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

2. "Deputy sheriff member" shall mean a member of the retirement
system who is subject to the provisions 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.

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

4. "Starting date of the twenty-five year improved benefit 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.

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

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

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

8. "Optional retirement provisions" shall mean the right to retire and
receive a retirement allowance under this section upon the completion of
twenty-five years of credited service.

b. Election of twenty-five year improved benefit retirement program.
1. Subject to the provisions of paragraphs five and six of this
subdivision, any person who is a deputy sheriff member on the starting
date of the twenty-five year improved benefit retirement program may
elect to become a participant in the twenty-five 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 deputy sheriff
member on the date such application is filed.

2. Subject to the provisions of paragraphs five and six of this
subdivision, any person who becomes a deputy sheriff member after the
starting date of the twenty-five year improved benefit retirement
program may elect to become a participant in the twenty-five year
improved benefit 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, 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 improved
benefit retirement program shall be irrevocable.

4. Where any participant in the twenty-five year improved benefit
retirement program shall cease to hold a position as a deputy sheriff
member, he or she shall cease to be such a participant and, during any
period in which such a person does not hold such a deputy sheriff
position, he or she shall not be a participant in the twenty-five 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-five year improved benefit
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.

6. Notwithstanding any other provision of law to the contrary, any
person who is eligible to become a participant in the twenty-five year
improved benefit 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. Notwithstanding any other provision of
law to the contrary, where a participant in the twenty-five year
improved benefit retirement program, who is otherwise qualified for a
retirement allowance pursuant to the optional retirement provisions set
forth in subdivision a of this section, has made and/or paid, while he
or she is a deputy sheriff member, 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. his or her retirement allowance shall be an amount, on account of
the required minimum period of service, equal to the sum of (i) an
annuity which shall be the actuarial equivalent of the accumulated
deductions from his or her pay during such period, (ii) a pension for
increased-take-home-pay which shall be the actuarial equivalent of the
reserve for increased-take-home-pay to which he or she may be entitled
for such period, and (iii) a pension which, when added to such annuity
and such pension for increased-take-home-pay, produces a retirement
allowance equal to fifty-five percent of his or her final average
salary, plus an amount for each additional year of allowable service, or
fraction thereof, beyond such required minimum period of service equal
to one and seven-tenths percent of his or her final average salary; and

4. 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.

d. Additional member contributions. 1. In addition to the member
contributions required pursuant to section 13-125 or section 13-162 of
the administrative code, each participant in the twenty-five year
improved benefit retirement program shall contribute, subject to the
applicable provisions of section 13-125.2 of the administrative code, 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 improved benefit retirement program, rendered on and
after the starting date of the improved benefit 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
five of subdivision b of this section. A participant in the twenty-five
year improved benefit retirement program shall contribute additional
member contributions until the later of (i) the date as of which he or
she is eligible to retire with twenty-five years of credited service
under such retirement program, or (ii) the first anniversary of the
starting date of the twenty-five year improved benefit retirement
program. The additional contributions required by this paragraph shall
be in lieu of additional member contributions required by subdivision d
of section four hundred forty-five-d of this article, as added by
chapter ninety-six of the laws of nineteen hundred ninety-five, and no
member paying additional contributions pursuant to this section shall be
required to pay additional contributions pursuant to such subdivision d
of section four hundred forty-five-d of this article.

2. Commencing with the first full payroll period after each person
becomes a participant in the twenty-five 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 13-125.2 of the
administrative code, 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.

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 and such deductions had been
required for such payroll period until such amount is paid to the
retirement system; and

(C) (1) interest on each such amount included in such participant's
contribution deficiency pursuant to this subparagraph shall be
calculated as if such additional member contributions never had 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, compounded annually, until such amount is
paid to the retirement system.

(2) 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-five
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 subclause two of clause (C) of
subparagraph (i) of this paragraph) for any credited service with
respect to which such person received a refund of additional member
contributions (including any amount of an unpaid loan balance deemed to
have been returned to such person pursuant to paragraph seven of this
subdivision), as if such additional member contributions never had been
paid.

4. The board of trustees of the retirement system may, consistent with
the provisions of this subdivision, promulgate regulations for the
payment of the additional member contributions required by this
subdivision, and any interest thereon, by a participant in the
twenty-five year improved benefit retirement program (including the
deduction of such contributions, and any interest thereon, from his or
her compensation).

5. 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 paragraph
three of this subdivision, that participant, nevertheless, shall be
eligible to retire pursuant to subdivision c of this section, provided,
however, that where such participant is not entitled to a refund of
additional member contributions pursuant to paragraph seven of this
subdivision, such participant's service retirement benefit calculated
pursuant to the applicable provisions of subdivision c of this section
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 chapter) which is actuarially equivalent to the amount of any
unpaid contribution deficiency chargeable to such member pursuant to
paragraph three of this subdivision.

6. Subject to the provisions of paragraph five of this subdivision,
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 member contributions or accumulated deductions of a member
of the retirement system under section 13-125 or section 13-162 of the
administrative code while he or she is a participant in the twenty-five
year improved benefit retirement program or otherwise.

(ii) Should a participant in the twenty-five year improved benefit
retirement program, who has rendered less than five 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) which remain credited to
such participant's account 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
interest required by law to be used to credit interest on the
accumulated deductions of retirement system members 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 improved benefit
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.

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 required by 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.

* NB There are 3 § 445-f's