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

 
    § 13-157.4 Twenty 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  year  retirement  program"  shall  mean all the terms and
  conditions of this section.
    3. "Starting date of the twenty year retirement  program"  shall  mean
  the  effective  date of this section, as such date is certified pursuant
  to section forty-one of the legislative law.
    4. "Participant in the twenty year retirement program" shall mean  any
  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 year retirement program,
  as applicable to him or her.
    5.  "Discontinued  member" shall mean a participant in the twenty year
  retirement program who, while he or  she  was  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 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  year  retirement
  program  may elect to become a participant in the twenty year retirement
  program by filing, within one hundred eighty  days  after  the  starting
  date  of the twenty year retirement program, a duly executed application
  for such participation with the retirement 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 year retirement program may elect to become a participant in
  the twenty year retirement program by filing, within one hundred  eighty
  days  after  becoming  such  an  investigator  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 an investigator
  member on the date such application is filed.
    3. Any election to be a participant  in  the  twenty  year  retirement
  program shall be irrevocable.
    4.  Where  any participant in the twenty 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  year
  retirement  program  and  shall  not  be  eligible  for  the benefits of
  subdivision c of this section.
    5. Where  any  participant  in  the  twenty  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  year
  retirement program:
    (i)  who  has  completed  twenty  or more years of service as a police
  officer as defined  in  paragraph  (g)  of  subdivision  thirty-four  of
  section 1.20 of the criminal procedure law; 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 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  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 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-sixtieth of the final average salary for  such  credited  service
  during  the  period  from  the  completion  of  twenty years of credited
  service to the date of retirement.
    d. Vesting. 1. A participant in the  twenty  year  retirement  program
  who:
    (i)  discontinues  service  as  an  investigator member, other than by
  death or retirement; and
    (ii) prior to such discontinuance, completed five but less than twenty
  years of service as a police officer, as defined  in  paragraph  (g)  of
  subdivision  thirty-four  of section 1.20 of the criminal procedure law;
  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.  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.
    3.  Such  deferred  vested  benefit  shall  be  a retirement allowance
  consisting of an amount equal to two and  five-tenths  percent  of  such
  discontinued  member's final average salary, multiplied by the number of
  years of service as a police officer, as defined  in  paragraph  (g)  of
  subdivision thirty-four of section 1.20 of the criminal procedure law.
    e.  Member  contributions. All investigator members of the twenty year
  retirement program shall be required to  contribute  to  the  retirement
  system  in  the  manner  specified  by section 13-225 of this title with
  respect to members covered by subdivision a of section  13-247  of  this
  title. Such required contributions shall pertain to all years of service
  rendered subsequent to June thirtieth, two thousand four.
    f.  An  investigator  member  who  is  a  member  of  the  twenty year
  retirement program shall have and shall be entitled to the same  rights,
  benefits,  privileges and obligations as a member of the police force of
  the city who is a member of the police pension fund maintained  pursuant
  to  subchapter  two  of  chapter  two of this title, with respect to the
  matters provided for in sections 13-246 and 13-256  of  such  subchapter
  two.
    g.  An  investigator  member  who  is  a  member  of  the  twenty year
  retirement program shall not be entitled to  any  additional  retirement
  credit  pursuant  to subdivision a of section nine hundred eleven of the
  retirement and social security law.