New York Laws
Article 11 - Limitations Applicable to New Entrants
445-F - Optional Twenty-Five Year Improved Benefit Retirement Program for Deputy Sheriff Members.

(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 and such deductions had been
required for such payroll period until such amount is paid to the
retirement system; and
(C) (1) interest on each such amount included in such participant's
contribution deficiency pursuant to this subparagraph shall be
calculated as if such additional member contributions never had been
paid by such participant, and such interest shall accrue from the end of
the payroll period to which an amount of such additional member
contributions is attributable, compounded annually, until such amount is
paid to the retirement system.
(2) 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subdivision, has withdrawn any additional member contributions (and any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-five
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 subclause two of clause (C) of
subparagraph (i) of this paragraph) for any credited service with
respect to which such person received a refund of additional member
contributions (including any amount of an unpaid loan balance deemed to
have been returned to such person pursuant to paragraph seven of this
subdivision), as if such additional member contributions never had been
paid.
4. The board of trustees of the retirement system may, consistent with
the provisions of this subdivision, promulgate regulations for the

payment of the additional member contributions required by this
subdivision, and any interest thereon, by a participant in the
twenty-five year improved benefit retirement program (including the
deduction of such contributions, and any interest thereon, from his or
her compensation).
5. 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
three of this subdivision, that participant, nevertheless, shall be
eligible to retire pursuant to subdivision c of this section, provided,
however, that where such participant is not entitled to a refund of
additional member contributions pursuant to paragraph seven of this
subdivision, such participant's service retirement benefit calculated
pursuant to the applicable provisions of subdivision c of this section
shall be reduced by a life annuity (calculated in accordance with the
method set forth in subdivision i of section six hundred thirteen-b of
this chapter) which is actuarially equivalent to the amount of any
unpaid contribution deficiency chargeable to such member pursuant to
paragraph three of this subdivision.
6. Subject to the provisions of paragraph five of this subdivision,
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 member contributions or accumulated deductions of a member
of the retirement system under section 13-125 or section 13-162 of the
administrative code while he or she is a participant in the twenty-five
year improved benefit retirement program or otherwise.
(ii) Should a participant in the twenty-five year improved benefit
retirement program, who has rendered less than five years of credited
service cease to hold a position as a deputy sheriff 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) which remain credited to
such participant's account 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
interest required by law to be used to credit interest on the
accumulated deductions of retirement system members compounded annually.
(iii) Notwithstanding any other provision of law to the contrary, (A)
no person shall be permitted to withdraw from the retirement system any
additional member contributions paid pursuant to this subdivision or any
interest paid thereon, except pursuant to and in accordance with the
preceding subparagraphs of this paragraph; and (B) no person, while he
or she is a participant in the twenty-five year improved benefit
retirement program, shall be permitted to withdraw any such additional
member contributions or any interest paid thereon pursuant to any of the
preceding subparagraphs of this paragraph or otherwise.

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 required by 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.
* NB There are 3 § 445-f's