604-E*2 - Twenty-five year retirement program for EMT members.

* §  604-e.  Twenty-five  year  retirement program for EMT 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. "EMT member" shall mean a member of the New  York  city  employees'  retirement  system who is employed by the city of New York or by the New  York city health and hospitals corporation in a title whose  duties  are  those  of  an emergency medical technician or advanced emergency medical  technician (as those terms are defined in section three thousand one  of  the  public  health  law),  or  in  a  title  whose  duties  require the  supervision of employees whose duties are those of an emergency  medical  technician  or advanced emergency medical technician (as those terms are  defined in section three thousand one of the public health law).    2. "Twenty-five year retirement program" shall mean all the terms  and  conditions of this section.    3.  "Starting  date  of the twenty-five year retirement program" shall  mean that date of enactment of this section.    4. "Participant in the twenty-five year retirement program" shall mean  any EMT 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  retirement  program,  as applicable to him or her.    5.  "Discontinued  member" shall mean a participant in the twenty-five  year retirement program  who,  while  he  or  she  was  an  EMT  member,  discontinued  service  as  such  a  member and has a right to a deferred  vested benefit under subdivision d of this section.    6. "Administrative code" shall mean the  administrative  code  of  the  city of New York.    7.  "Allowable service as an EMT member" shall mean (i) all service as  an EMT member; and (ii) all service while employed by the  city  of  New  York  or  by  the  New York city health and hospitals corporation in the  title motor vehicle operator.    b. Participation in twenty-five year retirement program. 1. Subject to  the provisions of paragraphs six and  seven  of  this  subdivision,  any  person who is an EMT member on the starting date of the twenty-five year  retirement  program  and  who,  as such an EMT member or otherwise, last  became subject to the provisions of this article prior to such  starting  date,  may  elect  to  become  a  participant  in  the  twenty-five year  retirement program by filing, within one hundred eighty days  after  the  starting  date  of  the  twenty-five  year  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 an EMT  member on the date such application is filed.    2. Subject to the provisions of  paragraphs  six  and  seven  of  this  subdivision,  any  person  who  becomes an EMT member after the starting  date of the twenty-five year retirement program and who, as such an  EMT  member  or  otherwise,  last  became  subject  to the provisions of this  article prior to such starting date, may elect to become  a  participant  in the twenty-five year retirement program by filing, within one hundred  eighty  days  after  becoming  such  an  EMT  member,  a  duly  executed  application for such participation with the retirement system for  which  such person is a member, provided he or she is such an EMT member on the  date such application is filed.    3.  Each EMT member, other than an EMT member subject to paragraph one  or two of this subdivision, who becomes subject  to  the  provisions  of  this  article  on  or  after  the  starting date of the twenty-five year  retirement program shall become a participant in  the  twenty-five  year  retirement  program  on  the  date he or she becomes such an EMT member.Provided, however, a person subject  to  this  paragraph,  and  who  has  exceeded  age  twenty-five  upon  employment  as an EMT member, shall be  exempt from participation in the improved  twenty-five  year  retirement  program  if  such  person  elects  not  to  participate by filing a duly  executed form with the retirement system within one hundred eighty  days  of becoming an EMT member.    4. Any election to be a participant in the twenty-five year retirement  program shall be irrevocable.    5.  Where  any  participant in the twenty-five year retirement program  shall cease to be employed as an EMT member, he or she shall cease to be  such a participant and, during any period in which such person is not so  employed, he or she shall not be a participant in the  twenty-five  year  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  retirement  program  terminates  service  as  an EMT member and returns to such service as an  EMT member at a later  date,  he  or  she  shall  again  become  such  a  participant on that date.    7.  Notwithstanding  any  other  provision of law to the contrary, any  person who  is  eligible  to  elect  to  become  a  participant  in  the  twenty-five  year retirement program pursuant to paragraph one or two of  this subdivision for the full one hundred eighty 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. 1. A participant in the twenty-five  year retirement program:    (i) who has completed twenty-five or more years of  allowable  service  as an EMT member; and    (ii)  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    (iii)  who  files  with  the retirement system of which he or she is a  member an application for service retirement setting forth at what time,  not less than  thirty  days  subsequent  to  the  execution  and  filing  thereof, he or she desires to be retired; and    (iv)  who  shall  be  a participant in the twenty-five year 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,  and  subject  to  the  provisions  of  paragraph six of subdivision e of this  section, the early service retirement benefit for  participants  in  the  twenty-five year retirement program who retire pursuant to paragraph one  of this subdivision shall be a retirement allowance consisting of:    an amount, on account of the required minimum period of service, equal  to fifty percent of his or her final average salary; plus    an  amount  on  account  of  allowable  service  as  an EMT member, or  fraction thereof, beyond such required minimum period of  service  equal  to  two percent of his or her final salary for such allowable service as  an EMT member during the period from completion of twenty-five years  of  allowable  service as an EMT member to the date of retirement but not to  exceed more than five years of additional service as an EMT member.    d. Vesting. 1.  A  participant  in  the  twenty-five  year  retirement  program:    (i)  who  discontinues  service  as  such a participant, other than by  death or retirement; and(ii) who prior to such discontinuance, completed five  but  less  than  twenty-five years of allowable service as an EMT member; and    (iii) who, subject to the provisions of paragraph seven of subdivision  e  of  this  section,  has  paid,  prior  to  such  discontinuance,  all  additional member  contributions  and  interest  (if  any)  required  by  subdivision e of this section; and    (iv)  who 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;  shall  be  entitled  to  receive  a  deferred vested benefit as provided in this subdivision.    2. (i) Upon such discontinuance under the conditions and in compliance  with  the provisions of paragraph one of this subdivision, such deferred  vested benefit shall vest automatically.    (ii) 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.    3. Subject to the provisions of paragraph seven of  subdivision  e  of  this  section,  such  deferred  vested  benefit  shall  be  a retirement  allowance  consisting  of  an  amount  equal  to  two  percent  of  such  discontinued  member's final average salary, multiplied by the number of  years of allowable service as an EMT member.    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  retirement  program  shall  contribute  to  the  retirement  system  of  which he or she is a member  (subject to the applicable provisions of subdivision d  of  section  six  hundred  thirteen  of  this  article)  an additional six and twenty-five  one-hundredths percent of his or her compensation earned  from  (i)  all  allowable  service,  as a participant in the twenty-five year retirement  program, rendered on or after the starting date of the twenty-five  year  retirement  program,  and  (ii)  all allowable service after such person  ceases to be a participant,  but  before  he  or  she  again  becomes  a  participant  pursuant to paragraph six of subdivision b of this section.  The additional contributions required by this subdivision  shall  be  in  lieu  of  additional  member  contributions required by subdivision d of  section  six  hundred  four-c  of  this  chapter  as  added  by  chapter  ninety-six  of  the  laws of nineteen hundred ninety-five, and no member  making additional  contributions  pursuant  to  this  section  shall  be  required to make contributions pursuant to such subdivision d of section  six hundred four-c of this chapter.    2.  A  participant  in  the  twenty-five year retirement program shall  contribute additional member contributions until the later  of  (i)  the  first   anniversary  of  the  starting  date  of  the  twenty-five  year  retirement program, or (ii) the date on which he or she completes thirty  years of allowable service as an EMT member.    3. Commencing with the first full payroll  period  after  each  person  becomes  a  participant  in  the  twenty-five  year  retirement program,  additional member contributions at the rate specified in  paragraph  one  of  this  subdivision  shall  be  deducted  (subject  to  the applicable  provisions of subdivision d of section  six  hundred  thirteen  of  this  article)  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.    4.  (i)  Each  participant  in the twenty-five year retirement program  shall be charged with a contribution deficiency consisting of the  total  amounts  of  additional  member contributions such person is required tomake pursuant to paragraphs one and two of this  subdivision  which  are  not deducted from his or her compensation pursuant to paragraph three of  this  subdivision,  if  any,  together with interest thereon, compounded  annually,   and   computed   in   accordance   with  the  provisions  of  subparagraphs (ii) and (iii) of this paragraph.    (ii) (A) The  interest  required  to  be  paid  on  each  such  amount  specified  in  subparagraph  (i) of this paragraph 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.    (B) 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  otherwise  provided  in  paragraph  five  of   this  subdivision,  no  interest  shall be due on any unpaid additional member  contributions which are not attributable to a period prior to the  first  full payroll period referred to in paragraph three of this subdivision.    5.  (i)  Should  any  person  who,  pursuant  to  subparagraph (ii) of  paragraph ten of this subdivision, has received a refund of his  or  her  additional  member  contribution  including  any  interest  paid on such  contributions, again  become  a  participant  in  the  twenty-five  year  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 subparagraph  (ii)  of  this  paragraph)  for  any  credited  service  for  which  such  person  received  a refund of such additional  member contributions (including any amount of  an  unpaid  loan  balance  deemed to have been returned to such person pursuant to paragraph twelve  of  this  subdivision), as if such additional member contributions never  had been paid.    (ii) (A) Interest on a participant's additional  member  contributions  included  in  such  participant's  contribution  deficiency  pursuant to  subparagraph (i) of this  paragraph  shall  be  calculated  as  if  such  additional member contributions had never 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,  until such amount is paid to the retirement system.    (B) 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.    6.  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 paragraphs  four and five of this subdivision, or repay the entire amount of a  loan  of  his  or  her  additional  member contributions pursuant to paragraph  eleven 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   such  participant's   service   retirement   benefit  calculated  pursuant  to  paragraph two of such subdivision c 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  article)  which  is  actuarially  equivalent to:(i)  The  amount  of  any unpaid contribution deficiency chargeable to  such member pursuant to paragraphs four and five  of  this  subdivision;  plus    (ii)  the  amount  of  any  unpaid  balance  of  a  loan of his or her  additional member contributions pursuant to  paragraph  eleven  of  this  subdivision (including accrued interest on such loan).    7. Where a participant who is otherwise eligible for a vested right to  a  deferred  benefit  pursuant to subdivision d of this section did not,  prior to the date of discontinuance of service, pay the entire amount of  a  contribution  deficiency  chargeable  to  him  or  her  pursuant   to  paragraphs four and five of this subdivision, or repay the entire amount  of  a  loan  of  his  or her additional member contributions pursuant to  paragraph eleven of this subdivision (including accrued interest on such  loan), that participant, nevertheless, shall be eligible  for  a  vested  right  to  a deferred benefit pursuant to subdivision d of this section,  provided, however, that the deferred vested benefit calculated  pursuant  to  paragraph  three  of  such  subdivision d 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 article) which  is actuarially equivalent to:    (i) the amount of any unpaid  contribution  deficiency  chargeable  to  such  member  pursuant  to paragraphs four and five of this subdivision;  plus    (ii) the amount of any  unpaid  balance  of  a  loan  of  his  or  her  additional  member  contributions  pursuant  to paragraph eleven of this  subdivision (including accrued interest on such loan).    8. The head of a retirement system which includes participants in  the  twenty-five  year  retirement  program in its membership may, consistent  with the provisions of this subdivision, promulgate regulations for  the  payment  of  such  additional  member  contributions,  and  any interest  thereon,  by  such  participants  (including  the  deduction   of   such  contributions,   and   any  interest  thereon,  from  the  participant's  compensation).    9. Subject to the provisions of  paragraphs  six  and  seven  of  this  subdivision,  where  a participant has not paid in full any contribution  deficiency chargeable to him or her pursuant to paragraphs four and five  of this subdivision, and a  benefit,  other  than  a  refund  of  member  contributions  pursuant  to section six hundred thirteen of this article  or a refund of additional member contributions pursuant to  subparagraph  (ii)  of  paragraph  ten of this subdivision, 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.    10.  (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 retirement program or otherwise.    (ii) Should a participant in the twenty-five year  retirement  program  who  has  rendered  less than fifteen years of credited service cease to  hold a position as an EMT 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)   may  be  withdrawn  by  him  or  her  pursuant  to  procedures  promulgated in regulations of the board of trustees  of  the  retirementsystem,  together  with interest thereon at the rate of five percent per  annum, 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 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.    11. A participant in the twenty-five year 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 rights, privileges, obligations and procedures set forth  in section six hundred thirteen-b  of  this  article  which  govern  the  borrowing  of  member contributions made pursuant to section six hundred  thirteen of this article. 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 article as made  applicable to this subdivision,  promulgate  regulations  governing  the  borrowing of such additional member contributions.    12.  Whenever  a  person has an unpaid balance of a loan of his or her  additional member contributions pursuant to  paragraph  eleven  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 ten 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 (ii).    * NB There are 2 § 604-e's