§ 445-a. Optional twenty-year improved benefit 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. "Retirement system" shall mean the New York city employees'
retirement system.

2. "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.

3. "New York city correction member below the rank of captain" shall
mean a member of the retirement system who is subject to the provisions
of this article, who is a New York city correction officer below the
rank of captain and who has elected to contribute to the retirement
system on the basis of a minimum retirement period of twenty years of
credited service pursuant to the optional retirement provisions of
section 13-155 of the administrative code.

4. "Twenty-year improved benefit retirement program" shall mean all
the terms and conditions of this section.

5. "Starting date of the twenty-year improved benefit retirement
program" shall mean the effective date of this section, as such date is
certified pursuant to section forty-one of the legislative law.

6. "Participant in the twenty-year improved benefit 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 improved benefit
retirement program, as applicable to him or her.

7. "Administrative code" shall mean the administrative code of the
city of New York.

8. "Accumulated deductions" shall mean accumulated deductions as
defined in subdivision eleven of section 13-101 of the administrative
code.

9. "New York city correction officer of the rank of captain or above"
shall have the same meaning as set forth in paragraph two of subdivision
a of section four hundred forty-five-c of this article.

10. "Twenty-year improved benefit retirement program for captains and
above" shall mean all the terms and conditions of section four hundred
forty-five-c of this article.

11. "Starting date of the twenty-year improved benefit retirement
program for captains and above" shall have the same meaning as set forth
in paragraph five of subdivision a of section four hundred forty-five-c
of this article.

b. Election of twenty-year improved benefit retirement program. 1.
Subject to the provisions of paragraph five 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 improved benefit
retirement program may elect to become a participant in the twenty-year
improved benefit retirement program by filing, within one hundred eighty
days after such starting date, a duly executed application for such
participation with the retirement system, 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 five 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 improved benefit
retirement program may elect to become a participant in the twenty-year
improved benefit 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, 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 improved
benefit retirement program shall be irrevocable.

4. Where any participant in the twenty-year improved benefit
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, during any period in which such person does
not hold the position of New York city correction officer below the rank
of captain, he or she shall not be a participant in the twenty-year
improved benefit retirement program and shall not be eligible for the
benefits of subdivision c of this section.

5. Where any participant in the twenty-year improved benefit
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.

6. Where any participant in the twenty-year improved benefit
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. Notwithstanding any other provision of law to the contrary, where a
participant in the twenty-year improved benefit retirement program, who
is otherwise qualified for a retirement allowance pursuant to section
13-155 of the administrative code, has made and/or paid, while he or she
is a New York city correction member below the rank of captain, all
additional member contributions and interest (if any) required by
subdivision d of this section, then:

1. That participant, while he or she remains a participant, shall not
be subject to the provisions of subdivision a of section four hundred
forty-five of this article; and

2. If that participant, while such a participant, retires for service,
he or she shall not be subject to the provisions of section four hundred
forty-four of this article; and

3. The maximum retirement benefit computed without optional
modification payable to that participant upon his or her retirement for
service as such a participant shall equal that payable upon completion
of thirty years of service.

4. Notwithstanding any other provision of this article to the
contrary, a participant in the twenty-year improved benefit retirement
program shall be entitled to the application of the same provisions with
respect to credited service as now or hereinafter apply to a similarly
situated correction officer under this article who is not a participant
in such retirement program.

d. Additional member contributions. 1. In addition to the member
contributions required pursuant to section 13-155 of the administrative
code, each participant in the twenty-year improved benefit retirement
program shall contribute (subject to the applicable provisions of
section 13-125.1 of the administrative code) an additional six and
thirty-seven one-hundredths percent of his or her compensation earned
from all service as a New York city correction member below the rank of
captain rendered on and after the starting date of the twenty-year
improved benefit retirement program. A participant in the twenty-year
improved benefit retirement program shall contribute additional member
contributions only until he or she is eligible to retire with twenty
years of credited service under such retirement program.

2. Commencing with the first full payroll period after each person
becomes a participant in the twenty-year improved benefit retirement
program, additional member contributions at the 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,
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; and

(C) 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.

(ii) Except as provided in subparagraph (iii) of this paragraph, no
interest shall be due on any 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 seven of this
subdivision, has withdrawn any additional member contributions (and any
interest paid thereon) again become a participant in the twenty-year
improved benefit retirement program pursuant to paragraph five 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 board of trustees of the retirement system may, consistent with
the provisions of this subdivision, promulgate regulations for the
payment of such additional member contributions, and any interest
thereon, by a participant in the twenty-year improved benefit retirement
program (including the deduction of such contributions, and any interest
thereon, from his or her compensation).

5. Where a contribution deficiency chargeable to a participant
pursuant to paragraph three of this subdivision has not been paid in
full while the participant is a New York city correction member below
the rank of captain, that participant shall not be entitled to the
benefits provided in subdivision c of this section.

6. 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 a member's
accumulated deductions or a refund of additional member contributions
pursuant to paragraph seven of this subdivision, becomes payable by the
retirement system 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.

7. (i) All additional member contributions required by this
subdivision (and any interest thereon) which are received by the
retirement system shall be paid into its contingent reserve fund and
shall be the property of the retirement system. Such additional member
contributions (and any interest thereon) shall not for any purpose be
deemed to be accumulated deductions of a member of the retirement system
while he or she is a participant in the twenty-year improved benefit
retirement program or otherwise.

(ii) Except as otherwise provided in subparagraph (iii) of this
paragraph, should a participant in the twenty-year improved benefit
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 equal to eight and one-quarter
percent per annum, compounded annually.

(iii) (A) Notwithstanding any other provision 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, 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 improved benefit retirement
program for captains and above, shall not be eligible to elect to become
a participant in the twenty-year improved benefit retirement program for
captains and above.

(B) Notwithstanding any other provision of law to the contrary, any
former participant in the twenty-year improved benefit retirement
program who becomes a participant in the twenty-year improved benefit
retirement program for captains and above, 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 improved benefit 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 improved benefit retirement program for
captains and above.

(iv) Except as otherwise provided in subparagraph (ii) of this
paragraph, no member of the retirement system, while he or she is a
participant in such retirement program or otherwise, shall have a right
to withdraw such additional member contributions or any interest thereon
from the retirement system.

8. No member of the retirement system shall be permitted to borrow any
portion of the additional member contributions (including any interest
paid thereon) which are subject to this subdivision.

9. Notwithstanding any other provision of law to the contrary, the
provisions of section one hundred thirty-eight-b of this chapter shall
not be applicable to the additional member contributions which are
required by this subdivision.

10. Notwithstanding any other provision of law to the contrary, the
additional member contributions which are required by this subdivision
shall not be reduced under any program for increased-take-home-pay.

e. The provisions of subdivision b of section four hundred forty of
this article shall apply to participants under this section.