Bill Text: NY S06139 | 2017-2018 | General Assembly | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Relates to return of member contributions of New York city correction officers after more than fifteen years of service.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2018-07-25 - PRINT NUMBER 6139A [S06139 Detail]

Download: New_York-2017-S06139-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          6139
                               2017-2018 Regular Sessions
                    IN SENATE
                                      May 11, 2017
                                       ___________
        Introduced  by  Sen.  GOLDEN -- read twice and ordered printed, and when
          printed to be committed to the Committee on Civil Service and Pensions
        AN ACT to amend the retirement and social security law, in  relation  to
          the return of member contributions
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
     1    Section 1. Subparagraph (ii)  of  paragraph  7  of  subdivision  d  of
     2  section  445-a  of the retirement and social security law, as amended by
     3  chapter 631 of the laws of 1993, is amended to read as follows:
     4    (ii) Except as otherwise provided in subparagraph (iii) of this  para-
     5  graph,  should a participant in the twenty-year improved benefit retire-
     6  ment program[, who has rendered less  than  fifteen  years  of  credited
     7  service]  cease to hold the position of New York city correction officer
     8  below the rank of captain for any reason whatsoever other  than  service
     9  retirement  or  resignation with a vested right to a benefit, his or her
    10  accumulated additional member contributions made pursuant to this subdi-
    11  vision (together with  any  interest  thereon  paid  to  the  retirement
    12  system) may be withdrawn by him or her pursuant to procedures promulgat-
    13  ed  in  regulations  of  the board of trustees of the retirement system,
    14  together with interest thereon equal to eight  and  one-quarter  percent
    15  per annum, compounded annually.
    16    §  2.  Paragraph 6 of subdivision d of section 445-c of the retirement
    17  and social security law, as added by chapter 631 of the laws of 1993, is
    18  amended to read as follows:
    19    6. Where a person [who] became or becomes a participant in  the  twen-
    20  ty-year  improved benefit retirement program for captains and above [has
    21  rendered less than fifteen years of credited service as of the  date  he
    22  or  she  became or becomes a New York city correction member of the rank
    23  of captain or above], the amount of the contribution deficiency  charged
    24  to  such  a  participant pursuant to paragraph five of this subdivision,
    25  consisting of retroactive additional member contributions plus  interest
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD11668-01-7
        S. 6139                             2
     1  on  such  amounts, shall be reduced by an amount equal to the additional
     2  member contributions which such participant made pursuant  to  paragraph
     3  one  of subdivision d of section four hundred forty-five-a of this arti-
     4  cle  as  a  participant  in  the twenty-year improved benefit retirement
     5  program for correction officers below the rank of captain (together with
     6  any interest thereon) which are on deposit  in  the  contingent  reserve
     7  fund  of the retirement system on the date such person became or becomes
     8  a participant in the twenty-year improved benefit retirement program for
     9  captains and above.
    10    § 3. Clause (A) of subparagraph (ii) of paragraph 11 of subdivision  d
    11  of  section 445-c of the retirement and social security law, as added by
    12  chapter 631 of the laws of 1993, is amended to read as follows:
    13    (A) Should a participant in the twenty-year improved  benefit  retire-
    14  ment  program for captains and above [who has rendered less than fifteen
    15  years of credited service] cease to hold the position of New  York  city
    16  correction  officer of the rank of captain or above for any reason what-
    17  soever, other than service retirement or resignation with a vested right
    18  to a benefit, his or her  accumulated  additional  member  contributions
    19  made  pursuant  to  this subdivision (together with any interest thereon
    20  paid to the retirement system) may be withdrawn by him or  her  pursuant
    21  to procedures promulgated in regulations of the board of trustees of the
    22  retirement  system,  together with interest thereon at the rate of eight
    23  and one-quarter percent per annum, compounded annually.
    24    § 4. Clause (A) of subparagraph (ii) of paragraph 8 of  subdivision  e
    25  of  section  504-a of the retirement and social security law, as amended
    26  by chapter 622 of the laws of 2004, is amended to read as follows:
    27    (A) Except as otherwise provided in subparagraph (iii) of  this  para-
    28  graph,  should  a  participant in the twenty-year retirement program who
    29  has rendered less than fifteen years of credited service cease  to  hold
    30  the  position  of  New  York  city  correction officer below the rank of
    31  captain for any reason  whatsoever  other  than  service  retirement  or
    32  resignation  with a vested right to a benefit under this section, his or
    33  her accumulated additional member contributions made  pursuant  to  this
    34  subdivision  (together  with any interest thereon paid to the retirement
    35  system) may be withdrawn by him or her pursuant to procedures promulgat-
    36  ed in regulations of the board of trustees  of  the  retirement  system,
    37  together  with  interest  thereon at the rate of five percent per annum,
    38  compounded annually.
    39    § 5. Paragraph 6 of subdivision e of section 504-b of  the  retirement
    40  and  social security law, as amended by chapter 622 of the laws of 2004,
    41  is amended to read as follows:
    42    6. Where a person [who] became or becomes a participant in  the  twen-
    43  ty-year  retirement  program  for  captains and above [has rendered less
    44  than fifteen years of credited service as of the date he or  she  became
    45  or  becomes  a New York city correction member of the rank of captain or
    46  above], the amount of the contribution  deficiency  charged  to  such  a
    47  participant  pursuant  to paragraph five of this subdivision, consisting
    48  of retroactive additional member contributions  plus  interest  on  such
    49  amounts,  shall  be  reduced by an amount equal to the additional member
    50  contributions which such participant made pursuant to paragraph  one  of
    51  subdivision  e  of  section  five  hundred  four-a  of this article as a
    52  participant in the twenty-year retirement program for  correction  offi-
    53  cers  below  the  rank  of  captain (together with any interest thereon)
    54  which are on deposit in the contingent reserve fund  of  the  retirement
    55  system  on  the  date such person became or becomes a participant in the
    56  twenty-year retirement program for captains and above, provided,  howev-
        S. 6139                             3
     1  er,  that  for  persons who elect to become a participant in the twenty-
     2  year retirement program for captains and above pursuant to  subparagraph
     3  (ii)  of  paragraph one of subdivision b of this section or subparagraph
     4  (ii)  of  paragraph two of subdivision b of this section, such reduction
     5  pursuant to this paragraph in the amount of such contribution deficiency
     6  shall be by the amount of  such  additional  member  contributions  made
     7  pursuant to subdivision e of section five hundred four-a of this article
     8  (together  with  any  interest  thereon)  which  are  on deposit in such
     9  contingent reserve fund at the time such member files such  election  to
    10  become  such a participant, and such participant shall not thereafter be
    11  permitted to withdraw any portion of  such  additional  member  contrib-
    12  utions  made pursuant to subdivision e of section five hundred four-a of
    13  this article at any time while he or she is a participant in  the  twen-
    14  ty-year  retirement program for captains and above, and provided further
    15  that the provisions of this paragraph shall apply to any person who is a
    16  participant in the twenty-year retirement program for captains and above
    17  on or after the revised contribution date, even where  such  person  has
    18  rendered  fifteen or more years of credited service as of the date he or
    19  she became a New York city correction member of the rank of  captain  or
    20  above.
    21    §  6. Clause (A) of subparagraph (ii) of paragraph 12 of subdivision e
    22  of section 504-b of the retirement and social security law, as added  by
    23  chapter 631 of the laws of 1993, is amended to read as follows:
    24    (A)  Should  a  participant  in the twenty-year retirement program for
    25  captains and above [who has rendered less than fifteen years of credited
    26  service] cease to hold the position of New York city correction  officer
    27  of  the  rank  of  captain or above for any reason whatsoever other than
    28  service retirement or resignation with a vested right to a benefit under
    29  this section, his or her  accumulated  additional  member  contributions
    30  made  pursuant  to  this subdivision (together with any interest thereon
    31  paid to the retirement system) may be withdrawn by him or  her  pursuant
    32  to  procedures  promulgated in regulations of the head of the retirement
    33  system, together with interest thereon at the rate of five  percent  per
    34  annum, compounded annually.
    35    § 7. This act shall take effect immediately.