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

(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
improved benefit 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 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 improved benefit retirement program for
captains and above.
2. A participant in the twenty-year improved benefit retirement
program for captains and above shall contribute additional member
contributions only until he or she is eligible to retire with twenty
years of credited service under such retirement program.
3. Commencing with the first full payroll period after each person
become a participant in the twenty-year improved benefit 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 13-155 of the administrative code, and the additional member
contributions required pursuant to paragraph one of this subdivision,
each participant in the twenty-year improved benefit 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 improved
benefit 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 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
improved benefit 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 improved
benefit 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 shall 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 improved
benefit 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 improved
benefit retirement program for captains and above.
5. Each participant in the twenty-year improved benefit 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 improved benefit 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 d of section four hundred forty-five-a
of this article as a participant in the twenty-year improved benefit
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 improved benefit
retirement program for captains and 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,
compounded annually; and
(B) such interest on each unpaid 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, 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 otherwise provided in subparagraph (iii) of this
paragraph, no interest shall be due on any 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 eleven 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 for captains and above 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.
8. 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 for captains and above (including the deduction of such
contributions, and any interest thereon, from his or her compensation).
9. Where a participant, who is otherwise eligible to have the benefits
of subdivision c of this section applied to the calculation of his or
her retirement allowance, did not, while he or she was a correction
member of the rank of captain or above, 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 entitled to the benefits of subdivision c of this section,
provided, however, that the retirement allowance, as modified by the
provisions 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 while he
or she was a correction member of the rank of captain or above.
10. 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 a
member's accumulated deductions, or a refund of additional member
contributions pursuant to paragraph eleven of this subdivision, or a
retirement allowance which has been reduced pursuant to the provisions
of paragraph nine 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.
11. (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 for captains and above or otherwise.
(ii) (A) Should a participant in the twenty-year improved benefit
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 board of trustees of the
retirement system, together with interest thereon at the rate of eight
and one-quarter percent per annum, compounded annually.
(B) Upon the death of a participant in the twenty-year improved
benefit 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 deductions 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 eight and
one-quarter percent per annum, compounded annually.
(iii) Except as otherwise provided in subparagraph (ii) of this
paragraph, no member of the retirement system, 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.
12. 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.
13. Notwithstanding any other provisions 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.
14. 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.
15. The provisions of subdivision b of section four hundred forty of
this article shall apply to participants under this section.