§ 504-b. Twenty-year retirement program for New York city correction
members of the rank of captain or above. 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 of the rank of captain or above"
shall mean a member of the uniformed force of the department of
correction of the city of New York who holds the rank of correction
captain; assistant deputy warden, also known as warden correction level
I; deputy warden or deputy warden-in-command, also known as warden
correction level II; warden or deputy chief, also known as warden
correction level III; or chief of department, also known as warden
correction in the correction service of such city.

2. "New York city correction member of the rank of captain or above"
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 of the rank of captain or above.

3. "Twenty-year retirement program for captains and above" shall mean
all the terms and conditions of this section.

4. "Starting date of the twenty-year retirement program for captains
and above" 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 for captains and
above" shall mean any New York city correction member of the rank of
captain or above 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 for
captains and above, as applicable to him or her.

6. "Discontinued member" shall mean a participant in the twenty-year
retirement program for captains and above who, while he or she was a New
York city correction officer of the rank of captain or above,
discontinued service in the uniformed force of the department of
correction of the city of New York 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. "Revised contribution date" shall mean the effective date of this
paragraph, as such date is certified pursuant to section forty-one of
the legislative law.

b. Participation in twenty-year retirement program for captains and
above. 1. (i) Subject to the provisions of paragraph six of this
subdivision and of subparagraph (iii) of paragraph eight of subdivision
e of section five hundred four-a of this article, any person who is a
New York city correction member of the rank of captain or above on the
starting date of the twenty-year retirement program for captains and
above 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 for
captains and above by filing, within ninety days after such starting
date, a duly executed application for such participation with the
retirement system of which such person is a member, provided he or she
is a correction member of the rank of captain or above on the date such
application is filed.

(ii) Notwithstanding the provisions of subparagraph (iii) of paragraph
eight of subdivision e of section five hundred four-a of this article or
of any other law to the contrary, any New York city correction member of
the rank of captain or above who was eligible pursuant to the provisions
of this paragraph to elect to become a participant in the twenty-year
retirement program for captains and above, but who failed to make such
an election, may be deemed to have elected to become a participant in
the twenty-year retirement program for captains and above as of the
starting date of the twenty-year retirement program for captains and
above by filing with the retirement system, within one hundred twenty
days after the revised contribution date, a duly executed application to
become a participant in such retirement program as of such starting
date, provided he or she is a correction member of the rank of captain
or above on the date such application is filed.

2. (i) Subject to the provisions of paragraph six of this subdivision
and of subparagraph (iii) of paragraph eight of subdivision e of section
five hundred four-a of this article, any person who becomes a New York
city correction member of the rank of captain or above after the
starting date of the twenty-year retirement program for captains and
above 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
for captains and above by filing, within ninety 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 of the rank of captain or above on
the date such application is filed.

(ii) Notwithstanding the provisions of subparagraph (iii) of paragraph
eight of subdivision e of section five hundred four-a of this article or
of any other law to the contrary, any New York city correction member of
the rank of captain or above who became such a correction member of such
rank prior to the revised contribution date, and who was eligible
pursuant to the provisions of this paragraph to elect to become a
participant in the twenty-year retirement program for captains and
above, but who failed to make such an election, may be deemed to have
elected to become a participant in the twenty-year retirement program
for captains and above as the date he or she first became a New York
city correction member of the rank of captain or above by filing with
the retirement system, within one hundred twenty days after the revised
contribution date, a duly executed application to become a participant
in such retirement program as of the date he or she became such a
correction member, provided he or she is a correction member of the rank
of captain or above on the date such application is filed.

3. Any election to be a participant in the twenty-year retirement
program for captains and above shall be irrevocable.

4. Each person who becomes a New York city correction member of the
rank of captain or above on or after the starting date of the
twenty-year retirement program for captains and above (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) and who, as such a correction member or otherwise, becomes
subject to the provisions of this article on or after such starting
date, shall become a participant in the twenty-year retirement program
for captains and above 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 member of the rank of captain or above who
becomes a participant in the twenty-year retirement program for captains
and above pursuant to this paragraph by becoming subject to the
provisions of this article on or after the starting date of the
twenty-year retirement program for captains and above 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 of the
rank of captain or above who is governed by article eleven of this
chapter and who is a participant in the twenty-year improved benefit
retirement program for captains and above pursuant to section four
hundred forty-five-c of such article eleven.

4-a. Notwithstanding any other provision of this subdivision or any
other provision of law to the contrary, no member of the uniformed force
of the New York city department of correction who is a New York city
uniformed correction/sanitation revised plan member shall be a
participant in the twenty-year retirement program for captains and
above.

5. Where any participant in the twenty-year retirement program for
captains and above shall cease to hold the position of New York city
correction officer of the rank of captain or above, 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 correction officer of the rank of captain or above.

6. Where any participant in the twenty-year retirement program for
captains or above terminates service as a New York city correction
officer of the rank of captain or above and returns to such service as a
New York city correction member of the rank of captain or above at a
later date, he or she shall again become such a participant on that
date.

c. Service retirement benefits. 1. A participant in the twenty-year
retirement program for captains and above:

(i) who has completed twenty or more years of credited service; and

(ii) who, subject to the provisions of paragraph nine of subdivision e
of this section, has paid, before the effective date of retirement, all
additional member contributions and interest (if any) required by
paragraphs one, four, five and seven of 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
for captains and above 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 nine of subdivision e of this
section, the early service retirement benefit for participants in the
twenty-year retirement program for captains and above 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 be equal to
that payable upon completion of thirty years of service.

d. Vesting. 1. A participant in the twenty-year retirement program for
captains and above:

(i) who discontinues service in the uniformed force of the department
of correction of the city of New York while he or she is a New York city
correction officer of the rank of captain or above, other than by death
or retirement; and

(ii) who, prior to such discontinuance, completed five but less than
twenty years of credited service; and

(iii) who, subject to the provisions of paragraph ten of subdivision e
of this section, has paid, prior to such discontinuance, all additional
member contributions and interest (if any) required by paragraphs one,
four, five and seven of 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 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 from service if such
discontinuance had not occurred.

3. Subject to the provisions of paragraph ten of subdivision e of this
section, 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 for
captains and above 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 in
accordance with the following schedule:

(i) each such participant who became a New York city correction member
of the rank of captain or above prior to November first, nineteen
hundred ninety-two shall contribute an additional five and fifty-nine
one-hundredths percent of his or her compensation earned from all
service as a New York city correction member of the rank of captain or
above rendered on and after the starting date of the twenty-year
retirement program for captains and above and prior to the revised
contribution date, provided, however, that for any person covered by
this subparagraph who is such a participant on or after the revised
contribution date, the additional member contributions required by this
subparagraph (including any interest required thereon) shall be
recomputed using the rate of five and eleven one-hundredths percent
instead of the rate of five and fifty-nine one-hundredths percent;

(ii) each such participant who became or becomes a New York city
correction member of the rank of captain or above for the first time on
or after November first, nineteen hundred ninety-two shall contribute an
additional seven and forty-six one-hundredths percent of his or her
compensation earned from all service as a New York city correction
member of the rank of captain or above rendered on and after the
starting date of the twenty-year retirement program for captains and
above and prior to the revised contribution date, provided, however,
that for any person covered by this subparagraph who is such a
participant on or after the revised contribution date, the additional
member contributions required by this subparagraph (including any
interest required thereon) shall be recomputed using the rate of five
and eleven one-hundredths percent instead of the rate of seven and
forty-six one-hundredths percent;

(iii) each participant in the twenty-year retirement program for
captains and above shall contribute an additional five and eleven
one-hundredths percent of his or her compensation earned from all
service as a New York city correction member of the rank of captain or
above rendered on and after the revised contribution date.

2. A participant in the twenty-year retirement program for captains
and above shall contribute additional member contributions only until he
or she has twenty years of credited service.

3. Commencing with the first full payroll period after each person
becomes a participant in the twenty-year retirement program for captains
and above, 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.

4. In addition to the member contributions required pursuant to
section five hundred seventeen of this article, and the additional
member contributions required pursuant to paragraph one of this
subdivision, each participant in the twenty-year retirement program for
captains and above who, prior to becoming such a participant, rendered
service as a New York city correction member of the rank of captain or
above on or after December nineteenth, nineteen hundred ninety and prior
to the starting date of the twenty-year retirement program for captains
and above, and/or service as a New York city correction member below the
rank of captain on or after December nineteenth, nineteen hundred ninety
and prior to becoming such a participant shall make retroactive
additional member contributions to the retirement system based on such
service in accordance with the following schedule:

(i) each such participant who became a New York city correction member
of the rank of captain or above prior to November first, nineteen
hundred ninety-two shall, subject to the provisions of subparagraph
(iii) of this paragraph, contribute an amount equal to five and
fifty-nine one-hundredths percent of his or her compensation earned
from:

(A) all service as a New York city correction member of the rank of
captain or above rendered on and after December nineteenth, nineteen
hundred ninety and prior to the starting date of the twenty-year
retirement program for captains and above; and

(B) all service as a New York city correction member below the rank of
captain rendered on and after December nineteenth, nineteen hundred
ninety and prior to becoming a participant in the twenty-year retirement
program for captains and above;

(ii) each such participant who became or becomes a New York city
correction member of the rank of captain or above for the first time on
or after November first, nineteen hundred ninety-two and prior to the
revised contribution date shall, subject to the provisions of
subparagraph (iii) of this paragraph, contribute an amount equal to
seven and forty-six one-hundredths percent of his or her compensation
earned from:

(A) all service as a New York city correction member of the rank of
captain or above rendered on and after November first, nineteen hundred
ninety-two and prior to the starting date of the twenty-year retirement
program for captains and above; and

(B) all service as a New York city correction member below the rank of
captain rendered on and after December nineteenth, nineteen hundred
ninety and prior to becoming a participant in the twenty-year retirement
program for captains and above;

(iii) for each such participant covered by either subparagraph (i) or
(ii) of this paragraph who is a participant in the twenty-year
retirement program for captains and above on or after the revised
contribution date, the additional member contributions required by
subparagraph (i) or (ii) of this paragraph (including any interest
required thereon) shall be recomputed using the rate of five and eleven
one-hundredths percent instead of the rate set forth in subparagraph (i)
or (ii) of this paragraph;

(iv) each such participant who becomes a New York city correction
member of the rank of captain or above for the first time on or after
the revised contribution date, and who became a New York city correction
member below the rank of captain prior to July first, nineteen hundred
eighty-eight, shall contribute an amount equal to five and eleven
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 December nineteenth, nineteen hundred ninety and
prior to becoming a participant in the twenty-year retirement program
for captains and above;

(v) each such participant who becomes a New York city correction
member of the rank of captain or above for the first time on or after
the revised contribution date, who became a New York city correction
member below the rank of captain on or after July first, nineteen
hundred eighty-eight, and who was a participant in the twenty-year
retirement program for New York city correction members below the rank
of captain established by section five hundred four-a of this article on
the day immediately preceding the revised contribution date, shall
contribute an amount equal to three and sixty-one 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
December nineteenth, nineteen hundred ninety and prior to becoming a
participant in the twenty-year retirement program for captains and
above;

(vi) each such participant who becomes a New York city correction
member of the rank of captain or above for the first time on or after
the revised contribution date, who became a New York city correction
member below the rank of captain on or after July first, nineteen
hundred eighty-eight, and who was not a participant in the twenty-year
retirement program for New York city correction members below the rank
of captain established by section five hundred four-a of this article on
the day immediately preceding the revised contribution date, shall
contribute an amount equal to five and eleven 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
December nineteenth, nineteen hundred ninety and prior to becoming a
participant in the twenty-year retirement program for captains and
above.

5. Each participant in the twenty-year retirement program for captains
and above who is required to make retroactive additional member
contributions in accordance with the provisions of paragraph four of
this subdivision shall be charged with a contribution deficiency
consisting of the amounts of such retroactive additional member
contributions determined in accordance with such paragraph four,
together with interest thereon compounded annually, and

(i) such interest on each such amount 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; and

(ii) the rate of interest to be applied to each such 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.

6. Where a person who became or becomes a participant in the
twenty-year retirement program for captains and above has rendered less
than fifteen years of credited service as of the date he or she became
or becomes a New York city correction member of the rank of captain or
above, the amount of the contribution deficiency charged to such a
participant pursuant to paragraph five of this subdivision, consisting
of retroactive additional member contributions plus interest on such
amounts, shall be reduced by an amount equal to the additional member
contributions which such participant made pursuant to paragraph one of
subdivision e of section five hundred four-a of this article as a
participant in the twenty-year retirement program for correction
officers below the rank of captain (together with any interest thereon)
which are on deposit in the contingent reserve fund of the retirement
system on the date such person became or becomes a participant in the
twenty-year retirement program for captains and above, provided,
however, that for persons who elect to become a participant in the
twenty-year retirement program for captains and above pursuant to
subparagraph (ii) of paragraph one of subdivision b of this section or
subparagraph (ii) of paragraph two of subdivision b of this section,
such reduction pursuant to this paragraph in the amount of such
contribution deficiency shall be by the amount of such additional member
contributions made pursuant to subdivision e of section five hundred
four-a (together with any interest thereon) which are on deposit in such
contingent reserve fund at the time such member files such election to
become such a participant, and such participant shall not thereafter be
permitted to withdraw any portion of such additional member
contributions made pursuant to subdivision e of section five hundred
four-a at any time while he or she is a participant in the twenty-year
retirement program for captains and above, and provided further that the
provisions of this paragraph shall apply to any person who is a
participant in the twenty-year retirement program for captains and above
on or after the revised contribution date, even where such person has
rendered fifteen or more years of credited service as of the date he or
she became a New York city correction member of the rank of captain or
above.

7. (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 three 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 otherwise provided in subparagraph (iii) of this
paragraph, 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.

(iii) Should any person who, pursuant to paragraph twelve of this
subdivision, has withdrawn any additional member contributions (and any
interest paid thereon) again become a participant in the twenty-year
retirement program for captains and above 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.

8. The head of a retirement system which includes participants in the
twenty-year retirement program for captains and above 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).

9. 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
five and/or seven of this subdivision, that participant, nevertheless,
shall be eligible to retire pursuant to subdivision c of this section
provided, however, that the service retirement benefit calculated
pursuant to paragraph two of such subdivision c shall be reduced by the
actuarial equivalent of the amount of any contribution deficiency
pursuant to such paragraphs five and/or seven which such participant did
not pay prior to the effective date of his or her retirement.

10. 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 five and/or seven of this subdivision, 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 the actuarial equivalent of the amount
of any contribution deficiency pursuant to such paragraphs five and/or
seven which such participant did not pay prior to his or her
discontinuance of service.

11. Where a participant has not paid in full any contribution
deficiency chargeable to him or her pursuant to paragraphs five and/or
seven 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 twelve of this subdivision, or a benefit which has been
reduced pursuant to paragraph nine or 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.

12. (i) All additional member contributions required by this
subdivision (and any interest thereon) which are received by the
retirement system of which the participant is a member shall be paid
into its contingent reserve fund 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 for
captains and above or otherwise, except that, a surplus of such
additional member contributions that are paid into the retirement
system's contingent reserve fund may be used for the sole purpose of
offsetting a deficit of basic member contributions.

(ii)(A) Should a participant in the twenty-year retirement program for
captains and above who has rendered less than fifteen years of credited
service cease to hold the position of New York city correction officer
of the rank of captain or above 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 head 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 for captains and above, 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.

(C) A participant in the twenty-year retirement program for captains
and above with twenty or more years of credited service, who has made
additional member contributions pursuant to this subdivision in an
amount which exceeds the amount of additional member contributions
required by this subdivision, and who retires pursuant to this article
on or after the revised contribution date, shall receive upon retirement
a refund of that portion of such additional member contributions on
deposit in the contingent reserve fund which exceeds such required
amount (including any interest thereon paid to the retirement system),
together with interest thereon at the rate of five percent per annum,
compounded annually.

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

13. Notwithstanding any other provision of law to the contrary, a
member of the retirement system shall not be permitted to borrow any
portion of his or her additional member contributions (including any
interest paid thereon) 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 clause (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.