N.Y. Retirement & Social Security Law § 604-c*2: Optional twenty-five-year early retirement program for certain New York city members

* § 604-c. Optional twenty-five-year early retirement program for

certain New York city members. a. Definitions. The following words and

phrases as used in this section shall have the following meanings unless

a different meaning is plainly required by the context.

1. "NYCERS" shall mean the New York city employees' retirement system.

2. "BERS" shall mean the board of education retirement system of the

city of New York.

3. "Administrative code" shall mean the administrative code of the

city of New York.

4. "BERS rules and regulations" shall mean the rules and regulations

for the government, management and control of BERS adopted pursuant to

section twenty-five hundred seventy-five of the education law.

5. "New York city eligible position" shall mean:

(i) with respect to members of NYCERS, all positions in city-service

(as defined in subdivision three of section 13-101 of the administrative

code), except (a) any position in the uniformed transit police force, as

defined in subdivision thirty-one of section 13-101 of the

administrative code; (b) any position in the New York city transit

authority which is covered by the provisions of section six hundred

four-b of this article, whether or not the person employed in such

position is a participant in the retirement program set forth in such

section six hundred four-b of this article; (c) any position in the

housing police service, as defined in subdivision thirty-five of section

13-101 of the administrative code; (d) any position in the uniformed

correction force, as defined in subdivision thirty-nine of section

13-101 of the administrative code; (e) any position in the uniformed

force of the department of sanitation, as defined in subdivision

sixty-two of section 13-101 of the administrative code; (f) the

positions of bridge and tunnel officer, bridge and tunnel sergeant,

bridge and tunnel lieutenant, assistant bridge and tunnel maintainer,

bridge and tunnel maintainer, senior bridge and tunnel maintainer and

laborer with the Triborough bridge and tunnel authority; (g) any

position in the division of housing and community renewal; (h) any

position in the unified court system; (i) any teaching position with the

city university of New York; and (j) any position as an investigator

member; or

(ii) with respect to members of BERS, all positions in education

service (as defined in paragraph thirteen of this subdivision), except

any position as a substitute teacher or any other position represented

by the recognized teacher organization for collective bargaining

purposes.

6. "New York city eligible member" shall mean a member of NYCERS or

BERS who is subject to the provisions of this article and who is

employed in a New York city eligible position.

7. "Twenty-five-year early retirement program" shall mean all the

terms and conditions of this section.

8. "Starting date of the twenty-five-year early retirement program"

shall mean the commencement date of the first payroll period which

begins after January first, nineteen hundred ninety-five.

9. "Enactment date of the twenty-five-year early retirement program"

shall mean the date this section takes effect.

10. "Participant in the twenty-five-year early retirement program"

shall mean any New York city eligible member who, under the applicable

provisions of subdivision b of this section, is entitled to the rights,

benefits and privileges and is subject to the obligations of the

twenty-five-year early retirement program, as applicable to him or her.

11. "Physically taxing position" shall mean, for a member of NYCERS, a

New York city eligible position which is a physically taxing position as

defined in subdivision fifty-six of section 13-101 of the administrative

code or, for a member of BERS, a New York city eligible position which

is a physically taxing position as defined in subdivision thirty-five of

section two of the BERS rules and regulations.

12. "Participating retirement system" shall mean NYCERS or BERS.

13. "Education service" shall mean service as a paid official or

employee of the board of education of the city of New York or the New

York city school construction authority, and allowable pursuant to the

applicable provisions which govern the service credit of a member of

BERS.

14. "Active or retired employee of the council of the city of New

York" shall mean all duly sworn members of the New York city council as

well as all salaried employees who comprise the staff of the city

council on a full-time or part-time basis who are either in active

service on the effective date of this paragraph or who retired from such

service.

15. "Retired employee of the council of the city of New York" shall

mean all duly sworn members of the New York city council as well as all

salaried employees who comprise the staff of the city council on a

full-time or part-time basis who are retired from active service.

b. Participation in twenty-five-year early retirement program. 1.

Subject to the provisions of paragraphs five, six and seven of this

subdivision, any person who is employed in a New York city eligible

position on the enactment date of the twenty-five-year early retirement

program, and who is a New York city eligible member in active service on

such enactment date, may elect to become a participant in the

twenty-five-year early retirement program by filing, within ninety days

after the enactment date of the twenty-five-year early retirement

program, a duly executed application for such participation with the

retirement system of which such person is a member, provided he or she

is a New York city eligible member in active service on the date such

application is filed. Notwithstanding this provision, a New York city

eligible member in active service on the enactment date of the

twenty-five-year early retirement program who is an active or retired

employee of the council of the city of New York may elect to participate

in the twenty-five-year early retirement program at any time subsequent

to the enactment date of such program.

2. Subject to the provisions of paragraphs five, six and seven of this

subdivision, any person (i) who is employed in a New York city eligible

position on the enactment date of the twenty-five-year early retirement

program, or who, on such enactment date, is a discontinued member not in

active service who is entitled to a deferred vested benefit at normal

retirement age, and (ii) who becomes a New York city eligible member in

active service after such enactment date, may elect to become a

participant in the twenty-five year early retirement program by filing,

within ninety days after becoming a New York city eligible member in

active service, a duly executed application for such participation with

the retirement system of which such person is a member, provided he or

she is a New York city eligible member in active service on the date

such application is filed.

2-a. Notwithstanding any other provision of this subdivision or any

other provision of law to the contrary, no member who becomes subject to

the provisions of this article on or after the effective date of this

paragraph shall be a participant in the twenty-five-year early

retirement program.

3. (i) Except as provided in subparagraph (ii) of this paragraph, any

election to be a participant in the twenty-five-year early retirement

program shall be irrevocable.

(ii) Notwithstanding any other provision of law to the contrary, any

participant in the twenty-five-year early retirement program whose age

and amount of credited service (which amount of credited service shall,

for the limited purposes only of this subparagraph, include service

rendered previous to becoming a member which is not yet credited, but

for which such person is or may become eligible to obtain credit

pursuant to section six hundred nine of this article) at the time of

first becoming such a participant are such that he or she could not

possibly be able to accumulate a total of at least twenty-five years of

credited service by the time he or she reaches age sixty-two, assuming

such person were to earn a full year of credited service in each and

every year until he or she becomes sixty-two years of age (whether or

not such person actually intends to earn such amounts of credit), may

withdraw from the twenty-five-year early retirement program by filing,

within two years after first becoming such a participant, or within the

period beginning November first, nineteen hundred ninety-seven and

ending January thirtieth, nineteen hundred ninety-eight, a written

request to withdraw from such program with the retirement system of

which such person is a member.

4. Where any participant in the twenty-five-year early retirement

program shall cease to hold a New York city eligible position, he or she

shall cease to be such a participant and, during any period in which

such person is not a New York city eligible member, he or she shall not

be a participant in the twenty-five-year early retirement program.

5. Where any participant in the twenty-five-year early retirement

program terminates service in a New York city eligible position and

returns to service in a New York city eligible position at a later date

and again becomes a New York city eligible member, he or she shall again

become such a participant upon becoming a New York city eligible member.

6. For the limited purposes only of determining eligibility to elect

to become a participant in the twenty-five-year early retirement program

pursuant to paragraph one or two of this subdivision, a person shall be

deemed to be employed in a New York city eligible position on the

enactment date of the twenty-five-year early retirement program if, on

such enactment date, such person is (i) in active service in a New York

city eligible position, (ii) on a leave of absence without pay from a

New York city eligible position approved by his or her public employer,

and such person returns to active service in a New York city eligible

position after such enactment date and within five years after beginning

such unpaid leave of absence or (iii) on suspension without pay from a

New York city eligible position, and such person is reinstated from such

suspension to active service in such an eligible position after such

enactment date by his or her public employer.

7. Notwithstanding any other provision of law to the contrary, any

person who is eligible to elect to become a participant in the

twenty-five-year early retirement program pursuant to paragraph one or

two of this subdivision for the full ninety-day period provided for in

such applicable subparagraph, and who fails to timely file a duly

executed application for such participation with the appropriate

retirement system, shall not thereafter be eligible to become a

participant in such program. The provisions of this paragraph shall not

bar participation in such program, however, by a New York city eligible

member in active service on the enactment date of the twenty-five-year

early retirement program who is an active or retired employee of the

council of the city of New York.

c. 1. Non-physically taxing service retirement. A participant in the

twenty-five year early retirement program:

(i) who has completed twenty-five or more years of credited service;

and

(ii) who has attained age fifty-five; and

(iii) who, subject to the provisions of paragraph ten of subdivision d

of this section, has paid, before the effective date of retirement, all

additional member contributions and interest (if any) required by

paragraphs one, four, five and six of subdivision d of this section, or,

for a New York city eligible member in active service on the enactment

date of the twenty-five-year early retirement program who is an active

or retired employee of the council of the city of New York, who has paid

all additional member contributions pursuant to paragraph five of

subdivision d of this section; and

(iv) who files with the retirement system of which he or she is a

member an application for service retirement setting forth at what time

he or she desires to be retired, or, for a New York city eligible member

in active service on the enactment date of the twenty-five-year early

retirement program who is a retired employee of the council of the city

of New York, who files an application for participation in the

retirement plan described by this section; and

(v) who shall be a participant in the twenty-five-year early

retirement program in active service at the time so specified for his or

her retirement; shall be retired pursuant to the provisions of this

paragraph affording early service retirement.

For a New York city eligible member in active service on the enactment

date of the twenty-five-year early retirement program who is a retired

employee of the council of the city of New York, however, there shall be

no requirement of active service at the time of filing for retirement

provided that such employee has met the other requirements of this

paragraph.

2. Physically taxing service retirement. A participant in the

twenty-five-year early retirement program:

(i) who has completed twenty-five or more years of credited service in

a physically taxing position (as defined in paragraph eleven of

subdivision a of this section); and

(ii) who has attained age fifty; and

(iii) who, subject to the provisions of paragraph ten of subdivision d

of this section, has paid, before the effective date of retirement, all

additional member contributions and interest (if any) required by

paragraphs one, four, five and six of subdivision d of this section; and

(iv) who files with the retirement system of which he or she is a

member an application for service retirement setting forth at what time

he or she desires to be retired; and

(v) who shall be a participant in the twenty-five-year early

retirement program in active service at the time so specified for his or

her retirement; shall be retired pursuant to the provisions of this

paragraph affording early service retirement for participants in

physically taxing positions.

3. Service retirement benefits. Notwithstanding any other provision of

law to the contrary, and subject to the provisions of paragraph ten of

subdivision d of this section, the early service retirement benefit for

a participant in the twenty-five-year early retirement program who

retires pursuant to either paragraph one or two of this subdivision

shall be a retirement allowance equal to one-fiftieth of final average

salary times years of credited service not in excess of thirty years.

Credited service in excess of thirty years shall provide an additional

retirement allowance equal to three-two hundredths of the final average

salary for each year of credited service in excess of thirty years.

d. Additional member contributions. 1. In addition to the member

contributions required by section six hundred thirteen of this article,

each participant in the twenty-five-year early retirement program shall

contribute (subject to the applicable provisions of subdivision d of

section six hundred thirteen of this article) an additional percentage

or additional percentages of his or her compensation to the retirement

system of which he or she is a member in accordance with the following

schedule:

(i) (A) each such participant shall contribute an additional four and

thirty-five one-hundredths percent of his or her compensation earned

from all credited service (whether or not in a physically taxing

position) rendered on and after the starting date of the

twenty-five-year early retirement program and prior to the commencement

date of the first payroll period which begins after January first,

nineteen hundred ninety-eight (1) while such person is a participant in

such program; and (2) before such person becomes such a participant

pursuant to paragraph one or two of subdivision b of this section

(whether or not rendered in a New York city eligible position); and (3)

after such person ceases to be a participant, but before he or she again

becomes such a participant pursuant to paragraph five of such

subdivision b (whether or not rendered in a New York city eligible

position); and

(B) each such participant shall contribute an additional two and

eighty-five one-hundredths percent of his or her compensation earned

from all credited service (whether or not in a physically taxing

position) rendered on and after the commencement date of the first

payroll period which begins after January first, nineteen hundred

ninety-eight and prior to the commencement date of the first payroll

period which begins subsequent to the effective date of the chapter of

the laws of two thousand one which amended this item (1) while such

person is a participant in such program; and (2) before such person

becomes such a participant pursuant to paragraph one or two of

subdivision b of this section (whether or not rendered in a New York

city eligible position); and (3) after such person ceases to be a

participant, but before he or she again becomes such a participant

pursuant to paragraph five of such subdivision b (whether or not

rendered in a New York city eligible position); and

(C) each such participant shall contribute an additional one and

eighty-five one-hundredths percent of his or her compensation earned

from all credited service (whether or not in a physically taxing

position) rendered on and after the commencement date of the first

payroll period which begins subsequent to the effective date of the

chapter of the laws of two thousand one which added this item (1) while

such person is a participant in such program; and (2) before such person

becomes such a participant pursuant to paragraph one or two of

subdivision b of this section (whether or not rendered in a New York

city eligible position); and (3) after such person ceases to be a

participant, but before he or she again becomes such a participant

pursuant to paragraph five of such subdivision b (whether or not

rendered in a New York city eligible position); and

(ii) each such participant who is employed in a physically taxing

position (as defined in paragraph eleven of subdivision a of this

section) shall contribute, in addition to the additional member

contributions required to be made at the percentage of compensation

specified in subparagraph (i) of this paragraph for the credited service

specified in such subparagraph (i), an additional one and ninety-eight

one-hundredths percent of his or her compensation earned from that

portion of such credited service which is rendered in a physically

taxing position on and after the starting date of the twenty-five-year

early retirement program (A) while such person is a participant in such

program; and (B) before such person becomes such a participant pursuant

to paragraph one or two of subdivision b of this section; and (C) after

such person ceases to be a participant, but before he or she again

becomes such a participant pursuant to paragraph five of such

subdivision b.

(iii) notwithstanding the provisions of subparagraphs (i) and (ii) of

this paragraph, a person who becomes a participant in the

twenty-five-year early retirement program provided by this section, who

prior to such membership was subject to the provisions of section six

hundred four-b of this article, shall not be required to pay the

additional member contributions required by subparagraphs (i) and (ii)

of this paragraph for any period of credited service before which such

person became a participant pursuant to paragraph one or two of

subdivision b of this section and during which such participant was

subject to the provisions of such section six hundred four-b and no

additional employee contributions were required of such member.

2. A participant in the twenty-five-year early retirement program

shall contribute additional member contributions only until he or she

has thirty years of credited service.

3. (i) Commencing with the first full payroll period after each person

becomes a participant in the twenty-five-year early retirement program,

additional member contributions at the applicable rate or rates

specified in paragraph one of this subdivision for the particular

credited service being rendered shall be deducted (subject to the

applicable provisions of subdivision d of section six hundred thirteen

of this article) from the compensation of such participant on each and

every payroll of such participant for each and every payroll period for

which he or she is such a participant.

(ii) (A) Those portions of the additional member contributions

required by paragraph one of this subdivision which are attributable to

credited service rendered on and after the enactment date of the

twenty-five-year early retirement program, and prior to the actual

commencement of deductions from compensation pursuant to subparagraph

(i) of this paragraph, by a person who becomes a participant pursuant to

paragraph one of subdivision b of this section, shall be paid by

deductions from the compensation of such participant pursuant to and in

accordance with the provisions of item (B) of this subparagraph.

(B) Commencing with the payroll period in which deductions of

additional member contributions from such participant's compensation are

begun pursuant to subparagraph (i) of this paragraph, in addition to

such deductions required by such subparagraph (i), there shall be

another deduction of additional member contributions made from the

compensation of such participant at one-third the applicable rate or

rates at which deductions are being made pursuant to such subparagraph

(i) (subject to the applicable provisions of subdivision d of section

six hundred thirteen of this article) on each and every payroll period

until the total amount of unpaid additional member contributions

described in item (A) of this subparagraph, if any, has been paid by

deductions from compensation pursuant to this subparagraph, provided,

however, that deductions pursuant to this item (B) shall be made only

during the period while such person is a participant after first

becoming a participant pursuant to paragraph one of subdivision b of

this section and before ceasing to be such a participant.

4. In addition to the member contributions required by section six

hundred thirteen of this article, and the additional member

contributions required pursuant to paragraph one of this subdivision,

each participant in the twenty-five-year early retirement program who

was not a member of either NYCERS or BERS on July first, nineteen

hundred ninety-three shall, subject to the provisions of paragraph two

of this subdivision, make retroactive additional member contributions to

the retirement system of which he or she is a member in accordance with

the following schedule:

(i) each such participant shall contribute an additional four and

thirty-five one-hundredths percent of his or her compensation earned

from all credited service rendered prior to the starting date of the

twenty-five-year early retirement program (whether or not rendered in a

physically taxing position or a New York city eligible position); and

(ii) each such participant who was employed in a physically taxing

position (as defined in paragraph eleven of subdivision a of this

section) shall contribute, in addition to the additional member

contributions required to be made at the percentage of compensation

specified in subparagraph (i) of this paragraph for the credited service

specified in such subparagraph (i), an additional one and ninety-eight

one-hundredths percent of his or her compensation earned from that

portion of such credited service which was rendered in a physically

taxing position prior to the starting date of the twenty-five-year early

retirement program.

5. (i) Each participant in the twenty-five-year early retirement

program shall be charged with a contribution deficiency consisting of:

(A) the total amounts of additional member contributions such person

is required to make pursuant to paragraph one of this subdivision which

are not deducted from his or her compensation pursuant to paragraph

three of this subdivision, if any, together with interest thereon,

compounded annually, and computed in accordance with the provisions of

subparagraphs (ii), (iii) and (iv) of this paragraph; and

(B) the total amounts of retroactive additional member contributions

such person is required to make pursuant to paragraph four of this

subdivision, if any, together with interest thereon, compounded

annually, and computed in accordance with the provisions of

subparagraphs (ii), (iii) and (iv) of this paragraph.

(ii) (A) Subject to the provisions of subparagraphs (iii) and (iv) of

this paragraph, the interest required to be paid on each such amount

specified in items (A) and (B) of subparagraph (i) of this paragraph

shall accrue from the end of the payroll period for which such amount

would have been deducted from compensation if he or she had been a

participant at the beginning of that payroll period and such deduction

had been required for such payroll period, until such amount is paid to

the retirement system.

(B) The rate of interest to be applied to each such amount during the

period for which interest accrues on that amount shall be equal to the

rate or rates of interest required by law to be used during that same

period to credit interest on the accumulated deductions of retirement

system members.

(iii) Except as otherwise provided in paragraph six of this

subdivision, no interest shall be due on any unpaid additional member

contributions which are attributable to credited service rendered on or

after the starting date of the twenty-five-year early retirement

program, but prior to the enactment date of the twenty-five-year early

retirement program by a person who becomes a participant pursuant to

paragraph one of subdivision b of this section.

(iv) Except as otherwise provided in paragraph six of this

subdivision, no interest shall be due on any unpaid additional member

contributions which are not attributable to a period prior to the first

full payroll period referred to in paragraph three of this subdivision.

6. (i) (A) Should any person who, pursuant to paragraph twelve of this

subdivision, has received a refund of the employee portion of his or her

additional member contributions (as established in accordance with item

(B) of subparagraph (ii) of paragraph seven of this subdivision),

including any interest paid on such employee portion, again become a

participant in the twenty-five-year early retirement program pursuant to

paragraph five of subdivision b of this section, an appropriate amount

shall be included in such participant's contribution deficiency

(including interest thereon as calculated pursuant to subparagraph (ii)

of this paragraph) for any credited service for which such person

received a refund of such employee portion of additional member

contributions (including any amount of an unpaid loan balance deemed to

have been returned to such person pursuant to paragraph fourteen of this

subdivision), as if such employee portion of additional contributions

never had been paid.

(B) Any person who has his or her membership in one participating

retirement system terminated without transferring such membership

directly from such participating retirement system to the other

participating retirement system, who has an unpaid balance of a loan of

the employee portion of his or her additional member contributions

pursuant to paragraph thirteen of this subdivision at the time of the

termination of such membership, who, pursuant to paragraph five of

subdivision b of this section, thereafter again becomes a participant in

the twenty-five-year early retirement program as a member of either

participating retirement system without having received a refund of the

employee portion of his or her additional member contributions pursuant

to paragraph twelve of this subdivision, shall have an appropriate

amount included in such participant's contribution deficiency (including

interest thereon as calculated in subparagraph (ii) of this paragraph)

for any credited service for which such person borrowed and did not

repay such employee portion of additional member contributions, as if

such employee portion of additional member contributions never had been

paid.

(ii) (A) Interest on the employee portion of a participant's

additional member contributions included in such participant's

contribution deficiency pursuant to subparagraph (i) of this paragraph

shall be calculated as if such employee portion of additional member

contributions never had been paid by such participant, and such interest

shall accrue from the end of the payroll period to which an amount of

such employee portion of additional member contributions is

attributable, until such amount is paid to the retirement system.

(B) The rate of interest to be applied to each such amount during the

period for which interest accrues on that amount shall be five percent

per annum, compounded annually.

7. (i) All additional member contributions required by this

subdivision (and any interest paid thereon) which are received by the

retirement system of which the participant is a member shall be paid

into its contingent reserve fund and shall not for any purpose be deemed

to be member contributions or accumulated contributions of a member

under section six hundred thirteen of this article or otherwise while he

or she is a participant in the twenty-five-year early retirement program

or otherwise, except that, a surplus of such additional member

contributions that are paid into the retirement system's contingent

reserve fund may be used for the sole purpose of offsetting a deficit of

basic member contributions.

(ii) All additional member contributions required for any period of

credited service pursuant to paragraph one or four of this subdivision

(and any interest paid thereon pursuant to paragraph five of this

subdivision) which, pursuant to subparagraph (i) of this paragraph, are

paid by a participant (subject to the applicable provisions of

subdivision d of section six hundred thirteen of this article) into the

contingent reserve fund of the retirement system of which such

participant is a member (other than repayments of loans of additional

member contributions pursuant to paragraph thirteen of this subdivision

or amounts paid in satisfaction of a contribution deficiency calculated

in accordance with paragraph six of this subdivision) shall be divided

in the following manner:

(A) one-half of such additional member contributions (and any such

interest paid thereon) shall be the employer contribution portion of

such additional member contributions; and

(B) one-half of such additional member contributions (and any such

interest paid thereon) shall be the employee portion of such additional

member contributions, and shall be credited to the employee additional

contributions account which shall be established for such participant

within the contingent reserve fund of such retirement system.

(iii) No person, while he or she is a participant or otherwise, shall

at any time be permitted (A) to borrow, pursuant to paragraph thirteen

of this subdivision or any other provision, any of the employer

contribution portion of his or her additional member contributions (as

established in accordance with item (A) of subparagraph (ii) of this

paragraph, including any interest paid thereon) which has been paid into

the contingent reserve fund of the retirement system; or (B) to receive

a refund of any of such employer contribution portion pursuant to

paragraph twelve of this subdivision or any other provision.

(iv) None of the employer contribution portion of a participant's

additional member contributions (including any interest paid thereon)

shall for any purpose (A) be deemed to be part of the employee portion

of additional member contributions paid by a participant; or (B) be

credited to the employee additional contributions account established

for such participant in the contingent reserve fund of the retirement

system.

(v) All repayments of loans of the employee portion of additional

member contributions pursuant to paragraph thirteen of this subdivision

and all payments of the employee portion of additional member

contributions in satisfaction of a contribution deficiency calculated in

accordance with paragraph six of this subdivision which are paid by a

participant to the contingent reserve fund of a participating retirement

system (and any interest paid thereon) shall be part of the employee

portion of such participant's additional member contributions and shall

be credited to the employee additional contributions account established

for such participant in the contingent reserve fund of such retirement

system.

8. Where a person who was a participant in the twenty-five-year early

retirement program as a member of one participating retirement system

becomes such a participant as a member of the other participating

retirement system:

(i) the employer contribution portion of the additional member

contributions paid by such person to such first retirement system

pursuant to this subdivision (including any interest paid thereon) that

is attributable to any period of credited service obtained in such

second retirement system by purchase or transfer, which previously was

credited in such first retirement system, shall (only for purposes of

this subdivision, and not for purposes of determining required employer

contributions to such second retirement system) be deemed to have been

paid to such second retirement system rather than to such first

retirement system; and

(ii) the employee portion of the additional member contributions paid

by such person to such first retirement system pursuant to this

subdivision (including any interest paid thereon) which remains credited

to the employee additional contributions account established for such

person in the contingent reserve fund of such first retirement system

that is attributable to any period of credited service obtained in such

second retirement system by purchase or transfer, which previously was

credited in such first retirement system, shall (only for purposes of

this subdivision, and not for purposes of determining required employer

contributions to such second retirement system) be deemed to have been

paid to such second retirement system rather than to such first

retirement system, and shall be credited to the employee additional

contributions account established for such participant in the contingent

reserve fund of such second retirement system.

9. A person who was a participant in the twenty-five-year early

retirement program as a member of one participating retirement system,

who becomes such a participant as a member of the other participating

retirement system and who thereafter transfers his or her membership in

such first retirement system directly to such second retirement system

as such a participant shall be deemed to have the same unpaid balance of

a loan of the employee portion of additional member contributions

pursuant to paragraph thirteen of this subdivision (including accrued

interest) as he or she had in such first retirement system at the time

of such transfer of membership to the second retirement system.

10. Where a participant who is otherwise eligible for service

retirement pursuant to subdivision c of this section did not, prior to

the effective date of retirement, pay the entire amount of a

contribution deficiency chargeable to him or her pursuant to paragraphs

five and six of this subdivision, or repay the entire amount of a loan

of the employee portion of his or her additional member contributions

pursuant to paragraph thirteen of this subdivision (including accrued

interest on such loan), that participant, nevertheless, shall be

eligible to retire pursuant to subdivision c of this section, provided,

however, that where such participant is not entitled to a refund of the

employee portion of additional member contributions pursuant to

subparagraph (iii) of paragraph twelve of this subdivision, such

participant's service retirement benefit calculated pursuant to

paragraph three of such subdivision c shall be reduced by a life annuity

(calculated in accordance with the method set forth in subdivision i of

section six hundred thirteen-b of this article) which is actuarially

equivalent to:

(i) the amount of any unpaid contribution deficiency chargeable to

such member pursuant to paragraphs five and six of this subdivision;

plus

(ii) the amount of any unpaid balance of a loan of the employee

portion of his or her additional member contributions pursuant to

paragraph thirteen of this subdivision (including accrued interest on

such loan).

11. The board of trustees of NYCERS and the retirement board of BERS

may, consistent with the provisions of this subdivision, promulgate

regulations for the payment of additional member contributions required

by this subdivision, and any interest thereon, by participants in the

twenty-five-year early retirement program (including the deduction of

such contributions, and any interest thereon, from the participants'

compensation).

12. (i) Subject to the provisions of paragraph fourteen of this

subdivision, a participant in the twenty-five-year early retirement

program who retires for disability pursuant to section six hundred five

of this article shall be entitled, upon such retirement, to a refund of

the employee portion of his or her additional member contributions paid

pursuant to this subdivision (including any interest on such employee

portion paid to the retirement system) which remains credited to the

employee additional contributions account established for such person in

the contingent reserve fund of the retirement system of which he or she

is a member at the time of such retirement for disability, together with

interest thereon at the rate of five percent per annum, compounded

annually.

(ii) Subject to the provisions of paragraph fourteen of this

subdivision, upon the death of a participant in the twenty-five-year

early retirement program, there shall be paid to such person as he or

she has nominated or shall nominate to receive his or her accumulated

member contributions by written designation duly executed and filed with

the retirement system during the lifetime of such participant, or, to

his or her estate if no such person is nominated, the employee portion

of his or her additional member contributions paid pursuant to this

subdivision (including any interest on such employee portion paid to the

retirement system) which remains credited to the employee additional

contributions account established for such person in the contingent

reserve fund of the retirement system of which he or she is a member at

the time of his or her death, together with interest thereon at the rate

of five percent per annum, compounded annually.

(iii) Subject to the provisions of paragraph fourteen of this

subdivision, a person (A) who is or was a participant in the

twenty-five-year early retirement program; (B) who retires for service

as a member of NYCERS or BERS pursuant to the applicable service

retirement provisions of this article; (C) who is in active service on

the effective date of retirement; (D) who is at least sixty-two years of

age on the effective date of retirement; and (E) who was in active

service for a total of at least six months out of each of the two

twelve-month periods immediately preceding his or her retirement for

service, shall, upon such retirement for service, be entitled to a

refund of the employee portion of his or her additional member

contributions paid pursuant to this subdivision (including any interest

on such employee portion paid to the retirement system) which remains

credited to the employee additional contributions account established

for such person in the contingent reserve fund of the retirement system

of which he or she is a member at the time of such retirement for

service, together with interest thereon at the rate of five percent per

annum, compounded annually.

(iv) Subject to the provisions of paragraph fourteen of this

subdivision, a person who ceases to be a participant in the

twenty-five-year early retirement program as a member of a participating

retirement system because he or she ceases to hold a New York city

eligible position, who thereafter is employed in another position in

public employment which is not a New York city eligible position, but

which entitles such person to membership in another public retirement

system which is maintained in whole or in part by the city or state of

New York, and who thereafter transfers his or her membership in such

participating retirement system directly to such second public

retirement system, shall be permitted to withdraw the employee portion

of his or her additional member contributions paid pursuant to this

subdivision (including any interest on such employee portion paid to the

retirement system) which remains credited to the employee additional

contributions account established for such person in the contingent

reserve fund of such participating retirement system, together with

interest thereon at the rate of five percent per annum, compounded

annually.

(v) Subject to the provisions of paragraph fourteen of this

subdivision, any person who withdraws as a participant in the

twenty-five-year early retirement program by filing a valid request for

such withdrawal pursuant to subparagraph (ii) of paragraph three of

subdivision b of this section shall, upon such withdrawal, be entitled

to a refund of the employee portion of his or her additional member

contributions paid pursuant to this subdivision (including any interest

on such employee portion paid to the retirement system) which remains

credited to the employee additional contributions account established

for such person in the contingent reserve fund of the retirement system

of which he or she is a member at the time of such withdrawal as a

participant, together with interest thereon at the rate of five percent

per annum, compounded annually.

(vi) Subject to the provisions of paragraph fourteen of this

subdivision, a participant in the twenty-five-year early retirement

program who has been terminated from employment in a New York city

eligible position for economic reasons by his or her public employer

shall be entitled, upon such termination, to withdraw the employee

portion of his or her additional member contributions paid pursuant to

this subdivision (including any interest on such employee portion paid

to the retirement system) which remains credited to the employee

additional contributions account established for such person in the

contingent reserve fund of the retirement system of which he or she is a

member at the time of such termination from employment, together with

interest thereon at the rate of five percent per annum, compounded

annually.

(vii) Subject to the provisions of paragraph fourteen of this

subdivision, a participant in the twenty-five-year early retirement

program (A) who retires for service pursuant to paragraph two of

subdivision c of this section; (B) who is in active service as a

participant in such program on the effective date of retirement; (C)

who, on the effective date of retirement, is at least fifty-five years

of age, but less than sixty-two years of age; and (D) who was in active

service as a participant in such program for a total of at least six

months out of each of the two twelve-month periods immediately preceding

his or her retirement for service, shall, upon such retirement for

service, be entitled to a refund of only that part of the employee

portion of his or her additional member contributions paid pursuant to

subparagraph (ii) of paragraph one of this subdivision and subparagraph

(ii) of paragraph four of this subdivision (including any interest on

such part of such employee portion paid to the retirement system) which

remains credited to the employee additional contributions account

established for such person in the contingent reserve fund of the

retirement system of which he or she is a member at the time of such

retirement for service, together with interest thereon at the rate of

five percent per annum, compounded annually, and shall not be entitled

to a refund of any part of the employee portion of his or her additional

member contributions paid pursuant to subparagraph (i) of paragraph one

of this subdivision or subparagraph (i) of paragraph four of this

subdivision (or any interest paid on such part of such employee portion

of his or her additional member contributions), or any part of employer

contribution portion of his or her additional member contributions (as

established in accordance with item (A) of subparagraph (ii) of

paragraph seven of this subdivision) paid pursuant to subparagraph (i)

or (ii) of paragraph one of this subdivision or subparagraph (i) or (ii)

of paragraph four of this subdivision (or any interest paid on such

employer contribution portion of his or her additional member

contributions).

(viii) Notwithstanding any other provision of law to the contrary, (A)

no person shall be permitted to withdraw from the retirement system any

additional member contributions paid pursuant to this subdivision or any

interest paid thereon, except pursuant to and in accordance with the

preceding subparagraphs of this paragraph; and (B) no person, while he

or she is a participant in the twenty-five-year early retirement

program, shall be permitted to withdraw any such additional member

contributions or any interest paid thereon pursuant to any of the

preceding subparagraphs of this paragraph or otherwise; and (C) no

person, while he or she is a participant or otherwise, shall at any time

be permitted to withdraw any of the employer contribution portion of his

or her additional member contributions, including any interest paid

thereon (as established in accordance with item (A) of subparagraph (ii)

of paragraph seven of this subdivision), pursuant to any of the

preceding subparagraphs of this paragraph or otherwise.

13. A participant in the twenty-five-year early retirement program

shall be permitted to borrow from the employee portion of his or her

additional member contributions (as established in accordance with item

(B) of subparagraph (ii) of paragraph seven of this subdivision,

including any interest paid thereon) which is credited to the employee

additional contributions account established for such participant in the

contingent reserve fund of the retirement system of which he or she is a

member. The borrowing from such employee portion of additional member

contributions pursuant to this paragraph shall be governed by the

rights, privileges, obligations and procedures set forth in section six

hundred thirteen-b of this article which govern the borrowing of member

contributions made pursuant to section six hundred thirteen of this

article. The board of trustees of NYCERS and the retirement board of

BERS may, consistent with the provisions of this subdivision and the

provisions of section six hundred thirteen-b of this article as made

applicable to this subdivision, promulgate regulations governing the

borrowing of such employee portion of additional member contributions,

provided, however, that no person, while he or she is a participant or

otherwise, shall at any time be permitted to borrow, pursuant to this

paragraph or any other provision, any of the employer contribution

portion of his or her additional member contributions, including any

interest paid thereon (as established in accordance with item (A) of

subparagraph (ii) of paragraph seven of this subdivision).

14. Whenever a person has an unpaid balance of a loan of the employee

portion of his or her additional member contributions pursuant to

paragraph thirteen of this subdivision at the time he or she becomes

entitled to a refund of the employee portion of his or her additional

member contributions pursuant to paragraph twelve of this subdivision,

the amount of such unpaid loan balance (including accrued interest)

shall be deemed to have been returned to such member, and the refund of

such employee portion shall be the net amount of such employee portion,

together with interest thereon in accordance with the provisions of

paragraph twelve of this subdivision.

15. An eligible former participant, as defined in this paragraph,

shall be entitled to a refund of the employee portion of his or her

additional member contributions made pursuant to this subdivision which

shall include any and all interest thereon at the rate of five percent

per annum, compounded annually and such refund shall be payable, upon

such participant's application pursuant to procedures promulgated in

regulations of the board of trustees of the retirement system. An

eligible former participant shall be a participant who is or was

employed in the title supervisor (stations) in assignment level II in

the New York city transit authority's stations department or the title

transit manager, and who, on October first, two thousand six, was

employed by the New York city transit authority in such title and who

was a participant in the twenty-five year early retirement program prior

to the starting date of the elimination of additional member

contributions, as such date is defined in an election made pursuant to

paragraph ten of subdivision e of section six hundred four-b of this

article.

* NB There are 3 § 604-c's