NY Ret & SS L § 604-C-2 (2021)
2021 New York Laws RSS - Retirement and Social Security Article 15 - Coordinated Retirement Plan 604-C*2 - Optional Twenty-Five-Year Early Retirement Program for Certain New York City Members.

* §  604-c.  Optional  twenty-five-year  early  retirement program for certain New York city members. a. Definitions. The following  words  and phrases as used in this section shall have the following meanings unless a different meaning is plainly required by the context.   1. "NYCERS" shall mean the New York city employees' retirement system.   2.  "BERS"  shall mean the board of education retirement system of the city of New York.   3. "Administrative code" shall mean the  administrative  code  of  the city of New York.   4.  "BERS  rules and regulations" shall mean the rules and regulations for the government, management and control of BERS adopted  pursuant  to section twenty-five hundred seventy-five of the education law.   5. "New York city eligible position" shall mean:  (i)  with  respect to members of NYCERS, all positions in city-service (as defined in subdivision three of section 13-101 of the administrative code), except (a) any position in the uniformed transit police force, as defined  in  subdivision   thirty-one   of   section   13-101   of   the administrative  code;  (b)  any  position  in  the New York city transit authority which is covered by the  provisions  of  section  six  hundred four-b  of  this  article,  whether  or  not the person employed in such position is a participant in the retirement program set  forth  in  such section  six  hundred  four-b  of  this article; (c) any position in the housing police service, as defined in subdivision thirty-five of section 13-101 of the administrative code; (d) any  position  in  the  uniformed correction  force,  as  defined  in  subdivision  thirty-nine of section 13-101 of the administrative code; (e) any  position  in  the  uniformed force  of  the  department  of  sanitation,  as  defined  in subdivision sixty-two  of  section  13-101  of  the  administrative  code;  (f)  the positions  of  bridge  and  tunnel  officer, bridge and tunnel sergeant, bridge and tunnel lieutenant, assistant bridge  and  tunnel  maintainer, bridge  and  tunnel  maintainer, senior bridge and tunnel maintainer and laborer with  the  Triborough  bridge  and  tunnel  authority;  (g)  any position  in  the  division  of  housing  and community renewal; (h) any position in the unified court system; (i) any teaching position with the city university of New York; and (j) any  position  as  an  investigator member; or  (ii)  with  respect  to  members  of  BERS, all positions in education service (as defined in paragraph thirteen of this  subdivision),  except any  position  as a substitute teacher or any other position represented by  the  recognized  teacher  organization  for  collective   bargaining purposes.   6.  "New  York  city eligible member" shall mean a member of NYCERS or BERS who is subject to  the  provisions  of  this  article  and  who  is employed in a New York city eligible position.   7.  "Twenty-five-year  early  retirement  program"  shall mean all the terms and conditions of this section.   8. "Starting date of the twenty-five-year  early  retirement  program" shall  mean  the  commencement  date  of  the first payroll period which begins after January first, nineteen hundred ninety-five.   9. "Enactment date of the twenty-five-year early  retirement  program" shall mean the date this section takes effect.   10.  "Participant  in  the  twenty-five-year early retirement program" shall mean any New York city eligible member who, under  the  applicable provisions  of subdivision b of this section, is entitled to the rights, benefits and privileges  and  is  subject  to  the  obligations  of  the twenty-five-year early retirement program, as applicable to him or her.   11. "Physically taxing position" shall mean, for a member of NYCERS, a New York city eligible position which is a physically taxing position as  defined in subdivision fifty-six of section 13-101 of the administrative code  or,  for a member of BERS, a New York city eligible position which is a physically taxing position as defined in subdivision thirty-five of section two of the BERS rules and regulations.   12. "Participating retirement system" shall mean NYCERS or BERS.   13.  "Education  service"  shall  mean  service  as a paid official or employee of the board of education of the city of New York  or  the  New York  city  school construction authority, and allowable pursuant to the applicable provisions which govern the service credit  of  a  member  of BERS.   b.  Participation  in  twenty-five-year  early  retirement program. 1. Subject to the provisions of paragraphs five,  six  and  seven  of  this subdivision,  any  person  who  is  employed in a New York city eligible position on the enactment date of the twenty-five-year early  retirement program, and who is a New York city eligible member in active service on such   enactment  date,  may  elect  to  become  a  participant  in  the twenty-five-year early retirement program by filing, within ninety  days after  the  enactment  date  of  the  twenty-five-year  early retirement program, a duly executed application for  such  participation  with  the retirement  system  of which such person is a member, provided he or she is a New York city eligible member in active service on  the  date  such application is filed.   2. Subject to the provisions of paragraphs five, six and seven of this subdivision,  any person (i) who is employed in a New York city eligible position on the enactment date of the twenty-five-year early  retirement program, or who, on such enactment date, is a discontinued member not in active  service  who  is entitled to a deferred vested benefit at normal retirement age, and (ii) who becomes a New York city eligible member  in active  service  after  such  enactment  date,  may  elect  to  become a participant in the twenty-five year early retirement program by  filing, within  ninety  days  after  becoming a New York city eligible member in active service, a duly executed application for such participation  with the  retirement  system of which such person is a member, provided he or she is a New York city eligible member in active  service  on  the  date such application is filed.   2-a.  Notwithstanding  any  other provision of this subdivision or any other provision of law to the contrary, no member who becomes subject to the provisions of this article on or after the effective  date  of  this paragraph   shall   be  a  participant  in  the  twenty-five-year  early retirement program.   3. (i) Except as provided in subparagraph (ii) of this paragraph,  any election  to  be  a participant in the twenty-five-year early retirement program shall be irrevocable.  (ii) Notwithstanding any other provision of law to the  contrary,  any participant  in  the twenty-five-year early retirement program whose age and amount of credited service (which amount of credited service  shall, for  the  limited  purposes  only  of this subparagraph, include service rendered previous to becoming a member which is not  yet  credited,  but for  which  such  person  is  or  may  become  eligible to obtain credit pursuant to section six hundred nine of this article)  at  the  time  of first  becoming  such  a  participant  are such that he or she could not possibly be able to accumulate a total of at least twenty-five years  of credited  service  by the time he or she reaches age sixty-two, assuming such person were to earn a full year of credited  service  in  each  and every  year  until  he or she becomes sixty-two years of age (whether or not such person actually intends to earn such amounts  of  credit),  may withdraw  from  the twenty-five-year early retirement program by filing, within two years after first becoming such a participant, or within  the  period  beginning  November  first,  nineteen  hundred  ninety-seven and ending January  thirtieth,  nineteen  hundred  ninety-eight,  a  written request  to  withdraw  from  such  program with the retirement system of which such person is a member.   4.  Where  any  participant  in  the twenty-five-year early retirement program shall cease to hold a New York city eligible position, he or she shall cease to be such a participant and, during  any  period  in  which such  person is not a New York city eligible member, he or she shall not be a participant in the twenty-five-year early retirement program.   5. Where any participant  in  the  twenty-five-year  early  retirement program  terminates  service  in  a  New York city eligible position and returns to service in a New York city eligible position at a later  date and again becomes a New York city eligible member, he or she shall again become such a participant upon becoming a New York city eligible member.   6.  For  the limited purposes only of determining eligibility to elect to become a participant in the twenty-five-year early retirement program pursuant to paragraph one or two of this subdivision, a person shall  be deemed  to  be  employed  in  a  New  York city eligible position on the enactment date of the twenty-five-year early retirement program  if,  on such  enactment date, such person is (i) in active service in a New York city eligible position, (ii) on a leave of absence without  pay  from  a New  York city eligible position approved by his or her public employer, and such person returns to active service in a New  York  city  eligible position after such enactment date and within five years after beginning such  unpaid  leave of absence or (iii) on suspension without pay from a New York city eligible position, and such person is reinstated from such suspension to active service in such an  eligible  position  after  such enactment date by his or her public employer.   7.  Notwithstanding  any  other  provision of law to the contrary, any person who  is  eligible  to  elect  to  become  a  participant  in  the twenty-five-year  early  retirement program pursuant to paragraph one or two of this subdivision for the full ninety-day period provided  for  in such  applicable  subparagraph,  and  who  fails  to  timely file a duly executed  application  for  such  participation  with  the   appropriate retirement  system,  shall  not  thereafter  be  eligible  to  become  a participant in such program.   c. 1. Non-physically taxing service retirement. A participant  in  the twenty-five year early retirement program:  (i)  who  has completed twenty-five or more years of credited service; and  (ii) who has attained age fifty-five; and  (iii) who, subject to the provisions of paragraph ten of subdivision d of this section, has paid, before the effective date of retirement,  all additional  member  contributions  and  interest  (if  any)  required by paragraphs one, four, five and six of subdivision d of this section; and  (iv) who files with the retirement system of which  he  or  she  is  a member  an application for service retirement setting forth at what time he or she desires to be retired; and  (v)  who  shall  be  a  participant  in  the  twenty-five-year   early retirement program in active service at the time so specified for his or her  retirement;  shall  be  retired  pursuant to the provisions of this paragraph affording early service retirement.   2.  Physically  taxing  service  retirement.  A  participant  in   the twenty-five-year early retirement program:  (i) who has completed twenty-five or more years of credited service in a  physically  taxing  position  (as  defined  in  paragraph  eleven  of subdivision a of this section); and  (ii) who has attained age fifty; and  (iii) who, subject to the provisions of paragraph ten of subdivision d of this section, has paid, before the effective date of retirement,  all additional  member  contributions  and  interest  (if  any)  required by paragraphs one, four, five and six of subdivision d of this section; and  (iv)  who  files  with  the  retirement system of which he or she is a member an application for service retirement setting forth at what  time he or she desires to be retired; and  (v)   who  shall  be  a  participant  in  the  twenty-five-year  early retirement program in active service at the time so specified for his or her retirement; shall be retired pursuant  to  the  provisions  of  this paragraph   affording  early  service  retirement  for  participants  in physically taxing positions.   3. Service retirement benefits. Notwithstanding any other provision of law to the contrary, and subject to the provisions of paragraph  ten  of subdivision  d of this section, the early service retirement benefit for a participant in  the  twenty-five-year  early  retirement  program  who retires  pursuant  to  either  paragraph  one or two of this subdivision shall be a retirement allowance equal to one-fiftieth of  final  average salary  times  years  of credited service not in excess of thirty years. Credited service in excess of thirty years shall provide  an  additional retirement  allowance equal to three-two hundredths of the final average salary for each year of credited service in excess of thirty years.   d. Additional member contributions.  1.  In  addition  to  the  member contributions  required by section six hundred thirteen of this article, each participant in the twenty-five-year early retirement program  shall contribute  (subject  to  the  applicable provisions of subdivision d of section six hundred thirteen of this article) an  additional  percentage or  additional  percentages of his or her compensation to the retirement system of which he or she is a member in accordance with  the  following schedule:  (i)  (A) each such participant shall contribute an additional four and thirty-five one-hundredths percent of his  or  her  compensation  earned from  all  credited  service  (whether  or  not  in  a physically taxing position)  rendered  on   and   after   the   starting   date   of   the twenty-five-year  early retirement program and prior to the commencement date of the first payroll  period  which  begins  after  January  first, nineteen  hundred ninety-eight (1) while such person is a participant in such program; and (2) before such  person  becomes  such  a  participant pursuant  to  paragraph  one  or  two  of  subdivision b of this section (whether or not rendered in a New York city eligible position); and  (3) after such person ceases to be a participant, but before he or she again becomes   such   a  participant  pursuant  to  paragraph  five  of  such subdivision b (whether or not rendered  in  a  New  York  city  eligible position); and  (B)  each  such  participant  shall  contribute  an additional two and eighty-five one-hundredths percent of his  or  her  compensation  earned from  all  credited  service  (whether  or  not  in  a physically taxing position) rendered on and after  the  commencement  date  of  the  first payroll  period  which  begins  after  January  first,  nineteen hundred ninety-eight and prior to the commencement date  of  the  first  payroll period  which  begins subsequent to the effective date of the chapter of the laws of two thousand one which amended  this  item  (1)  while  such person  is  a  participant  in  such program; and (2) before such person becomes  such  a  participant  pursuant  to  paragraph  one  or  two  of subdivision  b  of  this  section (whether or not rendered in a New York city eligible position); and (3)  after  such  person  ceases  to  be  a participant,  but  before  he  or  she  again becomes such a participant  pursuant to paragraph  five  of  such  subdivision  b  (whether  or  not rendered in a New York city eligible position); and  (C)  each  such  participant  shall  contribute  an additional one and eighty-five one-hundredths percent of his  or  her  compensation  earned from  all  credited  service  (whether  or  not  in  a physically taxing position) rendered on and after  the  commencement  date  of  the  first payroll  period  which  begins  subsequent  to the effective date of the chapter of the laws of two thousand one which added this item (1)  while such person is a participant in such program; and (2) before such person becomes  such  a  participant  pursuant  to  paragraph  one  or  two  of subdivision b of this section (whether or not rendered  in  a  New  York city  eligible  position);  and  (3)  after  such  person ceases to be a participant, but before he or  she  again  becomes  such  a  participant pursuant  to  paragraph  five  of  such  subdivision  b  (whether or not rendered in a New York city eligible position); and  (ii) each such participant who is  employed  in  a  physically  taxing position  (as  defined  in  paragraph  eleven  of  subdivision a of this section)  shall  contribute,  in  addition  to  the  additional   member contributions  required  to  be  made  at the percentage of compensation specified in subparagraph (i) of this paragraph for the credited service specified in such subparagraph (i), an additional one  and  ninety-eight one-hundredths  percent  of  his  or  her  compensation earned from that portion of such credited service  which  is  rendered  in  a  physically taxing  position  on and after the starting date of the twenty-five-year early retirement program (A) while such person is a participant in  such program;  and (B) before such person becomes such a participant pursuant to paragraph one or two of subdivision b of this section; and (C)  after such  person  ceases  to  be  a  participant, but before he or she again becomes  such  a  participant  pursuant  to  paragraph  five   of   such subdivision b.  (iii)  notwithstanding the provisions of subparagraphs (i) and (ii) of this  paragraph,  a  person   who   becomes   a   participant   in   the twenty-five-year  early retirement program provided by this section, who prior to such membership was subject to the provisions  of  section  six hundred  four-b  of  this  article,  shall  not  be  required to pay the additional member contributions required by subparagraphs (i)  and  (ii) of  this  paragraph for any period of credited service before which such person became  a  participant  pursuant  to  paragraph  one  or  two  of subdivision  b  of  this  section  and during which such participant was subject to the provisions of such section  six  hundred  four-b  and  no additional employee contributions were required of such member.   2.  A  participant  in  the  twenty-five-year early retirement program shall contribute additional member contributions only until  he  or  she has thirty years of credited service.   3. (i) Commencing with the first full payroll period after each person becomes  a participant in the twenty-five-year early retirement program, additional  member  contributions  at  the  applicable  rate  or   rates specified  in  paragraph  one  of  this  subdivision  for the particular credited service being  rendered  shall  be  deducted  (subject  to  the applicable  provisions  of subdivision d of section six hundred thirteen of this article) from the compensation of such participant on  each  and every  payroll of such participant for each and every payroll period for which he or she is such a participant.  (ii)  (A)  Those  portions  of  the  additional  member  contributions required  by paragraph one of this subdivision which are attributable to credited service rendered  on  and  after  the  enactment  date  of  the twenty-five-year  early  retirement  program,  and  prior  to the actual commencement of deductions from compensation  pursuant  to  subparagraph  (i) of this paragraph, by a person who becomes a participant pursuant to paragraph  one  of  subdivision  b  of  this  section,  shall be paid by deductions from the compensation of such participant pursuant to and  in accordance with the provisions of item (B) of this subparagraph.  (B)  Commencing  with  the  payroll  period  in  which  deductions  of additional member contributions from such participant's compensation are begun pursuant to subparagraph (i) of this  paragraph,  in  addition  to such  deductions  required  by  such  subparagraph  (i),  there shall be another deduction of  additional  member  contributions  made  from  the compensation  of  such  participant  at one-third the applicable rate or rates at which deductions are being made pursuant to  such  subparagraph (i)  (subject  to  the applicable provisions of subdivision d of section six hundred thirteen of this article) on each and every  payroll  period until  the  total  amount  of  unpaid  additional  member  contributions described in item (A) of this subparagraph, if any,  has  been  paid  by deductions  from  compensation  pursuant to this subparagraph, provided, however, that deductions pursuant to this item (B) shall  be  made  only during  the  period  while  such  person  is  a  participant after first becoming a participant pursuant to paragraph one  of  subdivision  b  of this section and before ceasing to be such a participant.   4.  In  addition  to  the member contributions required by section six hundred  thirteen  of  this   article,   and   the   additional   member contributions  required  pursuant  to paragraph one of this subdivision, each participant in the twenty-five-year early  retirement  program  who was  not  a  member  of  either  NYCERS  or BERS on July first, nineteen hundred ninety-three shall, subject to the provisions of  paragraph  two of this subdivision, make retroactive additional member contributions to the  retirement system of which he or she is a member in accordance with the following schedule:  (i) each such participant shall  contribute  an  additional  four  and thirty-five  one-hundredths  percent  of  his or her compensation earned from all credited service rendered prior to the  starting  date  of  the twenty-five-year  early retirement program (whether or not rendered in a physically taxing position or a New York city eligible position); and  (ii) each such participant who was employed  in  a  physically  taxing position  (as  defined  in  paragraph  eleven  of  subdivision a of this section)  shall  contribute,  in  addition  to  the  additional   member contributions  required  to  be  made  at the percentage of compensation specified in subparagraph (i) of this paragraph for the credited service specified in such subparagraph (i), an additional one  and  ninety-eight one-hundredths  percent  of  his  or  her  compensation earned from that portion of such credited service which  was  rendered  in  a  physically taxing position prior to the starting date of the twenty-five-year early retirement program.   5.  (i)  Each  participant  in  the  twenty-five-year early retirement program shall be charged with a contribution deficiency consisting of:  (A) the total amounts of additional member contributions  such  person is  required to make pursuant to paragraph one of this subdivision which are not deducted from his or  her  compensation  pursuant  to  paragraph three  of  this  subdivision,  if  any,  together with interest thereon, compounded annually, and computed in accordance with the  provisions  of subparagraphs (ii), (iii) and (iv) of this paragraph; and  (B)  the  total amounts of retroactive additional member contributions such person is required to make  pursuant  to  paragraph  four  of  this subdivision,   if   any,  together  with  interest  thereon,  compounded annually,  and  computed  in   accordance   with   the   provisions   of subparagraphs (ii), (iii) and (iv) of this paragraph.  (ii)  (A) Subject to the provisions of subparagraphs (iii) and (iv) of this paragraph, the interest required to be paid  on  each  such  amount specified  in  items  (A)  and (B) of subparagraph (i) of this paragraph shall accrue from the end of the payroll period for  which  such  amount would  have  been  deducted  from  compensation  if he or she had been a participant at the beginning of that payroll period and  such  deduction had  been required for such payroll period, until such amount is paid to the retirement system.  (B) The rate of interest to be applied to each such amount during  the period  for  which interest accrues on that amount shall be equal to the rate or rates of interest required by law to be used  during  that  same period  to  credit  interest on the accumulated deductions of retirement system members.  (iii)  Except  as  otherwise  provided  in  paragraph  six   of   this subdivision,  no  interest  shall be due on any unpaid additional member contributions which are attributable to credited service rendered on  or after  the  starting  date  of  the  twenty-five-year  early  retirement program, but prior to the enactment date of the  twenty-five-year  early retirement  program  by  a  person who becomes a participant pursuant to paragraph one of subdivision b of this section.  (iv)  Except  as  otherwise  provided  in  paragraph   six   of   this subdivision,  no  interest  shall be due on any unpaid additional member contributions which are not attributable to a period prior to the  first full payroll period referred to in paragraph three of this subdivision.   6. (i) (A) Should any person who, pursuant to paragraph twelve of this subdivision, has received a refund of the employee portion of his or her additional  member contributions (as established in accordance with item (B) of subparagraph  (ii)  of  paragraph  seven  of  this  subdivision), including  any  interest  paid  on such employee portion, again become a participant in the twenty-five-year early retirement program pursuant to paragraph five of subdivision b of this section, an  appropriate  amount shall   be   included  in  such  participant's  contribution  deficiency (including interest thereon as calculated pursuant to subparagraph  (ii) of  this  paragraph)  for  any  credited  service  for which such person received  a  refund  of  such  employee  portion  of  additional  member contributions  (including any amount of an unpaid loan balance deemed to have been returned to such person pursuant to paragraph fourteen of this subdivision), as if such employee portion  of  additional  contributions never had been paid.  (B)  Any  person  who  has  his or her membership in one participating retirement  system  terminated  without  transferring  such   membership directly   from  such  participating  retirement  system  to  the  other participating retirement system, who has an unpaid balance of a loan  of the  employee  portion  of  his  or  her additional member contributions pursuant to paragraph thirteen of this subdivision at the  time  of  the termination  of  such  membership,  who,  pursuant  to paragraph five of subdivision b of this section, thereafter again becomes a participant in the twenty-five-year early retirement program  as  a  member  of  either participating  retirement system without having received a refund of the employee portion of his or her additional member contributions  pursuant to  paragraph  twelve  of  this  subdivision,  shall have an appropriate amount included in such participant's contribution deficiency (including interest thereon as calculated in subparagraph (ii) of  this  paragraph) for  any  credited  service  for  which such person borrowed and did not repay such employee portion of additional member  contributions,  as  if such  employee portion of additional member contributions never had been paid.  (ii)  (A)  Interest  on  the  employee  portion  of  a   participant's additional   member   contributions   included   in  such  participant's contribution deficiency pursuant to subparagraph (i) of  this  paragraph shall  be  calculated  as  if such employee portion of additional member contributions never had been paid by such participant, and such interest shall  accrue  from  the end of the payroll period to which an amount of such  employee   portion   of   additional   member   contributions   is attributable, until such amount is paid to the retirement system.  (B)  The rate of interest to be applied to each such amount during the period for which interest accrues on that amount shall be  five  percent per annum, compounded annually.   7.   (i)   All   additional  member  contributions  required  by  this subdivision (and any interest paid thereon) which are  received  by  the retirement  system  of  which  the participant is a member shall be paid into its contingent reserve fund and shall not for any purpose be deemed to be member contributions or  accumulated  contributions  of  a  member under section six hundred thirteen of this article or otherwise while he or she is a participant in the twenty-five-year early retirement program or   otherwise,  except  that,  a  surplus  of  such  additional  member contributions that are paid  into  the  retirement  system's  contingent reserve fund may be used for the sole purpose of offsetting a deficit of basic member contributions.  (ii)  All  additional  member contributions required for any period of credited service pursuant to paragraph one or four of  this  subdivision (and  any  interest  paid  thereon  pursuant  to  paragraph five of this subdivision) which, pursuant to subparagraph (i) of this paragraph,  are paid   by  a  participant  (subject  to  the  applicable  provisions  of subdivision d of section six hundred thirteen of this article) into  the contingent   reserve  fund  of  the  retirement  system  of  which  such participant is a member (other than repayments of  loans  of  additional member  contributions pursuant to paragraph thirteen of this subdivision or amounts paid in satisfaction of a contribution deficiency  calculated in  accordance  with paragraph six of this subdivision) shall be divided in the following manner:  (A) one-half of such additional member  contributions  (and  any  such interest  paid  thereon)  shall  be the employer contribution portion of such additional member contributions; and  (B) one-half of such additional member  contributions  (and  any  such interest  paid thereon) shall be the employee portion of such additional member contributions, and shall be credited to the  employee  additional contributions  account  which  shall be established for such participant within the contingent reserve fund of such retirement system.  (iii) No person, while he or she is a participant or otherwise,  shall at  any  time be permitted (A) to borrow, pursuant to paragraph thirteen of this  subdivision  or  any  other  provision,  any  of  the  employer contribution  portion  of his or her additional member contributions (as established in accordance with item (A) of  subparagraph  (ii)  of  this paragraph, including any interest paid thereon) which has been paid into the  contingent reserve fund of the retirement system; or (B) to receive a refund of any  of  such  employer  contribution  portion  pursuant  to paragraph twelve of this subdivision or any other provision.  (iv)  None  of  the  employer  contribution portion of a participant's additional member contributions (including any  interest  paid  thereon) shall  for  any purpose (A) be deemed to be part of the employee portion of additional member contributions paid by  a  participant;  or  (B)  be credited  to  the  employee additional contributions account established for such participant in the contingent reserve fund  of  the  retirement system.  (v)  All  repayments  of  loans  of the employee portion of additional member contributions pursuant to paragraph thirteen of this  subdivision and   all   payments  of  the  employee  portion  of  additional  member contributions in satisfaction of a contribution deficiency calculated in accordance  with  paragraph  six of this subdivision which are paid by a participant to the contingent reserve fund of a participating retirement system (and any interest paid thereon) shall be  part  of  the  employee portion  of such participant's additional member contributions and shall be credited to the employee additional contributions account established for such participant in the contingent reserve fund of  such  retirement system.   8.  Where a person who was a participant in the twenty-five-year early retirement program as a member of one  participating  retirement  system becomes  such  a  participant  as  a  member  of the other participating retirement system:  (i)  the  employer  contribution  portion  of  the  additional  member contributions  paid  by  such  person  to  such  first retirement system pursuant to this subdivision (including any interest paid thereon)  that is  attributable  to  any  period  of  credited service obtained in such second retirement system by purchase or transfer, which  previously  was credited  in  such  first retirement system, shall (only for purposes of this subdivision, and not for purposes of determining required  employer contributions  to  such second retirement system) be deemed to have been paid to  such  second  retirement  system  rather  than  to  such  first retirement system; and  (ii)  the employee portion of the additional member contributions paid by such  person  to  such  first  retirement  system  pursuant  to  this subdivision (including any interest paid thereon) which remains credited to  the  employee  additional contributions account established for such person in the contingent reserve fund of such  first  retirement  system that  is attributable to any period of credited service obtained in such second retirement system by purchase or transfer, which  previously  was credited  in  such  first retirement system, shall (only for purposes of this subdivision, and not for purposes of determining required  employer contributions  to  such second retirement system) be deemed to have been paid to  such  second  retirement  system  rather  than  to  such  first retirement  system,  and  shall  be  credited to the employee additional contributions account established for such participant in the contingent reserve fund of such second retirement system.   9. A person who  was  a  participant  in  the  twenty-five-year  early retirement  program  as a member of one participating retirement system, who becomes such a participant as a member of  the  other  participating retirement  system and who thereafter transfers his or her membership in such first retirement system directly to such second  retirement  system as such a participant shall be deemed to have the same unpaid balance of a  loan  of  the  employee  portion  of  additional member contributions pursuant to paragraph thirteen of this  subdivision  (including  accrued interest)  as  he or she had in such first retirement system at the time of such transfer of membership to the second retirement system.   10.  Where  a  participant  who  is  otherwise  eligible  for  service retirement  pursuant  to subdivision c of this section did not, prior to the  effective  date  of  retirement,  pay  the  entire  amount   of   a contribution  deficiency chargeable to him or her pursuant to paragraphs five and six of this subdivision, or repay the entire amount of  a  loan of  the  employee  portion of his or her additional member contributions pursuant to paragraph thirteen of this  subdivision  (including  accrued interest  on  such  loan),  that  participant,  nevertheless,  shall  be eligible to retire pursuant to subdivision c of this section,  provided,  however,  that where such participant is not entitled to a refund of the employee  portion  of  additional  member  contributions   pursuant   to subparagraph  (iii)  of  paragraph  twelve  of  this  subdivision,  such participant's   service   retirement   benefit  calculated  pursuant  to paragraph three of such subdivision c shall be reduced by a life annuity (calculated in accordance with the method set forth in subdivision i  of section  six  hundred  thirteen-b  of this article) which is actuarially equivalent to:  (i) the amount of any unpaid  contribution  deficiency  chargeable  to such  member  pursuant  to  paragraphs five and six of this subdivision; plus  (ii) the amount of any unpaid  balance  of  a  loan  of  the  employee portion  of  his  or  her  additional  member  contributions pursuant to paragraph thirteen of this subdivision (including  accrued  interest  on such loan).   11.  The  board of trustees of NYCERS and the retirement board of BERS may, consistent with the  provisions  of  this  subdivision,  promulgate regulations  for the payment of additional member contributions required by this subdivision, and any interest thereon, by  participants  in  the twenty-five-year  early  retirement  program (including the deduction of such contributions, and any interest  thereon,  from  the  participants' compensation).   12.  (i)  Subject  to  the  provisions  of  paragraph fourteen of this subdivision, a participant  in  the  twenty-five-year  early  retirement program  who retires for disability pursuant to section six hundred five of this article shall be entitled, upon such retirement, to a refund  of the  employee portion of his or her additional member contributions paid pursuant to this subdivision (including any interest  on  such  employee portion  paid  to  the  retirement system) which remains credited to the employee additional contributions account established for such person in the contingent reserve fund of the retirement system of which he or  she is a member at the time of such retirement for disability, together with interest  thereon  at  the  rate  of  five percent per annum, compounded annually.  (ii)  Subject  to  the  provisions  of  paragraph  fourteen  of   this subdivision,  upon  the  death  of a participant in the twenty-five-year early retirement program, there shall be paid to such person  as  he  or she  has  nominated  or shall nominate to receive his or her accumulated member contributions by written designation duly executed and filed with the retirement system during the lifetime of such  participant,  or,  to his  or  her estate if no such person is nominated, the employee portion of his or her additional member  contributions  paid  pursuant  to  this subdivision (including any interest on such employee portion paid to the retirement  system)  which  remains  credited to the employee additional contributions account established for  such  person  in  the  contingent reserve  fund of the retirement system of which he or she is a member at the time of his or her death, together with interest thereon at the rate of five percent per annum, compounded annually.  (iii)  Subject  to  the  provisions  of  paragraph  fourteen  of  this subdivision,   a  person  (A)  who  is  or  was  a  participant  in  the twenty-five-year early retirement program; (B) who retires  for  service as  a  member  of  NYCERS  or  BERS  pursuant  to the applicable service retirement provisions of this article; (C) who is in active  service  on the effective date of retirement; (D) who is at least sixty-two years of age  on  the  effective  date  of  retirement; and (E) who was in active service for a total of at least six  months  out  of  each  of  the  two twelve-month  periods  immediately  preceding  his or her retirement for service, shall, upon such retirement  for  service,  be  entitled  to  a  refund  of  the  employee  portion  of  his  or  her  additional  member contributions paid pursuant to this subdivision (including any  interest on  such  employee  portion paid to the retirement system) which remains credited  to  the  employee additional contributions account established for such person in the contingent reserve fund of the retirement  system of  which  he  or  she  is  a  member at the time of such retirement for service, together with interest thereon at the rate of five percent  per annum, compounded annually.  (iv)   Subject  to  the  provisions  of  paragraph  fourteen  of  this subdivision,  a  person  who  ceases  to  be  a   participant   in   the twenty-five-year early retirement program as a member of a participating retirement  system  because  he  or  she  ceases to hold a New York city eligible position, who thereafter is employed  in  another  position  in public  employment  which  is not a New York city eligible position, but which entitles such person to membership in  another  public  retirement system  which  is maintained in whole or in part by the city or state of New York, and who thereafter transfers his or  her  membership  in  such participating   retirement   system   directly  to  such  second  public retirement system, shall be permitted to withdraw the  employee  portion of  his  or  her  additional  member contributions paid pursuant to this subdivision (including any interest on such employee portion paid to the retirement system) which remains credited  to  the  employee  additional contributions  account  established  for  such  person in the contingent reserve fund of such  participating  retirement  system,  together  with interest  thereon  at  the  rate  of  five percent per annum, compounded annually.  (v)  Subject  to  the  provisions  of  paragraph  fourteen   of   this subdivision,   any   person  who  withdraws  as  a  participant  in  the twenty-five-year early retirement program by filing a valid request  for such  withdrawal  pursuant  to  subparagraph  (ii) of paragraph three of subdivision b of this section shall, upon such withdrawal,  be  entitled to  a  refund  of  the  employee portion of his or her additional member contributions paid pursuant to this subdivision (including any  interest on  such  employee  portion paid to the retirement system) which remains credited to the employee additional  contributions  account  established for  such person in the contingent reserve fund of the retirement system of which he or she is a member at the  time  of  such  withdrawal  as  a participant,  together with interest thereon at the rate of five percent per annum, compounded annually.  (vi)  Subject  to  the  provisions  of  paragraph  fourteen  of   this subdivision,  a  participant  in  the  twenty-five-year early retirement program who has been terminated from  employment  in  a  New  York  city eligible  position  for  economic  reasons by his or her public employer shall be entitled, upon  such  termination,  to  withdraw  the  employee portion  of  his or her additional member contributions paid pursuant to this subdivision (including any interest on such employee  portion  paid to  the  retirement  system)  which  remains  credited  to  the employee additional contributions account established  for  such  person  in  the contingent reserve fund of the retirement system of which he or she is a member  at  the  time of such termination from employment, together with interest thereon at the rate  of  five  percent  per  annum,  compounded annually.  (vii)  Subject  to  the  provisions  of  paragraph  fourteen  of  this subdivision, a participant  in  the  twenty-five-year  early  retirement program  (A)  who  retires  for  service  pursuant  to  paragraph two of subdivision c of this section;  (B)  who  is  in  active  service  as  a participant  in  such  program  on the effective date of retirement; (C) who, on the effective date of retirement, is at least  fifty-five  years  of  age, but less than sixty-two years of age; and (D) who was in active service as a participant in such program for a total  of  at  least  six months out of each of the two twelve-month periods immediately preceding his  or  her  retirement  for  service,  shall, upon such retirement for service, be entitled to a refund of  only  that  part  of  the  employee portion  of  his or her additional member contributions paid pursuant to subparagraph (ii) of paragraph one of this subdivision and  subparagraph (ii)  of  paragraph  four of this subdivision (including any interest on such part of such employee portion paid to the retirement system)  which remains  credited  to  the  employee  additional  contributions  account established for such person  in  the  contingent  reserve  fund  of  the retirement  system  of  which  he or she is a member at the time of such retirement for service, together with interest thereon at  the  rate  of five  percent  per annum, compounded annually, and shall not be entitled to a refund of any part of the employee portion of his or her additional member contributions paid pursuant to subparagraph (i) of paragraph  one of  this  subdivision  or  subparagraph  (i)  of  paragraph four of this subdivision (or any interest paid on such part of such employee  portion of  his or her additional member contributions), or any part of employer contribution portion of his or her additional member  contributions  (as established  in  accordance  with  item  (A)  of  subparagraph  (ii)  of paragraph seven of this subdivision) paid pursuant to  subparagraph  (i) or (ii) of paragraph one of this subdivision or subparagraph (i) or (ii) of  paragraph  four  of  this  subdivision (or any interest paid on such employer  contribution  portion  of  his  or   her   additional   member contributions).  (viii) Notwithstanding any other provision of law to the contrary, (A) no  person shall be permitted to withdraw from the retirement system any additional member contributions paid pursuant to this subdivision or any interest paid thereon, except pursuant to and  in  accordance  with  the preceding  subparagraphs  of this paragraph; and (B) no person, while he or she  is  a  participant  in  the  twenty-five-year  early  retirement program,  shall  be  permitted  to  withdraw  any such additional member contributions or any interest  paid  thereon  pursuant  to  any  of  the preceding  subparagraphs  of  this  paragraph  or  otherwise; and (C) no person, while he or she is a participant or otherwise, shall at any time be permitted to withdraw any of the employer contribution portion of his or her additional member  contributions,  including  any  interest  paid thereon (as established in accordance with item (A) of subparagraph (ii) of  paragraph  seven  of  this  subdivision),  pursuant  to  any  of the preceding subparagraphs of this paragraph or otherwise.   13. A participant in the  twenty-five-year  early  retirement  program shall  be  permitted  to  borrow from the employee portion of his or her additional member contributions (as established in accordance with  item (B)  of  subparagraph  (ii)  of  paragraph  seven  of  this subdivision, including any interest paid thereon) which is credited to  the  employee additional contributions account established for such participant in the contingent reserve fund of the retirement system of which he or she is a member.  The  borrowing  from such employee portion of additional member contributions pursuant to  this  paragraph  shall  be  governed  by  the rights,  privileges, obligations and procedures set forth in section six hundred thirteen-b of this article which govern the borrowing of  member contributions  made  pursuant  to  section  six hundred thirteen of this article. The board of trustees of NYCERS and  the  retirement  board  of BERS  may,  consistent  with  the provisions of this subdivision and the provisions of section six hundred thirteen-b of  this  article  as  made applicable  to  this  subdivision,  promulgate regulations governing the borrowing of such employee portion of additional  member  contributions,  provided,  however,  that no person, while he or she is a participant or otherwise, shall at any time be permitted to borrow,  pursuant  to  this paragraph  or  any  other  provision,  any  of the employer contribution portion  of  his  or  her additional member contributions, including any interest paid thereon (as established in accordance  with  item  (A)  of subparagraph (ii) of paragraph seven of this subdivision).   14.  Whenever a person has an unpaid balance of a loan of the employee portion of his  or  her  additional  member  contributions  pursuant  to paragraph  thirteen  of  this  subdivision at the time he or she becomes entitled to a refund of the employee portion of his  or  her  additional member  contributions  pursuant to paragraph twelve of this subdivision, the amount of such unpaid  loan  balance  (including  accrued  interest) shall  be deemed to have been returned to such member, and the refund of such employee portion shall be the net amount of such employee  portion, together  with  interest  thereon  in  accordance with the provisions of paragraph twelve of this subdivision.   15. An eligible former participant,  as  defined  in  this  paragraph, shall  be  entitled  to  a  refund of the employee portion of his or her additional member contributions made pursuant to this subdivision  which shall  include  any and all interest thereon at the rate of five percent per annum, compounded annually and such refund shall  be  payable,  upon such  participant's  application  pursuant  to procedures promulgated in regulations of the board  of  trustees  of  the  retirement  system.  An eligible  former  participant  shall  be  a  participant  who  is or was employed in the title supervisor (stations) in assignment  level  II  in the  New  York city transit authority's stations department or the title transit manager, and who,  on  October  first,  two  thousand  six,  was employed  by  the  New York city transit authority in such title and who was a participant in the twenty-five year early retirement program prior to  the  starting  date  of  the  elimination   of   additional   member contributions,  as  such date is defined in an election made pursuant to paragraph ten of subdivision e of section six  hundred  four-b  of  this article.   * NB There are 3 § 604-c's