2013 New York Consolidated Laws
RSS - Retirement & Social Security
Article 15 - (600 - 617) COORDINATED RETIREMENT PLAN
604-B - Twenty-five-year and age fifty-five retirement program for New York city transit authority members.

 
    §  604-b.  Twenty-five-year  and age fifty-five retirement program for
  New York city transit authority members. a. Definitions.  The  following
  words  or  phrases  as  used  in  this  section shall have the following
  meanings unless a different meaning is plainly required by the context:
    1. "New York city transit authority member" shall mean  a  member  (as
  defined in subdivision e of section six hundred one of this article) who
  (a) is an employee of the New York city transit authority, and (b) would
  have   been   subject  to  the  provisions  of  section  13-161  of  the
  administrative code of the city of New York had he joined the  New  York
  city  employees'  retirement system prior to July twenty-seven, nineteen
  hundred seventy-six.
    2. "Twenty-five-year and age fifty-five retirement program" shall mean
  all the terms and conditions of this section.
    3.  "Starting  date  of  the  twenty-five-year  and   age   fifty-five
  retirement  program"  shall  mean  the  commencement date of the payroll
  period which includes September first, nineteen hundred ninety-four.
    4.  "Enactment  date  of  the  twenty-five-year  and  age   fifty-five
  retirement  program"  shall mean the date of enactment of the chapter of
  the laws of nineteen hundred ninety-four which added  this  section,  as
  such  date is certified pursuant to section forty-one of the legislative
  law.
    5. "Participant in the twenty-five-year and age fifty-five  retirement
  program"  shall  mean  any  New  York city transit authority 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  and  age  fifty-five  retirement
  program, as applicable to him or her.
    6.  "Allowable  service  in the transit authority" shall mean credited
  service which was rendered as a member of  the  New  York  city  transit
  authority.
    7. "Minimum period" shall mean the minimum period of twenty-five years
  of  allowable service in the transit authority that is required in order
  for a participant in the twenty-five-year and age fifty-five  retirement
  program  to  be  eligible  for  early  service  retirement  pursuant  to
  paragraph one of subdivision c of this section.
    8. "Final average salary" shall mean  a  participant's  final  average
  salary as defined in section six hundred eight of this article.
    9.   "Discontinued   member"   shall   mean   a   participant  in  the
  twenty-five-year and age fifty-five retirement program who, while he  or
  she  was  a New York city transit authority member, discontinued service
  in the New York city transit authority and has a  right  to  a  deferred
  vested benefit under subdivision d of this section.
    10.  "Administrative  code"  shall mean the administrative code of the
  city of New York.
    b. Participation in twenty-five-year  and  age  fifty-five  retirement
  program.
    1. Subject to the provisions of paragraph six of this subdivision, any
  person  who is a New York city transit authority member on the enactment
  date of the twenty-five-year and age fifty-five retirement  program  and
  who,  as  such  a  transit  authority  member  or otherwise, last became
  subject to the provisions of this article prior to such enactment  date,
  may  elect  to  become  a  participant  in  the twenty-five-year and age
  fifty-five retirement program by filing, within  forty-five  days  after
  the enactment date of the twenty-five-year and age fifty-five retirement
  program,  a  duly  executed  application for such participation with the
  retirement system of which such person is a member, provided he  or  she
  is  such  a  transit  authority  member  on the date such application is
  filed.

    2. Subject to the provisions of paragraph six of this subdivision, any
  person who becomes a New York city transit authority  member  after  the
  enactment  date  of  the  twenty-five-year and age fifty-five retirement
  program and who, as such a transit authority member, last became subject
  to  the  provisions  of  this  article prior to such enactment date, may
  elect to become a participant in the twenty-five-year and age fifty-five
  retirement program by filing, within forty-five days after becoming such
  transit  authority  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 a transit  authority  member  on  the
  date such application is filed.
    3.  (i)  Any  election to be a participant in the twenty-five-year and
  age fifty-five  retirement  program  shall  be  irrevocable,  except  as
  provided in subparagraph (ii) of this paragraph.
    (ii)  Notwithstanding  the  provisions  of  subparagraph  (i)  of this
  paragraph, any New York city transit authority  member  who  elected  to
  become   a  participant  in  the  twenty-five-year  and  age  fifty-five
  retirement program pursuant  to  the  provisions  of  paragraph  one  or
  paragraph  two  of this subdivision, and whose age and allowable service
  in the transit authority are such that he could not possibly be able  to
  accumulate  at  least  twenty-five  years of such service by the time he
  reaches age sixty-two, may revoke such election  by  filing  within  the
  period beginning November first, nineteen hundred ninety-nine and ending
  January thirtieth, two thousand, a written request to withdraw from such
  program  with  the  retirement  system  of which he is member. Upon such
  revocation the additional member contributions required by subdivision e
  of this section, without interest, shall be refunded to such member.
    4. Each New York city transit authority member who becomes subject  to
  the  provisions  of  this  article on or after the enactment date of the
  twenty-five-year and age fifty-five retirement program  shall  become  a
  participant  in  the  twenty-five-year  and  age  fifty-five  retirement
  program on the date he or she becomes such a transit authority member.
    4-a. (i) Notwithstanding any provision of paragraphs one  and  two  of
  this  subdivision  to  the  contrary, each person who is a New York city
  transit authority member on the starting  date  of  the  elimination  of
  additional  member  contributions as such date is defined in an election
  made pursuant to paragraph ten of subdivision e of this section and  who
  is  not  on  that  date  a  participant  in the twenty-five-year and age
  fifty-five  retirement  program  shall  become  a  participant  in   the
  twenty-five-year  and age fifty-five retirement program on such starting
  date; provided, however, that any such person who, immediately preceding
  such starting date, was a participant in the age fifty-seven  retirement
  program  set  forth  in  section  six hundred four-d of this article may
  elect to remain a participant in the age fifty-seven retirement program,
  instead of becoming  a  participant  in  the  twenty-five-year  and  age
  fifty-five  retirement  program,  by  filing  a written election to that
  effect with the retirement system of which such person is a member.
    (ii)  Notwithstanding  any  provision  of  paragraph   two   of   this
  subdivision  to  the  contrary,  any  person who becomes a New York city
  transit authority member after the starting date of the  elimination  of
  additional  member  contributions, whether such person became subject to
  the provisions of this article prior to or subsequent to  the  enactment
  date  of  the  twenty-five-year  and  age fifty-five retirement program,
  shall become a participant in the twenty-five-year  and  age  fifty-five
  retirement  program,  on  the  date  he  or  she  becomes such a transit
  authority member.
    5. Where any participant in the twenty-five-year  and  age  fifty-five
  retirement  program  shall  cease  to hold a position as a New York city

  transit authority member, he or she shall cease to be such a participant
  and, during any period in which such person does not hold such a transit
  authority position, he  or  she  shall  not  be  a  participant  in  the
  twenty-five-year  and age fifty-five retirement program and shall not be
  eligible for the benefits of subdivision c of this section.
    6. Where any participant in the twenty-five-year  and  age  fifty-five
  retirement  program  terminates  service  as  a  New  York  city transit
  authority member and returns to such service as a New York city  transit
  authority  member  at  a later date, he or she shall again become such a
  participant on that date.
    7. Where any participant in the twenty-five-year  and  age  fifty-five
  retirement  program  terminates  service  as  a  New  York  city transit
  authority member due to having been promoted to a position that does not
  entail eligibility for such such  program,  the  accumulated  additional
  member  contributions  made pursuant to subdivision e of this section by
  such participant  (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 at the rate of five  percent  per
  annum, compounded annually.
    c.   Service   retirement   benefits.   1.   A   participant   in  the
  twenty-five-year and age fifty-five retirement program:
    (i) who has completed twenty-five or more years of  allowable  service
  in the transit authority; and
    (ii) who has attained age fifty-five; and
    (iii)  who  has  paid,  before  the  effective date of retirement, all
  additional member  contributions  and  interest,  if  any,  required  by
  subdivision e of this section; and
    (iv)  who  files  with  the  retirement system of which he or she is a
  member an application for service retirement setting forth at what  time
  he or she desires to be retired; and
    (v)  who  shall  be  a  participant  in  the  twenty-five-year and age
  fifty-five 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-five-year  and  age  fifty-five  retirement  program  who  retire
  pursuant  to  paragraph  one  of  this  subdivision  shall  be a pension
  consisting of:
    (i)  an  amount,  on  account  of  the  required  minimum  period   of
  twenty-five  years of allowable service, equal to one-half of his or her
  final average salary; plus
    (ii) an amount for each  additional  year  of  allowable  service,  or
  fraction  thereof,  beyond  such  required minimum period of twenty-five
  years of allowable service, equal to two percent of  his  or  her  final
  average salary, to a maximum of thirty years of allowable service; plus
    (iii)  an  amount  for  each  additional year of allowable service, or
  fraction thereof, in excess of thirty years of allowable service,  equal
  to one and one-half percent of his or her final average salary.
    d.   Vesting.  1.  A  participant  in  the  twenty-five-year  and  age
  fifty-five retirement program who:
    (i) discontinues city-service and service as a member of the New  York
  city transit authority other than by death or retirement; and
    (ii)  in  the case of a participant who is not a New York city revised
  plan member, prior to such discontinuance, completed five but less  than
  twenty-five  years  of allowable service in the transit authority or, in

  the case of a participant who is a New York city  revised  plan  member,
  has  completed  ten but less than twenty-five years of allowable service
  in the transit authority prior to such discontinuance; and
    (iii)  has  paid,  prior to such discontinuance, all additional member
  contributions and interest, if any, required by subdivision  e  of  this
  section; and
    (iv)  does  not  withdraw  in  whole or in part his or her accumulated
  member contributions pursuant to section six hundred  thirteen  of  this
  article unless such participant thereafter returns to public service and
  repays  the  amounts  so  withdrawn, together with interest, pursuant to
  such section six hundred thirteen of this article;
  shall be entitled to receive a deferred vested benefit  as  provided  in
  section six hundred twelve of this article.
    2. A participant in the twenty-five year and age fifty-five retirement
  program who:
    (i)  discontinues  city service and service as a New York city transit
  authority member other  than  by  death  or  retirement  with  immediate
  payability; and
    (ii)  prior  to  such  discontinuance  completed  twenty-five years of
  allowable service in the transit authority; and
    (iii) has not yet attained age fifty-five; and
    (iv) has paid, prior to such  discontinuance,  all  additional  member
  contributions  with  interest (if any) required by subdivision e of this
  section; and
    (v) does not withdraw in whole or  in  part  his  or  her  accumulated
  member  contributions  pursuant  to section six hundred thirteen of this
  article unless such participant thereafter returns to public service and
  repays the amounts so withdrawn, together  with  interest,  pursuant  to
  such  section six hundred thirteen of this article; shall be entitled to
  receive a deferred vested benefit as provided in this subdivision.
    3. (i) Upon such discontinuance under the conditions and in compliance
  with the provisions of paragraph two of this subdivision, such  deferred
  vested benefit shall vest automatically.
    (ii)  In  the case of a participant who is not a New York city revised
  plan member, such vested benefit shall become payable  on  the  earliest
  date on which such discontinued member could have retired for service if
  such  discontinuance  had  not occurred or, in the case of a participant
  who is a New York city revised plan member, such  vested  benefit  shall
  become payable at age sixty-three.
    4.  Such  deferred  vested benefit shall be determined pursuant to the
  provisions of paragraph two of subdivision c of this section.
    e. Additional member contributions.  1.  In  addition  to  the  member
  contributions  required by section six hundred thirteen of this article,
  each participant in the twenty-five-year and age  fifty-five  retirement
  program  shall contribute to the retirement system of which he or she is
  a member (subject to the applicable provisions of  section  13-125.1  of
  the administrative code) an additional two and thirty-hundredths percent
  of  his  or  her  compensation  earned from all allowable service in the
  transit authority rendered  on  and  after  the  starting  date  of  the
  twenty-five-year and age fifty-five retirement program. A participant in
  the   twenty-five-year  and  age  fifty-five  retirement  program  shall
  contribute additional member contributions only  until  he  or  she  has
  thirty years of allowable service in the transit authority. In the event
  that  the New York city transit authority elects to eliminate additional
  member contributions pursuant to paragraph ten of  this  subdivision,  a
  participant  in  the  twenty-five-year  and  age  fifty-five  retirement
  program  who  becomes  a  participant  pursuant  to  the  provisions  of
  paragraph  four-a of subdivision b of this section shall not be required

  to  make  any  additional  member   contributions   pursuant   to   this
  subdivision.
    2. (i) Commencing with the payroll period which begins on the starting
  date  of the twenty-five-year and age fifty-five retirement program (for
  a person who elects to become  a  participant  prior  to  such  starting
  date),  or  commencing with the first full payroll period after a person
  becomes such a participant (for a person who becomes a participant on or
  after such starting date), 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.
    (ii)  (A)  Where  any  additional  member  contributions  required  by
  paragraph  one  of  this  subdivision  are not paid by deductions from a
  participant's  compensation  pursuant  to  subparagraph  (i)   of   this
  paragraph  because  such  contributions  are  for  service rendered in a
  payroll period prior to the actual commencement of  deductions  pursuant
  to  such subparagraph (i), such amounts shall be paid by deductions from
  the compensation of such  participant  pursuant  to  item  (B)  of  this
  subparagraph.
    (B)  Commencing  with  the  payroll  period  in  which  deductions  of
  additional member contributions from a  participant's  compensation  are
  begun  pursuant  to  subparagraph  (i) of this paragraph, in addition to
  such deductions required  by  such  subparagraph  (i),  there  shall  be
  another  deduction  of  additional  member  contributions  made from the
  compensation of such participant at the rate specified in paragraph  one
  of  this  subdivision  (subject  to the applicable provisions of section
  13-125.1 of the administrative code) on each and  every  payroll  period
  until  the  total  amount  of  unpaid  additional  member  contributions
  described in item (A) of this subparagraph, if any,  has  been  paid  by
  deductions from compensation pursuant to this subparagraph.
    3.  (i)  (A)  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, that participant  shall  be  charged  with  a  contribution
  deficiency  consisting  of  such  unpaid  amounts,  together  with  such
  interest thereon as required by subparagraph  (ii)  of  this  paragraph,
  compounded annually.
    (B)  Except  as  provided  in  subparagraph (ii) of this paragraph, no
  participant shall be  required  to  pay  any  interest  on  his  or  her
  contribution deficiency.
    (ii)  (A)  Should  any person who, pursuant to paragraph eight of this
  subdivision, has withdrawn any additional member contributions (and  any
  interest   paid   thereon)   again   become   a   participant   in   the
  twenty-five-year and  age  fifty-five  retirement  program  pursuant  to
  paragraph  six  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 item (B) of this
  subparagraph) as if such additional contributions had never been made.
    (B)  Interest  on  the  amounts  of  additional  member  contributions
  included in a participant's contribution deficiency pursuant to item (A)
  of  this  subparagraph  shall be calculated as if such additional member
  contributions had never been paid by a participant,  and  such  interest
  shall  accrue  from  the end of the payroll period to which an amount of
  additional member contributions is attributable, until  such  amount  is
  paid to the retirement system.

    (C)  The rate of interest to be applied to each such amount during the
  period for which interest accrues on that amount shall be  five  percent
  per annum, compounded annually.
    4. A participant, while he or she is a New York city transit authority
  member, shall pay the total amount of his or her contribution deficiency
  to  the  retirement  system  in accordance with payment procedures which
  shall be established by the executive director of the retirement system,
  and approved by the board of trustees of the retirement system.
    5.  Where  a  contribution  deficiency  chargeable  to  a  participant
  pursuant  to  paragraph  three  of this subdivision has not been paid in
  full before the effective date of retirement, that participant shall not
  be eligible to retire pursuant to subdivision c of this section.
    6.  Where  a  contribution  deficiency  chargeable  to  a  participant
  pursuant  to  paragraph  three  of this subdivision has not been paid in
  full before the date of  discontinuance  of  service,  that  participant
  shall  not  be  entitled  to  a  deferred  vested  benefit  pursuant  to
  subdivision d of this section.
    7.  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 member  contributions
  pursuant  to  section  six hundred thirteen of this article, a refund of
  additional member contributions pursuant  to  paragraph  eight  of  this
  subdivision  or  a refund of additional member contributions pursuant to
  paragraph seven of subdivision b of this section, becomes payable  under
  this  article 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.
    8. (i) Such additional member contributions (and any interest thereon)
  shall  be paid into the contingent reserve fund of the retirement system
  of which the participant is a member and shall not for  any  purpose  be
  deemed  to  be  member  contributions  or accumulated contributions of a
  member under section six hundred thirteen of this article  or  otherwise
  while  he  or  she  is  a  participant  in  the twenty-five-year and age
  fifty-five retirement program or otherwise.
    (ii)  (A)  Should  a  participant  in  the  twenty-five-year  and  age
  fifty-five    retirement    program   who   has   rendered   less   than
  twenty-five-years of allowable service in the transit authority cease to
  hold a position as a New York city  transit  authority  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) maybe 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 five percent per annum, compounded annually.
    (B) Upon the death of a participant in the  twenty-five-year  and  age
  fifty-five  retirement program, there shall be paid to such person as he
  or she has nominated or shall nominate to receive his or her accumulated
  member contributions by written designation duly executed and filed with
  the retirement system during the lifetime of such  participant,  or,  to
  his or her estate if no such person is nominated, his or her accumulated
  additional  member  contributions  made  pursuant  to  this  subdivision
  (including any interest thereon paid to the retirement system), together
  with interest thereon at the rate of five percent per annum,  compounded
  annually.
    (iii)  Except  as  provided in subparagraph (ii) of this paragraph, no
  member while he or she is a participant or otherwise, shall have a right
  to withdraw such additional member contributions or any interest thereon
  from the retirement system.

    9. 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 article.
    10.  The  New  York  city  transit  authority,  by  the  adoption of a
  resolution  or  resolutions,  may  make  an  election  or  elections  to
  eliminate  the  additional  member  contributions  required  to  be made
  pursuant  to  paragraph  one  of  this  subdivision.  Such  election  or
  elections  may  be  made  applicable  to  all  employees  of the transit
  authority, to employees who are represented  by  a  specific  collective
  bargaining  organization,  recognized  or  certified pursuant to article
  fourteen of the civil service law,  and/or  to  employees  who  are  not
  represented  for the purposes of collective bargaining. Such election or
  elections  shall  define  the  starting  date  of  the  elimination   of
  additional  member contributions, except as set forth below, which shall
  in no event be earlier than the first payroll period following  December
  fifteenth,  two  thousand.  An  election made pursuant to this paragraph
  shall be irrevocable. A demand for an elimination of  additional  member
  contributions shall not be subject to the provisions of subdivision five
  of  section two hundred nine of the civil service law. The New York city
  transit authority shall notify the head of the New York city  employees'
  retirement  system  of  any  election or elections made pursuant to this
  paragraph. Notwithstanding  the  aforementioned  starting  date  of  the
  elimination of additional member contributions or any other provision of
  this  section,  an  eligible  participant,  as  defined  below, shall be
  entitled to a refund of all of his or her accumulated additional  member
  contributions  made pursuant to this subdivision which shall include any
  and all interest thereon paid to the retirement  system,  together  with
  interest  thereon  at  the  rate  of  five percent per annum, compounded
  annually, and such refund shall  be  payable,  upon  such  participant's
  application,  pursuant  to  procedures promulgated in regulations of the
  board of trustees of the  retirement  system.  An  eligible  participant
  shall be a participant (i) who is or was employed in a title represented
  for  purposes  of  collective  bargaining  by  an  employee organization
  representing a majority of non-supervisory employees  in  the  New  York
  city  transit authority's Queens Bus and/or Staten Island Bus Divisions,
  recognized or certified  pursuant  to  article  fourteen  of  the  civil
  service  law,  and who, on December twenty-eight, two thousand five, had
  an  accumulated  balance  of  additional  member  contributions  at  the
  retirement system; or (ii) who is or was employed in a title represented
  for  purposes  of  collective  bargaining  by  the employee organization
  representing the majority of non-supervisory employees in the  New  York
  city transit authority in other than the Queens Bus and/or Staten Island
  Bus  Divisions,  recognized or certified pursuant to article fourteen of
  the civil service law, and who,  on  December  sixteenth,  two  thousand
  five,  had  an accumulated balance of additional member contributions at
  the retirement system.