2010 New York Code
RSS - Retirement & Social Security
Article 11 - (440 - 451) LIMITATIONS APPLICABLE TO NEW ENTRANTS
445-G - Optional twenty-five year/age fifty improved benefit retirement program for automotive members.

§   445-g.   Optional  twenty-five  year/age  fifty  improved  benefit
  retirement program for automotive 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.  "Retirement  system"  shall  mean  the  New  York  city employees'
  retirement system.
    2. "Automotive member" shall mean a member of  the  retirement  system
  employed by the mayoral and non-mayoral agencies of the city of New York
  as  a senior automotive service worker, an automotive service worker, an
  auto body worker, an auto mechanic, a marine  maintenance  mechanic,  an
  oil burner specialist, a supervisor of mechanics (mechanical equipment),
  senior stationary engineer, stationary engineer, auto mechanic (diesel),
  auto electrician, auto machinist, machinist or machinist helper.
    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, with respect to supervisors of mechanics
  (mechanical  equipment),  the  effective date of an act amending chapter
  five hundred sixty of the laws of two thousand  one,  as  such  date  is
  certified  pursuant  to  section  forty-one  of the legislative law, and
  shall mean December twelfth, two thousand one with respect to all  other
  automotive members.
    5.  "Participant  in  the  twenty-five year/age fifty improved benefit
  retirement program" shall mean any  automotive  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/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 retire and
  receive  a  retirement  allowance  under  this  section  upon  (i)   the
  attainment  of age fifty and (ii) the completion of twenty-five years of
  credited service.
    b. Election of twenty-five year/age fifty improved benefit  retirement
  program. 1. Subject to the provisions of paragraphs five and six of this
  subdivision, any person who is an automotive member 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  two hundred
  seventy days after such starting date, a duly executed  application  for
  such  participation  with  the  retirement system, provided he or she is
  such an automotive member on the date such application is filed.
    2. Subject to the provisions  of  paragraphs  five  and  six  of  this
  subdivision,  any  person  who  becomes  an  automotive member 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 two
  hundred seventy days after becoming such an automotive  member,  a  duly
  executed  application for such participation with the retirement system,
  provided he or she is  such  an  automotive  member  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/age fifty improved benefit
  retirement program shall cease to  hold  a  position  as  an  automotive
  member,  he  or  she shall cease to be such a participant and during any
  period in which such a person does not hold such an automotive 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  an  automotive  member
  and  returns to such service as an automotive member at a later date, he
  or she shall again become such a participant on that date.
    6. Notwithstanding any other provision of law  to  the  contrary,  any
  person  who  is  eligible  to  become  a  participant in the twenty-five
  year/age fifty improved benefit retirement program pursuant to paragraph
  one or two of this subdivision for the  full  two  hundred  seventy  day
  period provided for in such applicable paragraph and who fails to timely
  file  a  duly  executed  application  for  such  participation  with the
  retirement  system,  shall  not  thereafter  be  eligible  to  become  a
  participant in such program.
    c. Service retirement benefits. Notwithstanding any other provision of
  law  to  the  contrary,  where a participant in the twenty-five year/age
  fifty improved 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 an automotive member, 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  the  sum  of  (i)  an
  annuity  which  shall  be  the  actuarial  equivalent of the accumulated
  deductions from his or her pay during such period, (ii)  a  pension  for
  increased-take-home-pay  which  shall be the actuarial equivalent of the
  reserve for increased-take-home-pay to which he or she may  be  entitled
  for  such  period, and (iii) a pension which, when added to such annuity
  and such pension  for  increased-take-home-pay,  produces  a  retirement
  allowance  equal  to  fifty  percent 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  13-125  or  13-162  of  the
  administrative  code, each participant in the twenty-five year/age fifty
  improved benefit retirement program shall  contribute,  subject  to  the
  applicable provisions of section 13-125.2 of the administrative code, an
  additional  four  and  eighty-three one-hundredths percent of his or her
  compensation earned from (i) all credited service, as a  participant  in
  the  twenty-five  year/age  fifty  improved  benefit retirement program,
  rendered on and after the date which is one hundred eighty days prior to

the starting date of the improved benefit retirement program,  and  (ii)
  all  credited  service after such person ceases to be a participant, but
  before he or she again becomes a participant pursuant to paragraph  five
  of  subdivision  b  of  this  section.  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 credited
  service 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,
  subject  to  the  applicable  provisions  of  section  13-125.2  of  the
  administrative  code,  from the compensation of such participant on each
  and every payroll of such participant for each and every payroll  period
  for which he or she is such a participant.
    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 and such deductions had been
  required for such payroll period  until  such  amount  is  paid  to  the
  retirement system; and
    (C)  Interest  on  each  such  amount  included  in such participant's
  contribution deficiency pursuant  to  this  subparagraph  (i)  shall  be
  calculated  as  if  such  additional member contributions never had been
  paid by such participant, and such interest shall accrue from the end of
  the payroll  period  to  which  an  amount  of  such  additional  member
  contributions is attributable, compounded annually, until such amount is
  paid to the retirement system.
    (ii) 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.
    (iii) Except as provided in subparagraph (iv) 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.
    (iv)  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 (ii) of this
  paragraph) for any credited service with respect to  which  such  person
  received  a  refund  of  additional  member contributions (including any
  amount of an unpaid loan balance deemed to have been  returned  to  such
  person  pursuant  to  paragraph  seven  of this subdivision), as if such
  additional member contributions never had been paid.
    4. The board of trustees of the retirement system may, consistent with
  the provisions of  this  subdivision,  promulgate  regulations  for  the
  payment   of  the  additional  member  contributions  required  by  this
  subdivision,  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  participant  who  is  otherwise  eligible  for  service
  retirement pursuant to subdivision c of this section did  not  prior  to
  the effective date of retirement pay the entire amount of a contribution
  deficiency  chargeable to him or her pursuant to paragraph three of this
  subdivision, or repay the  entire  amount  of  a  loan  of  his  or  her
  additional  member  contributions  pursuant  to  paragraph eight of this
  subdivision (including accrued interest on such loan), that  participant
  nevertheless  shall  be  eligible to retire pursuant to subdivision c of
  this section, provided, however, that  where  such  participant  is  not
  entitled  to  a  refund  of  additional member contributions pursuant to
  paragraph  seven  of  this  subdivision,  such   participant's   service
  retirement  benefit  calculated pursuant to the applicable provisions of
  subdivision c of this  section  shall  be  reduced  by  a  life  annuity
  (calculated  in accordance with the method set forth in subdivision i of
  section six hundred thirteen-b of this  chapter)  which  is  actuarially
  equivalent to:
    (i)  the  amount  of  any unpaid contribution deficiency chargeable to
  such member pursuant to paragraph three of this subdivision; plus
    (ii) the amount of any  unpaid  balance  of  a  loan  of  his  or  her
  additional  member  contributions  pursuant  to  paragraph eight of this
  subdivision (including accrued interest on such loan).
    6. Subject to the provisions of paragraph five  of  this  subdivision,
  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 member contributions or accumulated deductions of a  member
  of  the  retirement  system  under  section  13-125  or  13-162  of  the
  administrative code 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  five  years  of
  credited  service  cease  to hold a position as an automotive member 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) which remain credited to
  such  participant's  account  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  at  the  rate of
  interest  required  by  law  to  be  used  to  credit  interest  on  the
  accumulated deductions of retirement system members compounded annually.
    (iii)  Notwithstanding any other provision of law to the contrary, (A)
  no person shall be permitted to withdraw from the retirement system  any
  additional member contributions paid pursuant to this subdivision or any
  interest  paid  thereon,  except  pursuant to and in accordance with the
  preceding subparagraphs of this paragraph; and (B) no person,  while  he
  or  she  is  a  participant  in  the twenty-five year/age fifty improved
  benefit retirement program shall  be  permitted  to  withdraw  any  such
  additional member contributions or any interest paid thereon pursuant to
  any of the preceding subparagraphs of this paragraph or otherwise.
    8.  A  participant  in the twenty-five year/age fifty improved benefit
  retirement program  shall  be  permitted  to  borrow  from  his  or  her
  additional  member  contributions  including  any interest paid thereon,
  which are credited to the additional contributions  account  established
  for  such  participant  in the contingent reserve fund of the retirement
  system. The borrowing from such additional member contributions pursuant
  to this paragraph shall be governed  by  the  same  rights,  privileges,
  obligations  and  procedures set forth in section six hundred thirteen-b
  of this chapter which govern the borrowing by members subject to article
  fifteen of this chapter of member contributions made pursuant to section
  six hundred thirteen of this chapter.  The  board  of  trustees  of  the
  retirement   system   may,   consistent  with  the  provisions  of  this
  subdivision and the provisions of section six hundred thirteen-b of this
  chapter as made applicable to this subdivision,  promulgate  regulations
  governing the borrowing of such additional member contributions.
    9.  Wherever  a  person  has an unpaid balance of a loan of his or her
  additional member contributions pursuant  to  paragraph  eight  of  this
  subdivision at the time he or she becomes entitled to a refund of his or
  her  additional  member  contributions  pursuant to subparagraph (ii) of
  paragraph seven of this subdivision, the  amount  of  such  unpaid  loan
  balance  (including  accrued  interest)  shall  be  deemed  to have been
  returned to such member, and the refund of such additional contributions
  shall be the net amount of such contributions,  together  with  interest
  thereon in accordance with the provisions of such subparagraph.
    10.  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.
    11. Notwithstanding any other provisions of law th the  contrary,  the
  additional  member  contributions which are required by this subdivision
  shall not be reduced under any program for increased-take-home-pay.