2023 New York Laws › RSS - Retirement and Social Security › Article 15 - Coordinated Retirement Plan › 604-I - Age Fifty-Five Retirement Program for New York City Teachers and Certain Other Members.

§  604-i. Age fifty-five retirement program for New York city teachers
and certain other members.  a.  Definitions.  The  following  words  and
phrases as used in this section shall have the following meanings unless
a different meaning is plainly required by the context.
1. "TRS" shall mean the New York city teachers' retirement system.
2.  "BERS"  shall mean the board of education retirement system of the
city of New York.
3. "Administrative code" shall mean the  administrative  code  of  the
city of New York.
4.  "BERS  rules and regulations" shall mean the rules and regulations
for the government, management and control of BERS adopted  pursuant  to
section twenty-five hundred seventy-five of the education law.
5. "New York city eligible position" shall mean:
(i)  with  respect  to  members of TRS, all positions as a teacher (as
defined in subdivision seven of section  13-501  of  the  administrative
code),  and  shall not include any position covered by section 13-563 of
the administrative code; or
(ii) with respect to members  of  BERS,  the  following  positions  in
education  service:  head  nurses,  head  nurses  (BOE),  supervisors of
nurses, staff nurses, registered nurses  (BOE),  public  health  nurses,
pediatric  nurse associates, supervising therapists, senior occupational
therapists,   senior   occupational   therapists   (BOE),   occupational
therapists,  occupational  therapists (BOE), senior physical therapists,
senior  physical  therapists  (BOE),   physical   therapists,   physical
therapists (BOE), substitute vocational assistants, non-annualized adult
education    teachers,    non-annualized   adult   education   assistant
coordinators, non-annualized adult education coordinators, directors  of
drug  and  alcohol  programs,  assistant  directors  of drug and alcohol
programs, sign language  interpreters,  teachers  of  military  science,
senior  army,  navy,  air  force, aerospace, marine corps or coast guard
instructors, army, navy, air force, aerospace,  marine  corps  or  coast
guard  instructors,  youth  development  specialists  and  the following
positions  represented  by  the  recognized  teacher  organization   for
collective  bargaining  purposes:  education  administrators,  education
officers, associate education officers, education analysts and associate
education analysts.
6. "New York city eligible member" shall mean a member of TRS or  BERS
who  is subject to the provisions of this article and who is employed in
a New York city eligible position.
7. "Age fifty-five retirement program" shall mean all  the  terms  and
conditions of this section.
8. "Starting date of the age fifty-five retirement program" shall mean
the commencement date of the first payroll period which begins after the
enactment date of the age fifty-five retirement program.
9.  "Enactment  date  of  the age fifty-five retirement program" shall
mean the date this section takes effect.
10. "Participant in the age fifty-five retirement program" shall  mean
any  New  York city eligible member who, under the applicable provisions
of subdivision b of this section, is entitled to  the  rights,  benefits
and  privileges  and is subject to the obligations of the age fifty-five
retirement program, as applicable to him or her.
11. "Twenty-five-year participant in  the  age  fifty-five  retirement
program"  shall  mean  a  participant  in  the age fifty-five retirement
program who first became such a participant pursuant to paragraph one or
two of subdivision b of this section.
12. "Twenty-seven-year participant in the  age  fifty-five  retirement
program"  shall  mean  a  participant  in  the age fifty-five retirement

program who first became such a participant pursuant to  paragraph  four
or five of subdivision b of this section.
13. "Participating retirement system" shall mean TRS or BERS.
14.  "Education  service"  shall  mean  service  as a paid official or
employee of the board of education of the city of New York  or  the  New
York  city  school construction authority, and allowable pursuant to the
applicable provisions which govern the service credit  of  a  member  of
BERS.
b.  Participation  in age fifty-five retirement program. 1. Subject to
the provisions of paragraphs seven, eight and nine of this  subdivision,
any  person  who is employed in a New York city eligible position on the
enactment date of the age fifty-five 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  age  fifty-five  retirement
program  by  filing,  within one hundred eighty days after the enactment
date  of  the  age  fifty-five  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.
2.  Subject  to  the provisions of paragraphs seven, eight and nine of
this subdivision, any person: (i) who is employed in  a  New  York  city
eligible position on the enactment date of the age fifty-five 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 age fifty-five retirement program by  filing,  within
one  hundred  eighty days after becoming a New York city eligible member
in active service, a duly executed application  for  such  participation
with the retirement system of which such person is a member, provided he
or  she is a New York city eligible member in active service on the date
such application is filed.
3. (i) Except as provided in subparagraph (ii) of this paragraph,  any
election  to  be  a participant in the age fifty-five retirement program
shall be irrevocable.
(ii) Notwithstanding any other provision of law to the  contrary,  any
participant  in  the age fifty-five retirement program who became such a
participant pursuant to paragraph one or two of  this  subdivision,  and
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  age fifty-five retirement program by filing, within
three hundred sixty-five days after first becoming such a participant, a
written request to withdraw from such program with the retirement system
of which such person is a member.
4. Subject to the provisions of paragraphs  seven  and  nine  of  this
subdivision,  any  person (i) other than a person who is deemed pursuant
to paragraph eight of this subdivision to be employed for  the  purposes
of  paragraph one or two of this subdivision in a New York city eligible
position on the enactment date of the age fifty-five retirement program,

or other than a person 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, (ii)  who  becomes  a  New  York  city
eligible  member  in  active service after the enactment date of the age
fifty-five retirement program and (iii) who, as such an eligible  member
or  otherwise,  last  became  subject  to the provisions of this article
prior to such enactment date, may elect to become a participant  in  the
age  fifty-five  retirement program by filing, within one hundred eighty
days after becoming a New York city eligible member in active service, a
duly executed application for such  participation  with  the  retirement
system  of  which  such person is a member, provided that he or she is a
New York city eligible  member  in  active  service  on  the  date  such
application  is  filed.  Any election pursuant to this paragraph to be a
participant  in  the  age  fifty-five  retirement   program   shall   be
irrevocable.
5.  Each  person  (i)  other  than  a person who is deemed pursuant to
paragraph eight of this subdivision to be employed for the  purposes  of
paragraph  one  or  two  of this subdivision in a New York city eligible
position on the enactment date of the age fifty-five retirement program,
or other than a person 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, (ii)  who  becomes  a  New  York  city
eligible  member  in  active service after the enactment date of the age
fifty-five retirement program and (iii) who, as such an eligible  member
or  otherwise,  becomes  subject to the provisions of this article after
the enactment date of the age fifty-five retirement program shall become
a participant in the age fifty-five retirement program on the date he or
she becomes a New York city eligible member in active service.
5-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  age  fifty-five  retirement
program.
6.  Where  any  participant  in  the age fifty-five retirement program
shall cease to hold a New York city eligible position, he or  she  shall
cease  to  be  such  a  participant and, during any period in which such
person is not a New York city eligible member, he or she shall not be  a
participant in the age fifty-five retirement program.
7.  Where  any  participant  in  the age fifty-five retirement program
terminates service in a New York city eligible position and  returns  to
service  in  a New York city eligible position at a later date and again
becomes a New York city eligible member, he or she  shall  again  become
such a participant upon becoming a New York city eligible member.
8.  For  the limited purposes only of determining eligibility to elect
to become  a  participant  in  the  age  fifty-five  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  age  fifty-five 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.
9.  Notwithstanding  any  other  provision of law to the contrary, and
except as provided in paragraph five of this subdivision, any person who
is eligible to elect to become  a  participant  in  the  age  fifty-five
retirement  program  pursuant  to  paragraph  one,  two  or four of this
subdivision  for  the full one hundred eighty-day period provided for in
such applicable paragraph, and who fails to timely file a duly  executed
application  for  such  participation  with  the  appropriate retirement
system, shall not thereafter be eligible to become a participant in such
program.
c. Service retirement. 1. A twenty-five-year participant  in  the  age
fifty-five retirement program:
(i) who has completed twenty-five or more years of credited service;
(ii) who has attained age fifty-five;
(iii)  who, subject to the provisions of paragraph nine of subdivision
e of this section, has paid, before the effective  date  of  retirement,
all  additional  member  contributions and interest (if any) required by
paragraphs one, four and five of subdivision e of this section;
(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  age  fifty-five  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, provided, however, that no
such   participant   who  otherwise  meets  the  retirement  eligibility
requirements of this paragraph shall be permitted to retire pursuant  to
this paragraph prior to June thirtieth, two thousand eight.
2.  A  twenty-seven-year  participant in the age fifty-five retirement
program:
(i) who has completed twenty-seven or more years of credited service;
(ii) who has attained age fifty-five;
(iii) who, subject to the provisions of paragraph nine of  subdivision
e  of  this  section, has paid, before the effective date of retirement,
all additional member contributions and interest (if  any)  required  by
paragraphs one, four and five of subdivision e of this section;
(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 age fifty-five 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.
3. Notwithstanding any other provision of law  to  the  contrary,  and
subject  to  the  provisions  of paragraph nine of subdivision e of this
section, the early service retirement benefit for a participant  in  the
age  fifty-five  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.  Vesting.  1.  (i)  A  twenty-five-year  participant  in  the   age
fifty-five retirement program:
(A)  who,  on  or  after June thirtieth, two thousand eight, as such a
participant in  such  retirement  program,  discontinues  service  as  a
teacher  (as  defined  in  subdivision  seven  of  section 13-501 of the
administrative code) or discontinues education service  (as  defined  in

paragraph  fourteen  of  subdivision  a  of this section), other than by
death or retirement;
(B)  who,  prior to such discontinuance, completed twenty-five or more
years of credited service;
(C) who, subject to the provisions of paragraph ten of  subdivision  e
of  this section, has paid, prior to such discontinuance, all additional
member contributions and interest (if any) required by  paragraphs  one,
four and five of subdivision e of this section; and
(D)  who  does not withdraw in whole or in part his or her accumulated
member contributions pursuant to section six hundred  thirteen  of  this
article unless such participant thereafter returns to public service and
repays  the  amounts  so  withdrawn, together with interest, pursuant to
such section six hundred  thirteen;  shall  be  entitled  to  receive  a
deferred vested benefit as provided in this paragraph.
(ii)  (A)  Upon  such  discontinuance  under  the  conditions  and  in
compliance with the provisions of subparagraph (i)  of  this  paragraph,
such deferred vested benefit shall vest automatically.
(B)  Such  vested benefit shall become payable on the earliest date on
which such discontinued member could have retired for  service  if  such
discontinuance had not occurred.
(iii)  Subject  to the provisions of paragraph ten of subdivision e of
this section, such deferred benefit  shall  be  a  retirement  allowance
computed in accordance with the applicable provisions of paragraph three
of subdivision c of this section.
2.   (i)   A  twenty-seven-year  participant  in  the  age  fifty-five
retirement program:
(A)  who,  as  such  a  participant  in   such   retirement   program,
discontinues  service  as  a teacher (as defined in subdivision seven of
section 13-501 of the administrative  code)  or  discontinues  education
service  (as  defined  in  paragraph  fourteen  of subdivision a of this
section), other than by death or retirement; and
(B) who, prior to such discontinuance, completed twenty-seven or  more
years of credited service; and
(C)  who,  subject to the provisions of paragraph ten of subdivision e
of this section, has paid, prior to such discontinuance, all  additional
member  contributions  and interest (if any) required by paragraphs one,
four and five of subdivision e of this section; and
(D) who does not withdraw in whole or in part his or  her  accumulated
member  contributions  pursuant  to section six hundred thirteen of this
article unless such participant thereafter returns to public service and
repays the amounts so withdrawn, together  with  interest,  pursuant  to
such  section  six  hundred  thirteen;  shall  be  entitled to receive a
deferred vested benefit as provided in this paragraph.
(ii)  (A)  Upon  such  discontinuance  under  the  conditions  and  in
compliance  with  the  provisions of subparagraph (i) of this paragraph,
such deferred vested benefit shall vest automatically.
(B) Such vested benefit shall become payable on the earliest  date  on
which  such  discontinued  member could have retired for service if such
discontinuance had not occurred.
(iii) Subject to the provisions of paragraph ten of subdivision  e  of
this  section,  such  deferred  benefit  shall be a retirement allowance
computed in accordance with the applicable provisions of paragraph three
of subdivision c of this section.
e. Additional member contributions.  1.  In  addition  to  the  member
contributions  required by section six hundred thirteen of this article,
each  participant  in  the  age  fifty-five  retirement  program   shall
contribute  (subject  to  the  applicable provisions of subdivision d of
section six hundred thirteen of this article) an  additional  percentage

of  his  or her compensation to the retirement system of which he or she
is a member in accordance with the following applicable provisions:
(i) each twenty-five-year participant in the age fifty-five retirement
program   shall   contribute   an   additional   one   and   eighty-five
one-hundredths percent of  his  or  her  compensation  earned  from  all
credited  service  rendered  on  and  after the starting date of the age
fifty-five retirement program
(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 (whether or not
rendered in a New York city eligible position); and
(C) after such person ceases to be a participant, but before he or she
again  becomes  such  a  participant  pursuant  to  paragraph  seven  of
subdivision  b  of  this  section (whether or not rendered in a New York
city eligible position); and
(ii)  each  twenty-seven-year  participant  in  the   age   fifty-five
retirement  program  shall  contribute an additional one and eighty-five
one-hundredths percent of  his  or  her  compensation  earned  from  all
credited service rendered
(A) while such person is a participant in such program; and
(B)  before  such  person  becomes  such  a  participant  pursuant  to
paragraph four or five of subdivision b of this section (whether or  not
rendered  in  a  New  York  city eligible position, and whether rendered
before or after the starting  date  of  the  age  fifty-five  retirement
program); and
(C) after such person ceases to be a participant, but before he or she
again  becomes  such  a  participant  pursuant  to  paragraph  seven  of
subdivision b of this section (whether or not rendered  in  a  New  York
city eligible position).
2.  A  twenty-five-year  participant  in the age fifty-five retirement
program (as defined  in  paragraph  eleven  of  subdivision  a  of  this
section)  shall  contribute  additional  member  contributions until the
later of (i) June twenty-ninth, two thousand eight, or (ii) the date  on
which  he  or she has completed twenty-five years of credited service. A
twenty-seven-year participant in the age fifty-five  retirement  program
shall  contribute  additional  member contributions only until he or she
has completed twenty-seven years of credited service; provided, however,
that a twenty-seven-year participant in the  age  fifty-five  retirement
program  who becomes subject to the provisions of this article after the
effective date of the chapter of the laws  of  two  thousand  nine  that
amended  this paragraph shall contribute additional member contributions
for all years of credited service as provided in  subparagraph  (ii)  of
paragraph one of this subdivision.
3. (i) Commencing with the first full payroll period after each person
becomes   a  participant  in  the  age  fifty-five  retirement  program,
additional member contributions at the rate specified in  paragraph  one
of  this  subdivision  shall  be  deducted  (subject  to  the applicable
provisions of 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 starting date of  the  age  fifty-five
retirement  program,  and prior to the actual commencement of deductions
from compensation pursuant to subparagraph (i) of this paragraph,  by  a
person   who   becomes  a  participant  pursuant  to  paragraph  one  of
subdivision b of this section, shall be  paid  by  deductions  from  the

compensation  of such participant pursuant to and in accordance with the
provisions of item (B) of this subparagraph.
(B)  Commencing  with  the  payroll  period  in  which  deductions  of
additional member contributions from such participant's compensation are
begun pursuant to subparagraph (i) of this  paragraph,  in  addition  to
such  deductions  required  by subparagraph (i) of this paragraph, there
shall be another deduction of additional member contributions made  from
the  compensation  of  such  participant  at one-third the rate at which
deductions are being made pursuant to subparagraph (i) of this paragraph
(subject to the applicable provisions of 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 shall be made only  during  the  period
while  such  person  is a participant after first becoming a participant
pursuant to paragraph one of subdivision b of this  section  and  before
ceasing to be such a participant.
4. (i) Each participant in the age fifty-five retirement program shall
be charged with a contribution deficiency consisting of the total amount
of  additional  member  contributions  such  person  is required to make
pursuant to paragraph one of this subdivision which is not deducted from
his or her compensation pursuant to paragraph three of this subdivision,
if  any,  together  with  interest  thereon,  compounded  annually,  and
computed  in  accordance  with  the provisions of subparagraphs (ii) and
(iii) of this paragraph.
(ii)(A) Subject to  the  provisions  of  subparagraph  (iii)  of  this
paragraph,  the  interest required to be paid on the amount specified in
subparagraph (i) of this paragraph shall accrue from the end of each  of
the  payroll periods for which such amount would have been deducted from
compensation if he or she had been a participant  at  the  beginning  of
that  payroll  period  and  such  deduction  had  been required for such
payroll period, until such amount is paid to the retirement system.
(B) The rate of interest to be  applied  to  such  amount  during  the
period  for  which interest accrues on that amount shall be equal to the
rate or rates of interest required by law to be used  during  that  same
period  to  credit  interest on the accumulated deductions of retirement
system members.
(iii)  Except  as  otherwise  provided  in  paragraph  five  of   this
subdivision,  no  interest  shall be due on any unpaid additional member
contributions which are not attributable to a period prior to the  first
full payroll period referred to in paragraph three of this subdivision.
5. (i) (A) Should any person who, pursuant to paragraph 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  six  of  this  subdivision),
including  any  interest  paid  on such employee portion, again become a
participant  in  the  age  fifty-five  retirement  program  pursuant  to
paragraph  seven 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  member
contributions never had been paid.
(B) Any person who has his or  her  membership  in  one  participating
retirement   system  terminated  without  transferring  such  membership
directly  from  such  participating  retirement  system  to  the   other
participating  retirement system, who has an unpaid balance of a loan of
the  employee  portion  of  his  or  her additional member contributions
pursuant to paragraph thirteen of this subdivision at the  time  of  the
termination  of  such  membership,  who,  pursuant to paragraph seven of
subdivision b of this section, thereafter again becomes a participant in
the  age  fifty-five  retirement  program  as   a   member   of   either
participating  retirement system without having received a refund of the
employee portion of his or her additional member contributions  pursuant
to  paragraph  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.
6.   (i)   All   additional  member  contributions  required  by  this
subdivision (and any interest paid thereon) which are  received  by  the
retirement  system  of  which  the participant is a member shall be paid
into its contingent reserve fund and shall not for any purpose be deemed
to be member contributions or  accumulated  contributions  of  a  member
under section six hundred thirteen of this article or otherwise while he
or  she  is  a  participant  in the age fifty-five retirement program or
otherwise.
(ii) All additional member contributions required for  any  period  of
credited  service pursuant to paragraph one of this subdivision (and any
interest paid thereon pursuant to paragraph four  of  this  subdivision)
which,  pursuant  to  subparagraph  (i) of this paragraph, are paid by a
participant (subject to the applicable provisions of  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 five of this subdivision) shall be divided  in
the following manner:
(A)  one-half  of  such  additional member contributions (and any such
interest paid thereon) shall be the  employer  contribution  portion  of
such additional member contributions; and
(B)  one-half  of  such  additional member contributions (and any such
interest paid thereon) shall be the employee portion of such  additional
member  contributions,  and shall be credited to the employee additional
contributions account which shall be established  for  such  participant
within the contingent reserve fund of such retirement system.
(iii)  No person, while he or she is a participant or otherwise, shall
at any time be permitted:
(A)  to  borrow, pursuant to paragraph 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 five of this subdivision which are paid by a
participant to the contingent reserve fund of a participating retirement
system (and any interest paid thereon) shall be  part  of  the  employee
portion  of such participant's additional member contributions and shall
be credited to the employee additional contributions account established
for such participant in the contingent reserve fund of  such  retirement
system.
7.  Where  a  person  who  was  a  participant  in  the age fifty-five
retirement program as a member of one  participating  retirement  system
becomes  such  a  participant  as  a  member  of the other participating
retirement system:
(i)  the  employer  contribution  portion  of  the  additional  member
contributions  paid  by  such  person  to  such  first retirement system
pursuant to this subdivision (including any interest paid thereon)  that
is  attributable  to  any  period  of  credited service obtained in such
second retirement system by purchase or transfer, which  previously  was
credited  in  such  first retirement system, shall (only for purposes of
this subdivision, and not for purposes of determining required  employer
contributions  to  such second retirement system) be deemed to have been
paid to  such  second  retirement  system  rather  than  to  such  first
retirement system; and
(ii)  the employee portion of the additional member contributions paid
by such  person  to  such  first  retirement  system  pursuant  to  this
subdivision (including any interest paid thereon) which remains credited
to  the  employee  additional contributions account established for such
person in the contingent reserve fund of such  first  retirement  system
that  is attributable to any period of credited service obtained in such
second retirement system by purchase or transfer, which  previously  was
credited  in  such  first retirement system, shall (only for purposes of
this subdivision, and not for purposes of determining required  employer
contributions  to  such second retirement system) be deemed to have been
paid to  such  second  retirement  system  rather  than  to  such  first
retirement  system,  and  shall  be  credited to the employee additional
contributions account established for such participant in the contingent
reserve fund of such second retirement system.
8. A person who was a participant in  the  age  fifty-five  retirement
program  as a member of one participating retirement system, who becomes
such a participant as a member of  the  other  participating  retirement
system  and who thereafter transfers his or her membership in such first
retirement  system  directly  to such second retirement system as such a
participant shall be deemed to have the same unpaid balance of a loan of
the employee portion of  additional  member  contributions  pursuant  to
paragraph  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.
9.   Where  a  participant  who  is  otherwise  eligible  for  service
retirement pursuant to subdivision c of this section did not,  prior  to
the   effective   date  of  retirement,  pay  the  entire  amount  of  a
contribution deficiency chargeable to him or her pursuant to  paragraphs
four  and five of this subdivision, or repay the entire amount of a loan
of the employee portion of his or her  additional  member  contributions
pursuant  to  paragraph  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 h  of
section  six  hundred  thirteen-a  of this article) which is actuarially
equivalent to:
(i) the amount of any unpaid  contribution  deficiency  chargeable  to
such  member  pursuant  to paragraphs four and five 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).
10.  Where  a participant in the age fifty-five retirement program who
is otherwise eligible for a vested right to a deferred benefit  pursuant
to  subdivision  d  of  this  section  did  not,  prior  to  the date of
discontinuance of service, pay  the  entire  amount  of  a  contribution
deficiency chargeable to him or her pursuant to paragraphs four and five
of  this  subdivision,  or  repay  the  entire  amount  of a loan of the
employee portion of his or her additional member contributions  pursuant
to paragraph thirteen of this subdivision (including accrued interest on
such  loan),  that  participant,  nevertheless,  shall be eligible for a
vested right to a deferred benefit pursuant to  subdivision  d  of  this
section,  provided, however, that the deferred vested benefit calculated
pursuant to the otherwise applicable provisions of  such  subdivision  d
shall  be  reduced  by a life annuity (calculated in accordance with the
method set forth in subdivision h of section six hundred  thirteen-a  of
this article) which is actuarially equivalent to:
(i)  the  amount  of  any unpaid contribution deficiency chargeable to
such member pursuant to paragraphs four and five  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 retirement board of TRS and the retirement board of BERS  may,
consistent   with   the   provisions  of  this  subdivision,  promulgate

regulations for the payment of additional member contributions  required
by  this  subdivision,  and any interest thereon, by participants in the
age fifty-five retirement  program  (including  the  deduction  of  such
contributions,   and   any  interest  thereon,  from  the  participants'
compensation).
12. (i) Subject to  the  provisions  of  paragraph  fourteen  of  this
subdivision,  a participant in the age fifty-five 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  age  fifty-five
retirement  program, there shall be paid to such person as he or she has
nominated or shall nominate to receive his  or  her  accumulated  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  age  fifty-five  retirement
program;
(B) who retires for service as a member of TRS or BERS pursuant to the
applicable service retirement provisions of 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  age
fifty-five  retirement program as a member of a participating retirement
system because he or she  ceases  to  hold  a  New  York  city  eligible
position,  who  thereafter  is  employed  in  another position in public
employment which is not a New York city  eligible  position,  but  which
entitles  such  person to membership in another public retirement system

which is maintained in whole or in part by the  city  or  state  of  New
York,  and  who  thereafter  transfers  his  or  her  membership in such
participating  retirement  system  directly  to   such   second   public
retirement  system,  shall be permitted to withdraw the employee portion
of his or her additional member  contributions  paid  pursuant  to  this
subdivision (including any interest on such employee portion paid to the
retirement  system)  which  remains  credited to the employee additional
contributions account established for  such  person  in  the  contingent
reserve  fund  of  such  participating  retirement system, together with
interest thereon at the rate  of  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  age
fifty-five  retirement  program  by  filing  a  valid  request  for such
withdrawal  pursuant  to  subparagraph  (ii)  of  paragraph   three   of
subdivision  b  of this section shall, upon such withdrawal, be entitled
to a refund of the employee portion of  his  or  her  additional  member
contributions  paid pursuant to this subdivision (including any interest
on such employee portion paid to the retirement  system)  which  remains
credited  to  the  employee additional contributions account established
for such person in the contingent reserve fund of the retirement  system
of  which  he  or  she  is  a member at the time of such withdrawal as a
participant, together with interest thereon at the rate of five  percent
per annum, compounded annually.
(vi)   Subject  to  the  provisions  of  paragraph  fourteen  of  this
subdivision, a participant in the age fifty-five retirement program  who
has been terminated from employment in a New York city eligible position
for  economic  reasons  by his or her public employer shall be entitled,
upon such termination, to withdraw the employee portion of  his  or  her
additional  member  contributions  paid  pursuant  to  this  subdivision
(including any interest on such employee portion paid to the  retirement
system)  which remains credited to the employee additional contributions
account established for such person in the contingent  reserve  fund  of
the retirement system of which he or she is a member at the time of such
termination  from employment, together with interest thereon at the rate
of five percent per annum, compounded annually.
(vii) Notwithstanding any other provision of law to the contrary:
(A) no person shall be  permitted  to  withdraw  from  the  retirement
system  any  additional  member  contributions  paid  pursuant  to  this
subdivision or any interest paid thereon,  except  pursuant  to  and  in
accordance with the preceding subparagraphs of this paragraph;
(B)  no person, while he or she is a participant in the age fifty-five
retirement program, shall be permitted to withdraw any  such  additional
member contributions or any interest paid thereon pursuant to any of the
preceding subparagraphs of this paragraph or otherwise; and
(C) no person, while he or she is a participant or otherwise, shall at
any  time  be  permitted  to  withdraw  any of the employer contribution
portion of his or her additional  member  contributions,  including  any
interest  paid  thereon  (as  established in accordance with item (A) of
subparagraph (ii) of paragraph six of this subdivision), pursuant to any
of the preceding subparagraphs of this paragraph or otherwise.
13. A participant in the age fifty-five retirement  program  shall  be
permitted  to  borrow from the employee portion of his or her additional
member contributions (as established in  accordance  with  item  (B)  of
subparagraph  (ii)  of  paragraph six of this subdivision, including any
interest paid thereon) which is  credited  to  the  employee  additional
contributions account established for such participant in the contingent
reserve  fund  of  the retirement system of which he or she is a member.

The  borrowing  from  such  employee  portion   of   additional   member
contributions  pursuant  to  this  paragraph  shall  be  governed by the
rights,  privileges,  obligations  and  procedures  set  forth  in   the
applicable  provisions of section six hundred thirteen-a of this article
(for TRS members) or section six hundred thirteen-b of this article (for
BERS members) which govern the borrowing of  member  contributions  made
pursuant to section six hundred thirteen of this article. The retirement
board  of  TRS and the retirement board of BERS may, consistent with the
provisions of this subdivision and the applicable provisions of  section
six  hundred thirteen-a of this article (for TRS) or section six hundred
thirteen-b of this  article  (for  BERS)  as  made  applicable  to  this
subdivision,  promulgate  regulations  governing  the  borrowing of such
employee portion of additional member contributions, provided,  however,
that  no person, while he or she is a participant or otherwise, shall at
any time be permitted to borrow, pursuant to this paragraph or any other
provision, any of the  employer  contribution  portion  of  his  or  her
additional member contributions, including any interest paid thereon (as
established  in  accordance  with  item  (A)  of  subparagraph  (ii)  of
paragraph six of this subdivision).
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 eleven of this subdivision.