Section 604-F. Twenty-five year retirement program for deputy sheriff 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.  "Deputy  sheriff" shall mean a member (as defined in subdivision e
  of section six hundred one of this article) who is employed by the  city
  of  New  York  as  a  deputy city sheriff level one, deputy city sheriff
  level two, supervising deputy sheriff or administrative sheriff.
    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  deputy  sheriff  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 deputy sheriff
  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  deputy  sheriff  member  on  the  starting  date of the
  twenty-five year retirement program and who, as such  a  deputy  sheriff
  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 deputy sheriff 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 deputy sheriff member after the
  starting date of the twenty-five year retirement  program  and  who,  as
  such  a  deputy  sheriff member of 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  deputy
  sheriff  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  deputy  sheriff 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 deputy sheriff 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  deputy  sheriff
  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  deputy  sheriff
  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  deputy  sheriff  member  and  returns  to  such
  service  as  a  deputy  sheriff  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 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. (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-five 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  one and
  seven-tenths 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,  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 and two-tenths 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 and three-quarters
  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 (i) 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,  or  (ii)  subdivision  f  of
  section  six  hundred  four-d  of  this  article,  and  no member making
  contributions pursuant  to  this  section  shall  be  required  to  make
  contributions  pursuant  to  either  such  subdivision  d of section six
  hundred four-c of this article, or such subdivision  f  of  section  six
  hundred four-d 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 deputy sheriff 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   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, 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 the amount of any unpaid
  contribution deficiency chargeable to such member pursuant to paragraphs
  four and five of this subdivision.
    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, he  or  she  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

  the  amount  of  any  unpaid  contribution deficiency chargeable to such
  member pursuant to paragraphs four and five of this subdivision.
    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 a deputy sheriff 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 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.  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.
    * NB Expires June 30, 2011
    * NB There are 2 § 604-f's