§ 604-C*2 — Optional twenty-five-year early retirement program for certain New York city members

New York § 604-C*2

• Jurisdiction: New York
• Law RSS: Retirement & Social Security
• Art. 15: Coordinated Retirement Plan

Text

* § 604-c. Optional twenty-five-year early retirement program for\ncertain New York city members. a. Definitions. The following words and\nphrases as used in this section shall have the following meanings unless\na 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 six hundred\nfour-b of this article, whether or not the person employed in such\nposition is a participant in the retirement program set forth in such\nsection six hundred four-b of this article; (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 thirteen 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. "Twenty-five-year early retirement program" shall mean all the\nterms and conditions of this section.\n 8. "Starting date of the twenty-five-year early retirement program"\nshall mean the commencement date of the first payroll period which\nbegins after January first, nineteen hundred ninety-five.\n 9. "Enactment date of the twenty-five-year early retirement program"\nshall mean the date this section takes effect.\n 10. "Participant in the twenty-five-year early retirement program"\nshall mean any New York city eligible member who, under the applicable\nprovisions of subdivision b of this section, is entitled to the rights,\nbenefits and privileges and is subject to the obligations of the\ntwenty-five-year early retirement program, as applicable to him 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. "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 14. "Active or retired employee of the council of the city of New\nYork" shall mean all duly sworn members of the New York city council as\nwell as all salaried employees who comprise the staff of the city\ncouncil on a full-time or part-time basis who are either in active\nservice on the effective date of this paragraph or who retired from such\nservice.\n 15. "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 twenty-five-year early retirement program. 1.\nSubject to the provisions of paragraphs five, six and seven of this\nsubdivision, any person who is employed in a New York city eligible\nposition on the enactment date of the twenty-five-year early retirement\nprogram, and who is a New York city eligible member in active service on\nsuch enactment date, may elect to become a participant in the\ntwenty-five-year early retirement program by filing, within ninety days\nafter the enactment date of the twenty-five-year early retirement\nprogram, a duly executed application for such participation with the\nretirement system of which such person is a member, provided he or she\nis a New York city eligible member in active service on the date such\napplication is filed. Notwithstanding this provision, a New York city\neligible member in active service on the enactment date of the\ntwenty-five-year early retirement program who is an active or retired\nemployee of the council of the city of New York may elect to participate\nin the twenty-five-year early retirement program at any time subsequent\nto the enactment date of such program.\n 2. Subject to the provisions of paragraphs five, six and seven of this\nsubdivision, any person (i) who is employed in a New York city eligible\nposition on the enactment date of the twenty-five-year early retirement\nprogram, or who, on such enactment date, is a discontinued member not in\nactive service who is entitled to a deferred vested benefit at normal\nretirement age, and (ii) who becomes a New York city eligible member in\nactive service after such enactment date, may elect to become a\nparticipant in the twenty-five year early retirement program by filing,\nwithin ninety days after becoming a New York city eligible member in\nactive service, a duly executed application for such participation with\nthe retirement system of which such person is a member, provided he or\nshe is a New York city eligible member in active service on the date\nsuch application is filed.\n 2-a. Notwithstanding any other provision of this subdivision or any\nother provision of law to the contrary, no member who becomes subject to\nthe provisions of this article on or after the effective date of this\nparagraph shall be a participant in the twenty-five-year early\nretirement program.\n 3. (i) Except as provided in subparagraph (ii) of this paragraph, any\nelection to be a participant in the twenty-five-year early retirement\nprogram shall be irrevocable.\n (ii) Notwithstanding any other provision of law to the contrary, any\nparticipant in the twenty-five-year early retirement program whose age\nand amount of credited service (which amount of credited service shall,\nfor the limited purposes only of this subparagraph, include service\nrendered previous to becoming a member which is not yet credited, but\nfor which such person is or may become eligible to obtain credit\npursuant to section six hundred nine of this article) at the time of\nfirst becoming such a participant are such that he or she could not\npossibly be able to accumulate a total of at least twenty-five years of\ncredited service by the time he or she reaches age sixty-two, assuming\nsuch person were to earn a full year of credited service in each and\nevery year until he or she becomes sixty-two years of age (whether or\nnot such person actually intends to earn such amounts of credit), may\nwithdraw from the twenty-five-year early retirement program by filing,\nwithin two years after first becoming such a participant, or within the\nperiod beginning November first, nineteen hundred ninety-seven and\nending January thirtieth, nineteen hundred ninety-eight, a written\nrequest to withdraw from such program with the retirement system of\nwhich such person is a member.\n 4. Where any participant in the twenty-five-year early retirement\nprogram shall cease to hold a New York city eligible position, he or she\nshall cease to be such a participant and, during any period in which\nsuch person is not a New York city eligible member, he or she shall not\nbe a participant in the twenty-five-year early retirement program.\n 5. Where any participant in the twenty-five-year early retirement\nprogram terminates service in a New York city eligible position and\nreturns to service in a New York city eligible position at a later date\nand again becomes a New York city eligible member, he or she shall again\nbecome such a participant upon becoming a New York city eligible member.\n 6. For the limited purposes only of determining eligibility to elect\nto become a participant in the twenty-five-year early retirement program\npursuant to paragraph one or two of this subdivision, a person shall be\ndeemed to be employed in a New York city eligible position on the\nenactment date of the twenty-five-year early retirement program if, on\nsuch enactment date, such person is (i) in active service in a New York\ncity eligible position, (ii) on a leave of absence without pay from a\nNew York city eligible position approved by his or her public employer,\nand such person returns to active service in a New York city eligible\nposition after such enactment date and within five years after beginning\nsuch unpaid leave of absence or (iii) on suspension without pay from a\nNew York city eligible position, and such person is reinstated from such\nsuspension to active service in such an eligible position after such\nenactment date by his or her public employer.\n 7. Notwithstanding any other provision of law to the contrary, any\nperson who is eligible to elect to become a participant in the\ntwenty-five-year early retirement program pursuant to paragraph one or\ntwo of this subdivision for the full ninety-day period provided for in\nsuch applicable subparagraph, 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 twenty-five-year\nearly retirement program who is an active or retired employee of the\ncouncil of the city of New York.\n c. 1. Non-physically taxing service retirement. A participant in the\ntwenty-five year early retirement program:\n (i) who has completed twenty-five or more years of credited service;\nand\n (ii) who has attained age fifty-five; and\n (iii) 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 twenty-five-year early retirement program who is an active\nor retired employee of the council of the city of New York, who has paid\nall additional member contributions pursuant to paragraph five of\nsubdivision d of this section; and\n (iv) 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, or, for a New York city eligible member\nin active service on the enactment date of the twenty-five-year early\nretirement program who is a retired employee of the council of the city\nof New York, who files an application for participation in the\nretirement plan described by this section; and\n (v) who shall be a participant in the twenty-five-year early\nretirement program in active service at the time so specified for his or\nher retirement; shall be retired pursuant to the provisions of this\nparagraph affording early service retirement.\n For a New York city eligible member in active service on the enactment\ndate of the twenty-five-year early retirement program who is a retired\nemployee of the council of the city of New York, however, there shall be\nno requirement of active service at the time of filing for retirement\nprovided that such employee has met the other requirements of this\nparagraph.\n 2. Physically taxing service retirement. A participant in the\ntwenty-five-year early retirement program:\n (i) who has completed twenty-five or more years of credited service in\na physically taxing position (as defined in paragraph eleven of\nsubdivision a of this section); and\n (ii) who has attained age fifty; and\n (iii) 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 (iv) 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 (v) who shall be a participant in the twenty-five-year early\nretirement program in active service at the time so specified for his or\nher retirement; shall be retired pursuant to the provisions of this\nparagraph affording early service retirement for participants in\nphysically taxing positions.\n 3. Service retirement benefits. Notwithstanding any other provision of\nlaw to the contrary, and subject to the provisions of paragraph ten of\nsubdivision d of this section, the early service retirement benefit for\na participant in the twenty-five-year early retirement program who\nretires pursuant to either paragraph one or two of this subdivision\nshall be a retirement allowance equal to one-fiftieth of final average\nsalary times years of credited service not in excess of thirty years.\nCredited service in excess of thirty years shall provide an additional\nretirement allowance equal to three-two hundredths of the final average\nsalary for each year of credited service in excess of thirty years.\n d. Additional member contributions. 1. In addition to the member\ncontributions required by section six hundred thirteen of this article,\neach participant in the twenty-five-year early retirement program shall\ncontribute (subject to the applicable provisions of subdivision d of\nsection six hundred thirteen of this article) an additional percentage\nor additional percentages of his or her compensation to the retirement\nsystem of which he or she is a member in accordance with the following\nschedule:\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 service (whether or not in a physically taxing\nposition) rendered on and after the starting date of the\ntwenty-five-year early retirement program and prior to the commencement\ndate of the first payroll period which begins after January first,\nnineteen hundred ninety-eight (1) while such person is a participant in\nsuch program; and (2) before such person becomes such a participant\npursuant to paragraph one or two of subdivision b of this section\n(whether or not rendered in a New York city eligible position); and (3)\nafter such person ceases to be a participant, but before he or she again\nbecomes 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 service (whether or not in a physically taxing\nposition) rendered on and after the commencement date of the first\npayroll 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 service (whether or not in a physically taxing\nposition) rendered on and after the commencement date of the first\npayroll period which begins subsequent to the effective date of the\nchapter of the laws of two thousand one which added this item (1) while\nsuch person 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 (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 service\nspecified in such subparagraph (i), an additional one and ninety-eight\none-hundredths percent of his or her compensation earned from that\nportion of such credited service which is rendered in a physically\ntaxing position on and after the starting date of the twenty-five-year\nearly retirement program (A) while such person is a participant in such\nprogram; and (B) before such person becomes such a participant pursuant\nto paragraph one or two of subdivision b of this section; and (C) after\nsuch person ceases to be a participant, but before he or she again\nbecomes such a participant pursuant to paragraph five of such\nsubdivision b.\n (iii) notwithstanding the provisions of subparagraphs (i) and (ii) of\nthis paragraph, a person who becomes a participant in the\ntwenty-five-year early retirement program provided by this section, who\nprior to such membership was subject to the provisions of section six\nhundred four-b of this article, shall not be required to pay the\nadditional member contributions required by subparagraphs (i) and (ii)\nof this paragraph for any period of credited service before which such\nperson became a participant pursuant to paragraph one or two of\nsubdivision b of this section and during which such participant was\nsubject to the provisions of such section six hundred four-b and no\nadditional employee contributions were required of such member.\n 2. A participant in the twenty-five-year early retirement program\nshall contribute additional member contributions only until he or she\nhas thirty years of credited service.\n 3. (i) Commencing with the first full payroll period after each person\nbecomes a participant in the twenty-five-year early retirement program,\nadditional member contributions at the applicable rate or rates\nspecified in paragraph one of this subdivision for the particular\ncredited service being rendered shall be deducted (subject to the\napplicable provisions of subdivision d of section six hundred thirteen\nof this article) from the compensation of such participant on each and\nevery payroll of such participant for each and every payroll period for\nwhich 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 service rendered on and after the enactment date of the\ntwenty-five-year early retirement program, and prior to the actual\ncommencement of deductions from compensation pursuant to subparagraph\n(i) of this paragraph, by a person who becomes a participant pursuant to\nparagraph one of subdivision b of this section, shall be paid by\ndeductions from the compensation of such participant pursuant to and in\naccordance with the 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 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 subdivision d of section\nsix hundred thirteen of this article) on each and every payroll period\nuntil 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 six\nhundred thirteen of this article, and the additional member\ncontributions required pursuant to paragraph one of this subdivision,\neach participant in the twenty-five-year early retirement program who\nwas not a member of either NYCERS or BERS on July first, nineteen\nhundred ninety-three shall, subject to the provisions of paragraph two\nof this subdivision, make retroactive additional member contributions to\nthe retirement system of which he or she is a member in accordance with\nthe 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 service rendered prior to the starting date of the\ntwenty-five-year early retirement program (whether or not rendered in a\nphysically taxing position or a New York city eligible 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\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 service\nspecified in such subparagraph (i), an additional one and ninety-eight\none-hundredths percent of his or her compensation earned from that\nportion of such credited service which was rendered in a physically\ntaxing position prior to the starting date of the twenty-five-year early\nretirement program.\n 5. (i) Each participant in the twenty-five-year early retirement\nprogram shall be charged with a contribution deficiency consisting 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 service rendered on or\nafter the starting date of the twenty-five-year early retirement\nprogram, but prior to the enactment date of the twenty-five-year early\nretirement program by a person who becomes a participant pursuant to\nparagraph 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 twenty-five-year early 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 fourteen of this\nsubdivision), as if such employee portion of additional contributions\nnever 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 twenty-five-year early 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 twelve 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, until such amount is paid to the 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 five percent\nper annum, compounded annually.\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 contributions of a member\nunder section six hundred thirteen of this article or otherwise while he\nor she is a participant in the twenty-five-year early retirement program\nor otherwise, except that, a surplus of such additional member\ncontributions that are paid into the retirement system's contingent\nreserve fund may be used for the sole purpose of offsetting a deficit of\nbasic member contributions.\n (ii) All additional member contributions required for any period of\ncredited service pursuant to paragraph one or four of this subdivision\n(and any interest paid thereon pursuant to paragraph five of this\nsubdivision) which, pursuant to subparagraph (i) of this paragraph, are\npaid by a participant (subject to the applicable provisions of\nsubdivision d of section six hundred thirteen of this article) into the\ncontingent reserve fund of the retirement system of which such\nparticipant is a member (other than repayments of loans of additional\nmember contributions pursuant to paragraph thirteen of this subdivision\nor amounts paid in satisfaction of a contribution deficiency calculated\nin accordance with paragraph six of this subdivision) shall be divided\nin 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 twenty-five-year early\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 9. A person who was a participant in the twenty-five-year early\nretirement program as a member of one participating retirement system,\nwho becomes such a participant as a member of the other participating\nretirement system and who thereafter transfers his or her membership in\nsuch first retirement system directly to such second retirement system\nas such a participant shall be deemed to have the same unpaid balance of\na loan of the employee portion of additional member contributions\npursuant to paragraph thirteen of this subdivision (including accrued\ninterest) as he or she had in such first retirement system at the time\nof such transfer of membership to the second retirement 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\nparagraph three of such subdivision c shall be reduced by a life annuity\n(calculated in accordance with the method set forth in subdivision i of\nsection six hundred thirteen-b of this article) which is actuarially\nequivalent 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\ntwenty-five-year early retirement program (including the deduction of\nsuch contributions, and any interest thereon, from the participants'\ncompensation).\n 12. (i) Subject to the provisions of paragraph fourteen of this\nsubdivision, a participant in the twenty-five-year early retirement\nprogram who retires for disability pursuant to section six hundred five\nof this article shall be entitled, upon such retirement, to a refund of\nthe employee 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 retirement for disability, together with\ninterest thereon at the rate of five percent per annum, compounded\nannually.\n (ii) Subject to the provisions of paragraph fourteen of this\nsubdivision, upon the death of a participant in the twenty-five-year\nearly retirement program, there shall be paid to such person as he or\nshe 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, 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 the retirement system of which he or she is a member at\nthe time of his or her death, together with interest thereon at the rate\nof five percent per annum, compounded annually.\n (iii) Subject to the provisions of paragraph fourteen of this\nsubdivision, a person (A) who is or was a participant in the\ntwenty-five-year early retirement program; (B) who retires for service\nas a member of NYCERS or BERS pursuant to the applicable service\nretirement provisions of this article; (C) who is in active service on\nthe effective date of retirement; (D) who is at least sixty-two years of\nage on the effective date of retirement; and (E) who was in active\nservice for a total of at least six months out of each of the two\ntwelve-month periods immediately preceding his or her retirement for\nservice, shall, upon such retirement for service, be entitled to a\nrefund 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\nservice, together with interest thereon at the rate of five percent per\nannum, compounded annually.\n (iv) Subject to the provisions of paragraph fourteen of this\nsubdivision, a person who ceases to be a participant in the\ntwenty-five-year early retirement program as a member of a participating\nretirement system because he or she ceases to hold a New York city\neligible position, who thereafter is employed in another position in\npublic employment which is not a New York city eligible position, but\nwhich entitles such person to membership in another public retirement\nsystem which is maintained in whole or in part by the city or state of\nNew York, 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 five percent per annum, compounded\nannually.\n (v) Subject to the provisions of paragraph fourteen of this\nsubdivision, any person who withdraws as a participant in the\ntwenty-five-year early retirement program by filing a valid request for\nsuch 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 five percent\nper annum, compounded annually.\n (vi) Subject to the provisions of paragraph fourteen of this\nsubdivision, a participant in the twenty-five-year early retirement\nprogram who has been terminated from employment in a New York city\neligible position for economic reasons by his or her public employer\nshall be entitled, upon such termination, to withdraw 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 such termination from employment, together with\ninterest thereon at the rate of five percent per annum, compounded\nannually.\n (vii) Subject to the provisions of paragraph fourteen of this\nsubdivision, a participant in the twenty-five-year early retirement\nprogram (A) who retires for service pursuant to paragraph two of\nsubdivision 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\nfive percent per annum, compounded annually, and shall not be entitled\nto a refund of any part of the employee portion of his or her additional\nmember contributions paid pursuant to subparagraph (i) of paragraph one\nof this subdivision or subparagraph (i) of paragraph four of this\nsubdivision (or any interest paid on such part of such employee portion\nof his or her additional member contributions), or any part of employer\ncontribution portion of his or her additional member contributions (as\nestablished in accordance with item (A) of subparagraph (ii) of\nparagraph seven of this subdivision) paid pursuant to subparagraph (i)\nor (ii) of paragraph one of this subdivision or subparagraph (i) or (ii)\nof paragraph four of this subdivision (or any interest paid on such\nemployer contribution portion of his or her additional member\ncontributions).\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 twenty-five-year early retirement\nprogram, shall be permitted to withdraw any such additional member\ncontributions 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 twenty-five-year early retirement program\nshall be permitted to borrow from 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 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\nrights, privileges, obligations and procedures set forth in section six\nhundred thirteen-b of this article which govern the borrowing of member\ncontributions made pursuant to section six hundred thirteen of this\narticle. The board of trustees of NYCERS and the retirement board of\nBERS may, consistent with the provisions of this subdivision and the\nprovisions of section six hundred thirteen-b of this article as made\napplicable to this subdivision, promulgate regulations governing the\nborrowing of such employee portion of additional member contributions,\nprovided, however, that no person, while he or she is a participant or\notherwise, shall at any time be permitted to borrow, pursuant to this\nparagraph or any other provision, 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 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. An eligible former participant, as defined in this paragraph,\nshall be entitled to a refund of the employee portion of his or her\nadditional member contributions made pursuant to this subdivision which\nshall include any and all interest thereon at the rate of five percent\nper annum, compounded annually and such refund shall be payable, upon\nsuch participant's application pursuant to procedures promulgated in\nregulations of the board of trustees of the retirement system. An\neligible former participant shall be a participant who is or was\nemployed in the title supervisor (stations) in assignment level II in\nthe New York city transit authority's stations department or the title\ntransit manager, and who, on October first, two thousand six, was\nemployed by the New York city transit authority in such title and who\nwas a participant in the twenty-five year early retirement program prior\nto the starting date of the elimination of additional member\ncontributions, as such date is defined in an election made pursuant to\nparagraph ten of subdivision e of section six hundred four-b of this\narticle.\n * NB There are 3 § 604-c's\n