§ 445-D — Optional age fifty-five improved benefit retirement program for certain New York city members

New York § 445-D

• Jurisdiction: New York
• Law RSS: Retirement & Social Security
• Art. 11: Limitations Applicable to New Entrants

Text

* § 445-d. Optional age fifty-five improved benefit retirement program\nfor certain New York city members. a. Definitions. The following words\nand phrases as used in this section shall have the following meanings\nunless a different meaning is plainly required by the context.\n 1. "NYCERS" shall mean the New York city employees' retirement system.\n 2. "BERS" shall mean the board of education retirement system of the\ncity of New York.\n 3. "Administrative code" shall mean the administrative code of the\ncity of New York.\n 4. "BERS rules and regulations" shall mean the rules and regulations\nfor the government, management and control of BERS adopted pursuant to\nsection twenty-five hundred seventy-five of the education law.\n 5. "New York city eligible position" shall mean:\n (i) with respect to members of NYCERS, all positions in city-service\n(as defined in subdivision three of section 13-101 of the administrative\ncode), except (a) any position in the uniformed transit police force, as\ndefined in subdivision thirty-one of section 13-101 of the\nadministrative code; (b) any position in the New York city transit\nauthority which is covered by the provisions of section 13-161 of the\nadministrative code, whether or not the person employed in such position\nelected the benefits of such section 13-161; (c) any position in the\nhousing police service, as defined in subdivision thirty-five of section\n13-101 of the administrative code; (d) any position in the uniformed\ncorrection force, as defined in subdivision thirty-nine of section\n13-101 of the administrative code; (e) any position in the uniformed\nforce of the department of sanitation, as defined in subdivision\nsixty-two of section 13-101 of the administrative code; (f) the\npositions of bridge and tunnel officer, bridge and tunnel sergeant,\nbridge and tunnel lieutenant, assistant bridge and tunnel maintainer,\nbridge and tunnel maintainer, senior bridge and tunnel maintainer and\nlaborer with the Triborough bridge and tunnel authority; (g) any\nposition in the division of housing and community renewal; (h) any\nposition in the unified court system; (i) any teaching position with the\ncity university of New York; and (j) any position as an investigator\nmember; or\n (ii) with respect to members of BERS, all positions in education\nservice (as defined in paragraph fifteen of this subdivision), except\nany position as a substitute teacher or any other position represented\nby the recognized teacher organization for collective bargaining\npurposes.\n 6. "New York city eligible member" shall mean a member of NYCERS or\nBERS who is subject to the provisions of this article and who is\nemployed in a New York city eligible position.\n 7. "Age fifty-five improved benefit retirement program" shall mean all\nthe terms and conditions of this section.\n 8. "Starting date of the age fifty-five improved benefit retirement\nprogram" shall mean the commencement date of the first payroll period\nwhich begins after January first, nineteen hundred ninety-five.\n 9. "Enactment date of the age fifty-five improved benefit retirement\nprogram" shall mean the date this section takes effect.\n 10. "Participant in the age fifty-five improved benefit retirement\nprogram" shall mean any New York city eligible member who, under the\napplicable provisions of subdivision b of this section, is entitled to\nthe rights, benefits and privileges and is subject to the obligations of\nthe age fifty-five improved benefit retirement program, as applicable to\nhim or her.\n 11. "Physically taxing position" shall mean, for a member of NYCERS, a\nNew York city eligible position which is a physically taxing position as\ndefined in subdivision fifty-six of section 13-101 of the administrative\ncode or, for a member of BERS, a New York city eligible position which\nis a physically taxing position as defined in subdivision thirty-five of\nsection two of the BERS rules and regulations.\n 12. "Participating retirement system" shall mean NYCERS or BERS.\n 13. "Credited CPP qualifying service" shall mean, for a member of\nNYCERS, career pension plan qualifying service, as defined in\nsubdivision forty-eight of section 13-101 of the administrative code,\nwhich is credited to such member or, for a member of BERS, creditable\ncareer pension plan service, as defined in subdivision thirty-eight of\nsection two of the BERS rules and regulations, which is credited to such\nmember.\n 14. "Active service" shall mean, for a member of NYCERS, city-service\n(as defined in subdivision three of section 13-101 of the administrative\ncode) for which such member is being paid on the payroll or, for a\nmember of BERS, education service (as defined in paragraph fifteen of\nthis subdivision) for which such member is being paid on the payroll.\n 15. "Education service" shall mean service as a paid official or\nemployee of the board of education of the city of New York or the New\nYork city school construction authority, and allowable pursuant to the\napplicable provisions which govern the service credit of a member of\nBERS.\n 16. "Active or retired employee of the council of the city of New\nYork" shall mean all duly sworn members of the city council as well as\nall salaried employees who comprise the staff of the city council on a\nfull-time or part-time basis who are either in active service on the\neffective date of this paragraph or who are retired from such service.\n 17. "Retired employee of the council of the city of New York" shall\nmean all duly sworn members of the New York city council as well as all\nsalaried employees who comprise the staff of the city council on a\nfull-time or part-time basis who are retired from active service.\n b. Participation in age fifty-five improved benefit retirement\nprogram. 1. Subject to the provisions of paragraphs five and six of\nthis subdivision, any person who is a New York city eligible member in\nactive service on the enactment date of the age fifty-five improved\nbenefit retirement program may elect to become a participant in the age\nfifty-five improved benefit retirement program by filing, within ninety\ndays after such enactment date, a duly executed application for such\nparticipation with the retirement system of which such person is a\nmember, provided he or she is a New York city eligible member in active\nservice on the date such application is filed. Notwithstanding this\nprovision, a New York city eligible member in active service on the\nenactment date of the age fifty-five improved benefit retirement program\nwho is an active or retired employee of the council of the city of New\nYork may elect to participate in the age fifty-five improved benefit\nretirement program at any time subsequent to the enactment date of such\nprogram.\n 2. Subject to the provisions of paragraphs five and six of this\nsubdivision, any person who becomes a New York city eligible member in\nactive service after the enactment date of the age fifty-five improved\nbenefit retirement program may elect to become a participant in the age\nfifty-five improved benefit retirement program by filing, within ninety\ndays after becoming a New York city eligible member in active service, a\nduly executed application for such participation with the retirement\nsystem of which such person is a member, provided he or she is a New\nYork city eligible member in active service on the date such application\nis filed.\n 3. (i) Except as provided in subparagraph (ii) of this paragraph, any\nelection to be a participant in the age fifty-five improved benefit\nretirement program shall be irrevocable.\n (ii) Notwithstanding any other provision of law to the contrary, any\nparticipant in the age fifty-five improved benefit retirement program\nwhose age and amount of credited CPP qualifying service (which amount of\ncredited CPP qualifying service shall, for the limited purposes only of\nthis subparagraph, include service rendered previous to becoming a\nmember which is not yet credited, but for which such person is or may\nbecome eligible to obtain CPP qualifying service credit pursuant to\napplicable provisions of law) at the time of first becoming such a\nparticipant are such that he or she could not possibly be able to\naccumulate a total of at least twenty-five years of credited CPP\nqualifying service by the time he or she reaches age sixty-two, assuming\nsuch person were to earn a full year of credited CPP qualifying service\nin each and every year until he or she becomes sixty-two years of age\n(whether or not such person actually intends to earn such amounts of\ncredit), may withdraw from the age fifty-five improved benefit\nretirement program by filing, within two years after first becoming such\na participant, or within the period beginning November first, nineteen\nhundred ninety-seven and ending January thirtieth, nineteen hundred\nninety-eight, a written request to withdraw from such program with the\nretirement system of which such person is a member.\n 4. Where any participant in the age fifty-five improved benefit\nretirement program shall cease to hold a New York city eligible\nposition, he or she shall cease to be such a participant and, during any\nperiod in which such person is not a New York city eligible member, he\nor she shall not be a participant in the age fifty-five improved benefit\nretirement program.\n 5. Where any participant in the age fifty-five improved benefit\nretirement program terminates service in a New York city eligible\nposition and returns to service in a New York city eligible position at\na later date and again becomes a New York city eligible member, he or\nshe shall again become such a participant upon becoming a New York city\neligible member.\n 6. Notwithstanding any other provision of law to the contrary, any\nperson who is eligible to elect to become a participant in the age\nfifty-five improved benefit retirement program pursuant to paragraph one\nor two of this subdivision for the full ninety-day period provided for\nin such applicable paragraph, and who fails to timely file a duly\nexecuted application for such participation with the appropriate\nretirement system, shall not thereafter be eligible to become a\nparticipant in such program. The provisions of this paragraph shall not\nbar participation in such program, however, by a New York city eligible\nmember in active service on the enactment date of the age fifty-five\nimproved benefit retirement program who is an active or retired employee\nof the council of the city of New York.\n c. 1. Non-physically taxing service retirement. Notwithstanding any\nother provision of law to the contrary, a participant in the age\nfifty-five improved benefit retirement program:\n (i) who is otherwise eligible to retire for service with immediate\npayability of a retirement allowance pursuant to section 13-162 of the\nadministrative code or section thirty of the BERS rules and regulations;\nand\n (ii) who has completed twenty-five or more years of credited CPP\nqualifying service; and\n (iii) who has attained age fifty-five; and\n (iv) who, subject to the provisions of paragraph ten of subdivision d\nof this section, has paid, before the effective date of retirement, all\nadditional member contributions and interest (if any) required by\nparagraphs one, four, five and six of subdivision d of this section, or,\nfor a New York city eligible member in active service on the enactment\ndate of the age fifty-five improved benefit retirement program who is an\nactive or retired employee of the council of the city of New York, who\nhas paid all additional member contributions pursuant to paragraph five\nof subdivision d of this section; and\n (v) who shall be a participant in the age fifty-five improved benefit\nretirement program in active service at the time so specified for his or\nher retirement; shall, subject to the provisions of paragraph ten of\nsubdivision d of this section, be permitted to retire with a minimum\nretirement age of fifty-five, and the benefit reduction provisions set\nforth in subdivision a of section four hundred forty-two of this article\nshall not be applied to the calculation of such participant's retirement\nbenefit.\n For a New York city eligible member in active service on the enactment\ndate of the age fifty-five improved benefit retirement program who is a\nretired employee of the council of the city of New York, however, there\nshall be no requirement of active service at the time of filing for\nretirement provided that such employee has met the other requirements of\nthis paragraph.\n 2. Physically taxing service retirement. A participant in the age\nfifty-five improved benefit retirement program:\n (i) who is otherwise eligible to retire for service with immediate\npayability of a retirement allowance pursuant to section 13-162 of the\nadministrative code or section thirty of the BERS rules and regulations;\nand\n (ii) who has completed twenty-five or more years of credited CPP\nqualifying service in a physically taxing position (as defined in\nparagraph eleven of subdivision a of this section); and\n (iii) who has attained age fifty; and\n (iv) who, subject to the provisions of paragraph ten of subdivision d\nof this section, has paid, before the effective date of retirement, all\nadditional member contributions and interest (if any) required by\nparagraphs one, four, five and six of subdivision d of this section; and\n (v) who shall be a participant in the age fifty-five improved benefit\nretirement program in active service at the time so specified for his or\nher retirement; shall, subject to the provisions of paragraph ten of\nsubdivision d of this section, be permitted to retire with a minimum\nretirement age of fifty, and the benefit reduction provisions set forth\nin subdivision a of section four hundred forty-two of this article shall\nnot be applied to the calculation of such participant's retirement\nbenefit.\n d. Additional member contributions. 1. In addition to the member\ncontributions required by section 13-125 or 13-162 of the administrative\ncode or section eight or thirty of the BERS rules and regulations, each\nparticipant in the age fifty-five improved benefit retirement program\nshall contribute, subject to the applicable provisions of section\n13-125.2 of the administrative code or subdivision nineteen of section\ntwenty-five hundred seventy-five of the education law, an additional\npercentage or additional percentages of his or her compensation to the\nretirement system of which he or she is a member in accordance with the\nfollowing schedule:\n (i) (A) each such participant shall contribute an additional four and\nthirty-five one-hundredths percent of his or her compensation earned\nfrom all credited CPP qualifying service (whether or not in a physically\ntaxing position) rendered on and after the starting date of the age\nfifty-five improved benefit retirement program and prior to the\ncommencement date of the first payroll period which begins after January\nfirst, nineteen hundred ninety-eight (1) while such person is a\nparticipant in such program; and (2) before such person becomes such a\nparticipant pursuant to paragraph one or two of subdivision b of this\nsection (whether or not rendered in a New York city eligible position);\nand (3) after such person ceases to be a participant, but before he or\nshe again becomes such a participant pursuant to paragraph five of such\nsubdivision b (whether or not rendered in a New York city eligible\nposition); and\n (B) each such participant shall contribute an additional two and\neighty-five one-hundredths percent of his or her compensation earned\nfrom all credited CPP qualifying service (whether or not in a physically\ntaxing position) rendered on and after the commencement date of the\nfirst payroll period which begins after January first, nineteen hundred\nninety-eight and prior to the commencement date of the first payroll\nperiod which begins subsequent to the effective date of the chapter of\nthe laws of two thousand one which amended this item (1) while such\nperson is a participant in such program; and (2) before such person\nbecomes such a participant pursuant to paragraph one or two of\nsubdivision b of this section (whether or not rendered in a New York\ncity eligible position); and (3) after such person ceases to be a\nparticipant, but before he or she again becomes such a participant\npursuant to paragraph five of such subdivision b (whether or not\nrendered in a New York city eligible position); and\n (C) each such participant shall contribute an additional one and\neighty-five one-hundredths percent of his or her compensation earned\nfrom all credited CPP qualifying service (whether or not in a physically\ntaxing position) rendered on and after the commencement date of the\nfirst payroll period which begins subsequent to the effective date of\nthe chapter of the laws of two thousand one which added this item (1)\nwhile such person is a participant in such program; and (2) before such\nperson becomes such a participant pursuant to paragraph one or two of\nsubdivision b of this section (whether or not rendered in a New York\ncity eligible position); and (3) after such person ceases to be a\nparticipant, but before he or she again becomes such a participant\npursuant to paragraph five of such subdivision b (whether or not\nrendered in a New York city eligible position); and\n (ii) each such participant who is employed in a physically taxing\nposition (as defined in paragraph eleven of subdivision a of this\nsection) shall contribute, in addition to the additional member\ncontributions required to be made at the percentage of compensation\nspecified in subparagraph (i) of this paragraph for the credited CPP\nqualifying service specified in such subparagraph (i), an additional one\nand ninety-eight one-hundredths percent of his or her compensation\nearned from that portion of such credited CPP qualifying service which\nis rendered in a physically taxing position on and after the starting\ndate of the age fifty-five improved benefit retirement program (A) while\nsuch person is a participant in such program; and (B) before such person\nbecomes such a participant pursuant to paragraph one or two of\nsubdivision b of this section; and (C) after such person ceases to be a\nparticipant, but before he or she again becomes such a participant\npursuant to paragraph five of such subdivision b.\n 2. A participant in the age fifty-five improved benefit retirement\nprogram shall contribute additional member contributions only until he\nor she has twenty-five years of credited CPP qualifying service.\n 3. (i) Commencing with the first full payroll period after each person\nbecomes a participant in the age fifty-five improved benefit retirement\nprogram, additional member contributions at the applicable rate or rates\nspecified in paragraph one of this subdivision for the particular\ncredited CPP qualifying service being rendered shall be deducted,\nsubject to the applicable provisions of section 13-125.2 of the\nadministrative code or subdivision nineteen of section twenty-five\nhundred seventy-five of the education law, from the compensation of such\nparticipant on each and every payroll of such participant for each and\nevery payroll period for which he or she is such a participant.\n (ii) (A) Those portions of the additional member contributions\nrequired by paragraph one of this subdivision which are attributable to\ncredited CPP qualifying service rendered on and after the enactment date\nof the age fifty-five improved benefit retirement program, and prior to\nthe actual commencement of deductions from compensation pursuant to\nsubparagraph (i) of this paragraph, by a person who becomes a\nparticipant pursuant to paragraph one of subdivision b of this section,\nshall be paid by deductions from the compensation of such participant\npursuant to and in accordance with the provisions of item (B) of this\nsubparagraph.\n (B) Commencing with the payroll period in which deductions of\nadditional member contributions from such participant's compensation are\nbegun pursuant to subparagraph (i) of this paragraph, in addition to\nsuch deductions required by such subparagraph (i), there shall be\nanother deduction of additional member contributions made from the\ncompensation of such participant at one-third the applicable rate or\nrates at which deductions are being made pursuant to such subparagraph\n(i), subject to the applicable provisions of section 13-125.2 of the\nadministrative code or subdivision nineteen of section twenty-five\nhundred seventy-five of the education law, on each and every payroll\nperiod until the total amount of unpaid additional member contributions\ndescribed in item (A) of this subparagraph, if any, has been paid by\ndeductions from compensation pursuant to this subparagraph, provided,\nhowever, that deductions pursuant to this item (B) shall be made only\nduring the period while such person is a participant after first\nbecoming a participant pursuant to paragraph one of subdivision b of\nthis section and before ceasing to be such a participant.\n 4. In addition to the member contributions required by section 13-125\nor section 13-162 of the administrative code or section eight or thirty\nof the BERS rules and regulations, and the additional member\ncontributions required pursuant to paragraph one of this subdivision,\neach participant in the age fifty-five improved benefit retirement\nprogram who was not a member of either NYCERS or BERS on July first,\nnineteen hundred ninety-three shall, subject to the provisions of\nparagraph two of this subdivision, make retroactive additional member\ncontributions to the retirement system of which he or she is a member in\naccordance with the following schedule:\n (i) each such participant shall contribute an additional four and\nthirty-five one-hundredths percent of his or her compensation earned\nfrom all credited CPP qualifying service rendered prior to the starting\ndate of the age fifty-five improved benefit retirement program (whether\nor not rendered in a physically taxing position or a New York city\neligible position); and\n (ii) each such participant who was employed in a physically taxing\nposition as defined in paragraph eleven of subdivision a of this section\nshall contribute, in addition to the additional member contributions\nrequired to be made at the percentage of compensation specified in\nsubparagraph (i) of this paragraph for the credited CPP qualifying\nservice specified in such subparagraph (i), an additional one and\nninety-eight one-hundredths percent of his or her compensation earned\nfrom that portion of such credited CPP qualifying service which was\nrendered in a physically taxing position prior to the starting date of\nthe age fifty-five improved benefit retirement program.\n 5. (i) Each participant in the age fifty-five improved benefit\nretirement program shall be charged with a contribution deficiency\nconsisting of:\n (A) the total amounts of additional member contributions such person\nis required to make pursuant to paragraph one of this subdivision which\nare not deducted from his or her compensation pursuant to paragraph\nthree of this subdivision, if any, together with interest thereon,\ncompounded annually, and computed in accordance with the provisions of\nsubparagraphs (ii), (iii) and (iv) of this paragraph; and\n (B) the total amounts of retroactive additional member contributions\nsuch person is required to make pursuant to paragraph four of this\nsubdivision, if any, together with interest thereon, compounded\nannually, and computed in accordance with the provisions of\nsubparagraphs (ii), (iii) and (iv) of this paragraph.\n (ii) (A) Subject to the provisions of subparagraphs (iii) and (iv) of\nthis paragraph, the interest required to be paid on each such amount\nspecified in items (A) and (B) of subparagraph (i) of this paragraph\nshall accrue from the end of the payroll period for which such amount\nwould have been deducted from compensation if he or she had been a\nparticipant at the beginning of that payroll period and such deduction\nhad been required for such payroll period, until such amount is paid to\nthe retirement system.\n (B) The rate of interest to be applied to each such amount during the\nperiod for which interest accrues on that amount shall be equal to the\nrate or rates of interest required by law to be used during that same\nperiod to credit interest on the accumulated deductions of retirement\nsystem members.\n (iii) Except as otherwise provided in paragraph six of this\nsubdivision, no interest shall be due on any unpaid additional member\ncontributions which are attributable to credited CPP qualifying service\nrendered on or after the starting date of the age fifty-five improved\nbenefit retirement program, but prior to the enactment date of the age\nfifty-five improved benefit retirement program by a person who becomes a\nparticipant pursuant to paragraph one of subdivision b of this section.\n (iv) Except as otherwise provided in paragraph six of this\nsubdivision, no interest shall be due on any unpaid additional member\ncontributions which are not attributable to a period prior to the first\nfull payroll period referred to in paragraph three of this subdivision.\n 6. (i) (A) Should any person who, pursuant to paragraph twelve of this\nsubdivision, has received a refund of the employee portion of his or her\nadditional member contributions (as established in accordance with item\n(B) of subparagraph (ii) of paragraph seven of this subdivision),\nincluding any interest paid on such employee portion, again become a\nparticipant in the age fifty-five improved benefit retirement program\npursuant to paragraph five of subdivision b of this section, an\nappropriate amount shall be included in such participant's contribution\ndeficiency (including interest thereon as calculated pursuant to\nsubparagraph (ii) of this paragraph) for any credited CPP qualifying\nservice for which such person received a refund of such employee portion\nof additional member contributions (including any amount of an unpaid\nloan balance deemed to have been returned to such person pursuant to\nparagraph fourteen of this subdivision), as if such employee portion of\nadditional contributions never had been paid.\n (B) Any person who has his or her membership in one participating\nretirement system terminated without transferring such membership\ndirectly from such participating retirement system to the other\nparticipating retirement system, who has an unpaid balance of a loan of\nthe employee portion of his or her additional member contributions\npursuant to paragraph thirteen of this subdivision at the time of the\ntermination of such membership, who, pursuant to paragraph five of\nsubdivision b of this section, thereafter again becomes a participant in\nthe age fifty-five improved benefit retirement program as a member of\neither participating retirement system without having received a refund\nof the employee portion of his or her additional member contributions\npursuant to paragraph twelve of this subdivision, shall have an\nappropriate amount included in such participant's contribution\ndeficiency (including interest thereon as calculated in subparagraph\n(ii) of this paragraph) for any credited CPP qualifying service for\nwhich such person borrowed and did not repay such employee portion of\nadditional member contributions, as if such employee portion of\nadditional member contributions never had been paid.\n (ii) (A) Interest on the employee portion of a participant's\nadditional member contributions included in such participant's\ncontribution deficiency pursuant to subparagraph (i) of this paragraph\nshall be calculated as if such employee portion of additional member\ncontributions never had been paid by such participant, and such interest\nshall accrue from the end of the payroll period to which an amount of\nsuch employee portion of additional member contributions is\nattributable, compounded annually, until such amount is paid to the\nretirement system.\n (B) The rate of interest to be applied to each such amount during the\nperiod for which interest accrues on that amount shall be equal to the\nrate or rates of interest required by law to be used during that same\nperiod to credit interest on the accumulated deductions of retirement\nsystem members.\n 7. (i) All additional member contributions required by this\nsubdivision (and any interest paid thereon) which are received by the\nretirement system of which the participant is a member shall be paid\ninto its contingent reserve fund and shall not for any purpose be deemed\nto be member contributions or accumulated deductions of a member under\nsection 13-125 or 13-162 of the administrative code or section eight or\nthirty of the BERS rules and regulations or otherwise while he or she is\na participant in the age fifty-five improved benefit retirement program\nor otherwise.\n (ii) All additional member contributions required for any period of\ncredited CPP qualifying service pursuant to paragraph one or four of\nthis subdivision (and any interest paid thereon pursuant to paragraph\nfive of this subdivision) which, pursuant to subparagraph (i) of this\nparagraph, are paid by a participant, subject to the applicable\nprovisions of section 13-125.2 of the administrative code or subdivision\nnineteen of section twenty-five hundred seventy-five of the education\nlaw, into the contingent reserve fund of the retirement system of which\nsuch participant is a member (other than repayments of loans of\nadditional member contributions pursuant to paragraph thirteen of this\nsubdivision or amounts paid in satisfaction of a contribution deficiency\ncalculated in accordance with paragraph six of this subdivision) shall\nbe divided in the following manner:\n (A) one-half of such additional member contributions (and any such\ninterest paid thereon) shall be the employer contribution portion of\nsuch additional member contributions; and\n (B) one-half of such additional member contributions (and any such\ninterest paid thereon) shall be the employee portion of such additional\nmember contributions, and shall be credited to the employee additional\ncontributions account which shall be established for such participant\nwithin the contingent reserve fund of such retirement system.\n (iii) No person, while he or she is a participant or otherwise, shall\nat any time be permitted (A) to borrow, pursuant to paragraph thirteen\nof this subdivision or any other provision, any of the employer\ncontribution portion of his or her additional member contributions (as\nestablished in accordance with item (A) of subparagraph (ii) of this\nparagraph, including any interest paid thereon) which has been paid into\nthe contingent reserve fund of the retirement system; or (B) to receive\na refund of any of such employer contribution portion pursuant to\nparagraph twelve of this subdivision or any other provision.\n (iv) None of the employer contribution portion of a participant's\nadditional member contributions (including any interest paid thereon)\nshall for any purpose (A) be deemed to be part of the employee portion\nof additional member contributions paid by a participant; or (B) be\ncredited to the employee additional contributions account established\nfor such participant in the contingent reserve fund of the retirement\nsystem.\n (v) All repayments of loans of the employee portion of additional\nmember contributions pursuant to paragraph thirteen of this subdivision\nand all payments of the employee portion of additional member\ncontributions in satisfaction of a contribution deficiency calculated in\naccordance with paragraph six of this subdivision which are paid by a\nparticipant to the contingent reserve fund of a participating retirement\nsystem (and any interest paid thereon) shall be part of the employee\nportion of such participant's additional member contributions and shall\nbe credited to the employee additional contributions account established\nfor such participant in the contingent reserve fund of such retirement\nsystem.\n 8. Where a person who was a participant in the age fifty-five improved\nbenefit retirement program as a member of one participating retirement\nsystem becomes such a participant as a member of the other participating\nretirement system:\n (i) the employer contribution portion of the additional member\ncontributions paid by such person to such first retirement system\npursuant to this subdivision (including any interest paid thereon) that\nis attributable to any period of credited CPP qualifying service\nobtained in such second retirement system by purchase or transfer, which\npreviously was credited in such first retirement system, shall (only for\npurposes of this subdivision, and not for purposes of determining\nrequired employer contributions to such second retirement system) be\ndeemed to have been paid to such second retirement system rather than to\nsuch first retirement system; and\n (ii) the employee portion of the additional member contributions paid\nby such person to such first retirement system pursuant to this\nsubdivision (including any interest paid thereon) which remains credited\nto the employee additional contributions account established for such\nperson in the contingent reserve fund of such first retirement system\nthat is attributable to any period of credited CPP qualifying service\nobtained in such second retirement system by purchase or transfer, which\npreviously was credited in such first retirement system, shall (only for\npurposes of this subdivision, and not for purposes of determining\nrequired employer contributions to such second retirement system) be\ndeemed to have been paid to such second retirement system rather than to\nsuch first retirement system, and shall be credited to the employee\nadditional contributions account established for such participant in the\ncontingent reserve fund of such second retirement system.\n 9. A person who was a participant in the age fifty-five improved\nbenefit retirement program as a member of one participating retirement\nsystem, who becomes such a participant as a member of the other\nparticipating retirement system and who thereafter transfers his or her\nmembership in such first retirement system directly to such second\nretirement system as such a participant shall be deemed to have the same\nunpaid balance of a loan of the employee portion of additional member\ncontributions pursuant to paragraph thirteen of this subdivision\n(including accrued interest) as he or she had in such first retirement\nsystem at the time of such transfer of membership to the second\nretirement system.\n 10. Where a participant who is otherwise eligible for service\nretirement pursuant to subdivision c of this section did not, prior to\nthe effective date of retirement, pay the entire amount of a\ncontribution deficiency chargeable to him or her pursuant to paragraphs\nfive and six of this subdivision, or repay the entire amount of a loan\nof the employee portion of his or her additional member contributions\npursuant to paragraph thirteen of this subdivision (including accrued\ninterest on such loan), that participant, nevertheless, shall be\neligible to retire pursuant to subdivision c of this section, provided,\nhowever, that where such participant is not entitled to a refund of the\nemployee portion of additional member contributions pursuant to\nsubparagraph (iii) of paragraph twelve of this subdivision, such\nparticipant's service retirement benefit calculated pursuant to the\napplicable provisions of section 13-162 of the administrative code or\nsection thirty of the BERS rules and regulations shall be reduced by a\nlife annuity (calculated in accordance with the method set forth in\nsubdivision i of section six hundred thirteen-b of this chapter) which\nis actuarially equivalent to:\n (i) the amount of any unpaid contribution deficiency chargeable to\nsuch member pursuant to paragraphs five and six of this subdivision;\nplus\n (ii) the amount of any unpaid balance of a loan of the employee\nportion of his or her additional member contributions pursuant to\nparagraph thirteen of this subdivision (including accrued interest on\nsuch loan).\n 11. The board of trustees of NYCERS and the retirement board of BERS\nmay, consistent with the provisions of this subdivision, promulgate\nregulations for the payment of additional member contributions required\nby this subdivision, and any interest thereon, by participants in the\nage fifty-five improved benefit retirement program (including the\ndeduction of such contributions, and any interest thereon, from the\nparticipants' compensation).\n 12. (i) Subject to the provisions of paragraph fourteen of this\nsubdivision, a participant in the age fifty-five improved benefit\nretirement program who retires for disability pursuant to section 13-167\nor 13-168 of the administrative code or section fifteen or seventeen of\nthe BERS rules and regulations shall be entitled, upon such retirement,\nto a refund of the employee portion of his or her additional member\ncontributions paid pursuant to this subdivision (including any interest\non such employee portion paid to the retirement system) which remains\ncredited to the employee additional contributions account established\nfor such person in the contingent reserve fund of the retirement system\nof which he or she is a member at the time of such retirement for\ndisability, together with interest thereon at the rate of interest\nrequired by law to be used to credit interest on the accumulated\ndeductions of retirement system members, compounded annually.\n (ii) Subject to the provisions of paragraph fourteen of this\nsubdivision, upon the death of a participant in the age fifty-five\nimproved benefit retirement program, there shall be paid to such person\nas he or she has nominated or shall nominate to receive his or her\naccumulated deductions by written designation duly executed and filed\nwith the retirement system during the lifetime of such participant, or,\nto his or her estate if no such person is nominated, the employee\nportion of his or her additional member contributions paid pursuant to\nthis subdivision (including any interest on such employee portion paid\nto the retirement system) which remains credited to the employee\nadditional contributions account established for such person in the\ncontingent reserve fund of the retirement system of which he or she is a\nmember at the time of his or her death, together with interest thereon\nat the rate of interest required by law to be used to credit interest on\nthe accumulated deductions of retirement system members, compounded\nannually.\n (iii) Subject to the provisions of paragraph fourteen of this\nsubdivision, a person (A) who is or was a participant in the age\nfifty-five improved benefit retirement program; (B) who retires for\nservice as a member of NYCERS or BERS pursuant to the applicable service\nretirement provisions of the administrative code or the BERS rules and\nregulations; (C) who is in active service on the effective date of\nretirement; (D) who is at least sixty-two years of age on the effective\ndate of retirement; and (E) who was in active service for a total of at\nleast six months out of each of the two twelve-month periods immediately\npreceding his or her retirement for service, shall, upon such retirement\nfor service, be entitled to a refund of the employee portion of his or\nher additional member contributions paid pursuant to this subdivision\n(including any interest on such employee portion paid to the retirement\nsystem) which remains credited to the employee additional contributions\naccount established for such person in the contingent reserve fund of\nthe retirement system of which he or she is a member at the time of such\nretirement for service, together with interest thereon at the rate of\ninterest required by law to be used to credit interest on the\naccumulated deductions of retirement system members, compounded\nannually.\n (iv) Subject to the provisions of paragraph fourteen of this\nsubdivision, a person who ceases to be a participant in the age\nfifty-five improved benefit retirement program as a member of a\nparticipating retirement system because he or she ceases to hold a New\nYork city eligible position, who thereafter is employed in another\nposition in public employment which is not a New York city eligible\nposition, but which entitles such person to membership in another public\nretirement system which is maintained in whole or in part by the city or\nstate of New York, and who thereafter transfers his or her membership in\nsuch participating retirement system directly to such second public\nretirement system, shall be permitted to withdraw the employee portion\nof his or her additional member contributions paid pursuant to this\nsubdivision (including any interest on such employee portion paid to the\nretirement system) which remains credited to the employee additional\ncontributions account established for such person in the contingent\nreserve fund of such participating retirement system, together with\ninterest thereon at the rate of interest required by law to be used to\ncredit interest on the accumulated deductions of retirement system\nmembers, compounded annually.\n (v) Subject to the provisions of paragraph fourteen of this\nsubdivision, any person who withdraws as a participant in the age\nfifty-five improved benefit retirement program by filing a valid request\nfor such withdrawal pursuant to subparagraph (ii) of paragraph three of\nsubdivision b of this section shall, upon such withdrawal, be entitled\nto a refund of the employee portion of his or her additional member\ncontributions paid pursuant to this subdivision (including any interest\non such employee portion paid to the retirement system) which remains\ncredited to the employee additional contributions account established\nfor such person in the contingent reserve fund of the retirement system\nof which he or she is a member at the time of such withdrawal as a\nparticipant, together with interest thereon at the rate of interest\nrequired by law to be used to credit interest on the accumulated\ndeductions of retirement system members, compounded annually.\n (vi) Subject to the provisions of paragraph fourteen of this\nsubdivision, a participant in the age fifty-five improved benefit\nretirement program who has been terminated from employment in a New York\ncity eligible position for economic reasons by his or her public\nemployer shall be entitled, upon such termination, to withdraw the\nemployee portion of his or her additional member contributions paid\npursuant to this subdivision (including any interest on such employee\nportion paid to the retirement system) which remains credited to the\nemployee additional contributions account established for such person in\nthe contingent reserve fund of the retirement system of which he or she\nis a member at the time of such termination from employment, together\nwith interest thereon at the rate of interest required by law to be used\nto credit interest on the accumulated deductions of retirement system\nmembers, compounded annually.\n (vii) Subject to the provisions of paragraph fourteen of this\nsubdivision, a participant in the age fifty-five improved benefit\nretirement program (A) who retires for service pursuant to paragraph two\nof subdivision c of this section; (B) who is in active service as a\nparticipant in such program on the effective date of retirement; (C)\nwho, on the effective date of retirement, is at least fifty-five years\nof age, but less than sixty-two years of age; and (D) who was in active\nservice as a participant in such program for a total of at least six\nmonths out of each of the two twelve-month periods immediately preceding\nhis or her retirement for service, shall, upon such retirement for\nservice, be entitled to a refund of only that part of the employee\nportion of his or her additional member contributions paid pursuant to\nsubparagraph (ii) of paragraph one of this subdivision and subparagraph\n(ii) of paragraph four of this subdivision (including any interest on\nsuch part of such employee portion paid to the retirement system) which\nremains credited to the employee additional contributions account\nestablished for such person in the contingent reserve fund of the\nretirement system of which he or she is a member at the time of such\nretirement for service, together with interest thereon at the rate of\ninterest required by law to be used to credit interest on the\naccumulated deductions of retirement system members, compounded\nannually, and shall not be entitled to a refund of any part of the\nemployee portion of his or her additional member contributions paid\npursuant to subparagraph (i) of paragraph one of this subdivision or\nsubparagraph (i) of paragraph four of this subdivision (or any interest\npaid on such part of such employee portion of his or her additional\nmember contributions), or any part of the employer contribution portion\nof his or her additional member contributions (as established in\naccordance with item (A) of subparagraph (ii) of paragraph seven of this\nsubdivision) paid pursuant to subparagraph (i) or (ii) of paragraph one\nof this subdivision or subparagraph (i) or (ii) of paragraph four of\nthis subdivision (or any interest paid on such employer contribution\nportion of his or her additional member contributions).\n (viii) Notwithstanding any other provision of law to the contrary, (A)\nno person shall be permitted to withdraw from the retirement system any\nadditional member contributions paid pursuant to this subdivision or any\ninterest paid thereon, except pursuant to and in accordance with the\npreceding subparagraphs of this paragraph; and (B) no person, while he\nor she is a participant in the age fifty-five improved benefit\nretirement program, shall be permitted to withdraw any such additional\nmember contributions or any interest paid thereon pursuant to any of the\npreceding subparagraphs of this paragraph or otherwise; and (C) no\nperson, while he or she is a participant or otherwise, shall at any time\nbe permitted to withdraw any of the employer contribution portion of his\nor her additional member contributions, including any interest paid\nthereon (as established in accordance with item (A) of subparagraph (ii)\nof paragraph seven of this subdivision), pursuant to any of the\npreceding subparagraphs of this paragraph or otherwise.\n 13. A participant in the age fifty-five improved benefit retirement\nprogram shall be permitted to borrow from the employee portion of his or\nher additional member contributions (as established in accordance with\nitem (B) of subparagraph (ii) of paragraph seven of this subdivision,\nincluding any interest paid thereon) which is credited to the employee\nadditional contributions account established for such participant in the\ncontingent reserve fund of the retirement system of which he or she is a\nmember. The borrowing from such employee portion of additional member\ncontributions pursuant to this paragraph shall be governed by the same\nrights, privileges, obligations and procedures set forth in section six\nhundred thirteen-b of this chapter which govern the borrowing by members\nsubject to article fifteen of this chapter of member contributions made\npursuant to section six hundred thirteen of this chapter. The board of\ntrustees of NYCERS and the retirement board of BERS may, consistent with\nthe provisions of this subdivision and the provisions of section six\nhundred thirteen-b of this chapter as made applicable to this\nsubdivision, promulgate regulations governing the borrowing of such\nemployee portion of additional member contributions, provided, however,\nthat no person, while he or she is a participant or otherwise, shall at\nany time be permitted to borrow, pursuant to this paragraph or any other\nprovision, any of the employer contribution portion of his or her\nadditional member contributions, including any interest paid thereon (as\nestablished in accordance with item (A) of subparagraph (ii) of\nparagraph seven of this subdivision).\n 14. Whenever a person has an unpaid balance of a loan of the employee\nportion of his or her additional member contributions pursuant to\nparagraph thirteen of this subdivision at the time he or she becomes\nentitled to a refund of the employee portion of his or her additional\nmember contributions pursuant to paragraph twelve of this subdivision,\nthe amount of such unpaid loan balance (including accrued interest)\nshall be deemed to have been returned to such member, and the refund of\nsuch employee portion shall be the net amount of such employee portion,\ntogether with interest thereon in accordance with the provisions of\nparagraph twelve of this subdivision.\n 15. Notwithstanding any other provision of law to the contrary, the\nprovisions of section one hundred thirty-eight-b of this chapter shall\nnot be applicable to the additional member contributions which are\nrequired by this subdivision.\n 16. Notwithstanding any other provision of law to the contrary, the\nadditional member contributions which are required by this subdivision\nshall not be reduced under any program for increased-take-home-pay.\n 17. The provisions of subdivision b of section four hundred forty of\nthis article shall apply to participants under this section.\n * NB There are 2 § 445-d's\n