NY Educ L § 2575 (2021)
2021 New York Laws EDN - Education Title 2 - School District Organization Article 52 - City School Districts of Cities With One Hundred Twenty-Five Thousand Inhabitants or More 2575 - Retirement of Employees of Board of Education.

§ 2575. Retirement  of  employees  of  board  of education. 1. (a) The board of education of  a  city  school  district  of  a  city  having  a population of one hundred thousand or more shall have power to establish a retirement system for all civil employees permanently employed by said board  other  than  superintendents  and teachers who may now be retired under the provisions of other retirement laws. In any such city in which there is a bureau of compulsory  education,  school  census,  and  child welfare  established  under the provisions of this chapter, all persons, except for attendance teachers  and  specially  certificated  attendance officers who are first employed by a board of education of a city having a  population  of  one  million  or  more, beginning on the first day of September, nineteen hundred sixty-eight,  and  further  except  for  the director   of   attendance,  assistant  director  of  attendance,  chief attendance  officer,  division  supervising  attendance   officer,   and district  supervising  attendance  officer, supervisors of school social workers, who were first employed by a  board  of  education  of  a  city having  a  population of one million or more, beginning on the first day of September nineteen hundred sixty-nine, of  which  such  a  bureau  of compulsory education, school census, and child welfare consists shall be members  of  the  retirement  system  created  in  accordance  with  the provisions of this section, provided that any such  person  who  on  May fourth,  nineteen hundred twenty-six, was a member of another retirement system in such city may continue such membership so long as  he  or  she holds  an  office  or position in such bureau. Transfer of membership of any such persons from another retirement system to a  retirement  system as  herein  provided  shall be made in accordance with the provisions of section fifty-nine of the civil service law. The board of  education  of such  city  shall  adopt  appropriate  rules  and  regulations  for  the government, management and control of the retirement of said  employees; except  that  in  regard  to  the  actions  of  the governing board of a retirement  system  governed  by  such  rules   and   regulations,   the concurrence   of   one  employee  representative  and  one  non-employee representative shall be necessary for an act of such  board,  and  there shall  be  no  fewer  than  two  employee representatives of such board. Before they become effective such rules and regulations must be approved by the board of estimate, or the board of estimate and apportionment  in a  city  having  such  body,  and  in a city not having such body by the common council or such other officers or bodies as have  the  management and control of financial affairs similar to that exercised by such board of  estimate  or  board  of  estimate  and  apportionment.  The board of estimate or the board of estimate and apportionment  in  a  city  having such  body,  and  in  other cities the officers or bodies performing the functions similar to those of a board of estimate or a board of estimate and apportionment shall appropriate annually the sum  necessary  to  pay the  expenses  of the administration of this section, except that in the city of New York such appropriations shall be made pursuant  to  chapter six  of  the New York city charter, and also to pay such pensions to the employees herein described as they shall be entitled to receive annually under the rules and regulations prescribed by the board of education and approved by the  said  board  of  estimate  or  board  of  estimate  and apportionment or other authorities.  (b) (1) The rules and regulations prescribed by the board of education and  approved  by  the  board  of  estimate or the board of estimate and apportionment or other authorities named herein shall  provide  for  the annual  payment  of a pension which shall be a per centum of the average annual personal compensation of  an  employee  for  the  five  years  of service  immediately  preceding  his  retirement,  except  as  otherwise provided in subparagraph two of this paragraph (b).  (2) Such rules and regulations so prescribed and approved with respect to any such retirement system established in the city school district of a city having a population of one million or more may  provide  for  the annual  payment  of  a  pension  which  shall  be  a  per  centum of the compensation  of  an employee during any period designated in such rules and regulations; provided, however, that such period shall in  no  event be less than one year or more than five years.   2.  In  a city having a population of one million or more and having a teachers'  retirement  board,  changes,   alterations,   amendments   or modifications   in   the  rules  and  regulations  established  for  the administration of this section shall be adopted as follows:   The board of education of said city may adopt and  shall  submit  such changes,  alterations,  amendments or modifications, hereinafter in this subdivision referred to as changes, to said teachers'  retirement  board for  approval.  Said teachers' retirement board shall within thirty days after the submission to it of such changes transmit  to  said  board  of education  a statement in writing setting forth which of such changes it approves and which it disapproves, if any,  and  the  reasons  for  such disapproval.  If said teachers' retirement board shall approve of all of such changes, then such changes shall immediately become  effective  and in full force and operation.   If  said  teachers' retirement board shall disapprove of all or any of such  changes  and  if  said  board  of  education  and  said  teachers' retirement  board within thirty days thereafter shall fail to agree upon changes in place of the changes so disapproved, then the  changes  shall be  submitted by said board of education within ten days after the lapse of said thirty days to the commissioner of education who shall have full power to approve, alter  or  modify  the  changes  disapproved  by  said teachers'  retirement  board,  and  the  action  of  the commissioner of education shall be final, and thereupon the  changes  approved  by  said teachers'  retirement  board  and  the  changes  as approved, altered or modified by the  commissioner  of  education  shall  immediately  become effective and in full force and operation.   Should  said  teachers'  retirement board fail either to approve or to disapprove all or  any  of  such  changes  submitted  to  it  as  herein provided, then such changes not approved or not disapproved shall at the expiration  of the thirty days immediately following their submission to said teachers' retirement board be deemed to have been approved by  said teachers'  retirement  board  and  such changes shall immediately become effective and in full force and operation.   Said teachers' retirement board  and  the  trustees  of  any  variable annuity  funds  created  by  said rules and regulations may negotiate an agreement whereby said variable annuity funds are commonly invested with the variable annuity funds of said teachers' retirement board.  In  such event,  final  authority  for  investing  such funds shall rest with the teachers' retirement board  for  the  period  of  such  agreement.  Such agreement  shall  be  for  a  period not to exceed five years but may be renewed.   3.  Notwithstanding  any  provision  of  this  section  or  any  other provision  of  law, in a city having a population of one million or more the board of education is authorized to adopt a resolution amending  the provisions  governing  any  retirement  system  adopted  pursuant  to or subject to the provisions of this section to the extent necessary to put into  effect   a   pensions-providing-for-increased-take-home-pay   plan analogous  to  that  authorized  by  a  chapter  of the laws of nineteen hundred sixty, entitled "An act to amend the administrative code of  the city   of   New  York,  in  relation  to  authorizing  the  addition  of pensions-providing-for-increased-take-home-pay and death  benefits  with  respect  to  the  New  York  city  employees'  retirement  system." Such resolution of the board of education, however,  shall  not  take  effect until and unless it is approved by the board of estimate of such city.   4.  Notwithstanding  any  provision  of  this  section  or  any  other provision of law, in a city having a population of one million  or  more the  board of education is authorized to adopt a resolution amending the provisions governing  any  retirement  system  adopted  pursuant  to  or subject to the provisions of this section to the extent necessary to put into   effect   a   pensions-providing-for-increased-take-home-pay  plan analogous to that authorized by  a  chapter  of  the  laws  of  nineteen hundred  sixty-two, entitled "An act to amend the administrative code of the city of New York, in relation to authorizing pensions-providing-for- increased-take-home-pay and death benefits with respect to the New  York city  employees'  retirement  system."  Such  resolution of the board of education, however, shall  not  take  effect  until  and  unless  it  is approved by the board of estimate of such city.   5.  Notwithstanding  any  provision  of  this  section  or  any  other provision of law, in a city having a population of one million  or  more the  board of education is authorized to adopt a resolution amending the provisions governing  any  retirement  system  adopted  pursuant  to  or subject to the provisions of this section to the extent necessary to put into  effect  a  pensions-providing-for-increased-take-home-pay plan for the  fiscal  year   nineteen   hundred   sixty-three--nineteen   hundred sixty-four  analogous  to  that  authorized for the fiscal year nineteen hundred sixty-two--nineteen hundred sixty-three by chapter seven hundred eighty-seven of the laws of nineteen hundred sixty-two. Such  resolution of  the  board  of  education,  however, shall not take effect until and unless it is approved by the mayor of such city.   6.  Notwithstanding  any  provision  of  this  section  or  any  other provision  of law, in a city having a population of one million or more, the board of education is authorized to adopt a resolution amending  the provisions  governing  any  retirement  system  adopted  pursuant  to or subject to the provisions of this section to the extent necessary to put into effect a  pensions-providing-for-increased-take-home-pay  plan  for the fiscal year nineteen hundred sixty-four--nineteen hundred sixty-five analogous  to  that  authorized  for  the  fiscal  year nineteen hundred sixty-three--nineteen  hundred  sixty-four  by  chapter   five   hundred seventeen  of  the laws of nineteen hundred sixty-three. Such resolution of the board of education, however, shall  not  take  effect  until  and unless it is approved by the mayor of such city.   7.  Notwithstanding  any  provision  of  this  section  or  any  other provision of law, in a city having a population of one million or  more, the  board of education is authorized to adopt a resolution amending the provisions governing  any  retirement  system  adopted  pursuant  to  or subject to the provisions of this section to the extent necessary to put into  effect  a  pensions-providing-for-increased-take-home-pay plan for the fiscal year nineteen hundred sixty-five--nineteen hundred  sixty-six analogous  to  that  authorized  for  the  fiscal  year nineteen hundred sixty-two--nineteen  hundred  sixty-three  by  chapter   seven   hundred eighty-nine  of  the laws of nineteen hundred sixty-two. Such resolution of the board of education, however, shall  not  take  effect  until  and unless it is approved by the mayor of such city.   8.  Notwithstanding  any  provision  of  this  section  or  any  other provision of law, in a city having a population of one million or  more, the  board of education is authorized to adopt a resolution amending the provisions governing  any  retirement  system  adopted  pursuant  to  or subject to the provisions of this section to the extent necessary to put into  effect  a  pensions-providing-for-increased-take-home-pay plan for  the fiscal year nineteen hundred sixty-six--nineteen hundred sixty-seven analogous to that  authorized  for  the  fiscal  year  nineteen  hundred sixty-two--nineteen   hundred   sixty-three  by  chapter  seven  hundred eighty-nine  of  the laws of nineteen hundred sixty-two. Such resolution of the board of education, however, shall  not  take  effect  until  and unless it is approved by the mayor of such city.   9.  Notwithstanding  any  provision  of  this  section  or  any  other provision of law, in a city having a population of one million or  more, the  board of education is authorized to adopt a resolution amending the provisions governing  any  retirement  system  adopted  pursuant  to  or subject to the provisions of this section to the extent necessary to put into  effect  a  pensions-providing-for-increased-take-home-pay plan for the  fiscal   year   nineteen   hundred   sixty-seven-nineteen   hundred sixty-eight  analogous  to  that authorized for the fiscal year nineteen hundred sixty-two-nineteen hundred sixty-three by chapter seven  hundred eighty-nine  of  the laws of nineteen hundred sixty-two. Such resolution of the board of education, however, shall  not  take  effect  until  and unless it is approved by the mayor of such city.   10.  Notwithstanding  any  provision  of  this  section  or  any other provision of law, in a city having a population of one million or  more, the  board of education is authorized to adopt a resolution amending the provisions governing  any  retirement  system  adopted  pursuant  to  or subject to the provisions of this section to the extent necessary to put into  effect  a  pension-providing-for-increased-take-home-pay  plan, in addition to the plan authorized by subdivision nine of this section, for members who are employees of the board of education  in  the  titles  of attendance  teacher,  attendance  officer,  attendance  teacher (Spanish speaking),  auxiliary  attendance  teacher,  or   auxiliary   attendance officer,  for  the  period September first, nineteen hundred sixty-seven through June thirtieth, nineteen hundred sixty-eight, analogous to  that authorized  for  the  fiscal  year  nineteen hundred sixty-two--nineteen hundred sixty-three by chapter seven hundred eighty-nine of the laws  of nineteen  hundred sixty-two, provided, however, that the reduced rate of contribution factor to be used on computing the reduction  provided  for in the resolution authorized by this subdivision in the contributions of such  members  may  be designated by the board of education as three per centum.   Such  resolution  may  contain  provisions  for  a  period  of retroactive  applicability  analogous  to  those  contained in paragraph thirteen of subdivision j of section B3--36.1 of the administrative code of the city of New York, as such section  was  added  by  chapter  seven hundred  eighty-seven  of  the  laws of nineteen hundred sixty-two. Such resolution may also provide that the amount of  the  reduction  provided for  in  the resolution in the contributions of any members to whom such resolution  applies,  attributable  to   the   period   of   retroactive applicability of such resolution shall be refunded by the system without interest.  Such resolution of the board of education, however, shall not take effect until and unless it is approved by the mayor of such city.   11. Notwithstanding  any  provision  of  this  section  or  any  other provision  of law, in a city having a population of one million or more, the board of education is authorized to adopt a resolution amending  the provisions  governing  any  retirement  system  adopted  pursuant  to or subject to the provisions of this section to the extent necessary to put into effect a  pensions-providing-for-increased-take-home-pay  plan  for the   fiscal   year   nineteen   hundred  sixty-eight--nineteen  hundred sixty-nine analogous to that authorized for  the  fiscal  year  nineteen hundred sixty-two--nineteen hundred sixty-three by chapter seven hundred eighty-nine  of  the  laws  of  nineteen  hundred  sixty-two,  provided, however, that  (1) the reduced rate of contribution factor to be  used  in  computing the reduction in contributions of members who are employees of the board of  education  in  the titles of attendance teacher, attendance officer, attendance teacher (spanish speaking), auxiliary attendance teacher, may be  designated  by  the  board  of  education  as  eight per centum, and provided further, however, that  (2) the reduced rate of contribution factor to be  used  in  computing the  reductions of any member who is eligible for the benefits analogous to the career pension plan of the New York  city  employees'  retirement system,  if  a bill entitled "An act to amend the administrative code of the city of New York and the military  law,  in  relation  to  providing additional  rights, privileges, and benefits for members of the New York city employees' retirement system and establishing  an  optional  career pension  plan  for  certain of such members" is enacted into law, and if the board of education  adopts  a  resolution  amending  the  provisions governing  any  retirement  system adopted pursuant to or subject to the provisions of this section to provide a plan analogous  to  such  career pension  plan,  regardless of whether such member elects the benefits of such analogous plan, may be designated by the board of education as four per centum. Such resolution of the board of  education,  however,  shall not  take  effect  until  and unless it is approved by the mayor of such city.   12. Notwithstanding any  provisions  of  this  section  or  any  other provision  of law, in a city having a population of one million or more, the board of education is authorized to adopt a resolution amending  the provisions  governing  any  retirement  system  adopted  pursuant  to or subject to the provisions of this section to the extent necessary to put into effect a  pensions-providing-for-increased-take-home-pay  plan  for the  fiscal  year  nineteen hundred sixty-nine--nineteen hundred seventy analogous to that  authorized  for  the  fiscal  year  nineteen  hundred sixty-two--nineteen   hundred   sixty-three  by  chapter  seven  hundred eighty-nine  of  the  laws  of  nineteen  hundred  sixty-two,  provided, however, that  (1)  the  reduced-rate-of-contribution  factor to be used in computing the reduction in contributions of members who are employees of the board of education in the titles of attendance  teacher,  attendance  officer, attendance teacher (spanish speaking), auxiliary attendance teacher, may be designated by the board of education as eight percentum, and provided further, however, that  (2)  the  reduced-rate-of-contribution  factor to be used in computing the reductions of any member who is a career pension plan member or  who is  eligible  to  elect to become a career pension plan member under the provisions governing  any  retirement  system  adopted  pursuant  to  or subject  to  the  provisions of this section, regardless of whether such member makes such election, may be designated by the board of  education as four percentum, and provided further, however, that  (3)  the  reduced-rate-of-contribution  factor to be used in computing the reductions of any member other than a member mentioned in paragraphs one and two of this subdivision twelve may be designated by the board of education as five per centum, and provided further, however, that  (4) such resolution of the board of education shall  not  take  effect until and unless it is approved by the mayor of such city.   13.  Notwithstanding  any  provisions  of  this  section  or any other provision of law to the contrary, in a city having a population  of  one million  or  more,  the  board  of  education  is  authorized to adopt a resolution amending  the  provisions  governing  any  retirement  system adopted  pursuant to or subject to the provisions of this section to the extent necessary to put into effect a  pensions-providing-for-increased-  take-home-pay    plan    for    the   fiscal   year   nineteen   hundred seventy--nineteen hundred seventy-one analogous to that  authorized  for the fiscal year nineteen hundred sixty-two--nineteen hundred sixty-three by  chapter  seven  hundred  eighty-nine of the laws of nineteen hundred sixty-two, provided, however, that  (1) the reduced-rate-of-contribution factor to be  used  in  computing the  reductions of any member who is a career pension plan member or who is eligible to elect to become a career pension plan  member  under  the provisions  governing  any  retirement  system  adopted  pursuant  to or subject to the provisions of this section, regardless  of  whether  such member  makes such election, may be designated by the board of education as four percentum, and provided further, however, that  (2) the reduced-rate-of-contribution factor to be  used  in  computing the  reductions of any member other than a member mentioned in paragraph one of this subdivision thirteen may  be  designated  by  the  board  of education as five per centum, and provided further, however, that  (3)  such  resolution  of the board of education shall not take effect until and unless it is approved by the mayor of such city.   14. (1) In the event that:  (a) a bill entitled "An act to amend the administrative  code  of  the city  of  New  York  and  chapter eight hundred seventeen of the laws of nineteen  hundred  sixty-nine,  entitled,   'An   act   to   amend   the administrative  code  of  the city of New York, in relation to providing additional rights, privileges and benefits for members of the  New  York city employees' retirement system who are career pension plan members or fifty-five-year-increased-service-fraction   members,  and  for  certain beneficiaries of such system', in relation to establishing a new  career pension  plan  for  certain  members  of  the  New  York city employees' retirement system" is enacted into law; and  (b) The  provisions  which  govern  a  retirement  system  established pursuant  to  this  section  with respect to the board of education of a city having a population of one million or more and which  were  adopted pursuant  or  subject to this section are amended pursuant or subject to this section so that such provisions include a retirement plan analogous to that set forth in such  bill;  no  plan  for  pensions-providing-for- increased-take-home-pay  shall  be  adopted for the fiscal year nineteen hundred seventy-one--nineteen hundred seventy-two with  respect  to  the members of such retirement system.  (2)  In  the event that such bill referred to in paragraph one of this subdivision fourteen is not enacted into law, such  board  of  education referred   to   in  paragraph  one  of  this  subdivision  fourteen,  is authorized, notwithstanding any provision of this section or  any  other provision  of  law  to  the contrary, to adopt a resolution amending the provisions governing such retirement system adopted pursuant or  subject to  the  provisions  of this section to the extent necessary to put into effect a  pensions-providing-for-increased-take-home-pay  plan  for  the fiscal  year  nineteen hundred seventy-one--nineteen hundred seventy-two analogous to that  authorized  for  the  fiscal  year  nineteen  hundred sixty-two--nineteen   hundred   sixty-three  by  chapter  seven  hundred eighty-nine  of  the  laws  of  nineteen  hundred  sixty-two,  provided, however, that  (a)  the  reduced-rate-of-contribution  factor to be used in computing the reduction in  contributions  of  members  under  such  plan  may  be designated by the board of education to be four per centum, and provided further, however, that  (b)  such  resolution  of the board of education shall not take effect unless and until it is approved by the mayor of such city.   15. (1) In the event that:  (a) a bill entitled "An act to amend the administrative  code  of  the city  of  New  York  and  chapter eight hundred seventeen of the laws of nineteen  hundred  sixty-nine,  entitled,   'An   act   to   amend   the administrative  code  of  the city of New York, in relation to providing additional  rights,  privileges and benefits for members of the New York city employees' retirement system who are career pension plan members or fifty-five-year-increased-service-fraction  members,  and  for   certain beneficiaries  of such system', in relation to establishing a new career pension plan for  certain  members  of  the  New  York  city  employees' retirement system" is enacted into law; and  (b)  the  provisions  which  govern  a  retirement  system established pursuant to this section with respect to the board  of  education  of  a city  having  a population of one million or more and which were adopted pursuant or subject to this section are amended pursuant or  subject  to this section so that such provisions include a retirement plan analogous to that set forth in such bill; no  plan  for  pensions-providing-for-increased-take-home-pay  shall  be adopted for  the  fiscal  year  nineteen  hundred  seventy-two--nineteen hundred  seventy-three  with  respect  to the members of such retirement system.  (2) In the event that such bill referred to in paragraph one  of  this subdivision  fifteen  is  not  enacted into law, such board of education referred to in paragraph one of this subdivision fifteen, is authorized, notwithstanding any provision of this section or any other provision  of law  to  the  contrary,  to  adopt  a resolution amending the provisions governing such retirement system adopted  pursuant  or  subject  to  the provisions  of this section to the extent necessary to put into effect a pensions-providing-for-increased-take-home-pay plan for the fiscal  year nineteen  hundred  seventy-two--nineteen hundred seventy-three analogous to   that   authorized   for   the   fiscal   year   nineteen    hundred sixty-two--nineteen   hundred   sixty-three  by  chapter  seven  hundred eighty-nine  of  the  laws  of  nineteen  hundred  sixty-two,  provided, however, that  (a)  the  reduced-rate-of-contribution  factor to be used in computing the reduction in  contributions  of  members  under  such  plan  may  be designated by the board of education to be four per centum, and provided further, however, that  (b)  such  resolution  of the board of education shall not take effect unless and until it is approved by the mayor of such city.   16. (a) As used in this subdivision, the following  terms  shall  mean and include:  (1) "Board of education". The board of education of a city.  (2) "City". A city having a population of one million or more.  (3)  "Rules  and  regulations".  The  rules  and  regulations  for the government, management and control  of  the  retirement  system  adopted pursuant to this section.  (4)  "Retirement  system".  The  board  of education retirement system established pursuant to the provisions of this section in a city.  (5) (i) "Normal contribution for balance  sheet  liability  purposes". The  hypothetical  amount  which the normal contribution payable in each city fiscal year occurring during the period beginning  on  July  first, nineteen  hundred  seventy-four  and  ending on June thirtieth, nineteen hundred eighty would have equalled if such normal contribution had  been required  by  law  to be paid to the contingent reserve fund in the city fiscal year in which the obligation to  make  such  normal  contribution accrued  and  such  normal  contribution  had been required by law to be determined in the manner provided for in items (ii), (iii) and  (iv)  of this subparagraph.  (ii)  Upon the basis of the mortality and other tables effective under the  rules  and  regulations  as  of  July   first,   nineteen   hundred seventy-seven  and  interest at the rate of five and one-half per centum per annum, the actuary  shall  determine,  as  of  June  thirtieth  next preceding  each  such  fiscal year for which such normal contribution is being determined (hereinafter referred to as the "subject fiscal  year") the  amount of the then total liability for all benefits provided in the rules and regulations, in articles eleven and fourteen of the retirement and social security law  and  in  any  other  law  prescribing  benefits payable  by  the  retirement  system  on account of all then members and beneficiaries, exluding the then liability on account of  future  annual contributions,  for  balance  sheet  liability  purposes,  on account of reserves-for-increased-take-home-pay (as defined in  subparagraph  eight of  this  paragraph),  if  any,  and  the  then  liability  for benefits attributable to the annuity savings fund and  to  the  variable  annuity savings fund.  (iii) The hypothetical normal rate of contribution with respect to the subject fiscal year shall be the rate per centum obtained:  (A) by adding together:  (1)  the  present  value  of all then required future unfunded accrued liability contributions for balance sheet liability purposes (as defined in subparagraph six of this paragraph); and  (2)  the  present  value  of   all   then   required   future   annual contributions,  for  balance  sheet  liability  purposes,  on account of amortization of losses on dispositions of certain securities within  the meaning of subdivision six of section seven of the rules and regulations (as defined in subparagraph seven of this paragraph); and  (3)  the  present  value  of  future  member  contributions of members subject to article fourteen of the retirement and social  security  law; and  (4)  the  amount  obtained  by adding together the total funds on hand (excluding therefrom the then amount in the annuity savings fund and  in the variable annuity savings fund) and the balance sheet liability as of such June thirtieth next preceding the subject fiscal year; and  (B)  by  subtracting from the amount of the total liability determined pursuant to item (ii) of this subparagraph the sum  resulting  from  the addition prescribed by sub-item (A) of this item; and  (C)   by   dividing  the  remainder  resulting  from  the  subtraction prescribed by sub-item (B) of this item by one per centum  of  the  then present  value  of  the  prospective  future salaries of all members, as computed on the basis  of  the  mortality  and  service  tables  adopted pursuant to subdivision two of section five of the rules and regulations and  in effect on July first, nineteen hundred seventy-seven, and on the basis of interest at the rate of five and one-half per centum per annum.  (iv) The amount of the normal contribution for balance sheet liability purposes hypothetically payable in the subject fiscal year shall be  the amount obtained (1) by multiplying such hypothetical normal contribution rate  computed  with respect to the subject fiscal year by the aggregate annual salaries of the members as  of  June  thirtieth  of  the  subject fiscal  year  and  (2)  by adding to the product of such multiplication, interest on such product at the rate of five and one-half per centum per annum for a period of six months.  (6)  "Unfunded  accrued  liability  contribution  for  balance   sheet liability  purposes".  (i)  With  respect to the city's nineteen hundred seventy-four--nineteen hundred seventy-five fiscal year, such term shall mean a hypothetical amount which, if paid to the contingent reserve fund in forty equal annual installments, beginning with payment  of  a  first installment   in  the  city's  nineteen  hundred  seventy-four--nineteen  hundred seventy-five fiscal year, would be the actuarial equivalent,  on the  basis  of  interest at the rate of five and one-half per centum per annum, of the remainder computed in the manner prescribed by items  (ii) and (iii) of this subparagraph.  (ii)  Upon  the  basis  of  the  actuarial tables in effect as of July first,  nineteen  hundred  seventy-seven  for  valuation  purposes   and interest  at  the  rate of five and one-half per centum per annum, there shall be computed, as of June thirtieth, nineteen hundred  seventy-four, the amount of the total liability for all benefits provided by the rules and regulations, in article eleven of the retirement and social security law  and in any other law prescribing benefits payable by the retirement system on account  of  all  members  and  beneficiaries,  excluding  the liability on account of future increased-take-home-pay contributions and the  liability for benefits attributable to the annuity savings fund and the variable annuity savings fund.  (iii) From such total liability computed pursuant to item (ii) of this subparagraph there shall be subtracted the sum of:  (A)  the  present  value,  as  of  June  thirtieth,  nineteen  hundred seventy-four,  of  all  future  normal  costs  of the retirement system, computed pursuant to the entry age normal  cost  method  of  determining such normal costs; and  (B)  the  present  value, as of June thirtieth, of all required future payments, pursuant to subdivision six of section seven of the rules  and regulations  (as then in effect), of installments of losses in excess of installments of gains on dispositions of securities within  the  meaning of such subdivision; and  (C) the sum obtained by adding together the balance sheet liability as of such June thirtieth, (as such liability is determined pursuant to the provisions  of  subparagraph seven of paragraph (c) of this subdivision) and the total funds on hand as of such  June  thirtieth,  excluding  the amount  in  the  annuity  savings  fund and the variable annuity savings fund, but  including  the  amount  of  any  unpaid  moneys  appropriated pursuant to section nine of the rules and regulations.  (iv)  With respect to each of the city's fiscal years occurring during the period from  July  first,  nineteen  hundred  seventy-five  to  June thirtieth,  nineteen hundred eighty, such term shall mean a hypothetical amount which, if paid to the contingent  reserve  fund  in  forty  equal annual  installments,  beginning  with payment of a first installment in the city's nineteen hundred seventy-five--nineteen  hundred  seventy-six fiscal year, would be the actuarial equivalent, on the basis of interest at  the rate of five and one-half per centum per annum, of the remainder computed pursuant to items (v) and (vi) of this subparagraph.  (v) Upon the basis of the actuarial tables in effect as of July first, nineteen hundred seventy-seven for valuation purposes  and  interest  at the  rate  of  five  and  one-half  per centum per annum, there shall be computed, as of  June  thirtieth,  nineteen  hundred  seventy-five,  the amount of the total liability for all benefits provided by the rules and regulations, in article eleven of the retirement and social security law and  in  any  other  law  prescribing benefits payable by the retirement system on account  of  all  members  and  beneficiaries,  excluding  the liability on account of future increased-take-home-pay contributions and the  liability for benefits attributable to the annuity savings fund and the variable annuity savings fund.  (vi) From such total liability computed pursuant to item (v)  of  this subparagraph, there shall be subtracted the sum of:  (A)  the  present  value,  as  of  June  thirtieth,  nineteen  hundred seventy-five, of all future  normal  costs  of  the  retirement  system,  computed  pursuant  to  the  entry age normal cost method of determining such normal costs; and  (B) the present value, as of such June thirtieth, of all then required future  payments,  pursuant  to  subdivision six of section seven of the rules and regulations (as then in effect), of installments of losses  in excess of installments of gains on dispositions of securities within the meaning of such subdivision; and  (C) the sum obtained by adding together the balance sheet liability as of such June thirtieth, (as such liability is determined pursuant to the provisions  of  subparagraphs  eight  to  fourteen,  inclusive  of  this sub-item and the total  funds  on  hand,  as  of  such  June  thirtieth, excluding  the  amount  in  the  annuity  savings  fund and the variable annuity savings fund, but including the  amount  of  any  unpaid  moneys appropriated pursuant to section nine of the rules and regulations.  (7)  "Annual  contribution,  for  balance sheet liability purposes, on account of amortization of losses on dispositions of certain  securities within  the meaning of subdivision six of section seven of the rules and regulations". A hypothetical annual payment to  the  contingent  reserve fund  in  each  of  the  city's  fiscal year occurring during the period beginning on July first, nineteen hundred  seventy-four  and  ending  on June  thirtieth, nineteen hundred eighty, of the amount of the excess of installments (payable in such year) of losses on prior  dispositions  of securities within the meaning of subdivision six of section seven of the rules  and  regulations  (related  to  graduated  crediting of gains and amortization of losses  on  dispositions  of  certain  securities)  over installments   (creditable   in  such  year)  of  gains  on  such  prior dispositions, which annual amount shall  be  determined  in  the  manner provided for in such subdivision six.  (8)  "Annual  contribution,  for  balance sheet liability purposes, on account of reserves-for-increased-take-home-pay". A hypothetical  annual payment  to  the  contingent  reserve  fund in each of the city's fiscal years occurring during the period  from  July  first,  nineteen  hundred seventy-four  to  June thirtieth, nineteen hundred eighty, of the amount required to fulfill the public employer  obligation,  which  accrued  in such year to make contributions on account of increased-take-home-pay.  (9)  "Annual  military  law  contribution  for balance sheet liability purposes". A hypothetical annual payment to the contingent reserve  fund in each of the city's fiscal years occurring during the period beginning on  July  first,  nineteen  hundred  seventy-four  and  ending  on  June thirtieth, nineteen hundred eighty, of the amount  required  to  fulfill the  public  employer  obligation,  which accrued in such year under the provisions of subdivision twenty of section two hundred  forty-three  of the  military  law,  to  pay  in  behalf  of members qualifying for such benefit member contributions with respect to certain periods of military service of such members.  (10) "Deficiency contribution". The annual  amount  which,  under  the provisions  of  paragraph f of subdivision three of section eight of the rules and regulations, the board of education was required to pay to the contingent  reserve  fund  in  each  of  the  city's  nineteen   hundred seventy-four--nineteen    hundred    seventy-five,    nineteen   hundred seventy-five--nineteen  hundred   seventy-six   and   nineteen   hundred seventy-six--nineteen hundred seventy-seven fiscal years.  (11) "Contribution on account of amortization, pursuant to subdivision six  of  section  seven  of  the  rules  and  regulations,  of losses on dispositions of certain securities". The total annual  amount  by  which the  sum  of the installments of losses, payable pursuant to subdivision six of section seven of the rules and regulations (as in effect prior to July first, nineteen hundred eighty) in each of the city's fiscal  years  occurring   during   the   period  from  July  first,  nineteen  hundred seventy-four to June thirtieth, nineteen hundred eighty in  relation  to dispositions  of  securities within the meaning of such subdivision six, exceeded  the  sum  of  the installments of gains creditable in the same fiscal year in relation to the same disposition of securities.  (b) (1)  Notwithstanding  any  provision  of  subdivision  fifteen  of section  two  of the rules and regulations or any other provision of the rules and regulations or any other provision of law to the contrary, for the purpose of any actuarial valuation, determination or appraisal which is made pursuant to the rules and regulations or the provisions of  this subdivision  sixteen  and  which  is used to determine the amount of any contribution required to be paid by the  board  of  education  into  the contingent  reserve fund or pension fund of the retirement system in the nineteen hundred seventy-seven--nineteen  hundred  seventy-eight  fiscal year  of the city or in any subsequent fiscal year of the city, "regular interest" shall mean interest as  defined  in  this  paragraph  and  any definition  of  regular interest in such rules and regulations shall not apply to any such actuarial valuation, determination or appraisal.  (2) Subject to the provisions of item (ii) of subparagraph six of this paragraph, for the purpose of any actuarial valuation, determination  or appraisal  which  is  made  pursuant to the rules and regulations or the provisions of this subdivision and which is used to determine the amount of any contribution required to be paid by the board of  education  into the  contingent reserve fund or pension fund of the retirement system in the  nineteen  hundred  seventy-seven--nineteen  hundred   seventy-eight fiscal  year  of  the city and in each succeeding fiscal year thereof to and including the nineteen hundred seventy-nine--nineteen hundred eighty fiscal year thereof, "regular interest" shall mean interest at five  and one-half per centum per annum, compounded annually.  (3)  (i) Subject to the provisions of item (ii) of subparagraph six of this paragraph and except as otherwise provided in  subparagraphs  seven to sixteen, inclusive, of paragraph (c) of this subdivision with respect to determination of the amount of the balance sheet liability as of June thirtieth,   nineteen   hundred   eighty  and  balance  sheet  liability contributions, for the purpose of any actuarial valuation, determination or appraisal which is made pursuant to the rules and regulations or  the provisions of this subdivision and which is used to determine the amount of  any  contribution required to be paid by the board of education into the contingent reserve fund of the retirement  system  in  the  nineteen hundred  eighty--nineteen hundred eighty-one fiscal year of the city and in each succeeding fiscal year thereof to  and  including  the  nineteen hundred  eighty-one--nineteen  hundred  eighty-two  fiscal year thereof, "regular interest" shall mean interest at the rate of seven and one-half per centum per annum, compounded annually.  (ii) Subject to the provisions of item (ii)  of  subparagraph  six  of this  paragraph  and except as otherwise provided in subparagraphs seven to sixteen, inclusive, of paragraph (c) of this subdivision with respect to determination of the amount of the balance sheet liability as of June thirtieth,  nineteen  hundred  eighty  and   balance   sheet   liability contributions, for the purpose of any actuarial valuation, determination or  appraisal which is made pursuant to the rules and regulations or the provisions of this subdivision and which is used to determine the amount of any contribution required to be paid by the board of  education  into the  contingent  reserve  fund  of the retirement system in the nineteen hundred eighty-two--nineteen hundred eighty-three  fiscal  year  of  the city  and  in  each  succeeding fiscal year thereof to and including the nineteen hundred eighty-seven--nineteen hundred eighty-eight fiscal year  thereof, "regular interest" shall mean interest at the rate of eight per centum per annum, compounded annually.  (iii)  Subject  to  the provisions of item (ii) of subparagraph six of this paragraph and except as otherwise provided in  subparagraphs  seven to sixteen, inclusive, of paragraph (c) of this subdivision with respect to determination of the amount of the balance sheet liability as of June thirtieth,   nineteen   hundred   eighty  and  balance  sheet  liability contributions, for the purpose of any actuarial valuation, determination or appraisal which is made pursuant to the rules and regulations or  the provisions of this subdivision and which is used to determine the amount of  any  contribution required to be paid by the board of education into the contingent reserve fund of the retirement  system  in  the  nineteen hundred  eighty-eight--nineteen  hundred  eighty-nine fiscal year of the city and  the  nineteen  hundred  eighty-nine--nineteen  hundred  ninety fiscal  year thereof, "regular interest" shall mean interest at the rate of eight and one-quarter per centum per annum, compounded annually.  (4) Subject to the provisions of item (ii) of subparagraph six of this paragraph, and except as otherwise provided in  subparagraphs  seven  to sixteen, inclusive, of paragraph (c) of this subdivision with respect to determination  of  the  amount of the balance sheet liability as of June thirtieth,  nineteen  hundred  eighty  and   balance   sheet   liability contributions, for the purpose of any actuarial valuation, determination or  appraisal which is made pursuant to the rules and regulations or the provisions of this subdivision and which is used to determine the amount of any contribution required to be paid by the board of  education  into the  contingent reserve fund or pension fund of the retirement system in the city's nineteen hundred ninety--nineteen hundred  ninety-one  fiscal year and in any subsequent fiscal year thereof, "regular interest" shall mean  interest  at such rate per annum, compounded annually, as shall be prescribed by the legislature in section 13-638.2 of the  administrative code of the city.  (5)  On  or after May first, nineteen hundred eighty-nine and no later than October thirty-first of such  year  the  retirement  board  of  the retirement  system shall submit to the governor, the temporary president and minority leader of the senate, the  speaker  of  the  assembly,  the majority  and minority leaders of the assembly, the state superintendent of financial services, the mayor of the city, and  the  members  of  the city  council  thereof,  the  written  recommendations of the retirement board as to the rate of interest  and  effective  period  thereof  which should  be  established  by  law  as  "regular interest" for the purpose specified in subparagraph four of this paragraph.  (6) (i) Subject to the provisions of item (iv) of  subparagraph  three of paragraph (c) of this subdivision, nothing contained in subparagraphs one,  two,  three, four and five of this paragraph shall be construed as prescribing,  for  the  purpose  of  crediting  interest  to  individual accounts      in      the     annuity     savings     fund     or     to reserves-for-increased-take-home-pay or for any  other  purpose  besides that  specified  in such subparagraphs, a rate of regular interest other than as prescribed by the applicable provisions of  subdivision  fifteen of section two of the rules and regulations and subdivision seventeen of this section.  (ii)   Subject   to   the   provisions  of  section  13-638.2  of  the administrative code of the city, nothing contained in subparagraphs two, three and four of this paragraph shall be  construed  as  requiring  the original unfunded accrued liability contribution, as defined in item (i) of  subparagraph  five  of  paragraph  (c)  of this subdivision, and the revised unfunded accrued liability contribution, as defined in item (ii) of such subparagraph, and the nineteen hundred eighty  unfunded  accrued  liability  adjustment,  as defined in subparagraph six of such paragraph (c), and the nineteen  hundred  eighty-two  unfunded  accrued  liability adjustment, as defined in such subparagraph six, to be determined in any manner  other  than  as  prescribed by the applicable provisions of such items and such subparagraph six.  Subject  to  the  provisions  of  such section 13-638.2, nothing contained in subparagraphs two, three and four of  this  paragraph  shall  be  construed as requiring any balance sheet liability or balance sheet liability contribution computed  pursuant  to the   provisions  of  subparagraphs  seven  to  sixteen,  inclusive,  of paragraph (c) of this subdivision to be determined in any  manner  other than as prescribed in such subparagraphs.  (c)  (1)  (i)  Notwithstanding the provisions of paragraphs b and f of subdivision three of section eight of the rules and regulations  or  any other  provision  of the rules and regulations or any other provision of law to the contrary;  (A) the provisions of subparagraphs two, three, four and five of  this paragraph  (c), as in effect during the period from July first, nineteen hundred seventy-seven to June thirtieth, nineteen hundred eighty,  shall govern  the  contributions  payable  by  the  board  of education to the contingent reserve fund of the retirement system in the city's  nineteen hundred seventy-seven--nineteen hundred seventy-eight fiscal year and in each  city  fiscal year thereafter to and including the nineteen hundred seventy-nine--nineteen hundred eighty fiscal year, and no  contributions shall  be  payable  by  the  board of education to such fund in any such fiscal year other than the contributions prescribed  by  the  applicable provisions of such subparagraphs two, three, four and five; and  (B)  the  applicable provisions of this paragraph, as in effect on and after July  first,  nineteen  hundred  eighty,  and  the  provisions  of sections  13-638.2,  13-695 and 13-704 of the administrative code of the city and any  other  applicable  laws  shall  govern  the  contributions payable  by the board of education to the contingent reserve fund in the city's nineteen hundred eighty--nineteen hundred eighty-one fiscal  year and  in  each city fiscal year thereafter, and no contributions shall be payable by the board of education to such fund in any such  fiscal  year other  than the contributions prescribed by the applicable provisions of this paragraph and such sections and laws.  (ii) The contribution payable  by  the  board  of  education  to  such contingent  reserve  fund  in the nineteen hundred seventy-six--nineteen hundred seventy-seven  fiscal  year  of  the  city,  including,  without limitation,  the  contribution  required  by  paragraph f of subdivision three of section eight of the rules and regulations, shall  be  governed by  the  applicable provisions of the rules and regulations as in effect immediately prior to July first, nineteen hundred seventy-seven.  (2) Subject to the provisions of law referred to in  sub-item  (B)  of item  (i)  of subparagraph one of this paragraph, the board of education shall contribute to the contingent reserve fund:  (i) annually an amount computed pursuant to subparagraph four of  this paragraph, to be known as the "normal contribution"; and  (i-A)  all  unfunded  accrued  liability  installments  as required by section 13-638.2 of the administrative code of the city of New  York  or any other provision of law; and  (i-B) any other payments to the contingent reserve fund as required by applicable law; and  (ii)  in  each  city  fiscal year during the period beginning with the fiscal   year   nineteen   hundred    seventy-seven--nineteen    hundred seventy-eight and ending on the last day of fiscal year nineteen hundred seventy-nine--nineteen  hundred  eighty,  one  annual  installment of an additional amount computed pursuant to item (i) of subparagraph five  of  this  paragraph,  which shall be known as the "original unfunded accrued liability contribution"; and  (iii) in each city fiscal year during the period beginning with fiscal year  nineteen hundred eighty--nineteen hundred eighty-one and ending on the last day of fiscal year two thousand fourteen--two thousand fifteen, the annual installment, applicable to such fiscal year, of an additional amount which shall be known as the revised  unfunded  accrued  liability contribution  and which shall be determined as provided for in item (ii) of subparagraph five of this paragraph; and  (iv) in each city fiscal year during the period beginning with  fiscal year nineteen hundred eighty-one--nineteen hundred eighty-two and ending on  the  last  day  of  fiscal  year  two  thousand twenty--two thousand twenty-one, the annual installment, applicable to such fiscal  year,  of an additional amount which shall be known as the balance sheet liability contribution   and   which  shall  be  determined  as  provided  for  in subparagraphs seven to sixteen, inclusive, of this paragraph; and  (v)  in  fiscal  year  nineteen   hundred   eighty--nineteen   hundred eighty-one,  the amount of one year's interest, at the rate of seven and one-half per centum per annum,  on  the  amount  of  the  balance  sheet liability  as  of June thirtieth, nineteen hundred eighty, as determined pursuant to the provisions of subparagraphs seven to fifteen, inclusive, of this paragraph; and  (vi) in each city fiscal year, beginning  with  fiscal  year  nineteen hundred  eighty--nineteen  hundred eighty-one and ending on the last day of  fiscal   year   nineteen   hundred   ninety-four--nineteen   hundred ninety-five,   the  amount  required  to  fulfill  the  public  employer obligation, which accrued in such fiscal year, to make contributions  on account of increased-take-home-pay; and  (vii)  in  each  city fiscal year, beginning with fiscal year nineteen hundred eighty--nineteen hundred eighty-one and ending on the  last  day of   fiscal   year   nineteen   hundred   ninety-four--nineteen  hundred ninety-five,  the  amount  required  to  fulfill  the  public   employer obligation,  which  accrued  in such fiscal year under the provisions of subdivision twenty of section two hundred forty-three  of  the  military law,  to  pay  in  behalf of members qualifying for such benefit, member contributions with respect to certain periods of the military service of such members.  (3) (i) If the nineteen  hundred  eighty  unfunded  accrued  liability adjustment  determined pursuant to subparagraph six of this paragraph is a credit, the total of the amounts required to  be  contributed  to  the contingent  reserve  fund  in each city fiscal year, commencing with the nineteen hundred eighty--nineteen hundred  eighty-one  fiscal  year  and ending  with  the  two  thousand  nine--two  thousand  ten  fiscal year, pursuant to items (i), (iii), (iv), (v), (vi) and (vii) of  subparagraph two  of  this  paragraph  shall  be  reduced by the amount of one annual installment of such nineteen hundred eighty unfunded  accrued  liability adjustment.  (ii)  (A)  If  the  nineteen hundred eighty unfunded accrued liability adjustment determined pursuant to such subparagraph six is a charge, the board of education shall contribute in each city fiscal year, commencing with the nineteen hundred  eighty--nineteen  hundred  eighty-one  fiscal year  and  ending  with  the  two thousand nine--two thousand ten fiscal year, in addition to the amounts required to be  contributed  under  the provisions  of  subparagraph  two  of  this  paragraph  (c),  one annual installment of such nineteen hundred eighty unfunded  accrued  liability adjustment.  (B)  The  total  of  the  amounts  required  to  be contributed to the contingent reserve fund in each city fiscal  year  commencing  with  the  nineteen  hundred  eighty-two--nineteen hundred eighty-three fiscal year and ending with the two thousand eleven--two thousand twelve fiscal year pursuant to items (i), (iii), (iv), (vi) and (vii) of  subparagraph  (2) of  this paragraph (c) and the applicable provisions of item (i) of this subparagraph (3) and sub-item  (A)  of  this  item  (ii)  and  otherwise pursuant to law shall be reduced by the amount of one annual installment of the nineteen hundred eighty-two unfunded accrued liability adjustment determined  pursuant  to item (vi) of subparagraph (6) of this paragraph (c).  (C) The total of  the  amounts  required  to  be  contributed  to  the contingent  reserve  fund  in  each city fiscal year commencing with the nineteen hundred eighty-five--nineteen hundred  eighty-six  fiscal  year and  ending  with the two thousand fourteen--two thousand fifteen fiscal year pursuant to items (i), (iii), (iv), (vi) and (vii) of  subparagraph (2)  of  this paragraph (c) and the applicable provisions of item (i) of this subparagraph (3) and sub-item (A) of this item (ii)  and  otherwise pursuant to law shall be reduced by the amount of one annual installment of   the   nineteen   hundred  eighty-five  unfunded  accrued  liability adjustment determined pursuant to item (vii) of subparagraph (6) of this paragraph (c).  (iii) Any amount required by the provisions of items (iii), (iv), (vi) and (vii) of subparagraph two of this paragraph and subdivision  six  of section  seven  of  the  rules  and regulations to be contributed to the contingent reserve fund in the city's nineteen hundred  eighty--nineteen hundred  eighty-one  fiscal  year or any subsequent fiscal year shall be payable with interest on such amount at a  rate  per  centum  per  annum equal  to  the  rate  per  centum  per annum required to be used for the purpose of any actuarial valuation, determination or appraisal  made  to determine   the  amount  of  the  normal  contribution  payable  to  the contingent reserve fund in such fiscal year.  (iv) Any amount required to be contributed to the  contingent  reserve fund  in  any  fiscal  year  of  the city preceding the nineteen hundred eighty--nineteen hundred eighty-one fiscal year shall be deemed to  have been  required  to  be  paid  with interest on such amount at a rate per centum per annum equal to the rate per centum per annum required  to  be used  for  the  purpose  of  any  actuarial  valuation, determination or appraisal made to  determine  the  amount  of  the  normal  contribution payable to the contingent reserve fund in such fiscal year.  (v)  It is hereby declared that the provisions of items (iii) and (iv) of this subparagraph three, insofar as they relate to provisions of  the rules  and  regulations  or  of this subdivision or other laws requiring payment of employer contributions to the retirement system prior to  the effective  date  of  this  subparagraph,  express  the  intent  of  such provisions of the rules and regulations or  this  subdivision  or  other laws requiring such payment.  (vi) For the purpose of effectuating the nineteen hundred eighty-eight unfunded  accrued  liability adjustment provided for in section 13-638.1 of the administrative code of the city of New York, contributions to the contingent reserve fund on account of  charges  shall  be  made  by  the responsible  obligor  (as  defined  in paragraph six of subdivision a of such section) or credits  shall  be  allowed  to  such  obligor  against contributions  otherwise payable by such obligor, as the case may be, to the extent and in the manner provided for in such  section.  The  annual determination  of  the  normal  contribution  for fiscal years occurring during the period beginning on July first, nineteen hundred eighty-eight and ending  on  June  thirtieth,  nineteen  hundred  ninety-eight  shall appropriately take account of the nineteen hundred eighty-eight unfunded accrued  liability adjustment and the provisions of subparagraph four of  this paragraph (c) shall be deemed to be conformably modified  for  such purpose.  (vii)  The  board  of education and all other responsible obligors (as defined in paragraph ten of subdivision a of  section  13-638.2  of  the administrative  code of the city of New York) shall make all payments to the retirement system required by applicable law in accordance with  the time  of  payment  requirements  set  forth  in  paragraph  (j)  of this subdivision. Any responsible obligor which does  not  make  all  or  any portion  of  such required payments to the retirement system in a timely manner in fiscal year two thousand twelve--two thousand thirteen, or  in any  fiscal  year  thereafter,  shall be required to pay interest to the retirement system on such overdue amounts, as determined by the actuary. The  actuary  shall  determine,  at  such  time  as  he  or  she   deems appropriate,  interest  payments on such overdue amounts using a rate of interest equivalent to the valuation rate of  interest  (as  defined  in paragraph   eleven   of   subdivision  a  of  section  13-638.2  of  the administrative code of the city of New York). Responsible obligors shall make such interest payments on overdue amounts to the retirement  system in the manner and at such time as the actuary deems appropriate.  (4)   Normal   contribution.   (i)  Notwithstanding  the  succeeding provisions of this item or the provisions of item (i-A), (ii), (iii)  or (iv)  of  this  subparagraph,  for  fiscal year two thousand eleven--two thousand twelve, and for each fiscal year thereafter, the amount of  the normal  contribution  payable  to  the  contingent reserve fund shall be determined pursuant to the provisions of item (v) of this  subparagraph. Upon  the  basis  of the latest mortality and other tables authorized by the applicable provisions of  the  rules  and  regulations  and  regular interest,  the  actuary  shall determine, as of June thirtieth, nineteen hundred eighty and as of each succeeding June thirtieth, the  amount  of the  total  liability  for  all  benefits  provided  in  the  rules  and regulations, in articles eleven  and  fourteen  of  the  retirement  and social security law and in any other law prescribing benefits payable by the  retirement  system  on  account  of  all members and beneficiaries, excluding the liability on  account  of  future  increased-take-home-pay contributions,  if  any,  and the liability for benefits attributable to the annuity savings fund and  to  the  variable  annuity  savings  fund, provided,  however,  that in determining such total liability as of June thirtieth, nineteen hundred ninety-five and as of each  succeeding  June thirtieth,  the  actuary  shall  include (A) the liability on account of future increased-take-home-pay contributions, if any, (B) the  liability on account of future public employer obligations under the provisions of subdivision  twenty  of  section two hundred forty-three of the military law, to pay in behalf of members qualifying  for  such  benefit,  member contributions with respect to certain periods of the military service of such  members  and  (C)  the  liability for benefits attributable to the annuity savings fund and to  the  variable  annuity  savings  fund,  and provided  further  that  in  determining such total liability as of June thirtieth, nineteen hundred ninety-nine and as of each  succeeding  June thirtieth,  the actuary shall include any other liability, as determined by the actuary,  for  benefits  attributable  to  the  variable  annuity programs,  and provided further that in determining such total liability as of June thirtieth, two  thousand  and  as  of  each  succeeding  June thirtieth, the actuary shall include the amount, if any, as estimated by the  actuary, of the total liability of the retirement system on account of payments which the retirement system may be required to make  to  any other  fund  without  a  corresponding  offset in the liabilities of the retirement system.  (i-A) Notwithstanding any other provision of law to the contrary,  for the  purpose  of  calculating  the  amount  of  the  normal contribution annually due from the board of education to the contingent reserve  fund pursuant  to  item (iv) of this subparagraph in fiscal year two thousand five--two  thousand  six,  and  in each fiscal year thereafter, both the total liability of the retirement system, as calculated by  the  actuary in accordance with item (i) of this subparagraph, and the normal rate of contribution, as calculated by the actuary in accordance with items (ii) and (iii) of this subparagraph, shall be determined as of June thirtieth of  the second fiscal year preceding the fiscal year in which the normal contribution is payable, provided, however, that (A) the  actuary  shall use  for  such  calculations  the  mortality  and  other tables that are applicable at the time he or she performs  such  calculations;  (B)  the total  funds  on  hand,  as determined by the actuary pursuant to clause five of sub-item (A)  of  item  (ii)  of  this  subparagraph,  shall  be adjusted  by  adding  to  such  amount the present value of all employer contributions required to be paid into the contingent  reserve  fund  in the  fiscal  year  next  preceding  the  fiscal year in which the normal contribution is payable, as determined  by  the  actuary;  and  (C)  the present  value  of  the  prospective  future salaries of all members, as computed by the actuary for the purposes of sub-item (C) of item (ii) of this subparagraph, shall be reduced by the present value of the salaries expected to be paid to all members in the fiscal year next preceding the fiscal year in which the normal contribution is payable,  as  determined by the actuary.  (ii)  The  normal  rate  of  contribution shall be the rate per centum obtained:  (A) by adding together:  (1) (a) the amount obtained by adding together the  present  value  of all required future revised unfunded accrued liability contributions and the  present  value  of  all  required  future  payments of the nineteen hundred  eighty  unfunded  accrued  liability   adjustment,   determined pursuant  to subparagraph six of this paragraph, if such adjustment is a charge; or  (b) the remainder obtained by subtracting from the  present  value  of all  required  future  revised unfunded accrued liability contributions, the present value of all future installments  of  the  nineteen  hundred eighty unfunded accrued liability adjustment required to be credited, if such nineteen hundred eighty adjustment is a credit;  (c) minus (whether (a) or (b) immediately preceding is applicable) the sum  of  the  present  value  of all future installments of the nineteen hundred eighty-two unfunded accrued liability adjustment and the present value of all future installments of  the  nineteen  hundred  eighty-five unfunded accrued liability adjustment; and  (2)  the  present value of all required future balance sheet liability contributions, plus, in the case of  the  determination  of  the  normal contribution  payable  in  fiscal year nineteen hundred eighty--nineteen hundred eighty-one, the present value, as of  June  thirtieth,  nineteen hundred  eighty,  of  the  payment  of  interest  on  the  balance sheet liability as required by item (v) of subparagraph two of this  paragraph (c); and  (3)  the  present  value  of all required future payments, pursuant to subdivision six of section  seven  of  the  rules  and  regulations,  of installments   of   losses   in  excess  of  installments  of  gains  on dispositions of securities within the meaning of such subdivision; and  (4) in the case  of  the  determination  of  the  normal  contribution payable in each fiscal year commencing with fiscal year nineteen hundred  ninety-five--nineteen  hundred  ninety-six,  the present value of future member contributions of all members; and  (5)  the total funds on hand, including the amount of any unpaid money appropriated pursuant to section nine of the rules and regulations  and, in  the  case of the determination of the normal contribution payable in each  fiscal  year  commencing  with  fiscal   year   nineteen   hundred ninety-five--nineteen  hundred  ninety-six,  including the amount in the annuity savings fund and in the variable annuity savings fund; and  (6) the present value of all  other  future  installments  of  accrued liability  contributions  to  the  retirement  system  required  by  the applicable provisions of section 13-638.2 of the administrative code  of the  city  of New York which are not covered by the preceding paragraphs of this subitem (A); and  (B) by subtracting from the amount of the total  liability  determined pursuant  to  item  (i)  of this subparagraph the sum resulting from the addition prescribed by sub-item (A) of this item; and  (C)  by  dividing  the  remainder  resulting   from   the   applicable subtraction prescribed by sub-item (B) of this item by one per centum of the  present value of the prospective future salaries of all members, as computed by the actuary on the basis of the latest mortality and service tables adopted pursuant to subdivision two of section five of the  rules and regulations, and on the basis of regular interest.  (iii)  The normal rate of contribution determined by the actuary shall not be less than zero,  shall  be  certified  by  the  actuary  after  a valuation  and  shall  continue  in  force  until  the  next  succeeding valuation and certification. The actuary shall make a valuation,  as  of June  thirtieth  of  each  year,  of  the  assets and liabilities of the various funds created by the rules and regulations.  (iv)(A) The amount of the normal contribution annually  due  from  the board  of  education  to the contingent reserve fund in each city fiscal year, commencing with  the  nineteen  hundred  eighty--nineteen  hundred eighty-one  fiscal  year  and  ending  with  the  two thousand four--two thousand five fiscal year, shall be the amount obtained  by  multiplying the normal rate of contribution, as determined by the actuary as of June thirtieth  next  preceding  such  fiscal  year,  by the aggregate annual salaries of the members on  such  June  thirtieth  next  preceding  such fiscal  year  in  which  such amount is due and shall be payable in such fiscal year next following  such  June  thirtieth,  together  with  such regular  interest thereon which may be due, if any, as calculated by the actuary.  (B) The amount of the normal contribution annually due from the  board of  education  to  the contingent reserve fund in each city fiscal year, commencing with the two thousand five--two  thousand  six  fiscal  year, shall  be  the  amount  obtained  by  multiplying  the  normal  rate  of contribution, as determined  by  the  actuary  as  of  the  second  June thirtieth  preceding the fiscal year in which the normal contribution is payable, in accordance with the provisions  of  items  (i-A),  (ii)  and (iii)  of  this  subparagraph,  by  the aggregate amount of the salaries expected to be paid to the members during the fiscal year in  which  the normal  contribution  is payable, as determined by the actuary, and such normal contribution shall be payable in the second fiscal year following the June thirtieth as of  which  the  normal  rate  of  contribution  is determined,  together  with  such  regular interest thereon which may be due, if any, as calculated by the actuary.  (C) In the case of the normal contribution  payable  in  the  nineteen hundred  eighty--nineteen  hundred  eighty-one  fiscal  year  and in any subsequent fiscal year, the term "regular interest,"  as  used  in  this item  (iv)  shall  mean  regular  interest  as defined by the applicable  provisions of subparagraph three or subparagraph four of  paragraph  (b) of this subdivision.  (v)  (A)  Notwithstanding  the preceding items of this subparagraph or any other provision of law to  the  contrary,  the  normal  contribution payable  to  the  contingent  reserve  fund  in fiscal year two thousand eleven--two thousand twelve, and in each fiscal year  thereafter,  shall be  the  entry  age  normal  contribution,  as determined by the actuary pursuant to this  item  in  a  manner  consistent  with  the  entry  age actuarial cost method.  The actuary shall determine the entry age normal contribution  for  each  such  fiscal  year  as of June thirtieth of the second fiscal year preceding  the  fiscal  year  in  which  such  normal contribution  is payable, based on the latest mortality and other tables applicable at the time he or she performs  such  calculations,  and  the valuation  rate  of  interest  as  provided for the retirement system in paragraph two of subdivision b of section 13-638.2 of the administrative code of the city of New York.  (B) In calculating the entry age normal contribution  payable  in  any such  fiscal  year  pursuant  to  this  item, the actuary, in his or her discretion, may make certain adjustments in the calculation methodology, provided that such adjustments are generally accepted as consistent with the entry age actuarial cost method, and are designed,  in  general,  to fund,  on a level basis over the working lifetimes of members from their ages at entry, the actuarial present value of  benefits  to  which  such members  are  expected to become entitled, as determined by the actuary. Such generally accepted adjustments in the calculation  methodology,  in the  discretion of the actuary, may include, but are not limited to, the calculation of the entry age normal contribution (1)  on  an  individual member  basis  by  calculating  the  amount  of  the  entry  age  normal contribution attributable to each individual  member,  and  then  adding together  such  individual member amounts, (2) on an aggregate basis for all members or (3) on any combination of an individual member basis  and an aggregate basis which is consistent with the entry age actuarial cost method, and the preceding provisions of this sub-item.  (C)  For each such fiscal year, the actuary, in his or her discretion, shall determine, in accordance with the provisions of  sub-item  (B)  of this  item,  the  methodology  for  calculating  the  entry  age  normal contribution payable for that particular fiscal year.  (D) The methodology determined  by  the  actuary  in  accordance  with sub-item  (C)  of this item may provide for the actuary to calculate the entry age normal contribution on  an  individual  member  basis  by  (1) multiplying  the  entry age normal contribution rate for each individual member, as determined by the actuary, by the salary expected to be  paid to  that member during the fiscal year in which such normal contribution is payable, and (2) calculating the sum  of  the  individual  entry  age normal  contributions  attributable to all such members. The actuary, in his or her discretion, may make any adjustments to such methodology  for determining  the  entry  age  normal contribution on an individual basis which he or she deems appropriate, and which  are  consistent  with  the provisions of sub-item (B) of this item.  (E)  In  the alternative, the methodology determined by the actuary in accordance with sub-item (C) of this item may provide for the actuary to calculate the entry age normal contribution on  an  aggregate  basis  by multiplying  the  entry  age normal contribution rate for all members in the aggregate, as determined by the actuary, by the aggregate amount  of the  salaries  expected to be paid to all members during the fiscal year in which the normal contribution is payable. The actuary, in his or  her discretion, may make any adjustments to such methodology for determining the  entry age normal contribution on an aggregate basis which he or she  deems appropriate, and which  are  consistent  with  the  provisions  of sub-item (B) of this item.  (F)  In  the alternative, the methodology determined by the actuary in accordance  with  sub-item  (C)  of  this  item  may  provide  for   the calculation  of  the  entry  age  normal contribution on any other basis which the actuary deems appropriate, and which is  consistent  with  the entry  age  actuarial  cost method and the provisions of sub-item (B) of this item.  (G) (1) Where the methodology determined by the actuary in  accordance with  sub-item  (C)  of this item requires the determination of an entry age normal contribution rate for each  individual  member  in  order  to calculate  the entry age normal contribution for each individual member, the actuary shall determine such rate for each such member in accordance with the entry age actuarial cost method, and such rate,  as  determined by  the  actuary for each such member, shall be consistent with a method designed, in general, to  fund,  on  a  level  basis  over  the  working lifetime  of  that  particular  member from his or her age at entry, the actuarial present value of benefits to which such member is expected  to become entitled, as determined by the actuary.  (2) Where the methodology determined by the actuary in accordance with sub-item  (C)  of  this  item requires the determination of an entry age normal contribution rate for all members in the aggregate  in  order  to calculate  the  entry  age  normal  contribution  for all members in the aggregate, the actuary shall determine such rate in accordance with  the entry  age  actuarial  cost  method, and such rate, as determined by the actuary, shall be consistent with a  method  designed,  in  general,  to fund,  on a level basis over the working lifetimes of members from their ages at entry, the actuarial present value of  benefits  to  which  such members are expected to become entitled, as determined by the actuary.  (5)   Unfunded  accrued  liability  contributions.--(i)  The  original unfunded accrued liability contribution shall be  an  amount  which,  if paid  to the contingent reserve fund in forty equal annual installments, commencing with payment of a first installment in  the  city's  nineteen hundred seventy-seven--nineteen hundred seventy-eight fiscal year, would be the actuarial equivalent, on the basis of five and one-half percentum interest  and  the actuarial tables in effect as of July first, nineteen hundred  seventy-seven,  of  the  difference  between  (A)  the  accrued liability  (excluding  the  liability  for  benefits attributable to the annuity savings fund and the variable  annuity  savings  fund)  on  June thirtieth,  nineteen  hundred  seventy-five  and  (B) the total funds on hand, excluding the amount in the annuity savings fund and the  variable annuity  savings  fund,  but  including  the amount of any unpaid moneys appropriated pursuant to section nine of the rules and  regulations.  No contribution or payment to the contingent reserve fund of the retirement system  shall be made under the provisions of paragraph f of subdivision three of section eight of the rules  and  regulations  in  the  nineteen hundred seventy-seven--nineteen hundred seventy-eight fiscal year of the city  or  in  any  subsequent  city  fiscal year. The provisions of such paragraph f shall cease to be effective on July first, nineteen  hundred seventy-seven.  (ii)  (A) The revised unfunded accrued liability contribution shall be an amount determined as prescribed in sub-items (B), (C), (D), (E), (F), (G), (H), (I) and (J) of this item.  (B) To the amount of the difference constituting the unfunded  accrued liability as of June thirtieth, nineteen hundred seventy-five heretofore determined pursuant to the provisions of this subparagraph, as in effect on  July  first,  nineteen  hundred  seventy-seven, there shall be added interest thereon at the rate of five and one-half per centum  per  annum  for  the  period  from July first, nineteen hundred seventy-five to June thirtieth, nineteen hundred eighty.  (C) There shall be computed, in the manner provided in sub-item (D) of this  item,  the  discounted  value  of  each of the installments of the unfunded accrued liability contribution which, in  the  absence  of  the enactment  of  chapter  nine hundred fifty-seven of the laws of nineteen hundred eighty-one, were payable or  would  have  been  payable  in  the city's  nineteen  hundred seventy-seven--nineteen hundred seventy-eight, nineteen hundred seventy-eight--nineteen hundred seventy-nine,  nineteen hundred   seventy-nine--nineteen   hundred   eighty,   nineteen  hundred eighty--nineteen    hundred    eighty-one    and    nineteen     hundred eighty-one--nineteen hundred eighty-two fiscal years.  (D)  Such  discounted  value  of  each such installment referred to in sub-item (C) of this item shall be computed as of January first  of  the city's  second  fiscal  year  preceding  the  fiscal  year in which such installment was payable or would have been payable and on the  basis  of five  and  one-half  per centum interest per annum on the amount of such installment.  (E) There shall be computed with respect to such discounted  value  of each  such  installment,  interest  thereon  from  January first of such second fiscal year preceding the fiscal year in which  such  installment was  or  would  have  been  payable  to June thirtieth, nineteen hundred eighty at the rate of five and one-half per centum per annum.  (F) The discounted values of all of such installments with respect  to such  fiscal years, computed as provided for in sub-items (C) and (D) of this item, together with interest on each such installment  as  provided for in sub-item (E) of this item, shall be added together.  (G)  From  the sum computed pursuant to sub-item (B) of this item, the sum computed pursuant to sub-item (F) of this item shall be subtracted.  (H) With respect to each city fiscal year occurring during the  period beginning  on  July  first,  nineteen  hundred eighty and ending on June thirtieth, nineteen hundred eighty-two,  the  revised  unfunded  accrued liability  contribution  shall  be the annual installment, applicable to such fiscal year, of an amount which, if paid to the contingent  reserve fund  in  thirty-five equal annual installments, commencing with payment of a first installment in the city's nineteen  hundred  eighty--nineteen hundred  eighty-one  fiscal  year, would be the actuarial equivalent, on the basis of seven and one-half per centum interest per  annum,  of  the remainder computed pursuant to sub-item (G) of this item.  (I)  With respect to each city fiscal year occurring during the period beginning on July first, nineteen hundred eighty-two and ending on  June thirtieth,  nineteen  hundred eighty-eight, the revised unfunded accrued liability contribution shall be the annual  installment,  applicable  to such  fiscal year, of an amount which, if paid to the contingent reserve fund in thirty-three equal annual installments, commencing with  payment of    a    first    installment   in   the   city's   nineteen   hundred eighty-two--nineteen hundred eighty-three  fiscal  year,  would  be  the actuarial  equivalent,  on  the  basis  of eight per centum interest per annum, of the present value, as  of  June  thirtieth,  nineteen  hundred eighty-two  on  the  basis of seven and one-half per centum interest per annum,  of  those  installments  of  the  unfunded   accrued   liability contribution  computed pursuant to sub-item (H) of this item (ii), which installments are  hypothetically  allocated  by  such  sub-item  (H)  to designated city fiscal years succeeding June thirtieth, nineteen hundred eighty-two.  (J)  With respect to each city fiscal year occurring during the period beginning on July first, nineteen hundred  eighty-eight  and  ending  on June  thirtieth,  two  thousand  fifteen,  the  revised unfunded accrued  liability contribution shall be the annual  installment,  applicable  to such  fiscal  year,  of  an  amount  which,  when paid to the contingent reserve fund in twenty-seven equal annual installments, commencing  with payment   of   a  first  installment  in  the  city's  nineteen  hundred eighty-eight--nineteen hundred eighty-nine fiscal  year,  shall  be  the actuarial  equivalent,  on the basis of eight and one-quarter per centum interest per annum, of the present value, as of June thirtieth, nineteen hundred eighty-eight on the basis  of  eight  per  centum  interest  per annum,   of   those  installments  of  the  unfunded  accrued  liability contribution computed pursuant to sub-item (I) of this item (ii),  which installments  are  hypothetically  allocated  by  such  sub-item  (I) to designated city fiscal years succeeding June thirtieth, nineteen hundred eighty-eight.  (6)  (i)  The  nineteen  hundred  eighty  unfunded  accrued  liability adjustment  shall  be  an amount determined as prescribed in items (ii), (iii), (iv) and (v) of this subparagraph.  (ii) (A) Upon the basis of the actuarial tables in effect as  of  June thirtieth,  nineteen  hundred eighty for valuation purposes and interest at the rate of seven and one-half per centum per annum, there  shall  be determined, as of June thirtieth, nineteen hundred eighty, the amount of the  total  liability  for  all  benefits  provided  in  the  rules  and regulations, in articles eleven  and  fourteen  of  the  retirement  and social security law and in any other law prescribing benefits payable by the  retirement  system  on  account  of  all members and beneficiaries, excluding the liability on account  of  future  increased-take-home  pay contributions,  if  any,  and the liability for benefits attributable to the annuity savings fund and to the variable annuity savings fund.  (B) From such total liability computed pursuant  to  sub-item  (A)  of this item, there shall be subtracted the sum of:  (1)  the present value, as of June thirtieth, nineteen hundred eighty, of all future normal costs of the retirement system,  computed  pursuant to  the  entry  age normal cost method of determining such normal costs; and  (2) the present value, as  of  such  June  thirtieth,  of  all  future installments  of the balance sheet liability contribution (as defined in subparagraph sixteen of this paragraph); and  (3) the present value, as of such June thirtieth, of all then required future payments, pursuant to subdivision six of  section  seven  of  the rules   and   regulations,  of  installments  of  losses  in  excess  of installments of gains on dispositions of securities within  the  meaning of such subdivision; and  (4)  the  present  value,  as of such June thirtieth, of future member contributions of members subject to article fourteen of  the  retirement and social security law; and  (5)  the  total funds on hand as of such June thirtieth, excluding the amount in the annuity savings fund and variable  annuity  savings  fund, but  including  the amount of any unpaid moneys appropriated pursuant to section nine of the rules and regulations.  (iii) (A) If the amount computed pursuant to sub-item (B) of item (ii) of this subparagraph is larger than  the  amount  computed  pursuant  to sub-item  (G)  of  item (ii) of subparagraph five of this paragraph, the latter amount shall  be  subtracted  from  the  former  amount  and  the remainder resulting from such subtraction shall constitute a charge.  (B)  If  the  amount computed pursuant to sub-item (B) of item (ii) of this subparagraph is  smaller  than  the  amount  computed  pursuant  to sub-item  (G)  of  item (ii) of subparagraph five of this paragraph, the former amount shall  be  subtracted  from  the  latter  amount  and  the remainder resulting from such subtraction shall constitute a credit.  (iv)  (A)  If  the  remainder  computed pursuant to item (iii) of this subparagraph is a charge, the nineteen hundred eighty  unfunded  accrued liability adjustment shall be an amount which, if paid to the contingent reserve  fund  in  thirty  equal  annual  installments,  commencing with payment   of   a  first  installment  in  the  city's  nineteen  hundred eighty--nineteen hundred eighty-one fiscal year, would be the  actuarial equivalent,  on  the basis of seven and one-half per centum interest per annum, of such remainder.  (B)  If  the  remainder  computed  pursuant  to  item  (iii)  of  this subparagraph  is  a credit, the nineteen hundred eighty unfunded accrued liability adjustment shall be an amount which,  if  credited  in  thirty equal  annual  installments  (the  first  of which installments is to be credited  in  the  city's  nineteen  hundred  eighty--nineteen   hundred eighty-one  fiscal  year) in reduction of the amounts which the board of education would otherwise be required to pay to the  contingent  reserve fund  pursuant  to  items  (i),  (iii),  (iv),  (v),  (vi)  and (vii) of subparagraph two of this paragraph, would be the  actuarial  equivalent, on  the  basis  of  seven and one-half per centum interest per annum, of such remainder.  (v) (A) With respect to determination of the amount  of  contributions payable  to  the  contingent reserve fund in each of the city's nineteen hundred  eighty--nineteen  hundred  eighty-one  and   nineteen   hundred eighty-one--nineteen   hundred   eighty-two  fiscal  years,  the  annual installment of the nineteen hundred eighty  unfunded  accrued  liability adjustment  computed  pursuant  to  item  (iv) of this subparagraph (6), which installment is applicable to such fiscal years, shall  be  applied as  a  charge  or  a  credit,  as  the  case may be, in relation to such contributions payable in such fiscal year.  (B) With respect to  determination  of  the  amount  of  contributions payable  to  the  contingent  reserve  fund  in  each  city  fiscal year occurring during the period beginning on July  first,  nineteen  hundred eighty-two  and ending on June thirtieth, nineteen hundred eighty-eight, the nineteen hundred eighty unfunded accrued liability adjustment  shall be  an  amount which, if paid (if a charge) or credited (if a credit) in twenty-eight equal annual installments, commencing  with  a  payment  or credit,   as   the   case   may  be,  in  the  city's  nineteen  hundred eighty-two--nineteen hundred eighty-three  fiscal  year,  would  be  the actuarial  equivalent,  on  the  basis  of eight per centum interest per annum, of the present value, as  of  June  thirtieth,  nineteen  hundred eighty-two  on  the  basis of seven and one-half per centum interest per annum, of those installments of the  nineteen  hundred  eighty  unfunded accrued  liability  adjustment  computed  pursuant  to item (iv) of this subparagraph (6), which installments  are  hypothetically  allocated  by such   item  (iv)  to  designated  city  fiscal  years  succeeding  June thirtieth, nineteen hundred eighty-two.  (C) With respect to  determination  of  the  amount  of  contributions payable  to  the  contingent  reserve  fund  in  each  city  fiscal year occurring during the period beginning on July  first,  nineteen  hundred eighty-eight  and  ending  on  June  thirtieth,  two  thousand  ten, the nineteen hundred eighty unfunded accrued liability adjustment  shall  be an  amount  which,  when paid (if a charge) or credited (if a credit) in twenty-two equal annual  installments,  commencing  with  a  payment  or credit,   as   the   case   may  be,  in  the  city's  nineteen  hundred eighty-eight--nineteen hundred eighty-nine fiscal  year,  shall  be  the actuarial  equivalent,  on the basis of eight and one-quarter per centum interest per annum, of the present value, as of June thirtieth, nineteen hundred eighty-eight on the basis  of  eight  per  centum  interest  per annum,  of  those  installments  of the nineteen hundred eighty unfunded  accrued liability adjustment computed pursuant to sub-item (B)  of  this item  (v),  which  installments  are  hypothetically  allocated  by such sub-item (B) to designated city fiscal years succeeding June  thirtieth, nineteen hundred eighty-eight.  (D)  With  respect  to  determination  of  the amount of contributions payable to the contingent reserve fund in each of such city fiscal years referred to in sub-item (B) or sub-item (C) of this item (v), the annual installment of the nineteen hundred eighty  unfunded  accrued  liability adjustment  computed  pursuant  to  sub-item (B) or sub-item (C) of this item (v), which installment is applicable to such fiscal year, shall  be applied  as  a charge or credit, as the case may be, in relation to such contributions payable in such fiscal year.  (vi) (A) The nineteen hundred eighty-two  unfunded  accrued  liability adjustment shall be an amount determined as prescribed in sub-items (B), (C), (D) and (E) of this item (vi).  (B)  Upon  the  basis  of  the  actuarial  tables in effect as of June thirtieth,  nineteen  hundred  eighty-one  for  valuation  purposes  and interest  at  the rate of seven and one-half per centum per annum, there shall be determined, as of June thirtieth, nineteen hundred  eighty-two, the  amount of the actuarial accrued liability of the retirement system, computed pursuant to the entry age normal cost  method  of  ascertaining such actuarial accrued liability.  (C)  Upon  the  basis  of  the  actuarial  tables in effect as of June thirtieth,  nineteen  hundred  eighty-two  for  valuation  purposes  and interest  at  the  rate  of  eight  per centum per annum, there shall be determined, as of  June  thirtieth,  nineteen  hundred  eighty-two,  the amount  of  the  actuarial  accrued  liability of the retirement system, computed pursuant to the entry age normal cost  method  of  ascertaining such actuarial accrued liability.  (D)  With  respect  to  determination  of  the amount of contributions payable to  the  contingent  reserve  fund  in  each  city  fiscal  year occurring  during  the  period beginning on July first, nineteen hundred eighty-two and ending on June thirtieth, nineteen hundred  eighty-eight, the  nineteen  hundred  eighty-two unfunded accrued liability adjustment shall be the applicable installments of an amount which, if credited  in thirty  equal annual installments (the first of which installments is to be credited in the city's nineteen hundred eighty-two--nineteen  hundred eighty-three fiscal year) in reduction of the amounts which the board of education  would  otherwise be required to pay to the contingent reserve fund pursuant to items (i), (iii), (iv), (vi) and (vii) of  subparagraph (2)  of  paragraph (c) of this subdivision sixteen or otherwise pursuant to law, would be the actuarial equivalent, on the  basis  of  eight  per centum interest per annum, of the excess of the amount computed pursuant to  sub-item  (B) of this item (vi) over the amount computed pursuant to sub-item (C) of this item (vi).  (E) With respect to  determination  of  the  amount  of  contributions payable  to  the  contingent  reserve  fund  in  each  city  fiscal year occurring during the period beginning on July  first,  nineteen  hundred eighty-eight  and  ending  on  June  thirtieth, two thousand twelve, the nineteen hundred eighty-two unfunded accrued liability adjustment  shall be   an   amount  which,  when  credited  in  twenty-four  equal  annual installments (the first of which installments is to be credited  in  the city's   nineteen  hundred  eighty-eight--nineteen  hundred  eighty-nine fiscal year) in reduction of the amounts which the  board  of  education would  otherwise  be  required  to  pay  to  the contingent reserve fund pursuant to items (i), (iii), (iv), (vi) and (vii) of  subparagraph  (2) of  paragraph  (c)  of this subdivision sixteen or otherwise pursuant to law, shall be the actuarial  equivalent,  on  the  basis  of  eight  and  one-quarter  per  centum interest per annum, of the present value, as of June thirtieth, nineteen hundred eighty-eight on the basis of eight  per centum interest per annum, of those installments of the nineteen hundred eighty-two  unfunded  accrued  liability adjustment computed pursuant to sub-item (d) of this item (vi), which  installments  are  hypothetically allocated   by  such  sub-item  (D)  to  designated  city  fiscal  years succeeding June thirtieth, nineteen hundred eighty-eight.  (vii) (A) The nineteen hundred eighty-five unfunded accrued  liability adjustment shall be an amount determined as prescribed in sub-items (B), (C), (D) and (E) of this item (vii).  (B)  Upon  the  basis  of the actuarial tables in effect for valuation purposes with  respect  to  determination  of  the  normal  contribution payable  to  the  contingent reserve fund in the city's nineteen hundred eighty-four--nineteen hundred eighty-five fiscal year  and  interest  at the  rate of eight per centum per annum, there shall be determined as of June  thirtieth,  nineteen  hundred  eighty-five,  the  amount  of   the actuarial  accrued liability of the retirement system, computed pursuant to the entry age normal  cost  method  of  ascertaining  such  actuarial accrued liability.  (C)  Upon  the  basis  of the actuarial tables in effect for valuation purposes with  respect  to  determination  of  the  normal  contribution payable  to  the  contingent reserve fund in the city's nineteen hundred eighty-five--nineteen hundred eighty-six fiscal year and interest at the rate of eight per centum per annum, there shall  be  determined,  as  of June   thirtieth,  nineteen  hundred  eighty-five,  the  amount  of  the actuarial accrued liability of the retirement system, computed  pursuant to  the  entry  age  normal  costs method of ascertaining such actuarial accrued liability.  (D) With respect to  determination  of  the  amount  of  contributions payable  to  the  contingent  reserve  fund  in  each  city  fiscal year occurring during the period beginning on July  first,  nineteen  hundred eighty-five and ending on June thirtieth, nineteen hundred eighty-eight, the  nineteen  hundred eighty-five unfunded accrued liability adjustment shall be the applicable installments of an amount which, if credited  in thirty  equal annual installments (the first of which installments is to be credited in the city's nineteen hundred eighty-five--nineteen hundred eighty-six fiscal year) in reduction of the amounts which the  board  of education  would  otherwise be required to pay to the contingent reserve fund pursuant to items (i), (iii), (iv), (vi) and (vii) of  subparagraph (2)  of  this  paragraph  (c) or otherwise pursuant to law, would be the actuarial equivalent, on the basis of  eight  per  centum  interest  per annum,  of the excess of the amount computed pursuant to sub-item (B) of this item (vii) over the amount computed pursuant  to  sub-item  (C)  of this item (vii).  (E)  With  respect  to  determination  of  the amount of contributions payable to  the  contingent  reserve  fund  in  each  city  fiscal  year occurring  during  the  period beginning on July first, nineteen hundred eighty-eight and ending on June thirtieth,  two  thousand  fifteen,  the nineteen hundred eighty-five unfunded accrued liability adjustment shall be   an  amount  which,  when  credited  in  twenty-seven  equal  annual installments (the first of which installments is to be credited  in  the city's   nineteen  hundred  eighty-eight--nineteen  hundred  eighty-nine fiscal year) in reduction of the amounts which the  board  of  education would  otherwise  be  required  to  pay  to  the contingent reserve fund pursuant to items (i), (iii), (iv), (vi) and (vii) of  subparagraph  (2) of  this  paragraph  (c)  or  otherwise  pursuant  to  law, shall be the actuarial equivalent, on the basis of eight and one-quarter  per  centum interest per annum, of the present value, as of June thirtieth, nineteen  hundred  eighty-eight  on  the  basis  of  eight per centum interest per annum,  of  those  installments  of  the  nineteen  hundred  eighty-five unfunded  accrued liability adjustment computed pursuant to sub-item (D) of  this  item (vii), which installments are hypothetically allocated by such sub-item (D) to designated fiscal years succeeding June  thirtieth, nineteen hundred eighty-eight.  (7) The balance sheet liability as of June thirtieth, nineteen hundred seventy-four  shall be the sum of twenty-five million, eight hundred two thousand, nine hundred seventy-two dollars ($25,802,972), consisting  of the sum of:  (i)  the  discounted  value,  as  of  June thirtieth, nineteen hundred seventy-four, of the  sum  of  eleven  million,  fifty  thousand,  eight hundred eighty-eight dollars ($11,050,888), which constituted the amount payable  to  the  contingent reserve fund in the city's nineteen hundred seventy-four--nineteen hundred seventy-five fiscal year by the board  of education in fulfillment of its obligations to make contributions to the retirement  system  payable  in such fiscal year, such discounting being calculated on the basis of interest at the rate of five and one-half per centum  per  annum  and  a  discount  period  of  six  months  extending retroactively  from January first, nineteen hundred seventy-five to June thirtieth, nineteen hundred seventy-four and such discounted value being the sum of ten million, seven hundred fifty-eight thousand, nine hundred seventy-nine dollars ($10,758,979); and  (ii) the discounted value, as  of  June  thirtieth,  nineteen  hundred seventy-four, of the sum of sixteen million, three hundred two thousand, thirty-eight dollars ($16,302,038), which constituted the amount payable into  the  contingent  reserve  fund  in  the  city's  nineteen  hundred seventy-five--nineteen hundred seventy-six fiscal year by the  board  of education in fulfillment of its obligations to make contributions to the retirement  system  payable  in such fiscal year, such discounting being calculated on the basis of interest at the rate of five and one-half per centum per annum and a discount  period  of  eighteen  months  extending retroactively  from  January first, nineteen hundred seventy-six to June thirtieth, nineteen hundred  seventy-four,  and  such  discounted  value being  the  sum  of  fifteen million, forty-three thousand, nine hundred ninety-three dollars ($15,043,993).  (8) The balance sheet liability as of each June  thirtieth  succeeding June  thirtieth,  nineteen  hundred  seventy-four  to and including June thirtieth, nineteen hundred eighty, shall be determined as provided  for in subparagraphs nine to sixteen, inclusive, of this paragraph.  (9)  To the amount of the balance sheet liability as of June thirtieth next preceding the June thirtieth (which last-mentioned  June  thirtieth is  hereinafter referred to as the "subject June thirtieth") as of which the balance sheet liability is  being  determined  as  provided  for  in subparagraph  eight  of  this paragraph, there shall be added one year's interest on such amount at the rate of five and one-half per centum  per annum.  (10) With respect to the city's fiscal year ending on the subject June thirtieth  (hereinafter  referred to as the "subject fiscal year") there shall  be  added  together  the  contribution   components   hereinafter specified  in  this  subparagraph, which components, for the purposes of subparagraphs eight  to  sixteen,  inclusive,  of  this  paragraph,  are hypothetically  deemed to have accrued in the subject fiscal year and to have been payable therein, as follows:  (i) the amount of the normal contribution for balance sheet  liability purposes  (as  defined  in  subparagraph  five  of paragraph (a) of this subdivision); and  (ii) the amount of the applicable installment of the unfunded  accrued liability  contribution for balance sheet liability purposes (as defined in subparagraph six of paragraph (a) of this subdivision); and  (iii)  the  amount  of  the  annual  contribution,  for  balance sheet liability purposes, on account of amortization of losses on dispositions of certain securities within the meaning of subdivision six  of  section seven  of the rules and regulations (as defined in subparagraph seven of paragraph (a) of this subdivision); and  (iv)  the  amount  of  the  annual  contribution,  for  balance  sheet liability  purposes,  on account of reserves-for-increased-take-home pay (as defined in subparagraph eight of paragraph (a) of this subdivision); and  (v) the amount of the annual military  law  contribution  for  balance sheet  liability  purposes (as defined in subparagraph nine of paragraph (a) of this subdivision).  (11)  To  the  amount  resulting  from  the  addition  prescribed   by subparagraph  ten  of  this paragraph (c), there shall be added interest thereon at the rate of five and  one-half  per  centum  per  annum  from January  first  of  the  subject  fiscal  year to June thirtieth of such fiscal year.  (12) The  amount  computed  pursuant  to  subparagraph  nine  of  this paragraph  in  relation  to  the  balance  sheet  liability  as  of June thirtieth next preceding the subject June thirtieth (together  with  one year's  interest  on such balance sheet liability) shall be added to the amount computed pursuant  to  subparagraph  ten  of  this  paragraph  in relation to the subject fiscal year.  (13)  From the amount computed pursuant to subparagraph twelve of this paragraph, there shall be subtracted the sum of:  (i) The total amount of the sums paid to the contingent  reserve  fund during  the  subject fiscal year by the board of education on account of its obligations, which accrued during  the  city's  second  fiscal  year preceding the subject fiscal year to provide:  (A)  the  normal contribution payable in the subject fiscal year under the provisions of subparagraphs two and three of this paragraph, as then in effect; and  (B) the installment of the  deficiency  contribution  (as  defined  in subparagraph   ten   of  paragraph  (a)  of  this  subdivision)  or  the installment of the original unfunded accrued liability contribution  (as defined in item (i) of subparagraph five of this paragraph), as the case may be, payable in the subject fiscal year; and  (C)  the  amount  of  the  contribution  on  account  of amortization, pursuant  to  subdivision  six  of  section  seven  of  the  rules   and regulations, of losses on dispositions of certain securities (as defined in  subparagraph eleven of paragraph (a) of this subdivision) payable in the subject fiscal year; and  (D) the amount payable in  the  subject  fiscal  year  on  account  of reserves-for-increased-take-home pay; and  (E) the amount payable in the subject fiscal year in behalf of members pursuant to subdivision twenty of section two hundred forty-three of the military law; plus  (ii)  interest  on  such  total amount referred to in item (i) of this subparagraph thirteen at the rate of five and one-half  per  centum  per annum  from  January  first of the subject fiscal year to June thirtieth thereof.  (14) The  remainder  resulting  from  the  subtraction  prescribed  by subparagraph  thirteen  of  this  paragraph  shall  be the balance sheet liability as of June thirtieth of the subject fiscal year.  (15) The balance  sheet  liability  as  of  June  thirtieth,  nineteen hundred  eighty  shall  be  the  amount  resulting  from  the successive computations of the balance sheet liability as of  each  June  thirtieth succeeding  June  thirtieth,  nineteen  hundred  seventy-four  up to and including  June  thirtieth,  nineteen  hundred  eighty  as prescribed by subparagraphs eight to fourteen, inclusive, of this paragraph.  (16) The balance sheet liability contribution payable  in  the  city's nineteen  hundred  eighty-one--nineteen  hundred  eighty-two fiscal year shall be the first annual installment of an amount which, if paid to the contingent reserve fund in forty equal annual  installments,  commencing with  payment  of  a  first  installment  in the city's nineteen hundred eighty-one--nineteen  hundred  eighty-two  fiscal  year,  would  be  the actuarial equivalent, as of June thirtieth, nineteen hundred eighty-one, on  the basis of seven and one-half per centum interest per annum, of an amount equal to the  balance  sheet  liability  as  of  June  thirtieth, nineteen hundred eighty.  (16-a)  The  balance sheet liability contribution payable in each city fiscal year during the period beginning on July first, nineteen  hundred eighty-two  and  ending on June thirtieth, nineteen hundred eighty-eight shall be one annual installment of an  amount  which,  if  paid  to  the contingent  reserve  fund  in  thirty-nine  equal  annual  installments, commencing  with  a  first  payment  in  the  city's  nineteen   hundred eighty-two--nineteen  hundred  eighty-three  fiscal  year,  would be the actuarial equivalent, as of June thirtieth, nineteen hundred eighty-two, on the basis of eight per centum interest  per  annum,  of  the  present value, as of June thirtieth, nineteen hundred eighty-two on the basis of seven  and one-half per centum interest per annum, of those installments of  the  balance  sheet  liability  contribution  computed  pursuant  to subparagraph   (16)  of  this  paragraph  (c),  which  installments  are hypothetically allocated by such subparagraph (16)  to  designated  city fiscal years succeeding June thirtieth, nineteen hundred eighty-two.  (16-b)  The  balance sheet liability contribution payable in each city fiscal year during the period beginning on July first, nineteen  hundred eighty-eight and ending on June thirtieth, two thousand twenty-one shall be  one  annual  installment  of  an  amount  which,  when  paid  to the contingent reserve  fund  in  thirty-three  equal  annual  installments, commencing   with  a  first  payment  in  the  city's  nineteen  hundred eighty-eight--nineteen hundred eighty-nine fiscal  year,  shall  be  the actuarial   equivalent,   as   of   June   thirtieth,  nineteen  hundred eighty-eight, on the basis of eight and one-quarter per centum  interest per  annum, of the present value, as of June thirtieth, nineteen hundred eighty-eight on the basis of eight per centum  interest  per  annum,  of those  installments of the balance sheet liability contribution computed pursuant  to  subparagraph  (16-a)  of   this   paragraph   (c),   which installments are hypothetically allocated by such subparagraph (16-a) to designated city fiscal years succeeding June thirtieth, nineteen hundred eighty-eight.  (17) Notwithstanding any provision of the rules and regulations or any other  provision  of law to the contrary, whenever the retirement board, on the recommendation  of  the  actuary,  shall  determine  that  it  is necessary to increase the reserves held in the annuity reserve fund, the pension reserve fund or the pension fund, such board may direct that the amount  so  needed  shall  be  transferred  thereto  from the contingent reserve fund.  (d) (1) During the period commencing on July first,  nineteen  hundred seventy-seven  and  ending  on  June thirtieth, nineteen hundred eighty, special interest at the rate of one and one-half per centum  per  annum, compounded  annually,  shall  be  allowed with respect to the individual  account of each member in the annuity savings  fund  of  the  retirement system.  (2)  Subject  to  the provisions of paragraph (f) of this subdivision, during the period commencing on July first, nineteen hundred eighty  and ending  on June thirtieth, nineteen hundred eighty-two, special interest at the rate of three and  one-half  per  centum  per  annum,  compounded annually,  shall  be  allowed  with respect to the individual account of each member in the annuity savings fund.  (3)  (i)  Subject  to  the  provisions  of  paragraph  (f)   of   this subdivision,  during  the  period  commencing  on  July  first, nineteen hundred eighty-two and ending on  July  thirty-first,  nineteen  hundred eighty-three, special interest at the rate of four per centum per annum, compounded  annually,  shall  be  allowed with respect to the individual account of each member in the annuity savings fund.  (ii) Subject to the provisions of paragraph (f) of  this  subdivision, during   the   period  commencing  on  August  first,  nineteen  hundred eighty-three and ending on June thirtieth, nineteen hundred eighty-five, special interest at the rate of one per  centum  per  annum,  compounded annually,  shall  be  allowed  with respect to the individual account of each member in the annuity savings fund.  (iii) Subject to the provisions of paragraph (f) of this  subdivision, during the period commencing on July first, nineteen hundred eighty-five and  ending  on  June  thirtieth, nineteen hundred eighty-eight, special interest at the rate of one per centum per annum,  compounded  annually, shall  be  allowed with respect to the individual account of each member in the annuity savings fund.  (iv) Subject to the provisions of paragraph (f) of  this  subdivision, during   the   period   commencing   on  July  first,  nineteen  hundred eighty-eight and ending on  June  thirtieth,  nineteen  hundred  ninety, special  interest  at  the  rate  of  one and one-quarter per centum per annum, compounded  annually,  shall  be  allowed  with  respect  to  the individual account of each member in the annuity savings fund.  (4)  Such  special interest provided for by subparagraphs (1), (2) and (3) of this paragraph shall be credited to such  individual  account  of each  member entitled thereto in the same manner and at the same time as regular interest is required to be credited to such account with respect to the  same  period  of  time.  Such  special  interest  shall  not  be considered  in  determining  rates  of contributions of members. Nothing contained in this paragraph shall be  construed  as  applicable  to  any member  who  is subject to the provisions of article fourteen or article fifteen of the retirement and social security law.  (e)  (1)  Subject  to  the  provisions  of  paragraph  (f)   of   this subdivision,  in  determining the reserve-for-increased-take-home-pay of each member entitled to such a reserve, additional interest at the  rate of  one  and  one-half per centum per annum compounded annually shall be included for each city fiscal year occurring during the period beginning on July  first,  nineteen  hundred  seventy-seven  and  ending  on  June thirtieth, nineteen hundred eighty.  (2) Subject to the provisions of paragraph (f) of this subdivision, in determining   the  reserve-for-increased-take-home-pay  of  each  member entitled to such a reserve, additional interest at the rate of three and one-half per centum per annum compounded annually shall be included  for each  city  fiscal  year  occurring  during the period beginning on July first, nineteen hundred eighty and ending on  June  thirtieth,  nineteen hundred eighty-two.  (3) (i) Subject to the provisions of paragraph (f) of this subdivision in  determining  the  reserve-for-increased-take-home-pay of each member entitled to such a reserve, additional interest at the rate of four  per  centum  per  annum  compounded  annually shall be included for each city fiscal year and portion thereof occurring during the period beginning on July first, nineteen hundred eighty-two and ending on July thirty-first, nineteen hundred eighty-three.  (ii)  Subject  to the provisions of paragraph (f) of this subdivision, in determining the reserve-for-increased-take-home-pay  of  each  member entitled  to  such a reserve, additional interest at the rate of one per centum per annum compounded annually shall be  included  for  each  city fiscal year and portion thereof occurring during the period beginning on August   first,   nineteen  hundred  eighty-three  and  ending  on  June thirtieth, nineteen hundred eighty-five.  (iii) Subject to the provisions of paragraph (f) of this  subdivision, in  determining  the  reserve-for-increased-take-home-pay of each member entitled to such a reserve, additional interest at the rate of  one  per centum  per  annum  compounded  annually shall be included for each city fiscal year  occurring  during  the  period  beginning  on  July  first, nineteen  hundred  eighty-five  and  ending  on June thirtieth, nineteen hundred eighty-eight.  (iv) Subject to the provisions of paragraph (f) of  this  subdivision, in  determining  the  reserve-for-increased-take-home-pay of each member entitled to such a reserve, additional interest at the rate of  one  and one-quarter  per  centum per annum compounded annually shall be included for each city fiscal year occurring during the period beginning on  July first,  nineteen  hundred  eighty-eight  and  ending  on June thirtieth, nineteen hundred ninety.  (4) Additional interest shall not be considered in  determining  rates of  contribution  of  members.  Nothing  contained in this paragraph (e) shall be construed as applicable to any member who  is  subject  to  the provisions  of article fourteen or article fifteen of the retirement and social security law.  (f) (1) The provisions of subparagraph (2) of paragraph  (d)  of  this subdivision  and  of  subparagraphs (1) and (2) of paragraph (e) of this subdivision, to the extent that any of such provisions grants special or additional interest, as the case may be, for any period  prior  to  July thirty-first, nineteen hundred eighty-two, shall not apply to any person who  was  not  a member on such July thirty-first and shall not apply to any person to whom, on such July  thirty-first,  a  deferred  retirement allowance  or  any  part  of  such  a  retirement  allowance was payable pursuant to the provisions  of  section  thirty-two  of  the  rules  and regulations.  Nothing  contained  in  paragraphs  (d)  and  (e)  of this subdivision  shall  be  construed  as  granting  special  or  additional interest,  as  the case may be, to any person with respect to any period wherein such person was not  a  member  entitled  to  be  credited  with regular  interest  for  the same period or was not a discontinued member entitled to be credited, as a discontinued member, with regular interest for the same period.  (2) (i) The provisions of item (i) of subparagraph  (3)  of  paragraph (d)  of  this  subdivision  sixteen, to the extent that such item grants special interest for any period prior to  December  sixteenth,  nineteen hundred  eighty-two,  and the provisions of item (i) of subparagraph (3) of paragraph (e) of this subdivision,  to  the  extent  that  such  item grants  additional interest for any period prior to such date, shall not apply to any person who was not a member on  such  date  and  shall  not apply  to  any  person  to  whom,  on  such  date, a deferred retirement allowance or any  part  of  such  a  retirement  allowance  was  payable pursuant  to  the  provisions  of  section  thirty-two  of the rules and regulations.  (ii) The provisions of item (iv) of subparagraph (3) of paragraph  (d) of this subdivision sixteen, to the extent that such item grants special interest for any period prior to the date of enactment of this item (ii) of  this  subparagraph  (2)  of  this  paragraph  (f)  (as  such date is certified,  pursuant  to  section forty-one of the legislative law), and the provisions of item (iv) of subparagraph (3) of paragraph (e) of this subdivision, to the extent that such item grants additional interest for any period prior to such date shall not apply to any person who was  not a member on such date and shall not apply to any person to whom, on such date,  a  deferred retirement allowance or any part of such a retirement allowance was payable pursuant to the provisions of  section  thirty-two of the rules and regulations.  (3)  Nothing  contained  in paragraphs (d) and (e) of this subdivision shall be construed as granting special or additional  interest,  as  the case  may  be,  to  any  person  with respect to any period wherein such person was not a member entitled to be credited  with  regular  interest for  the  same  period  or  was not a discontinued member entitled to be credited, as a discontinued member, with regular interest for  the  same period.  (g)  (1)  As  used  in this paragraph, the term "funds" shall mean the funds created in  accordance  with  the  provisions  of  the  rules  and regulations  other  than  the variable annuity funds provided for by the rules and regulations.  (2) Subject to the provisions of subparagraph (4) of  this  paragraph, in  addition  to  regular  interest annually allowed for the period from July first, nineteen hundred seventy-seven to June  thirtieth,  nineteen hundred  eighty on the mean amount for the preceding year in each of the funds created in  accordance  with  the  provisions  of  the  rules  and regulations, there shall be annually allowed with respect to such period supplementary  interest  at  the rate of one and one-half per centum per annum on such mean amount for the preceding year in each of such  funds. Such  supplementary interest shall be annually credited to such funds at the same time and in the same manner as regular interest was credited to such funds with respect to such period.  (3) Subject to the provisions of subparagraph (4) of  this  paragraph, in  addition  to  regular  interest annually allowed for the period from July first, nineteen hundred eighty to June thirtieth, nineteen  hundred eighty-two  on  the  mean  amount  for the preceding year in each of the funds created in  accordance  with  the  provisions  of  the  rules  and regulations, there shall be annually allowed with respect to such period supplementary  interest at the rate of three and one-half per centum per annum on such mean amount for the preceding year in each of such  funds. Such  supplementary interest shall be annually credited to such funds at the same time and in the same manner as regular interest is credited  to such funds with respect to such period.  (4)  (i)  Subject  to  the  provisions  of  subparagraph  (5)  of this paragraph (g), in addition to regular interest annually allowed for  the period   from   July   first,   nineteen   hundred  eighty-two  to  July thirty-first, nineteen hundred eighty-three on the mean amount  for  the preceding  year in each of the funds provided for in accordance with the provisions of the rules and regulations, there shall be annually allowed with respect to such period supplementary interest at the rate  of  four per  centum per annum on such mean amount for the preceding year in each of such funds.  Such supplementary interest shall be  annually  credited to  such  funds  at  the  same  time  and  in the same manner as regular interest is credited to such funds with respect to such period.  (ii) Subject to the provisions of subparagraph (5) of this  paragraph, in  addition  to  regular  interest annually allowed for the period from  August first, nineteen hundred eighty-three to June thirtieth,  nineteen hundred eighty-five on the mean amount for the preceding year in each of the  funds  provided  for in accordance with the provisions of the rules and  regulations,  there  shall be annually allowed with respect to such period supplementary interest at the rate of one per centum per annum on such mean amount for the preceding year in  each  of  such  funds.  Such supplementary  interest  shall be annually credited to such funds at the same time and in the same manner as regular interest is credited to such funds with respect to such period.  (iii) Subject to the provisions of subparagraph (5) of this  paragraph (g),  in  addition  to  regular interest annually allowed for the period from  July  first,  nineteen  hundred  eighty-five  to  June  thirtieth, nineteen  hundred eighty-eight on the mean amount for the preceding year in each of the funds provided for in accordance with the  provisions  of the  rules and regulations, there shall be annually allowed with respect to such period supplementary interest at the rate of one per centum  per annum  on such mean amount for the preceding year in each of such funds. Such supplementary interest shall be annually credited to such funds  at the  same time and in the same manner as regular interest is credited to such funds with respect to such period.  (iv) Subject to the provisions of subparagraph (5) of  this  paragraph (g),  in  addition  to  regular interest annually allowed for the period from July  first,  nineteen  hundred  eighty-eight  to  June  thirtieth, nineteen  hundred  ninety  on  the mean amount for the preceding year in each of the funds provided for in accordance with the provisions of  the rules  and  regulations, there shall be annually allowed with respect to such period supplementary interest at the rate of  one  and  one-quarter per  centum per annum on such mean amount for the preceding year in each of such funds. Such supplementary interest shall be annually credited to such funds at the same time and in the same manner as  regular  interest is credited to such funds with respect to such period.  (5) The provisions of subparagraphs (2), (3) and (4) of this paragraph shall  not  apply  to  or affect (i) the allowance of interest on or the crediting of interest to accounts of members or discontinued members  in the  annuity  saving  fund  or  (ii) the allowance of interest on or the crediting of interest to reserves-for-increased-take-home-pay of members or discontinued members or (iii) the determination of the amount of  any benefit payable to any member or beneficiary.  (h-1)  The  allowance  of  special  interest,  additional interest and supplementary interest, if any, with respect to any fiscal year  of  the city  beginning on or after July first, nineteen hundred ninety shall be governed by  the  applicable  provisions  of  section  13-638.2  of  the administrative code of the city.  (h-2)  The  provisions  of  paragraph (d) of this subdivision, as such paragraph applies to the contributions made by a member and the benefits provided thereby,  shall  apply  separately  and  independently  to  the tax-deferred  annuity  net contributions, if any, of such member and the benefits provided thereby,  except  as  otherwise  provided  by  section thirty-three of the rules and regulations.  (h-3)  The  provisions  of subdivisions f and h of section 13-638.2 of the  administrative  code  of  the  city  (to  the  extent   that   such subdivisions  f  and  h  apply  to  this  retirement  system),  as  such subdivisions f and h apply to the contributions made by a member and the benefits provided thereby, shall apply separately and  independently  to the  tax-deferred  annuity net contributions, if any, of such member and the benefits provided thereby, except as otherwise specified in  section thirty-three of the rules and regulations.  (i)  (1)  Notwithstanding  the provisions of section nine of the rules and regulations or any other provision of the rules and  regulations  or any  other  law  to  the  contrary,  but  subject  to  the provisions of subparagraphs two,  three  and  four  of  this  paragraph,  all  income, interest  and dividends derived from deposits and investments authorized by the rules and regulations, which income, interest and dividends  were heretofore  or  are hereafter received during any fiscal year commencing on or after July first, nineteen hundred eighty, shall be used  in  such fiscal  year for the purposes hereinafter specified in this subparagraph (to the extent that such income, interest and dividends  are  sufficient for such purposes), in the order of priority herein stated, as follows:  (A)  first, to pay into the funds of the retirement system the amounts of regular interest which are required to be paid  into  such  funds  in such fiscal year by reason of being required to be allowed to such funds pursuant  to the provisions of paragraph a of subdivision two of section seven of the rules and regulations, and  to  pay  into  such  funds  the amounts  of  supplementary  interest,  if any, required to be so paid in such  fiscal  year  under  the  provisions  of  paragraph  (g)  of  this subdivision,  and  to  pay  into the annuity savings fund the amounts of special interest, if any, required to be so paid  in  such  fiscal  year under  the  provisions  of paragraph (d) of this subdivision, and to pay into the contingent reserve fund the amounts of additional interest,  if any,  required  to  be  paid in such fiscal year under the provisions of paragraph (e) of this subdivision;  (B) second, to pay into the contingent reserve fund the amount of  any losses  in  excess  of  gains (i) which net losses the retirement system sustained  during  such  fiscal  year  by  reason  of  sales  or   other dispositions of securities, and (ii) for which net losses the retirement system  is  required  to be reimbursed in such fiscal year, and (iii) to which net losses subdivision six of  section  seven  of  the  rules  and regulations,  relating  to graduated crediting of gains and amortization of losses on dispositions of certain securities, does not apply;  (C) third, if the total amount of such income, interest and  dividends received  during  such  fiscal  year  is  in  excess of the total amount required to make, in such fiscal year, the payments prescribed by  items (A)  and  (B)  of  this subparagraph, the amount of such excess shall be paid into the contingent reserve fund and shall become  a  part  of  the assets of such fund.  (2) (A) Notwithstanding any other provision of this subdivision or any other  law to the contrary, the term "all income, interest and dividends derived from deposits and investments", as used in paragraph (f) of this subdivision (as such subdivision was in  effect  prior  to  July  first, nineteen hundred eighty), shall be construed, in relation to disposition of  all income, interest and dividends received by the retirement system in each of the  city's  nineteen  hundred  seventy-six--nineteen-hundred seventy-seven   and  nineteen  hundred  seventy-seven--nineteen  hundred seventy-eight obligations  fiscal  years  (as  such  fiscal  years  were defined  by  paragraph (a) of this subdivision prior to such July first) as meaning the remainder  obtained  by  subtracting  from  such  income, interest   and  dividends  the  sum  of  (i)  the  amounts  of  regular, supplementary and special interest required to be allowed and paid  into the  appropriate  funds  of  the  retirement  system in such fiscal year pursuant to the applicable provision of subdivision two of section seven of the rules and regulations and this subdivision and (ii) the amount of any losses in excess of gains (1) which net losses were sustained by the retirement system during such fiscal year  and  which  net  losses  were sustained  by  reason  of sales or other dispositions of securities, and  (2) to which net losses the provisions of  subdivision  six  of  section seven of the rules and regulations do not apply.  (B)   for  the  purposes  of  the  order  of  priority  governing  the disposition of such remainder in the payment fiscal year with respect to each such obligations fiscal year (as such disposition was prescribed by the provisions of this subdivision as in effect during each such payment fiscal year) the provisions of items (A) and (B) of subparagraph (i)  of such  paragraph  (f)  shall  be deemed to have been inapplicable and the order of priority for such disposition shall be first, the use set forth in item (C) of such subparagraph, second, the use set forth in item  (D) of  such  subparagraph,  third,  the  use  set forth in item (E) of such subparagraph and  fourth,  the  use  set  forth  in  item  (F)  of  such subparagraph,  as  such  items were in effect during such payment fiscal year.  (3) (a) All income, interest and dividends  which  were  derived  from deposits  and  investments  authorized  by the rules and regulations and which  were  received  during  each  of  the  city's  nineteen   hundred seventy-eight--nineteen   hundred   seventy-nine  and  nineteen  hundred seventy-nine--nineteen hundred eighty fiscal years shall be used in each such  fiscal  year  for  the  purposes  hereinafter   stated   in   this subparagraph, in the order of priority herein stated, as follows:  (A)  first,  (i)  to  pay  into the funds of the retirement system the amounts of regular interest which are required  to  be  paid  into  such funds  in  such  fiscal year wherein such income, interest and dividends were received, which interest is so payable by reason of being  required to  be  allowed  to  such  funds  in  such  fiscal  year pursuant to the provisions of paragraph a of subdivision two of  section  seven  of  the rules  and  regulations  and  (ii) to pay into such funds the amounts of supplementary interest required to be so paid in such fiscal year  under the  applicable  provisions  of  paragraph  (d) of this subdivision, and (iii) to pay into the  annuity  savings  fund  the  amounts  of  special interest required to be so paid in such fiscal year under the applicable provisions  of  paragraph  (d) of this subdivision, and (iv) to pay into the contingent reserve fund the amounts of additional interest  required to  be  paid  in  such  fiscal  year  under the applicable provisions of paragraph (e) of this subdivision;  (B) second, to pay into the contingent reserve fund the amount of  any losses  in  excess  of  gains (i) which net losses were sustained by the retirement system during such fiscal year in which such income, interest and dividends were received and  which  net  losses  were  sustained  by reason  of sales or other dispositions of securities, and (ii) for which net losses the retirement system is required to be  reimbursed  in  such fiscal  year,  and  (iii) to which net losses subdivision six of section seven of the rules and regulations, relating to graduated  crediting  of gains  and amortization of losses on dispositions of certain securities, does not apply; and  (C) third, to pay into the contingent reserve fund the amount, if any, by which,  (i) the total of all losses  which  the  retirement  system  sustained during  such  fiscal  year  by  reason of sales of securities within the meaning of subdivision six of section seven of the rules and regulations and which the board of education would otherwise be required to amortize pursuant to such subdivision, exceeds  (ii) the total of all gains which were  realized  during  such  fiscal year  by  reason  of  sales  of  securities  within  the meaning of such subdivision and which would otherwise be required by such subdivision to be credited in favor of the board of education in installments.  (b) If the  total  amount  of  such  income,  interest  and  dividends received  during  each  such fiscal year referred to in item (a) of this subparagraph is in excess of the total amount required to make,  in  the same  fiscal year, the payments prescribed by sub-items (A), (B) and (C) of  such  item  (a),  the  amount  of such excess shall be paid into the contingent reserve fund as of June thirtieth of  such  fiscal  year  and shall become a part of the assets of such fund as of such date.  (4)  Nothing  contained  in  subparagraphs  one, two and three of this paragraph shall be construed  as  applicable  to  income,  interest  and dividends resulting from deposits or investments made under the variable annuity program of the retirement system.  (j)(1) The board of education or the New York city school construction authority  shall  make  monthly  payments, in twelve equal installments, with respect to the respective obligations which such board or authority incurs to pay sums to the retirement system.  (2) In the city's nineteen hundred eighty--nineteen hundred eighty-one fiscal year and in each city fiscal year thereafter, the  equal  monthly payments  shall be in respect of obligations which accrue in such fiscal year and shall be made in such fiscal year on or before the last day  of each month.  (2-a)  Where  a  responsible  obligor  (as defined in paragraph ten of subdivision a of section 13-638.2 of the administrative code of the city of New York) is required to  make  payments  to  the  retirement  system pursuant  to  applicable  provisions  of law in fiscal year two thousand twelve--two thousand thirteen, and in any fiscal  year  thereafter,  and the  provisions  of  this  paragraph  or  the  provisions  of  any other applicable law do not otherwise specifically  require  such  responsible obligor  to make such payments by a particular date or dates during such fiscal year, such responsible obligor shall make  such  payments  either (i)  in total on or before January first of such fiscal year, or (ii) in twelve equal monthly installments, as determined by  the  actuary,  with each  monthly  installment  to be paid on or before the last day of each month.  (3) The retirement board  of  the  retirement  system  may  waive  the requirements  of the foregoing provisions of this paragraph with respect to time of payment to such system, provided that any such waiver of time of payment in any instance shall not apply to  the  time  of  subsequent payments unless there shall be a subsequent waiver.   17.  (a)  For  the  purposes of this subdivision, the terms "rules and regulations" and "retirement system" shall have the meanings  set  forth in  subparagraphs  three  and  four,  respectively,  of paragraph (a) of subdivision sixteen of this section.  (b) The following terms, as used in this subdivision, shall  have  the following  meanings,  unless  a different meaning is plainly required by the context:  (1) "Member." Any person included in the membership of the  retirement system as provided in section three of the rules and regulations.  (2)  "Actuarial equivalent benefit." Any benefit which pursuant to the rules and  regulations  or  by  law  is  required  to  be  an  actuarial equivalent  or  pursuant  to  the  rules  and  regulations  or by law is required to be determined on the basis of an actuarial equivalent.  (3)(i)  "Seven  percent  member  for  actuarial   equivalent   benefit purposes." A member who meets all of the following conditions:  (A)  paragraph  (c) of this subdivision (relating to the definition of members to  whom  regular  interest  at  seven  per  centum  per  annum, compounded annually, applies) applies to such member; and  (B)  an  actuarial  equivalent  benefit (other than a variable annuity program benefit) has become payable by the retirement system  to  or  on account of such member; and  (C) it is provided by a resolution adopted by the retirement board (A) that  a mortality table which does not differentiate on the basis of sex shall be used to  calculate  such  actuarial  equivalent  benefit  or  a portion  of  such  benefit,  or  (B)  that the modified Option 1 pension computation  formula  (as  defined  in  subparagraph  thirteen  of  this paragraph) shall be used to calculate such actuarial equivalent benefit.  (ii)   Except  in  cases  to  which  the  modified  Option  1  pension computation formula applies pursuant to  a  resolution  adopted  by  the retirement  board, nothing contained in sub-item (C) of item (i) of this subparagraph shall  be  construed  as  referring  to  or  including  any calculation  of  an  actuarial  equivalent  benefit  (or portion of such benefit) payable to any person where such  calculation  is  required  by retirement   board   resolution   to  be  made  through  the  use  of  a sex-differentiated mortality table.  (4)  "Tier  I  member."  A  member  whose  benefits  (other   than   a supplemental  retirement  allowance)  are  prescribed  by  the rules and regulations and who is not subject to the provisions of article  eleven, article  fourteen  or  article  fifteen  of  the  retirement  and social security law.  (5) "Tier II member." A member who is subject  to  the  provisions  of article eleven of the retirement and social security law.  (6)  "Tier  III  member." A member who is subject to the provisions of article fourteen of the retirement and social security law.  (7) "Tier IV member." A member who is subject  to  the  provisions  of article fifteen of the retirement and social security law.  (8)  "Tier III member entitled to a vested benefit." A Tier III member who is entitled to a deferred vested benefit  under  the  provisions  of section five hundred sixteen of the retirement and social security law.  (9)  "Tier  IV  member entitled to a vested benefit." A Tier IV member who is entitled to a deferred vested benefit  under  the  provisions  of section six hundred twelve of the retirement and social security law.  (10)  "Education  service."  Service as a paid official or employee of the board of education of the city of New York as now constituted, or of any prior board, body or agency of which it is the successor  in  school affairs  in  the  territory  now  comprised  within  the city and school district  of  New  York,  or  the  New  York  city  school  construction authority,  and  allowable  as provided in section four of the rules and regulations.  (11)   "Discontinued   member." A   fifty-five-year-increased-service- fraction  member (as defined in subdivision thirty-one of section two of the rules and regulations) who has  discontinued  education-service  and has  a  vested  right  to  a  deferred  retirement  allowance  under the provisions of section thirty-two of the rules and regulations.  (12)  "Variable  annuity  program  benefit."  Any  benefit  under  the variable  annuity program of the retirement system which is payable from the variable annuity reserve fund or the variable pension reserve fund.  (13) (i) "Modified Option 1 pension computation formula."  The  method of  computing  the pension component of an Option 1 retirement allowance payable to a Tier I member and  the  amount  of  the  Option  1  benefit payable  to  the  beneficiary  or  estate of such member who selected or selects (or is deemed to have selected) Option  1  as  to  such  pension component,   which  method  of  computation  is  as  prescribed  by  the succeeding items of this subparagraph.  (ii) The initial reserve for such pension component shall be  computed through  use of mortality tables which do not differentiate on the basis  of sex (hereinafter referred to as  "gender-neutral  mortality  tables") and  an  interest assumption consisting of regular interest of seven per centum per annum, compounded annually.  (iii)  Solely  for  the  purpose  of use as the minuend from which the payments of such pension component to  such  member  are  subtracted  in order to determine the amount of the Option 1 benefit payable, upon such member's death, to such member's beneficiary or estate by reason of such Option  1  selection  in relation to such pension component, the present value of such member's maximum pension, as it was at the  time  of  such member's retirement, shall be deemed to be the greatest of:  (A)  such  present  value  determined  on  the basis of gender-neutral nortality tables  and  an  interest  assumption  consisting  of  regular interest of seven per centum per annum, compounded annually; or  (B) such present value determined on the basis of the female mortality tables  and  the  regular  interest  applicable to such member in effect immediately prior to the date of enactment  (as  certified  pursuant  to section forty-one of the legislative law) of this subdivision; or  (C)  such  present value determined on the basis of the male mortality tables and the regular interest applicable  to  such  member  in  effect immediately prior to the date of enactment of this subdivision.  (iv) The pension component payable to such member shall be computed on the  basis of gender-neutral mortality tables and an interest assumption consisting of regular interest of seven per centum per annum, compounded annually, so that:  (A) the present value,  as  it  was  at  the  time  of  such  member's retirement, of such component; plus  (B)  the  present  value,  as  it  was  at  the  time of such member's retirement, of the amount payable to such member's Option 1  beneficiary or estate upon the death of the member as provided for by the applicable provisions of item (v) of this subparagraph; shall  be  equal  to  the  Option  1 initial reserve determined for such pension component with respect to such member pursuant to the provisions of item (ii) of this subparagraph.  (v) Where such member dies before he or she has received  payments  on account  of  such  pension  component equal to the present value of such member's maximum pension as computed pursuant  to  item  (iii)  of  this subparagraph,  the Option 1 benefit payable to the beneficiary or estate of such deceased member,  by  reason  of  such  Option  1  selection  in relation  to  such pension component, shall be the remainder obtained by subtracting from such present value determined  pursuant  to  such  item (iii)  in relation to such pension component, the total of such Option 1 payments on account of such pension component received by or payable  to such member for the period prior to his or her death.  (vi)  In  relation to the Option 1 benefits determined pursuant to the method of computation set  forth  in  this  subparagraph  by  reason  of discontinuance of education service by a discontinued member, the phrase "time  of such member's retirement" as set forth in items (iii) and (iv) of this  subparagraph,  shall  be  deemed,  for  the  purposes  of  this subparagraph,  to  mean  the  date  of  commencement  of  the retirement allowance of such discontinued member.  (14) "Selection of mode of benefit." The choice made by a  member  (as permitted  by  and  pursuant  to  the  requirements  of  the  rules  and regulations or applicable law governing such choice by such  member)  as to  whether  the  maximum amount of his or her retirement allowance or a component thereof shall be payable or such  retirement  allowance  or  a component  thereof  shall  be  payable  under  an option selected by the member. The term "selection of mode of benefit"  shall  include  a  case where  the  maximum  retirement allowance or a maximum component thereof  becomes  payable  because  of  a  member's  omission,  within  the  time permitted  by the rules and regulations or applicable law, to select the maximum benefit or an option.  (15)  "Best-of-three-computations method." (i) A method (as prescribed by a resolution of the retirement board of the retirement system)  under which a retirement allowance (or portion thereof) payable to a member is required to be determined for such member so that:  (A) if such retirement allowance (or portion thereof) does not include a  variable  annuity  program  benefit, such retirement allowance is the greatest of:  (1) such retirement allowance (or portion thereof) determined  on  the basis  of  gender-neutral  mortality  tables and regular interest at the rate of seven per centum per annum; or  (2) such retirement allowance (or portion thereof) determined  on  the basis  of female mortality tables and the regular interest applicable to such member as of a time prescribed in such resolution; or  (3) such retirement allowance (or portion thereof) determined  on  the basis  of  male  mortality tables and the regular interest applicable to such member as of a time prescribed in such resolution; and  (B) if such retirement  allowance  (or  portion  thereof)  includes  a variable  annunity  program  benefit,  then  the part of such retirement allowance (or portion thereof) other than any variable  annuity  program benefit is determined in the manner provided for by sub-item (A) of this item  and  such variable annuity program benefit (or portion thereof) is the greatest of:  (1)  such  variable  annuity  program  benefit  (or  portion  thereof) determined on the basis of gender-neutral mortality tables and a uniform rate  of  interest of four percent, as such rate of interest is provided for in section forty-four of the rules and regulations; or  (2)  such  variable  annuity  program  benefit  (or  portion  thereof) determined on the basis of female mortality tables and such uniform rate of interest of four percent; or  (3)  such  variable  annuity  program  benefit  (or  portion  thereof) determined on the basis of male mortality tables and such  uniform  rate of interest of four percent.  (ii)  Where,  under  the  provisions  of  any  such  resolution of the retirement board, the modified Option 1 pension computation formula  (as defined  in  subparagraph  thirteen  of  this  paragraph) applies to any member, the term, "best-of-three-computations  method,"  where  used  in relation to such member, shall be deemed to include such modified Option 1  pension  computation formula, to the extent that such formula governs the determination of the pension component (or portion thereof) of  such member's retirement allowance.  (16)  "Person entitled to a recomputation of benefits." Any person who meets all of the conditions stated below in this subparagraph:  (i) such person, during the period beginning on August first, nineteen hundred eighty-three and ending on the date next preceding the  date  of enactment   (as   such   termination  date  of  eligibility  for  option re-selection (as defined in subparagraph nineteen  of  this  paragraph), (A)  retired  or  retires  for  age  or service or superannuation or for ordinary or accident disability, or  (B)  discontinued  or  discontinues education  service  so  as  to  become  a  discontinued  member,  or (C) terminated or terminates employment so as to become a  Tier  III  member entitled  to  a  vested benefit or a Tier IV member entitled to a vested benefit; and  (ii) such person's  retirement  allowance  (or  portion  thereof),  by reason  of  such  retirement  or  discontinuance of education service or termination of employment, is required by a resolution  adopted  by  the  retirement   board   to   be   re-determined   pursuant   to   (A)   the best-of-three-computations method (as defined in subparagraph fifteen of this paragraph), or  (B)  the  gender-neutral  computations  method  (as defined in subparagraph eighteen of this paragraph); and  (iii)  a  first  payment  (if  such person, at the time of retirement, discontinuance of education service or termination of employment, was  a Tier  I  member, Tier II member or Tier III member) on account of his or her retirement allowance (as such retirement  allowance  was  determined prior  to  the  termination date of eligibility for option re-selection) was made prior to  such  termination  date  of  eligibility  for  option re-selection;  or  (if  such  person,  at  the  time  of  retirement, or termination of employment, was a Tier IV member), his or  her  effective date  of  retirement  (or date of commencement of benefits, if he or she was a Tier IV member entitled to a vested benefit) occurred prior to the termination date of eligibility for option re-selection.  (17) "Joint and survivor option." (i) Any option under which,  at  the time when such option is selected, a choice is made which includes both:  (A) a benefit payable for the lifetime of the retired or vested member by whom or in whose behalf such option is selected; and  (B) a benefit (1) which consists of an amount equal to or constituting a percentage of such retired or vested member's benefit and (2) which is payable  for  the  lifetime  of a designated beneficiary selected at the time when such option is selected.  (ii) In any case where  an  option  described  in  item  (i)  of  this subparagraph  includes  a  provision  prescribing that if the designated beneficiary predeceases such retired or vested member, a maximum benefit shall become payable to such member, such option shall  nevertheless  be deemed to be a joint and survivor option.  (18)  "Gender-neutral computations method." A method (as prescribed by a resolution of the retirement board of  the  retirement  system)  under which a retirement allowance (or portion thereof) payable to a member is required to be determined in the following manner:  (i) if such retirement allowance (or portion thereof) does not include a  variable  annuity  program  benefit,  such  retirement  allowance (or portion thereof) is determined on the basis of gender-neutral  mortality tables  and  regular interest at the rate of seven per centum per annum, without  reference  to  any  other  actuarial  mortality   or   interest assumption; or  (ii)  if  such  retirement  allowance  (or portion thereof) includes a variable annuity program benefit,  then  the  part  of  such  retirement allowance  (or  portion thereof) other than any variable annuity program benefit is determined in the manner provided for by  item  (i)  of  this subparagraph,  and  such  variable  annuity  program benefit (or portion thereof) is determined on the basis of gender-neutral  mortality  tables and a uniform rate of interest of four percent (as such rate of interest is  provided  for  in  section forty-four of the rules and regulations), without  reference  to  any  other  actuarial  mortality   or   interest assumption.  (19)  "Termination  date of eligibility for option re-selection" shall mean October first, nineteen hundred eighty-seven, provided that if  the executive  director of the retirement system certifies to the retirement board that as of such October first, or any later termination date which the retirement board may establish pursuant to the  provisions  of  this subparagraph  nineteen,  it  will  not  be  administratively feasible to process benefits (including conversion from fixed to  variable  benefits and  vice versa) under the best-of-three-computations method (as defined in subparagraph fifteen of this paragraph (b)) and/or the gender-neutral computations  method  (as  defined  in  subparagraph  eighteen  of  this  paragraph  (b)) for any persons who are entitled, pursuant to law and/or retirement  board  resolution,  to  benefits  so  computed,   then   the retirement  board,  by  resolution,  may  extend the termination date of eligibility for option re-selection, as applicable to such persons, to a later  date,  provided  further,  however,  that  any  such extension or extensions directed by the retirement board upon such  certification  or certifications  shall  not  result in any such extended termination date later  than  eighteen  months  after  October  first,  nineteen  hundred eighty-seven.  In  the  event  that  any such extension is directed by a resolution of  the  retirement  board  adopted  prior  to  the  date  of enactment  of  this  subparagraph  nineteen,  such  extension,  upon the enactment of this subparagraph, shall be valid and effective as  of  the date  of  adoption of such resolution in the same manner and to the same extent as if such enactment had occurred before such date of adoption.  (c) Notwithstanding any provision of subdivision  fifteen  of  section two  of  the  rules  and  regulations  or any other law to the contrary, commencing  on  August  first,  nineteen   hundred   eighty-three,   and continuing  thereafter,  "regular interest", in the cases of persons who were members on July thirty-first, nineteen hundred eighty-three or  who thereafter  became  or  become  members,  shall  mean,  subject  to  the provisions of paragraphs (d), (e), (f), (g), (h), (i),  (j),  (k),  (l), (m),  (n)  and (o) of this subdivision, interest at seven per centum per annum, compounded annually.  (d) (1) (i) Subject to the provisions of items (ii) and (iii) of  this subparagraph,  regular  interest  at  the  rate  of seven per centum per annum, compounded annually, shall be  used  as  the  actuarial  interest assumption  for determining any actuarial equivalent benefit (other than a variable annuity program benefit) payable to  or  on  account  of  any seven percent member for actuarial equivalent benefit purposes.  (ii)  Where  an actuarial equivalent benefit is required by retirement board resolution to be determined  for  any  seven  percent  member  for actuarial  equivalent  benefit  purposes through the use of the modified Option  1  pension  computation  formula  (as  defined  in  subparagraph thirteen  of  paragraph (b) of this subdivision), the actuarial interest assumptions used in making such determination shall be as prescribed  in such formula.  (iii)  Where  it  is provided by board resolution that a portion of an actuarial equivalent benefit shall be determined for any  seven  percent member  for  actuarial  equivalent  benefit  purposes  on  the  basis of gender-neutral mortality tables, and that the remainder of such  benefit shall  be  determined  on  the  basis  of mortality tables which are not gender-neutral, regular interest at the rate of  seven  per  centum  per annum,  compounded  annually,  shall  be  used as the actuarial interest assumption for determining the portion of such benefit required by  such resolution  to  be  determined  on the basis of gender-neutral mortality tables and such  rate  of  regular  interest  shall  not  apply  to  the determination of the remainder of such benefit.  (2)  Notwithstanding  that the process of determining whether a member is a seven percent member for actuarial equivalent benefit purposes  may include, for the purpose of ascertaining the highest applicable benefit, alternative  hypothetical  benefit  calculations  utilizing  a  rate  of regular interest other than such  rate  of  seven  per  centum,  nothing contained in paragraph (c) of this subdivision or in subparagraph one of this paragraph shall be construed as requiring that in the determination of  any  actuarial  equivalent  benefit  (other  than a variable annuity program benefit) payable to or on account of any member  who  is  not  a seven percent member for actuarial equivalent benefit purposes, any rate of  interest  be  used other than regular interest, as prescribed by the  applicable provisions of subdivision fifteen of section two of the rules and regulations.  (e)  The  provisions  of  subparagraph  one  of  paragraph (d) of this subdivision shall not apply to any person who, prior  to  August  first, nineteen  hundred  eighty-three,  retired  as a member of the retirement system for age or service or superannuation or for ordinary or  accident disability  and  who was such a retiree immediately prior to such August first; provided, however, that where any such retiree  retired  pursuant to  subdivision  two  of  section  ten  of  the rules and regulations or retired for ordinary or accident disability, and such retiree re-entered or re-enters education  service  and  on  or  after  July  thirty-first, nineteen  hundred  eighty-three, was or is restored to membership in the retirement system, the provisions of such  subparagraph  one,  from  and after  such  date  of  restoration  to  membership,  shall apply to such restored  member  with  respect  to  determination  of   any   actuarial equivalent benefit which is both (1) a benefit to which he or she became or  becomes entitled upon his or her subsequent retirement or subsequent discontinuance of service so as to  qualify  for  benefits,  and  (2)  a benefit  which is not a continuation, without change, of a benefit which had previously become payable to him or her by  reason  of  his  or  her prior  retirement;  provided  further  that  nothing  contained  in  the preceding provisions of this paragraph  shall  be  construed  as  making subparagraph one of such paragraph (d) applicable to any such member who was  not  or  is  not  a  seven  percent member for actuarial equivalent benefit purposes at such time of  subsequent  retirement  or  subsequent discontinuance of service.  (f)  (1)  Subject  to  the  provisions  of  subparagraph  two  of this paragraph, the provisions of subparagraph one of paragraph (d)  of  this subdivision  shall  not  apply  to any Tier I or Tier II member who, (A) prior  to  August  first,  nineteen  hundred  eighty-three  discontinued service  under such circumstances that such member became a discontinued member and acquired a vested right to  receive  a  retirement  allowance pursuant to section thirty-two of the rules and regulations (and, in the case  of  a  Tier II member, article eleven of the retirement and social security law), and (B) was such a discontinued member immediately  prior to such August first.  (2)  If  such  a  discontinued member returned or returns to education service and on or after July thirty-first, nineteen hundred eighty-three and before payability of his or her retirement allowance as such  member began  or  begins,  again became or becomes an active member pursuant to the applicable provisions of such section thirty-two, the  provision  of subparagraph  one of such paragraph (d) shall apply to him or her on and after the date of such resumption of active  membership;  provided  that nothing contained in the preceding provisions of this subparagraph shall be  construed  as  making  the  provisions  of  subparagraph one of such paragraph (d) applicable to any such member who was  not  or  is  not  a seven  percent  member  for actuarial equivalent benefit purposes at the time of subsequent retirement or subsequent discontinuance of service so as to qualify for benefits.  (3) Subject to the provisions of subparagraph four of this  paragraph, the  provisions of subparagraph one of paragraph (d) of this subdivision shall not apply to any Tier III or Tier IV  member  who,  (i)  prior  to August first, nineteen hundred eighty-three, terminated employment under such circumstances that such member became a Tier III member entitled to a vested benefit or a Tier IV member entitled to vested benefit and (ii) had such status immediately prior to such August first.  (4)  If  a member who became entitled to a vested benefit as described in  subparagraph  three  of  this  paragraph  returned  or  returns   to  education-service  and,  on or after July thirty-first, nineteen hundred eighty-three and before payability of his or her vested benefit began or begins, resumed or resumes status as an active member of the  retirement system,  the  provisions  of  subparagraph  one of paragraph (d) of this subdivision shall apply to him or her on and  after  the  date  of  such resumption of active membership, providing that nothing contained in the preceding  provisions  of this subparagraph shall be construed as making the provisions of subparagraph one of such paragraph (d)  applicable  to any  such  member  who  was  not  or  is  not a seven percent member for actuarial  equivalent  benefit  purposes  at  the  time  of   subsequent retirement  or  of subsequent discontinuance of service so as to qualify for benefits.  (g)(1) Subject to the provisions of subparagraph two of this paragraph and to  the  provisions  of  paragraph  (i)  of  this  subdivision,  the selection  of  mode  of  benefit (as defined in subparagraph fourteen of paragraph (b) of this subdivision) which, prior to the termination  date of  eligibility  for  option  re-selection  (as  defined in subparagraph nineteen of paragraph (b) of this subdivision), a person entitled  to  a recomputation  of  benefits  (as defined in subparagraph sixteen of such paragraph (b)) made or makes in relation to the retirement allowance (or any component thereof) which became or becomes payable  to  him  or  her prior  to  such termination date of eligibility for option re-selection, shall be the selection of mode of benefit applicable to  the  recomputed retirement  allowance  (or any corresponding component thereof) to which he or she is entitled under the best-of-three-computations method or the gender-neutral computations method, and any such person  entitled  to  a recomputation  of  benefits  pursuant  to the best-of-three-computations method or the gender-neutral computations method shall not  be  entitled to make any change in such selection of mode of benefit.  (2)  (i)  Notwithstanding  the  provisions of subparagraph one of this paragraph, a person entitled to a recomputation  of  benefits  shall  be entitled,  to  the extent and in the manner prescribed in the succeeding items of this subparagraph, to change the original selection of mode  of benefit  applicable  to  the  retirement  allowance  (or  any  component thereof) which became or becomes payable to him  or  her  prior  to  the termination date of eligibility for option re-selection.  (ii)  In any case where the original selection of mode of benefit of a person entitled to a recomputation of benefits  was  a  selection  of  a joint  and  survivor  option  (as  defined  in subparagraph seventeen of paragraph (b)  of  this  subdivision),  no  change  from  such  original selection  of  a  joint  and  survivor  option  may  be  made under this subparagraph to any other selection of mode of benefit if the designated beneficiary selected with respect to such joint and survivor  option  by such  person  entitled  to  a  recomputation is not alive at the time of filing of the form whereby such person entitled to a recomputation seeks to change, pursuant to this subparagraph, his or her original  selection of such joint and survivor option.  (iii)  Except  for a change of selection of mode of benefit prohibited by item (ii) of this subparagraph, any original  selection  of  mode  of benefit  may  be  changed  pursuant  to  this  subparagraph  to  another selection of mode of benefit, provided all of the conditions  set  forth in items (iv), (vi) and (viii) of this subparagraph are met.  (iv)  Subject  to  the  provisions  of  items (vii) and (viii) of this subparagraph, a person entitled to  a  recomputation  of  benefits  may, pursuant to this subparagraph, effect any such permissible change of his or her original selection of mode of benefit by executing, acknowledging and  filing  with the retirement system, within the applicable period of time prescribed by item (vi) of this subparagraph, a  new  selection  of  mode  of  benefit.  If  the original selection of mode of benefit of the person filing such new selection was a selection of a joint and survivor option, such new selection shall be void and of no effect unless (a) the designated  beneficiary  named in such original selection of a joint and survivor option signs  and  acknowledges,  in  the  form  for  such  new selection  of  mode  of  benefit, a consent to such changed selection of mode of benefit, and (b) such original designated beneficiary  is  alive on the date of filing of such new selection.  (v)  The  retirement  system  shall  mail to each person entitled to a recomputation of benefits a  letter  showing  amounts  of  benefits,  as recomputed  for  such person under the best-of-three-computations method or the gender-neutral computations method, for modes  of  benefit  other than joint and survivor options, together with a statement advising such person that upon request, the amounts of recomputed benefits under joint and survivor options will be provided.  (vi)  The  period  of  time within which any such person entitled to a recomputation may file a new selection of mode of  benefit  as  provided for  in  items  (iii)  and (iv) of this subparagraph shall be sixty days after the date of issuance set forth  in  such  letter  mailed  to  such person  pursuant  to  item  (v) of this subparagraph; provided, however, that if, pursuant to the request of such person, a later letter  setting forth  benefits  information in relation to a new selection of a mode of benefit is mailed to such person by the retirement system,  such  period of  time  for  filing a new selection of mode of benefit shall be thirty days after the date of issuance set forth in such later letter.  (vii) Upon the filing of a new selection of mode of  benefit  pursuant to  this  subparagraph  by  any such person entitled to a recomputation, such new selection shall be irrevocable and such  person  shall  not  be entitled  to file any other selection of mode of benefit with respect to such retirement  allowance  (or  any  component  thereof)  which  became payable  to  him or her prior to the termination date of eligibility for option re-selection.  (viii) No new selection of mode  of  benefit  filed  pursuant  to  the preceding  items  of  this subparagraph shall be valid or effective as a change of mode of benefit or for any other  purpose  unless  the  person entitled  to a recomputation of benefits who files such new selection is alive on the date (hereinafter referred to  as  the  "validating  date") three  hundred  sixty-five  days  after  the  date of filing of such new selection of mode of benefit. If such person filing such  new  selection of  mode of benefit is alive on the validating date with respect to such new selection, such new selection shall become valid  and  effective  on such  validating  date;  provided,  however,  that  from  and  after the effective date of retirement  of  such  person  making  such  valid  and effective new selection of mode of benefit (if he or she retired for age or  service or superannuation or for ordinary or accident disability) or from and after the date on which payability of the original benefits  of such   person  began  (if  he  or  she  was  a  discontinued  member  or discontinued sanitation member or Tier III member entitled to  a  vested benefit  or  Tier  IV  member  entitled  to  a vested benefit), such new selection of mode of benefit shall supersede such original selection  of mode  of  benefit  and  shall apply to and govern the amount of benefits payable to such person or  to  his  or  her  designated  beneficiary  or estate.  (h) Subject to the provisions of paragraph (i) of this subdivision, in any  case  where  a  member  of the retirement system who retired before August first, nineteen hundred eighty-three pursuant to subdivision  two of  section ten of the rules and regulations or for ordinary or accident disability re-entered or re-enters  its  membership  on  or  after  July  thirty-first,   nineteen  hundred  eighty-three,  nothing  contained  in paragraphs (c), (d) and (e) of this subdivision shall  be  construed  as authorizing  or permitting him or her to change any selection of mode of benefit  (as  defined  in subparagraph fourteen of paragraph (b) of this subdivision) made by him or her with respect to any benefit which,  upon his  or  her subsequent retirement or discontinuance of service so as to qualify for benefits, is payable  to  him  or  her  as  a  continuation, without  change, of a benefit which had previously become payable to him or her by reason of his or her prior retirement.  (i) Nothing contained in  paragraph  (g)  or  paragraph  (h)  of  this subdivision shall be construed as preventing:  (1)  any  person (A) who, during the period beginning on August first, nineteen hundred eighty-three and ending on the date next preceding  the date  of  enactment  (as  certified pursuant to section forty-one of the legislative law) of  this  paragraph  retired  or  retires  pursuant  to subdivision  two  of  section  ten  of  the rules and regulations or for ordinary or accident disability and (B) who is subject to such paragraph (g) and  (C)  who  on  or  after  July  thirty-first,  nineteen  hundred eighty-three, re-entered or re-enters education service and again became or becomes a member of the retirement system; or  (2)  any re-entered member referred to in such paragraph (h); upon his or her subsequent retirement, from exercising any right, which any other applicable law or any provision of the rules and regulations  grants  to him  or  her  under  such  circumstances, to make a selection of mode of benefit (as defined in subparagraph fourteen of paragraph  (b)  of  this subdivision).  (j)   Notwithstanding   any   provisions  of  paragraph  (c)  of  this subdivision prescribing a rate of regular interest of seven  per  centum per  annum, compounded annually, for specified members described in such paragraph, the rate of regular interest which shall be  applied  to  fix the  rate  of interest on any loan to any such member eligible to borrow shall be four per centum per annum, compounded annually.  (k) (1) Where any variable annuity  program  benefit  (as  defined  in subparagraph  twelve  of  paragraph (b) of this subdivision) which is an actuarial equivalent benefit (as defined in  subparagraph  two  of  such paragraph (b)) is payable to any person by reason of:  (i) the retirement of a member for age or service or superannuation or for  ordinary  or accident disability, where such retirement occurred on or after  August  first,  nineteen  hundred  eighty-three  or  hereafter occurs; or  (ii)  discontinuance  of  service  or  termination  of employment of a member, where such discontinuance or termination occurred or  occurs  on or  after  such  August  first under such circumstances that such member became or becomes (A) a discontinued member possessing a vested right to receive a retirement allowance pursuant to  section  thirty-two  of  the rules  and  regulations  (and,  in the case of a Tier II member, article eleven of the retirement and social security law)  or  (B)  a  Tier  III member  entitled  to  a vested benefit or a Tier IV member entitled to a vested benefit; or  (iii) the death, on or after such August first, of a member: the rate of interest used to determine  such  variable  annuity  program benefit  shall be that prescribed by section forty-four of the rules and regulations.  (2) The retirement board  may  by  resolution  direct  that  different computations,  based  on  different  mortality  tables, shall be used to determine separate  portions  of  a  variable  annuity  program  benefit payable as described in subparagraph one of this paragraph.  (1)  In  any  case  where  any  provision  of this subdivision has the effect,  in  relation  to  any  person,  of   amending,   modifying   or supplementing  any provision of the rules and regulations referred to in subdivision f of section  thirty-three  of  the  rules  and  regulations (relating to the tax-deferred annuity program of the retirement system), such  provisions  of  the  rules  and  regulations,  for  the purpose of applying such subdivision f to such person, shall be deemed  to  include such amendment, modification or supplementation.  (m)  Modified Option 1 pension computation formula. (1) The retirement board may by resolution direct that  under  such  circumstances  as  are designated  in such resolution, benefits under Option 1 which consist of or are derived from the pension component of a retirement allowance  and which are payable to or on account of members who:  (i)  became  members  prior  to  the  date  of enactment (as certified pursuant  to  section  forty-one  of  the  legislative  law)   of   this subdivision; and  (ii)  retired  or  retire  on  or after August first, nineteen hundred eighty-three, for age or service or superannuation or  for  ordinary  or accident  disability,  or on or after such August first, discontinued or discontinue service so as  to  become  discontinued  members;  shall  be determined under the modified Option 1 pension computation formula.  (2)  If the retirement board makes a direction for use of such formula pursuant to the provisions of subparagraph one of this paragraph, it may also direct by resolution:  (i) that any member who is subject to the modified  Option  1  pension computation  formula may elect, at such time and in accordance with such procedures as are prescribed in such resolution, that such formula shall not apply to such member and that the initial reserve determined for the purpose of providing the benefits  payable  by  reason  of  his  or  her selection  of  Option 1 and the pension component of his or her Option 1 retirement allowance shall be determined on the basis of  gender-neutral mortality  tables  and  regular  interest of seven per centum per annum, compounded annually; and  (ii) that the benefit payable, upon the death  of  the  member  making such  election,  to  his  or  her  beneficiary  or  estate  shall be the difference between such Option 1 initial reserve and the  total  of  the payments of such pension component received by or payable to such member for the period prior to his or her death; and  (iii)  that  where any member subject to the modified Option 1 pension computation formula retired before the effective date of the  retirement board resolution adopted pursuant to subparagraph one of this paragraph, and  where  the  first payment on account of the retirement allowance of any discontinued member subject to such  formula  was  made  before  the effective  date of such resolution, such retiree or discontinued member, within such period of time after such effective date and  in  accordance with  such procedures as are prescibed in such resolution, may elect the method of Option 1 benefit determination set forth in items (i) and (ii) of this subparagraph.  (3) In any case where, pursuant to  board  resolution,  a  benefit  is required   to   be  determined  under  the  modified  Option  1  pension computation formula and  the  determination  of  such  benefit  is  also required  by  a  board  resolution  adopted  pursuant  to  item (iii) of subparagraph one  of  paragraph  (d)  of  this  subdivision  to  reflect different computations of separate portions of such benefits the methods of  computation  under the modified Option 1 pension computation formula shall be appropriately adjusted so as to give effect to  the  provisions of such resolution adopted pursuant to such item (iii).  (n)  Any reference in this subdivision to retirement for service shall be deemed, for the purpose of this subdivision,  to  include  retirement pursuant  to  the  provisions  of  subdivision two of section ten of the rules and regulations.  (o)  The  rate  of regular interest applicable to determination of the rate of member contribution of any member whose  last  membership  began prior  to  the  date  of  enactment  (as  certified  pursuant to section forty-one of the legislative law) of this subdivision shall be the  rate of  regular  interest  which was applicable, under the provisions of the rules and regulations in effect prior to such date of enactment, to  the determination  of  the  rate  of member contribution of such member, and nothing contained in the preceding paragraphs of this subdivision  shall be  construed  as  applicable to the determination of the rate of member contribution of any such member whose last membership  so  began  or  as changing  or  affecting  the  rate  of  member  contribution of any such member.  (p) (1) In any case where:  (i) a conversion of a fixed benefit or portion thereof to  a  variable benefit  is  elected  pursuant  to  section  forty-two  of the rules and regulations; and  (ii) pursuant to any provision of law and/or the rules and regulations and/or any resolution of the retirement board  adopted  thereunder,  the rate of regular interest and/or the mortality tables which were required to  be  used  in the actuarial determination of such fixed benefit being converted, are different  from  the  rate  of  regular  interest  and/or mortality tables would have been required to be used to determine a like variable  benefit  as  of  the same date (hereinafter referred to as the "calculation date") as of which such fixed benefit was  required  to  be determined  as  an actuarial equivalent; the composition of the variable portion of each instalment of benefit for each month of  the  conversion period  shall be determined in the manner prescribed in subparagraph two of this paragraph (p).  (2) The amount, in  units,  of  the  variable  portion  for  any  such conversion  month  to  which  subparagraph one of this paragraph applies shall be equal to the number of units in the previous  month's  variable portion,  if  any,  plus  a  number  of  units  which  is  the actuarial equivalent, as of the calculation date, of the fixed  portion  converted each month. Such actuarial equivalent units for each such month shall be determined  on the basis of the unit value for such month, in accordance with a scientific formula which recognizes the difference in  the  rates of  regular interest and/or mortality tables referred to in subparagraph one of this paragraph.  (3) In any case where:  (i) a conversion of a variable benefit is elected pursuant to  section forty-two of the rules and regulations; and  (ii) pursuant to any provision of law and/or the rules and regulations and/or  any  resolution  of the retirement board adopted thereunder, the rate of regular interest and/or mortality tables which were required  to be  used  in  the actuarial determination of such variable benefit being converted are  different  from  the  rate  of  regular  interest  and/or mortality  tables which would have been required to be used to determine a like fixed benefit as of the same date (hereinafter referred to as the "calculation date") as of which such variable benefit was required to be determined as an actuarial equilvalent; the  composition  of  the  fixed portion  of  each instalment of benefit for each month of the conversion period shall be determined in the manner prescribed in subparagraph four of this paragraph.  (4) The amount of the fixed portion for any such conversion  month  to which subparagraph three of this paragraph applies shall be equal to the previous month's fixed portion, if any, plus a fixed amount which is the actuarial equivalent, as of the calculation date, of the number of units converted  each  month.  Such actuarial equivalent fixed amount for each such month shall be determined on the basis of the unit value  for  such month,  in  accordance  with  a  scientific formula which recognizes the difference in the rates of  regular  interest  and/or  mortality  tables referred to in subparagraph three of this paragraph.  (q)  Notwithstanding  any  other  provision of this section, an option selection  made  pursuant  to  this  subdivision  and  the   rules   and regulations  governing  such  choice  previously  filed  by  a member or retired member may be changed no later than thirty  days  following  the date  of payability of his or her retirement allowance. A retired member who has been retired for  disability  may  change  an  option  selection previously  filed  no  later  than (1) thirty days following the date on which such member's application for disability retirement  was  approved by  the  retirement board or (2) thirty days following the date on which such retiree was retired for disability, whichever is later.   18. (a) The following terms, as used in this subdivision,  shall  have the  following  meanings, unless a different meaning is plainly required by the context:  (1) "Board of education". The board of education of a city.  (2) "Board of education retirement system".  The  board  of  education retirement system established pursuant to the provisions of this section in a city.  (3) "City". A city having a population of one million or more.  (4)  "Rules  and  regulations".  The  rules  and  regulations  for the government, management and control of the board of education  retirement system adopted pursuant to the provisions of this section.  (5)  "Provisional  employee".  Any  person  employed  by  the board of education on the basis of a provisional appointment pursuant to  section sixty-five of the civil service law.  (6) "Education service". Service as a paid official or employee of the board  of  education or the New York city school construction authority, and allowable as provided in section four of the rules  and  regulations or,  in  the  case  of  a  tier II member or a tier IV member, allowable pursuant to the provisions which respectively govern the service  credit of such a member of the board of education retirement system.  (7)  "Former provisional employee". Any person permanently employed by the board of education:  (i) who is a transferred contributor in the New York  city  employees' retirement   system  pursuant  to  section  B3-57.0  or  13-188  of  the administrative code of the city of New York; and  (ii) who first acquired membership in the  New  York  city  employees' retirement  system  as a provisional employee of the board of education; and  (iii) whose last period  of  permanent  employment  by  the  board  of education  was  immediately  preceded  by his employment by the board of education as a provisional employee.  (8) "Tier II member". A member of a public retirement  system  who  is subject to the provisions of article eleven of the retirement and social security law.  (9)  "Tier  IV  member". A member of a public retirement system who is subject to the provisions of  article  fifteen  of  the  retirement  and social security law.  (b) (1) Notwithstanding the provisions of paragraph (a) of subdivision one of this section or any provision of the rules and regulations or any  other  provision  of  law  to  the  contrary, membership in the board of education retirement system shall include any  provisional  employee  in education service who elects to become a member in the manner prescribed by  the  applicable provisions of subparagraph two or subparagraph three of this paragraph.  (2) Any such provisional employee who is not a member of the New  York city employees' retirement system at the time he or she elects to become a  member  of  the board of education retirement system may make such an election of membership by filing with the board of education  retirement system a duly executed and acknowledged application for membership.  (3) Any such provisional employee who is a member of the New York city employees'  retirement  system  at the time he or she elects to become a member of the board of education retirement  system  may  make  such  an election  of  membership  by  filing  simultaneously  with  the board of education retirement system a duly executed and acknowledged application for membership and a duly executed and acknowledged request that his  or her  membership  and  service  credit  in  the  New York city employees' retirement system be transferred to the board  of  education  retirement system.  (c) (1) Notwithstanding the provisions of section B3-57.0 or 13-188 of the  administrative code of the city of New York or any provision of the rules and regulations or any other provision of  law  to  the  contrary, membership in the board of education retirement system shall include any former  provisional  employee  who, while employed in education service, elects to become a member in the manner prescribed by  subparagraph  two of this paragraph.  (2)  Any such former provisional employee may make such an election of membership  by  filing  simultaneously  with  the  board  of   education retirement  system,  within  six  months after the date of enactment (as certified pursuant to section forty-one of the legislative law) of  this subdivision, a duly executed and acknowledged application for membership and  a duly executed and acknowledged request that his or her membership and service credit in the New York city employees' retirement system  be transferred to the board of education retirement system.  (d)  Any  election  of membership in the board of education retirement system  made  pursuant  to  paragraph  (b)  or  paragraph  (c)  of  this subdivision shall be irrevocable.  (e)  (1) Upon the filing of a request for a transfer with the board of education retirement system as provided for  in  subparagraph  three  of paragraph  (b)  of this subdivision or subparagraph two of paragraph (c) of this subdivision, the board of education retirement system shall file such request for a transfer with the New York city employees' retirement system. Upon the filing of such request for a transfer with the New York city employees' retirement system, such retirement system shall  make  a transfer  of  reserves  and  accumulated  contributions  to the board of education  retirement  system  in  the  manner   required   by   section forty-three of the retirement and social security law.  (2)  Nothing contained in the preceding provisions of this subdivision or of any other law shall be construed (i) as imposing  any  restriction under the third sentence of subdivision d of such section forty-three on the  determination  of  the salary base for benefit computation purposes with respect to any person  whose  membership  and  service  credit  are transferred  to the board of education retirement system pursuant to the applicable preceding provisions of this subdivision, or (ii)  as  making the  last  sentence  of  such  subdivision  d  applicable  to  any  such transferee.  (3) Any employee of the board of education of the city of New York who is a member of the New York city employees' retirement system may  elect  to  transfer  membership  to  the  New  York  city  board  of  education retirement system. Any election pursuant to this section shall  be  made no  later than the one hundred eightieth day next succeeding the date on which  the provisions hereof become effective by filing a written notice thereof with the administrative head of the  New  York  city  employees' retirement  system,  and the New York city board of education retirement system, and, once made and filed, such election  shall  be  irrevocable. Where  an employee of the board of education becomes a member of the New York city board of education retirement system pursuant to this section, the New York city employees' retirement system shall make a transfer  of reserves,  contributions,  and  credits  to  the  New York city board of education  retirement  system  in  the  manner   required   by   section forty-three of the retirement and social security law.  (f) Notwithstanding the provisions of paragraph (a) of subdivision one of  this  section  or  any provision of the rules and regulations or any other provision of law to the  contrary,  membership  in  the  board  of education retirement system shall include any person employed by the New York  city  police  department in the title of school crossing guard who becomes  a  member  in  the  manner  prescribed  by  the  provisions  of subdivision g of section 13-638.4 of the administrative code of the city of New York.  (g)(1)  For purposes of this paragraph, the terms "career pension plan member", "career pension plan position" and  "fifty-five-year-increased- service-fraction member" shall have the meanings set forth in paragraphs twenty-eight,  twenty-nine  and thirty-one, respectively, of section two of the rules and regulations.  (2) For purposes of this paragraph, the term "fractional plan  member" shall  mean a member of the board of education retirement system holding a career pension plan position who is not a career pension  plan  member or  a  fifty-five-year-increased-service-fraction member, and who is not subject to the provisions of article eleven, fourteen or fifteen of  the retirement and social security law.  (3)  Notwithstanding  any  provision  of  this  section  or  any other provision of law to the  contrary,  effective  October  first,  nineteen hundred  ninety-three,  the  rules and regulations shall be deemed to be amended so as to provide that any fractional plan  member  in  education service  on  such date, who holds a career pension plan position on such date, shall, on such date, be deemed to have elected to become a  career pension  plan  member  under the same terms and conditions, and with the same rights, benefits, privileges and obligations as are  applicable  to similarly  situated  members  of the New York city employees' retirement system,  as  provided  in  subdivision  m  of  section  13-162  of   the administrative code of the city of New York, as enacted by the act which added this paragraph.  (h)  (1)  For  the  purposes  of  this  paragraph,  including, without limitation, the use, pursuant to subparagraph two of this paragraph,  of the  provisions  of  paragraphs  one,  two and three of subdivision c of section 13-162 of the administrative code of the city of  New  York  and subparagraph  (a)  of  paragraph four of such subdivision (as amended by the  provisions  of  the  chapter  of  the  laws  of  nineteen   hundred ninety-five  which  added  this  paragraph)  to prescribe certain of the additional rights, privileges, benefits and  obligations  hereunder,  of career  pension plan members and increased-service-fraction members, the following items of this subparagraph one shall apply:  (i)  the  terms  "career pension plan",  "career pension plan member", "career pension plan position" and "fifty-five-year-increased-service-fraction-member"   shall   have   the meanings set forth in paragraphs twenty-seven, twenty-eight, twenty-nine  and  thirty-one,  respectively,  of  section  two  of  the   rules   and regulations;  (ii) the term "city-service", as used in the provisions of subdivision c  of  such  section 13-162 referred to in the opening paragraph of this paragraph one shall be deemed to mean "education-service", as defined in subparagraph six of paragraph (a) of this subdivision;  (iii) the term "career pension plan qualifying service",  as  used  in such   provisions  of  subdivision  c  of  section  13-162,  shall  mean "creditable  career  pension  plan  service"  as  defined  in  paragraph thirty-eight of section two of the rules and regulations;  (iv)  the  pension  referred  to  in  item (ii) of subparagraph (a) of paragraph four of such subdivision c of section 13-162 shall  be  deemed to  mean  the pension referred to in subdivision seven of section twelve of the rules and regulations; and  (v)  the  provisions  of  subparagraph  (b)  of  paragraph   four   of subdivision  c  of  such  section 13-162 shall be deemed inapplicable to career pension              plan               members               and fifty-five-year-increased-service-fraction  members  who  are subject to the provisions of this paragraph.  (2) Notwithstanding any provision of the rules and regulations or this section or any other provision of law to the  contrary,  the  rules  and regulations  shall  be deemed to be amended so as to provide that on and after the effective date of this paragraph:  (i) each  career  pension  plan  member,  subject  to  the  succeeding subparagraphs  of this paragraph, shall have the same additional rights, privileges,  benefits  and  obligations  and  be  subject  to  the  same additional  terms  and conditions with respect to withdrawing his or her election to be a career pension plan  member  as  are  provided  for  in relation  to  a similarly situated career pension plan member of the New York city employees' retirement system by the chapter  of  the  laws  of nineteen hundred ninety-five which added this paragraph; and  (ii)  each  fifty-five-year-increased-service-fraction member, subject to the succeeding subparagraphs of this paragraph, shall have  the  same additional  rights,  privileges, benefits and obligations and be subject to the same additional terms and conditions with respect to electing  to be  a  career  pension  plan member as are provided for in relation to a similarly situated fifty-five-year-increased-service-fraction member  of the  New  York  city  employees' retirement system by the chapter of the laws of nineteen hundred ninety-five which added this paragraph.  (3) In any case where  a  member  effects  a  change  in  his  or  her retirement   plan  pursuant  to  the  preceding  subparagraphs  of  this paragraph, his or her normal rate of member contribution as a member  of such  changed plan shall be fixed pursuant to the appropriate provisions of  the  rules  and  regulations  with  respect  to  rates   of   member contribution of members of such changed plan.  (4)  Nothing  contained in subparagraph two of this paragraph shall be construed as diminishing or impairing:  (i) any right granted  to  any  career  pension  plan  member  by  the provisions  of  paragraph  ten of subdivision m of section 13-162 of the administrative code of the city of New York,  where  the  provisions  of such  paragraph  ten are made applicable to such member by paragraph (g) of this subdivision; and  (ii) any right granted to a career pension plan member by subparagraph (a) of paragraph one of subdivision c of section thirty of the rules and regulations to withdraw from the career pension plan.  (5) Notwithstanding any provision of the rules and regulations or this section or any other provision of law to the  contrary,  the  rules  and regulations shall be deemed to be amended so as to provide that:  (i)  subject to the provisions of item (ii) of this subparagraph five, in any case where, on or after the effective date of this  paragraph,  a fifty-five-year-increased-service-fraction  member dies in service while such a member, after completing  twenty  or  more  years  of  creditable career pension plan service, such member shall be deemed to have died as a  career  pension  plan member, if status as such a career pension plan member at the time of his or her death would result in a benefit  larger than  the  benefit  which  would  be payable if such member died while a fifty-five-year-increased-service-fraction member; and  (ii) in any case where a member  referred  to  in  item  (i)  of  this subparagraph  five  is a Tier II member at the time of his or her death, any change in the plan membership of such member pursuant to  such  item (i)  shall  not  change,  alter  or  affect the applicability of article eleven of the retirement and social security law to such member.  (i) A retired member of the board of education retirement system shall have the right, at any time after the retired  member's  retirement,  to execute   and  file  a  dues  deduction  authorization  card  with  such retirement system authorizing the deduction from  the  retired  member's retirement  allowance  of  membership  dues and the payment thereof to a retiree organization of which the retired member certifies he or she  is then  a member and which the retired member certifies is then affiliated with either an employee organization  certified  or  recognized  as  the collective bargaining representative of all employees in the negotiating unit  of  which  the  retired  member  was  a  part  prior to his or her retirement  or  an  employee  organization  with  which  such   employee organization is then affiliated. The comptroller shall thereafter deduct from  the  retirement  allowance  of  such  retired member the amount of membership dues required to be paid by such retired  member,  and  shall transmit  the  sum  so  deducted  to  said  retiree  organization.  Such authorization shall continue in effect until revoked in writing by  such retired member.  (j)  Notwithstanding  any  other  provision  of law or rule, a retired member of the board of education retirement system of the  city  of  New York shall be permitted to repay the outstanding balance of a loan taken pursuant  to  the  rules and regulations of the retirement system at any time. Benefits payable after the repayment of  the  loan  shall  not  be subject to any actuarial reduction imposed as a result of an outstanding balance.   ** 19.  Pick  up  of  Tier  I  and Tier II member contributions by the employer. (a) For the purposes of this subdivision:  (1) The terms  "board  of  education,"  "rules  and  regulations"  and "retirement  system"  shall have the meanings set forth in subparagraphs one, three and four,  respectively,  of  paragraph  (a)  of  subdivision sixteen of this section; and  (2)  the  terms  "member,"  "Tier I member" and "Tier II member" shall have the meanings  set  forth  in  subparagraphs  one,  four  and  five, respectively,  of  subparagraph  (b)  of  subdivision  seventeen of this section.  (b) the following terms, as used in this subdivision, shall  have  the following  meanings,  unless  a different meaning is plainly required by the context:  (1) "Basic rate of contribution as a Tier I or Tier  II  member."  (i) Subject to the provisions of clauses (ii) and (iii) of this subparagraph one, the term "basic rate of contribution as a Tier I or Tier II member" shall  mean  the  proportion  of  the  earnable compensation of a Tier I member or Tier II member required by the provisions of subparagraph  (i) of  paragraph  f  of  subdivision  one of section eight of the rules and regulations and  any  other  applicable  provisions  of  the  rules  and  regulations or law to be deducted from the personal compensation of such member  as his or her member contributions, exclusive of any increase in such contributions resulting from an election by such member pursuant to law to effect such an increase, or any decrease in such contributions on account  of  any  program  for  increased-take-home-pay  or  pursuant to subdivision one of section one hundred thirty-eight-b of the  retirement and  social  security  law  (relating  to  election  to  decrease member contributions  by  contributions  due  on  account  of  social  security coverage).  (ii)  In  any  case  where it is provided in the rules and regulations that the deduction from a member's compensation  on  account  of  member contributions  required  to be made by a Tier I member or Tier II member shall not be in excess of  fifteen  per  centum  unless  the  member  so elects,  and  such  member  makes  such election, any per centum of such deduction in excess of fifteen per centum with respect  to  such  member shall  not  be included in such member's basic rate of contribution as a Tier I or Tier II member.  (iii) In any case where a Tier I member or Tier II  member  who  is  a fifty-five-year-increase-service-fraction    member   (as   defined   in subdivision thirty-one of section two of the rules and regulations)  has elected or elects, pursuant to paragraph g of subdivision one of section eight  of  the  rules  and  regulations, to contribute to the retirement system at a rate one per centum less than such member's normal  rate  of contribution,  such  member's  basic rate of contribution as a Tier I or Tier II member, during any period wherein such election  is  in  effect, shall  be  one  per  centum  less  than  such  member's  normal  rate of contribution as a fifty-five-year-increased-service-fraction member.  In any  case  where  any such member elects pursuant to such paragraph g to discontinue such reduction, such election to discontinue  shall  not  be deemed,  for  the purposes of subparagraph four of this paragraph (b) to be  an  election  to  increase  member  contributions  above  the  level prescribed  by  the  member's  basic rate of contribution as a Tier I or Tier II member, and upon such discontinuance, such member's  basic  rate of contribution as a Tier I or Tier II member shall be his or her normal rate  of  contribution  as  a fifty-five-year-increased-service-fraction member.  (2) "Contributing Tier I or Tier  II  member."  With  respect  to  any payroll  period  as  to  which  the status of a Tier I member or Tier II member as to required member contributions is to be determined, the term "contributing Tier I or Tier II member" shall mean any Tier I member  or Tier II member other than any Tier I member or Tier II member who is not required  to contribute during such payroll period because of his or her then  currently  effective  election,  pursuant  to  subparagraph  f  of paragraph  one  of  section  eight  of the rules and regulations, not to contribute.  (3) "Employer responsible for pick up." The public employer by which a Tier I member or Tier II member is employed.  (4) "Tier I or Tier II member contributions eligible for  pick  up  by the employer." (i) With respect to any payroll period for a contributing Tier  I  or  Tier  II  member  (as  defined  in subparagraph two of this paragraph (b)), the amount of member contributions which, in the absence of a pick  up  program  applicable  to  such  member  pursuant  to  this subdivision, would be required by law to be deducted, on account of such member's  basic  rate  of contribution as a Tier I or Tier II member (as defined in subparagraph  one  of  this  paragraph),  from  the  personal compensation  of  such  member for such payroll period, after (A) giving effect to any reduction in such contributions required under any program for increased-take-home-pay or pursuant to subdivision  one  of  section  one hundred thirty-eight-b of the retirement and social security law and (B)  excluding  any  deductions  from  such compensation (or redeposits, restorations or payments) on account  of  (1)  loans  or  withdrawal  of excess contributions or (2) any election by any such member, pursuant to any  applicable  provision of the rules and regulations, to increase his or her member contributions above the level prescribed  by  his  or  her basic  rate  of  contribution  as  a Tier I or Tier II member or (3) any other cause not attributable to the member's basis rate of  contribution as  a  Tier I or Tier II member after reduction in such rate, if any, as described in item (A) of this clause (i).  (ii) If no deductions on account of any such member's  basic  rate  of contribution as a Tier I or Tier II member are required by the rules and regulations to be made from the personal compensation of such member for any payroll period, such member shall not have, for such payroll period, any  Tier  I or Tier II member contributions eligible for pick up by the employer. The amount of Tier I or Tier II member contributions  eligible for  pick  up by the employer of any Tier I member or Tier II member for any payroll period shall be determined solely on the basis  of  personal compensation  paid  to such member for such payroll period by his or her public employer. A Tier I member or Tier II member shall  not  have  any Tier  I  or  Tier  II  member  contributions eligible for pick up by the employer with respect to any payroll period for which he or she  is  not paid personal compensation by his or her public employer.  (5)  "Starting  date  for  pickup."  The  first day of the first whole payroll period commencing after the date which is sixty days  after  the internal  revenue  service  shall  have  issued  a  ruling  that  member contributions picked up pursuant to this subdivision are not  includible as  gross  income  for  federal income tax purposes until distributed or made available.  (c) Notwithstanding any other provision of the law to the contrary, on and after the starting date for pick up, the  employer  responsible  for pick  up shall pick up and pay into the annuity savings fund (subject to the  provisions  of  subparagraph  four  of  paragraph   (f)   of   this subdivision)  the  Tier  I  or Tier II member contributions eligible for pick up by the employer which each Tier I  member  and  Tier  II  member would otherwise be required to make on and after such starting date.  (c-1)  Notwithstanding any other provision of law to the contrary, the employer responsible for pick up shall, in the case of a member who is a participant in the age fifty-five improved  benefit  retirement  program (as  defined  in  paragraph ten of subdivision a of section four hundred forty-five-d of the retirement and social security law), pick up and pay to the retirement  system  all  additional  member  contributions  which otherwise   would   be  required  to  be  deducted  from  such  member's compensation pursuant to  paragraph  three  of  subdivision  d  of  such section four hundred forty-five-d, and shall effect such pick up on each and  every payroll of such participant for each and every payroll period with respect to which such paragraph three otherwise would require  such deductions.  (c-2)  Notwithstanding any other provision of law to the contrary, the employer responsible for pick up shall, in the case of a member who is a participant in the age fifty-five  retirement  program  (as  defined  in paragraph  ten  of subdivision a of section four hundred forty-five-i of the retirement and  social  security  law),  pick  up  and  pay  to  the retirement  system  all  additional member contributions which otherwise would be  required  to  be  deducted  from  such  member's  compensation pursuant  to  paragraph  three  of subdivision d of section four hundred forty-five-i of the retirement and social security law, and shall effect such pick up on each and every payroll of such participant for each  and  every  payroll  period  with  respect  to  which  such  paragraph  three otherwise would require such deductions.  (d)  An  amount  equal  to  the amount of such picked up contributions shall be deducted by the employer  responsible  for  pick  up  from  the personal  compensation  of such member (as such compensation would be in the absence of a pick up program applicable to him or her hereunder) and shall not be paid to such member. Such deduction shall  be  effected  by means  of  subtraction  from such member's current personal compensation (as  so  defined),  or  offset  against  future  pay  increases,  or   a combination of such methods.  (e) (1) * The member contributions and additional member contributions picked  up pursuant to this subdivision for any Tier I member or Tier II member shall be paid by the employer responsible for pick up in lieu  of an  equal  amount  of  the  member  contributions  and additional member contributions otherwise required to be paid by  such  member  under  the provisions  of  the  rules  and regulations or the retirement and social security law, and  shall  be  deemed  to  be  and  treated  as  employer contributions  pursuant to subsection h of section four hundred fourteen of the  United  States  internal  revenue  code,  as  amended,  for  the purposes,  under  federal law, for which such subsection h so classifies such picked up contributions. Subject to the provisions of paragraph (d) of this subdivision, for all other purposes, including but  not  limited to:   * NB  Effective until notice of ruling by Internal Revenue Service per ch. 627/2007 §22   * The member contributions and additional member contributions  picked up  pursuant to this subdivision for any Tier I member or Tier II member shall be paid by the employer responsible for pick  up  in  lieu  of  an equal   amount   of  the  member  contributions  and  additional  member contributions otherwise required to be paid by  such  member  under  the provisions  of  the  rules  and regulations or the retirement and social security law, including any member contributions required to be made for the purchase of credit for  previous  service  or  credit  for  military service  pursuant  to  subparagraph  three  of this paragraph, provided, however, that contributions picked up for the  purchase  of  credit  for military service shall be deposited in the employer contribution account in  accordance  with  subdivision  four  of  section one thousand of the retirement and social security law,  and  shall  be  deemed  to  be  and treated  as  employer  contributions pursuant to subsection h of section four hundred fourteen of the United States  internal  revenue  code,  as amended,  for the purposes, under federal law, for which such subsection h so classifies such picked up contributions. Subject to the  provisions of  paragraph (d) of this subdivision, for all other purposes, including but not limited to:   * NB Takes effect upon notice of ruling by  Internal  Revenue  Service per ch. 627/2007 §22  (i)  the  obligation of such member to pay New York state and New York city income and/or wages or earnings taxes and the withholding  of  such taxes; and  (ii)  the  determination of the amount of such member's Tier I or Tier II member  contributions  eligible  for  pick  up  by  the  employer  or additional  member  contributions  required  to be picked up pursuant to paragraph c-one or c-two of this subdivision; and  (iii) the determination of the amount of any retirement  allowance  or other  retirement system benefit payable to or on account of such member or any other retirement system  right,  benefit  or  privilege  of  such member;  the   amount   of   the   member  contributions  and  additional  member contributions picked up pursuant to this subdivision shall be deemed  to be  a part of the employee personal compensation of such member and such member's gross personal compensation (as it would be in the absence of a pick  up program applicable to him or her hereunder) shall not be deemed to be changed by such member's participation in such program.  (2) Nothing contained in subparagraph one of this paragraph (e)  shall be  construed  as  superseding  the  provisions  of section four hundred thirty-one of the retirement and social  security  law  or  any  similar provision  of  law which limits the salary base for computing retirement benefits payable by a public retirement system.   * (3) Employer pick-up of contributions in respect of previous service or military service. Notwithstanding any other  provision  of  law,  any member  eligible  to  purchase credit for previous service with a public employer pursuant to this section or to  purchase  credit  for  military service pursuant to article twenty of the retirement and social security law,  may  elect  to  purchase any or all of such service by executing a periodic payroll deduction  agreement  where  and  to  the  extent  such elections  are permitted by the retirement system by rule or regulation. Such agreement shall  set  forth  the  amount  of  previous  service  or military  service  being  purchased,  the  estimated  total cost of such service credit, and the number of payroll periods in which such periodic payments shall be made. Such agreement shall be irrevocable,  shall  not be  subject to amendment or modification in any manner, and shall expire only  upon  completion   of   payroll   deductions   required   therein. Notwithstanding  the  foregoing,  any member who has entered into such a payroll deduction agreement and who terminates employment prior  to  the completion  of  the payments required therein shall be credited with any service as to which  such  member  shall  have  paid  the  contributions required under the terms of the agreement.   * NB  Takes  effect  upon notice of ruling by Internal Revenue Service per ch. 627/2007 §22  (f) (1) For the purpose of determining the retirement  system  rights, benefits  and  privileges  of  any Tier I member or Tier II member whose Tier I or Tier II member contributions  eligible  for  pick  up  by  the employer  are  picked  up  pursuant  to  this subdivision (including the procurement of  loans  by  any  such  member),  such  picked  up  member contributions,  subject  to  the provisions of subparagraph four of this paragraph (f),  shall  be  deemed  to  be  and  treated  (i)  as  member contributions  made by such member pursuant to law and (ii) as a part of such member's accumulated deductions.  (2) For the purpose  of  determining  the  retirement  system  rights, benefits  and  privileges  of any member who is a participant in the age fifty-five improved benefit retirement program (as defined in  paragraph ten  of  subdivision  a  of  section  four  hundred  forty-five-d of the retirement and social security law), the additional member contributions of such participant picked up pursuant  to  paragraph  (c-one)  of  this subdivision shall be deemed to be and treated as a part of such member's additional member contributions under subdivision d of such section four hundred fifty-five-d.  (2-a)  For  the  purpose  of determining the retirement system rights, benefits and privileges of any member who is a participant  in  the  age fifty-five   retirement   program   (as  defined  in  paragraph  ten  of subdivision a of section four hundred forty-five-i of the retirement and social security  law),  the  additional  member  contributions  of  such participant  picked  up  pursuant to paragraph c-two of this subdivision shall be deemed to be and treated as a part of such member's  additional  member  contributions  under  subdivision  d  of  section  four  hundred forty-five-i of the retirement and social security law.  (3)  Interest on contributions picked up for any Tier I member or Tier II member pursuant to this subdivision  (other  than  additional  member contributions  picked  up  pursuant  to paragraph c-one or c-two of this subdivision) shall accrue in favor of the member and be payable  to  the retirement  system  at  the same rate, for the same time periods, in the same manner and under  the  same  circumstances  as  interest  would  be required  to  accrue  in  favor  of  the  member  and  be payable to the retirement system on such contributions if they were made by such member in the absence of a pick up program applicable to such member under  the provisions of this section.  (4)  Where member contributions of any Tier I member or Tier II member are picked up and paid into the annuity savings fund  pursuant  to  this section,  such  picked  up contributions shall be credited to a separate account within the individual account of such member in  such  fund,  so that  a separate record of the amount of such picked up contributions is maintained.  (5) For the purpose  of  determining  the  retirement  system  rights, benefits  and privileges of any Tier I member or Tier II member who is a participant in a variable annuity program of the retirement system,  his or  her  picked  up member contributions shall, to the extent and in the proportions appropriate pursuant to his or her election  to  participate in  such  program,  be  deemed to be and treated as a part of his or her accumulated deductions and/or credits in  his  or  her  account  in  the variable  annuity  savings fund. A separate record shall be kept showing any such variable annuity savings fund account credits  attributable  to any such picked up contributions.  (6)  Nothing  contained  in  this  paragraph (f) shall be construed as granting member contributions or additional member contributions  picked up  under  this subdivision any status, under federal law, other than as employer contributions, pursuant to subsection h of section four hundred fourteen of the United States internal revenue  code,  for  the  federal purposes  for  which  such  subsection  h  so  classifies such picked up contributions.  (g)  No  member  whose  member  contributions  or  additional   member contributions  are required to be picked up pursuant to this subdivision shall have any right to elect  that  such  pick  up,  with  accompanying deduction from the personal compensation of such member as prescribed by paragraph (d) of this subdivision, shall not be effectuated.   ** NB Expires per ch. 681/92 § 16   * 20.  (a)  For the purposes of this subdivision, the terms "rules and regulations" and "retirement system" shall have the meanings  set  forth in  subparagraphs  three  and  four,  respectively,  of paragraph (a) of subdivision sixteen of this section.  (b) The following terms, as used in this subdivision, shall  have  the following  meanings,  unless  a different meaning is plainly required by the context:  (1) "Tax-deferred annuity program". The tax-deferred  annuity  program established  pursuant  to  the  provisions of section thirty-one hundred nine-A of this  chapter  and  section  thirty-three  of  the  rules  and regulations.  (2)  "Annuity  savings  fund".  The  annuity  savings  fund  under the tax-deferred annuity program.  (3) "Annuity  reserve  fund".  The  annuity  reserve  fund  under  the tax-deferred annuity program.  (4) "Variable annuity savings fund". The variable annuity savings fund under the tax-deferred annuity program.  (5) "Variable annuity reserve fund". The variable annuity reserve fund under the tax-deferred annuity program.  (6)  "Tax-deferred  annuity account". The tax-deferred annuity account maintained in the tax-deferred annuity program by a participant in  such program.  (c)  (1) Notwithstanding any provision of the rules and regulations or any other provision of  law  to  the  contrary,  a  participant  in  the tax-deferred  annuity program who, pursuant to the applicable provisions of the rules and regulations and/or the retirement and  social  security law, retires for service or disability, or who discontinues service with a  vested right to receive a deferred retirement allowance, may elect to defer commencement of  the  distribution  of  his  or  her  tax-deferred annuity  account  to  the  latest  date  permitted  by the provisions of section  403(b)  of  the  internal  revenue  code  pertaining   to   the commencement  of  distribution  of  tax-deferred annuities, by filing an election for such deferral of distribution with  the  retirement  system during the time period which:  (i)  for  a  service  retiree,  commences  on  the  day  such person's application for service retirement is filed with the retirement  system, and which ends on the day prior to the effective date of retirement; or  (ii)  for  a  disability  retiree,  commences  on  the day such person receives notification from the retirement system that  it  has  approved his  or  her  retirement for disability, and which ends on the thirtieth day after such receipt of notification; or  (iii) for a member who discontinues service with  a  vested  right  to receive  a deferred retirement allowance, commences thirty days prior to the date of such discontinuance of service, and which ends  on  the  day such  retirement  allowance  becomes  payable pursuant to the applicable provisions of the rules and regulations and/or the retirement and social security law.  (2) A participant in the tax-deferred annuity program who, pursuant to the provisions of subparagraph one of this  paragraph,  has  elected  to defer  commencement  of  the  distribution  of  his  or her tax-deferred annuity account to the latest date for distribution referred to in  such subparagraph one may revoke such election by filing a revocation of such election  with  the  retirement  system at any time prior to such latest date. Where a participant has made such a revocation,  the  distribution of  his  or her tax-deferred annuity account shall be made thereafter in accordance with the applicable provisions of the rules and regulations.  (3) Where a  participant  in  the  tax-deferred  annuity  program  has elected,  pursuant  to  the  provisions  of  subparagraph  one  of  this paragraph, to defer commencement of  the  distribution  of  his  or  her tax-deferred  annuity  account  to  the  latest  date  for  distribution referred to in such subparagraph one, the application of  any  provision of  the  rules and regulations which requires the transfer of his or her tax-deferred annuity account  from  the  annuity  savings  fund  to  the annuity  reserve  fund  and/or from the variable annuity savings fund to the  variable  annuity  reserve  fund  upon  the  retirement   of   such participant  shall  be delayed until the commencement of distribution of his or her tax-deferred annuity account pursuant to such retirement and, upon such  commencement  of  distribution,  such  account  shall  be  so transferred in accordance with such provision.  (4)  Where  a  participant  has  made  an  election  pursuant  to  the provisions of subparagraph one of this paragraph,  the  distribution  of the  entire  amount  in such participant's tax-deferred annuity account, including any portion of such amount to be distributed  pursuant  to  an option   for  the  payment  of  retirement  benefits  selected  by  such participant pursuant to the  rules  and  regulations  or  an  applicable  provision  of  the  retirement and social security law, shall not extend beyond the maximum period permitted by the provisions of section  403(b) of   the  internal  revenue  code  pertaining  to  the  distribution  of tax-deferred annuities.  (d)  The  rules  and  regulations  may  be  amended  pursuant  to  the procedures set forth in subdivision two of  this  section  to  establish rules  and  regulations  governing the borrowing by a participant in the tax-deferred annuity program of contributions accumulated in his or  her tax-deferred   annuity   account,  provided  that  in  establishing  and administering such rules and regulations, no action shall be taken  that would  render  the  tax-deferred annuity program in violation of section 403(b) of the internal revenue code.  (e) Notwithstanding any  other  provision  of  law,  or  any  rule  or regulation,  or the provisions of any retirement board resolution to the contrary:  (1) on or after the  first  business  day  immediately  following  the effective  date of this paragraph, interest shall be allowed at the rate of seven percent per annum, compounded  annually,  on  the  tax-deferred accounts  in  the  annuity  savings  fund of participants (i) who hold a position  represented  by  the  recognized  teacher   organization   for collective  bargaining purposes, or (ii) who held such a position at the time they retired or  discontinued  service  with  vested  rights  to  a retirement  allowance  and elected to defer commencement of distribution of their tax-deferred accounts in accordance with paragraph (c) of  this subdivision; and  (2)  the  provisions  of  subparagraph one of this paragraph shall not affect the rate  of  interest  being  charged  on  new  loans  from  the tax-deferred  annuity  program,  and the rate of interest that was being charged on such loans immediately prior to the effective  date  of  this paragraph  shall  be  used  for  new loans from the tax-deferred annuity program made on or after the effective date of  this  paragraph,  unless the  rules and regulations governing loans from the tax-deferred annuity program are amended pursuant to paragraph (d)  of  this  subdivision  to establish a different rate of interest applicable to such loans; and  (3)  where  a  participant  in  the  tax-deferred  annuity program has elected to transfer all or a portion of the amount credited  to  his  or her  tax-deferred  account in the annuity savings fund to a tax-deferred account in the variable annuity  savings  fund,  the  retirement  system shall  effectuate  such transfer as expeditiously as is administratively feasible.   * NB There are 2 sub 20's   * 20. Eligible rollover distributions. (a) For the  purposes  of  this subdivision,  the  terms "rules and regulations" and "retirement system" shall have the meanings set forth in subparagraphs  three  and  four  of paragraph (a) of subdivision sixteen of this section.  (b)  Notwithstanding  anything  to  the  contrary contained in section twenty-six of the rules and regulations, in the event  that,  under  the terms  of  this  section  or the rules and regulations, a person becomes entitled to a distribution from the retirement system which  constitutes an  "eligible  rollover  distribution"  within  the meaning of paragraph thirty-one of subsection a of section four hundred one of  the  internal revenue  code,  such  distributee  may  elect,  subject to any rules and regulations adopted pursuant to paragraph (c) of  this  subdivision,  to have  such  distribution,  or  a  portion  thereof,  paid directly to an "eligible retirement plan" within the meaning of paragraph thirty-one of subsection a of section four hundred one of the internal revenue code.  (c)  The  retirement  board  is  authorized  to  adopt  such   written administrative  procedures  as it finds to be necessary in administering  the  provisions  of  this  subdivision,  provided  that  they  are   not inconsistent with the applicable provisions of the internal revenue code and the rules and regulations thereunder.   * NB There are 2 sub 20's   21.  Certain  distributions  and  transfers  by  participants  in  the tax-deferred annuity program. (a) For the purposes of this subdivision:  (1) the terms "rules and regulations" and  "retirement  system"  shall have the meanings set forth in subparagraphs three and four of paragraph (a) of subdivision sixteen of this section; and  (2)  the  term  "tax-deferred  annuity program" shall mean the program authorized by section three thousand one hundred nine-A of this  chapter as set forth in section thirty-three of the rules and regulations of the retirement system.  (b) (1) Notwithstanding any other provision of law to the contrary, in the  event  that  a  person  becomes entitled to a distribution from the tax-deferred annuity program which  constitutes  an  "eligible  rollover distribution" within the meaning of paragraph thirty-one of subsection a of  section  four  hundred  one  of  the  internal revenue code (as such section is made  applicable  to  the  tax-deferred  annuity  program  by paragraph  ten  of  subsection  b  of  section four hundred three of the internal revenue code), the person may elect, subject to any  rules  and regulations  adopted  pursuant  to paragraph (c) of this subdivision, to have such distribution, or  a  portion  thereof,  paid  directly  to  an eligible  retirement  plan within the meaning of paragraph thirty-one of subsection a of section four hundred one of the internal revenue code.  (2) Nothing contained in section twenty-six or section thirty-three of the rules and regulations shall be construed to prohibit  a  participant in  the  tax-deferred annuity program from electing to transfer all or a portion of his or her tax-deferred annuity net contributions to  another annuity contract described in subsection b of section four hundred three of  the  internal  revenue  code  where a non-taxable trustee-to-trustee transfer of tax-deferred annuities  is  permitted  by  subsection  b  of section  four  hundred  three  of  such  code  and the applicable rules, regulations and rulings thereunder.  (c)  The  retirement  board  is  authorized  to  adopt  such   written administrative  procedures  as it finds to be necessary in administering the  provisions  of  this  subdivision  provided  that  they   are   not inconsistent with the applicable provisions of the internal revenue code and the rules and regulations thereunder.   22.  (a)  For  the  purposes of this subdivision, the terms "rules and regulations" and "retirement system" shall have the meanings  set  forth in  subparagraphs  three  and  four,  respectively,  of paragraph (a) of subdivision sixteen of this section, and  the  terms  "Tier  I  member", "Tier  II  member",  "education service" and "discontinued member" shall have the meanings set forth in subparagraphs four, five, ten and eleven, respectively, of paragraph (b) of subdivision seventeen of this section, and the term "fifty-five-year-increased-service-fraction  member"  shall have the meaning set forth in paragraph thirty-two of section two of the rules and regulations.  (b)  Notwithstanding  any  other  provision  of  law, subdivision a of section thirty-two of the rules and regulations shall be  deemed  to  be amended to provide that any member of the retirement system who:  (1)  discontinues  education  service on or after July first, nineteen hundred sixty-eight, other than by death, retirement or dismissal; and  (2) is a fifty-five-year-increased-service-fraction member at the time of such discontinuance; and  (3) (i) prior to such discontinuance, completed five or more years  of allowable service; and  (4) does not withdraw his or her accumulated deductions in whole or in part;  shall  have  a  vested  right  to  receive  a deferred retirement allowance  as  provided  in  section  thirty-two  of   the   rules   and regulations.  (c)  Nothing  contained  in  paragraph  (b)  of this subdivision shall change, alter or affect the applicability of the provisions  of  article eleven  of  the retirement and social security law to any Tier II member who  becomes  a  discontinued  member  pursuant  to  the  provisions  of paragraph (b) of this subdivision.  (d)  Notwithstanding any other provision of law, a Tier I discontinued member with ten or more years of  credited  service  in  the  retirement system  who  dies before a retirement benefit becomes payable and who is otherwise not entitled to a death benefit  from  the  retirement  system shall  be  deemed  to  have  died  on the last day that he or she was in service upon which his or her  membership  was  based  for  purposes  of eligibility  for  the  payment  of  a  death  benefit  pursuant  to  the provisions of section twenty of the rules  and  regulations.  The  death benefit  payable in such case shall be one-half of that which would have been payable had such member died on  the  last  day  that  service  was rendered.   23.  (a)  The following terms, as used in this subdivision, shall have the following meanings, unless a different meaning is  plainly  required by the context:  (1)  "BERS"  or "retirement system". The board of education retirement system of the city of New York established pursuant to the provisions of this section.  (2) "BERS rules and regulations". The rules and  regulations  for  the government,  management  and  control  of  BERS  adopted pursuant to the provisions of this section.  (3) "Retirement board". The board  established  as  the  head  of  the retirement system pursuant to sections five and five-a of the BERS rules and regulations.  (b)(1)  In  addition to the powers conferred upon it by the BERS rules and regulations or by any other provision of law, the  retirement  board shall,  on  or  before  April  first  of  each  year, establish a budget sufficient to fulfill the powers, duties and responsibilities set  forth in  the  BERS rules and regulations and any other provision of law which sets forth the benefits of members of the retirement system. Said budget shall also include the amounts withheld for the purpose  of  paying  the expenses  attributable  to  the tax-deferred annuity program pursuant to the provisions of subdivision b of  section  thirty-three  of  the  BERS rules and regulations, and the amounts deposited in the variable annuity expense  fund  pursuant  to  the  provisions of subdivision 1 of section thirty-six of the BERS  rules  and  regulations.  The  retirement  board shall,  if  necessary,  draw upon the assets of the retirement system to fund the portion of such budget which is not derived from subdivision  b of   section   thirty-three  of  the  BERS  rules  and  regulations  and subdivision 1 of section thirty-six of the BERS rules  and  regulations, provided  that  such  action  shall  be  subject  to  the  provisions of subparagraphs two, three, four and five of this paragraph and paragraphs (c), (d), (e) and (f)  of  this  subdivision.  The  provisions  of  this subdivision  shall  not  be  applicable  to  the  payment  of investment expenses pursuant to section 13-705 of the administrative  code  of  the city  of  New  York  and  nothing contained herein shall be construed as abolishing, limiting or modifying any power of the retirement  board  to provide  for  the  payment  of  investment  expenses pursuant to section 13-705 of such code.  (2) If a budget has not been adopted by the commencement  of  the  new fiscal year, the budget for the preceding fiscal year shall be deemed to have  been  extended  for  the  new fiscal year until such time as a new budget is adopted.  (3)  Any  budget in effect pursuant to subparagraph one or two of this paragraph shall be modifiable during such succeeding fiscal year.  (4) Notwithstanding any other provision of law, the  retirement  board shall  have  the power either directly or by delegation to the executive director of the retirement system to obtain by employment or by contract the goods, property and services necessary to fulfill its powers  within the  appropriation  authorized  by  the  retirement  board  pursuant  to subparagraph one of this paragraph.  (5) The provisions of chapter seventeen of the New York  city  charter shall  continue  to  apply  to  the retirement system and the retirement system shall constitute an agency  for  the  purposes  of  such  chapter seventeen.  The  retirement board shall not obtain any legal services by the retention of employees or by contract unless the corporation counsel shall consent thereto.  (6) All contracts for goods or services entered into by the retirement system shall be procured as described for school  districts  in  article five-A  of  the general municipal law. The retirement board shall be the governing body as described in such law.  (7) The provisions of subparagraphs four and  six  of  this  paragraph shall  not  apply  to any contract or contracts relating to the variable annuity funds and tax-deferred  annuity  program  pursuant  to  sections thirty-three and thirty-six of the BERS rules and regulations.  (c) Notwithstanding the provisions of paragraph (a) of subdivision one of  this  section  or any other provision of law or any provision of the BERS rules and regulations  to  the  contrary,  any  resolution  of  the retirement  board  which  establishes  a  budget  or  modifies  a budget pursuant to the provisions of subparagraph one or three of paragraph (b) of this subdivision shall  require  the  concurrence  of  at  least  one retirement  board  member  who is appointed to the board of education by the mayor of the city of New York, and as otherwise required by law. The provisions of this paragraph shall apply  only  to  resolutions  of  the retirement  board  which  establish  or modify a budget pursuant to this subdivision, and nothing contained in this paragraph shall be  construed to  apply  to  any  other vote of the retirement board. No assets of the retirement system shall be drawn upon  pursuant  to  the  provisions  of subparagraph  one of paragraph (b) of this subdivision unless authorized by a budget or budget modification established by a  resolution  of  the retirement board.  (d)  Employment  by  the  retirement system shall constitute education service for the purposes of the BERS rules and regulations and any other provision of law which governs the crediting of service for  members  of the  retirement system; provided, however, that nothing contained herein shall be construed as  granting  membership  rights  in  the  retirement system  to  a  contractor  of the retirement system or such contractor's employees.  (e) Whenever the assets  of  the  retirement  system  are  drawn  upon pursuant  to the provisions of subparagraph one of paragraph (b) of this subdivision, all monies so withdrawn shall be made a charge to  be  paid by  each participating employer otherwise required to make contributions to the retirement system no later than the end of the fiscal  year  next succeeding  the  time  period  during which such assets were drawn upon, provided, however, that where such charge is for assets so withdrawn  in fiscal  year  two thousand four--two thousand five or in any fiscal year thereafter, such  charge  shall  be  paid  by  each  such  participating  employer  no later than the end of the second fiscal year succeeding the time period during which such assets were drawn upon.  The  actuary  for the  retirement  system  shall  calculate  and  allocate  to  each  such participating  employer  its  share  of  such charge by multiplying such charge by a fraction, the numerator of which shall consist of the  total salaries  of the employees of each participating employer as of the June thirtieth succeeding the withdrawal of assets  and  the  denominator  of which  shall  consist of the total salaries of members of the retirement system as of such June thirtieth. All charges to  be  paid  pursuant  to this  subdivision shall be paid at the regular rate of interest utilized by the actuary in determining employer contributions to  the  retirement system  pursuant  to the provisions of paragraph two of subdivision b of section 13-638.2 of the administrative code of the city of New York.  (f) The funds withdrawn  from  the  retirement  system  shall  not  be utilized  for  any  purpose  other  than  the  budget established by the retirement board. All expenditures of the  retirement  system  shall  be subject  to  audit  by  the comptroller of the city of New York, who may make recommendations, including but not limited to, procedures  designed to  improve  accounting and expenditure control. All expenditures of the retirement system shall be reported to the mayor's office of  management and budget and the budgetary office of all participating employers.  (g)  The  executive  director  of  the retirement system, who shall be appointed by the retirement board, shall perform such duties as  may  be conferred upon him or her by the chairperson of the retirement board, by resolution adopted by the retirement board, or by law.   * 24. (a) The following terms, as used in this subdivision, shall have the  following  meanings, unless a different meaning is plainly required by the context:  (1) "Board of education". The board of education of a city.  (2) "City". A city having a population of one million or more.  (3) "Retirement system". The  board  of  education  retirement  system established pursuant to the provisions of this section in a city.  (4)  "Rules  and  regulations".  The  rules  and  regulations  for the government, management and control  of  the  retirement  system  adopted pursuant to this section.  (5)  "Retirement board". The retirement board of the retirement system provided for in section five-a of the rules and regulations.  (6) "Retirement benefits". Benefits payable to a  beneficiary  by  the retirement  system  which  are  subject  to  the  limitations imposed by section 415(b) of the Internal Revenue Code.  (7) "Beneficiary". A person who is receiving retirement benefits  from the retirement system.  (8) "Excess benefit plan". The excess benefit plan established by this subdivision  for  the sole purpose of paying benefits as permitted under section 415(m) of the Internal Revenue Code.  (9)  "Eligible  participant".  A  beneficiary  who  is   entitled   to replacement  benefits  from  the  excess benefit plan for a plan year in accordance with paragraphs (d) and (e) of this subdivision.  (10) "Replacement  benefits".  The  benefits  payable  by  the  excess benefit  plan  to  an  eligible  participant  as  determined pursuant to paragraph (e) of this subdivision.  (11) "Internal Revenue Code". The Federal  Internal  Revenue  Code  of 1986, as amended.  (12)  "Plan  year".  The  limitation  year of the retirement system as provided in section six hundred twenty  of  the  retirement  and  social security law.  (b)  There  is  hereby  established  an  excess benefit plan, the sole purpose of which shall be to provide replacement benefits, as  permitted  by  section  415(m) of the Internal Revenue Code, to beneficiaries whose annual retirement benefits  have  been  reduced  because  such  benefits exceed the limitations imposed by section 415(b) of the Internal Revenue Code.  The  excess  benefit plan shall be administered by the retirement board.  (c) There is hereby established a fund  to  be  known  as  the  excess benefit fund which shall be maintained for the sole purpose of providing replacement benefits to eligible participants in the excess benefit plan established  by  this  subdivision, as permitted under section 415(m) of the Internal Revenue Code. Such fund  shall  consist  of  such  employer contributions as shall be made thereto pursuant to paragraph (f) of this subdivision. Such contributions to the excess benefit fund shall be held separate  and  apart  from  the  assets  held  by the other funds of the retirement system, provided, however, that  the  assets  of  the  excess benefit  fund  may  be invested with the other retirement system assets, but such excess benefit fund assets shall be  accounted  for  separately from the other retirement system assets.  (d)  All  beneficiaries  of  the  retirement  system  whose retirement benefits for a plan year are being reduced because of section 415(b)  of the  Internal  Revenue Code shall be eligible participants in the excess benefit plan for that plan year. Participation  in  the  excess  benefit plan  shall  be  determined  for  each  plan year. No beneficiary of the retirement system shall be an eligible participant in the excess benefit plan for any plan year for which his or her retirement benefits are  not reduced because of section 415(b) of the Internal Revenue Code.  (e)(1)  For  each  plan  year  in  which  a beneficiary is an eligible participant in the excess benefit plan, such eligible participant  shall receive  replacement  benefits from the excess benefit plan equal to the difference between the full amount of the retirement benefits  otherwise payable  to  the  eligible  participant  for that plan year prior to any reduction because of section 415(b) of the Internal  Revenue  Code,  and the  retirement  benefits  payable  to the eligible participant for that plan year as reduced because of section 415(b) of the  Internal  Revenue Code.  No  replacement benefits for any plan year shall be paid pursuant to this paragraph to any beneficiary who  is  not  receiving  retirement benefits from the retirement system for that plan year.  (2) Replacement benefits pursuant to this subdivision shall be paid at the  same  time  and in the same manner as the retirement benefits which are being  replaced.  At  no  time  shall  an  eligible  participant  be permitted  directly or indirectly to defer compensation under the excess benefit plan.  (f)(1) The required employer contributions to the excess benefit  fund for  each  plan  year  shall be an amount, as determined by the actuary, which is necessary to pay the total amount of replacement benefits  that are  payable  pursuant  to this subdivision to eligible participants for that plan year.  (2) Such required employer contributions shall be paid into the excess benefit fund from an allocation of  the  employer  contribution  amounts paid  by  the  board of education and other public employers pursuant to the applicable provisions of subdivision sixteen  of  this  section  and other   applicable  provisions  of  law.  Such  allocation  of  employer contribution amounts shall be paid into the excess benefit fund at  such times and in such amounts as determined by the actuary.  (3) The benefit liabilities of the excess benefit plan shall be funded on  a plan year to plan year basis, provided, however, that any employer contributions to the  excess  benefit  fund,  including  any  investment earnings  on  such  contributions, which are not used to pay replacement  benefits for the current plan year shall  be  used  to  pay  replacement benefits for future plan years.  (g)  The  right  of  an  eligible  participant  to receive replacement benefits pursuant to this  subdivision,  and  the  replacement  benefits received pursuant to this subdivision, shall be exempt from any state or municipal  tax,  and  shall  not  be  subject to execution, garnishment, attachment or any other process whatsoever, and shall  be  unassignable, except  as  otherwise  specifically provided for benefits payable by the retirement system.   * NB There are 2 sb 24's   * 24. Notwithstanding any provisions of the rules  or  regulations  or any  other  provision  of  law  to  the  contrary,  in  a  city having a population of one million or more, the board of education shall adopt  a resolution  amending  the  provisions  governing  any  retirement system adopted pursuant to or subject to the provisions of this section to  the extent  necessary to grant a retired member the right, at any time after his  or  her  retirement,  to  execute  and  file   a   dues   deduction authorization  card  with the member's retirement system authorizing the payment of  voluntary  contributions  to  the  political  committee,  as defined  in  section  fourteen-one  hundred of the election law, of such member's employee organization; (or a retirees' association chartered by the  member's  employee  organization)  provided  such  organization  is certified  or  recognized  pursuant  to  article  fourteen  of the civil service law as the representative of employees in the  negotiation  unit in  which such member was employed. Such authorization shall continue in effect until revoked in writing by such member.  The  comptroller  shall determine   the   cost   of   administrative  deductions  for  voluntary contributions to the political committees; and the cost incurred by  the retirement system in administering such contributions shall be paid from the funds of the political committee.   * NB There are 2 sb 24's   25.  (a)  For  the  purposes of this subdivision, the terms "rules and regulations" and "retirement system" shall have the meanings  set  forth in  subparagraphs  three  and  four,  respectively,  of paragraph (a) of subdivision sixteen of this section.  (b) Notwithstanding any other provision of law to  the  contrary,  the rules  and  regulations adopted pursuant to this section shall be deemed to be amended to provide that a member of the retirement system shall be deemed to have died as the natural and proximate result of  an  accident sustained in the performance of duty upon which his or her membership is based,  and  not  as  a result of willful negligence on his or her part, provided that such member was in active service upon which  his  or  her membership  is  based at the time that such member was ordered to active duty pursuant to Title 10 of the United  States  Code,  with  the  armed forces  of  the  United  States  or to service in the uniformed services pursuant to Chapter 43 of Title 38 of the United States Code,  and  such member  died  while  on  such  active  duty  or service in the uniformed services on or after June fourteenth, two thousand five while serving on such active military duty or in the uniformed services.  (c) Notwithstanding any other provision of law to  the  contrary,  the rules  and  regulations adopted pursuant to this section shall be deemed to be amended to provide that  any  requirement  that  applications  for accidental  disability  be  filed within a limited time period after the happening  of  such  accident  shall  not  apply  to  a  vested   member incapacitated  as  a result of a qualifying World Trade Center condition as defined in section two of the retirement and social security law.  (d)(1)(i) Notwithstanding any other provision of law to the  contrary, the  rules  and  regulations  adopted  pursuant to this section shall be  deemed to be amended to provide that if any condition or  impairment  of health is caused by a qualifying World Trade Center condition as defined in  section  two  of the retirement and social security law, it shall be presumptive  evidence  that  it  was  incurred  in  the  performance and discharge of duty and the natural and proximate result  of  an  accident not  caused by such member's own willful negligence, unless the contrary be proved by competent evidence.  (ii) The New York city board of education retirement board  is  hereby authorized   to  promulgate  rules  and  regulations  to  implement  the provisions of this paragraph.  (2)(i) Notwithstanding any other provision of law to the contrary, the rules and regulations adopted pursuant to this section shall  be  deemed to  be  amended  to  provide  that if a member who participated in World Trade Center rescue,  recovery  or  cleanup  operations  as  defined  in section  two of the retirement and social security law, and subsequently retired on a service retirement, an ordinary disability  retirement,  an accidental  disability  retirement,  a  performance  of  duty disability retirement, or was  separated  from  service  with  a  vested  right  to deferred  payability  of  a  retirement allowance and subsequent to such retirement or separation is determined by the  head  of  the  retirement system  or  applicable  medical  board  to have a qualifying World Trade Center condition, as defined in section two of the retirement and social security law, upon such determination by the  New  York  city  board  of education  retirement  board  or  applicable  medical board, it shall be presumed that such  disability  was  incurred  in  the  performance  and discharge of duty as the natural and proximate result of an accident not caused  by  such  member's  own  willful negligence, and that the member would have been physically or mentally incapacitated for the performance and discharge of duty of the position from which he or  she  retired  or vested  had  the condition been known and fully developed at the time of the member's retirement or separation from service with  vested  rights, unless the contrary is proven by competent evidence.  (ii)  The  New  York  city  board  of education retirement board shall consider a reclassification of the member's retirement or vesting as  an accidental  disability  retirement  effective  as  of  the  date of such reclassification.  (iii) Such member's retirement option shall not be changed as a result of such reclassification.  (iv) The  member's  former  employer  at  the  time  of  the  member's retirement  shall  have  an  opportunity  to  be  heard  on the member's application for reclassification by the New York city board of education retirement board according to procedures developed by the New York  city board of education retirement board.  (v)  The  New  York city board of education retirement board is hereby authorized  to  promulgate  rules  and  regulations  to  implement   the provisions of this paragraph.  (e)  Notwithstanding  any  other provision of law to the contrary, the rules and regulations adopted pursuant to this section shall  be  deemed to  be  amended  to provide that if a retiree or vestee who: (1) has met the criteria of paragraph (d) of  this  subdivision  and  retired  on  a service  or  disability  retirement,  would have met the criteria if not already retired on an  accidental  disability,  or  was  separated  from service  with  a  vested  right  to  deferred payability of a retirement allowance; and (2) has not been retired for more than twenty-five years; and (3) dies from a qualifying World Trade Center condition, as  defined in  section two of the retirement and social security law, as determined by the applicable head of the retirement system  or  applicable  medical board,  then  unless  the contrary be proven by competent evidence, such  retiree or vestee shall  be  deemed  to  have  died  as  a  natural  and proximate result of an accident sustained in the performance of duty and not as a result of willful negligence on his or her part. Such retiree's or  vestee's  eligible  beneficiary, as set forth in title twenty-one of the rules and regulation, shall  be  entitled  to  an  accidental  death benefit  as  provided  by title twenty-one of the rules and regulations, however, for the purposes of determining the salary base upon which  the accidental  death  benefit is calculated, the retiree or vestee shall be deemed to have died on the date of his or her retirement  or  separation from  service  with vested rights. Upon the retiree's or vestee's death, the eligible beneficiary shall make a written application to the head of the retirement system within the time for filing an application  for  an accidental  death  benefit as set forth in title twenty-one of the rules and regulations requesting conversion of such retiree's service,  vested right  or  disability retirement benefit to an accidental death benefit. At  the  time  of  such  conversion,  the  eligible  beneficiary   shall relinquish  all  rights  to  the  prospective benefits payable under the service or disability  retirement  benefit,  or  vested  right  to  such benefit,   including  any  post-retirement  death  benefits,  since  the retiree's or vestee's death. If the eligible beneficiary is not the only beneficiary receiving or entitled to receive a benefit under the service or  disability  retirement  benefit  (including,  but  not  limited  to, post-retirement  death  benefits or benefits paid or payable pursuant to the retiree's option selection), or that  will  be  eligible  under  the vested  right  the  accidental  death  benefit  payments to the eligible beneficiary will be reduced by any amounts paid or payable to any  other beneficiary.  (f)  Notwithstanding  any  other provision of law to the contrary, the rules and regulations adopted pursuant to this section shall  be  deemed to  be amended to provide that if a member who: (1) has met the criteria of paragraph (d) of this subdivision; (2)  dies  in  active  service  or after separating from service with a vested right to deferred payability of  a  retirement  allowance,  but  prior  to  the  payability  of  that retirement allowance; and (3) dies from a qualifying World Trade  Center condition,  as  defined  in  section  two  of  the retirement and social security law, as determined by the applicable  head  of  the  retirement system  or  applicable medical board, then unless the contrary be proven by competent evidence, such member shall be deemed to  have  died  as  a natural and proximate result of an accident sustained in the performance of  duty  and  not as a result of willful negligence on his or her part. Such member's eligible beneficiary, as set forth in title twenty-one  of the  rules  and  regulations  shall  be  entitled to an accidental death benefit provided he or she makes written application to the head of  the retirement  system  as  set  forth  in title twenty-one of the rules and regulations.   * 26. (a) Notwithstanding any other provision of this  article  or  of any  general,  special  or local law to the contrary, and solely for the purpose of determining eligibility  for  benefits  under  this  section, where:  (i) a member reported in person to such member's usual place of public employment  at  the direction of such member's public employer or to any alternate worksite as directed by such  public  employer,  on  or  after March  first, two thousand twenty, provided that such alternate worksite was not such member's home or residence;  (ii) such member contracted  COVID-19  within  forty-five  days  after reporting  to work as described in subparagraph (i) of this paragraph as confirmed by a positive laboratory test or as diagnosed before or  after such  member's  death by a licensed, certified, registered or authorized  physician, nurse practitioner, or  physician's  assistant  currently  in good  standing in any state or the District of Columbia, or a physician, nurse practitioner, or physician's assistant authorized to  practice  in New  York  by  executive  order  during  the  declared COVID-19 state of emergency; and  (iii) such  member  died  on  or  before  December  thirty-first,  two thousand  twenty,  and  COVID-19  caused or contributed to such member's death, as documented on such member's death certificate, or as certified by a physician, nurse practitioner, or physician's  assistant  described in  subparagraph (ii) of this paragraph who determines with a reasonable degree of medical certainty that COVID-19 caused or contributed  to  the member's  death,  such  member's  statutory beneficiary shall receive an accidental death benefit, unless such statutory  beneficiary  elects  to receive an ordinary death benefit.  (b)  Any  amount  payable  as  a  result  of this subdivision shall be reduced by any amount paid by such member's  retirement  system  to  any recipient of ordinary death benefits under this article.  (c)  (i)  Notwithstanding  any  provision  of  this  article or of any general, special or local law  to  the  contrary,  and  solely  for  the purpose  of  determining  eligibility  for  benefits under this section, where a member:  (1) retired from his or her retirement system on or after March first, two thousand twenty, and before July first, two thousand twenty;  (2) on or after March first, two thousand twenty, reported  in  person to  such  member's  usual place of public employment at the direction of such member's public employer or to any alternate worksite  as  directed by  such  public employer, provided that such alternate worksite was not such member's home or residence;  (3) contracted COVID-19 within forty-five days after any such date  of reporting  to work in person, as confirmed by a positive laboratory test or as diagnosed before or after  such  member's  death  by  a  licensed, certified,  registered  or  authorized physician, nurse practitioner, or physician's assistant currently in good standing in  any  state  or  the District of Columbia, or a physician, nurse practitioner, or physician's assistant  authorized  to practice in New York by executive order during the declared COVID-19 state of emergency; and  (4) such member died on or before December thirty-first, two  thousand twenty,  and  COVID-19  caused or contributed to such member's death, as documented on such member's death certificate,  or  as  certified  by  a physician,  nurse  practitioner,  or  physician's assistant described in clause three of this  subparagraph  who  determines  with  a  reasonable degree  of  medical certainty that COVID-19 caused or contributed to the member's death, such member's statutory  beneficiary  shall  receive  an accidental death benefit if such statutory beneficiary elects conversion of  the  member's  service  or  disability  retirement  benefit  into an accidental death benefit.  (ii) Such  member's  statutory  beneficiary,  as  defined  under  this section,  for  purposes  of  accidental death benefits payable from such member's retirement system under this section, may, within  ninety  days of  such  member's  retirement  or September first, two thousand twenty, whichever is later, apply to such member's retirement system to  request the conversion of such member's service or disability retirement benefit into  an  accidental death benefit. For purposes of the salary base upon which the accidental death benefit is calculated, such member  shall  be deemed to have died on the date of such member's retirement. At the time of  such  conversion,  such  statutory  beneficiary shall relinquish all rights  to  the  prospective  benefits  payable  under  the  service  or disability  retirement  statute,  including  any  post-retirement  death  benefits, since such member's death. If the statutory beneficiary is not the only beneficiary receiving or entitled to receive  a  benefit  under the service or disability retirement statute, including, but not limited to,  a post-retirement death benefit or benefit paid or payable pursuant to the member's option selection, the accidental death benefit  payments to  the  statutory  beneficiary  will  be reduced by any amounts paid or payable to any other statutory beneficiary.  (d) In order  to  be  eligible  for  the  benefit  described  in  this subdivision,  the applicable retirement system or systems are authorized to  promulgate  rules  and  regulations  to  administer   this   benefit including,  but  not  limited  to,  requiring  a  statement  to be filed confirming the member contracted COVID-19 and the dates and locations of the member's employment.   * NB There are 2 sb 26's   * NB Repealed December 31, 2020   * 26. (a) Notwithstanding any other provision of this  article  or  of any  general,  special  or local law to the contrary, and solely for the purpose of determining eligibility  for  benefits  under  this  section, where:  (i) a member reported in person to such member's usual place of public employment  at  the direction of such member's public employer or to any alternate worksite as directed by such  public  employer,  on  or  after March  first, two thousand twenty, provided that such alternate worksite was not such member's home or residence;  (ii) such member contracted  COVID-19  within  forty-five  days  after reporting  to work as described in subparagraph (i) of this paragraph as confirmed by a positive laboratory test or as diagnosed before or  after such  member's  death by a licensed, certified, registered or authorized physician, nurse practitioner, or  physician's  assistant  currently  in good  standing in any state or the District of Columbia, or a physician, nurse practitioner, or physician's assistant authorized to  practice  in New  York  by  executive  order  during  the  declared COVID-19 state of emergency; and  (iii) such  member  died  on  or  before  December  thirty-first,  two thousand twenty-two, and COVID-19 caused or contributed to such member's death, as documented on such member's death certificate, or as certified by  a  physician, nurse practitioner, or physician's assistant described in subparagraph (ii) of this paragraph who determines with a  reasonable degree  of  medical certainty that COVID-19 caused or contributed to the member's death, such member's statutory  beneficiary  shall  receive  an accidental  death  benefit,  unless such statutory beneficiary elects to receive an ordinary death benefit.  (b) Any amount payable as  a  result  of  this  subdivision  shall  be reduced  by  any  amount  paid by such member's retirement system to any recipient of ordinary death benefits under this article.  (c) (i) Notwithstanding any  provision  of  this  article  or  of  any general,  special  or  local  law  to  the  contrary, and solely for the purpose of determining eligibility  for  benefits  under  this  section, where a member:  (1) retired from his or her retirement system on or after March first, two thousand twenty, and before July first, two thousand twenty;  (2)  on  or after March first, two thousand twenty, reported in person to such member's usual place of public employment at  the  direction  of such  member's  public employer or to any alternate worksite as directed by such public employer, provided that such alternate worksite  was  not such member's home or residence;  (3)  contracted COVID-19 within forty-five days after any such date of reporting to work in person, as confirmed by a positive laboratory  test  or  as  diagnosed  before  or  after  such member's death by a licensed, certified, registered or authorized physician,  nurse  practitioner,  or physician's  assistant  currently  in  good standing in any state or the District of Columbia, or a physician, nurse practitioner, or physician's assistant  authorized  to practice in New York by executive order during the declared COVID-19 state of emergency; and  (4) such member died on or before December thirty-first, two  thousand twenty,  and  COVID-19  caused or contributed to such member's death, as documented on such member's death certificate,  or  as  certified  by  a physician,  nurse  practitioner,  or  physician's assistant described in clause three of this  subparagraph  who  determines  with  a  reasonable degree  of  medical certainty that COVID-19 caused or contributed to the member's death, such member's statutory  beneficiary  shall  receive  an accidental death benefit if such statutory beneficiary elects conversion of  the  member's  service  or  disability  retirement  benefit  into an accidental death benefit.  (ii) Such  member's  statutory  beneficiary,  as  defined  under  this section,  for  purposes  of  accidental death benefits payable from such member's retirement system under this section, may, within  ninety  days of  such  member's  retirement  or September first, two thousand twenty, whichever is later, apply to such member's retirement system to  request the conversion of such member's service or disability retirement benefit into  an  accidental death benefit. For purposes of the salary base upon which the accidental death benefit is calculated, such member  shall  be deemed to have died on the date of such member's retirement. At the time of  such  conversion,  such  statutory  beneficiary shall relinquish all rights  to  the  prospective  benefits  payable  under  the  service  or disability  retirement  statute,  including  any  post-retirement  death benefits, since such member's death. If the statutory beneficiary is not the only beneficiary receiving or entitled to receive  a  benefit  under the service or disability retirement statute, including, but not limited to,  a post-retirement death benefit or benefit paid or payable pursuant to the member's option selection, the accidental death benefit  payments to  the  statutory  beneficiary  will  be reduced by any amounts paid or payable to any other statutory beneficiary.  (d) In order  to  be  eligible  for  the  benefit  described  in  this subdivision,  the applicable retirement system or systems are authorized to  promulgate  rules  and  regulations  to  administer   this   benefit including,  but  not  limited  to,  requiring  a  statement  to be filed confirming the member contracted COVID-19 and the dates and locations of the member's employment.   * NB There are 2 sb 26's   * NB Repealed December 31, 2022