2023 New York Laws › RSS - Retirement and Social Security › Article 11 - Limitations Applicable to New Entrants › 445-D - Optional Age Fifty-Five Improved Benefit Retirement Program for Certain New York City Members.

* § 445-d. Optional age fifty-five improved benefit retirement program
for  certain  New York city members. a. Definitions. The following words
and phrases as used in this section shall have  the  following  meanings
unless a different meaning is plainly required by the context.
1. "NYCERS" shall mean the New York city employees' retirement system.
2.  "BERS"  shall mean the board of education retirement system of the
city of New York.
3. "Administrative code" shall mean the  administrative  code  of  the
city of New York.
4.  "BERS  rules and regulations" shall mean the rules and regulations
for the government, management and control of BERS adopted  pursuant  to
section twenty-five hundred seventy-five of the education law.
5. "New York city eligible position" shall mean:
(i)  with  respect to members of NYCERS, all positions in city-service
(as defined in subdivision three of section 13-101 of the administrative
code), except (a) any position in the uniformed transit police force, as
defined  in  subdivision   thirty-one   of   section   13-101   of   the
administrative  code;  (b)  any  position  in  the New York city transit
authority which is covered by the provisions of section  13-161  of  the
administrative code, whether or not the person employed in such position
elected  the  benefits  of  such section 13-161; (c) any position in the
housing police service, as defined in subdivision thirty-five of section
13-101 of the administrative code; (d) any  position  in  the  uniformed
correction  force,  as  defined  in  subdivision  thirty-nine of section
13-101 of the administrative code; (e) any  position  in  the  uniformed
force  of  the  department  of  sanitation,  as  defined  in subdivision
sixty-two  of  section  13-101  of  the  administrative  code;  (f)  the
positions  of  bridge  and  tunnel  officer, bridge and tunnel sergeant,
bridge and tunnel lieutenant, assistant bridge  and  tunnel  maintainer,
bridge  and  tunnel  maintainer, senior bridge and tunnel maintainer and
laborer with  the  Triborough  bridge  and  tunnel  authority;  (g)  any
position  in  the  division  of  housing  and community renewal; (h) any
position in the unified court system; (i) any teaching position with the
city university of New York; and (j) any  position  as  an  investigator
member; or
(ii)  with  respect  to  members  of  BERS, all positions in education
service (as defined in paragraph fifteen of  this  subdivision),  except
any  position  as a substitute teacher or any other position represented
by  the  recognized  teacher  organization  for  collective   bargaining
purposes.
6.  "New  York  city eligible member" shall mean a member of NYCERS or
BERS who is subject to  the  provisions  of  this  article  and  who  is
employed in a New York city eligible position.
7. "Age fifty-five improved benefit retirement program" shall mean all
the terms and conditions of this section.
8.  "Starting  date  of the age fifty-five improved benefit retirement
program" shall mean the commencement date of the  first  payroll  period
which begins after January first, nineteen hundred ninety-five.
9.  "Enactment  date of the age fifty-five improved benefit retirement
program" shall mean the date this section takes effect.
10. "Participant in the age  fifty-five  improved  benefit  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 improved benefit retirement program, as applicable to
him or her.
11. "Physically taxing position" shall mean, for a member of NYCERS, a
New York city eligible position which is a physically taxing position as

defined in subdivision fifty-six of section 13-101 of the administrative
code  or,  for a member of BERS, a New York city eligible position which
is a physically taxing position as defined in subdivision thirty-five of
section two of the BERS rules and regulations.
12. "Participating retirement system" shall mean NYCERS or BERS.
13.  "Credited  CPP  qualifying  service"  shall mean, for a member of
NYCERS,  career  pension  plan  qualifying  service,   as   defined   in
subdivision  forty-eight  of  section 13-101 of the administrative code,
which is credited to such member or, for a member  of  BERS,  creditable
career  pension  plan service, as defined in subdivision thirty-eight of
section two of the BERS rules and regulations, which is credited to such
member.
14. "Active service" shall mean, for a member of NYCERS,  city-service
(as defined in subdivision three of section 13-101 of the administrative
code)  for  which  such  member  is  being paid on the payroll or, for a
member of BERS, education service (as defined in  paragraph  fifteen  of
this subdivision) for which such member is being paid on the payroll.
15.  "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.
16.  "Active  or  retired  employee  of the council of the city of New
York" shall mean all duly sworn members of the city council as  well  as
all  salaried  employees who comprise the staff of the city council on a
full-time or part-time basis who are either in  active  service  on  the
effective date of this paragraph or who are retired from such service.
17.  "Retired  employee  of the council of the city of New York" shall
mean all duly sworn members of the New York city council as well as  all
salaried  employees  who  comprise  the  staff  of the city council on a
full-time or part-time basis who are retired from active service.
b.  Participation  in  age  fifty-five  improved  benefit   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 improved
benefit retirement program may elect to become a participant in the  age
fifty-five  improved benefit retirement program by filing, within ninety
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. Notwithstanding this
provision, a New York city eligible member  in  active  service  on  the
enactment date of the age fifty-five improved benefit retirement program
who  is  an active or retired employee of the council of the city of New
York may elect to participate in the  age  fifty-five  improved  benefit
retirement  program at any time subsequent to the enactment date of such
program.
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  improved
benefit  retirement program may elect to become a participant in the age
fifty-five improved benefit retirement program by filing, within  ninety
days after becoming a New York city eligible member in active service, a
duly  executed  application  for  such participation with the retirement
system of which such person is a member, provided he or  she  is  a  New
York city eligible member in active service on the date such application
is filed.
3.  (i) Except as provided in subparagraph (ii) of this paragraph, any
election to be a participant in  the  age  fifty-five  improved  benefit
retirement program shall be irrevocable.
(ii)  Notwithstanding  any other provision of law to the contrary, any
participant in the age fifty-five improved  benefit  retirement  program
whose age and amount of credited CPP qualifying service (which amount of
credited  CPP qualifying 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 CPP  qualifying  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 CPP
qualifying service by the time he or she reaches age sixty-two, assuming
such person were to earn a full year of credited CPP qualifying  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  improved  benefit
retirement program by filing, within two years after first becoming such
a participant, or within the period beginning November  first,  nineteen
hundred  ninety-seven  and  ending  January  thirtieth, nineteen hundred
ninety-eight, a written request to withdraw from such program  with  the
retirement system of which such person is a member.
4.  Where  any  participant  in  the  age  fifty-five improved benefit
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 improved benefit
retirement program.
5. Where any  participant  in  the  age  fifty-five  improved  benefit
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 improved benefit retirement program pursuant to paragraph one
or  two  of this subdivision for the full ninety-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. The provisions of this paragraph shall not
bar participation in such program, however, by a New York city  eligible
member  in  active  service  on the enactment date of the age fifty-five
improved benefit retirement program who is an active or retired employee
of the council of the city of New York.
c. 1. Non-physically taxing service  retirement.  Notwithstanding  any
other  provision  of  law  to  the  contrary,  a  participant in the age
fifty-five improved benefit retirement program:
(i) who is otherwise eligible to retire  for  service  with  immediate
payability  of  a retirement allowance pursuant to section 13-162 of the
administrative code or section thirty of the BERS rules and regulations;
and
(ii) who has completed twenty-five  or  more  years  of  credited  CPP
qualifying service; and
(iii) who has attained age fifty-five; and
(iv)  who, subject to the provisions of paragraph ten of subdivision d
of this section, has paid, before the effective date of retirement,  all
additional  member  contributions  and  interest  (if  any)  required by
paragraphs one, four, five and six of subdivision d of this section, or,
for  a  New York city eligible member in active service on the enactment
date of the age fifty-five improved benefit retirement program who is an
active or retired employee of the council of the city of New  York,  who
has  paid all additional member contributions pursuant to paragraph five
of subdivision d of this section; and
(v) who shall be a participant in the age fifty-five improved  benefit
retirement program in active service at the time so specified for his or
her  retirement;  shall,  subject  to the provisions of paragraph ten of
subdivision d of this section, be permitted to  retire  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.
For a New York city eligible member in active service on the enactment
date of the age fifty-five improved benefit retirement program who is  a
retired  employee of the council of the city of New York, however, there
shall be no requirement of active service at  the  time  of  filing  for
retirement provided that such employee has met the other requirements of
this paragraph.
2.  Physically  taxing  service  retirement.  A participant in the age
fifty-five improved benefit retirement program:
(i) who is otherwise eligible to retire  for  service  with  immediate
payability  of  a retirement allowance pursuant to section 13-162 of the
administrative code or section thirty of the BERS rules and regulations;
and
(ii) who has completed twenty-five  or  more  years  of  credited  CPP
qualifying  service  in  a  physically  taxing  position  (as defined in
paragraph eleven of subdivision a of this section); and
(iii) who has attained age fifty; and
(iv) who, subject to the provisions of paragraph ten of subdivision  d
of  this section, has paid, before the effective date of retirement, all
additional member  contributions  and  interest  (if  any)  required  by
paragraphs one, four, five and six of subdivision d of this section; and
(v)  who shall be a participant in the age fifty-five improved benefit
retirement program in active service at the time so specified for his or
her retirement; shall, subject to the provisions  of  paragraph  ten  of
subdivision  d  of  this  section, be permitted to retire with a minimum
retirement age of fifty, 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.
d. Additional member contributions.  1.  In  addition  to  the  member
contributions required by section 13-125 or 13-162 of the administrative
code  or section eight or thirty of the BERS rules and regulations, each
participant in the age fifty-five improved  benefit  retirement  program
shall  contribute,  subject  to  the  applicable  provisions  of section
13-125.2 of the administrative code or subdivision nineteen  of  section
twenty-five  hundred  seventy-five  of  the education law, an additional
percentage or additional percentages of his or her compensation  to  the
retirement  system of which he or she is a member in accordance with the
following schedule:
(i) (A) each such participant shall contribute an additional four  and
thirty-five  one-hundredths  percent  of  his or her compensation earned
from all credited CPP qualifying service (whether or not in a physically

taxing position) rendered on and after the  starting  date  of  the  age
fifty-five   improved  benefit  retirement  program  and  prior  to  the
commencement date of the first payroll period which begins after January
first,  nineteen  hundred  ninety-eight  (1)  while  such  person  is  a
participant in such program; and (2) before such person becomes  such  a
participant  pursuant  to  paragraph one or two of subdivision b of this
section (whether or not rendered in a New York city eligible  position);
and  (3)  after such person ceases to be a participant, but before he or
she again becomes such a participant pursuant to paragraph five of  such
subdivision  b  (whether  or  not  rendered  in a New York city eligible
position); and
(B) each such participant  shall  contribute  an  additional  two  and
eighty-five  one-hundredths  percent  of  his or her compensation earned
from all credited CPP qualifying service (whether or not in a physically
taxing position) rendered on and after  the  commencement  date  of  the
first  payroll period which begins after January first, nineteen hundred
ninety-eight and prior to the commencement date  of  the  first  payroll
period  which  begins subsequent to the effective date of the chapter of
the laws of two thousand one which amended  this  item  (1)  while  such
person  is  a  participant  in  such program; and (2) before such person
becomes  such  a  participant  pursuant  to  paragraph  one  or  two  of
subdivision  b  of  this  section (whether or not rendered in a New York
city eligible position); and (3)  after  such  person  ceases  to  be  a
participant,  but  before  he  or  she  again becomes such a participant
pursuant to paragraph  five  of  such  subdivision  b  (whether  or  not
rendered in a New York city eligible position); and
(C)  each  such  participant  shall  contribute  an additional one and
eighty-five one-hundredths percent of his  or  her  compensation  earned
from all credited CPP qualifying service (whether or not in a physically
taxing  position)  rendered  on  and  after the commencement date of the
first payroll period which begins subsequent to the  effective  date  of
the  chapter  of  the laws of two thousand one which added this item (1)
while such person is a participant in such program; and (2) before  such
person  becomes  such  a participant pursuant to paragraph one or two of
subdivision b of this section (whether or not rendered  in  a  New  York
city  eligible  position);  and  (3)  after  such  person ceases to be a
participant, but before he or  she  again  becomes  such  a  participant
pursuant  to  paragraph  five  of  such  subdivision  b  (whether or not
rendered in a New York city eligible position); and
(ii) each such participant who is  employed  in  a  physically  taxing
position  (as  defined  in  paragraph  eleven  of  subdivision a of this
section)  shall  contribute,  in  addition  to  the  additional   member
contributions  required  to  be  made  at the percentage of compensation
specified in subparagraph (i) of this paragraph  for  the  credited  CPP
qualifying service specified in such subparagraph (i), an additional one
and  ninety-eight  one-hundredths  percent  of  his  or her compensation
earned from that portion of such credited CPP qualifying  service  which
is  rendered  in  a physically taxing position on and after the starting
date of the age fifty-five improved benefit retirement program (A) while
such person is a participant in such program; and (B) before such person
becomes  such  a  participant  pursuant  to  paragraph  one  or  two  of
subdivision  b of this section; and (C) after such person ceases to be a
participant, but before he or  she  again  becomes  such  a  participant
pursuant to paragraph five of such subdivision b.
2.  A  participant  in  the age fifty-five improved benefit retirement
program shall contribute additional member contributions only  until  he
or she has twenty-five years of credited CPP qualifying service.
3. (i) Commencing with the first full payroll period after each person
becomes  a participant in the age fifty-five improved benefit retirement
program, additional member contributions at the applicable rate or rates
specified in paragraph  one  of  this  subdivision  for  the  particular
credited  CPP  qualifying  service  being  rendered  shall  be deducted,
subject  to  the  applicable  provisions  of  section  13-125.2  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 CPP qualifying service rendered on and after the enactment date
of  the age fifty-five improved benefit retirement program, and prior to
the actual commencement of  deductions  from  compensation  pursuant  to
subparagraph   (i)  of  this  paragraph,  by  a  person  who  becomes  a
participant pursuant to paragraph one of subdivision b of this  section,
shall  be  paid  by deductions from the compensation of such participant
pursuant to and in accordance with the provisions of item  (B)  of  this
subparagraph.
(B)  Commencing  with  the  payroll  period  in  which  deductions  of
additional member contributions from such participant's compensation are
begun pursuant to subparagraph (i) of this  paragraph,  in  addition  to
such  deductions  required  by  such  subparagraph  (i),  there shall be
another deduction of  additional  member  contributions  made  from  the
compensation  of  such  participant  at one-third the applicable rate or
rates at which deductions are being made pursuant to  such  subparagraph
(i),  subject  to  the  applicable provisions of section 13-125.2 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 (B) shall be made only
during the period  while  such  person  is  a  participant  after  first
becoming  a  participant  pursuant  to paragraph one of subdivision b of
this section and before ceasing to be such a participant.
4. In addition to the member contributions required by section  13-125
or  section 13-162 of the administrative code or section eight or thirty
of  the  BERS  rules  and  regulations,  and   the   additional   member
contributions  required  pursuant  to paragraph one of this subdivision,
each participant in  the  age  fifty-five  improved  benefit  retirement
program  who  was  not  a member of either NYCERS or BERS on July first,
nineteen hundred  ninety-three  shall,  subject  to  the  provisions  of
paragraph  two  of  this subdivision, make retroactive additional member
contributions to the retirement system of which he or she is a member in
accordance with the following schedule:
(i) each such participant shall  contribute  an  additional  four  and
thirty-five  one-hundredths  percent  of  his or her compensation earned
from all credited CPP qualifying service rendered prior to the  starting
date  of the age fifty-five improved benefit retirement program (whether
or not rendered in a physically taxing  position  or  a  New  York  city
eligible position); and
(ii)  each  such  participant  who was employed in a physically taxing
position as defined in paragraph eleven of subdivision a of this section
shall contribute, in addition to  the  additional  member  contributions
required  to  be  made  at  the  percentage of compensation specified in
subparagraph (i) of this  paragraph  for  the  credited  CPP  qualifying

service  specified  in  such  subparagraph  (i),  an  additional one and
ninety-eight one-hundredths percent of his or  her  compensation  earned
from  that  portion  of  such  credited CPP qualifying service which was
rendered  in  a physically taxing position prior to the starting date of
the age fifty-five improved benefit retirement program.
5. (i)  Each  participant  in  the  age  fifty-five  improved  benefit
retirement  program  shall  be  charged  with  a contribution deficiency
consisting of:
(A) the total amounts of additional member contributions  such  person
is  required to make pursuant to paragraph one of this subdivision which
are not deducted from his or  her  compensation  pursuant  to  paragraph
three  of  this  subdivision,  if  any,  together with interest thereon,
compounded annually, and computed in accordance with the  provisions  of
subparagraphs (ii), (iii) and (iv) of this paragraph; and
(B)  the  total amounts of retroactive additional member contributions
such person is required to make  pursuant  to  paragraph  four  of  this
subdivision,   if   any,  together  with  interest  thereon,  compounded
annually,  and  computed  in   accordance   with   the   provisions   of
subparagraphs (ii), (iii) and (iv) of this paragraph.
(ii)  (A) Subject to the provisions of subparagraphs (iii) and (iv) of
this paragraph, the interest required to be paid  on  each  such  amount
specified  in  items  (A)  and (B) of subparagraph (i) of this paragraph
shall accrue from the end of the payroll period for  which  such  amount
would  have  been  deducted  from  compensation  if he or she had been a
participant at the beginning of that payroll period and  such  deduction
had  been required for such payroll period, until such amount is paid to
the retirement system.
(B) The rate of interest to be applied to each such amount during  the
period  for  which interest accrues on that amount shall be equal to the
rate or rates of interest required by law to be used  during  that  same
period  to  credit  interest on the accumulated deductions of retirement
system members.
(iii)  Except  as  otherwise  provided  in  paragraph  six   of   this
subdivision,  no  interest  shall be due on any unpaid additional member
contributions which are attributable to credited CPP qualifying  service
rendered  on  or  after the starting date of the age fifty-five improved
benefit retirement program, but prior to the enactment date of  the  age
fifty-five improved benefit retirement program by a person who becomes a
participant pursuant to paragraph one of subdivision b of this section.
(iv)   Except   as   otherwise  provided  in  paragraph  six  of  this
subdivision, no interest shall be due on any  unpaid  additional  member
contributions  which are not attributable to a period prior to the first
full payroll period referred to in paragraph three of this subdivision.
6. (i) (A) Should any person who, pursuant to paragraph twelve of this
subdivision, has received a refund of the employee portion of his or her
additional member contributions (as established in accordance with  item
(B)  of  subparagraph  (ii)  of  paragraph  seven  of this subdivision),
including any interest paid on such employee  portion,  again  become  a
participant  in  the  age fifty-five improved benefit 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 CPP qualifying
service for which such person received a refund of such employee portion
of additional member contributions (including any amount  of  an  unpaid
loan  balance  deemed  to  have been returned to such person pursuant to
paragraph fourteen of this subdivision), as if such employee portion  of
additional contributions never had been paid.
(B)  Any  person  who  has  his or her membership in one participating
retirement  system  terminated  without  transferring  such   membership
directly   from  such  participating  retirement  system  to  the  other
participating retirement system, who has an unpaid balance of a loan  of
the  employee  portion  of  his  or  her additional member contributions
pursuant to paragraph thirteen of this subdivision at the  time  of  the
termination  of  such  membership,  who,  pursuant  to paragraph five of
subdivision b of this section, thereafter again becomes a participant in
the age fifty-five improved benefit retirement program as  a  member  of
either  participating retirement system without having received a refund
of the employee portion of his or her  additional  member  contributions
pursuant  to  paragraph  twelve  of  this  subdivision,  shall  have  an
appropriate  amount  included   in   such   participant's   contribution
deficiency  (including  interest  thereon  as calculated in subparagraph
(ii) of this paragraph) for any  credited  CPP  qualifying  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.
7.  (i)  All  additional  member  contributions   required   by   this
subdivision  (and  any  interest paid thereon) which are received by the
retirement system of which the participant is a  member  shall  be  paid
into its contingent reserve fund and shall not for any purpose be deemed
to  be  member contributions or accumulated deductions of a member under
section 13-125 or 13-162 of the administrative code or section eight  or
thirty of the BERS rules and regulations or otherwise while he or she is
a  participant in the age fifty-five improved benefit retirement program
or otherwise.
(ii) All additional member contributions required for  any  period  of
credited  CPP  qualifying  service  pursuant to paragraph one or four of
this subdivision (and any interest paid thereon  pursuant  to  paragraph
five  of  this  subdivision) which, pursuant to subparagraph (i) of this
paragraph,  are  paid  by  a  participant,  subject  to  the  applicable
provisions of section 13-125.2 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 thirteen  of  this
subdivision or amounts paid in satisfaction of a contribution deficiency
calculated  in  accordance with paragraph six of this subdivision) shall
be divided in the following manner:
(A) one-half of such additional member  contributions  (and  any  such
interest  paid  thereon)  shall  be the employer contribution portion of
such additional member contributions; and
(B) one-half of such additional member  contributions  (and  any  such
interest  paid thereon) shall be the employee portion of such additional
member contributions, and shall be credited to the  employee  additional
contributions  account  which  shall be established for such participant
within the contingent reserve fund of such retirement system.
(iii)  No person, while he or she is a participant or otherwise, shall
at any time be permitted (A) to borrow, pursuant to  paragraph  thirteen
of  this  subdivision  or  any  other  provision,  any  of  the employer
contribution portion of his or her additional member  contributions  (as
established  in  accordance  with  item (A) of subparagraph (ii) of this
paragraph, including any interest paid thereon) which has been paid into
the contingent reserve fund of the retirement system; or (B) to  receive
a  refund  of  any  of  such  employer  contribution portion pursuant to
paragraph twelve of this subdivision or any other provision.
(iv) None of the employer  contribution  portion  of  a  participant's
additional  member  contributions  (including any interest paid thereon)
shall for any purpose (A) be deemed to be part of the  employee  portion
of  additional  member  contributions  paid  by a participant; or (B) be
credited to the employee additional  contributions  account  established
for  such  participant  in the contingent reserve fund of the retirement
system.
(v) All repayments of loans of  the  employee  portion  of  additional
member  contributions pursuant to paragraph thirteen of this subdivision
and  all  payments  of  the  employee  portion  of   additional   member
contributions in satisfaction of a contribution deficiency calculated in
accordance  with  paragraph  six of this subdivision which are paid by a
participant to the contingent reserve fund of a participating retirement
system (and any interest paid thereon) shall be  part  of  the  employee
portion  of such participant's additional member contributions and shall
be credited to the employee additional contributions account established
for such participant in the contingent reserve fund of  such  retirement
system.
8. Where a person who was a participant in the age fifty-five improved
benefit  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  CPP  qualifying 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  CPP  qualifying  service
obtained in such second retirement system by purchase or transfer, which
previously was credited in such first retirement system, shall (only for
purposes  of  this  subdivision,  and  not  for  purposes of determining
required employer contributions to such  second  retirement  system)  be
deemed to have been paid to such second retirement system rather than to
such  first  retirement  system,  and  shall be credited to the employee

additional contributions account established for such participant in the
contingent reserve fund of such second retirement system.
9.  A  person  who  was  a  participant in the age fifty-five improved
benefit retirement program as a member of one  participating  retirement
system,  who  becomes  such  a  participant  as  a  member  of the other
participating retirement system and who thereafter transfers his or  her
membership  in  such  first  retirement  system  directly to such second
retirement system as such a participant shall be deemed to have the same
unpaid balance of a loan of the employee portion  of  additional  member
contributions   pursuant  to  paragraph  thirteen  of  this  subdivision
(including accrued interest) as he or she had in such  first  retirement
system  at  the  time  of  such  transfer  of  membership  to the second
retirement system.
10.  Where  a  participant  who  is  otherwise  eligible  for  service
retirement  pursuant  to subdivision c of this section did not, prior to
the  effective  date  of  retirement,  pay  the  entire  amount   of   a
contribution  deficiency chargeable to him or her pursuant to paragraphs
five and six of this subdivision, or repay the entire amount of  a  loan
of  the  employee  portion of his or her additional member contributions
pursuant to paragraph thirteen of this  subdivision  (including  accrued
interest  on  such  loan),  that  participant,  nevertheless,  shall  be
eligible to retire pursuant to subdivision c of this section,  provided,
however,  that where such participant is not entitled to a refund of the
employee  portion  of  additional  member  contributions   pursuant   to
subparagraph  (iii)  of  paragraph  twelve  of  this  subdivision,  such
participant's service retirement  benefit  calculated  pursuant  to  the
applicable  provisions  of  section 13-162 of the administrative code or
section thirty of the BERS rules and regulations shall be reduced  by  a
life  annuity  (calculated  in  accordance  with the method set forth in
subdivision i of section six hundred thirteen-b of this  chapter)  which
is actuarially equivalent to:
(i)  the  amount  of  any unpaid contribution deficiency chargeable to
such member pursuant to paragraphs five and  six  of  this  subdivision;
plus
(ii)  the  amount  of  any  unpaid  balance  of a loan of the employee
portion of his  or  her  additional  member  contributions  pursuant  to
paragraph  thirteen  of  this subdivision (including accrued interest on
such loan).
11. The board of trustees of NYCERS and the retirement board  of  BERS
may,  consistent  with  the  provisions  of this subdivision, promulgate
regulations for the payment of additional member contributions  required
by  this  subdivision,  and any interest thereon, by participants in the
age  fifty-five  improved  benefit  retirement  program  (including  the
deduction  of  such  contributions,  and  any interest thereon, from the
participants' compensation).
12. (i) Subject to  the  provisions  of  paragraph  fourteen  of  this
subdivision,  a  participant  in  the  age  fifty-five  improved benefit
retirement program who retires for disability pursuant to section 13-167
or 13-168 of the administrative code or section fifteen or seventeen  of
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  fourteen  of  this
subdivision, upon the death of  a  participant  in  the  age  fifty-five
improved  benefit 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  fourteen  of  this
subdivision,  a  person  (A)  who  is  or  was  a participant in the age
fifty-five improved benefit retirement  program;  (B)  who  retires  for
service as a member of NYCERS 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  fourteen  of  this
subdivision, a person  who  ceases  to  be  a  participant  in  the  age
fifty-five  improved  benefit  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  fourteen  of  this
subdivision, any person who  withdraws  as  a  participant  in  the  age
fifty-five improved benefit 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  fourteen  of   this
subdivision,  a  participant  in  the  age  fifty-five  improved benefit
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)  Subject  to  the  provisions  of  paragraph  fourteen  of  this
subdivision,  a  participant  in  the  age  fifty-five  improved benefit
retirement program (A) who retires for service pursuant to paragraph two
of subdivision c of this section; (B) who is  in  active  service  as  a
participant  in  such  program  on the effective date of retirement; (C)
who, on the effective date of retirement, is at least  fifty-five  years
of  age, but less than sixty-two years of age; and (D) who was in active
service as a participant in such program for a total  of  at  least  six
months out of each of the two twelve-month periods immediately preceding
his  or  her  retirement  for  service,  shall, upon such retirement for
service, be entitled to a refund of  only  that  part  of  the  employee
portion  of  his or her additional member contributions paid pursuant to
subparagraph (ii) of paragraph one of this subdivision and  subparagraph
(ii)  of  paragraph  four of this subdivision (including any interest on
such part of such employee portion paid to the retirement system)  which
remains  credited  to  the  employee  additional  contributions  account
established for such person  in  the  contingent  reserve  fund  of  the
retirement  system  of  which  he or she is a member at the time of such
retirement for service, together with interest thereon at  the  rate  of
interest  required  by  law  to  be  used  to  credit  interest  on  the
accumulated  deductions  of  retirement   system   members,   compounded
annually,  and  shall  not  be  entitled  to a refund of any part of the
employee portion of his or  her  additional  member  contributions  paid
pursuant  to  subparagraph  (i)  of paragraph one of this subdivision or
subparagraph (i) of paragraph four of this subdivision (or any  interest
paid  on  such  part  of  such employee portion of his or her additional
member contributions), or any part of the employer contribution  portion
of  his  or  her  additional  member  contributions  (as  established in
accordance with item (A) of subparagraph (ii) of paragraph seven of this
subdivision) paid pursuant to subparagraph (i) or (ii) of paragraph  one

of  this  subdivision  or  subparagraph (i) or (ii) of paragraph four of
this subdivision (or any interest paid  on  such  employer  contribution
portion of his or her additional member contributions).
(viii) Notwithstanding any other provision of law to the contrary, (A)
no  person shall be permitted to withdraw from the retirement system any
additional member contributions paid pursuant to this subdivision or any
interest paid thereon, except pursuant to and  in  accordance  with  the
preceding  subparagraphs  of this paragraph; and (B) no person, while he
or  she  is  a  participant  in  the  age  fifty-five  improved  benefit
retirement  program,  shall be permitted to withdraw any such additional
member contributions or any interest paid thereon pursuant to any of the
preceding subparagraphs of this  paragraph  or  otherwise;  and  (C)  no
person, while he or she is a participant or otherwise, shall at any time
be permitted to withdraw any of the employer contribution portion of his
or  her  additional  member  contributions,  including any interest paid
thereon (as established in accordance with item (A) of subparagraph (ii)
of paragraph  seven  of  this  subdivision),  pursuant  to  any  of  the
preceding subparagraphs of this paragraph or otherwise.
13.  A  participant  in the age fifty-five improved benefit retirement
program shall be permitted to borrow from the employee portion of his or
her additional member contributions (as established in  accordance  with
item  (B)  of  subparagraph (ii) of paragraph seven of this subdivision,
including any interest paid thereon) which is credited to  the  employee
additional contributions account established for such participant in the
contingent reserve fund of the retirement system of which he or she is a
member.  The  borrowing  from such employee portion of additional member
contributions pursuant to this paragraph shall be governed by  the  same
rights,  privileges, obligations and procedures set forth in section six
hundred thirteen-b of this chapter 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 board of
trustees of NYCERS and the retirement board of BERS may, consistent with
the provisions of this subdivision and the  provisions  of  section  six
hundred   thirteen-b   of  this  chapter  as  made  applicable  to  this
subdivision, promulgate regulations  governing  the  borrowing  of  such
employee  portion of additional member contributions, provided, however,
that no person, while he or she is a participant or otherwise, shall  at
any time be permitted to borrow, pursuant to this paragraph or any other
provision,  any  of  the  employer  contribution  portion  of his or her
additional member contributions, including any interest paid thereon (as
established  in  accordance  with  item  (A)  of  subparagraph  (ii)  of
paragraph seven of this subdivision).
14.  Whenever a person has an unpaid balance of a loan of the employee
portion of his  or  her  additional  member  contributions  pursuant  to
paragraph  thirteen  of  this  subdivision at the time he or she becomes
entitled to a refund of the employee portion of his  or  her  additional
member  contributions  pursuant to paragraph twelve of this subdivision,
the amount of such unpaid  loan  balance  (including  accrued  interest)
shall  be deemed to have been returned to such member, and the refund of
such employee portion shall be the net amount of such employee  portion,
together  with  interest  thereon  in  accordance with the provisions of
paragraph twelve of this subdivision.
15. 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.
16.  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.
17.  The  provisions of subdivision b of section four hundred forty of
this article shall apply to participants under this section.
* NB There are 2 § 445-d's