2023 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.