2006 New York Code - Optional Retirement After Twenty-five Years Of Allowable Service By Certain Sanitation Department Officers And Employees; Retirement Allowance Upon Se

 
    §  13-158  Optional  retirement  after  twenty-five years of allowable
  service  by  certain  sanitation  department  officers  and   employees;
  retirement  allowance  upon  service  retirement.  a.  Any member of the
  retirement system who:
    (1) heretofore entered or shall  hereafter  enter  city-service  as  a
  member  of  the uniformed force of the department of sanitation, as such
  force is defined in subdivision a of section 13-154 of this chapter; and
    (2) has heretofore completed or shall hereafter complete not less than
  twenty years of service as a member of such uniformed force; and
    (3) has heretofore completed or shall hereafter complete not less than
  twenty-five years  of  allowable  city-service,  including  the  service
  mentioned in paragraph two of this subdivision a; and
    (4) is serving in the department of sanitation as commissioner thereof
  or   as  the  secretary  to  such  department  or  as  the  confidential
  investigator thereof, at the time of the filing of  an  application  for
  service retirement as hereinafter in this subdivision authorized; and
    (5)  at  the time of such filing, is required to make contributions to
  the  retirement  system  at  a  rate  calculated  on  the  basis  of   a
  service-fraction  of not less than one one-hundredth of his or her final
  compensation; may retire upon written application to the  board  setting
  forth  at  what  time,  not  less  than  thirty  days  subsequent to the
  execution and filing thereof, he or she desires to be retired, and  upon
  retirement  for service he or she shall receive, on account of the first
  twenty-five years of his or her city-service, in  lieu  of  any  smaller
  retirement  allowance  for such period of service otherwise provided for
  by this chapter, a minimum retirement allowance which shall be equal  to
  one-half of his or her annual salary or compensation when so retired.
    b.  There  shall  be  added  by the city, whenever required, a further
  pension of such amount which, together with the member's  annuity  based
  on  accumulated  deductions  from his or her pay during his or her first
  twenty-five years of city-service (including  regular  interest  to  the
  date  of completion of such period of city service), shall be sufficient
  to provide him or her with a minimum retirement allowance, on account of
  the first twenty-five years of his or her allowable city-service,  equal
  to one-half of his or her annual salary or compensation when so retired.
  For the purpose only of determining the amount of the additional pension
  contributions  by  the  city  that may be required, the member's annuity
  shall be computed, as it would be, (a) if it were  not  reduced  by  the
  actuarial  equivalent  of  any  outstanding  loan,  (b)  if  it were not
  increased by the actuarial equivalent of any  additional  contributions,
  (c)  if  it  were  not  reduced  by  reason  of the member's election to
  decrease his or her annuity contributions in order to apply  the  amount
  of such reduction in payment of his or her contributions for old-age and
  survivors  insurance  coverage,  (d) as it would be without any optional
  modification.
    c. For city-service by such a  member  of  the  retirement  system  in
  addition  to and in excess of twenty-five years, there shall be added to
  the  retirement  allowance  to  which  he  or  she  is  entitled   under
  subdivisions a and b of this section:
    (1) an annuity which shall be computed in the following manner:
    (a)  There  shall  be  added  together:  (1)  the  total amount of the
  accumulated deductions of such member, whenever made, as the same are on
  the date of his or her retirement, including all  voluntary,  additional
  contributions,  whenever  made;  and  (2) the amount of any loan to such
  member outstanding as of the date of his or her retirement.
    (b) There shall be added together: (1) the amount of  the  accumulated
  deductions  of  such member, as of the date on which he or she completed
  twenty-five years of allowable city-service, exclusive of the value,  as


  of  such  date, of all of his or her voluntary, additional contributions
  made up to and including such date; and (2) the amount of  any  loan  to
  such member outstanding on such date.
    (c)  The  annuity  to  which  such member shall be entitled under this
  paragraph one  shall  be  the  actuarial  equivalent  of  the  remainder
  obtained by subtracting the sum computed pursuant to subparagraph (b) of
  this  paragraph  from  the  sum computed pursuant to subparagraph (a) of
  this paragraph.
    (2) a pension which shall be equal to one service-fraction of his such
  member's final compensation multiplied by the number of his or her years
  of allowable city-service  from  the  day  after  he  or  she  completed
  twenty-five  years  of  allowable city-service to the date of his or her
  retirement; and
    (3)  a  pension  which  shall  be  the  actuarial  equivalent  of  the
  reserve-for-increased-take-home-pay  to which he or she may be entitled,
  if any,  for  the  period  from  the  day  after  he  or  she  completed
  twenty-five  years  of  allowable city-service to the date of his or her
  retirement.