604-H - Twenty-five year retirement program for police communications members.

§ 604-h. Twenty-five year retirement program for police communications  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.  "Police  communications  member"  shall  mean  a  member  of   the  retirement  system  employed  by  the  police  department  as  a  police  communications   technician,   a   supervising   police   communications  technician or a principal police communications technician.    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  the  date  of enactment of this section, as such date is certified  pursuant to section forty-one of the legislative law.    4. "Participant in the twenty-five year retirement program" shall mean  any police communications 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 a police communications  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.    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 a police communications member on the starting date of the  twenty-five  year  retirement  program  and  who,  as  such   a   police  communications   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 a police communications 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 a police communications member after  the starting date of the twenty-five year retirement program and who, as  such a police communications 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 a police  communications  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 a police communications member on the  date such application is filed.    3. Any election to be a participant in the twenty-five year retirement  program shall be irrevocable.    4. Each police  communications  member  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 a  police  communications  member.  Provided,  however, a person subject to  this paragraph who has exceeded age thirty upon  employment  as  such  a  member  shall  be  exempt  from  participation  in  the twenty-five year  retirement program if such person elects not to participate by filing  aduly  executed form with the retirement system within one hundred eighty  days of becoming such a member.    5.  Where  any  participant in the twenty-five year retirement program  shall cease to be  employed  by  the  city  of  New  York  as  a  police  communications  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 a police communications member and returns to such  service as a police communications 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  credited  service;  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 that 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. (i) 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:    (A) an amount, on account of the required minimum period  of  service,  equal to fifty percent of his or her final average salary; plus    (B)  an  amount  on  account of credited service, or fraction thereof,  beyond such required minimum period of service equal to two  percent  of  his or her final salary;    (ii)  The  maximum  retirement  allowance  computed  without  optional  modification payable pursuant to  subparagraph  (i)  of  this  paragraph  shall equal that payable upon completion of thirty years of service.    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 credited service; and    (iii) who, subject to the provisions of paragraph seven of subdivision  e  of  this  section,  has  paid,  prior  to  such  discontinuance,  alladditional  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 credited service.    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 percent of his or  her compensation earned from (i) all credited 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  credited  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 article,  as  added  by  chapter  ninety-six  of  the  laws  of  nineteen  hundred  ninety-five, and no member making contributions pursuant to this section  shall be required to make contributions pursuant to such  subdivision  d  of section six hundred four-c of this article.    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 credited service as a police communications 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 to  make 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  contributions  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 five years of credited service cease to hold  a position as a police communications 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 retirement  system, 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  heor  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).