NY Ret & SS L § 445-I (2021)
2021 New York Laws RSS - Retirement and Social Security Article 11 - Limitations Applicable to New Entrants 445-I - Optional Age Fifty-Five Retirement Program for New York City Teachers and Certain Other Members.

§  445-i. Optional 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. "Participating retirement system" shall mean TRS or BERS.   12.  "Active  service"  shall  mean, for a member of TRS, service as a teacher (as defined in  subdivision  seven  of  section  13-501  of  the administrative  code) for which such member is being paid on the payroll or, for a member of BERS, education service for  which  such  member  is being paid on the payroll.    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 age fifty-five retirement program. 1. Subject to the provisions of paragraphs five  and  six  of  this  subdivision,  any person  who  is a New York city eligible member in active service on the enactment date of the age fifty-five retirement  program  may  elect  to become a participant in the age fifty-five retirement program by filing, within  one  hundred  eighty  days  after  such  enactment  date, 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  and  six  of  this subdivision,  any  person who becomes a New York city eligible member in active service after the enactment date of the age fifty-five retirement program 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  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 service credit pursuant to applicable provisions of law) 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.  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.   5.  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.   6.  Notwithstanding  any  other  provision of law to the contrary, any person who is eligible to elect to  become  a  participant  in  the  age fifty-five  retirement  program pursuant to paragraph one or two 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.  1.  Service retirement. Notwithstanding any other provision of law to the contrary, a participant in the age fifty-five retirement program:  (i) who is otherwise eligible to retire  for  service  with  immediate payability  of a retirement allowance pursuant to the applicable service retirement provisions of the administrative code or the BERS  rules  and regulations; and  (ii)  who has completed twenty-five or more years of credited service; and  (iii) who has attained age fifty-five; and  (iv) who, subject to the provisions of paragraph nine 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 and five of subdivision d of this section; 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, subject  to  the  provisions  of  paragraph  nine  of subdivision  d  of  this section, be permitted to retire pursuant to the applicable service retirement provisions of the administrative  code  or the  BERS  rules  and  regulations  with  a  minimum  retirement  age of fifty-five,  and  the  benefit  reduction  provisions   set   forth   in subdivision  a  of  section four hundred forty-two of this article shall not be applied to  the  calculation  of  such  participant's  retirement benefit, 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.  Vesting.  (i)  A  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 thirteen of subdivision a of  this  section),  other  than  by death or retirement; and  (B)  who,  prior to such discontinuance, completed twenty-five or more years of credited service; and  (C) who, subject to the provisions of paragraph nine of subdivision  d 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 d of this section; and  (D)  who  does not withdraw in whole or in part his or her accumulated deductions pursuant to the applicable provisions of  the  administrative code   or  the  BERS  rules  and  regulations  unless  such  participant thereafter  returns  to  public  service  and  repays  the  amounts   so withdrawn,  together  with  interest;  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 nine of subdivision d  of this  section,  such  deferred  benefit  shall be a retirement allowance determined in accordance with the applicable provisions of  subparagraph  (v)  of paragraph one of this subdivision in the same manner as if he or she  had  retired  for  service  pursuant  to  paragraph  one  of   this subdivision.   d.  Additional  member  contributions.  1.  In  addition to the member contributions   required   by   the   applicable   provisions   of   the administrative  code or the BERS rules and regulations, each participant in the  age  fifty-five  retirement  program  shall  contribute  to  the retirement  system  of  which  he  or  she  is  a member (subject to the applicable provisions of section 13-521.1 of the administrative code  or subdivision  nineteen of section twenty-five hundred seventy-five of the education law) 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 (i) while such person is a participant in such program;  (ii) 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  (iii) after such person ceases to be a participant, but before  he  or she  again  becomes  such  a  participant  pursuant to paragraph five of subdivision b of this section (whether or not rendered  in  a  New  York city eligible position).   2.  A  participant  in  the  age  fifty-five  retirement program 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.   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 section 13-521.1 of the administrative code or subdivision nineteen  of  section  twenty-five hundred seventy-five of the education law, 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 section 13-521.1 of the administrative code or subdivision nineteen of  section  twenty-five hundred  seventy-five  of  the  education law, 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 eleven 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  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 thirteen 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  twelve  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   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 eleven 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,  compounded  annually,  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.   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 deductions of a member under the applicable provisions of the administrative code or the  BERS  rules and regulations 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 section 13-521.1 of the  administrative  code or subdivision nineteen of section twenty-five hundred seventy-five of the education law, 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  twelve  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 twelve 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 eleven 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 twelve  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  twelve 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.  (i)  Where  a  participant  who  is otherwise eligible for service retirement pursuant to paragraph one of 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  twelve  of  this  subdivision (including   accrued   interest   on   such   loan),  that  participant, nevertheless, shall be eligible to retire pursuant to paragraph  one  of 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  eleven  of  this  subdivision,  such  participant's   service retirement  benefit  calculated pursuant to the applicable provisions of the administrative code or the  BERS  rules  and  regulations  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 chapter) which is actuarially equivalent to:  (A)  the  amount  of  any unpaid contribution deficiency chargeable to such member pursuant to paragraphs four and five  of  this  subdivision; plus  (B) the amount of any unpaid balance of a loan of the employee portion of  his  or  her  additional  member contributions pursuant to paragraph twelve of this subdivision (including accrued interest on such loan).  (ii) Where a participant who is otherwise eligible for a vested  right to a deferred benefit pursuant to paragraph two of subdivision c 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 twelve 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  paragraph  two of subdivision c of this section, provided, however,  that  the  deferred  vested  benefit  determined  pursuant  to subparagraph  (iii)  of  paragraph  two  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 chapter) which is actuarially equivalent to:  (A) the amount of any unpaid  contribution  deficiency  chargeable  to such  member  pursuant  to paragraphs four and five of this subdivision; plus  (B) the amount of any unpaid balance of a loan of the employee portion of his or her additional  member  contributions  pursuant  to  paragraph twelve of this subdivision (including accrued interest on such loan).   10.  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).   11.  (i)  Subject  to  the  provisions  of  paragraph thirteen of this subdivision, a participant in the age fifty-five retirement program  who retires  for  disability  pursuant  to  the applicable provisions of the administrative code or the BERS rules and regulations 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 interest  required  by  law  to  be  used  to  credit  interest  on  the accumulated  deductions  of  retirement   system   members,   compounded annually.  (ii)   Subject  to  the  provisions  of  paragraph  thirteen  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 deductions 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 interest required by law to  be  used  to  credit  interest  on  the  accumulated deductions of retirement system members, compounded annually.  (iii)  Subject  to  the  provisions  of  paragraph  thirteen  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 the administrative code or the BERS rules and regulations;  (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 interest  required  by  law  to  be  used  to  credit  interest  on  the accumulated   deductions   of   retirement  system  members,  compounded annually.  (iv)  Subject  to  the  provisions  of  paragraph  thirteen  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 interest required by law to be used to credit interest on  the  accumulated  deductions  of  retirement  system members, compounded annually.  (v)   Subject   to  the  provisions  of  paragraph  thirteen  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  interest required  by  law  to  be  used  to  credit  interest on the accumulated deductions of retirement system members, compounded annually.  (vi)  Subject  to  the  provisions  of  paragraph  thirteen  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  interest  required  by  law  to  be  used  to credit interest on the accumulated  deductions  of  retirement   system   members,   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.   12.  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  same rights,   privileges,  obligations  and  procedures  set  forth  in  the applicable provisions of section six hundred thirteen-a of this  chapter (for TRS members) or section six hundred thirteen-b of this chapter (for  BERS  members)  which govern the borrowing by members subject to article fifteen of this chapter of member contributions made pursuant to section six hundred thirteen of this chapter. 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 chapter (for TRS) or section six  hundred  thirteen-b of  this  chapter  (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).   13. Whenever a person has an unpaid balance of a loan of the  employee portion  of  his  or  her  additional  member  contributions pursuant to paragraph twelve 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 eleven 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.   14.  Notwithstanding  any  other provision of law to the contrary, the provisions of section one hundred thirty-eight-b of this  chapter  shall not  be  applicable  to  the  additional  member contributions which are required by this subdivision.   15. Notwithstanding any other provision of law to  the  contrary,  the additional  member  contributions which are required by this subdivision shall not be reduced under any program for increased-take-home-pay.   16. The provisions of subdivision b of section four hundred  forty  of this article shall apply to participants under this section.