445-C - Optional twenty-year improved benefit retirement program for New York city correction members of the rank of captain or above.

§  445-c. Optional twenty-year improved benefit retirement program for  New York city correction members of the rank of captain or  above.    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 of the rank of captain or  above"  shall  mean  a  member  of  the  uniformed  force  of  the department of  correction of the city of New York who  holds  the  rank  of  correction  captain;  assistant deputy warden, also known as warden correction level  I; deputy warden or  deputy  warden-in-command,  also  known  as  warden  correction  level  II;  warden  or  deputy  chief,  also known as warden  correction level III; or chief  of  department,  also  known  as  warden  correction in the correction service of such city.    3.  "New  York city correction member of the rank of captain or above"  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 of  the  rank  of  captain or above 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 for captains and  above" shall mean all the terms and conditions of this section.    5. "Starting date  of  the  twenty-year  improved  benefit  retirement  program  for  captains  and above" 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  for  captains  and above" shall mean any New York city correction member  of the rank of captain or above 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 for captains and above, 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.    b. Election of twenty-year improved  benefit  retirement  program  for  captains  and  above.  1. Subject to the provisions of paragraph five of  this subdivision  and  of  subparagraph  (iii)  of  paragraph  seven  of  subdivision  d of section four hundred forty-five-a of this article, any  person who is a New York city correction member of the rank  of  captain  or  above  on  the  starting  date  of  the twenty-year improved benefit  retirement program  for  captains  and  above  may  elect  to  become  a  participant  in  the twenty-year improved benefit retirement program for  captains and above by filing, within ninety  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 of the  rank of captain or above on the date such application is filed.    2. Subject to the provisions of paragraph five of this subdivision and  of subparagraph (iii) of paragraph seven of  subdivision  d  of  section  four  hundred forty-five-a of this article, any person who becomes a New  York city correction member of the rank of captain or  above  after  the  starting date of the twenty-year improved benefit retirement program for  captains  and above may elect to become a participant in the twenty-yearimproved benefit retirement program for captains and  above  by  filing,  within  ninety  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 of the rank of captain or  above on the date such application is filed.    3.  Any  election  to  be  a  participant  in the twenty-year improved  benefit retirement program for captains and above shall be irrevocable.    4.  Where  any  participant  in  the  twenty-year   improved   benefit  retirement  program  for  captains  and  above  shall  cease to hold the  position of New York city correction officer of the rank of  captain  or  above,  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 of the rank of captain or above, he or she shall not  be a participant in the twenty-year improved benefit retirement  program  for  captains  and  above  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  for  captains and above terminates service as a New  York city correction officer of the rank of captain or above and returns  to such service as a New York city correction  member  of  the  rank  of  captain  or  above  at a later date, he or she shall again become such a  participant on that date.    c. Notwithstanding any other provision of law  to  the  contrary,  and  subject  to  the  provisions  of paragraph nine of subdivision d of this  section,  where  a  participant  in  the  twenty-year  improved  benefit  retirement  program  for captains and above is otherwise qualified for a  retirement allowance pursuant to section 13-155  of  the  administrative  code, 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; and    4.  notwithstanding  any  other  provision  of  this  article  to  the  contrary,  that  participant 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  for  captains  and  above  shall  contribute  (subject  to  the  applicable provisions of section 13-125.1 of the administrative code) an  additional percentage of his  or  her  compensation  to  the  retirement  system in accordance with the following schedule:    (i) each such participant who became a New York city correction member  of  the  rank  of  captain  or  above  prior to November first, nineteen  hundred ninety-two shall contribute an additional  five  and  fifty-nine  one-hundredths  percent  of  his  or  her  compensation  earned from all  service as a New York city correction member of the rank of  captain  or  above  rendered  on  and  after  the  starting  date  of the twenty-year  improved benefit retirement program for captains and above;(ii) each such participant who became  or  becomes  a  New  York  city  correction  member of the rank of captain or above for the first time on  or after November first, nineteen hundred ninety-two shall contribute an  additional seven and forty-six one-hundredths  percent  of  his  or  her  compensation  earned  from  all  service  as  a New York city correction  member of the rank of  captain  or  above  rendered  on  and  after  the  starting date of the twenty-year improved benefit retirement program for  captains and above.    2.  A  participant  in  the  twenty-year  improved  benefit retirement  program for  captains  and  above  shall  contribute  additional  member  contributions  only  until  he  or she is eligible to retire with twenty  years of credited service under such retirement program.    3. Commencing with the first full payroll  period  after  each  person  become  a  participant  in  the  twenty-year improved benefit retirement  program for captains and above, additional member contributions  at  the  applicable  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.    4.  In  addition  to  the  member  contributions  required pursuant to  section 13-155 of the administrative code,  and  the  additional  member  contributions  required  pursuant  to paragraph one of this subdivision,  each participant in the twenty-year improved benefit retirement  program  for  captains  and  above  who,  prior  to  becoming such a participant,  rendered service as a New York city correction member  of  the  rank  of  captain  or  above  on  or  after  December nineteenth, nineteen hundred  ninety and prior to  the  starting  date  of  the  twenty-year  improved  benefit  retirement  program  for captains and above and/or service as a  New York city correction member below the rank of captain  on  or  after  December  nineteenth, nineteen hundred ninety and prior to becoming such  a participant shall make retroactive additional member contributions  to  the  retirement  system  based  on  such  service in accordance with the  following schedule:    (i) each such participant who became a New York city correction member  of the rank of captain  or  above  prior  to  November  first,  nineteen  hundred  ninety-two  shall  contribute  an  amount  equal  to  five  and  fifty-nine one-hundredths percent of  his  or  her  compensation  earned  from:    (A)  all  service  as a New York city correction member of the rank of  captain or above rendered on and  after  December  nineteenth,  nineteen  hundred  ninety  and  prior  to  the  starting  date  of the twenty-year  improved benefit retirement program for captains and above; and    (B) all service as a New York city correction member below the rank of  captain rendered on and  after  December  nineteenth,  nineteen  hundred  ninety  and  prior to becoming a participant in the twenty-year improved  benefit retirement program for captains and above;    (ii) each such participant who became  or  becomes  a  New  York  city  correction  member of the rank of captain or above for the first time on  or after November first, nineteen hundred ninety-two shall contribute an  amount equal to seven and forty-six one-hundredths percent of his or her  compensation earned from:    (A) all service as a New York city correction member of  the  rank  of  captain  or above rendered on and after November first, nineteen hundred  ninety-two and prior to the starting date of  the  twenty-year  improved  benefit retirement program for captains and above; and    (B) all service as a New York city correction member below the rank of  captain  rendered  on  and  after  December nineteenth, nineteen hundredninety and prior to becoming a participant in the  twenty-year  improved  benefit retirement program for captains and above.    5.  Each  participant  in  the twenty-year improved benefit retirement  program for captains and above  who  is  required  to  make  retroactive  additional  member  contributions  in  accordance with the provisions of  paragraph four of this subdivision shall be charged with a  contribution  deficiency  consisting  of  the  amounts  of such retroactive additional  member contributions determined in accordance with such paragraph  four,  together with interest thereon compounded annually, and    (i) such interest on each such amount 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  deduction  had  been required for such  payroll period, until such amount is paid to the retirement system; and    (ii) the rate of interest to be applied to each such 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.    6. Where  a  person  who  became  or  becomes  a  participant  in  the  twenty-year  improved  benefit retirement program for captains and above  has rendered less than fifteen years of credited service as of the  date  he  or  she  became  or becomes a New York city correction member of the  rank of captain or above, the  amount  of  the  contribution  deficiency  charged  to  such  a  participant  pursuant  to  paragraph  five of this  subdivision, consisting of retroactive additional  member  contributions  plus  interest  on  such amounts, shall be reduced by an amount equal to  the additional member contributions which such participant made pursuant  to paragraph one of subdivision d of section four  hundred  forty-five-a  of  this  article  as  a participant in the twenty-year improved benefit  retirement program for correction officers below  the  rank  of  captain  (together  with  any  interest  thereon)  which  are  on  deposit in the  contingent reserve fund of the retirement system on the date such person  became or becomes a participant  in  the  twenty-year  improved  benefit  retirement program for captains and above.    7.  (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   three   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 unpaid amount 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  otherwise  provided  in  subparagraph  (iii)  of  this  paragraph,  no  interest  shall  be  due on any unpaid additional member  contributions which are not attributable to  the  period  prior  to  the  first  full  payroll  period  referred  to  in  paragraph  three of this  subdivision.(iii) Should any person who, pursuant  to  paragraph  eleven  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 for captains and above 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.    8. 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  for  captains  and  above  (including  the  deduction  of  such  contributions, and any interest thereon, from his or her compensation).    9. Where a participant, who is otherwise eligible to have the benefits  of subdivision c of this section applied to the calculation  of  his  or  her  retirement  allowance,  did  not,  while he or she was a correction  member of the rank of captain or above,  pay  the  entire  amount  of  a  contribution  deficiency chargeable to him or her pursuant to paragraphs  five and/or seven of this subdivision, that  participant,  nevertheless,  shall  be  entitled  to  the  benefits of subdivision c of this section,  provided, however, that the retirement allowance,  as  modified  by  the  provisions  of  such  subdivision  c,  shall be reduced by the actuarial  equivalent of the amount of any contribution deficiency pursuant to such  paragraphs five and/or seven which such participant did not pay while he  or she was a correction member of the rank of captain or above.    10. Where  a  participant  has  not  paid  in  full  any  contribution  deficiency  chargeable  to him or her pursuant to paragraphs five and/or  seven 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 eleven of  this  subdivision,  or  a  retirement  allowance  which has been reduced pursuant to the provisions  of paragraph nine 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.    11.   (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 for captains and above or otherwise.    (ii)  (A)  Should  a  participant  in the twenty-year improved benefit  retirement program for captains and above who  has  rendered  less  than  fifteen years of credited service cease to hold the position of New York  city  correction  officer of the rank of captain or above 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 at the rate of eight  and one-quarter percent per annum, compounded annually.    (B) Upon the death  of  a  participant  in  the  twenty-year  improved  benefit  retirement  program for captains and above, there shall be paid  to such person as he or she has nominated or shall nominate  to  receivehis  or  her accumulated deductions 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 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 such a  participant or otherwise, shall have a right to withdraw such additional  member contributions or any interest thereon from the retirement system.    12.  Notwithstanding  any  other  provision  of law to the contrary, a  member of the retirement system shall not be  permitted  to  borrow  any  portion  of  his  or  her additional member contributions (including any  interest paid thereon) which are subject to this subdivision.    13. Notwithstanding any other provisions 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.    14.  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.    15.  The  provisions of subdivision b of section four hundred forty of  this article shall apply to participants under this section.