirement system in the manner specified by section 13-225 of this code
  with  respect  to  members covered by subdivision b of section 13-247 of
  this code. Such required contributions shall pertain  to  all  years  of
  service   rendered   subsequent  to  June  thirtieth,  nineteen  hundred
  ninety-seven.