2006 New York Code - Optional Twenty-year Improved Benefit Retirement Program For New York City Correction Members Below The Rank Of Captain.

 
    §  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  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  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  interest
  thereon, 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.