2023 New York Laws › RSS - Retirement and Social Security › Article 15 - Coordinated Retirement Plan › 604-C*2 - Optional Twenty-Five-Year Early Retirement Program for Certain New York City Members.

* §  604-c.  Optional  twenty-five-year  early  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  six  hundred
four-b  of  this  article,  whether  or  not the person employed in such
position is a participant in the retirement program set  forth  in  such
section  six  hundred  four-b  of  this article; (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 thirteen 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.  "Twenty-five-year  early  retirement  program"  shall mean all the
terms and conditions of this section.
8. "Starting date of the twenty-five-year  early  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 twenty-five-year early  retirement  program"
shall mean the date this section takes effect.
10.  "Participant  in  the  twenty-five-year early 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
twenty-five-year early 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.  "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.
14.  "Active  or  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  either  in  active
service on the effective date of this paragraph or who retired from such
service.
15.  "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 twenty-five-year early  retirement  program.    1.
Subject  to  the  provisions  of  paragraphs five, six and seven of this
subdivision, any person who is employed in  a  New  York  city  eligible
position  on the enactment date of the twenty-five-year early retirement
program, and who is a New York city eligible member in active service on
such  enactment  date,  may  elect  to  become  a  participant  in   the
twenty-five-year  early retirement program by filing, within ninety days
after the  enactment  date  of  the  twenty-five-year  early  retirement
program,  a  duly  executed  application for such participation with the
retirement system of which such person is a member, provided he  or  she
is  a  New  York city eligible member in active service on the date such
application is filed. Notwithstanding this provision, a  New  York  city
eligible  member  in  active  service  on  the  enactment  date  of  the
twenty-five-year early retirement program who is an  active  or  retired
employee of the council of the city of New York may elect to participate
in  the twenty-five-year early retirement program at any time subsequent
to the enactment date of such program.
2. Subject to the provisions of paragraphs five, six and seven of this
subdivision, any person (i) who is employed in a New York city  eligible
position  on the enactment date of the twenty-five-year early retirement
program, or who, on such enactment date, is a discontinued member not in
active service who is entitled to a deferred vested  benefit  at  normal
retirement  age, and (ii) who becomes a New York city eligible member in
active service  after  such  enactment  date,  may  elect  to  become  a
participant  in the twenty-five year early 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.
2-a. Notwithstanding any other provision of this  subdivision  or  any
other provision of law to the contrary, no member who becomes subject to
the  provisions  of  this article on or after the effective date of this
paragraph  shall  be  a  participant  in  the   twenty-five-year   early
retirement program.
3.  (i) Except as provided in subparagraph (ii) of this paragraph, any
election to be a participant in the  twenty-five-year  early  retirement
program shall be irrevocable.
(ii)  Notwithstanding  any other provision of law to the contrary, any
participant in the twenty-five-year early 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  credit
pursuant  to  section  six  hundred nine of this article) at the time of
first becoming such a participant are such that  he  or  she  could  not
possibly  be able to accumulate a total of at least twenty-five years of
credited service by the time he or she reaches age  sixty-two,  assuming
such  person  were  to  earn a full year of credited service in each and
every year until he or she becomes sixty-two years of  age  (whether  or
not  such  person  actually intends to earn such amounts of credit), may
withdraw from the twenty-five-year early 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 twenty-five-year early 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 twenty-five-year early retirement program.
5. Where any participant  in  the  twenty-five-year  early  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.  For  the limited purposes only of determining eligibility to elect
to become a participant in the twenty-five-year early retirement program
pursuant to paragraph one or two of this subdivision, a person shall  be
deemed  to  be  employed  in  a  New  York city eligible position on the
enactment date of the twenty-five-year early retirement program  if,  on
such  enactment date, such person is (i) in active service in a New York
city eligible position, (ii) on a leave of absence without  pay  from  a
New  York city eligible position approved by his or her public employer,
and such person returns to active service in a New  York  city  eligible
position after such enactment date and within five years after beginning
such  unpaid  leave of absence or (iii) on suspension without pay from a
New York city eligible position, and such person is reinstated from such
suspension to active service in such an  eligible  position  after  such
enactment date by his or her public employer.
7.  Notwithstanding  any  other  provision of law to the contrary, any
person who  is  eligible  to  elect  to  become  a  participant  in  the
twenty-five-year  early  retirement program pursuant to paragraph one or
two of this subdivision for the full ninety-day period provided  for  in
such  applicable  subparagraph,  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  twenty-five-year
early  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. A participant  in  the
twenty-five year early retirement program:
(i)  who  has completed twenty-five or more years of credited service;
and
(ii) who has attained age fifty-five; and
(iii) 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 twenty-five-year early 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
(iv) who files with the retirement system of which  he  or  she  is  a
member  an application for service retirement setting forth at what time
he or she desires to be retired, or, for a New York city eligible member
in active service on the enactment date of  the  twenty-five-year  early
retirement  program who is a retired employee of the council of the city
of  New  York,  who  files  an  application  for  participation  in  the
retirement plan described by this section; and
(v)   who  shall  be  a  participant  in  the  twenty-five-year  early
retirement program in active service at the time so specified for his or
her retirement; shall be retired pursuant  to  the  provisions  of  this
paragraph affording early service retirement.
For a New York city eligible member in active service on the enactment
date  of  the twenty-five-year early 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
twenty-five-year early retirement program:
(i) who has completed twenty-five or more years of credited service in
a  physically  taxing  position  (as  defined  in  paragraph  eleven  of
subdivision a of this section); and
(ii) who has attained age fifty; and
(iii) 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
(iv) who files with the retirement system of which  he  or  she  is  a
member  an application for service retirement setting forth at what time
he or she desires to be retired; and
(v)  who  shall  be  a  participant  in  the  twenty-five-year   early
retirement program in active service at the time so specified for his or
her  retirement;  shall  be  retired  pursuant to the provisions of this
paragraph  affording  early  service  retirement  for  participants   in
physically taxing positions.
3. Service retirement benefits. Notwithstanding any other provision of
law  to  the contrary, and subject to the provisions of paragraph ten of
subdivision d of this section, the early service retirement benefit  for
a  participant  in  the  twenty-five-year  early  retirement program who
retires pursuant to either paragraph one  or  two  of  this  subdivision
shall  be  a retirement allowance equal to one-fiftieth of final average
salary times years of credited service not in excess  of  thirty  years.
Credited  service  in excess of thirty years shall provide an additional
retirement allowance equal to three-two hundredths of the final  average
salary for each year of credited service in excess of thirty years.
d.  Additional  member  contributions.  1.  In  addition to the member
contributions required by section six hundred thirteen of this  article,
each  participant in the twenty-five-year early retirement program shall
contribute (subject to the applicable provisions  of  subdivision  d  of
section  six  hundred thirteen of this article) 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  service  (whether  or  not  in  a  physically  taxing
position)   rendered   on   and   after   the   starting   date  of  the
twenty-five-year early 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  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  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 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  service  which  is rendered in a physically

taxing position on and after the starting date of  the  twenty-five-year
early  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.
(iii) notwithstanding the provisions of subparagraphs (i) and (ii)  of
this   paragraph,   a   person   who   becomes   a  participant  in  the
twenty-five-year early retirement program provided by this section,  who
prior  to  such  membership was subject to the provisions of section six
hundred four-b of this  article,  shall  not  be  required  to  pay  the
additional  member  contributions required by subparagraphs (i) and (ii)
of this paragraph for any period of credited service before  which  such
person  became  a  participant  pursuant  to  paragraph  one  or  two of
subdivision b of this section and  during  which  such  participant  was
subject  to  the  provisions  of  such section six hundred four-b and no
additional employee contributions were required of such member.
2. A participant in  the  twenty-five-year  early  retirement  program
shall  contribute  additional  member contributions only until he or she
has thirty years of credited service.
3. (i) Commencing with the first full payroll period after each person
becomes a participant in the twenty-five-year early retirement  program,
additional   member  contributions  at  the  applicable  rate  or  rates
specified in paragraph  one  of  this  subdivision  for  the  particular
credited  service  being  rendered  shall  be  deducted  (subject to the
applicable provisions of subdivision d of section six  hundred  thirteen
of  this  article) from the compensation of such participant on each and
every payroll of such participant for each and every payroll period  for
which he or she is such a participant.
(ii)  (A)  Those  portions  of  the  additional  member  contributions
required by paragraph one of this subdivision which are attributable  to
credited  service  rendered  on  and  after  the  enactment  date of the
twenty-five-year early 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 subdivision  d  of  section
six  hundred  thirteen of this article) on each and every payroll period
until  the  total  amount  of  unpaid  additional  member  contributions
described  in  item  (A)  of this subparagraph, if any, has been paid by
deductions from compensation pursuant to  this  subparagraph,  provided,
however,  that  deductions  pursuant to this item (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  six
hundred   thirteen   of   this   article,   and  the  additional  member
contributions required pursuant to paragraph one  of  this  subdivision,

each  participant  in  the twenty-five-year early 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 service rendered prior to the  starting  date  of  the
twenty-five-year  early 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 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 service which  was  rendered  in  a  physically
taxing position prior to the starting date of the twenty-five-year early
retirement program.
5.  (i)  Each  participant  in  the  twenty-five-year early 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 service rendered on  or
after  the  starting  date  of  the  twenty-five-year  early  retirement
program, but prior to the enactment date of the  twenty-five-year  early
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 twenty-five-year early 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 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 twenty-five-year early retirement program  as  a  member  of  either
participating  retirement system without having received a refund of the
employee portion of his or her additional member contributions  pursuant
to  paragraph  twelve  of  this  subdivision,  shall have an appropriate
amount included in such participant's contribution deficiency (including
interest thereon as calculated in subparagraph (ii) of  this  paragraph)
for  any  credited  service  for  which such person borrowed and did not
repay such employee portion of additional member  contributions,  as  if
such  employee portion of additional member contributions never had been
paid.
(ii)  (A)  Interest  on  the  employee  portion  of  a   participant's
additional   member   contributions   included   in  such  participant's
contribution deficiency pursuant to subparagraph (i) of  this  paragraph
shall  be  calculated  as  if such employee portion of additional member
contributions never had been paid by such participant, and such interest
shall accrue from the end of the payroll period to which  an  amount  of
such   employee   portion   of   additional   member   contributions  is
attributable, until such amount is paid to the retirement system.
(B) The rate of interest to be applied to each such amount during  the
period  for  which interest accrues on that amount shall be five percent
per annum, compounded annually.
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 contributions of a member
under section six hundred thirteen of this article or otherwise while he
or she is a participant in the twenty-five-year early retirement program
or  otherwise,  except  that,  a  surplus  of  such  additional   member
contributions  that  are  paid  into  the retirement system's contingent
reserve fund may be used for the sole purpose of offsetting a deficit of
basic member contributions.
(ii) All additional member contributions required for  any  period  of
credited  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
subdivision  d of section six hundred thirteen of this article) into the
contingent   reserve  fund  of  the  retirement  system  of  which  such
participant is a member (other than repayments of  loans  of  additional
member  contributions pursuant to paragraph thirteen of this subdivision
or amounts paid in satisfaction of a contribution deficiency  calculated
in  accordance  with paragraph 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 twenty-five-year  early
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.
9.  A  person  who  was  a  participant  in the twenty-five-year early
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
paragraph three of such subdivision c 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 article) 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
twenty-five-year  early  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  twenty-five-year  early  retirement
program  who retires for disability pursuant to section six hundred five

of this article shall be entitled, upon such retirement, to a refund  of
the  employee portion of his or her additional member contributions paid
pursuant to this subdivision (including any interest  on  such  employee
portion  paid  to  the  retirement system) which remains credited to the
employee additional contributions account established for such person in
the contingent reserve fund of the retirement system of which he or  she
is a member at the time of such retirement for disability, together with
interest  thereon  at  the  rate  of  five percent per annum, compounded
annually.
(ii)  Subject  to  the  provisions  of  paragraph  fourteen  of   this
subdivision,  upon  the  death  of a participant in the twenty-five-year
early retirement program, there shall be paid to such person  as  he  or
she  has  nominated  or shall nominate to receive his or her accumulated
member contributions by written designation duly executed and filed with
the retirement system during the lifetime of such  participant,  or,  to
his  or  her estate if no such person is nominated, the employee portion
of his or her additional member  contributions  paid  pursuant  to  this
subdivision (including any interest on such employee portion paid to the
retirement  system)  which  remains  credited to the employee additional
contributions account established for  such  person  in  the  contingent
reserve  fund of the retirement system of which he or she is a member at
the time of his or her death, together with interest thereon at the rate
of five percent per annum, compounded annually.
(iii)  Subject  to  the  provisions  of  paragraph  fourteen  of  this
subdivision,   a  person  (A)  who  is  or  was  a  participant  in  the
twenty-five-year early retirement program; (B) who retires  for  service
as  a  member  of  NYCERS  or  BERS  pursuant  to the applicable service
retirement provisions of this article; (C) who is in active  service  on
the effective date of retirement; (D) who is at least sixty-two years of
age  on  the  effective  date  of  retirement; and (E) who was in active
service for a total of at least six  months  out  of  each  of  the  two
twelve-month  periods  immediately  preceding  his or her retirement for
service, shall, upon such retirement  for  service,  be  entitled  to  a
refund  of  the  employee  portion  of  his  or  her  additional  member
contributions paid pursuant to this subdivision (including any  interest
on  such  employee  portion paid to the retirement system) which remains
credited to the employee additional  contributions  account  established
for  such person in the contingent reserve fund of the retirement system
of which he or she is a member  at  the  time  of  such  retirement  for
service,  together with interest thereon at the rate of five percent per
annum, compounded annually.
(iv)  Subject  to  the  provisions  of  paragraph  fourteen  of   this
subdivision,   a   person   who  ceases  to  be  a  participant  in  the
twenty-five-year early retirement program as a member of a participating
retirement system because he or she ceases  to  hold  a  New  York  city
eligible  position,  who  thereafter  is employed in another position in
public employment which is not a New York city  eligible  position,  but
which  entitles  such  person to membership in another public retirement
system which is maintained in whole or in part by the city or  state  of
New  York,  and  who  thereafter transfers his or her membership in such
participating  retirement  system  directly  to   such   second   public
retirement  system,  shall be permitted to withdraw the employee portion
of his or her additional member  contributions  paid  pursuant  to  this
subdivision (including any interest on such employee portion paid to the
retirement  system)  which  remains  credited to the employee additional
contributions account established for  such  person  in  the  contingent
reserve  fund  of  such  participating  retirement system, together with

interest thereon at the rate  of  five  percent  per  annum,  compounded
annually.
(v)   Subject   to  the  provisions  of  paragraph  fourteen  of  this
subdivision,  any  person  who  withdraws  as  a  participant   in   the
twenty-five-year  early retirement program by filing a valid request for
such withdrawal pursuant to subparagraph  (ii)  of  paragraph  three  of
subdivision  b  of this section shall, upon such withdrawal, be entitled
to a refund of the employee portion of  his  or  her  additional  member
contributions  paid pursuant to this subdivision (including any interest
on such employee portion paid to the retirement  system)  which  remains
credited  to  the  employee additional contributions account established
for such person in the contingent reserve fund of the retirement  system
of  which  he  or  she  is  a member at the time of such withdrawal as a
participant, together with interest thereon at the rate of five  percent
per annum, compounded annually.
(vi)   Subject  to  the  provisions  of  paragraph  fourteen  of  this
subdivision, a participant  in  the  twenty-five-year  early  retirement
program  who  has  been  terminated  from  employment in a New York city
eligible position for economic reasons by his  or  her  public  employer
shall  be  entitled,  upon  such  termination,  to withdraw the employee
portion of his or her additional member contributions paid  pursuant  to
this  subdivision  (including any interest on such employee portion paid
to the  retirement  system)  which  remains  credited  to  the  employee
additional  contributions  account  established  for  such person in the
contingent reserve fund of the retirement system of which he or she is a
member at the time of such termination from  employment,  together  with
interest  thereon  at  the  rate  of  five percent per annum, compounded
annually.
(vii)  Subject  to  the  provisions  of  paragraph  fourteen  of  this
subdivision,  a  participant  in  the  twenty-five-year early 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
five percent per annum, 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  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  twenty-five-year  early  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  twenty-five-year  early  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
rights,  privileges, obligations and procedures set forth in section six
hundred thirteen-b of this article which govern the borrowing of  member
contributions  made  pursuant  to  section  six hundred thirteen of this
article. 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  article  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.  An  eligible  former  participant,  as defined in this paragraph,
shall be entitled to a refund of the employee  portion  of  his  or  her
additional  member contributions made pursuant to this subdivision which
shall include any and all interest thereon at the rate of  five  percent
per  annum,  compounded  annually and such refund shall be payable, upon
such participant's application pursuant  to  procedures  promulgated  in
regulations  of  the  board  of  trustees  of  the retirement system. An
eligible former participant  shall  be  a  participant  who  is  or  was

employed  in  the  title supervisor (stations) in assignment level II in
the New York city transit authority's stations department or  the  title
transit  manager,  and  who,  on  October  first,  two thousand six, was
employed  by  the  New York city transit authority in such title and who
was a participant in the twenty-five year early retirement program prior
to  the  starting  date  of  the  elimination   of   additional   member
contributions,  as  such date is defined in an election made pursuant to
paragraph ten of subdivision e of section six  hundred  four-b  of  this
article.
* NB There are 3 § 604-c's