Section 604-G. Twenty-five year/age fifty retirement program for automotive 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. "Automotive member" shall mean a member of  the  retirement  system
  employed by the mayoral and non-mayoral agencies of the city of New York
  as  a senior automotive service worker, an automotive service worker, an
  auto body worker, an auto mechanic, a marine  maintenance  mechanic,  an
  oil burner specialist, a supervisor of mechanics (mechanical equipment),
  senior stationary engineer, stationary engineer, auto mechanic (diesel),
  auto electrician, auto machinist, machinist or machinist helper.
    2.  "Twenty-five year/age fifty retirement program" shall mean all the
  terms and conditions of this section.
    3.  "Starting  date  of  the  twenty-five  year/age  fifty  retirement
  program"   shall   mean,   with  respect  to  supervisors  of  mechanics
  (mechanical equipment), the effective date of this section as such  date
  is  certified  pursuant to section forty-one of the legislative law, and
  shall mean December twelfth, two thousand one with respect to all  other
  automotive members.
    4.  "Participant in the twenty-five year/age fifty retirement program"
  shall mean any automotive 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/age
  fifty retirement program, as applicable to him or her.
    5.  "Discontinued  member" shall mean a participant in the twenty-five
  year/age fifty retirement program who, while he or she was an automotive
  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/age fifty retirement program.  1.
  Subject   to  the  provisions  of  paragraphs  six  and  seven  of  this
  subdivision, any person who is an automotive member on the starting date
  of the twenty-five year/age fifty retirement program and who, as such an
  automotive 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/age  fifty retirement program by
  filing, within two hundred seventy days after the starting date  of  the
  twenty-five   year/age   fifty   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 automotive 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  automotive  member  after  the
  starting  date  of the twenty-five year/age fifty retirement program and
  who, as such an automotive 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/age  fifty retirement
  program by filing within two hundred seventy days after becoming such an
  automotive 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  automotive member on the date such application is
  filed.
    3. Any election to be a participant in the twenty-five year/age  fifty
  retirement program shall be irrevocable.
    4.  Each  automotive  member  who becomes subject to the provisions of
  this article on or after the starting date of the  twenty-five  year/age
  fifty  retirement  program shall become a participant in the twenty-five

  year/age fifty retirement program on the date he or she becomes such  an
  automotive member.
    5.  Where any participant in the twenty-five year/age fifty retirement
  program shall cease to be employed  by  the  city  of  New  York  as  an
  automotive  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/age fifty 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/age fifty retirement
  program terminates service as an automotive member and returns  to  such
  service  as  an  automotive 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/age fifty retirement program pursuant to paragraph  one
  or  two  of this subdivision for the full two hundred seventy 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/age fifty retirement program:
    (i) who has attained age fifty; and
    (ii) who has completed twenty-five or more years of credited  service;
  and
    (iii)  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
    (iv)  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
    (v)  who  shall  be  a  participant  in the twenty-five year/age fifty
  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/age fifty 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 each additional year 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/age fifty
  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  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/age  fifty  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  four  and  eighty-three
  one-hundredths  percent  of  his or her compensation earned from (i) all
  credited service, as a participant in  the  twenty-five  year/age  fifty
  retirement  program,  rendered on or after the date which is one hundred
  eighty days prior to the starting date of the twenty-five year/age fifty
  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  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 article.
    2. A participant in the twenty-five year/age fifty retirement  program
  shall  contribute additional member contributions until the later of (i)
  the first anniversary of the starting date of the  twenty-five  year/age
  fifty  retirement program, or (ii) the date on which he or she completes
  thirty years of credited service as an automotive member.
    3. Commencing with the first full payroll  period  after  each  person
  becomes  a  participant  in  the  twenty-five  year/age fifty 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/age fifty retirement
  program shall he 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  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/age
  fifty 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/age fifty 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/age fifty retirement program or otherwise.
    (ii) Should a participant in the twenty-five year/age fifty retirement
  program who has rendered less than five years of credited service  cease
  to  hold  a  position as an automotive 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/age fifty 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/age fifty 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 Expires June 30, 2011