§ 604-D — Age fifty-seven retirement program for certain New York city members

New York § 604-D

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

Text

§ 604-d. Age fifty-seven retirement program for certain New York city\nmembers. a. The terms "NYCERS", "BERS", "administrative code", "BERS\nrules and regulations", "New York city eligible position", "New York\ncity eligible member", "physically taxing position", "participating\nretirement system" and "education service", as used in this section,\nshall have the meanings set forth in paragraphs one, two, three, four,\nfive, six, eleven, twelve and thirteen, respectively, of subdivision a\nof section six hundred four-c of this article unless a different meaning\nis plainly required by the context.\n b. The following terms as used in this section shall have the\nfollowing meanings unless a different meaning is plainly required by the\ncontext.\n 1. "Age fifty-seven retirement program" shall mean all the terms and\nconditions of this section.\n 2. "Enactment date of the age fifty-seven retirement program" shall\nmean the date this section takes effect.\n 3. "Participant in the age fifty-seven retirement program" shall mean\nany New York city eligible member who, under the applicable provisions\nof subdivision c of this section, is entitled to the rights, benefits\nand privileges and is subject to the obligations of the age fifty-seven\nretirement program, as applicable to him or her.\n c. Participation in age fifty-seven retirement program. 1. Subject to\nthe provisions of paragraphs five and six of this subdivision, any\nperson (i) other than a person who is deemed pursuant to paragraph six\nof subdivision b of section six hundred four-c of this article to be\nemployed for the purposes of paragraph one or two of subdivision b of\nsuch section six hundred four-c in a New York city eligible position on\nthe enactment date of the twenty-five-year early retirement program, or\nother than a person who, on such enactment date, is a discontinued\nmember not in active service who is entitled to a deferred vested\nbenefit at normal retirement age, (ii) who becomes a New York city\neligible member in active service after the enactment date of the age\nfifty-seven retirement program and (iii) who, as such an eligible member\nor otherwise, last became subject to the provisions of this article\nprior to such enactment date, may elect to become a participant in the\nage fifty-seven retirement program by filing, within ninety 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 that he or she is a New York\ncity eligible member in active service on the date such application is\nfiled.\n 2. Any election to be a participant in the age fifty-seven retirement\nprogram shall be irrevocable.\n 3. Each person (i) other than a person who is deemed pursuant to\nparagraph six of subdivision b of section six hundred four-c of this\narticle to be employed for the purposes of paragraph one or two of\nsubdivision b of such section six hundred four-c in a New York city\neligible position on the enactment date of the twenty-five-year early\nretirement program, or other than a person who, on such enactment date,\nis a discontinued member not in active service who is entitled to a\ndeferred vested benefit at normal retirement age, (ii) who becomes a New\nYork city eligible member in active service after the enactment date of\nthe age fifty-seven retirement program and (iii) who, as such an\neligible member or otherwise, becomes subject to the provisions of this\narticle after the enactment date of the age fifty-seven retirement\nprogram shall become a participant in the age fifty-seven retirement\nprogram on the date he or she becomes a New York city eligible member in\nactive service.\n 3-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 age fifty-seven retirement\nprogram.\n 4. Where any participant in the age fifty-seven 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-seven retirement program.\n 5. Where any participant in the age fifty-seven 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, and\nexcept as provided in paragraph three of this subdivision, any person\nwho is eligible to elect to become a participant in the age fifty-seven\nretirement program pursuant to paragraph one of this subdivision for the\nfull ninety-day period provided for in such paragraph one, and who fails\nto timely file a duly executed application for such participation with\nthe appropriate retirement system shall not thereafter be eligible to\nelect pursuant to such paragraph one to become a participant in such\nprogram.\n d. 1. Non-physically taxing service retirement. A participant in the\nage fifty-seven retirement program:\n (i) who has completed five or more years of credited service; and\n (ii) who has attained age fifty-seven; and\n (iii) who, subject to the provisions of paragraph nine of subdivision\nf of this section, has paid, before the effective date of retirement,\nall additional member contributions and interest (if any) required by\nparagraphs one, four and five of subdivision f 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 age fifty-seven retirement\nprogram at the time so specified for his or her retirement; shall be\nretired pursuant to the provisions of this paragraph affording early\nservice retirement.\n 2. Physically taxing service retirement. A participant in the age\nfifty-seven 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 section six hundred four-c of this article); and\n (ii) who has attained age fifty; and\n (iii) who, subject to the provisions of paragraph nine of subdivision\nf of this section, has paid, before the effective date of retirement,\nall additional member contributions and interest (if any) required by\nparagraphs one, four and five of subdivision f 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 age fifty-seven retirement\nprogram at the time so specified for his or her retirement; shall be\nretired pursuant to the provisions of this paragraph affording early\nservice retirement for participants in physically taxing positions.\n 3. Service retirement benefits. Notwithstanding any other provision of\nlaw to the contrary, and subject to the provisions of paragraph nine of\nsubdivision f of this section, the early service retirement benefit for\na participant in the age fifty-seven retirement program who retires\npursuant to either paragraph one or two of this subdivision shall be\ncalculated as follows:\n (i) for a participant with less than twenty years of credited service,\nsuch benefit shall be a retirement allowance equal to one-sixtieth of\nfinal average salary times years of credited service; or\n (ii) for a participant with twenty years or more of credited service,\nsuch benefit shall be a retirement allowance equal to one-fiftieth of\nfinal average salary times years of credited service not in excess of\nthirty years. Credited service in excess of thirty years shall provide\nan additional retirement allowance equal to three-two hundredths of the\nfinal average salary for each year of credited service in excess of\nthirty years.\n e. Vesting. 1. A participant in the age fifty-seven retirement\nprogram:\n (i) who, as a participant in such retirement program, discontinues\ncity-service (as defined in subdivision three of section 13-101 of the\nadministrative code) or education service (as defined in paragraph\nthirteen of subdivision a of section six hundred four-c of this\narticle), other than by death or retirement; and\n (ii) who, prior to such discontinuance, completed five or more years\nof credited service; and\n (iii) who, subject to the provisions of paragraph ten of subdivision f\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 f of this section; and\n (iv) who does not withdraw in whole or in part his or her accumulated\nmember contributions pursuant to section six hundred thirteen of this\narticle unless such participant thereafter returns to public service and\nrepays the amounts so withdrawn, together with interest, pursuant to\nsuch section six hundred thirteen; shall be entitled to receive a\ndeferred vested benefit as provided in this 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 for service if such\ndiscontinuance had not occurred.\n 3. Subject to the provisions of paragraph ten of subdivision f of this\nsection, such deferred benefit shall be a retirement allowance computed\nin accordance with the applicable provisions of subparagraph (i) or (ii)\nof paragraph three of subdivision d of this section.\n f. Additional member contributions. 1. In addition to the member\ncontributions required by section six hundred thirteen of this article,\neach participant in the age fifty-seven 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 prior to the commencement date of the first payroll\nperiod which begins after January first, nineteen hundred ninety-eight\n(1) while such person is a participant in such program; and (2) before\nsuch person becomes such a participant pursuant to paragraph one or\nthree of subdivision c of this section (whether or not rendered in a New\nYork city eligible position, and whether rendered before or after the\nenactment date of the age fifty-seven retirement program); and (3) 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 c (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 three of\nsubdivision c 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 c (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 three of\nsubdivision c 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 c (whether or not\nrendered in 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 section six\nhundred four-c of this article) shall contribute, in addition to the\nadditional member contributions required to be made at the percentage of\ncompensation specified in subparagraph (i) of this paragraph for the\ncredited service specified in such subparagraph (i), an additional one\nand ninety-eight one-hundredths percent of his or her compensation\nearned from that portion of such credited service which is rendered in a\nphysically taxing position (A) while such person is a participant in\nsuch program; and (B) before such person becomes such a participant\npursuant to paragraph one or three of subdivision c of this section\n(whether rendered before or after the enactment date of the age\nfifty-seven retirement program); and (C) after such person ceases to be\na participant, but before he or she again becomes such a participant\npursuant to paragraph five of such subdivision c.\n (iii) notwithstanding the provisions of subparagraphs (i) and (ii) of\nthis paragraph, a person who becomes a participant in the age\nfifty-seven early retirement program provided by this section, who prior\nto such membership was subject to the provisions of section six hundred\nfour-b of this article, shall not be required to pay the additional\nmember contributions required by subparagraphs (i) and (ii) of this\nparagraph for any period of credited service before which such person\nbecame a participant pursuant to paragraph one or three of subdivision c\nof this section and during which such participant was subject to the\nprovisions of such section six hundred four-b and no additional employee\ncontributions were required of such member.\n (iv) notwithstanding the provisions of subparagraph (ii) of this\nparagraph, a participant holding the title of carpenter, supervisor\ncarpenter, ship carpenter, supervisor ship carpenter, rigger,\ndockbuilder, supervisor dockbuilder and general supervisor dockbuilder\nwho is a participant in the age fifty-seven retirement program and whose\nage and allowable service are such that he or she could not possibly be\nable to accumulate at least twenty-five years of service by the time he\nor she reaches age fifty-seven, shall not be required to make the\nadditional member contribution pursuant to subparagraph (ii) of this\nparagraph. Any participant in the titles listed in this subparagraph who\nhas made additional member contributions pursuant to subparagraph (ii)\nof this paragraph prior to the effective date of the chapter of the laws\nof two thousand twenty-three that added this subparagraph shall receive\na refund of the employee portion of such contributions plus interest\nprovided that their age and allowable service are such that he or she\ncould not possibly be able to accumulate at least twenty-five years of\nservice by the time he or she reaches age fifty-seven.\n 2. A participant in the age fifty-seven retirement program shall\ncontribute additional member contributions only until he or she has\nthirty years of credited service.\n 3. Commencing with the first full payroll period after each person\nbecomes a participant in the age fifty-seven 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 4. (i) Each participant in the age fifty-seven retirement program\nshall be charged with a contribution deficiency consisting of the total\namounts of additional member contributions such person is required to\nmake pursuant to paragraph one of this subdivision which are not\ndeducted from his or her compensation pursuant to paragraph three of\nthis subdivision, if any, together with interest thereon, compounded\nannually, and computed in accordance with the provisions of\nsubparagraphs (ii) and (iii) of this paragraph.\n (ii) (A) The interest required to be paid on each such amount\nspecified in subparagraph (i) of this paragraph shall accrue from the\nend of the payroll period for which such amount would have been deducted\nfrom compensation if he or she had been a participant at the beginning\nof that 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 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 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 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 six of this subdivision),\nincluding any interest paid on such employee portion, again become a\nparticipant in the age fifty-seven retirement program pursuant to\nparagraph five of subdivision c 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 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 thirteen of this subdivision at the time of the\ntermination of such membership, who, pursuant to paragraph five of\nsubdivision c of this section, thereafter again becomes a participant in\nthe age fifty-seven 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 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 contributions of a member\nunder section six hundred thirteen of this article or otherwise while he\nor she is a participant in the age fifty-seven retirement program or\notherwise, 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 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 subdivision d of\nsection six hundred thirteen of this article) into the contingent\nreserve fund of the retirement system of which such participant is a\nmember (other than repayments of loans of additional member\ncontributions pursuant to paragraph thirteen of this subdivision or\namounts paid in satisfaction of a contribution deficiency calculated in\naccordance with paragraph five of this subdivision) shall be divided in\nthe 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 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-seven\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-seven 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 thirteen of this subdivision (including accrued interest) as\nhe or she had in such first retirement system at the time of such\ntransfer of membership to the second retirement system.\n 9. Where a participant who is otherwise eligible for service\nretirement pursuant to subdivision d 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\nfour and five 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 d 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 (iv) of paragraph twelve of this subdivision, such\nparticipant's service retirement benefit calculated pursuant to\nparagraph three of such subdivision d 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 four and five 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 10. Where a participant who is otherwise eligible for a vested right\nto a deferred benefit pursuant to subdivision e 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 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 thirteen 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 subdivision e of this section, provided, however, that the\ndeferred vested benefit calculated pursuant to paragraph three of such\nsubdivision e shall be reduced by a life annuity (calculated in\naccordance with the method set forth in subdivision i of section six\nhundred thirteen-b of this article) which is actuarially equivalent to:\n (i) the amount of any unpaid contribution deficiency chargeable to\nsuch member pursuant to paragraphs four and five of this subdivision;\nplus\n (ii) the amount of any unpaid balance of a loan of the employee\nportion of his or her additional member contributions pursuant to\nparagraph thirteen of this subdivision (including accrued interest on\nsuch loan).\n 11. The board of trustees of NYCERS and the retirement board of BERS\nmay, consistent with the provisions of this subdivision, promulgate\nregulations for the payment of additional member contributions required\nby this subdivision, and any interest thereon, by participants in the\nage fifty-seven retirement program (including the deduction of such\ncontributions, 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 age fifty-seven retirement program as\na member of a participating retirement system, who has rendered less\nthan ten years of credited service, who ceases to hold a New York city\neligible position and who is not employed in any position which entitles\nsuch person to membership in such same participating retirement system,\nshall be permitted 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 such person is a member at the time he or\nshe last ceases to be a participant, together with interest thereon at\nthe rate of five percent per annum, compounded annually.\n (ii) Subject to the provisions of paragraph fourteen of this\nsubdivision, a participant in the age fifty-seven retirement program who\nretires for disability pursuant to section six hundred five of this\narticle shall be entitled, upon such retirement, to a refund of the\nemployee portion of his or her additional member contributions paid\npursuant to this subdivision (including any interest on such employee\nportion paid to the retirement system) which remains credited to the\nemployee additional contributions account established for such person in\nthe contingent reserve fund of the retirement system of which he or she\nis a member at the time of such retirement for disability, together with\ninterest thereon at the rate of five percent per annum, compounded\nannually.\n (iii) Subject to the provisions of paragraph fourteen of this\nsubdivision, upon the death of a participant in the age fifty-seven\nretirement program, there shall be paid to such person as he or she has\nnominated or shall nominate to receive his or her accumulated member\ncontributions by written designation duly executed and filed with the\nretirement system during the lifetime of such participant, or, to his or\nher estate if no such person is nominated, the employee portion of his\nor her additional member contributions paid pursuant to this subdivision\n(including any interest on such employee portion paid to the retirement\nsystem) which remains credited to the employee additional contributions\naccount established for such person in the contingent reserve fund of\nthe retirement system of which he or she is a member at the time of his\nor her death, together with interest thereon at the rate of five percent\nper annum, compounded annually.\n (iv) Subject to the provisions of paragraph fourteen of this\nsubdivision, a person (A) who is or was a participant in the age\nfifty-seven retirement program; (B) who retires for service as a member\nof NYCERS or BERS pursuant to the applicable service retirement\nprovisions of this article; (C) who is in active service on the\neffective date of retirement; (D) who is at least sixty-two years of age\non the effective date of retirement; and (E) who was in active service\nfor a total of at least six months out of each of the two twelve-month\nperiods immediately preceding his or her retirement for service, shall,\nupon such retirement for service, be entitled to a refund of the\nemployee portion of his or her additional member contributions paid\npursuant to this subdivision (including any interest on such employee\nportion paid to the retirement system) which remains credited to the\nemployee additional contributions account established for such person in\nthe contingent reserve fund of the retirement system of which he or she\nis a member at the time of such retirement for service, 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, a participant in the age fifty-seven retirement program (A)\nwho retires for service pursuant to paragraph two of subdivision d of\nthis section; (B) who is in active service as a participant in such\nprogram on the effective date of retirement; (C) who, on the effective\ndate of retirement, is at least fifty-seven years of age, but less than\nsixty-two years of age; and (D) who was in active service as a\nparticipant in such program for a total of at least six months out of\neach 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 only that part of the employee portion of his or\nher additional member contributions paid pursuant to subparagraph (ii)\nof paragraph one of this subdivision (including any interest on such\npart 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 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 any interest paid thereon), or any part of the\nemployer contribution portion of his or her additional member\ncontributions (as established in accordance with item (A) of\nsubparagraph (ii) of paragraph six of this subdivision) paid pursuant to\nsubparagraph (i) or (ii) of paragraph one of this subdivision (or any\ninterest paid thereon).\n (vi) Subject to the provisions of paragraph fourteen of this\nsubdivision, a person who ceases to be a participant in the age\nfifty-seven 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 five percent per annum, compounded\nannually.\n (vii) Notwithstanding any other provision of law to the contrary, (A)\nno person shall be permitted to withdraw from the retirement system any\nadditional member contributions paid pursuant to this subdivision or any\ninterest paid thereon, except pursuant to and in accordance with the\npreceding subparagraphs of this paragraph; and (B) no person, while he\nor she is a participant in the age fifty-seven retirement program shall\nbe permitted to withdraw any such additional member contributions or any\ninterest paid thereon pursuant to any of the preceding subparagraphs of\nthis paragraph or otherwise; and (C) no person, while he or she is a\nparticipant or otherwise, shall at any time be permitted to withdraw any\nof 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), pursuant to any of the preceding subparagraphs of this\nparagraph or otherwise.\n 13. A participant in the age fifty-seven 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\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 six 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 age fifty-seven retirement program prior to the\nstarting date of the elimination of additional member contributions, as\nsuch date is defined in an election made pursuant to paragraph ten of\nsubdivision e of section six hundred four-b of this article.\n