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

§  604-d. Age fifty-seven retirement program for certain New York city
members. a. The terms "NYCERS",  "BERS",  "administrative  code",  "BERS
rules  and  regulations",  "New  York city eligible position", "New York
city eligible  member",  "physically  taxing  position",  "participating
retirement  system"  and  "education  service", as used in this section,
shall have the meanings set forth in paragraphs one, two,  three,  four,
five,  six,  eleven, twelve and thirteen, respectively, of subdivision a
of section six hundred four-c of this article unless a different meaning
is plainly required by the context.
b. The following  terms  as  used  in  this  section  shall  have  the
following meanings unless a different meaning is plainly required by the
context.
1.  "Age  fifty-seven retirement program" shall mean all the terms and
conditions of this section.
2. "Enactment date of the age fifty-seven  retirement  program"  shall
mean the date this section takes effect.
3.  "Participant in the age fifty-seven retirement program" shall mean
any New York city eligible member who, under the  applicable  provisions
of  subdivision  c  of this section, is entitled to the rights, benefits
and privileges and is subject to the obligations of the age  fifty-seven
retirement program, as applicable to him or her.
c.  Participation in age fifty-seven retirement program. 1. Subject to
the provisions of paragraphs five  and  six  of  this  subdivision,  any
person  (i)  other than a person who is deemed pursuant to paragraph six
of subdivision b of section six hundred four-c of  this  article  to  be
employed  for  the  purposes of paragraph one or two of subdivision b of
such section six hundred four-c in a New York city eligible position  on
the  enactment date of the twenty-five-year early 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-seven 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-seven 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 that he or she is a New York
city eligible member in active service on the date such  application  is
filed.
2.  Any election to be a participant in the age fifty-seven retirement
program shall be irrevocable.
3. Each person (i) other than a  person  who  is  deemed  pursuant  to
paragraph  six  of  subdivision  b of section six hundred four-c of this
article to be employed for the purposes  of  paragraph  one  or  two  of
subdivision  b  of  such  section  six hundred four-c in a New York city
eligible position on the enactment date of  the  twenty-five-year  early
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-seven  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-seven  retirement
program  shall  become  a  participant in the age fifty-seven retirement
program on the date he or she becomes a New York city eligible member in
active service.
3-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-seven  retirement
program.
4.  Where  any  participant  in the age fifty-seven 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-seven retirement program.
5.  Where  any  participant  in the age fifty-seven retirement program
terminates service in a New York city eligible position and  returns  to
service  in  a New York city eligible position at a later date and again
becomes a New York city eligible member, he or she  shall  again  become
such a participant upon becoming a New York city eligible member.
6.  Notwithstanding  any  other  provision of law to the contrary, and
except as provided in paragraph three of this  subdivision,  any  person
who  is eligible to elect to become a participant in the age fifty-seven
retirement program pursuant to paragraph one of this subdivision for the
full ninety-day period provided for in such paragraph one, and who fails
to timely file a duly executed application for such  participation  with
the  appropriate  retirement  system shall not thereafter be eligible to
elect pursuant to such paragraph one to become  a  participant  in  such
program.
d.  1.  Non-physically taxing service retirement. A participant in the
age fifty-seven retirement program:
(i) who has completed five or more years of credited service; and
(ii) who has attained age fifty-seven; and
(iii) who, subject to the provisions of paragraph nine of  subdivision
f  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 f 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 age fifty-seven retirement
program at the time so specified for his or  her  retirement;  shall  be
retired  pursuant  to  the  provisions of this paragraph affording early
service retirement.
2. Physically taxing service retirement.  A  participant  in  the  age
fifty-seven 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 section six hundred four-c of this article); and
(ii) who has attained age fifty; and
(iii) who, subject to the provisions of paragraph nine of  subdivision
f  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 f 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 age fifty-seven retirement
program 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 nine  of

subdivision  f of this section, the early service retirement benefit for
a participant in the age  fifty-seven  retirement  program  who  retires
pursuant  to  either  paragraph  one or two of this subdivision shall be
calculated as follows:
(i) for a participant with less than twenty years of credited service,
such  benefit  shall  be a retirement allowance equal to one-sixtieth of
final average salary times years of credited service; or
(ii) for a participant with twenty years or more of credited  service,
such  benefit  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.
e. Vesting.  1.  A  participant  in  the  age  fifty-seven  retirement
program:
(i)  who,  as  a  participant in such retirement program, discontinues
city-service (as defined in subdivision three of section 13-101  of  the
administrative  code)  or  education  service  (as  defined in paragraph
thirteen of  subdivision  a  of  section  six  hundred  four-c  of  this
article), other than by death or retirement; and
(ii)  who,  prior to such discontinuance, completed five or more years
of credited service; and
(iii) who, subject to the provisions of paragraph ten of subdivision f
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 f of this section; and
(iv) 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 subdivision.
2. (i) Upon such discontinuance under the conditions and in compliance
with the provisions of paragraph one of this subdivision, such  deferred
vested benefit shall vest automatically.
(ii)  Such vested benefit shall become payable on the earliest date on
which such discontinued member could have retired for  service  if  such
discontinuance had not occurred.
3. Subject to the provisions of paragraph ten of subdivision f of this
section,  such deferred benefit shall be a retirement allowance computed
in accordance with the applicable provisions of subparagraph (i) or (ii)
of paragraph three of subdivision d of this section.
f. 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-seven  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 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

three of subdivision c of this section (whether or not rendered in a New
York city eligible position, and whether rendered before  or  after  the
enactment date of the age fifty-seven retirement program); 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  c  (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 three of
subdivision c 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  c  (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  three  of
subdivision  c  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  c  (whether  or  not
rendered in 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 section six
hundred four-c of this article) 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 (A) while such person  is  a  participant  in
such  program;  and  (B)  before  such person becomes such a participant
pursuant to paragraph one or three of  subdivision  c  of  this  section
(whether  rendered  before  or  after  the  enactment  date  of  the age
fifty-seven 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 five of such subdivision c.
(iii) notwithstanding the provisions of subparagraphs (i) and (ii)  of
this   paragraph,  a  person  who  becomes  a  participant  in  the  age
fifty-seven 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 three of subdivision c

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.
(iv)  notwithstanding  the  provisions  of  subparagraph  (ii) of this
paragraph, a participant holding  the  title  of  carpenter,  supervisor
carpenter,   ship   carpenter,   supervisor   ship   carpenter,  rigger,
dockbuilder, supervisor dockbuilder and general  supervisor  dockbuilder
who is a participant in the age fifty-seven retirement program and whose
age  and allowable service are such that he or she could not possibly be
able to accumulate at least twenty-five years of service by the time  he
or  she  reaches  age  fifty-seven,  shall  not  be required to make the
additional member contribution pursuant to  subparagraph  (ii)  of  this
paragraph. Any participant in the titles listed in this subparagraph who
has  made  additional member contributions pursuant to subparagraph (ii)
of this paragraph prior to the effective date of the chapter of the laws
of two thousand twenty-three that added this subparagraph shall  receive
a  refund  of  the  employee portion of such contributions plus interest
provided that their age and allowable service are such that  he  or  she
could  not  possibly be able to accumulate at least twenty-five years of
service by the time he or she reaches age fifty-seven.
2. A participant in  the  age  fifty-seven  retirement  program  shall
contribute  additional  member  contributions  only  until he or she has
thirty years of credited service.
3. Commencing with the first full payroll  period  after  each  person
becomes  a  participant  in  the  age  fifty-seven  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.
4. (i) Each participant in  the  age  fifty-seven  retirement  program
shall  be charged with a contribution deficiency consisting of 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) and (iii) of this paragraph.
(ii)  (A)  The  interest  required  to  be  paid  on  each such amount
specified in 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  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-seven  retirement  program  pursuant to
paragraph  five  of subdivision c 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  five  of
subdivision c of this section, thereafter again becomes a participant in
the   age   fifty-seven   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-seven 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 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-seven
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-seven 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 d 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 d 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  (iv)  of  paragraph  twelve  of  this  subdivision,   such
participant's   service   retirement   benefit  calculated  pursuant  to
paragraph three of such subdivision d 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 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 who is otherwise eligible for a vested right
to a deferred benefit pursuant to subdivision e 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 e of this section, provided, however,  that  the
deferred  vested  benefit calculated pursuant to paragraph three of such
subdivision e  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 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 board of trustees of NYCERS and the retirement board  of  BERS
may,  consistent  with  the  provisions  of this subdivision, promulgate
regulations for the payment of additional member contributions  required
by  this  subdivision,  and any interest thereon, by participants in the
age fifty-seven 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-seven retirement program as
a member of a participating retirement system,  who  has  rendered  less
than  ten  years of credited service, who ceases to hold a New York city
eligible position and who is not employed in any position which entitles
such person to membership in such same participating 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
the retirement system of which such person is a member at the time he or
she last ceases to be a participant, 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, a participant in the age fifty-seven 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.
(iii)  Subject  to  the  provisions  of  paragraph  fourteen  of  this
subdivision, upon the death of a  participant  in  the  age  fifty-seven
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.
(iv)   Subject  to  the  provisions  of  paragraph  fourteen  of  this
subdivision, a person (A) who  is  or  was  a  participant  in  the  age

fifty-seven  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.
(v)   Subject   to  the  provisions  of  paragraph  fourteen  of  this
subdivision, a participant in the age fifty-seven retirement program (A)
who retires for service pursuant to paragraph two of  subdivision  d  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-seven 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 (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 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 any interest paid thereon), or any part of the
employer  contribution  portion  of  his  or   her   additional   member
contributions   (as   established   in   accordance  with  item  (A)  of
subparagraph (ii) of paragraph six of this subdivision) paid pursuant to
subparagraph (i) or (ii) of paragraph one of this  subdivision  (or  any
interest paid thereon).
(vi)   Subject  to  the  provisions  of  paragraph  fourteen  of  this
subdivision, a person  who  ceases  to  be  a  participant  in  the  age
fifty-seven 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.
(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; and (B) no person,  while  he
or  she is a participant in the age fifty-seven 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-seven 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 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 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 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 age fifty-seven 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.