There is a newer version of the New York Consolidated Laws
2006 New York Code - Contributions Of Members And Their Use; Annuity Savings Fund.
§ 13-521 Contributions of members and their use; annuity savings fund.
The annuity savings fund shall consist of the accumulated deductions
from the salaries of contributors made, under such rules and regulations
as the retirement board shall prescribe, and in addition, such amounts
as shall be contributed thereto for the benefit of members by the city
in accordance with subdivision eight of this section, as follows:
1. (a) Except as otherwise provided with respect to contributions of
twenty-year pension plan contributors and
age-fifty-five-increased-benefits pension plan contributors in
subdivision seven of this section, from the salary of each
present-teacher there shall be deducted such per cent of his or her
earnable salary as he or she shall elect, provided, however, that such
contributor shall be limited in his or her choice to one of the
following rates:
(1) Three per cent of his or her earnable salary.
(2) Such per cent of his or her earnable salary as shall be computed
to be sufficient, with regular interest, when paid until age sixty-five,
to provide for him or her on retirement at that age an annuity which,
when added to his or her pension, provided for in this chapter, will
provide a retirement allowance of fifty per cent of his or her average
salary.
(3) A per cent of his or her earnable salary greater than three per
cent thereof.
(b) Should any present-teacher, on becoming a contributor, fail to
make such an election, he or she shall be deemed to have elected a
deduction from his or her salary at the rate of three per cent of his or
her earnable salary.
2. (a) Except as otherwise provided with respect to contributions of
twenty-year pension plan contributors and
age-fifty-five-increased-benefits pension plan contributors in
subdivision seven of this section, from the salary of each new-entrant,
there shall be deducted such per cent of his or her earnable salary as
shall be computed to be sufficient, with regular interest, to procure
for him or her on service retirement an annuity equal to twenty-five per
cent of his or her average salary. The rate per cent of such deduction
from salary shall be based on the mortality and other tables herein
authorized, together with regular interest, and shall be computed to
remain constant during his or her prospective teacher-service prior to
eligibility for service retirement, except such deduction shall not be
in excess of fifteen per centum unless the member so elects. Except as
otherwise provided with respect to contributions of twenty-year pension
plan contributors and age-fifty-five-increased-benefits pension plan
contributors in subdivision seven of this section, no beneficiary
restored to duty shall be required to contribute a per cent of his or
her earnable salary greater than the per cent thereof which he or she
was required to contribute prior to his or her retirement.
(b) Notwithstanding the provisions of paragraph (a) of this
subdivision two, the rate per cent of such deduction from the salary of
any new-entrant who became a member after June thirtieth, nineteen
hundred forty-seven and prior to June thirtieth, nineteen hundred
sixty-seven shall be, on and after the first day of the first payroll
period beginning after January first, nineteen hundred sixty-eight:
(1) his or her rate as of June twenty-ninth, nineteen hundred
sixty-seven, determined pursuant to paragraph (a) of this subdivision,
including any increase thereof pursuant to section 13-525 or subdivision
two of section 13-554 of this chapter or reduction thereof pursuant to
subdivision four of this section, section 13-545 of this chapter, or
pursuant to subdivision one of section one hundred thirty-eight-b of the
retirement and social security law, hereinafter referred to as his or
her "prior computed rate", less the difference between the rate which
was computed for such new-entrant pursuant to paragraph (a) of this
subdivision two on the date he or she last became a member, exclusive of
any increase thereof pursuant to section 13-525 or subdivision two of
section 13-554 of this chapter or reduction thereof pursuant to the
election provided for in paragraph (a) of this subdivision or pursuant
to subdivision four of this section, section 13-546 of this chapter, or
pursuant to subdivision one of section one hundred thirty-eight-b of the
retirement and social security law, and the rate which would have been
computed for such new-entrant on the date he or she last became a
member, pursuant to paragraph (a) of this subdivision, but not limited
to the fifteen per centum provided in that paragraph, had he or she been
entitled on that date to regular interest at four per centum; or
(2) if such new-entrant made an election pursuant to paragraph d of
subdivision one of section 13-545 or paragraph d of subdivision one of
section 13-554 of this chapter, but not before any deduction was made
from his or her compensation for annuity purposes, his or her "prior
computed rate" less the difference between the rate, which would have
been computed for such new-entrant on the date he or she last became a
member, pursuant to paragraph (a) of subdivision two of this section,
but not limited to fifteen per centum, if the later election he or she
made had been made on that date, and the rate, which would have been
computed for such new-entrant on the date he or she last became a
member, pursuant to paragraph (a) of subdivision two of this section,
but not limited to fifteen per centum, if the later election he or she
made had been made on that date, and if, on that date, he or she had
been entitled to regular interest at four per centum; provided that the
adjusted rate of contribution computed pursuant to this paragraph b
shall be subject to changes pursuant to paragraph (a) of this
subdivision, section 13-525 or subdivision two of section 13-554,
subdivision four of this section, section 13-546 of this chapter or
pursuant to subdivision one of section one hundred thirty-eight-b of the
retirement and social security law.
(c) For any new-entrant to whom the last paragraph applies, and
beginning with the first day of the first payroll period commencing
after June thirtieth, nineteen hundred sixty-seven, and ending with the
last day of the last payroll period before the first payroll period
beginning after January first, nineteen hundred sixty-eight, the amount
of contribution which represents the difference between the prior
computed rate of such member as of June twenty-ninth, nineteen hundred
sixty-seven, and his or her adjusted rate of contribution as computed
pursuant to the last paragraph shall be deemed additional contributions
made for the purpose of purchasing additional annuity, or upon the
member's election, shall be refunded.
3. The head of each department shall deduct on each and every payroll
of a contributor for each and every payroll period, such per cent of the
total amount of salary earnable by the contributor in such payroll
period as shall be certified to such head of department by the
retirement board as proper in accordance with the provisions of this
chapter. In determining the amount earnable by a contributor in a
payroll period such board shall consider the rate of salary payable to
such contributor on the first day of each regular payroll period as
continuing throughout such payroll period and it may omit salary
deductions for any period less than a full payroll period in cases where
the teacher was not a contributor on the first day of the regular
payroll period. To facilitate the making of the deductions it may modify
the deduction required of any contributor by such amount as shall not
exceed one-tenth of one per cent of the salary upon the basis of which
the deduction is to be made. Such head of each department shall certify
to the comptroller on each and every payroll the amounts to be deducted.
Each of such amounts so deducted shall be paid into such annuity savings
fund, and shall be credited together with regular interest to an
individual account of the contributor from whose salary the deduction
was made.
4. (a) Notwithstanding any provisions in this chapter to the contrary,
but subject to the provisions of paragraph (b) of this subdivision four,
there shall not be deducted for annuity purposes from the compensation
or salary of any contributor an amount greater than six per cent of such
contributor's earnable compensation or salary if such contributor elects
to pay a rate limited to six per cent. Any such contributor so electing
shall be limited to a pension on retirement, exclusive of the
pension-providing-for-increased-take-home-pay, if any, of not more than
two per cent of his or her average salary multiplied by the number of
his or her years of service rendered subsequent to the time he or she
last became a member of the retirement system not in excess of ten for
disability and not in excess of twelve and one-half for service
retirement.
(b) The provisions of paragraph (a) of this subdivision shall not
apply to a twenty-year pension plan contributor or an
age-fifty-five-increased-benefits pension plan contributor.
5. The method of computation and the deductions prescribed in this
section shall be appropriately modified in the case of a contributor to
the extent that his or her rate is otherwise fixed pursuant to section
13-546 of this chapter.
6. Where a contributor's rate of contribution is reduced because the
city contributes towards pensions-providing-for-increased-take-home-pay
pursuant to section 13-546 of this chapter, such member may by written
notice duly acknowledged and filed with the retirement board within one
year after such reduction or within one year after he or she last became
a member, whichever is later, elect to waive such reduction. One year or
more after the filing thereof, a member may withdraw any such waiver by
written notice duly acknowleged and filed with the retirement board.
Where a member makes an election to waive such reduction, he or she
shall contribute to the retirement system as otherwise provided in this
chapter.
7. (a) Notwithstanding any other provision of this section or any
other provision of this chapter or any other law to the contrary;
(1) the normal rate of contribution of a twenty-year pension plan
contributor shall be as prescribed by the applicable provisions of
section 13-547 of this chapter (relating to the twenty-year pension
plan) and section 13-549 of this chapter (relating to deferred
eligibility of certain retirees, withdrawn contributors and discontinued
members for benefits under certain pension plans); and
(2) the normal rate of contribution of an
age-fifty-five-increased-benefits pension plan contributor shall be as
prescribed by the applicable provisions of section 13-548 of this
chapter (relating to the age-fifty-five-increased-benefits pension plan)
and such section 13-549.
(b) (1) A twenty-year pension plan contributor or an
age-fifty-five-increased-benefits pension plan contributor whose normal
rate of contribution is in excess of fifteen per centum shall not
contribute at a rate in excess of fifteen per centum unless he or she so
elects.
(2) In any case where any such contributor contributes pursuant to
subparagraph one of this paragraph (b) at a rate of fifteen per centum
or more but less than his or her normal rate of contribution, neither
the making of contributions at such lesser rate nor any election of such
contributor to do so shall be construed as changing his or her normal
rate of contribution.
(c) (1) Except as otherwise provided in subparagraph three of this
paragraph (c) and in paragraph (d) of this subdivision seven, in any
case where:
(i) a normal rate of contribution is established for a twenty-year
pension plan contributor on a basis including twenty-year pension plan
qualifying service preceding his or her contribution rate fixation date;
and
(ii) by reason of any action taken after such rate is established, the
amount of twenty-year pension plan qualifying service which precedes his
or her contribution rate fixation date and with which he or she is
credited pursuant to the applicable provisions of this chapter differs
from the amount of such preceding service which was reflected in the
establishment of such rate;
no change shall be made in such rate, unless such contributor files with
the retirement board a request for a recomputed normal rate of
contribution.
(2) If such a request is filed, the normal rate of contribution of
such contributor shall be recomputed to equal that which would have been
originally established for him or her on the basis of the revised amount
of such twenty-year pension plan qualifying service preceding his or her
contribution rate fixation date and a new normal rate of contribution,
as so recomputed, shall be established for such contributor as promptly
as is practicable.
(3) If any such contributor does not file a request for recomputation
of his or her normal rate of contribution pursuant to subparagraph one
of this paragraph (c), his or her normal rate of contribution shall
remain unchanged until the date of his or her retirement, at which time
such rate shall be recomputed in the manner prescribed by the applicable
provisions of subparagraph two of this paragraph (c).
(d) In any case where:
(i) a normal rate of contribution is established for a twenty-year
pension plan contributor and such contributor, after such rate is
established, acquires credit for service by transfer as described in
subdivision forty-four of section 13-501 of this chapter (relating to
definitions);
his or her normal rate of contribution shall be recomputed to equal that
which would have been established for him or her if when such rate was
orginally established, the status and additional credited service
resulting from such transfer and been reflected in such original
fixation and a new normal rate contribution, as so recomputed, shall be
established for such contributor as promptly as is practicable.
(e) In any case where a new normal rate of contribution is established
for a contributor pursuant to subparagraph two of paragraph (c) of this
subdivision seven or paragraph (d) of this subdivision, his or her
contributions to the retirement system, on and after the date of
establishment of such new rate, shall be in accordance with the
applicable provisions of this chapter, on the basis of such new rate.
(f) In the event that a recomputed normal rate of contribution
established for a contributor pursuant to paragraph (c) or paragraph (d)
of this subdivision seven is lower than the rate originally established
for such contributor, he or she shall not be entitled to a refund of any
part of the contributions made by him or her on the basis of his or her
prior normal rate of contribution, except to the extent that such
contributor may be entitled to withdraw excess contributions pursuant to
subdivision four of section 13-525 of this chapter.
(g) In any case where a recomputed normal rate of contribution is
established for a contributor pursuant to subparagraph two or
subparagraph three of paragraph (c) of this subdivision seven or
paragraph (d) of this subdivision, the minimum accumulation of such
contributor for the entire period of his or her first twenty years of
twenty-year pension plan qualifying service shall be the amount computed
as prescribed by the applicable provisions of paragraphs (b), (c) and
(d) of subdivision twenty of section 13-501 of this chapter, on the
basis of such recomputed rate.
8. a. As used in this subdivision eight, the following terms shall
mean and include:
(i) "Employee at maximum salary level". An employee of the board of
education who has attained the maximum salary step of the salary
schedule currently applicable to him or her.
(ii) "Eligible teacher contributor". A contributor who is employed by
the board of education as a teacher and who, as of any month with
respect to which his or her entitlement to a city contribution under
this section is to be determined, is an employee at maximum salary
level.
(iii) "Eligible supervisor contributor". A contributor who holds a
postion with the board of education of the city, the principle duty of
which is supervision of subordinates and who, as of any month as to
which his or her entitlement to a city contribution under this section
is to be determined, is an employee at maximum salary level.
(iv) "Variable annuity program election". The currently effective
election of an eligible teacher contributor or eligible supervisor
contributor pursuant to subdivisions a and d of section 13-568 of this
chapter.
b. Except as otherwise provided in paragraph f of this subdivision,
beginning with the month of October, nineteen hundred seventy, and each
month thereafter, the city shall contribute the applicable amount
prescribed by subdivision c of this section to the account or accounts
of each eligible teacher contributor and each eligible supervisor
contributor in the annuity savings fund and/or the variable annuity
savings fund, in the same proportion as the contributions of such
contributor for such month are credited to such account or accounts
pursuant to his or her variable annuity program election, if any.
c. In the case of an eligible teacher contributor, such monthly amount
shall be one-twelfth of four hundred dollars. In the case of an eligible
supervisor contributor, such monthly amount shall be one-twelfth of five
hundred fifty dollars.
d. Such city contributions credited to the account or accounts of any
such eligible teacher contributor or eligible supervisor contributor
shall for all purposes of this chapter be treated as and deemed to be
voluntary additional contributions by such contributor. Any such city
contributions credited to the annuity savings account of any such
contributor shall, notwithstanding any other provision of law to the
contrary, be treated as and deemed to be a part of his or her
accumulated deductions.
e. In any case where the status of an eligible teacher contributor or
eligible supervisor contributor changes so that his or her salary is no
longer prescribed by the maximum salary step of the salary schedule
applicable to him or her, he or she shall nevertheless be entitled to be
credited with the city contribution under this section for the month in
which such change occurs.
f. Notwithstanding any other provision of this subdivision to the
contrary, the contributions which the city would otherwise be required
to make for each month of the nineteen hundred seventy-seven-nineteen
hundred seventy-eight fiscal year of the city pursuant to the provisions
of the preceding paragraphs of this subdivision shall not be made by the
city. For each month of such fiscal year, there shall be paid from the
contingent reserve fund into the account or accounts of each eligible
teacher contributor and each eligible supervisor contributor in the
annuity savings fund and/or variable annuity savings fund, an amount
equal to the amount which would have been required by the preceding
paragraphs of this subdivision to be paid by the city into such account
or accounts for such month if this paragraph f had not been enacted. The
amount or amounts so paid shall be credited in such account or accounts
in the same manner and with the same force and effect as if such amount
or amounts had been paid into such account or accounts pursuant to the
provisions of the preceding paragraphs of this subdivision.
8-a. Annuity benefits for certain Tier III and Tier IV contributors.
a. Notwithstanding any other provision of this title or any other law
to the contrary, the following terms, as used in this subdivision
eight-a, shall have the following meanings, unless a different meaning
is plainly required by the context:
(i) "Annuitant". A qualified instructor contributor whose annuity has
become payable under the provisions of paragraph j or paragraph k of
this subdivision, or a qualified supervisor contributor whose annuity
has become payable under the provisions of either such paragraph.
(ii) "Annuity accumulation". The total of the amounts of contributions
made by the city on behalf of a qualified instructor contributor or
qualified supervisor contributor pursuant to the applicable provisions
of paragraphs c, d, e and f of this subdivision and standing to the
credit of his or her account in the annuity savings accumulation fund
established pursuant to paragraph b of this subdivision, together with
interest on such contributions as prescribed by paragraph h of this
subdivision.
(iii) "Board of education". The board of education of the city school
district of the city.
(iv) "Contributor entitled to an annuity accumulation". A qualified
instructor contributor entitled to be credited with city contributions
pursuant to the provisions of paragraph c and/or paragraph e of this
subdivision or any qualified supervisor contributor entitled to be
credited with city contributions pursuant to the provisions of paragraph
d and/or paragraph f of this subdivision.
(v) "Instructional employee". An employee of the board of education
who is a "present-teacher" as that term is defined in subdivision eight
of section 13-501 of the code, other than any employee whose title was
added by chapter nine hundred ninety-seven of the laws of nineteen
hundred eighty-three to the provisions previously included in such
subdivision eight.
(vi) "Instructional employee at maximum salary level". An
instructional employee who has attained the maximum salary step of the
salary schedule currently applicable to him or her.
(vii) "Qualified instructor contributor". A contributor who is an
instructor and who also, as of any month with respect to which such
contributor's entitlement to a city contribution under this subdivision
is to be determined, is an instructional employee at maximum salary
level.
(viii) "Qualified supervisor contributor". A contributor who is a
supervisor and who, as of any month as to which such contributor's
entitlement to a city contribution under this subdivision is to be
determined, is an instructional employee at maximum salary level.
(ix) "Instructor". An instructional employee, other than any such
employee who is a supervisor.
(x) "Supervisor". An instructional employee who holds a position, the
principal duties of which consist of supervising employees of lower
rank.
b. The retirement board shall promulgate such regulations as may be
necessary and appropriate to establish a special fund, to be known as
the "annuity savings accumulation fund", in which the retirement system
shall maintain, in behalf of each contributor entitled to an annuity
accumulation, a separate account to which shall be credited all amounts
which the city is required by the applicable provisions of paragraphs c,
d, e and f of this subdivision to contribute to such account for the
benefit of such member.
c. With respect to each month occurring during the period beginning on
July first, nineteen hundred seventy-six and ending on August
thirty-first, nineteen hundred eighty-three, during which month a
contributor was a qualified instructor contributor and also a Tier III
member (as defined in subdivision fifty-four of section 13-501 of the
code), the city shall pay into the account of such contributor in the
annuity savings accumulation fund, a sum equal to one-twelfth of four
hundred dollars.
d. With respect to each month occurring during such period mentioned
in paragraph c of this subdivision, during which month a contributor was
a qualified supervisor contributor and also a Tier III member, the city
shall pay into the account of such contributor in the annuity savings
accumulation fund a sum equal to one-twelfth of five hundred fifty
dollars.
e. With respect to each month occurring after August thirty-first,
nineteen hundred eighty-three, during which month a contributor was or
is a qualified instructor contributor and also a Tier IV member (as
defined in subdivision fifty-five of section 13-501 of the code), the
city shall pay into the account of such contributor in the annuity
savings accumulation fund a sum equal to one-twelfth of four hundred
dollars.
f. With respect to each month occurring after such August
thirty-first, during which month a contributor was or is a qualified
supervisor contributor and also a Tier IV member, the city shall pay
into the account of such contributor in the annuity savings accumulation
fund a sum equal to one-twelfth of five hundred fifty dollars.
g. In any case where the status of a qualified instructor contributor
or qualified supervisor contributor changes so that the salary of such
contributor is no longer prescribed by the maximum salary step of the
salary schedule applicable to him or her, such contributor, if he or she
was or is also a Tier III member or Tier IV member at the time when such
change occurred or occurs, shall nevertheless be entitled to be credited
with the city contribution under this subdivision for the month in which
such change occurred or occurs.
h. Interest shall be credited on all sums paid into the account of
each qualified instructor contributor and each qualified supervisor
contributor pursuant to the provisions of paragraphs c, d, e and f of
this subdivision at the rate of five per centum per annum, compounded
annually.
i. In any case where the city, prior to the date of enactment (as
certified pursuant to section forty-one of the legislative law) of this
subdivision, paid to the retirement system any sums equal in whole or in
part to the amounts required by the provisions of paragraph c, d, e or f
of this subdivision to be paid for any period by the city into the
account of a contributor entitled to an annuity accumulation, such sum
so previously paid by the city, together with interest thereon computed
at the rate and in the manner prescribed by paragraph h of this
subdivision, shall be credited for the same period to the account of
such contributor in the annuity savings accumulation fund and such
previous payments by the city, to the extent that they are sufficient
therefor, shall be deemed to satisfy in full or pro tanto, as the case
may be, the obligation of the city for such period to make the payments
prescribed by such paragraph c, d, e or f.
j. Any qualified instructor contributor or qualified supervisor
contributor:
(i) who is required by the provisions of this subdivision to be
credited with an annuity accumulation; and
(ii) who, prior to the date of enactment of this subdivision, retired
while he or she was a Tier III member or a Tier IV member, or prior to
such date, became a Tier III member entitled to a vested benefit (as
defined in subdivision fifty-six of section 13-501 of the code) or a
Tier IV member entitled to a vested benefit (as defined in subdivision
fifty-seven of section 13-501 of the code); shall be entitled to
receive, in addition to any retirement allowance which such contributor
is entitled to receive under the provisions of article fourteen or
article fifteen of the retirement and social security law, an annuity
which is the actuarial equivalent, as of the date on which such
retirement allowance begins, of such contributor's annuity accumulation,
as such annuity accumulation is required by this subdivision to be on
such date. Such annuity shall begin on the date of commencement of such
retirement allowance.
k. Any qualified instructor contributor or qualified supervisor
contributor:
(i) who is required by the provisions of this subdivision to be
credited with an annuity accumulation; and
(ii) who, on or after the date of enactment of this section, retires
as a Tier IV member or on or after such date, becomes a Tier IV member
entitled to a vested benefit; shall be entitled to receive, in addition
to any retirement allowance which such contributor is entitled to
receive under the provisions of article fifteen of the retirement and
social security law, or if applicable, article fourteen of such law, an
annuity which is the actuarial equivalent, as of the date on which such
retirement allowance begins, of such contributor's annuity accumulation,
as such annuity accumulation is required by this subdivision to be on
that date. Such annuity shall begin on the date of commencement of such
retirement allowance.
l. In the case of any annuitant who retired during the period
beginning on August first, nineteen hundred eighty-three and ending on
the date next preceding the date of enactment of this subdivision, and
in the case of any annuitant who, during such period, terminated service
under such circumstances that he or she became a Tier III member
entitled to a vested benefit or a Tier IV member entitled to a vested
benefit, the actuarial interest assumption which shall be used in
determining the annuity of such annuitant shall be interest at the rate
of seven per centum per annum, compounded annually, and the actuarial
mortality assumption used in determining such annuity shall be the
gender-neutral mortality tables for benefit computation purposes, as
adopted by the retirement board, which took effect on August nineteenth,
nineteen hundred eighty-five, with applicability prior to such date as
provided for by the resolutions of such board adopting such tables.
m. In the case of any annuitant who, on or after the date of enactment
of this subdivision, retires or terminates service under such
circumstances that he or she becomes a Tier IV member entitled to a
vested benefit, the actuarial interest assumption and actuarial
mortality assumption used in determining the annuity of such annuitant
shall be the applicable benefit computation interest rate and mortality
tables for benefit computation purposes in effect for the retirement
system on the effective date of such annuitant's retirement or on the
date of such annuitant's termination of service so as to become a Tier
IV member entitled to a vested benefit, as the case may be.
n. For the purpose of determining optional benefits and the amount of
any supplemental retirement allowance, any retirement allowance payable
pursuant to article fourteen or article fifteen of the retirement and
social security law to an annuitant shall be deemed to consist of the
total amount obtained by adding the annuity to which such annuitant is
entitled under this subdivision to such retirement allowance payable
pursuant to such article fourteen or article fifteen.
o. (i) If, prior to the date of enactment of this subdivision, or on
or after such date of enactment, an ordinary death benefit became or
becomes payable pursuant to article fourteen or article fifteen of the
retirement and social security law by reason of the death of a
contributor entitled to an annuity accumulation, the retirement system,
in addition to paying such ordinary death benefit, shall pay the annuity
accumulation of such contributor to the beneficiary entitled to receive
such ordinary death benefit; provided, however, that the annuity
accumulation shall be paid to the annuitant's estate, if the estate is
entitled to receive such ordinary death benefit under the applicable
provisions of such article fourteen or article fifteen.
(ii) In any case where a death referred to in subparagraph (i) of this
paragraph occurs on or after the date of enactment of this subdivision,
the contributor entitled to such annuity accumulation or the beneficiary
entitled to receive such ordinary death benefit may elect, by a duly
executed and acknowledged designation filed with the retirement system,
that such annuity accumulation shall be paid in the form of an annuity.
Such designation shall be filed prior to or within sixty days after the
death of the contributor entitled to such annuity accumulation. Such
annuity shall be the actuarial equivalent, as of the date of such
member's death, of such annuity accumulation. The actuarial assumptions
used in determining such annuity shall be the same as would have been
required to be used, pursuant to the applicable provisions of paragraph
m of this subdivision, to determine an annuity for such contributor, if
he or she had retired on the date of his or her death.
p. If, prior to the date of enactment of this subdivision or on or
after such date of enactment, the employment of a contributor entitled
to an annuity accumulation terminated or terminates without entitlement
on the part of the such contributor to an immediate or deferred
retirement allowance or if a contributor entitled to an annuity
accumulation transferred or transfers to another retirement system, the
amount of the annuity accumulation of such contributor shall be paid to
him or her, upon application therefor.
q. Notwithstanding any other provision of law to the contrary, a
contributor entitled to an annuity accumulation shall not be permitted
to borrow any portion of such annuity accumulation. The variable annuity
program of the retirement system shall not apply to any annuity
accumulation or the contributions upon which it is based.
r. The provisions of subdivision eight of this section shall be
inapplicable to any contributor entitled to an annuity accumulation and
to the beneficiary or estate of any such contributor; provided, however,
that the provisions of this paragraph shall not be construed as denying
benefits under such subdivision eight to any beneficiary of a
contributor who qualified for benefits under such subdivision eight,
where such beneficiary under such subdivision eight became or becomes a
Tier III or Tier IV member and himself or herself qualified or qualifies
for benefits under this subdivision.
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