Legislation
SECTION 604-B
Twenty-five-year and age fifty-five retirement program for New York city transit authority members
Retirement & Social Security (RSS) CHAPTER 51-A, ARTICLE 15
§ 604-b. Twenty-five-year and age fifty-five retirement program for
New York city transit authority members. a. Definitions. The following
words or 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 transit authority member" shall mean a member (as
defined in subdivision e of section six hundred one of this article) who
(a) is an employee of the New York city transit authority, and (b) would
have been subject to the provisions of section 13-161 of the
administrative code of the city of New York had he joined the New York
city employees' retirement system prior to July twenty-seven, nineteen
hundred seventy-six.
2. "Twenty-five-year and age fifty-five retirement program" shall mean
all the terms and conditions of this section.
3. "Starting date of the twenty-five-year and age fifty-five
retirement program" shall mean the commencement date of the payroll
period which includes September first, nineteen hundred ninety-four.
4. "Enactment date of the twenty-five-year and age fifty-five
retirement program" shall mean the date of enactment of the chapter of
the laws of nineteen hundred ninety-four which added this section, as
such date is certified pursuant to section forty-one of the legislative
law.
5. "Participant in the twenty-five-year and age fifty-five retirement
program" shall mean any New York city transit authority 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 and age fifty-five retirement
program, as applicable to him or her.
6. "Allowable service in the transit authority" shall mean credited
service which was rendered as a member of the New York city transit
authority.
7. "Minimum period" shall mean the minimum period of twenty-five years
of allowable service in the transit authority that is required in order
for a participant in the twenty-five-year and age fifty-five retirement
program to be eligible for early service retirement pursuant to
paragraph one of subdivision c of this section.
8. "Final average salary" shall mean a participant's final average
salary as defined in section six hundred eight of this article.
9. "Discontinued member" shall mean a participant in the
twenty-five-year and age fifty-five retirement program who, while he or
she was a New York city transit authority member, discontinued service
in the New York city transit authority and has a right to a deferred
vested benefit under subdivision d of this section.
10. "Administrative code" shall mean the administrative code of the
city of New York.
b. Participation in twenty-five-year and age fifty-five retirement
program.
1. Subject to the provisions of paragraph six of this subdivision, any
person who is a New York city transit authority member on the enactment
date of the twenty-five-year and age fifty-five retirement program and
who, as such a transit authority member or otherwise, last became
subject to the provisions of this article prior to such enactment date,
may elect to become a participant in the twenty-five-year and age
fifty-five retirement program by filing, within forty-five days after
the enactment date of the twenty-five-year and age fifty-five 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 transit authority member on the date such application is
filed.
2. Subject to the provisions of paragraph six of this subdivision, any
person who becomes a New York city transit authority member after the
enactment date of the twenty-five-year and age fifty-five retirement
program and who, as such a transit authority member, last became subject
to the provisions of this article prior to such enactment date, may
elect to become a participant in the twenty-five-year and age fifty-five
retirement program by filing, within forty-five days after becoming such
transit authority 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 transit authority member on the
date such application is filed.
3. (i) Any election to be a participant in the twenty-five-year and
age fifty-five retirement program shall be irrevocable, except as
provided in subparagraph (ii) of this paragraph.
(ii) Notwithstanding the provisions of subparagraph (i) of this
paragraph, any New York city transit authority member who elected to
become a participant in the twenty-five-year and age fifty-five
retirement program pursuant to the provisions of paragraph one or
paragraph two of this subdivision, and whose age and allowable service
in the transit authority are such that he could not possibly be able to
accumulate at least twenty-five years of such service by the time he
reaches age sixty-two, may revoke such election by filing within the
period beginning November first, nineteen hundred ninety-nine and ending
January thirtieth, two thousand, a written request to withdraw from such
program with the retirement system of which he is member. Upon such
revocation the additional member contributions required by subdivision e
of this section, without interest, shall be refunded to such member.
4. Each New York city transit authority member who becomes subject to
the provisions of this article on or after the enactment date of the
twenty-five-year and age fifty-five retirement program shall become a
participant in the twenty-five-year and age fifty-five retirement
program on the date he or she becomes such a transit authority member.
4-a. (i) Notwithstanding any provision of paragraphs one and two of
this subdivision to the contrary, each person who is a New York city
transit authority member on the starting date of the elimination of
additional member contributions as such date is defined in an election
made pursuant to paragraph ten of subdivision e of this section and who
is not on that date a participant in the twenty-five-year and age
fifty-five retirement program shall become a participant in the
twenty-five-year and age fifty-five retirement program on such starting
date; provided, however, that any such person who, immediately preceding
such starting date, was a participant in the age fifty-seven retirement
program set forth in section six hundred four-d of this article may
elect to remain a participant in the age fifty-seven retirement program,
instead of becoming a participant in the twenty-five-year and age
fifty-five retirement program, by filing a written election to that
effect with the retirement system of which such person is a member.
(ii) Notwithstanding any provision of paragraph two of this
subdivision to the contrary, any person who becomes a New York city
transit authority member after the starting date of the elimination of
additional member contributions, whether such person became subject to
the provisions of this article prior to or subsequent to the enactment
date of the twenty-five-year and age fifty-five retirement program,
shall become a participant in the twenty-five-year and age fifty-five
retirement program, on the date he or she becomes such a transit
authority member.
5. Where any participant in the twenty-five-year and age fifty-five
retirement program shall cease to hold a position as a New York city
transit authority member, he or she shall cease to be such a participant
and, during any period in which such person does not hold such a transit
authority position, he or she shall not be a participant in the
twenty-five-year and age fifty-five 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 and age fifty-five
retirement program terminates service as a New York city transit
authority member and returns to such service as a New York city transit
authority member at a later date, he or she shall again become such a
participant on that date.
7. Where any participant in the twenty-five-year and age fifty-five
retirement program terminates service as a New York city transit
authority member due to having been promoted to a position that does not
entail eligibility for such such program, the accumulated additional
member contributions made pursuant to subdivision e of this section by
such participant (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.
c. Service retirement benefits. 1. A participant in the
twenty-five-year and age fifty-five retirement program:
(i) who has completed twenty-five or more years of allowable service
in the transit authority; and
(ii) who has attained age fifty-five; 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
he or she desires to be retired; and
(v) who shall be a participant in the twenty-five-year and age
fifty-five 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. Notwithstanding any other provision of law to the contrary, the
early service retirement benefit for participants in the
twenty-five-year and age fifty-five retirement program who retire
pursuant to paragraph one of this subdivision shall be a pension
consisting of:
(i) an amount, on account of the required minimum period of
twenty-five years of allowable service, equal to one-half of his or her
final average salary; plus
(ii) an amount for each additional year of allowable service, or
fraction thereof, beyond such required minimum period of twenty-five
years of allowable service, equal to two percent of his or her final
average salary, to a maximum of thirty years of allowable service; plus
(iii) an amount for each additional year of allowable service, or
fraction thereof, in excess of thirty years of allowable service, equal
to one and one-half percent of his or her final average salary.
d. Vesting. 1. A participant in the twenty-five-year and age
fifty-five retirement program who:
(i) discontinues city-service and service as a member of the New York
city transit authority other than by death or retirement; and
(ii) prior to such discontinuance, completed five but less than
twenty-five years of allowable service in the transit authority; and
(iii) has paid, prior to such discontinuance, all additional member
contributions and interest, if any, required by subdivision e of this
section; and
(iv) 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 of this article;
shall be entitled to receive a deferred vested benefit as provided in
section six hundred twelve of this article.
2. A participant in the twenty-five year and age fifty-five retirement
program who:
(i) discontinues city service and service as a New York city transit
authority member other than by death or retirement with immediate
payability; and
(ii) prior to such discontinuance completed twenty-five years of
allowable service in the transit authority; and
(iii) has not yet attained age fifty-five; and
(iv) has paid, prior to such discontinuance, all additional member
contributions with interest (if any) required by subdivision e of this
section; and
(v) 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 of this article; shall be entitled to
receive a deferred vested benefit as provided in this subdivision.
3. (i) Upon such discontinuance under the conditions and in compliance
with the provisions of paragraph two of this subdivision, such deferred
vested benefit shall vest automatically.
(ii) In the case of a participant who is not a New York city revised
plan member, 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 or, in the case of a participant
who is a New York city revised plan member, such vested benefit shall
become payable at age sixty-three.
4. Such deferred vested benefit shall be determined pursuant to the
provisions of paragraph two of subdivision c of this section.
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 and age fifty-five retirement
program shall contribute to the retirement system of which he or she is
a member (subject to the applicable provisions of section 13-125.1 of
the administrative code) an additional two and thirty-hundredths percent
of his or her compensation earned from all allowable service in the
transit authority rendered on and after the starting date of the
twenty-five-year and age fifty-five retirement program. A participant in
the twenty-five-year and age fifty-five retirement program shall
contribute additional member contributions only until he or she has
thirty years of allowable service in the transit authority. In the event
that the New York city transit authority elects to eliminate additional
member contributions pursuant to paragraph ten of this subdivision, a
participant in the twenty-five-year and age fifty-five retirement
program who becomes a participant pursuant to the provisions of
paragraph four-a of subdivision b of this section shall not be required
to make any additional member contributions pursuant to this
subdivision.
2. (i) Commencing with the payroll period which begins on the starting
date of the twenty-five-year and age fifty-five retirement program (for
a person who elects to become a participant prior to such starting
date), or commencing with the first full payroll period after a person
becomes such a participant (for a person who becomes a participant on or
after such starting date), 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.
(ii) (A) Where any additional member contributions required by
paragraph one of this subdivision are not paid by deductions from a
participant's compensation pursuant to subparagraph (i) of this
paragraph because such contributions are for service rendered in a
payroll period prior to the actual commencement of deductions pursuant
to such subparagraph (i), such amounts shall be paid by deductions from
the compensation of such participant pursuant to item (B) of this
subparagraph.
(B) Commencing with the payroll period in which deductions of
additional member contributions from a participant's compensation are
begun pursuant to subparagraph (i) of this paragraph, in addition to
such deductions required by such subparagraph (i), there shall be
another deduction of additional member contributions made from the
compensation of such participant at the rate specified in paragraph one
of this subdivision (subject to the applicable provisions of section
13-125.1 of the administrative code) on each and every payroll period
until the total amount of unpaid additional member contributions
described in item (A) of this subparagraph, if any, has been paid by
deductions from compensation pursuant to this subparagraph.
3. (i) (A) 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, that participant shall be charged with a contribution
deficiency consisting of such unpaid amounts, together with such
interest thereon as required by subparagraph (ii) of this paragraph,
compounded annually.
(B) Except as provided in subparagraph (ii) of this paragraph, no
participant shall be required to pay any interest on his or her
contribution deficiency.
(ii) (A) Should any person who, pursuant to paragraph eight of this
subdivision, has withdrawn any additional member contributions (and any
interest paid thereon) again become a participant in the
twenty-five-year and age fifty-five 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 item (B) of this
subparagraph) as if such additional contributions had never been made.
(B) Interest on the amounts of additional member contributions
included in a participant's contribution deficiency pursuant to item (A)
of this subparagraph shall be calculated as if such additional member
contributions had never been paid by a participant, and such interest
shall accrue from the end of the payroll period to which an amount of
additional member contributions is attributable, until such amount is
paid to the retirement system.
(C) 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.
4. A participant, while he or she is a New York city transit authority
member, shall pay the total amount of his or her contribution deficiency
to the retirement system in accordance with payment procedures which
shall be established by the executive director of the retirement system,
and approved by the board of trustees of the retirement system.
5. Where a contribution deficiency chargeable to a participant
pursuant to paragraph three of this subdivision has not been paid in
full before the effective date of retirement, that participant shall not
be eligible to retire pursuant to subdivision c of this section.
6. Where a contribution deficiency chargeable to a participant
pursuant to paragraph three of this subdivision has not been paid in
full before the date of discontinuance of service, that participant
shall not be entitled to a deferred vested benefit pursuant to
subdivision d of this section.
7. 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 member contributions
pursuant to section six hundred thirteen of this article, a refund of
additional member contributions pursuant to paragraph eight of this
subdivision or a refund of additional member contributions pursuant to
paragraph seven of subdivision b of this section, 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.
8. (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 and age
fifty-five retirement program 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-five-year and age
fifty-five retirement program who has rendered less than
twenty-five-years of allowable service in the transit authority cease to
hold a position as a New York city transit authority 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) maybe 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.
(B) Upon the death of a participant in the twenty-five-year and age
fifty-five retirement program, 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.
(iii) Except as provided in subparagraph (ii) of this paragraph, no
member while he or she is a participant or otherwise, shall have a right
to withdraw such additional member contributions or any interest thereon
from the retirement system.
9. A member who has made the additional contributions specified by
this subdivision may borrow a portion of such contributions, pursuant to
the provisions of section six hundred thirteen-b of this article.
10. The New York city transit authority, by the adoption of a
resolution or resolutions, may make an election or elections to
eliminate the additional member contributions required to be made
pursuant to paragraph one of this subdivision. Such election or
elections may be made applicable to all employees of the transit
authority, to employees who are represented by a specific collective
bargaining organization, recognized or certified pursuant to article
fourteen of the civil service law, and/or to employees who are not
represented for the purposes of collective bargaining. Such election or
elections shall define the starting date of the elimination of
additional member contributions, except as set forth below, which shall
in no event be earlier than the first payroll period following December
fifteenth, two thousand. An election made pursuant to this paragraph
shall be irrevocable. A demand for an elimination of additional member
contributions shall not be subject to the provisions of subdivision five
of section two hundred nine of the civil service law. The New York city
transit authority shall notify the head of the New York city employees'
retirement system of any election or elections made pursuant to this
paragraph. Notwithstanding the aforementioned starting date of the
elimination of additional member contributions or any other provision of
this section, an eligible participant, as defined below, shall be
entitled to a refund of all of his or her accumulated additional member
contributions made pursuant to this subdivision which shall include any
and all interest thereon paid to the retirement system, together with
interest thereon at the rate of five percent per annum, compounded
annually, and such refund shall be payable, upon such participant's
application, pursuant to procedures promulgated in regulations of the
board of trustees of the retirement system. An eligible participant
shall be a participant (i) who is or was employed in a title represented
for purposes of collective bargaining by an employee organization
representing a majority of non-supervisory employees in the New York
city transit authority's Queens Bus and/or Staten Island Bus Divisions,
recognized or certified pursuant to article fourteen of the civil
service law, and who, on December twenty-eight, two thousand five, had
an accumulated balance of additional member contributions at the
retirement system; or (ii) who is or was employed in a title represented
for purposes of collective bargaining by the employee organization
representing the majority of non-supervisory employees in the New York
city transit authority in other than the Queens Bus and/or Staten Island
Bus Divisions, recognized or certified pursuant to article fourteen of
the civil service law, and who, on December sixteenth, two thousand
five, had an accumulated balance of additional member contributions at
the retirement system.
11. Notwithstanding any provision of law, rule or regulation to the
contrary, any member who is a current member of the New York city
transit authority twenty-five year and age fifty-five retirement plan
authorized in this section:
(i) whose name was included on a preferred eligible list during any
period occurring on or after May eleventh, two thousand ten and on or
prior to July twenty-fifth, two thousand twelve, by reason of the
abolition of a position held by him or her with the New York city
transit authority; and
(ii) who was a member or former member at the time when his or her
name was placed on such list;
shall be permitted to contribute to such retirement plan, the amount
which he or she would have contributed to such system for the duration
of time his or her name was included on such list, together with regular
interest on such amount, and the length of credited time for which
contributions are made pursuant to this paragraph shall be credited as
allowable service in the transit authority plan under this section for
all purposes, including eligibility for benefits.
New York city transit authority members. a. Definitions. The following
words or 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 transit authority member" shall mean a member (as
defined in subdivision e of section six hundred one of this article) who
(a) is an employee of the New York city transit authority, and (b) would
have been subject to the provisions of section 13-161 of the
administrative code of the city of New York had he joined the New York
city employees' retirement system prior to July twenty-seven, nineteen
hundred seventy-six.
2. "Twenty-five-year and age fifty-five retirement program" shall mean
all the terms and conditions of this section.
3. "Starting date of the twenty-five-year and age fifty-five
retirement program" shall mean the commencement date of the payroll
period which includes September first, nineteen hundred ninety-four.
4. "Enactment date of the twenty-five-year and age fifty-five
retirement program" shall mean the date of enactment of the chapter of
the laws of nineteen hundred ninety-four which added this section, as
such date is certified pursuant to section forty-one of the legislative
law.
5. "Participant in the twenty-five-year and age fifty-five retirement
program" shall mean any New York city transit authority 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 and age fifty-five retirement
program, as applicable to him or her.
6. "Allowable service in the transit authority" shall mean credited
service which was rendered as a member of the New York city transit
authority.
7. "Minimum period" shall mean the minimum period of twenty-five years
of allowable service in the transit authority that is required in order
for a participant in the twenty-five-year and age fifty-five retirement
program to be eligible for early service retirement pursuant to
paragraph one of subdivision c of this section.
8. "Final average salary" shall mean a participant's final average
salary as defined in section six hundred eight of this article.
9. "Discontinued member" shall mean a participant in the
twenty-five-year and age fifty-five retirement program who, while he or
she was a New York city transit authority member, discontinued service
in the New York city transit authority and has a right to a deferred
vested benefit under subdivision d of this section.
10. "Administrative code" shall mean the administrative code of the
city of New York.
b. Participation in twenty-five-year and age fifty-five retirement
program.
1. Subject to the provisions of paragraph six of this subdivision, any
person who is a New York city transit authority member on the enactment
date of the twenty-five-year and age fifty-five retirement program and
who, as such a transit authority member or otherwise, last became
subject to the provisions of this article prior to such enactment date,
may elect to become a participant in the twenty-five-year and age
fifty-five retirement program by filing, within forty-five days after
the enactment date of the twenty-five-year and age fifty-five 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 transit authority member on the date such application is
filed.
2. Subject to the provisions of paragraph six of this subdivision, any
person who becomes a New York city transit authority member after the
enactment date of the twenty-five-year and age fifty-five retirement
program and who, as such a transit authority member, last became subject
to the provisions of this article prior to such enactment date, may
elect to become a participant in the twenty-five-year and age fifty-five
retirement program by filing, within forty-five days after becoming such
transit authority 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 transit authority member on the
date such application is filed.
3. (i) Any election to be a participant in the twenty-five-year and
age fifty-five retirement program shall be irrevocable, except as
provided in subparagraph (ii) of this paragraph.
(ii) Notwithstanding the provisions of subparagraph (i) of this
paragraph, any New York city transit authority member who elected to
become a participant in the twenty-five-year and age fifty-five
retirement program pursuant to the provisions of paragraph one or
paragraph two of this subdivision, and whose age and allowable service
in the transit authority are such that he could not possibly be able to
accumulate at least twenty-five years of such service by the time he
reaches age sixty-two, may revoke such election by filing within the
period beginning November first, nineteen hundred ninety-nine and ending
January thirtieth, two thousand, a written request to withdraw from such
program with the retirement system of which he is member. Upon such
revocation the additional member contributions required by subdivision e
of this section, without interest, shall be refunded to such member.
4. Each New York city transit authority member who becomes subject to
the provisions of this article on or after the enactment date of the
twenty-five-year and age fifty-five retirement program shall become a
participant in the twenty-five-year and age fifty-five retirement
program on the date he or she becomes such a transit authority member.
4-a. (i) Notwithstanding any provision of paragraphs one and two of
this subdivision to the contrary, each person who is a New York city
transit authority member on the starting date of the elimination of
additional member contributions as such date is defined in an election
made pursuant to paragraph ten of subdivision e of this section and who
is not on that date a participant in the twenty-five-year and age
fifty-five retirement program shall become a participant in the
twenty-five-year and age fifty-five retirement program on such starting
date; provided, however, that any such person who, immediately preceding
such starting date, was a participant in the age fifty-seven retirement
program set forth in section six hundred four-d of this article may
elect to remain a participant in the age fifty-seven retirement program,
instead of becoming a participant in the twenty-five-year and age
fifty-five retirement program, by filing a written election to that
effect with the retirement system of which such person is a member.
(ii) Notwithstanding any provision of paragraph two of this
subdivision to the contrary, any person who becomes a New York city
transit authority member after the starting date of the elimination of
additional member contributions, whether such person became subject to
the provisions of this article prior to or subsequent to the enactment
date of the twenty-five-year and age fifty-five retirement program,
shall become a participant in the twenty-five-year and age fifty-five
retirement program, on the date he or she becomes such a transit
authority member.
5. Where any participant in the twenty-five-year and age fifty-five
retirement program shall cease to hold a position as a New York city
transit authority member, he or she shall cease to be such a participant
and, during any period in which such person does not hold such a transit
authority position, he or she shall not be a participant in the
twenty-five-year and age fifty-five 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 and age fifty-five
retirement program terminates service as a New York city transit
authority member and returns to such service as a New York city transit
authority member at a later date, he or she shall again become such a
participant on that date.
7. Where any participant in the twenty-five-year and age fifty-five
retirement program terminates service as a New York city transit
authority member due to having been promoted to a position that does not
entail eligibility for such such program, the accumulated additional
member contributions made pursuant to subdivision e of this section by
such participant (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.
c. Service retirement benefits. 1. A participant in the
twenty-five-year and age fifty-five retirement program:
(i) who has completed twenty-five or more years of allowable service
in the transit authority; and
(ii) who has attained age fifty-five; 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
he or she desires to be retired; and
(v) who shall be a participant in the twenty-five-year and age
fifty-five 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. Notwithstanding any other provision of law to the contrary, the
early service retirement benefit for participants in the
twenty-five-year and age fifty-five retirement program who retire
pursuant to paragraph one of this subdivision shall be a pension
consisting of:
(i) an amount, on account of the required minimum period of
twenty-five years of allowable service, equal to one-half of his or her
final average salary; plus
(ii) an amount for each additional year of allowable service, or
fraction thereof, beyond such required minimum period of twenty-five
years of allowable service, equal to two percent of his or her final
average salary, to a maximum of thirty years of allowable service; plus
(iii) an amount for each additional year of allowable service, or
fraction thereof, in excess of thirty years of allowable service, equal
to one and one-half percent of his or her final average salary.
d. Vesting. 1. A participant in the twenty-five-year and age
fifty-five retirement program who:
(i) discontinues city-service and service as a member of the New York
city transit authority other than by death or retirement; and
(ii) prior to such discontinuance, completed five but less than
twenty-five years of allowable service in the transit authority; and
(iii) has paid, prior to such discontinuance, all additional member
contributions and interest, if any, required by subdivision e of this
section; and
(iv) 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 of this article;
shall be entitled to receive a deferred vested benefit as provided in
section six hundred twelve of this article.
2. A participant in the twenty-five year and age fifty-five retirement
program who:
(i) discontinues city service and service as a New York city transit
authority member other than by death or retirement with immediate
payability; and
(ii) prior to such discontinuance completed twenty-five years of
allowable service in the transit authority; and
(iii) has not yet attained age fifty-five; and
(iv) has paid, prior to such discontinuance, all additional member
contributions with interest (if any) required by subdivision e of this
section; and
(v) 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 of this article; shall be entitled to
receive a deferred vested benefit as provided in this subdivision.
3. (i) Upon such discontinuance under the conditions and in compliance
with the provisions of paragraph two of this subdivision, such deferred
vested benefit shall vest automatically.
(ii) In the case of a participant who is not a New York city revised
plan member, 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 or, in the case of a participant
who is a New York city revised plan member, such vested benefit shall
become payable at age sixty-three.
4. Such deferred vested benefit shall be determined pursuant to the
provisions of paragraph two of subdivision c of this section.
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 and age fifty-five retirement
program shall contribute to the retirement system of which he or she is
a member (subject to the applicable provisions of section 13-125.1 of
the administrative code) an additional two and thirty-hundredths percent
of his or her compensation earned from all allowable service in the
transit authority rendered on and after the starting date of the
twenty-five-year and age fifty-five retirement program. A participant in
the twenty-five-year and age fifty-five retirement program shall
contribute additional member contributions only until he or she has
thirty years of allowable service in the transit authority. In the event
that the New York city transit authority elects to eliminate additional
member contributions pursuant to paragraph ten of this subdivision, a
participant in the twenty-five-year and age fifty-five retirement
program who becomes a participant pursuant to the provisions of
paragraph four-a of subdivision b of this section shall not be required
to make any additional member contributions pursuant to this
subdivision.
2. (i) Commencing with the payroll period which begins on the starting
date of the twenty-five-year and age fifty-five retirement program (for
a person who elects to become a participant prior to such starting
date), or commencing with the first full payroll period after a person
becomes such a participant (for a person who becomes a participant on or
after such starting date), 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.
(ii) (A) Where any additional member contributions required by
paragraph one of this subdivision are not paid by deductions from a
participant's compensation pursuant to subparagraph (i) of this
paragraph because such contributions are for service rendered in a
payroll period prior to the actual commencement of deductions pursuant
to such subparagraph (i), such amounts shall be paid by deductions from
the compensation of such participant pursuant to item (B) of this
subparagraph.
(B) Commencing with the payroll period in which deductions of
additional member contributions from a participant's compensation are
begun pursuant to subparagraph (i) of this paragraph, in addition to
such deductions required by such subparagraph (i), there shall be
another deduction of additional member contributions made from the
compensation of such participant at the rate specified in paragraph one
of this subdivision (subject to the applicable provisions of section
13-125.1 of the administrative code) on each and every payroll period
until the total amount of unpaid additional member contributions
described in item (A) of this subparagraph, if any, has been paid by
deductions from compensation pursuant to this subparagraph.
3. (i) (A) 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, that participant shall be charged with a contribution
deficiency consisting of such unpaid amounts, together with such
interest thereon as required by subparagraph (ii) of this paragraph,
compounded annually.
(B) Except as provided in subparagraph (ii) of this paragraph, no
participant shall be required to pay any interest on his or her
contribution deficiency.
(ii) (A) Should any person who, pursuant to paragraph eight of this
subdivision, has withdrawn any additional member contributions (and any
interest paid thereon) again become a participant in the
twenty-five-year and age fifty-five 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 item (B) of this
subparagraph) as if such additional contributions had never been made.
(B) Interest on the amounts of additional member contributions
included in a participant's contribution deficiency pursuant to item (A)
of this subparagraph shall be calculated as if such additional member
contributions had never been paid by a participant, and such interest
shall accrue from the end of the payroll period to which an amount of
additional member contributions is attributable, until such amount is
paid to the retirement system.
(C) 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.
4. A participant, while he or she is a New York city transit authority
member, shall pay the total amount of his or her contribution deficiency
to the retirement system in accordance with payment procedures which
shall be established by the executive director of the retirement system,
and approved by the board of trustees of the retirement system.
5. Where a contribution deficiency chargeable to a participant
pursuant to paragraph three of this subdivision has not been paid in
full before the effective date of retirement, that participant shall not
be eligible to retire pursuant to subdivision c of this section.
6. Where a contribution deficiency chargeable to a participant
pursuant to paragraph three of this subdivision has not been paid in
full before the date of discontinuance of service, that participant
shall not be entitled to a deferred vested benefit pursuant to
subdivision d of this section.
7. 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 member contributions
pursuant to section six hundred thirteen of this article, a refund of
additional member contributions pursuant to paragraph eight of this
subdivision or a refund of additional member contributions pursuant to
paragraph seven of subdivision b of this section, 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.
8. (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 and age
fifty-five retirement program 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-five-year and age
fifty-five retirement program who has rendered less than
twenty-five-years of allowable service in the transit authority cease to
hold a position as a New York city transit authority 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) maybe 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.
(B) Upon the death of a participant in the twenty-five-year and age
fifty-five retirement program, 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.
(iii) Except as provided in subparagraph (ii) of this paragraph, no
member while he or she is a participant or otherwise, shall have a right
to withdraw such additional member contributions or any interest thereon
from the retirement system.
9. A member who has made the additional contributions specified by
this subdivision may borrow a portion of such contributions, pursuant to
the provisions of section six hundred thirteen-b of this article.
10. The New York city transit authority, by the adoption of a
resolution or resolutions, may make an election or elections to
eliminate the additional member contributions required to be made
pursuant to paragraph one of this subdivision. Such election or
elections may be made applicable to all employees of the transit
authority, to employees who are represented by a specific collective
bargaining organization, recognized or certified pursuant to article
fourteen of the civil service law, and/or to employees who are not
represented for the purposes of collective bargaining. Such election or
elections shall define the starting date of the elimination of
additional member contributions, except as set forth below, which shall
in no event be earlier than the first payroll period following December
fifteenth, two thousand. An election made pursuant to this paragraph
shall be irrevocable. A demand for an elimination of additional member
contributions shall not be subject to the provisions of subdivision five
of section two hundred nine of the civil service law. The New York city
transit authority shall notify the head of the New York city employees'
retirement system of any election or elections made pursuant to this
paragraph. Notwithstanding the aforementioned starting date of the
elimination of additional member contributions or any other provision of
this section, an eligible participant, as defined below, shall be
entitled to a refund of all of his or her accumulated additional member
contributions made pursuant to this subdivision which shall include any
and all interest thereon paid to the retirement system, together with
interest thereon at the rate of five percent per annum, compounded
annually, and such refund shall be payable, upon such participant's
application, pursuant to procedures promulgated in regulations of the
board of trustees of the retirement system. An eligible participant
shall be a participant (i) who is or was employed in a title represented
for purposes of collective bargaining by an employee organization
representing a majority of non-supervisory employees in the New York
city transit authority's Queens Bus and/or Staten Island Bus Divisions,
recognized or certified pursuant to article fourteen of the civil
service law, and who, on December twenty-eight, two thousand five, had
an accumulated balance of additional member contributions at the
retirement system; or (ii) who is or was employed in a title represented
for purposes of collective bargaining by the employee organization
representing the majority of non-supervisory employees in the New York
city transit authority in other than the Queens Bus and/or Staten Island
Bus Divisions, recognized or certified pursuant to article fourteen of
the civil service law, and who, on December sixteenth, two thousand
five, had an accumulated balance of additional member contributions at
the retirement system.
11. Notwithstanding any provision of law, rule or regulation to the
contrary, any member who is a current member of the New York city
transit authority twenty-five year and age fifty-five retirement plan
authorized in this section:
(i) whose name was included on a preferred eligible list during any
period occurring on or after May eleventh, two thousand ten and on or
prior to July twenty-fifth, two thousand twelve, by reason of the
abolition of a position held by him or her with the New York city
transit authority; and
(ii) who was a member or former member at the time when his or her
name was placed on such list;
shall be permitted to contribute to such retirement plan, the amount
which he or she would have contributed to such system for the duration
of time his or her name was included on such list, together with regular
interest on such amount, and the length of credited time for which
contributions are made pursuant to this paragraph shall be credited as
allowable service in the transit authority plan under this section for
all purposes, including eligibility for benefits.