NY Ret & SS L § 504-B (2021)
2021 New York Laws RSS - Retirement and Social Security Article 14 - Coordinated-Escalator Retirement Plan 504-B - Twenty-Year Retirement Program for New York City Correction Members of the Rank of Captain or Above.

§  504-b.  Twenty-year retirement program for New York city correction members of the rank of captain or above. 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. "New York city correction officer of the rank of captain or  above" shall  mean  a  member  of  the  uniformed  force  of  the department of correction of the city of New York who  holds  the  rank  of  correction captain;  assistant deputy warden, also known as warden correction level I; deputy warden or  deputy  warden-in-command,  also  known  as  warden correction  level  II;  warden  or  deputy  chief,  also known as warden correction level III; or chief  of  department,  also  known  as  warden correction in the correction service of such city.   2.  "New  York city correction member of the rank of captain or above" shall mean a general member (as defined in subdivision twelve of section five hundred one of this article) who is  a  New  York  city  correction officer of the rank of captain or above.   3.  "Twenty-year retirement program for captains and above" shall mean all the terms and conditions of this section.   4. "Starting date of the twenty-year retirement program  for  captains and  above"  shall mean the effective date of this section, as such date is certified pursuant to section forty-one of the legislative law.   5. "Participant in the twenty-year retirement program for captains and above" shall mean any New York city correction member  of  the  rank  of captain  or  above 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-year retirement program for captains and above, as applicable to him or her.   6. "Discontinued member" shall mean a participant in  the  twenty-year retirement program for captains and above who, while he or she was a New York   city  correction  officer  of  the  rank  of  captain  or  above, discontinued service  in  the  uniformed  force  of  the  department  of correction  of the city of New York and has a right to a deferred vested benefit under subdivision d of this section.   7. "Administrative code" shall mean the  administrative  code  of  the city of New York.   8.  "Revised  contribution date" shall mean the effective date of this paragraph, as such date is certified pursuant to  section  forty-one  of the legislative law.   b.  Participation  in  twenty-year retirement program for captains and above.   1. (i) Subject to the  provisions  of  paragraph  six  of  this subdivision  and of subparagraph (iii) of paragraph eight of subdivision e of section five hundred four-a of this article, any person  who  is  a New  York  city correction member of the rank of captain or above on the starting date of the twenty-year retirement  program  for  captains  and above who, as such a correction member or otherwise, last became subject to the provisions of this article prior to such starting date, may elect to  become  a  participant  in  the  twenty-year  retirement program for captains and above by filing, within ninety  days  after  such  starting 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 correction member of the rank of captain or above on the date such application is filed.  (ii) Notwithstanding the provisions of subparagraph (iii) of paragraph eight of subdivision e of section five hundred four-a of this article or of any other law to the contrary, any New York city correction member of the rank of captain or above who was eligible pursuant to the provisions of this paragraph to elect to become a participant  in  the  twenty-year retirement  program  for captains and above, but who failed to make such  an election, may be deemed to have elected to become  a  participant  in the  twenty-year  retirement  program  for  captains and above as of the starting date of the twenty-year retirement  program  for  captains  and above  by  filing  with the retirement system, within one hundred twenty days after the revised contribution date, a duly executed application to become a participant in such retirement  program  as  of  such  starting date,  provided  he or she is a correction member of the rank of captain or above on the date such application is filed.   2. (i) Subject to the provisions of paragraph six of this  subdivision and of subparagraph (iii) of paragraph eight of subdivision e of section five  hundred  four-a of this article, any person who becomes a New York city correction member of  the  rank  of  captain  or  above  after  the starting  date  of  the  twenty-year retirement program for captains and above and who, as such a correction member  or  otherwise,  last  became subject  to  the provisions of this article prior to such starting date, may elect to become a participant in the twenty-year retirement  program for captains and above by filing, within ninety days after becoming such a  correction member, a duly executed application for such participation with the retirement system of which such person is a member, provided he or she is such a correction member of the rank of captain  or  above  on the date such application is filed.  (ii) Notwithstanding the provisions of subparagraph (iii) of paragraph eight of subdivision e of section five hundred four-a of this article or of any other law to the contrary, any New York city correction member of the rank of captain or above who became such a correction member of such rank  prior  to  the  revised  contribution  date,  and who was eligible pursuant to the provisions of  this  paragraph  to  elect  to  become  a participant  in  the  twenty-year  retirement  program  for captains and above, but who failed to make such an election, may be  deemed  to  have elected  to  become  a participant in the twenty-year retirement program for captains and above as the date he or she first  became  a  New  York city  correction  member  of the rank of captain or above by filing with the retirement system, within one hundred twenty days after the  revised contribution  date,  a duly executed application to become a participant in such retirement program as of the  date  he  or  she  became  such  a correction member, provided he or she is a correction member of the rank of captain or above on the date such application is filed.   3.  Any  election  to  be  a participant in the twenty-year retirement program for captains and above shall be irrevocable.   4. Each person who becomes a New York city correction  member  of  the rank  of  captain  or  above  on  or  after  the  starting  date  of the twenty-year retirement program for captains and above (other than such a correction member who is required pursuant to subdivision b  of  section five  hundred  four-d  of  this  article  to  be  a  participant  in the twenty-year retirement program established by such section five  hundred four-d)  and  who,  as  such  a  correction member or otherwise, becomes subject to the provisions of this article  on  or  after  such  starting date,  shall  become a participant in the twenty-year retirement program for captains and above on the date he or she becomes such  a  correction member.  Notwithstanding  any  other provision of law to the contrary, a New York city correction member of the rank  of  captain  or  above  who becomes a participant in the twenty-year retirement program for captains and  above  pursuant  to  this  paragraph  by  becoming  subject  to the provisions of this  article  on  or  after  the  starting  date  of  the twenty-year  retirement  program  for  captains and above shall have the term "credited service" applied to him or her in the same manner as such term would be applied to a similarly situated correction officer of  the rank  of  captain  or  above  who  is governed by article eleven of this  chapter and who is a participant in  the  twenty-year  improved  benefit retirement  program  for  captains  and  above  pursuant to section four hundred forty-five-c of such article eleven.   4-a.  Notwithstanding  any  other provision of this subdivision or any other provision of law to the contrary, no member of the uniformed force of the New York city department of correction who is  a  New  York  city uniformed   correction/sanitation   revised   plan  member  shall  be  a participant in the  twenty-year  retirement  program  for  captains  and above.   5.  Where  any  participant  in the twenty-year retirement program for captains and above shall cease to hold the position  of  New  York  city correction  officer  of  the  rank  of captain or above, he or she shall cease to be such a participant and  shall  not  be  such  a  participant during  any  period in which he or she does not hold the position of New York city correction officer of the rank of captain or above.   6. Where any participant in the  twenty-year  retirement  program  for captains  or  above  terminates  service  as  a New York city correction officer of the rank of captain or above and returns to such service as a New York city correction member of the rank of captain  or  above  at  a later  date,  he  or  she  shall again become such a participant on that date.   c. Service retirement benefits. 1. A participant  in  the  twenty-year retirement program for captains and above:  (i) who has completed twenty or more years of credited service; and  (ii) 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, five and seven of subdivision e of this section; and  (iii) 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  (iv) who shall be a participant in the twenty-year retirement  program for  captains  and  above  at  the  time  so  specified  for  his or her retirement; shall be retired pursuant to the provisions of  this  section  affording early service retirement.   2. (i) 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  participants  in  the twenty-year  retirement  program  for  captains  and  above  who  retire pursuant to paragraph  one  of  this  subdivision  shall  be  a  pension consisting of:  (A)  an  amount, on account of twenty years of credited service, equal to one-half of his or her final average salary; plus  (B) an amount  for  each  additional  year  of  credited  service,  or fraction  thereof, beyond such twenty years of credited service equal to one-sixtieth of the final  average  salary  for  such  credited  service during  the  period  from  the  completion  of  twenty years of credited service to the date of retirement.  (ii)  The  maximum  pension  computed  without  optional  modification payable pursuant to subparagraph (i) of this paragraph shall be equal to that payable upon completion of thirty years of service.   d. Vesting. 1. A participant in the twenty-year retirement program for captains and above:  (i)  who discontinues service in the uniformed force of the department of correction of the city of New York while he or she is a New York city  correction officer of the rank of captain or above, other than by  death or retirement; and  (ii)  who,  prior to such discontinuance, completed five but less than twenty years of credited service; and  (iii) 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, five and seven of subdivision e of this section; and  (iv) who does not withdraw in whole or in part his or her  accumulated member  contributions pursuant to section five hundred seventeen of this article unless such participant thereafter returns to public service and repays the amounts so withdrawn, together  with  interest,  pursuant  to such section five hundred seventeen; shall  be  entitled  to receive a deferred vested benefit as provided in this subdivision.   2. (i) Upon such discontinuance under the conditions and in compliance with the provisions of paragraph one of this subdivision, such  deferred vested benefit shall vest automatically.  (ii)  Such vested benefit shall become payable on the earliest date on which such discontinued member could have retired from service  if  such discontinuance had not occurred.   3. Subject to the provisions of paragraph ten of subdivision e of this section,  such  deferred vested benefit shall be a pension consisting of an amount equal  to  two  and  one-half  percent  of  such  discontinued member's  final  average  salary,  multiplied  by the number of years of credited service on the date of such discontinuance.   e. Additional member contributions.   1. In  addition  to  the  member contributions  required  by  section  five  hundred  seventeen  of  this article, each participant in  the  twenty-year  retirement  program  for captains   and   above  shall  contribute  (subject  to  the  applicable provisions of section 13-125.1 of the administrative code) an additional percentage of his or  her  compensation  to  the  retirement  system  in accordance with the following schedule:  (i) each such participant who became a New York city correction member of  the  rank  of  captain  or  above  prior to November first, nineteen hundred ninety-two shall contribute an additional  five  and  fifty-nine one-hundredths  percent  of  his  or  her  compensation  earned from all service as a New York city correction member of the rank of  captain  or above  rendered  on  and  after  the  starting  date  of the twenty-year retirement program for captains and  above  and  prior  to  the  revised contribution  date,  provided,  however,  that for any person covered by this subparagraph who is such a participant  on  or  after  the  revised contribution  date, the additional member contributions required by this subparagraph  (including  any  interest  required  thereon)   shall   be recomputed  using  the  rate  of  five and eleven one-hundredths percent instead of the rate of five and fifty-nine one-hundredths percent;  (ii) each such participant who became  or  becomes  a  New  York  city correction  member of the rank of captain or above for the first time on or after November first, nineteen hundred ninety-two shall contribute an additional seven and forty-six one-hundredths  percent  of  his  or  her compensation  earned  from  all  service  as  a New York city correction member of the rank of  captain  or  above  rendered  on  and  after  the starting  date  of  the  twenty-year retirement program for captains and above and prior to the revised  contribution  date,  provided,  however, that  for  any  person  covered  by  this  subparagraph  who  is  such a participant on or after the revised contribution  date,  the  additional member  contributions  required  by  this  subparagraph  (including  any interest required thereon) shall be recomputed using the  rate  of  five  and  eleven  one-hundredths  percent  instead  of  the rate of seven and forty-six one-hundredths percent;  (iii)  each  participant  in  the  twenty-year  retirement program for captains and above  shall  contribute  an  additional  five  and  eleven one-hundredths  percent  of  his  or  her  compensation  earned from all service as a New York city correction member of the rank of  captain  or above rendered on and after the revised contribution date.   2.  A  participant  in the twenty-year retirement program for captains and above shall contribute additional member contributions only until he or she has twenty years of credited service.   3. Commencing with the first full payroll  period  after  each  person becomes a participant in the twenty-year retirement program for captains and  above,  additional  member  contributions  at  the  applicable rate specified in  paragraph  one  of  this  subdivision  shall  be  deducted (subject  to  the  applicable  provisions  of  section  13-125.1  of the administrative code) from the compensation of such participant  on  each and every payroll of such participant for each and every payroll period.   4.  In  addition  to  the  member  contributions  required pursuant to section five hundred seventeen  of  this  article,  and  the  additional member   contributions  required  pursuant  to  paragraph  one  of  this subdivision, each participant in the twenty-year retirement program  for captains  and  above who, prior to becoming such a participant, rendered service as a New York city correction member of the rank of  captain  or above on or after December nineteenth, nineteen hundred ninety and prior to  the starting date of the twenty-year retirement program for captains and above, and/or service as a New York city correction member below the rank of captain on or after December nineteenth, nineteen hundred ninety and  prior  to  becoming  such  a  participant  shall  make  retroactive additional  member  contributions to the retirement system based on such service in accordance with the following schedule:  (i) each such participant who became a New York city correction member of the rank of captain  or  above  prior  to  November  first,  nineteen hundred  ninety-two  shall,  subject  to  the provisions of subparagraph (iii) of  this  paragraph,  contribute  an  amount  equal  to  five  and fifty-nine  one-hundredths  percent  of  his  or her compensation earned from:  (A) all service as a New York city correction member of  the  rank  of captain  or  above  rendered  on and after December nineteenth, nineteen hundred ninety and  prior  to  the  starting  date  of  the  twenty-year retirement program for captains and above; and  (B) all service as a New York city correction member below the rank of captain  rendered  on  and  after  December nineteenth, nineteen hundred ninety and prior to becoming a participant in the twenty-year retirement program for captains and above;  (ii) each such participant who became  or  becomes  a  New  York  city correction  member of the rank of captain or above for the first time on or after November first, nineteen hundred ninety-two and  prior  to  the revised   contribution   date   shall,  subject  to  the  provisions  of subparagraph (iii) of this paragraph,  contribute  an  amount  equal  to seven  and  forty-six  one-hundredths percent of his or her compensation earned from:  (A) all service as a New York city correction member of  the  rank  of captain  or above rendered on and after November first, nineteen hundred ninety-two and prior to the starting date of the twenty-year  retirement program for captains and above; and  (B) all service as a New York city correction member below the rank of captain  rendered  on  and  after  December nineteenth, nineteen hundred  ninety and prior to becoming a participant in the twenty-year retirement program for captains and above;  (iii)  for each such participant covered by either subparagraph (i) or (ii)  of  this  paragraph  who  is  a  participant  in  the  twenty-year retirement  program  for  captains  and  above  on  or after the revised contribution date,  the  additional  member  contributions  required  by subparagraph  (i)  or  (ii)  of  this  paragraph (including any interest required thereon) shall be recomputed using the rate of five and  eleven one-hundredths percent instead of the rate set forth in subparagraph (i) or (ii) of this paragraph;  (iv)  each  such  participant  who  becomes a New York city correction member of the rank of captain or above for the first time  on  or  after the revised contribution date, and who became a New York city correction member  below  the rank of captain prior to July first, nineteen hundred eighty-eight, shall contribute  an  amount  equal  to  five  and  eleven one-hundredths  percent  of  his  or  her  compensation  earned from all service as a New York city correction member below the rank  of  captain rendered  on  and after December nineteenth, nineteen hundred ninety and prior to becoming a participant in the  twenty-year  retirement  program for captains and above;  (v)  each  such  participant  who  becomes  a New York city correction member of the rank of captain or above for the first time  on  or  after the  revised  contribution  date,  who became a New York city correction member below the rank of  captain  on  or  after  July  first,  nineteen hundred  eighty-eight,  and  who  was  a  participant in the twenty-year retirement program for New York city correction members below  the  rank of captain established by section five hundred four-a of this article on the  day  immediately  preceding  the  revised  contribution date, shall contribute an amount equal to three and sixty-one one-hundredths percent of his or her compensation earned from all service as a  New  York  city correction  member  below  the  rank  of  captain  rendered on and after December nineteenth, nineteen hundred ninety and  prior  to  becoming  a participant  in  the  twenty-year  retirement  program  for captains and above;  (vi) each such participant who becomes  a  New  York  city  correction member  of  the  rank of captain or above for the first time on or after the revised contribution date, who became a  New  York  city  correction member  below  the  rank  of  captain  on  or after July first, nineteen hundred eighty-eight, and who was not a participant in  the  twenty-year retirement  program  for New York city correction members below the rank of captain established by section five hundred four-a of this article on the day immediately  preceding  the  revised  contribution  date,  shall contribute  an amount equal to five and eleven one-hundredths percent of his or her compensation earned from all  service  as  a  New  York  city correction  member  below  the  rank  of  captain  rendered on and after December nineteenth, nineteen hundred ninety and  prior  to  becoming  a participant  in  the  twenty-year  retirement  program  for captains and above.   5. Each participant in the twenty-year retirement program for captains and  above  who  is  required  to  make  retroactive  additional  member contributions  in  accordance  with  the provisions of paragraph four of this  subdivision  shall  be  charged  with  a  contribution  deficiency consisting   of  the  amounts  of  such  retroactive  additional  member contributions  determined  in  accordance  with  such  paragraph   four, together with interest thereon compounded annually, and  (i) such interest on each such amount 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; and  (ii)  the  rate of interest to be applied to each such 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.  Where  a  person  who  became  or  becomes  a  participant  in the twenty-year retirement program for captains and above has rendered  less than  fifteen  years of credited service as of the date he or she became or becomes a New York city correction member of the rank of  captain  or above,  the  amount  of  the  contribution  deficiency charged to such a participant pursuant to paragraph five of this  subdivision,  consisting of  retroactive  additional  member  contributions plus interest on such amounts, shall be reduced by an amount equal to  the  additional  member contributions  which  such participant made pursuant to paragraph one of subdivision e of section five  hundred  four-a  of  this  article  as  a participant   in  the  twenty-year  retirement  program  for  correction officers below the rank of captain (together with any interest  thereon) which  are  on  deposit in the contingent reserve fund of the retirement system on the date such person became or becomes a  participant  in  the twenty-year   retirement  program  for  captains  and  above,  provided, however, that for persons who elect  to  become  a  participant  in  the twenty-year  retirement  program  for  captains  and  above  pursuant to subparagraph (ii) of paragraph one of subdivision b of this  section  or subparagraph  (ii)  of  paragraph  two of subdivision b of this section, such reduction  pursuant  to  this  paragraph  in  the  amount  of  such contribution deficiency shall be by the amount of such additional member contributions  made  pursuant  to  subdivision e of section five hundred four-a (together with any interest thereon) which are on deposit in such contingent reserve fund at the time such member files such  election  to become  such a participant, and such participant shall not thereafter be permitted  to  withdraw  any   portion   of   such   additional   member contributions  made  pursuant  to  subdivision e of section five hundred four-a at any time while he or she is a participant in  the  twenty-year retirement program for captains and above, and provided further that the provisions  of  this  paragraph  shall  apply  to  any  person  who is a participant in the twenty-year retirement program for captains and above on or after the revised contribution date, even where  such  person  has rendered  fifteen or more years of credited service as of the date he or she became a New York city correction member of the rank of  captain  or above.   7.  (i)  Subject  to  the  provisions  of  subparagraph  (ii)  of this paragraph,  where  any  additional  member  contributions  required   by paragraph  one  of  this  subdivision  are not paid by deductions from a participant's  compensation  pursuant  to  paragraph   three   of   this subdivision:  (A)  that  participant shall be charged with a contribution deficiency consisting of such unpaid amounts, together with interest thereon at the rate of five percent per annum, compounded annually; and  (B) such interest on each amount  of  undeducted  contributions  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, until such amount  is  paid  to the retirement system.  (ii)  Except  as  otherwise  provided  in  subparagraph  (iii) of this paragraph, 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.  (iii) Should any person who, pursuant  to  paragraph  twelve  of  this subdivision,  has withdrawn any additional member contributions (and any interest paid thereon) again become a  participant  in  the  twenty-year retirement  program  for captains and above pursuant to paragraph six 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 (i) of this paragraph) as if such additional contributions had never been made.   8.  The head of a retirement system which includes participants in the twenty-year retirement program for captains and above in its  membership may,  consistent  with  the  provisions  of this subdivision, promulgate regulations for the payment of such additional member contributions, and any interest thereon, by such participants (including the  deduction  of such  contributions,  and  any  interest thereon, from the participants' compensation).   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 five and/or seven of this subdivision, that  participant,  nevertheless, shall  be  eligible  to retire pursuant to subdivision c of this section provided,  however,  that  the  service  retirement  benefit  calculated pursuant  to paragraph two of such subdivision c shall be reduced by the actuarial equivalent  of  the  amount  of  any  contribution  deficiency pursuant to such paragraphs five and/or seven which such participant did not pay prior to the effective date of his or her retirement.   10.  Where  a participant 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  five  and/or  seven  of  this subdivision, 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 paragraph three of such subdivision d shall be reduced by the actuarial equivalent of the amount of any contribution deficiency pursuant to such paragraphs  five  and/or seven   which  such  participant  did  not  pay  prior  to  his  or  her discontinuance of service.   11. Where  a  participant  has  not  paid  in  full  any  contribution deficiency  chargeable  to him or her pursuant to paragraphs five and/or seven of this subdivision, and a benefit, other than a refund of  member contributions  pursuant  to  section  five  hundred  seventeen  of  this article, or a refund of  additional  member  contributions  pursuant  to paragraph  twelve  of  this  subdivision,  or  a  benefit which has been reduced pursuant to paragraph nine or ten of  this  subdivision  becomes payable  under  this  article  to  the  participant  or  to  his  or her designated beneficiary or estate, the actuarial equivalent of  any  such unpaid amount shall be deducted from the benefit otherwise payable.   12.   (i)   All  additional  member  contributions  required  by  this subdivision (and  any  interest  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 five hundred seventeen of this article or otherwise while he or she is a participant in the  twenty-year  retirement  program  for captains  and  above  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)(A) Should a participant in the twenty-year retirement program for captains  and above who has rendered less than fifteen years of credited service cease to hold the position of New York city  correction  officer of  the  rank  of captain or above for any reason whatsoever, his or her accumulated  additional  member  contributions  made  pursuant  to  this subdivision  (together  with any interest thereon paid to the retirement system)  may  be  withdrawn  by  him  or  her  pursuant  to   procedures promulgated  in  regulations  of  the  head  of  the  retirement system, together with interest thereon at the rate of five  percent  per  annum, compounded annually.  (B)  Upon  the  death  of  a participant in the twenty-year retirement program for captains and above, 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, his or her accumulated additional  member  contributions  made  pursuant  to  this  subdivision (including any interest thereon paid to the retirement system), together with interest thereon at the rate of five percent per annum,  compounded annually.  (C)  A  participant in the twenty-year retirement program for captains and above with twenty or more years of credited service,  who  has  made additional  member  contributions  pursuant  to  this  subdivision in an amount which exceeds  the  amount  of  additional  member  contributions required  by  this subdivision, and who retires pursuant to this article on or after the revised contribution date, shall receive upon retirement a refund of that portion of  such  additional  member  contributions  on deposit  in  the  contingent  reserve  fund  which exceeds such required amount (including any interest thereon paid to the  retirement  system), together  with  interest  thereon at the rate of five percent per annum, compounded annually.  (iii) Except as  otherwise  provided  in  subparagraph  (ii)  of  this paragraph,  no member while he or she is such a participant or otherwise shall have a right to withdraw such additional member  contributions  or any interest thereon from the retirement system.   13.  Notwithstanding  any  other  provision  of law to the contrary, a member of the retirement system shall not be  permitted  to  borrow  any portion  of  his  or  her additional member contributions (including any interest paid thereon) which are subject to this subdivision.   f. The escalation of benefits provisions of section five  hundred  ten of this article shall not apply to any benefits received pursuant to the provisions of this section.   g.  Except  as provided in clause (B) of subparagraph (i) of paragraph two of subdivision c of this section, the provisions of subdivision d of section five hundred of this article shall apply to  participants  under this section.   h.  In  the event that the provisions of this section should result in any increase in the contribution rate of the  city  of  New  York,  that increase  shall  not  apply  to any calculation or certification for the purposes of subdivision c of section five hundred of this article.