§ 504-d. Twenty-year retirement program for New York city correction
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. "New York city correction officer" shall mean a member of the
uniformed force of the New York city department of correction who holds
the rank of correction officer below the rank of captain; 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" 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.

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

4. "Starting date of the twenty-year retirement program" 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" shall mean any
New York city correction 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-year
retirement program, as applicable to him or her.

6. "Discontinued member" shall mean a participant in the twenty-year
retirement program who, while he or she was a New York city correction
officer, discontinued service in the uniformed force of the New York
city department of correction 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.

b. Participation in twenty-year retirement program. 1. Each person who
becomes a New York city correction member on or after the starting date
of the twenty-year retirement program, who first became or becomes a New
York city correction member on or after such starting date 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 on the date he or she
becomes a New York city correction member. Notwithstanding any other
provision of law to the contrary, a participant in the twenty-year
retirement program 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 who is governed by article eleven of this
chapter, and who is a participant in either the twenty-year improved
benefit retirement program for correction officers below the rank of
captain established by section four hundred forty-five-a of such article
eleven or the twenty-year improved benefit retirement program for
captains and above established by section four hundred forty-five-c of
such article eleven.

1-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.

2. Where any participant in the twenty-year retirement program shall
cease to hold the position of New York city correction officer, 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.

3. Where any participant in the twenty-year retirement program
terminates service as a New York city correction officer and returns to
such service as a New York city correction member 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:

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

(ii) who, subject to the provisions of paragraph six of subdivision e
of this section, has paid, before the effective date of retirement, all
additional member contributions and interest (if any) required by
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
at the time so specified for his or her retirement;
shall be retired pursuant to the provisions of this section affording
early service retirement.

2. (i) Notwithstanding any other provision of law to the contrary, and
subject to the provisions of paragraph six of subdivision e of this
section, the early service retirement benefit for participants in the
twenty-year retirement program 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 equal that
payable upon completion of thirty years of service.

d. Vesting. 1. A participant in the twenty-year retirement program:

(i) who discontinues service in the uniformed force of the New York
city department of correction while he or she is a New York city
correction officer, 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 seven of subdivision
e of this section, has paid, prior to such discontinuance, all
additional member contributions and interest (if any) required by
subdivision e of this section; and

(iv) who does not withdraw in whole or in part his or her accumulated
member contributions pursuant to section 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 for service if such
discontinuance had not occurred.

3. Subject to the provisions of paragraph seven of subdivision e of
this section, such deferred vested benefit shall be a 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 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 four and sixty-one one-hundredths
percent of his or her compensation earned from all service as a New York
city correction member.

2. A participant in the twenty-year retirement program 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, 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.

4. (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 provided in subparagraph (iii) of this paragraph, no
interest shall be due on any such unpaid additional member contributions
which are not attributable to the period prior to the first full payroll
period referred to in paragraph three of this subdivision.

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

5. The head of a retirement system which includes participants in the
twenty-year retirement program in its membership may, consistent with
the provisions of this subdivision, promulgate regulations for the
payment of such additional member contributions, and any interest
thereon, by such participants (including the deduction of such
contributions, and any interest thereon, from the participants'
compensation).

6. Where a participant who is otherwise eligible for service
retirement pursuant to subdivision c of this section did not, prior to
the effective date of retirement, pay the entire amount of a
contribution deficiency chargeable to him or her pursuant to paragraph
four 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
paragraph four which such participant did not pay prior to the effective
date of his or her retirement.

7. Where a participant who is otherwise eligible for a vested right to
a deferred benefit pursuant to subdivision d of this section did not,
prior to the date of discontinuance of service, pay the entire amount of
a contribution deficiency chargeable to him or her pursuant to paragraph
four 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 paragraph four which
such participant did not pay prior to his or her discontinuance of
service.

8. Where a participant has not paid in full any contribution
deficiency chargeable to him or her pursuant to paragraph four 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 nine of this
subdivision, or a benefit which has been reduced pursuant to paragraph
six or seven 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.

9. (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 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 who
has rendered less than fifteen years of credited service cease to hold
the position of New York city correction officer 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, 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 otherwise provided in subparagraph (ii) of this
paragraph, no member while he or she is a participant in the twenty-year
retirement program or otherwise shall have a right to withdraw such
additional member contributions or any interest thereon from the
retirement system.

10. Notwithstanding any other provision of law to the contrary, no
member of the retirement system shall 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.