§ 504-B — Twenty-year retirement program for New York city correction members of the rank of captain or above

New York § 504-B

• Jurisdiction: New York
• Law RSS: Retirement & Social Security
• Art. 14: Coordinated-escalator Retirement Plan

Text

§ 504-b. Twenty-year retirement program for New York city correction\nmembers of the rank of captain or above. a. Definitions. The following\nwords and phrases as used in this section shall have the following\nmeanings unless a different meaning is plainly required by the context.\n 1. "New York city correction officer of the rank of captain or above"\nshall mean a member of the uniformed force of the department of\ncorrection of the city of New York who holds the rank of correction\ncaptain; assistant deputy warden, also known as warden correction level\nI; deputy warden or deputy warden-in-command, also known as warden\ncorrection level II; warden or deputy chief, also known as warden\ncorrection level III; or chief of department, also known as warden\ncorrection in the correction service of such city.\n 2. "New York city correction member of the rank of captain or above"\nshall mean a general member (as defined in subdivision twelve of section\nfive hundred one of this article) who is a New York city correction\nofficer of the rank of captain or above.\n 3. "Twenty-year retirement program for captains and above" shall mean\nall the terms and conditions of this section.\n 4. "Starting date of the twenty-year retirement program for captains\nand above" shall mean the effective date of this section, as such date\nis certified pursuant to section forty-one of the legislative law.\n 5. "Participant in the twenty-year retirement program for captains and\nabove" shall mean any New York city correction member of the rank of\ncaptain or above who, under the applicable provisions of subdivision b\nof this section, is entitled to the rights, benefits and privileges and\nis subject to the obligations of the twenty-year retirement program for\ncaptains and above, as applicable to him or her.\n 6. "Discontinued member" shall mean a participant in the twenty-year\nretirement program for captains and above who, while he or she was a New\nYork city correction officer of the rank of captain or above,\ndiscontinued service in the uniformed force of the department of\ncorrection of the city of New York and has a right to a deferred vested\nbenefit under subdivision d of this section.\n 7. "Administrative code" shall mean the administrative code of the\ncity of New York.\n 8. "Revised contribution date" shall mean the effective date of this\nparagraph, as such date is certified pursuant to section forty-one of\nthe legislative law.\n b. Participation in twenty-year retirement program for captains and\nabove. 1. (i) Subject to the provisions of paragraph six of this\nsubdivision and of subparagraph (iii) of paragraph eight of subdivision\ne of section five hundred four-a of this article, any person who is a\nNew York city correction member of the rank of captain or above on the\nstarting date of the twenty-year retirement program for captains and\nabove who, as such a correction member or otherwise, last became subject\nto the provisions of this article prior to such starting date, may elect\nto become a participant in the twenty-year retirement program for\ncaptains and above by filing, within ninety days after such starting\ndate, a duly executed application for such participation with the\nretirement system of which such person is a member, provided he or she\nis a correction member of the rank of captain or above on the date such\napplication is filed.\n (ii) Notwithstanding the provisions of subparagraph (iii) of paragraph\neight of subdivision e of section five hundred four-a of this article or\nof any other law to the contrary, any New York city correction member of\nthe rank of captain or above who was eligible pursuant to the provisions\nof this paragraph to elect to become a participant in the twenty-year\nretirement program for captains and above, but who failed to make such\nan election, may be deemed to have elected to become a participant in\nthe twenty-year retirement program for captains and above as of the\nstarting date of the twenty-year retirement program for captains and\nabove by filing with the retirement system, within one hundred twenty\ndays after the revised contribution date, a duly executed application to\nbecome a participant in such retirement program as of such starting\ndate, provided he or she is a correction member of the rank of captain\nor above on the date such application is filed.\n 2. (i) Subject to the provisions of paragraph six of this subdivision\nand of subparagraph (iii) of paragraph eight of subdivision e of section\nfive hundred four-a of this article, any person who becomes a New York\ncity correction member of the rank of captain or above after the\nstarting date of the twenty-year retirement program for captains and\nabove and who, as such a correction member or otherwise, last became\nsubject to the provisions of this article prior to such starting date,\nmay elect to become a participant in the twenty-year retirement program\nfor captains and above by filing, within ninety days after becoming such\na correction member, a duly executed application for such participation\nwith the retirement system of which such person is a member, provided he\nor she is such a correction member of the rank of captain or above on\nthe date such application is filed.\n (ii) Notwithstanding the provisions of subparagraph (iii) of paragraph\neight of subdivision e of section five hundred four-a of this article or\nof any other law to the contrary, any New York city correction member of\nthe rank of captain or above who became such a correction member of such\nrank prior to the revised contribution date, and who was eligible\npursuant to the provisions of this paragraph to elect to become a\nparticipant in the twenty-year retirement program for captains and\nabove, but who failed to make such an election, may be deemed to have\nelected to become a participant in the twenty-year retirement program\nfor captains and above as the date he or she first became a New York\ncity correction member of the rank of captain or above by filing with\nthe retirement system, within one hundred twenty days after the revised\ncontribution date, a duly executed application to become a participant\nin such retirement program as of the date he or she became such a\ncorrection member, provided he or she is a correction member of the rank\nof captain or above on the date such application is filed.\n 3. Any election to be a participant in the twenty-year retirement\nprogram for captains and above shall be irrevocable.\n 4. Each person who becomes a New York city correction member of the\nrank of captain or above on or after the starting date of the\ntwenty-year retirement program for captains and above (other than such a\ncorrection member who is required pursuant to subdivision b of section\nfive hundred four-d of this article to be a participant in the\ntwenty-year retirement program established by such section five hundred\nfour-d) and who, as such a correction member or otherwise, becomes\nsubject to the provisions of this article on or after such starting\ndate, shall become a participant in the twenty-year retirement program\nfor captains and above on the date he or she becomes such a correction\nmember. Notwithstanding any other provision of law to the contrary, a\nNew York city correction member of the rank of captain or above who\nbecomes a participant in the twenty-year retirement program for captains\nand above pursuant to this paragraph by becoming subject to the\nprovisions of this article on or after the starting date of the\ntwenty-year retirement program for captains and above shall have the\nterm "credited service" applied to him or her in the same manner as such\nterm would be applied to a similarly situated correction officer of the\nrank of captain or above who is governed by article eleven of this\nchapter and who is a participant in the twenty-year improved benefit\nretirement program for captains and above pursuant to section four\nhundred forty-five-c of such article eleven.\n 4-a. Notwithstanding any other provision of this subdivision or any\nother provision of law to the contrary, no member of the uniformed force\nof the New York city department of correction who is a New York city\nuniformed correction/sanitation revised plan member shall be a\nparticipant in the twenty-year retirement program for captains and\nabove.\n 5. Where any participant in the twenty-year retirement program for\ncaptains and above shall cease to hold the position of New York city\ncorrection officer of the rank of captain or above, he or she shall\ncease to be such a participant and shall not be such a participant\nduring any period in which he or she does not hold the position of New\nYork city correction officer of the rank of captain or above.\n 6. Where any participant in the twenty-year retirement program for\ncaptains or above terminates service as a New York city correction\nofficer of the rank of captain or above and returns to such service as a\nNew York city correction member of the rank of captain or above at a\nlater date, he or she shall again become such a participant on that\ndate.\n c. Service retirement benefits. 1. A participant in the twenty-year\nretirement program for captains and above:\n (i) who has completed twenty or more years of credited service; and\n (ii) who, subject to the provisions of paragraph nine of subdivision e\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 seven of subdivision e of this section;\nand\n (iii) who files with the retirement system of which he or she is a\nmember an application for service retirement setting forth at what time\nhe or she desires to be retired; and\n (iv) who shall be a participant in the twenty-year retirement program\nfor captains and above at the time so specified for his or her\nretirement;\nshall be retired pursuant to the provisions of this section affording\nearly service retirement.\n 2. (i) Notwithstanding any other provision of law to the contrary, and\nsubject to the provisions of paragraph nine of subdivision e of this\nsection, the early service retirement benefit for participants in the\ntwenty-year retirement program for captains and above who retire\npursuant to paragraph one of this subdivision shall be a pension\nconsisting of:\n (A) an amount, on account of twenty years of credited service, equal\nto one-half of his or her final average salary; plus\n (B) an amount for each additional year of credited service, or\nfraction thereof, beyond such twenty years of credited service equal to\none-sixtieth of the final average salary for such credited service\nduring the period from the completion of twenty years of credited\nservice to the date of retirement.\n (ii) The maximum pension computed without optional modification\npayable pursuant to subparagraph (i) of this paragraph shall be equal to\nthat payable upon completion of thirty years of service.\n d. Vesting. 1. A participant in the twenty-year retirement program for\ncaptains and above:\n (i) who discontinues service in the uniformed force of the department\nof correction of the city of New York while he or she is a New York city\ncorrection officer of the rank of captain or above, other than by death\nor retirement; and\n (ii) who, prior to such discontinuance, completed five but less than\ntwenty years of credited service; and\n (iii) who, subject to the provisions of paragraph ten of subdivision e\nof this section, has paid, prior to such discontinuance, all additional\nmember contributions and interest (if any) required by paragraphs one,\nfour, five and seven of subdivision e of this section; and\n (iv) who does not withdraw in whole or in part his or her accumulated\nmember contributions pursuant to section five hundred seventeen of this\narticle unless such participant thereafter returns to public service and\nrepays the amounts so withdrawn, together with interest, pursuant to\nsuch section five hundred seventeen;\nshall be entitled to receive a deferred vested benefit as provided in\nthis subdivision.\n 2. (i) Upon such discontinuance under the conditions and in compliance\nwith the provisions of paragraph one of this subdivision, such deferred\nvested benefit shall vest automatically.\n (ii) Such vested benefit shall become payable on the earliest date on\nwhich such discontinued member could have retired from service if such\ndiscontinuance had not occurred.\n 3. Subject to the provisions of paragraph ten of subdivision e of this\nsection, such deferred vested benefit shall be a pension consisting of\nan amount equal to two and one-half percent of such discontinued\nmember's final average salary, multiplied by the number of years of\ncredited service on the date of such discontinuance.\n e. Additional member contributions. 1. In addition to the member\ncontributions required by section five hundred seventeen of this\narticle, each participant in the twenty-year retirement program for\ncaptains and above shall contribute (subject to the applicable\nprovisions of section 13-125.1 of the administrative code) an additional\npercentage of his or her compensation to the retirement system in\naccordance with the following schedule:\n (i) each such participant who became a New York city correction member\nof the rank of captain or above prior to November first, nineteen\nhundred ninety-two shall contribute an additional five and fifty-nine\none-hundredths percent of his or her compensation earned from all\nservice as a New York city correction member of the rank of captain or\nabove rendered on and after the starting date of the twenty-year\nretirement program for captains and above and prior to the revised\ncontribution date, provided, however, that for any person covered by\nthis subparagraph who is such a participant on or after the revised\ncontribution date, the additional member contributions required by this\nsubparagraph (including any interest required thereon) shall be\nrecomputed using the rate of five and eleven one-hundredths percent\ninstead of the rate of five and fifty-nine one-hundredths percent;\n (ii) each such participant who became or becomes a New York city\ncorrection member of the rank of captain or above for the first time on\nor after November first, nineteen hundred ninety-two shall contribute an\nadditional seven and forty-six one-hundredths percent of his or her\ncompensation earned from all service as a New York city correction\nmember of the rank of captain or above rendered on and after the\nstarting date of the twenty-year retirement program for captains and\nabove and prior to the revised contribution date, provided, however,\nthat for any person covered by this subparagraph who is such a\nparticipant on or after the revised contribution date, the additional\nmember contributions required by this subparagraph (including any\ninterest required thereon) shall be recomputed using the rate of five\nand eleven one-hundredths percent instead of the rate of seven and\nforty-six one-hundredths percent;\n (iii) each participant in the twenty-year retirement program for\ncaptains and above shall contribute an additional five and eleven\none-hundredths percent of his or her compensation earned from all\nservice as a New York city correction member of the rank of captain or\nabove rendered on and after the revised contribution date.\n 2. A participant in the twenty-year retirement program for captains\nand above shall contribute additional member contributions only until he\nor she has twenty years of credited service.\n 3. Commencing with the first full payroll period after each person\nbecomes a participant in the twenty-year retirement program for captains\nand above, additional member contributions at the applicable rate\nspecified in paragraph one of this subdivision shall be deducted\n(subject to the applicable provisions of section 13-125.1 of the\nadministrative code) from the compensation of such participant on each\nand every payroll of such participant for each and every payroll period.\n 4. In addition to the member contributions required pursuant to\nsection five hundred seventeen of this article, and the additional\nmember contributions required pursuant to paragraph one of this\nsubdivision, each participant in the twenty-year retirement program for\ncaptains and above who, prior to becoming such a participant, rendered\nservice as a New York city correction member of the rank of captain or\nabove on or after December nineteenth, nineteen hundred ninety and prior\nto the starting date of the twenty-year retirement program for captains\nand above, and/or service as a New York city correction member below the\nrank of captain on or after December nineteenth, nineteen hundred ninety\nand prior to becoming such a participant shall make retroactive\nadditional member contributions to the retirement system based on such\nservice in accordance with the following schedule:\n (i) each such participant who became a New York city correction member\nof the rank of captain or above prior to November first, nineteen\nhundred ninety-two shall, subject to the provisions of subparagraph\n(iii) of this paragraph, contribute an amount equal to five and\nfifty-nine one-hundredths percent of his or her compensation earned\nfrom:\n (A) all service as a New York city correction member of the rank of\ncaptain or above rendered on and after December nineteenth, nineteen\nhundred ninety and prior to the starting date of the twenty-year\nretirement program for captains and above; and\n (B) all service as a New York city correction member below the rank of\ncaptain rendered on and after December nineteenth, nineteen hundred\nninety and prior to becoming a participant in the twenty-year retirement\nprogram for captains and above;\n (ii) each such participant who became or becomes a New York city\ncorrection member of the rank of captain or above for the first time on\nor after November first, nineteen hundred ninety-two and prior to the\nrevised contribution date shall, subject to the provisions of\nsubparagraph (iii) of this paragraph, contribute an amount equal to\nseven and forty-six one-hundredths percent of his or her compensation\nearned from:\n (A) all service as a New York city correction member of the rank of\ncaptain or above rendered on and after November first, nineteen hundred\nninety-two and prior to the starting date of the twenty-year retirement\nprogram for captains and above; and\n (B) all service as a New York city correction member below the rank of\ncaptain rendered on and after December nineteenth, nineteen hundred\nninety and prior to becoming a participant in the twenty-year retirement\nprogram for captains and above;\n (iii) for each such participant covered by either subparagraph (i) or\n(ii) of this paragraph who is a participant in the twenty-year\nretirement program for captains and above on or after the revised\ncontribution date, the additional member contributions required by\nsubparagraph (i) or (ii) of this paragraph (including any interest\nrequired thereon) shall be recomputed using the rate of five and eleven\none-hundredths percent instead of the rate set forth in subparagraph (i)\nor (ii) of this paragraph;\n (iv) each such participant who becomes a New York city correction\nmember of the rank of captain or above for the first time on or after\nthe revised contribution date, and who became a New York city correction\nmember below the rank of captain prior to July first, nineteen hundred\neighty-eight, shall contribute an amount equal to five and eleven\none-hundredths percent of his or her compensation earned from all\nservice as a New York city correction member below the rank of captain\nrendered on and after December nineteenth, nineteen hundred ninety and\nprior to becoming a participant in the twenty-year retirement program\nfor captains and above;\n (v) each such participant who becomes a New York city correction\nmember of the rank of captain or above for the first time on or after\nthe revised contribution date, who became a New York city correction\nmember below the rank of captain on or after July first, nineteen\nhundred eighty-eight, and who was a participant in the twenty-year\nretirement program for New York city correction members below the rank\nof captain established by section five hundred four-a of this article on\nthe day immediately preceding the revised contribution date, shall\ncontribute an amount equal to three and sixty-one one-hundredths percent\nof his or her compensation earned from all service as a New York city\ncorrection member below the rank of captain rendered on and after\nDecember nineteenth, nineteen hundred ninety and prior to becoming a\nparticipant in the twenty-year retirement program for captains and\nabove;\n (vi) each such participant who becomes a New York city correction\nmember of the rank of captain or above for the first time on or after\nthe revised contribution date, who became a New York city correction\nmember below the rank of captain on or after July first, nineteen\nhundred eighty-eight, and who was not a participant in the twenty-year\nretirement program for New York city correction members below the rank\nof captain established by section five hundred four-a of this article on\nthe day immediately preceding the revised contribution date, shall\ncontribute an amount equal to five and eleven one-hundredths percent of\nhis or her compensation earned from all service as a New York city\ncorrection member below the rank of captain rendered on and after\nDecember nineteenth, nineteen hundred ninety and prior to becoming a\nparticipant in the twenty-year retirement program for captains and\nabove.\n 5. Each participant in the twenty-year retirement program for captains\nand above who is required to make retroactive additional member\ncontributions in accordance with the provisions of paragraph four of\nthis subdivision shall be charged with a contribution deficiency\nconsisting of the amounts of such retroactive additional member\ncontributions determined in accordance with such paragraph four,\ntogether with interest thereon compounded annually, and\n (i) such interest on each such amount shall accrue from the end of the\npayroll period 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; and\n (ii) the rate of interest to be applied to each such amount shall be\nequal to the rate or rates of interest required by law to be used during\nthat same period to credit interest on the accumulated deductions of\nretirement system members.\n 6. Where a person who became or becomes a participant in the\ntwenty-year retirement program for captains and above has rendered less\nthan fifteen years of credited service as of the date he or she became\nor becomes a New York city correction member of the rank of captain or\nabove, the amount of the contribution deficiency charged to such a\nparticipant pursuant to paragraph five of this subdivision, consisting\nof retroactive additional member contributions plus interest on such\namounts, shall be reduced by an amount equal to the additional member\ncontributions which such participant made pursuant to paragraph one of\nsubdivision e of section five hundred four-a of this article as a\nparticipant in the twenty-year retirement program for correction\nofficers below the rank of captain (together with any interest thereon)\nwhich are on deposit in the contingent reserve fund of the retirement\nsystem on the date such person became or becomes a participant in the\ntwenty-year retirement program for captains and above, provided,\nhowever, that for persons who elect to become a participant in the\ntwenty-year retirement program for captains and above pursuant to\nsubparagraph (ii) of paragraph one of subdivision b of this section or\nsubparagraph (ii) of paragraph two of subdivision b of this section,\nsuch reduction pursuant to this paragraph in the amount of such\ncontribution deficiency shall be by the amount of such additional member\ncontributions made pursuant to subdivision e of section five hundred\nfour-a (together with any interest thereon) which are on deposit in such\ncontingent reserve fund at the time such member files such election to\nbecome such a participant, and such participant shall not thereafter be\npermitted to withdraw any portion of such additional member\ncontributions made pursuant to subdivision e of section five hundred\nfour-a at any time while he or she is a participant in the twenty-year\nretirement program for captains and above, and provided further that the\nprovisions of this paragraph shall apply to any person who is a\nparticipant in the twenty-year retirement program for captains and above\non or after the revised contribution date, even where such person has\nrendered fifteen or more years of credited service as of the date he or\nshe became a New York city correction member of the rank of captain or\nabove.\n 7. (i) Subject to the provisions of subparagraph (ii) of this\nparagraph, where any additional member contributions required by\nparagraph one of this subdivision are not paid by deductions from a\nparticipant's compensation pursuant to paragraph three of this\nsubdivision:\n (A) that participant shall be charged with a contribution deficiency\nconsisting of such unpaid amounts, together with interest thereon at the\nrate of five percent per annum, compounded annually; and\n (B) such interest on each amount of undeducted contributions shall\naccrue from the end of the payroll period for which such amount would\nhave been deducted from compensation if he or she had been a participant\nat the beginning of that payroll period, until such amount is paid to\nthe retirement system.\n (ii) Except as otherwise provided in subparagraph (iii) of this\nparagraph, 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 (iii) Should any person who, pursuant to paragraph twelve of this\nsubdivision, has withdrawn any additional member contributions (and any\ninterest paid thereon) again become a participant in the twenty-year\nretirement program for captains and above pursuant to paragraph six of\nsubdivision b of this section, an appropriate amount shall be included\nin such participant's contribution deficiency (including interest\nthereon as calculated pursuant to subparagraph (i) of this paragraph) as\nif such additional contributions had never been made.\n 8. The head of a retirement system which includes participants in the\ntwenty-year retirement program for captains and above in its membership\nmay, consistent with the provisions of this subdivision, promulgate\nregulations for the payment of such additional member contributions, and\nany interest thereon, by such participants (including the deduction of\nsuch contributions, and any interest thereon, from the participants'\ncompensation).\n 9. 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/or seven of this subdivision, that participant, nevertheless,\nshall be eligible to retire pursuant to subdivision c of this section\nprovided, however, that the service retirement benefit calculated\npursuant to paragraph two of such subdivision c shall be reduced by the\nactuarial equivalent of the amount of any contribution deficiency\npursuant to such paragraphs five and/or seven which such participant did\nnot pay prior to the effective date of his or her retirement.\n 10. Where a participant who is otherwise eligible for a vested right\nto a deferred benefit pursuant to subdivision d of this section did not,\nprior to the date of discontinuance of service, pay the entire amount of\na contribution deficiency chargeable to him or her pursuant to\nparagraphs five and/or seven of this subdivision, that participant,\nnevertheless, shall be eligible for a vested right to a deferred benefit\npursuant to subdivision d of this section provided, however, that the\ndeferred vested benefit calculated pursuant to paragraph three of such\nsubdivision d shall be reduced by the actuarial equivalent of the amount\nof any contribution deficiency pursuant to such paragraphs five and/or\nseven which such participant did not pay prior to his or her\ndiscontinuance of service.\n 11. Where a participant has not paid in full any contribution\ndeficiency chargeable to him or her pursuant to paragraphs five and/or\nseven of this subdivision, and a benefit, other than a refund of member\ncontributions pursuant to section five hundred seventeen of this\narticle, or a refund of additional member contributions pursuant to\nparagraph twelve of this subdivision, or a benefit which has been\nreduced pursuant to paragraph nine or ten of this subdivision becomes\npayable under this article to the participant or to his or her\ndesignated beneficiary or estate, the actuarial equivalent of any such\nunpaid amount shall be deducted from the benefit otherwise payable.\n 12. (i) All additional member contributions required by this\nsubdivision (and any interest 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 contributions of a member\nunder section five hundred seventeen of this article or otherwise while\nhe or she is a participant in the twenty-year retirement program for\ncaptains and above or otherwise, except that, a surplus of such\nadditional member contributions that are paid into the retirement\nsystem's contingent reserve fund may be used for the sole purpose of\noffsetting a deficit of basic member contributions.\n (ii)(A) Should a participant in the twenty-year retirement program for\ncaptains and above who has rendered less than fifteen years of credited\nservice cease to hold the position of New York city correction officer\nof the rank of captain or above for any reason whatsoever, his or her\naccumulated additional member contributions made pursuant to this\nsubdivision (together with any interest thereon paid to the retirement\nsystem) may be withdrawn by him or her pursuant to procedures\npromulgated in regulations of the head of the retirement system,\ntogether with interest thereon at the rate of five percent per annum,\ncompounded annually.\n (B) Upon the death of a participant in the twenty-year retirement\nprogram for captains and above, there shall be paid to such person as he\nor she has nominated or shall nominate to receive his or her accumulated\nmember contributions by written designation duly executed and filed with\nthe retirement system during the lifetime of such participant, or, to\nhis or her estate if no such person is nominated, his or her accumulated\nadditional member contributions made pursuant to this subdivision\n(including any interest thereon paid to the retirement system), together\nwith interest thereon at the rate of five percent per annum, compounded\nannually.\n (C) A participant in the twenty-year retirement program for captains\nand above with twenty or more years of credited service, who has made\nadditional member contributions pursuant to this subdivision in an\namount which exceeds the amount of additional member contributions\nrequired by this subdivision, and who retires pursuant to this article\non or after the revised contribution date, shall receive upon retirement\na refund of that portion of such additional member contributions on\ndeposit in the contingent reserve fund which exceeds such required\namount (including any interest thereon paid to the retirement system),\ntogether with interest thereon at the rate of five percent per annum,\ncompounded annually.\n (iii) Except as otherwise provided in subparagraph (ii) of this\nparagraph, no member while he or she is such a participant or otherwise\nshall have a right to withdraw such additional member contributions or\nany interest thereon from the retirement system.\n 13. Notwithstanding any other provision of law to the contrary, a\nmember of the retirement system shall not be permitted to borrow any\nportion of his or her additional member contributions (including any\ninterest paid thereon) which are subject to this subdivision.\n f. The escalation of benefits provisions of section five hundred ten\nof this article shall not apply to any benefits received pursuant to the\nprovisions of this section.\n g. Except as provided in clause (B) of subparagraph (i) of paragraph\ntwo of subdivision c of this section, the provisions of subdivision d of\nsection five hundred of this article shall apply to participants under\nthis section.\n h. In the event that the provisions of this section should result in\nany increase in the contribution rate of the city of New York, that\nincrease shall not apply to any calculation or certification for the\npurposes of subdivision c of section five hundred of this article.\n