§ 604-I — Age fifty-five retirement program for New York city teachers and certain other members

New York § 604-I

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

Text

§ 604-i. Age fifty-five retirement program for New York city teachers\nand certain other 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. "TRS" shall mean the New York city teachers' retirement system.\n 2. "BERS" shall mean the board of education retirement system of the\ncity of New York.\n 3. "Administrative code" shall mean the administrative code of the\ncity of New York.\n 4. "BERS rules and regulations" shall mean the rules and regulations\nfor the government, management and control of BERS adopted pursuant to\nsection twenty-five hundred seventy-five of the education law.\n 5. "New York city eligible position" shall mean:\n (i) with respect to members of TRS, all positions as a teacher (as\ndefined in subdivision seven of section 13-501 of the administrative\ncode), and shall not include any position covered by section 13-563 of\nthe administrative code; or\n (ii) with respect to members of BERS, the following positions in\neducation service: head nurses, head nurses (BOE), supervisors of\nnurses, staff nurses, registered nurses (BOE), public health nurses,\npediatric nurse associates, supervising therapists, senior occupational\ntherapists, senior occupational therapists (BOE), occupational\ntherapists, occupational therapists (BOE), senior physical therapists,\nsenior physical therapists (BOE), physical therapists, physical\ntherapists (BOE), substitute vocational assistants, non-annualized adult\neducation teachers, non-annualized adult education assistant\ncoordinators, non-annualized adult education coordinators, directors of\ndrug and alcohol programs, assistant directors of drug and alcohol\nprograms, sign language interpreters, teachers of military science,\nsenior army, navy, air force, aerospace, marine corps or coast guard\ninstructors, army, navy, air force, aerospace, marine corps or coast\nguard instructors, youth development specialists and the following\npositions represented by the recognized teacher organization for\ncollective bargaining purposes: education administrators, education\nofficers, associate education officers, education analysts and associate\neducation analysts.\n 6. "New York city eligible member" shall mean a member of TRS or BERS\nwho is subject to the provisions of this article and who is employed in\na New York city eligible position.\n 7. "Age fifty-five retirement program" shall mean all the terms and\nconditions of this section.\n 8. "Starting date of the age fifty-five retirement program" shall mean\nthe commencement date of the first payroll period which begins after the\nenactment date of the age fifty-five retirement program.\n 9. "Enactment date of the age fifty-five retirement program" shall\nmean the date this section takes effect.\n 10. "Participant in the age fifty-five retirement program" shall mean\nany New York city eligible member who, under the applicable provisions\nof subdivision b of this section, is entitled to the rights, benefits\nand privileges and is subject to the obligations of the age fifty-five\nretirement program, as applicable to him or her.\n 11. "Twenty-five-year participant in the age fifty-five retirement\nprogram" shall mean a participant in the age fifty-five retirement\nprogram who first became such a participant pursuant to paragraph one or\ntwo of subdivision b of this section.\n 12. "Twenty-seven-year participant in the age fifty-five retirement\nprogram" shall mean a participant in the age fifty-five retirement\nprogram who first became such a participant pursuant to paragraph four\nor five of subdivision b of this section.\n 13. "Participating retirement system" shall mean TRS or BERS.\n 14. "Education service" shall mean service as a paid official or\nemployee of the board of education of the city of New York or the New\nYork city school construction authority, and allowable pursuant to the\napplicable provisions which govern the service credit of a member of\nBERS.\n b. Participation in age fifty-five retirement program. 1. Subject to\nthe provisions of paragraphs seven, eight and nine of this subdivision,\nany person who is employed in a New York city eligible position on the\nenactment date of the age fifty-five retirement program, and who is a\nNew York city eligible member in active service on such enactment date,\nmay elect to become a participant in the age fifty-five retirement\nprogram by filing, within one hundred eighty days after the enactment\ndate of the age fifty-five retirement program, a duly executed\napplication for such participation with the retirement system of which\nsuch person is a member, provided he or she is a New York city eligible\nmember in active service on the date such application is filed.\n 2. Subject to the provisions of paragraphs seven, eight and nine of\nthis subdivision, any person: (i) who is employed in a New York city\neligible position on the enactment date of the age fifty-five 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 age fifty-five retirement program by filing, within\none hundred eighty days after becoming a New York city eligible member\nin active service, a duly executed application for such participation\nwith the retirement system of which such person is a member, provided he\nor she is a New York city eligible member in active service on the date\nsuch application is filed.\n 3. (i) Except as provided in subparagraph (ii) of this paragraph, any\nelection to be a participant in the age fifty-five retirement program\nshall be irrevocable.\n (ii) Notwithstanding any other provision of law to the contrary, any\nparticipant in the age fifty-five retirement program who became such a\nparticipant pursuant to paragraph one or two of this subdivision, and\nwhose age and amount of credited service (which amount of credited\nservice shall, for the limited purposes only of this subparagraph,\ninclude service rendered previous to becoming a member which is not yet\ncredited, but for which such person is or may become eligible to obtain\ncredit pursuant to section six hundred nine of this article) at the time\nof first 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 age fifty-five retirement program by filing, within\nthree hundred sixty-five days after first becoming such a participant, a\nwritten request to withdraw from such program with the retirement system\nof which such person is a member.\n 4. Subject to the provisions of paragraphs seven and nine of this\nsubdivision, any person (i) other than a person who is deemed pursuant\nto paragraph eight of this subdivision to be employed for the purposes\nof paragraph one or two of this subdivision in a New York city eligible\nposition on the enactment date of the age fifty-five retirement program,\nor other 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-five 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-five retirement program by filing, within one hundred eighty\ndays after becoming a New York city eligible member in active service, a\nduly executed application for such participation with the retirement\nsystem of which such person is a member, provided that he or she is a\nNew York city eligible member in active service on the date such\napplication is filed. Any election pursuant to this paragraph to be a\nparticipant in the age fifty-five retirement program shall be\nirrevocable.\n 5. Each person (i) other than a person who is deemed pursuant to\nparagraph eight of this subdivision to be employed for the purposes of\nparagraph one or two of this subdivision in a New York city eligible\nposition on the enactment date of the age fifty-five retirement program,\nor other 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-five retirement program and (iii) who, as such an eligible member\nor otherwise, becomes subject to the provisions of this article after\nthe enactment date of the age fifty-five retirement program shall become\na participant in the age fifty-five retirement program on the date he or\nshe becomes a New York city eligible member in active service.\n 5-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-five retirement\nprogram.\n 6. Where any participant in the age fifty-five retirement program\nshall cease to hold a New York city eligible position, he or she shall\ncease to be such a participant and, during any period in which such\nperson is not a New York city eligible member, he or she shall not be a\nparticipant in the age fifty-five retirement program.\n 7. Where any participant in the age fifty-five retirement program\nterminates service in a New York city eligible position and returns to\nservice in a New York city eligible position at a later date and again\nbecomes a New York city eligible member, he or she shall again become\nsuch a participant upon becoming a New York city eligible member.\n 8. For the limited purposes only of determining eligibility to elect\nto become a participant in the age fifty-five 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 age fifty-five retirement program if, on such\nenactment date, such person is: (i) in active service in a New York city\neligible position; (ii) on a leave of absence without pay from a New\nYork city eligible position approved by his or her public employer, and\nsuch 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 9. Notwithstanding any other provision of law to the contrary, and\nexcept as provided in paragraph five of this subdivision, any person who\nis eligible to elect to become a participant in the age fifty-five\nretirement program pursuant to paragraph one, two or four of this\nsubdivision for the full one hundred eighty-day period provided for in\nsuch applicable paragraph, and who fails to timely file a duly executed\napplication for such participation with the appropriate retirement\nsystem, shall not thereafter be eligible to become a participant in such\nprogram.\n c. Service retirement. 1. A twenty-five-year participant in the age\nfifty-five retirement program:\n (i) who has completed twenty-five or more years of credited service;\n (ii) who has attained age fifty-five;\n (iii) who, subject to the provisions of paragraph nine of subdivision\ne 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 e of this section;\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-five retirement\nprogram in active service at the time so specified for his or her\nretirement; shall be retired pursuant to the provisions of this\nparagraph affording early service retirement, provided, however, that no\nsuch participant who otherwise meets the retirement eligibility\nrequirements of this paragraph shall be permitted to retire pursuant to\nthis paragraph prior to June thirtieth, two thousand eight.\n 2. A twenty-seven-year participant in the age fifty-five retirement\nprogram:\n (i) who has completed twenty-seven or more years of credited service;\n (ii) who has attained age fifty-five;\n (iii) who, subject to the provisions of paragraph nine of subdivision\ne 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 e of this section;\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-five retirement\nprogram in active service at the time so specified for his or her\nretirement; shall be retired pursuant to the provisions of this\nparagraph affording early service retirement.\n 3. Notwithstanding any other provision of law to the contrary, and\nsubject to the provisions of paragraph nine of subdivision e of this\nsection, the early service retirement benefit for a participant in the\nage fifty-five retirement program who retires pursuant to either\nparagraph one or two of this subdivision shall be a retirement allowance\nequal to one-fiftieth of final average salary times years of credited\nservice not in excess of thirty years. Credited service in excess of\nthirty years shall provide an additional retirement allowance equal to\nthree-two hundredths of the final average salary for each year of\ncredited service in excess of thirty years.\n d. Vesting. 1. (i) A twenty-five-year participant in the age\nfifty-five retirement program:\n (A) who, on or after June thirtieth, two thousand eight, as such a\nparticipant in such retirement program, discontinues service as a\nteacher (as defined in subdivision seven of section 13-501 of the\nadministrative code) or discontinues education service (as defined in\nparagraph fourteen of subdivision a of this section), other than by\ndeath or retirement;\n (B) who, prior to such discontinuance, completed twenty-five or more\nyears of credited service;\n (C) who, subject to the provisions of paragraph ten of subdivision e\nof this section, has paid, prior to such discontinuance, all additional\nmember contributions and interest (if any) required by paragraphs one,\nfour and five of subdivision e of this section; and\n (D) 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 paragraph.\n (ii) (A) Upon such discontinuance under the conditions and in\ncompliance with the provisions of subparagraph (i) of this paragraph,\nsuch deferred vested benefit shall vest automatically.\n (B) Such vested benefit shall become payable on the earliest date on\nwhich such discontinued member could have retired for service if such\ndiscontinuance had not occurred.\n (iii) Subject to the provisions of paragraph ten of subdivision e of\nthis section, such deferred benefit shall be a retirement allowance\ncomputed in accordance with the applicable provisions of paragraph three\nof subdivision c of this section.\n 2. (i) A twenty-seven-year participant in the age fifty-five\nretirement program:\n (A) who, as such a participant in such retirement program,\ndiscontinues service as a teacher (as defined in subdivision seven of\nsection 13-501 of the administrative code) or discontinues education\nservice (as defined in paragraph fourteen of subdivision a of this\nsection), other than by death or retirement; and\n (B) who, prior to such discontinuance, completed twenty-seven or more\nyears of credited service; and\n (C) who, subject to the provisions of paragraph ten of subdivision e\nof this section, has paid, prior to such discontinuance, all additional\nmember contributions and interest (if any) required by paragraphs one,\nfour and five of subdivision e of this section; and\n (D) 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 paragraph.\n (ii) (A) Upon such discontinuance under the conditions and in\ncompliance with the provisions of subparagraph (i) of this paragraph,\nsuch deferred vested benefit shall vest automatically.\n (B) Such vested benefit shall become payable on the earliest date on\nwhich such discontinued member could have retired for service if such\ndiscontinuance had not occurred.\n (iii) Subject to the provisions of paragraph ten of subdivision e of\nthis section, such deferred benefit shall be a retirement allowance\ncomputed in accordance with the applicable provisions of paragraph three\nof subdivision c of this section.\n e. 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-five retirement program shall\ncontribute (subject to the applicable provisions of subdivision d of\nsection six hundred thirteen of this article) an additional percentage\nof his or her compensation to the retirement system of which he or she\nis a member in accordance with the following applicable provisions:\n (i) each twenty-five-year participant in the age fifty-five retirement\nprogram shall contribute an additional one and eighty-five\none-hundredths percent of his or her compensation earned from all\ncredited service rendered on and after the starting date of the age\nfifty-five retirement program\n (A) while such person is a participant in such program; and\n (B) before such person becomes such a participant pursuant to\nparagraph one or two of subdivision b of this section (whether or not\nrendered in a New York city eligible position); and\n (C) after such person ceases to be a participant, but before he or she\nagain becomes such a participant pursuant to paragraph seven of\nsubdivision b of this section (whether or not rendered in a New York\ncity eligible position); and\n (ii) each twenty-seven-year participant in the age fifty-five\nretirement program shall contribute an additional one and eighty-five\none-hundredths percent of his or her compensation earned from all\ncredited service rendered\n (A) while such person is a participant in such program; and\n (B) before such person becomes such a participant pursuant to\nparagraph four or five of subdivision b of this section (whether or not\nrendered in a New York city eligible position, and whether rendered\nbefore or after the starting date of the age fifty-five retirement\nprogram); and\n (C) after such person ceases to be a participant, but before he or she\nagain becomes such a participant pursuant to paragraph seven of\nsubdivision b of this section (whether or not rendered in a New York\ncity eligible position).\n 2. A twenty-five-year participant in the age fifty-five retirement\nprogram (as defined in paragraph eleven of subdivision a of this\nsection) shall contribute additional member contributions until the\nlater of (i) June twenty-ninth, two thousand eight, or (ii) the date on\nwhich he or she has completed twenty-five years of credited service. A\ntwenty-seven-year participant in the age fifty-five retirement program\nshall contribute additional member contributions only until he or she\nhas completed twenty-seven years of credited service; provided, however,\nthat a twenty-seven-year participant in the age fifty-five retirement\nprogram who becomes subject to the provisions of this article after the\neffective date of the chapter of the laws of two thousand nine that\namended this paragraph shall contribute additional member contributions\nfor all years of credited service as provided in subparagraph (ii) of\nparagraph one of this subdivision.\n 3. (i) Commencing with the first full payroll period after each person\nbecomes a participant in the age fifty-five retirement program,\nadditional member contributions at the rate specified in paragraph one\nof this subdivision shall be deducted (subject to the applicable\nprovisions of subdivision d of section six hundred thirteen of this\narticle) from the compensation of such participant on each and every\npayroll of such participant for each and every payroll period for which\nhe or she is such a participant.\n (ii)(A) Those portions of the additional member contributions required\nby paragraph one of this subdivision which are attributable to credited\nservice rendered on and after the starting date of the age fifty-five\nretirement program, and prior to the actual commencement of deductions\nfrom compensation pursuant to subparagraph (i) of this paragraph, by a\nperson who becomes a participant pursuant to paragraph one of\nsubdivision b of this section, shall be paid by deductions from the\ncompensation of such participant pursuant to and in accordance with the\nprovisions of item (B) of this subparagraph.\n (B) Commencing with the payroll period in which deductions of\nadditional member contributions from such participant's compensation are\nbegun pursuant to subparagraph (i) of this paragraph, in addition to\nsuch deductions required by subparagraph (i) of this paragraph, there\nshall be another deduction of additional member contributions made from\nthe compensation of such participant at one-third the rate at which\ndeductions are being made pursuant to subparagraph (i) of this paragraph\n(subject to the applicable provisions of subdivision d of section six\nhundred thirteen of this article) on each and every payroll period until\nthe total amount of unpaid additional member contributions described in\nitem (A) of this subparagraph, if any, has been paid by deductions from\ncompensation pursuant to this subparagraph, provided, however, that\ndeductions pursuant to this item shall be made only during the period\nwhile such person is a participant after first becoming a participant\npursuant to paragraph one of subdivision b of this section and before\nceasing to be such a participant.\n 4. (i) Each participant in the age fifty-five retirement program shall\nbe charged with a contribution deficiency consisting of the total amount\nof additional member contributions such person is required to make\npursuant to paragraph one of this subdivision which is not deducted from\nhis or her compensation pursuant to paragraph three of this subdivision,\nif any, together with interest thereon, compounded annually, and\ncomputed in accordance with the provisions of subparagraphs (ii) and\n(iii) of this paragraph.\n (ii)(A) Subject to the provisions of subparagraph (iii) of this\nparagraph, the interest required to be paid on the amount specified in\nsubparagraph (i) of this paragraph shall accrue from the end of each of\nthe payroll periods for which such amount would have been deducted from\ncompensation if he or she had been a participant at the beginning of\nthat payroll period and such deduction had been required for such\npayroll period, until such amount is paid to the retirement system.\n (B) The rate of interest to be applied to such amount during the\nperiod for which interest accrues on that amount shall be equal to the\nrate or rates of interest required by law to be used during that same\nperiod to credit interest on the accumulated deductions of retirement\nsystem members.\n (iii) Except as otherwise provided in paragraph five of this\nsubdivision, no interest shall be due on any unpaid additional member\ncontributions which are not attributable to a period prior to the first\nfull payroll period referred to in paragraph three of this subdivision.\n 5. (i) (A) Should any person who, pursuant to paragraph 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-five retirement program pursuant to\nparagraph seven 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 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 seven of\nsubdivision b of this section, thereafter again becomes a participant in\nthe age fifty-five retirement program as a member of either\nparticipating retirement system without having received a refund of the\nemployee portion of his or her additional member contributions pursuant\nto paragraph 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 additional\nmember contributions included in such participant's contribution\ndeficiency pursuant to subparagraph (i) of this paragraph shall be\ncalculated 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-five retirement program or\notherwise.\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:\n (A) to borrow, pursuant to paragraph thirteen of this subdivision or\nany other provision, any of the employer contribution portion of his or\nher additional member contributions (as established in accordance with\nitem (A) of subparagraph (ii) of this paragraph, including any interest\npaid thereon) which has been paid into the contingent reserve fund of\nthe retirement system; or\n (B) to receive a refund of any of such employer contribution portion\npursuant to paragraph 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:\n (A) be deemed to be part of the employee portion of additional member\ncontributions paid by a participant; or\n (B) be credited to the employee additional contributions account\nestablished for such participant in the contingent reserve fund of the\nretirement system.\n (v) All repayments of loans of the employee portion of additional\nmember contributions pursuant to paragraph 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-five\nretirement program as a member of one participating retirement system\nbecomes such a participant as a member of the other participating\nretirement system:\n (i) the employer contribution portion of the additional member\ncontributions paid by such person to such first retirement system\npursuant to this subdivision (including any interest paid thereon) that\nis attributable to any period of credited service obtained in such\nsecond retirement system by purchase or transfer, which previously was\ncredited in such first retirement system, shall (only for purposes of\nthis subdivision, and not for purposes of determining required employer\ncontributions to such second retirement system) be deemed to have been\npaid to such second retirement system rather than to such first\nretirement system; and\n (ii) the employee portion of the additional member contributions paid\nby such person to such first retirement system pursuant to this\nsubdivision (including any interest paid thereon) which remains credited\nto the employee additional contributions account established for such\nperson in the contingent reserve fund of such first retirement system\nthat is attributable to any period of credited service obtained in such\nsecond retirement system by purchase or transfer, which previously was\ncredited in such first retirement system, shall (only for purposes of\nthis subdivision, and not for purposes of determining required employer\ncontributions to such second retirement system) be deemed to have been\npaid to such second retirement system rather than to such first\nretirement system, and shall be credited to the employee additional\ncontributions account established for such participant in the contingent\nreserve fund of such second retirement system.\n 8. A person who was a participant in the age fifty-five retirement\nprogram as a member of one participating retirement system, who becomes\nsuch a participant as a member of the other participating retirement\nsystem and who thereafter transfers his or her membership in such first\nretirement system directly to such second retirement system as such a\nparticipant shall be deemed to have the same unpaid balance of a loan of\nthe employee portion of additional member contributions pursuant to\nparagraph 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 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\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 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 h of\nsection six hundred thirteen-a 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 in the age fifty-five retirement program who\nis otherwise eligible for a vested right to a deferred benefit pursuant\nto subdivision d of this section did not, prior to the date of\ndiscontinuance of service, pay the entire amount of a contribution\ndeficiency chargeable to him or her pursuant to paragraphs four and five\nof this subdivision, or repay the entire amount of a loan of the\nemployee portion of his or her additional member contributions pursuant\nto paragraph thirteen of this subdivision (including accrued interest on\nsuch loan), that participant, nevertheless, shall be eligible for a\nvested right to a deferred benefit pursuant to subdivision d of this\nsection, provided, however, that the deferred vested benefit calculated\npursuant to the otherwise applicable provisions of such subdivision d\nshall be reduced by a life annuity (calculated in accordance with the\nmethod set forth in subdivision h of section six hundred thirteen-a of\nthis 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 retirement board of TRS and the retirement board of BERS may,\nconsistent with the provisions of this subdivision, promulgate\nregulations for the payment of additional member contributions required\nby this subdivision, and any interest thereon, by participants in the\nage fifty-five retirement program (including the deduction of such\ncontributions, and any interest thereon, from the participants'\ncompensation).\n 12. (i) Subject to the provisions of paragraph fourteen of this\nsubdivision, a participant in the age fifty-five 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 (ii) Subject to the provisions of paragraph fourteen of this\nsubdivision, upon the death of a participant in the age fifty-five\nretirement program, there shall be paid to such person as he or she has\nnominated or shall nominate to receive his or her accumulated 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 (iii) Subject to the provisions of paragraph fourteen of this\nsubdivision, a person:\n (A) who is or was a participant in the age fifty-five retirement\nprogram;\n (B) who retires for service as a member of TRS or BERS pursuant to the\napplicable service retirement provisions of this article;\n (C) who is in active service on the effective date of retirement;\n (D) who is at least sixty-two years of age on the effective date of\nretirement; and\n (E) who was in active service for a total of at least six months out\nof each of the two twelve-month periods immediately preceding his or her\nretirement for service, shall, upon such retirement for service, be\nentitled to a refund of the employee portion of his or her additional\nmember contributions paid pursuant to this subdivision (including any\ninterest on such employee portion paid to the retirement system) which\nremains credited to the employee additional contributions account\nestablished for such person in the contingent reserve fund of the\nretirement system of which he or she is a member at the time of such\nretirement for service, together with interest thereon at the rate of\nfive percent per annum, compounded annually.\n (iv) Subject to the provisions of paragraph fourteen of this\nsubdivision, a person who ceases to be a participant in the age\nfifty-five 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 (v) Subject to the provisions of paragraph fourteen of this\nsubdivision, any person who withdraws as a participant in the age\nfifty-five retirement program by filing a valid request for such\nwithdrawal pursuant to subparagraph (ii) of paragraph three of\nsubdivision b of this section shall, upon such withdrawal, be entitled\nto a refund of the employee portion of his or her additional member\ncontributions paid pursuant to this subdivision (including any interest\non such employee portion paid to the retirement system) which remains\ncredited to the employee additional contributions account established\nfor such person in the contingent reserve fund of the retirement system\nof which he or she is a member at the time of such withdrawal as a\nparticipant, together with interest thereon at the rate of five percent\nper annum, compounded annually.\n (vi) Subject to the provisions of paragraph fourteen of this\nsubdivision, a participant in the age fifty-five retirement program who\nhas been terminated from employment in a New York city eligible position\nfor economic reasons by his or her public employer shall be entitled,\nupon such termination, to withdraw the employee portion of his or her\nadditional member contributions paid pursuant to this subdivision\n(including any interest on such employee portion paid to the retirement\nsystem) which remains credited to the employee additional contributions\naccount established for such person in the contingent reserve fund of\nthe retirement system of which he or she is a member at the time of such\ntermination from employment, together with interest thereon at the rate\nof five percent per annum, compounded annually.\n (vii) Notwithstanding any other provision of law to the contrary:\n (A) no person shall be permitted to withdraw from the retirement\nsystem any additional member contributions paid pursuant to this\nsubdivision or any interest paid thereon, except pursuant to and in\naccordance with the preceding subparagraphs of this paragraph;\n (B) no person, while he or she is a participant in the age fifty-five\nretirement program, shall be permitted to withdraw any such additional\nmember contributions or any interest paid thereon pursuant to any of the\npreceding subparagraphs of this paragraph or otherwise; and\n (C) no person, while he or she is a participant or otherwise, shall at\nany time be permitted to withdraw any of the employer contribution\nportion of his or her additional member contributions, including any\ninterest paid thereon (as established in accordance with item (A) of\nsubparagraph (ii) of paragraph six of this subdivision), pursuant to any\nof the preceding subparagraphs of this paragraph or otherwise.\n 13. A participant in the age fifty-five retirement program shall be\npermitted to borrow from the employee portion of his or her additional\nmember contributions (as established in accordance with item (B) of\nsubparagraph (ii) of paragraph six of this subdivision, including any\ninterest paid thereon) which is credited to the employee additional\ncontributions account established for such participant in the contingent\nreserve fund of the retirement system of which he or she is a member.\nThe borrowing from such employee portion of additional member\ncontributions pursuant to this paragraph shall be governed by the\nrights, privileges, obligations and procedures set forth in the\napplicable provisions of section six hundred thirteen-a of this article\n(for TRS members) or section six hundred thirteen-b of this article (for\nBERS members) which govern the borrowing of member contributions made\npursuant to section six hundred thirteen of this article. The retirement\nboard of TRS and the retirement board of BERS may, consistent with the\nprovisions of this subdivision and the applicable provisions of section\nsix hundred thirteen-a of this article (for TRS) or section six hundred\nthirteen-b of this article (for BERS) as made applicable to this\nsubdivision, promulgate regulations governing the borrowing of such\nemployee portion of additional member contributions, provided, however,\nthat no person, while he or she is a participant or otherwise, shall at\nany time be permitted to borrow, pursuant to this paragraph or any other\nprovision, any of the employer contribution portion of his or her\nadditional member contributions, including any interest paid thereon (as\nestablished in accordance with item (A) of subparagraph (ii) of\nparagraph 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 eleven of this subdivision.\n