New York Laws
Article 14 - Coordinated-Escalator Retirement Plan
504-A - Twenty-Year Retirement Program for New York City Correction Members Below the Rank of Captain.

(i) who has completed twenty or more years of credited service; and
(ii) who 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, 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
who:
(i) 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 below the rank of captain, other than by death or retirement;
and
(ii) prior to such discontinuance, completed five but less than twenty
years of credited service; and
(iii) has paid, prior to such discontinuance, all additional member
contributions and interest (if any) required by subdivision e of this
section; and
(iv) 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repays the amounts so withdrawn, together with interest, pursuant to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. 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 (subject to the applicable provisions of section 13-125.1 of
the administrative code) an additional percentage of his or her
compensation to the retirement system of which he or she is a member in
accordance with the following schedule:
(i) each such participant who became a New York city correction member
below the rank of captain prior to July first, nineteen hundred
eighty-eight shall contribute an additional five and eleven
one-hundredths percent of his or her compensation earned from all
credited service rendered on and after the starting date of the
twenty-year retirement program;
(ii) each such participant who became or becomes a New York city
correction member below the rank of captain for the first time on or
after July first, nineteen hundred eighty-eight shall contribute an
additional three and sixty-one one-hundredths percent of his or her
compensation earned from all credited service earned as a correction
officer below the rank of captain rendered on or after the starting date
of the twenty-year retirement program.
A participant in the twenty-year retirement program shall contribute
additional member contributions only until he or she has twenty years of
credited service.
2. Commencing with the first full payroll period after each person
becomes a participant in the twenty-year retirement program, 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.
3. (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 two 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 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 eight 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 six 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 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).
5. Where a contribution deficiency chargeable to a participant
pursuant to paragraph three of this subdivision has not been paid in
full before the effective date of retirement, that participant shall not
be eligible to retire pursuant to subdivision c of this section.
6. Where a contribution deficiency chargeable to a participant
pursuant to paragraph three of this subdivision has not been paid in
full before the date of discontinuance of service, that participant
shall not be entitled to a deferred vested benefit pursuant to
subdivision d of this section.
7. 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 member contributions
pursuant to section five hundred seventeen of this article or a refund
of additional member contributions pursuant to paragraph eight 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.
8. (i) Such additional member contributions (and any interest thereon)
shall be paid into the contingent reserve fund of the retirement system
of which the participant is a member 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) Except as otherwise provided in subparagraph (iii) of this
paragraph, 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 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 at the rate of five percent per annum, compounded annually.
(B) Upon the death of a participant in the twenty-year retirement
program on or after the effective date of this clause, 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) (A) Notwithstanding any other provisions 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, and who is
otherwise eligible to elect to become a participant in the twenty-year
retirement program for captains and above pursuant to paragraph one or

two of subdivision b of section five hundred four-b of this article, and
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 retirement program for
captains and above shall not be eligible to elect to become a
participant in the twenty-year retirement program for captains and above
pursuant to paragraph one or two of subdivision b of such section five
hundred four-b.
(B) Notwithstanding any other provision of law to the contrary, any
person who is 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 and who, upon
such promotion, becomes a participant in the twenty-year retirement
program for captains and above pursuant to paragraph four of subdivision
b of section five hundred four-b of this article, shall not be permitted
to withdraw any portion of his or her 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 retirement program for captains and above.
(C) Notwithstanding any other provision of law to the contrary, any
former participant in the twenty-year retirement program who becomes a
participant in the twenty-year retirement program for captains and above
pursuant to any provision of subdivision b of section five hundred
four-b of this article, 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 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 retirement program for
captains and above.
(iv) Except as provided in subparagraph (ii) of this paragraph, no
member while he or she is a participant or otherwise, shall have a right
to withdraw such additional member contributions or any interest thereon
from the retirement system.
9. No member of a public retirement system shall be permitted to
borrow any portion of the additional member contributions (including any
interest paid thereon by the participant) 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 item (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.