New York Laws
Article 11 - Limitations Applicable to New Entrants
445-A - Optional Twenty-Year Improved Benefit Retirement Program for New York City Correction Members Below the Rank of Captain.

(A) that participant shall be charged with a contribution deficiency
consisting of such unpaid amounts, together with interest thereon,
compounded annually; and
(B) such interest on each amount of undeducted contributions shall
accrue from the end of the payroll period for which such amount would
have been deducted from compensation if he or she had been a participant
at the beginning of that payroll period, until such amount is paid to
the retirement system; and
(C) the rate of interest to be applied to each such amount during the
period for which interest accrues on that amount shall be equal to the
rate or rates of interest required by law to be used during that same
period to credit interest on the accumulated deductions of retirement
system members.
(ii) Except as provided in subparagraph (iii) of this paragraph, no
interest shall be due on any unpaid additional contributions which are
not attributable to the period prior to the first full payroll period
referred to in paragraph two of this subdivision.
(iii) Should any person who, pursuant to paragraph seven of this
subdivision, has withdrawn any additional member contributions (and any
interest paid thereon) again become a participant in the twenty-year
improved benefit retirement program pursuant to paragraph five of
subdivision b of this section, an appropriate amount shall be included
in such participant's contribution deficiency (including interest
thereon as calculated pursuant to subparagraph (i) of this paragraph) as
if such additional contributions had never been made.
4. The board of trustees of the retirement system may, consistent with
the provisions of this subdivision, promulgate regulations for the
payment of such additional member contributions, and any interest

thereon, by a participant in the twenty-year improved benefit retirement
program (including the deduction of such contributions, and any interest
thereon, from his or her compensation).
5. Where a contribution deficiency chargeable to a participant
pursuant to paragraph three of this subdivision has not been paid in
full while the participant is a New York city correction member below
the rank of captain, that participant shall not be entitled to the
benefits provided in subdivision c of this section.
6. Where a participant has not paid in full any contribution
deficiency chargeable to him or her pursuant to paragraph three of this
subdivision, and a benefit, other than a refund of a member's
accumulated deductions or a refund of additional member contributions
pursuant to paragraph seven of this subdivision, becomes payable by the
retirement system to the participant or to his or her designated
beneficiary or estate, the actuarial equivalent of any such unpaid
amount shall be deducted from the benefit otherwise payable.
7. (i) All additional member contributions required by this
subdivision (and any interest thereon) which are received by the
retirement system shall be paid into its contingent reserve fund and
shall be the property of the retirement system. Such additional member
contributions (and any interest thereon) shall not for any purpose be
deemed to be accumulated deductions of a member of the retirement system
while he or she is a participant in the twenty-year improved benefit
retirement program or otherwise.
(ii) Except as otherwise provided in subparagraph (iii) of this
paragraph, should a participant in the twenty-year improved benefit
retirement program, who has rendered less than fifteen years of credited
service cease to hold the position of New York city correction officer
below the rank of captain 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 board of trustees of the retirement
system, together with interest thereon equal to eight and one-quarter
percent per annum, compounded annually.
(iii) (A) Notwithstanding any other provision of law to the contrary,
any person who has been promoted directly from the position of New York
city correction officer below the rank of captain to the position of New
York city correction officer of the rank of captain or above, who
withdraws any portion of his or her accumulated additional member
contributions pursuant to subparagraph (ii) of this paragraph on or
after the starting date of the twenty-year improved benefit retirement
program for captains and above, shall not be eligible to elect to become
a participant in the twenty-year improved benefit retirement program for
captains and above.
(B) Notwithstanding any other provision of law to the contrary, any
former participant in the twenty-year improved benefit retirement
program who becomes a participant in the twenty-year improved benefit
retirement program for captains and above, and who has additional member
contributions on deposit in the contingent reserve fund of the
retirement system at the time he or she becomes a participant in the
twenty-year improved benefit retirement program for captains and above,
shall not be permitted to withdraw any portion of such accumulated
additional member contributions pursuant to the provisions of
subparagraph (ii) of this paragraph at any time while he or she is a
participant in the twenty-year improved benefit retirement program for
captains and above.
(iv) Except as otherwise provided in subparagraph (ii) of this
paragraph, no member of the retirement system, while he or she is a
participant in such retirement program or otherwise, shall have a right
to withdraw such additional member contributions or any interest thereon
from the retirement system.
8. No member of the retirement system shall be permitted to borrow any
portion of the additional member contributions (including any interest
paid thereon) which are subject to this subdivision.
9. Notwithstanding any other provision of law to the contrary, the
provisions of section one hundred thirty-eight-b of this chapter shall
not be applicable to the additional member contributions which are
required by this subdivision.
10. Notwithstanding any other provision of law to the contrary, the
additional member contributions which are required by this subdivision
shall not be reduced under any program for increased-take-home-pay.
e. The provisions of subdivision b of section four hundred forty of
this article shall apply to participants under this section.