Section 504-A. Twenty-year retirement program for New York city correction members below the rank of captain

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.  "New York city correction officer below the rank of captain" shall
  mean a member of the uniformed force of the New York city department  of
  correction  who  holds  the rank of correction officer below the rank of
  captain  in  the  correction  service  of  the  classification  of   the
  department of personnel of such city.
    2.  "New  York city correction member below the rank of captain" shall
  mean a general member (as defined in subdivision twelve of section  five
  hundred  one  of this article) who is a New York city correction officer
  below the rank of captain.
    3. "Twenty-year retirement program"  shall  mean  all  the  terms  and
  conditions of this section.
    4.  "Starting  date  of the twenty-year retirement program" shall mean
  the effective date of this section, as such date is  certified  pursuant
  to section forty-one of the legislative law.
    5.  "Participant in the twenty-year retirement program" shall mean any
  New York city correction member below the rank of captain 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 retirement program, as applicable to him or her.
    6.  "Discontinued  member" shall mean a participant in the twenty-year
  retirement program who, while he or she was a New York  city  correction
  officer below the rank of captain, discontinued service in the uniformed
  force of the New York city department of correction and has a right to a
  deferred vested benefit under subdivision d of this section.
    7.  "Administrative  code"  shall  mean the administrative code of the
  city of New York.
    8. "New York city correction officer of the rank of captain or  above"
  shall have the same meaning as set forth in paragraph one of subdivision
  a of section five hundred four-b of this article.
    9.  "Twenty-year retirement program for captains and above" shall mean
  all the terms and conditions of section  five  hundred  four-b  of  this
  article.
    10.  "Starting date of the twenty-year retirement program for captains
  and above" shall have the same meaning as set forth in paragraph four of
  subdivision a of section five hundred four-b of this article.
    b. Participation in twenty-year retirement program. 1. Subject to  the
  provisions of paragraph six of this subdivision, any person who is a New
  York  city  correction  member below the rank of captain on the starting
  date of the twenty-year retirement program and who, as such a correction
  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-year retirement program  by  filing,  within  one  hundred
  eighty  days  after  the  starting  date  of  the twenty-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 correction member below the rank of captain 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 correction member below the rank of
  captain after the starting date of the  twenty-year  retirement  program
  and  who,  as such a correction 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-year retirement program by filing,
  within one hundred eighty days after becoming such a correction  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
  correction member below the rank of captain on the date such application
  is filed.
    3.  Any  election  to  be  a participant in the twenty-year retirement
  program shall be irrevocable.
    4. Each New York city correction member below the rank of captain  who
  becomes  subject  to  the  provisions of this article after the starting
  date of the twenty-year retirement program (other than such a correction
  member who is required pursuant to subdivision b of section five hundred
  four-d of this article to be a participant in the twenty-year retirement
  program established by such section five hundred four-d) shall become  a
  participant  in the twenty-year retirement program on the date he or she
  becomes such a correction member. Notwithstanding any other provision of
  law to the contrary, a New York city correction officer below  the  rank
  of  captain  who  becomes  a  participant  in the twenty-year retirement
  program pursuant to this paragraph by becoming subject to the provisions
  of this article after the starting date of  the  twenty-year  retirement
  program  shall have the term "credited service" applied to him or her in
  the same manner as such term would be applied to  a  similarly  situated
  correction  officer below the rank of captain who is governed by article
  eleven of this chapter, and who is  a  participant  in  the  twenty-year
  improved  benefit  retirement  program  pursuant to section four hundred
  forty-five-a of such article eleven.
    5. Where any participant in the twenty-year retirement  program  shall
  cease to hold the position of New York city correction officer below the
  rank  of  captain,  he  or she shall cease to be such a participant, and
  shall not be such a participant during any period in  which  he  or  she
  does  not  hold  the  position  of  New York city entry level correction
  officer below the rank of captain.
    6.  Where  any  participant  in  the  twenty-year  retirement  program
  terminates  service as a New York city correction officer below the rank
  of captain and returns to such service as a  New  York  city  correction
  member  below the rank of captain at a later date, he or she shall again
  become such a participant on that date.
    7.  Where  any  participant  in  the  twenty-year  retirement  program
  terminates  service  as  a correction officer below the rank of captain,
  attains the rank of captain in the uniformed force of the New York  city
  department  of  correction  and  thereafter  terminates such service and
  immediately returns to service in the rank of correction  officer  below
  the  rank  of  captain,  he or she shall be eligible to purchase service
  credit for the period during which he or she held the rank  of  captain,
  provided he or she shall be charged with a contribution deficiency based
  upon  his  or  her  compensation  as a captain and pay additional member
  contributions as provided in subdivision d of this section at  the  same
  rate  he  or she would have had to contribute if he or she held the rank
  of correction officer below the rank of captain during such time and had
  no such break in service; provided further  that  he  or  she  shall  be
  permitted  to  purchase  such credit if he or she immediately returns to
  service in the rank of correction officer below the rank of captain only
  during  the  eighteen  month  probationary  period,  or   such   greater
  probationary   period  as  may  be  applicable,  unless  he  or  she  is
  involuntarily transferred from the position  of  captain  to  correction
  officer  below  the  rank  of  captain in which event he or she shall be
  authorized to purchase such service credit.
    c. Service retirement benefits. 1. A participant  in  the  twenty-year
  retirement program:
    (i) who has completed twenty 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 what  time
  he or she desires to be retired; and
    (iv)  who shall be a participant in the twenty-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, the
  early  service  retirement  benefit  for participants in the twenty-year
  retirement  program  who  retire  pursuant  to  paragraph  one  of  this
  subdivision shall be a pension consisting of:
    (A)  an  amount, on account of twenty years of credited service, equal
  to one-half of his or her final average salary; plus
    (B) an amount  for  each  additional  year  of  credited  service,  or
  fraction  thereof, beyond such twenty years of credited service equal to
  one-sixtieth of the final  average  salary  for  such  credited  service
  during  the  period  from  the  completion  of  twenty years of credited
  service to the date of retirement.
    (ii)  The  maximum  pension  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-year  retirement  program
  who:
    (i)  discontinues  service in the uniformed force of the New York city
  department of correction while he or she is a New York  city  correction
  officer  below  the  rank of captain, other than by death or retirement;
  and
    (ii) prior to such discontinuance, completed five but less than twenty
  years of credited service; 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 five hundred seventeen of this
  article unless such participant thereafter returns to public service and
  repays the amounts so withdrawn, together  with  interest,  pursuant  to
  such section five hundred seventeen;
  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.  Such  deferred  vested benefit shall be a pension consisting of an
  amount equal to two and one-half percent of such  discontinued  member's
  final  average  salary,  multiplied  by  the number of years of credited
  service on the date of such discontinuance.
    e. Additional member contributions.  1.  In  addition  to  the  member
  contributions  required  by  section  five  hundred  seventeen  of  this
  article, each participant in the twenty-year  retirement  program  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 of which he or she is a member in
  accordance with the following schedule:
    (i) each such participant who became a New York city correction member
  below  the  rank  of  captain  prior  to  July  first,  nineteen hundred
  eighty-eight  shall   contribute   an   additional   five   and   eleven
  one-hundredths  percent  of  his  or  her  compensation  earned from all
  credited service  rendered  on  and  after  the  starting  date  of  the
  twenty-year retirement program;
    (ii)  each  such  participant  who  became  or becomes a New York city
  correction member below the rank of captain for the  first  time  on  or
  after  July  first,  nineteen  hundred  eighty-eight shall contribute an
  additional three and sixty-one one-hundredths  percent  of  his  or  her
  compensation  earned  from  all  credited service earned as a correction
  officer below the rank of captain rendered on or after the starting date
  of the twenty-year retirement program.
    A participant in the twenty-year retirement program  shall  contribute
  additional member contributions only until he or she has twenty years of
  credited service.
    2.  Commencing  with  the  first full payroll period after each person
  becomes a participant in the twenty-year retirement program,  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.
    3.  (i)  Subject  to  the  provisions  of  subparagraph  (ii)  of this
  paragraph,  where  any  additional  member  contributions  required   by
  paragraph  one  of  this  subdivision  are not paid by deductions from a
  participant's  compensation  pursuant   to   paragraph   two   of   this
  subdivision:
    (A)  that  participant shall be charged with a contribution deficiency
  consisting of such unpaid amounts, together with interest thereon at the
  rate of five percent per annum, compounded annually; and
    (B) such interest on each amount  of  undeducted  contributions  shall
  accrue  from  the  end of the payroll period for which such amount would
  have been deducted from compensation if he or she had been a participant
  at the beginning of that payroll period, until such amount  is  paid  to
  the retirement system.
    (ii)  Except  as  provided in subparagraph (iii) of this paragraph, no
  interest shall be due on any such unpaid additional contributions  which
  are  not  attributable  to  the  period  prior to the first full payroll
  period referred to in paragraph two of this subdivision.
    (iii) 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-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 (i) of this paragraph) as  if  such  additional
  contributions had never been made.
    4.  The head of a retirement system which includes participants in the
  twenty-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   participants'
  compensation).

    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 five hundred seventeen of this article or  a  refund
  of  additional  member contributions pursuant to paragraph eight 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.
    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 five hundred seventeen of this article or otherwise
  while he or she is a participant in the twenty-year  retirement  program
  or otherwise.
    (ii)  (A)  Except  as otherwise provided in subparagraph (iii) of this
  paragraph, should a participant in the  twenty-year  retirement  program
  who  has  rendered  less than fifteen years of credited service cease to
  hold the position of New York city correction officer below the rank  of
  captain  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.
    (B) Upon the death of a  participant  in  the  twenty-year  retirement
  program  on  or  after the effective date of this clause, 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) (A) Notwithstanding any other provisions of law to the contrary,
  any  person who has been promoted directly from the position of New York
  city correction officer below the rank of captain to the position of New
  York city correction officer of the rank of captain or above, and who is
  otherwise eligible to elect to become a participant in  the  twenty-year
  retirement  program  for captains and above pursuant to paragraph one or
  two of subdivision b of section five hundred four-b of this article, and
  who withdraws any portion of his or her  accumulated  additional  member
  contributions  pursuant  to  subparagraph  (ii)  of this paragraph on or
  after the starting  date  of  the  twenty-year  retirement  program  for
  captains  and  above  shall  not  be  eligible  to  elect  to  become  a
  participant in the twenty-year retirement program for captains and above

  pursuant to paragraph one or two of subdivision b of such  section  five
  hundred four-b.
    (B)  Notwithstanding  any  other provision of law to the contrary, any
  person who is promoted directly from  the  position  of  New  York  city
  correction officer below the rank of captain to the position of New York
  city  correction  officer  of the rank of captain or above and who, upon
  such promotion, becomes a  participant  in  the  twenty-year  retirement
  program for captains and above pursuant to paragraph four of subdivision
  b of section five hundred four-b of this article, shall not be permitted
  to  withdraw  any  portion  of  his or her accumulated additional member
  contributions pursuant to the provisions of subparagraph  (ii)  of  this
  paragraph  at  any  time  while  he  or  she  is  a  participant  in the
  twenty-year retirement program for captains and above.
    (C) Notwithstanding any other provision of law to  the  contrary,  any
  former  participant  in the twenty-year retirement program who becomes a
  participant in the twenty-year retirement program for captains and above
  pursuant to any provision of  subdivision  b  of  section  five  hundred
  four-b  of  this article, and who has additional member contributions on
  deposit in the contingent reserve fund of the retirement system  at  the
  time  he  or  she  becomes  a  participant in the twenty-year retirement
  program for captains and above, shall not be permitted to  withdraw  any
  portion  of such accumulated additional member contributions pursuant to
  the provisions of subparagraph (ii) of this paragraph at any time  while
  he  or  she  is  a participant in the twenty-year retirement program for
  captains and above.
    (iv) 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.  No  member  of  a  public  retirement system shall be permitted to
  borrow any portion of the additional member contributions (including any
  interest paid thereon by the participant)  which  are  subject  to  this
  subdivision.
    f.  The  escalation of benefits provisions of section five hundred ten
  of this article shall not apply to any benefits received pursuant to the
  provisions of this section.
    g. Except as provided in item (B) of subparagraph (i) of paragraph two
  of subdivision c of this section, the provisions  of  subdivision  d  of
  section  five  hundred of this article shall apply to participants under
  this section.
    h. In the event that the provisions of this section should  result  in
  any  increase  in  the  contribution  rate of the city of New York, that
  increase shall not apply to any calculation  or  certification  for  the
  purposes of subdivision c of section five hundred of this article.
    * NB Expires June 30, 2011