§ 445-I — Optional age fifty-five retirement program for New York city teachers and certain other members

§ 445-i. Optional age fifty-five retirement program for New York city\nteachers and certain other 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. "TRS" shall mean the New York city teachers' 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 TRS, all positions as a teacher (as\ndefined in subdivision seven of section 13-501 of the administrative\ncode), and shall not include any position covered by section 13-563 of\nthe administrative code; or\n (ii) with respect to members of BERS, the following positions in\neducation service: head nurses, head nurses (BOE), supervisors of\nnurses, staff nurses, registered nurses (BOE), public health nurses,\npediatric nurse associates, supervising therapists, senior occupational\ntherapists, senior occupational therapists (BOE), occupational\ntherapists, occupational therapists (BOE), senior physical therapists,\nsenior physical therapists (BOE), physical therapists, physical\ntherapists (BOE), substitute vocational assistants, non-annualized adult\neducation teachers, non-annualized adult education assistant\ncoordinators, non-annualized adult education coordinators, directors of\ndrug and alcohol programs, assistant directors of drug and alcohol\nprograms, sign language interpreters, teachers of military science,\nsenior army, navy, air force, aerospace, marine corps or coast guard\ninstructors, army, navy, air force, aerospace, marine corps or coast\nguard instructors, youth development specialists and the following\npositions represented by the recognized teacher organization for\ncollective bargaining purposes: education administrators, education\nofficers, associate education officers, education analysts and associate\neducation analysts.\n 6. "New York city eligible member" shall mean a member of TRS or BERS\nwho is subject to the provisions of this article and who is employed in\na New York city eligible position.\n 7. "Age fifty-five retirement program" shall mean all the terms and\nconditions of this section.\n 8. "Starting date of the age fifty-five retirement program" shall mean\nthe commencement date of the first payroll period which begins after the\nenactment date of the age fifty-five retirement program.\n 9. "Enactment date of the age fifty-five retirement program" shall\nmean the date this section takes effect.\n 10. "Participant in the age fifty-five retirement program" shall mean\nany New York city eligible member who, under the applicable provisions\nof subdivision b of this section, is entitled to the rights, benefits\nand privileges and is subject to the obligations of the age fifty-five\nretirement program, as applicable to him or her.\n 11. "Participating retirement system" shall mean TRS or BERS.\n 12. "Active service" shall mean, for a member of TRS, service as a\nteacher (as defined in subdivision seven of section 13-501 of the\nadministrative code) for which such member is being paid on the payroll\nor, for a member of BERS, education service for which such member is\nbeing paid on the payroll.\n 13. "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 b. Participation in age fifty-five retirement program. 1. Subject to\nthe provisions of paragraphs five and six of this subdivision, any\nperson who is a New York city eligible member in active service on the\nenactment date of the age fifty-five retirement program may elect to\nbecome a participant in the age fifty-five retirement program by filing,\nwithin one hundred eighty days after such enactment date, a duly\nexecuted application for such participation with the retirement system\nof which such person is a member, provided he or she is a New York city\neligible member in active service on the date such application is filed.\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 retirement\nprogram may elect to become a participant in the age fifty-five\nretirement program by filing, within one hundred eighty days after\nbecoming a New York city eligible member in active service, a duly\nexecuted application for such participation with the retirement system\nof which such person is a member, provided he or she is a New York city\neligible member in active service on the date such application is filed.\n 3. (i) Except as provided in subparagraph (ii) of this paragraph, any\nelection to be a participant in the age fifty-five retirement program\nshall be irrevocable.\n (ii) Notwithstanding any other provision of law to the contrary, any\nparticipant in the age fifty-five retirement program whose age and\namount of credited service (which amount of credited service shall, for\nthe limited purposes only of this subparagraph, include service rendered\nprevious to becoming a member which is not yet credited, but for which\nsuch person is or may become eligible to obtain service credit pursuant\nto applicable 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 service by\nthe time he or she reaches age sixty-two, assuming such person were to\nearn a full year of credited service in each and every year until he or\nshe becomes sixty-two years of age (whether or not such person actually\nintends to earn such amounts of credit), may withdraw from the age\nfifty-five retirement program by filing, within three hundred sixty-five\ndays after first becoming such a participant, a written request to\nwithdraw from such program with the retirement system of which such\nperson is a member.\n 4. Where any participant in the age fifty-five retirement program\nshall cease to hold a New York city eligible position, he or she shall\ncease to be such a participant and, during any period in which such\nperson is not a New York city eligible member, he or she shall not be a\nparticipant in the age fifty-five retirement program.\n 5. Where any participant in the age fifty-five retirement program\nterminates service in a New York city eligible position and returns to\nservice in a New York city eligible position at a later date and again\nbecomes a New York city eligible member, he or she shall again become\nsuch a participant upon becoming a New York city eligible 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 retirement program pursuant to paragraph one or two of this\nsubdivision for the full one hundred eighty-day period provided for in\nsuch applicable paragraph, and who fails to timely file a duly executed\napplication for such participation with the appropriate retirement\nsystem, shall not thereafter be eligible to become a participant in such\nprogram.\n c. 1. Service retirement. Notwithstanding any other provision of law\nto the contrary, a participant in the age fifty-five retirement program:\n (i) who is otherwise eligible to retire for service with immediate\npayability of a retirement allowance pursuant to the applicable service\nretirement provisions of the administrative code or the BERS rules and\nregulations; and\n (ii) who has completed twenty-five or more years of credited service;\nand\n (iii) who has attained age fifty-five; and\n (iv) who, subject to the provisions of paragraph nine 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 and five of subdivision d of this section; and\n (v) who shall be a participant in the age fifty-five retirement\nprogram in active service at the time so specified for his or her\nretirement; shall, subject to the provisions of paragraph nine of\nsubdivision d of this section, be permitted to retire pursuant to the\napplicable service retirement provisions of the administrative code or\nthe BERS rules and regulations with a minimum retirement age of\nfifty-five, and the benefit reduction provisions set forth in\nsubdivision a of section four hundred forty-two of this article shall\nnot be applied to the calculation of such participant's retirement\nbenefit, provided, however, that no such participant who otherwise meets\nthe retirement eligibility requirements of this paragraph shall be\npermitted to retire pursuant to this paragraph prior to June thirtieth,\ntwo thousand eight.\n 2. Vesting. (i) A participant in the age fifty-five retirement\nprogram:\n (A) who, on or after June thirtieth, two thousand eight, as such a\nparticipant in such retirement program, discontinues service as a\nteacher (as defined in subdivision seven of section 13-501 of the\nadministrative code) or discontinues education service (as defined in\nparagraph thirteen of subdivision a of this section), other than by\ndeath or retirement; and\n (B) who, prior to such discontinuance, completed twenty-five or more\nyears of credited service; and\n (C) who, subject to the provisions of paragraph nine of subdivision d\nof this section, has paid, prior to such discontinuance, all additional\nmember contributions and interest (if any) required by paragraphs one,\nfour and five of subdivision d of this section; and\n (D) who does not withdraw in whole or in part his or her accumulated\ndeductions pursuant to the applicable provisions of the administrative\ncode or the BERS rules and regulations unless such participant\nthereafter returns to public service and repays the amounts so\nwithdrawn, together with interest; shall be entitled to receive a\ndeferred vested benefit as provided in this paragraph.\n (ii)(A) Upon such discontinuance under the conditions and in\ncompliance with the provisions of subparagraph (i) of this paragraph,\nsuch deferred vested benefit shall vest automatically.\n (B) Such vested benefit shall become payable on the earliest date on\nwhich such discontinued member could have retired for service if such\ndiscontinuance had not occurred.\n (iii) Subject to the provisions of paragraph nine of subdivision d of\nthis section, such deferred benefit shall be a retirement allowance\ndetermined in accordance with the applicable provisions of subparagraph\n(v) of paragraph one of this subdivision in the same manner as if he or\nshe had retired for service pursuant to paragraph one of this\nsubdivision.\n d. Additional member contributions. 1. In addition to the member\ncontributions required by the applicable provisions of the\nadministrative code or the BERS rules and regulations, each participant\nin the age fifty-five retirement program shall contribute to the\nretirement system of which he or she is a member (subject to the\napplicable provisions of section 13-521.1 of the administrative code or\nsubdivision nineteen of section twenty-five hundred seventy-five of the\neducation law) an additional one and eighty-five one-hundredths percent\nof his or her compensation earned from all credited service rendered on\nand after the starting date of the age fifty-five retirement program (i)\nwhile such person is a participant in such program;\n (ii) before such person becomes such a participant pursuant to\nparagraph one or two of subdivision b of this section (whether or not\nrendered in a New York city eligible position); and\n (iii) after such person ceases to be a participant, but before he or\nshe again becomes such a participant pursuant to paragraph five of\nsubdivision b of this section (whether or not rendered in a New York\ncity eligible position).\n 2. A participant in the age fifty-five retirement program shall\ncontribute additional member contributions until the later of (i) June\ntwenty-ninth, two thousand eight; or (ii) the date on which he or she\nhas completed twenty-five years of credited service.\n 3. (i) Commencing with the first full payroll period after each person\nbecomes a participant in the age fifty-five retirement program,\nadditional member contributions at the rate specified in paragraph one\nof this subdivision shall be deducted, subject to the applicable\nprovisions of section 13-521.1 of the administrative code or subdivision\nnineteen of section twenty-five hundred seventy-five of the education\nlaw, from the compensation of such participant on each and every payroll\nof such participant for each and every payroll period for which he or\nshe 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 service rendered on and after the starting date of the age\nfifty-five retirement program, and prior to the actual commencement of\ndeductions from compensation pursuant to subparagraph (i) of this\nparagraph, by a person who becomes a participant pursuant to paragraph\none of subdivision b of this section, shall be paid by deductions from\nthe compensation of such participant pursuant to and in accordance with\nthe provisions of item (B) of this subparagraph.\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 subparagraph (i) of this paragraph, there\nshall be another deduction of additional member contributions made from\nthe compensation of such participant at one-third the rate at which\ndeductions are being made pursuant to subparagraph (i) of this\nparagraph, subject to the applicable provisions of section 13-521.1 of\nthe administrative 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 shall be made only during\nthe period while such person is a participant after first becoming a\nparticipant pursuant to paragraph one of subdivision b of this section\nand before ceasing to be such a participant.\n 4. (i) Each participant in the age fifty-five retirement program shall\nbe charged with a contribution deficiency consisting of the total amount\nof additional member contributions such person is required to make\npursuant to paragraph one of this subdivision which is not deducted from\nhis or her compensation pursuant to paragraph three of this subdivision,\nif any, together with interest thereon, compounded annually, and\ncomputed in accordance with the provisions of subparagraphs (ii) and\n(iii) of this paragraph.\n (ii) (A) Subject to the provisions of subparagraph (iii) of this\nparagraph, the interest required to be paid on the amount specified in\nsubparagraph (i) of this paragraph shall accrue from the end of each of\nthe payroll periods for which such amount would have been deducted from\ncompensation if he or she had been a participant at the beginning of\nthat payroll period and such deduction had been required for such\npayroll period, until such amount is paid to the retirement system.\n (B) The rate of interest to be applied to 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 five 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 5. (i) (A) Should any person who, pursuant to paragraph eleven 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 six of this subdivision),\nincluding any interest paid on such employee portion, again become a\nparticipant in the age fifty-five retirement program pursuant to\nparagraph five of subdivision b of this section, an appropriate amount\nshall be included in such participant's contribution deficiency\n(including interest thereon as calculated pursuant to subparagraph (ii)\nof this paragraph) for any credited service for which such person\nreceived a refund of such employee portion of additional member\ncontributions (including any amount of an unpaid loan balance deemed to\nhave been returned to such person pursuant to paragraph thirteen of this\nsubdivision), as if such employee portion of additional member\ncontributions 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 twelve 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 retirement program as a member of either\nparticipating retirement system without having received a refund of the\nemployee portion of his or her additional member contributions pursuant\nto paragraph eleven of this subdivision, shall have an appropriate\namount included in such participant's contribution deficiency (including\ninterest thereon as calculated in subparagraph (ii) of this paragraph)\nfor any credited service for which such person borrowed and did not\nrepay such employee portion of additional member contributions, as if\nsuch employee portion of additional member contributions never had been\npaid.\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 6. (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\nthe applicable provisions of the administrative code or the BERS rules\nand regulations or otherwise while he or she is a participant in the age\nfifty-five retirement program or otherwise.\n (ii) All additional member contributions required for any period of\ncredited service pursuant to paragraph one of this subdivision (and any\ninterest paid thereon pursuant to paragraph four of this subdivision)\nwhich, pursuant to subparagraph (i) of this paragraph, are paid by a\nparticipant, subject to the applicable provisions of section 13-521.1 of\nthe administrative code or subdivision nineteen of section twenty-five\nhundred seventy-five of the education law, into the contingent reserve\nfund of the retirement system of which such participant is a member\n(other than repayments of loans of additional member contributions\npursuant to paragraph twelve of this subdivision or amounts paid in\nsatisfaction of a contribution deficiency calculated in accordance with\nparagraph five of this subdivision) shall be divided in the following\nmanner:\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:\n (A) to borrow, pursuant to paragraph twelve of this subdivision or any\nother provision, any of the employer contribution portion of his or her\nadditional member contributions (as established in accordance with item\n(A) of subparagraph (ii) of this paragraph, including any interest paid\nthereon) which has been paid into the contingent reserve fund of the\nretirement system; or\n (B) to receive a refund of any of such employer contribution portion\npursuant to paragraph eleven 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:\n (A) be deemed to be part of the employee portion of additional member\ncontributions paid by a participant; or\n (B) be credited to the employee additional contributions account\nestablished for such participant in the contingent reserve fund of the\nretirement system.\n (v) All repayments of loans of the employee portion of additional\nmember contributions pursuant to paragraph twelve 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 five 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 7. Where a person who was a participant in the age fifty-five\nretirement program as a member of one participating retirement system\nbecomes 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 service obtained in such\nsecond retirement system by purchase or transfer, which previously was\ncredited in such first retirement system, shall (only for purposes of\nthis subdivision, and not for purposes of determining required employer\ncontributions to such second retirement system) be deemed to have been\npaid to such second retirement system rather than to such first\nretirement 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 service obtained in such\nsecond retirement system by purchase or transfer, which previously was\ncredited in such first retirement system, shall (only for purposes of\nthis subdivision, and not for purposes of determining required employer\ncontributions to such second retirement system) be deemed to have been\npaid to such second retirement system rather than to such first\nretirement system, and shall be credited to the employee additional\ncontributions account established for such participant in the contingent\nreserve fund of such second retirement system.\n 8. A person who was a participant in the age fifty-five retirement\nprogram as a member of one participating retirement system, who becomes\nsuch a participant as a member of the other participating retirement\nsystem and who thereafter transfers his or her membership in such first\nretirement system directly to such second retirement system as such a\nparticipant shall be deemed to have the same unpaid balance of a loan of\nthe employee portion of additional member contributions pursuant to\nparagraph twelve of this subdivision (including accrued interest) as he\nor she had in such first retirement system at the time of such transfer\nof membership to the second retirement system.\n 9. (i) Where a participant who is otherwise eligible for service\nretirement pursuant to paragraph one of subdivision c of this section\ndid not, prior to the effective date of retirement, pay the entire\namount of a contribution deficiency chargeable to him or her pursuant to\nparagraphs four and five of this subdivision, or repay the entire amount\nof a loan of the employee portion of his or her additional member\ncontributions pursuant to paragraph twelve of this subdivision\n(including accrued interest on such loan), that participant,\nnevertheless, shall be eligible to retire pursuant to paragraph one of\nsubdivision c of this section, provided, however, that where such\nparticipant is not entitled to a refund of the employee portion of\nadditional member contributions pursuant to subparagraph (iii) of\nparagraph eleven of this subdivision, such participant's service\nretirement benefit calculated pursuant to the applicable provisions of\nthe administrative code or the BERS rules and regulations shall be\nreduced by a life annuity (calculated in accordance with the method set\nforth in subdivision h of section six hundred thirteen-a of this\nchapter) which is actuarially equivalent to:\n (A) the amount of any unpaid contribution deficiency chargeable to\nsuch member pursuant to paragraphs four and five of this subdivision;\nplus\n (B) the amount of any unpaid balance of a loan of the employee portion\nof his or her additional member contributions pursuant to paragraph\ntwelve of this subdivision (including accrued interest on such loan).\n (ii) Where a participant who is otherwise eligible for a vested right\nto a deferred benefit pursuant to paragraph two of subdivision c of this\nsection did not, prior to the date of discontinuance of service, pay the\nentire amount of a contribution deficiency chargeable to him or her\npursuant to paragraphs four and five of this subdivision, or repay the\nentire amount of a loan of the employee portion of his or her additional\nmember contributions pursuant to paragraph twelve of this subdivision\n(including accrued interest on such loan), that participant,\nnevertheless, shall be eligible for a vested right to a deferred benefit\npursuant to paragraph two of subdivision c of this section, provided,\nhowever, that the deferred vested benefit determined pursuant to\nsubparagraph (iii) of paragraph two of such subdivision c shall be\nreduced by a life annuity (calculated in accordance with the method set\nforth in subdivision h of section six hundred thirteen-a of this\nchapter) which is actuarially equivalent to:\n (A) the amount of any unpaid contribution deficiency chargeable to\nsuch member pursuant to paragraphs four and five of this subdivision;\nplus\n (B) the amount of any unpaid balance of a loan of the employee portion\nof his or her additional member contributions pursuant to paragraph\ntwelve of this subdivision (including accrued interest on such loan).\n 10. The retirement board of TRS and the retirement board of BERS may,\nconsistent 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 retirement program (including the deduction of such\ncontributions, and any interest thereon, from the participants'\ncompensation).\n 11. (i) Subject to the provisions of paragraph thirteen of this\nsubdivision, a participant in the age fifty-five retirement program who\nretires for disability pursuant to the applicable provisions of the\nadministrative code or the BERS rules and regulations shall be entitled,\nupon such retirement, to a refund of the employee portion of his or her\nadditional 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 disability, 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 (ii) Subject to the provisions of paragraph thirteen of this\nsubdivision, upon the death of a participant in the age fifty-five\nretirement program, there shall be paid to such person as he or she has\nnominated or shall nominate to receive his or her accumulated deductions\nby written designation duly executed and filed with the retirement\nsystem during the lifetime of such participant, or, to his or her estate\nif no such person is nominated, the employee portion of his or her\nadditional 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 his\nor her death, 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 (iii) Subject to the provisions of paragraph thirteen of this\nsubdivision, a person:\n (A) who is or was a participant in the age fifty-five retirement\nprogram;\n (B) who retires for service as a member of TRS or BERS pursuant to the\napplicable service retirement provisions of the administrative code or\nthe BERS rules and regulations;\n (C) who is in active service on the effective date of retirement;\n (D) who is at least sixty-two years of age on the effective date of\nretirement; and\n (E) who was in active service for a total of at least six months out\nof each of the two twelve-month periods immediately preceding his or her\nretirement for service, shall, upon such retirement for service, be\nentitled to a refund of the employee portion of his or her additional\nmember contributions paid pursuant to this subdivision (including any\ninterest on 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.\n (iv) Subject to the provisions of paragraph thirteen of this\nsubdivision, a person who ceases to be a participant in the age\nfifty-five retirement program as a member of a participating retirement\nsystem because he or she ceases to hold a New York city eligible\nposition, who thereafter is employed in another position in public\nemployment which is not a New York city eligible position, but which\nentitles such person to membership in another public retirement system\nwhich is maintained in whole or in part by the city or state of New\nYork, and who thereafter transfers his or her membership in such\nparticipating 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 thirteen of this\nsubdivision, any person who withdraws as a participant in the age\nfifty-five retirement program by filing a valid request for such\nwithdrawal 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 thirteen of this\nsubdivision, a participant in the age fifty-five retirement program who\nhas been terminated from employment in a New York city eligible position\nfor economic reasons by his or her public employer shall be entitled,\nupon such termination, to withdraw the employee portion of his or her\nadditional 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\ntermination from employment, together with interest thereon at the rate\nof interest required by law to be used to credit interest on the\naccumulated deductions of retirement system members, compounded\nannually.\n (vii) Notwithstanding any other provision of law to the contrary,\n (A) no person shall be permitted to withdraw from the retirement\nsystem any additional member contributions paid pursuant to this\nsubdivision or any interest paid thereon, except pursuant to and in\naccordance with the preceding subparagraphs of this paragraph;\n (B) no person, while he or she is a participant in the age fifty-five\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\n (C) no person, while he or she is a participant or otherwise, shall at\nany time be permitted to withdraw any of the employer contribution\nportion of his or her additional member contributions, including any\ninterest paid thereon (as established in accordance with item (A) of\nsubparagraph (ii) of paragraph six of this subdivision), pursuant to any\nof the preceding subparagraphs of this paragraph or otherwise.\n 12. A participant in the age fifty-five retirement program shall be\npermitted to borrow from the employee portion of his or her additional\nmember contributions (as established in accordance with item (B) of\nsubparagraph (ii) of paragraph six of this subdivision, including any\ninterest paid thereon) which is credited to the employee additional\ncontributions account established for such participant in the contingent\nreserve fund of the retirement system of which he or she is a member.\nThe 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 the\napplicable provisions of section six hundred thirteen-a of this chapter\n(for TRS members) or section six hundred thirteen-b of this chapter (for\nBERS members) which govern the borrowing by members subject to article\nfifteen of this chapter of member contributions made pursuant to section\nsix hundred thirteen of this chapter. The retirement board of TRS and\nthe retirement board of BERS may, consistent with the provisions of this\nsubdivision and the applicable provisions of section six hundred\nthirteen-a of this chapter (for TRS) or section six hundred thirteen-b\nof this chapter (for BERS) as made applicable to this subdivision,\npromulgate regulations governing the borrowing of such employee portion\nof additional member contributions, provided, however, that no person,\nwhile he or she is a participant or otherwise, shall at any time be\npermitted to borrow, pursuant to this paragraph or any other provision,\nany of the employer contribution portion of his or her additional member\ncontributions, including any interest paid thereon (as established in\naccordance with item (A) of subparagraph (ii) of paragraph six of this\nsubdivision).\n 13. Whenever a person has an unpaid balance of a loan of the employee\nportion of his or her additional member contributions pursuant to\nparagraph twelve 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 eleven 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 eleven of this subdivision.\n 14. 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 15. 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 16. The provisions of subdivision b of section four hundred forty of\nthis article shall apply to participants under this section.\n