NY Ret & SS L § 604-I (2021)
2021 New York Laws RSS - Retirement and Social Security Article 15 - Coordinated Retirement Plan 604-I - Age Fifty-Five Retirement Program for New York City Teachers and Certain Other Members.

§  604-i. Age fifty-five retirement program for New York city teachers and certain other 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. "TRS" shall mean the New York city teachers' 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 TRS, all positions as a teacher (as defined in subdivision seven of section  13-501  of  the  administrative code),  and  shall not include any position covered by section 13-563 of the administrative code; or  (ii) with respect to members  of  BERS,  the  following  positions  in education  service:  head  nurses,  head  nurses  (BOE),  supervisors of nurses, staff nurses, registered nurses  (BOE),  public  health  nurses, pediatric  nurse associates, supervising therapists, senior occupational therapists,   senior   occupational   therapists   (BOE),   occupational therapists,  occupational  therapists (BOE), senior physical therapists, senior  physical  therapists  (BOE),   physical   therapists,   physical therapists (BOE), substitute vocational assistants, non-annualized adult education    teachers,    non-annualized   adult   education   assistant coordinators, non-annualized adult education coordinators, directors  of drug  and  alcohol  programs,  assistant  directors  of drug and alcohol programs, sign language  interpreters,  teachers  of  military  science, senior  army,  navy,  air  force, aerospace, marine corps or coast guard instructors, army, navy, air force, aerospace,  marine  corps  or  coast guard  instructors,  youth  development  specialists  and  the following positions  represented  by  the  recognized  teacher  organization   for collective  bargaining  purposes:  education  administrators,  education officers, associate education officers, education analysts and associate education analysts.   6. "New York city eligible member" shall mean a member of TRS or  BERS who  is subject to the provisions of this article and who is employed in a New York city eligible position.   7. "Age fifty-five retirement program" shall mean all  the  terms  and conditions of this section.   8. "Starting date of the age fifty-five retirement program" shall mean the commencement date of the first payroll period which begins after the enactment date of the age fifty-five retirement program.   9.  "Enactment  date  of  the age fifty-five retirement program" shall mean the date this section takes effect.   10. "Participant in the age fifty-five 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 age fifty-five retirement program, as applicable to him or her.   11. "Twenty-five-year participant in  the  age  fifty-five  retirement program"  shall  mean  a  participant  in  the age fifty-five retirement program who first became such a participant pursuant to paragraph one or two of subdivision b of this section.   12. "Twenty-seven-year participant in the  age  fifty-five  retirement program"  shall  mean  a  participant  in  the age fifty-five retirement  program who first became such a participant pursuant to  paragraph  four or five of subdivision b of this section.   13. "Participating retirement system" shall mean TRS or BERS.   14.  "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 age fifty-five retirement program. 1. Subject to the provisions of paragraphs seven, eight and nine of this  subdivision, any  person  who is employed in a New York city eligible position on the enactment date of the age fifty-five 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  age  fifty-five  retirement program  by  filing,  within one hundred eighty days after the enactment date  of  the  age  fifty-five  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 seven, eight and nine of this subdivision, any person: (i) who is employed in  a  New  York  city eligible position on the enactment date of the age fifty-five 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 age fifty-five retirement program by  filing,  within one  hundred  eighty 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.   3. (i) Except as provided in subparagraph (ii) of this paragraph,  any election  to  be  a participant in the age fifty-five retirement program shall be irrevocable.  (ii) Notwithstanding any other provision of law to the  contrary,  any participant  in  the age fifty-five retirement program who became such a participant pursuant to paragraph one or two of  this  subdivision,  and 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  age fifty-five retirement program by filing, within three hundred sixty-five days after first becoming such a participant, a written request to withdraw from such program with the retirement system of which such person is a member.   4. Subject to the provisions of paragraphs  seven  and  nine  of  this subdivision,  any  person (i) other than a person who is deemed pursuant to paragraph eight of this subdivision to be employed for  the  purposes of  paragraph one or two of this subdivision in a New York city eligible position on the enactment date of the age fifty-five retirement program,  or other than a person 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, (ii)  who  becomes  a  New  York  city eligible  member  in  active service after the enactment date of the age fifty-five retirement program and (iii) who, as such an eligible  member or  otherwise,  last  became  subject  to the provisions of this article prior to such enactment date, may elect to become a participant  in  the age  fifty-five  retirement program by filing, within one hundred eighty 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 that he or she is a New York city eligible  member  in  active  service  on  the  date  such application  is  filed.  Any election pursuant to this paragraph to be a participant  in  the  age  fifty-five  retirement   program   shall   be irrevocable.   5.  Each  person  (i)  other  than  a person who is deemed pursuant to paragraph eight of this subdivision to be employed for the  purposes  of paragraph  one  or  two  of this subdivision in a New York city eligible position on the enactment date of the age fifty-five retirement program, or other than a person 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, (ii)  who  becomes  a  New  York  city eligible  member  in  active service after the enactment date of the age fifty-five retirement program and (iii) who, as such an eligible  member or  otherwise,  becomes  subject to the provisions of this article after the enactment date of the age fifty-five retirement program shall become a participant in the age fifty-five retirement program on the date he or she becomes a New York city eligible member in active service.   5-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  age  fifty-five  retirement program.   6.  Where  any  participant  in  the age fifty-five 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 age fifty-five retirement program.   7.  Where  any  participant  in  the age fifty-five 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.   8.  For  the limited purposes only of determining eligibility to elect to become  a  participant  in  the  age  fifty-five  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  age  fifty-five 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.    9.  Notwithstanding  any  other  provision of law to the contrary, and except as provided in paragraph five of this subdivision, any person who is eligible to elect to become  a  participant  in  the  age  fifty-five retirement  program  pursuant  to  paragraph  one,  two  or four of this subdivision  for  the full one hundred eighty-day period provided for in such applicable paragraph, 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. Service retirement. 1. A twenty-five-year participant  in  the  age fifty-five retirement program:  (i) who has completed twenty-five or more years of credited service;  (ii) who has attained age fifty-five;  (iii)  who, subject to the provisions of paragraph nine of subdivision e of this section, has paid, before the effective  date  of  retirement, all  additional  member  contributions and interest (if any) required by paragraphs one, four and five of subdivision e of this section;  (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  age  fifty-five  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, provided, however, that no such   participant   who  otherwise  meets  the  retirement  eligibility requirements of this paragraph shall be permitted to retire pursuant  to this paragraph prior to June thirtieth, two thousand eight.   2.  A  twenty-seven-year  participant in the age fifty-five retirement program:  (i) who has completed twenty-seven or more years of credited service;  (ii) who has attained age fifty-five;  (iii) who, subject to the provisions of paragraph nine of  subdivision e  of  this  section, has paid, before the effective date of retirement, all additional member contributions and interest (if  any)  required  by paragraphs one, four and five of subdivision e of this section;  (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 age fifty-five 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.   3. Notwithstanding any other provision of law  to  the  contrary,  and subject  to  the  provisions  of paragraph nine of subdivision e of this section, the early service retirement benefit for a participant  in  the age  fifty-five  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.  Vesting.  1.  (i)  A  twenty-five-year  participant  in  the   age fifty-five retirement program:  (A)  who,  on  or  after June thirtieth, two thousand eight, as such a participant in  such  retirement  program,  discontinues  service  as  a teacher  (as  defined  in  subdivision  seven  of  section 13-501 of the administrative code) or discontinues education service  (as  defined  in  paragraph  fourteen  of  subdivision  a  of this section), other than by death or retirement;  (B)  who,  prior to such discontinuance, completed twenty-five or more years of credited service;  (C) who, subject to the provisions of paragraph ten of  subdivision  e of  this section, has paid, prior to such discontinuance, all additional member contributions and interest (if any) required by  paragraphs  one, four and five of subdivision e of this section; and  (D)  who  does not withdraw in whole or in part his or her accumulated member contributions pursuant to section six hundred  thirteen  of  this article unless such participant thereafter returns to public service and repays  the  amounts  so  withdrawn, together with interest, pursuant to such section six hundred  thirteen;  shall  be  entitled  to  receive  a deferred vested benefit as provided in this paragraph.  (ii)  (A)  Upon  such  discontinuance  under  the  conditions  and  in compliance with the provisions of subparagraph (i)  of  this  paragraph, such deferred vested benefit shall vest automatically.  (B)  Such  vested benefit shall become payable on the earliest date on which such discontinued member could have retired for  service  if  such discontinuance had not occurred.  (iii)  Subject  to the provisions of paragraph ten of subdivision e of this section, such deferred benefit  shall  be  a  retirement  allowance computed in accordance with the applicable provisions of paragraph three of subdivision c of this section.   2.   (i)   A  twenty-seven-year  participant  in  the  age  fifty-five retirement program:  (A)  who,  as  such  a  participant  in   such   retirement   program, discontinues  service  as  a teacher (as defined in subdivision seven of section 13-501 of the administrative  code)  or  discontinues  education service  (as  defined  in  paragraph  fourteen  of subdivision a of this section), other than by death or retirement; and  (B) who, prior to such discontinuance, completed twenty-seven or  more years of credited service; and  (C)  who,  subject to the provisions of paragraph ten of subdivision e of this section, has paid, prior to such discontinuance, all  additional member  contributions  and interest (if any) required by paragraphs one, four and five of subdivision e of this section; and  (D) who does not withdraw in whole or in part his or  her  accumulated member  contributions  pursuant  to section six hundred thirteen of this article unless such participant thereafter returns to public service and repays the amounts so withdrawn, together  with  interest,  pursuant  to such  section  six  hundred  thirteen;  shall  be  entitled to receive a deferred vested benefit as provided in this paragraph.  (ii)  (A)  Upon  such  discontinuance  under  the  conditions  and  in compliance  with  the  provisions of subparagraph (i) of this paragraph, such deferred vested benefit shall vest automatically.  (B) Such vested benefit shall become payable on the earliest  date  on which  such  discontinued  member could have retired for service if such discontinuance had not occurred.  (iii) Subject to the provisions of paragraph ten of subdivision  e  of this  section,  such  deferred  benefit  shall be a retirement allowance computed in accordance with the applicable provisions of paragraph three of subdivision c of this section.   e. Additional member contributions.  1.  In  addition  to  the  member contributions  required by section six hundred thirteen of this article, each  participant  in  the  age  fifty-five  retirement  program   shall contribute  (subject  to  the  applicable provisions of subdivision d of section six hundred thirteen of this article) an  additional  percentage  of  his  or her compensation to the retirement system of which he or she is a member in accordance with the following applicable provisions:  (i) each twenty-five-year participant in the age fifty-five retirement program   shall   contribute   an   additional   one   and   eighty-five one-hundredths percent of  his  or  her  compensation  earned  from  all credited  service  rendered  on  and  after the starting date of the age fifty-five 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 (whether or not rendered in a New York city eligible position); and  (C) after such person ceases to be a participant, but before he or she again  becomes  such  a  participant  pursuant  to  paragraph  seven  of subdivision  b  of  this  section (whether or not rendered in a New York city eligible position); and  (ii)  each  twenty-seven-year  participant  in  the   age   fifty-five retirement  program  shall  contribute an additional one and eighty-five one-hundredths percent of  his  or  her  compensation  earned  from  all credited service rendered  (A) while such person is a participant in such program; and  (B)  before  such  person  becomes  such  a  participant  pursuant  to paragraph four or five of subdivision b of this section (whether or  not rendered  in  a  New  York  city eligible position, and whether rendered before or after the starting  date  of  the  age  fifty-five  retirement program); and  (C) after such person ceases to be a participant, but before he or she again  becomes  such  a  participant  pursuant  to  paragraph  seven  of subdivision b of this section (whether or not rendered  in  a  New  York city eligible position).   2.  A  twenty-five-year  participant  in the age fifty-five retirement program (as defined  in  paragraph  eleven  of  subdivision  a  of  this section)  shall  contribute  additional  member  contributions until the later of (i) June twenty-ninth, two thousand eight, or (ii) the date  on which  he  or she has completed twenty-five years of credited service. A twenty-seven-year participant in the age fifty-five  retirement  program shall  contribute  additional  member contributions only until he or she has completed twenty-seven years of credited service; provided, however, that a twenty-seven-year participant in the  age  fifty-five  retirement program  who becomes subject to the provisions of this article after the effective date of the chapter of the laws  of  two  thousand  nine  that amended  this paragraph shall contribute additional member contributions for all years of credited service as provided in  subparagraph  (ii)  of paragraph one of this subdivision.   3. (i) Commencing with the first full payroll period after each person becomes   a  participant  in  the  age  fifty-five  retirement  program, additional member contributions at the rate specified in  paragraph  one of  this  subdivision  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 starting date of  the  age  fifty-five 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 subparagraph (i) of this paragraph, there shall be another deduction of additional member contributions made  from the  compensation  of  such  participant  at one-third the rate at which deductions are being made pursuant to subparagraph (i) of this paragraph (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 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. (i) Each participant in the age fifty-five retirement program shall be charged with a contribution deficiency consisting of the total amount of  additional  member  contributions  such  person  is required to make pursuant to paragraph one of this subdivision which is 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) and (iii) of this paragraph.  (ii)(A) Subject to  the  provisions  of  subparagraph  (iii)  of  this paragraph,  the  interest required to be paid on the amount specified in subparagraph (i) of this paragraph shall accrue from the end of each  of the  payroll periods 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  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  five  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.   5. (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  six  of  this  subdivision), including  any  interest  paid  on such employee portion, again become a participant  in  the  age  fifty-five  retirement  program  pursuant  to paragraph  seven 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  member 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 seven of subdivision b of this section, thereafter again becomes a participant in the  age  fifty-five  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.   6.   (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 age fifty-five retirement program or otherwise.  (ii) All additional member contributions required for  any  period  of credited  service pursuant to paragraph one of this subdivision (and any interest paid thereon pursuant to paragraph four  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 five 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 five 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.   7.  Where  a  person  who  was  a  participant  in  the age fifty-five 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.    8. A person who was a participant in  the  age  fifty-five  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.   9.   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 four  and five 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 h  of section  six  hundred  thirteen-a  of this article) which is actuarially equivalent to:  (i) the amount of any unpaid  contribution  deficiency  chargeable  to such  member  pursuant  to paragraphs four and five 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).   10.  Where  a participant in the age fifty-five retirement program who is otherwise eligible for a vested right to a deferred benefit  pursuant to  subdivision  d  of  this  section  did  not,  prior  to  the date of discontinuance of service, pay  the  entire  amount  of  a  contribution deficiency chargeable to him or her pursuant to paragraphs four and five 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 for a vested right to a deferred benefit pursuant to  subdivision  d  of  this section,  provided, however, that the deferred vested benefit calculated pursuant to the otherwise applicable provisions of  such  subdivision  d shall  be  reduced  by a life annuity (calculated in accordance with the method set forth in subdivision h of section six hundred  thirteen-a  of this article) which is actuarially equivalent to:  (i)  the  amount  of  any unpaid contribution deficiency chargeable to such member pursuant to paragraphs four and five  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 retirement board of TRS 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 age fifty-five 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 age fifty-five 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  age  fifty-five 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  age  fifty-five  retirement program;  (B) who retires for service as a member of TRS 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  age fifty-five  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  age fifty-five  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 age fifty-five 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) 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;  (B)  no person, while he or she is a participant in the age fifty-five 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 six of this subdivision), pursuant to any of the preceding subparagraphs of this paragraph or otherwise.   13. A participant in the age fifty-five 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 six 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   the applicable  provisions of section six hundred thirteen-a of this article (for TRS members) or section six hundred thirteen-b of this article (for BERS members) which govern the borrowing of  member  contributions  made pursuant to section six hundred thirteen of this article. The retirement board  of  TRS and the retirement board of BERS may, consistent with the provisions of this subdivision and the applicable provisions of  section six  hundred thirteen-a of this article (for TRS) or section six hundred thirteen-b of this  article  (for  BERS)  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 six 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 eleven of this subdivision.