2006 New York Code - Optional Twenty-five Year/age Fifty Improved Benefit Retirement Program For Senior Automotive Service Workers, Auto Body Worker

 
    * §  445-f*.  Optional  twenty-five  year/age  fifty  improved benefit
  retirement program for senior  automotive  service  workers,  automotive
  service  workers,  auto body workers, auto mechanics, marine maintenance
  mechanics and oil burner  specialists.  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.  "Senior automotive service worker, automotive service worker, auto
  body worker, auto mechanic, marine maintenance mechanic and  oil  burner
  specialist"  shall mean a member of the retirement system who is subject
  to the provisions of this article, who is employed by  the  mayoral  and
  non-mayoral  agencies  of  the  city  of New York and who has elected to
  contribute to the retirement system on the basis of a minimum retirement
  period of twenty-five  year/age  fifty  of  allowable  service  rendered
  pursuant to the optional retirement provisions as set forth in paragraph
  eight of this subdivision.
    3.  "Twenty-five  year/age  fifty improved benefit retirement program"
  shall mean all the terms and conditions of this section.
    4. "Starting date of the twenty-five year/age fifty  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.
    5.  "Participant  in  the  twenty-five year/age fifty improved benefit
  retirement program" shall mean any  senior  automotive  service  worker,
  automotive  service  worker,  auto  body  worker,  auto mechanic, marine
  maintenance mechanic and oil burner specialist 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/age  fifty  improved  benefit  retirement  program,  as
  applicable to him or her.
    6.  "Administrative  code"  shall  mean the administrative code of the
  city of New York.
    7. "Accumulated  deductions"  shall  mean  accumulated  deductions  as
  defined  in  subdivision  eleven of section 13-101 of the administrative
  code.
    8. "Optional retirement provisions" shall mean the right to receive  a
  retirement  allowance upon (i) the attainment of age fifty, and (ii) the
  completion of twenty-five years of service.
    b. Election of twenty-five year/age fifty improved benefit  retirement
  program.  1.  Subject  to  the  provisions  of  paragraph  five  of this
  subdivision, any person who  is  a  senior  automotive  service  worker,
  automotive  service  worker,  auto  body  worker,  auto mechanic, marine
  maintenance mechanic, or oil burner specialist on the starting  date  of
  the  twenty-five  year/age fifty improved benefit retirement program may
  elect to become a participant in the twenty-five year/age fifty 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
  senior  automotive  service worker, automotive service worker, auto body
  worker,  auto  mechanic,  marine  maintenance  mechanic  or  oil  burner
  specialist on the date such application is filed.
    2.  Subject  to  the provisions of paragraph five of this subdivision,
  any person who becomes a senior automotive  service  worker,  automotive
  service  worker,  auto  body  worker,  auto mechanic, marine maintenance
  mechanic or oil  burner  specialist  after  the  starting  date  of  the
  twenty-five year/age fifty improved benefit retirement program may elect
  to  become  a  participant  in  the  twenty-five year/age fifty improved
  benefit retirement program by filing, within  one  hundred  eighty  days
  after  becoming  such  a  senior  automotive  service worker, automotive
  service worker, auto body  worker,  auto  mechanic,  marine  maintenance
  mechanic  or oil burner specialist, a duly executed application for such
  participation with the retirement system, provided he or she is  such  a
  senior  automotive  service worker, automotive service worker, auto body
  worker,  auto  mechanic,  marine  maintenance  mechanic  or  oil  burner
  specialist on the date such application is filed.
    3.  Any election to be a participant in the twenty-five year/age fifty
  improved benefit retirement program shall be irrevocable.
    4. Where any participant in the twenty-five  year/age  fifty  improved
  benefit  retirement  program  shall cease to hold a position as a senior
  automotive service worker, automotive service worker, auto body  worker,
  auto  mechanic, marine maintenance mechanic or oil burner specialist, he
  or she shall cease to be such a participant and, during  any  period  in
  which  such  a  person  does  not  hold such a senior automotive service
  worker, automotive service worker,  auto  body  worker,  auto  mechanic,
  marine maintenance mechanic or oil burner specialist position, he or she
  shall  not  be  a participant in the twenty-five year/age fifty 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-five  year/age  fifty  improved
  benefit  retirement  program  terminates  service as a senior automotive
  service worker,  automotive  service  worker,  auto  body  worker,  auto
  mechanic,  marine  maintenance  mechanic  or  oil  burner specialist and
  returns  to  such  service  as  a  senior  automotive  service   worker,
  automotive  service  worker,  auto  body  worker,  auto mechanic, marine
  maintenance mechanic or oil burner specialist at a later date, he or she
  shall again become such a participant on that date.
    c. Service retirement benefits. Notwithstanding any other provision of
  law to the contrary, where a participant  in  the  twenty-five  year/age
  fifty improvement benefit retirement program, who is otherwise qualified
  for   a   retirement  allowance  pursuant  to  the  optional  retirement
  provisions set forth in subdivision a of this section, has  made  and/or
  paid,  while he or she is a senior automotive service worker, automotive
  service worker, auto body  worker,  auto  mechanic,  marine  maintenance
  mechanic  or  oil burner specialist, 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  from
  service,  he  or  she  shall not be subject to the provisions of section
  four hundred forty-four of this article; and
    3. his or her retirement allowance shall be an amount, on  account  of
  the  required minimum period of service, equal to one-half of his or her
  final average salary,  plus  an  amount  for  each  additional  year  of
  allowable  service,  or  fraction  thereof, beyond such required minimum
  period of service equal to two percent  of  his  or  her  final  average
  salary; and
    4.   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.
    d. Additional member contributions.  1.  In  addition  to  the  member
  contributions  required pursuant to section 13-162 of the administrative
  code, each  participant  in  the  twenty-five  year/age  fifty  improved
  benefit  retirement  program  in  the title of senior automotive service
  worker, automotive service worker,  auto  body  worker,  auto  mechanic,
  marine maintenance mechanic or oil burner specialist shall contribute an
  additional  four  and  eighty-three one-hundredths percent of his or her
  compensation  earned  from  all allowable service as a senior automotive
  service worker,  automotive  service  worker,  auto  body  worker,  auto
  mechanic,  marine maintenance mechanic or oil burner specialist rendered
  on and after the date which is one hundred  eighty  days  prior  to  the
  starting  date  of  the  twenty-five  year/age  fifty  improved  benefit
  retirement program. A participant  in  the  twenty-five  year/age  fifty
  improved  benefit  retirement program shall contribute additional member
  contributions until the later of (i) the date as of which he or  she  is
  eligible  to  retire  with  twenty-five years of creditable service as a
  senior automotive service worker, automotive service worker,  auto  body
  worker,  auto  mechanic,  marine  maintenance  mechanic  or  oil  burner
  specialist under such retirement program, or (ii) the first  anniversary
  of  the starting date of the twenty-five year/age fifty improved benefit
  retirement  program.  The  additional  contributions  required  by  this
  paragraph  shall  be in lieu of additional member contributions required
  by subdivision d of section four hundred forty-five-d of  this  article,
  as  added  by  chapter  ninety-six  of  the  laws  of  nineteen  hundred
  ninety-five, and no member paying additional contributions  pursuant  to
  this  section shall be required to pay additional contributions pursuant
  to such subdivision d of  section  four  hundred  forty-five-d  of  this
  article.
    2.  Commencing  with  the  first full payroll period after each person
  becomes a participant in the twenty-five year/age fifty improved benefit
  retirement  program,  additional  member  contributions  at   the   rate
  specified  in  paragraph  one of this subdivision shall be deducted 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 undeductible 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-five
  year/age fifty 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-five year/age fifty 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  senior  automotive service worker,
  automotive service worker,  auto  body  worker,  auto  mechanic,  marine
  maintenance  mechanic  or  oil burner specialist, 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-five year/age fifty
  improved benefit retirement program or otherwise.
    (ii) Should a participant in the twenty-five year/age  fifty  improved
  benefit  retirement program, who has rendered less than fifteen years of
  credited service cease to hold a position as a senior automotive service
  worker, automotive service worker,  auto  body  worker,  auto  mechanic,
  marine  maintenance  mechanic  or  oil  burner specialist 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) 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.  A  member  who  has made the additional contributions specified by
  this subdivision may borrow a portion of such contributions pursuant  to
  the provisions of section six hundred thirteen-b of this chapter.
    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.
    * NB There are 3 § 445-f's.  Rpld  per  ch  414/02,  §  1.  §  480  of
  Retirement  and  Social  Security  Law  (as  amended by ch. 44/2001 § 2)
  extends disability benefits implemented by former § 63-c.