There is a newer version of the New York Consolidated Laws
2010 New York Code
RSS - Retirement & Social Security
Article 15 - (600 - 617) COORDINATED RETIREMENT PLAN
604-C*2 - Optional twenty-five-year early retirement program for certain New York city members.
* § 604-c. Optional twenty-five-year early retirement program for
certain New York city members. a. Definitions. The following words and
phrases as used in this section shall have the following meanings unless
a different meaning is plainly required by the context.
1. "NYCERS" shall mean the New York city employees' retirement system.
2. "BERS" shall mean the board of education retirement system of the
city of New York.
3. "Administrative code" shall mean the administrative code of the
city of New York.
4. "BERS rules and regulations" shall mean the rules and regulations
for the government, management and control of BERS adopted pursuant to
section twenty-five hundred seventy-five of the education law.
5. "New York city eligible position" shall mean:
(i) with respect to members of NYCERS, all positions in city-service
(as defined in subdivision three of section 13-101 of the administrative
code), except (a) any position in the uniformed transit police force, as
defined in subdivision thirty-one of section 13-101 of the
administrative code; (b) any position in the New York city transit
authority which is covered by the provisions of section six hundred
four-b of this article, whether or not the person employed in such
position is a participant in the retirement program set forth in such
section six hundred four-b of this article; (c) any position in the
housing police service, as defined in subdivision thirty-five of section
13-101 of the administrative code; (d) any position in the uniformed
correction force, as defined in subdivision thirty-nine of section
13-101 of the administrative code; (e) any position in the uniformed
force of the department of sanitation, as defined in subdivision
sixty-two of section 13-101 of the administrative code; (f) the
positions of bridge and tunnel officer, bridge and tunnel sergeant,
bridge and tunnel lieutenant, assistant bridge and tunnel maintainer,
bridge and tunnel maintainer, senior bridge and tunnel maintainer and
laborer with the Triborough bridge and tunnel authority; (g) any
position in the division of housing and community renewal; (h) any
position in the unified court system; (i) any teaching position with the
city university of New York; and (j) any position as an investigator
member; or
(ii) with respect to members of BERS, all positions in education
service (as defined in paragraph thirteen of this subdivision), except
any position as a substitute teacher or any other position represented
by the recognized teacher organization for collective bargaining
purposes.
6. "New York city eligible member" shall mean a member of NYCERS or
BERS who is subject to the provisions of this article and who is
employed in a New York city eligible position.
7. "Twenty-five-year early retirement program" shall mean all the
terms and conditions of this section.
8. "Starting date of the twenty-five-year early retirement program"
shall mean the commencement date of the first payroll period which
begins after January first, nineteen hundred ninety-five.
9. "Enactment date of the twenty-five-year early retirement program"
shall mean the date this section takes effect.
10. "Participant in the twenty-five-year early retirement program"
shall mean any New York city eligible member who, under the applicable
provisions of subdivision b of this section, is entitled to the rights,
benefits and privileges and is subject to the obligations of the
twenty-five-year early retirement program, as applicable to him or her.
11. "Physically taxing position" shall mean, for a member of NYCERS, a
New York city eligible position which is a physically taxing position as
defined in subdivision fifty-six of section 13-101 of the administrative
code or, for a member of BERS, a New York city eligible position which
is a physically taxing position as defined in subdivision thirty-five of
section two of the BERS rules and regulations.
12. "Participating retirement system" shall mean NYCERS or BERS.
13. "Education service" shall mean service as a paid official or
employee of the board of education of the city of New York or the New
York city school construction authority, and allowable pursuant to the
applicable provisions which govern the service credit of a member of
BERS.
b. Participation in twenty-five-year early retirement program. 1.
Subject to the provisions of paragraphs five, six and seven of this
subdivision, any person who is employed in a New York city eligible
position on the enactment date of the twenty-five-year early retirement
program, and who is a New York city eligible member in active service on
such enactment date, may elect to become a participant in the
twenty-five-year early retirement program by filing, within ninety days
after the enactment date of the twenty-five-year early retirement
program, a duly executed application for such participation with the
retirement system of which such person is a member, provided he or she
is a New York city eligible member in active service on the date such
application is filed.
2. Subject to the provisions of paragraphs five, six and seven of this
subdivision, any person (i) who is employed in a New York city eligible
position on the enactment date of the twenty-five-year early retirement
program, or who, on such enactment date, is a discontinued member not in
active service who is entitled to a deferred vested benefit at normal
retirement age, and (ii) who becomes a New York city eligible member in
active service after such enactment date, may elect to become a
participant in the twenty-five year early retirement program by filing,
within ninety days after becoming a New York city eligible member in
active service, a duly executed application for such participation with
the retirement system of which such person is a member, provided he or
she is a New York city eligible member in active service on the date
such application is filed.
3. (i) Except as provided in subparagraph (ii) of this paragraph, any
election to be a participant in the twenty-five-year early retirement
program shall be irrevocable.
(ii) Notwithstanding any other provision of law to the contrary, any
participant in the twenty-five-year early retirement program whose age
and amount of credited service (which amount of credited service shall,
for the limited purposes only of this subparagraph, include service
rendered previous to becoming a member which is not yet credited, but
for which such person is or may become eligible to obtain credit
pursuant to section six hundred nine of this article) at the time of
first becoming such a participant are such that he or she could not
possibly be able to accumulate a total of at least twenty-five years of
credited service by the time he or she reaches age sixty-two, assuming
such person were to earn a full year of credited service in each and
every year until he or she becomes sixty-two years of age (whether or
not such person actually intends to earn such amounts of credit), may
withdraw from the twenty-five-year early retirement program by filing,
within two years after first becoming such a participant, or within the
period beginning November first, nineteen hundred ninety-seven and
ending January thirtieth, nineteen hundred ninety-eight, a written
request to withdraw from such program with the retirement system of
which such person is a member.
4. Where any participant in the twenty-five-year early retirement
program shall cease to hold a New York city eligible position, he or she
shall cease to be such a participant and, during any period in which
such person is not a New York city eligible member, he or she shall not
be a participant in the twenty-five-year early retirement program.
5. Where any participant in the twenty-five-year early retirement
program terminates service in a New York city eligible position and
returns to service in a New York city eligible position at a later date
and again becomes a New York city eligible member, he or she shall again
become such a participant upon becoming a New York city eligible member.
6. For the limited purposes only of determining eligibility to elect
to become a participant in the twenty-five-year early retirement program
pursuant to paragraph one or two of this subdivision, a person shall be
deemed to be employed in a New York city eligible position on the
enactment date of the twenty-five-year early retirement program if, on
such enactment date, such person is (i) in active service in a New York
city eligible position, (ii) on a leave of absence without pay from a
New York city eligible position approved by his or her public employer,
and such person returns to active service in a New York city eligible
position after such enactment date and within five years after beginning
such unpaid leave of absence or (iii) on suspension without pay from a
New York city eligible position, and such person is reinstated from such
suspension to active service in such an eligible position after such
enactment date by his or her public employer.
7. Notwithstanding any other provision of law to the contrary, any
person who is eligible to elect to become a participant in the
twenty-five-year early retirement program pursuant to paragraph one or
two of this subdivision for the full ninety-day period provided for in
such applicable subparagraph, and who fails to timely file a duly
executed application for such participation with the appropriate
retirement system, shall not thereafter be eligible to become a
participant in such program.
c. 1. Non-physically taxing service retirement. A participant in the
twenty-five year early retirement program:
(i) who has completed twenty-five or more years of credited service;
and
(ii) who has attained age fifty-five; and
(iii) who, subject to the provisions of paragraph ten of subdivision d
of this section, has paid, before the effective date of retirement, all
additional member contributions and interest (if any) required by
paragraphs one, four, five and six of subdivision d of this section; and
(iv) who files with the retirement system of which he or she is a
member an application for service retirement setting forth at what time
he or she desires to be retired; and
(v) who shall be a participant in the twenty-five-year early
retirement program in active service at the time so specified for his or
her retirement; shall be retired pursuant to the provisions of this
paragraph affording early service retirement.
2. Physically taxing service retirement. A participant in the
twenty-five-year early retirement program:
(i) who has completed twenty-five or more years of credited service in
a physically taxing position (as defined in paragraph eleven of
subdivision a of this section); and
(ii) who has attained age fifty; and
(iii) who, subject to the provisions of paragraph ten of subdivision d
of this section, has paid, before the effective date of retirement, all
additional member contributions and interest (if any) required by
paragraphs one, four, five and six of subdivision d of this section; and
(iv) who files with the retirement system of which he or she is a
member an application for service retirement setting forth at what time
he or she desires to be retired; and
(v) who shall be a participant in the twenty-five-year early
retirement program in active service at the time so specified for his or
her retirement; shall be retired pursuant to the provisions of this
paragraph affording early service retirement for participants in
physically taxing positions.
3. Service retirement benefits. Notwithstanding any other provision of
law to the contrary, and subject to the provisions of paragraph ten of
subdivision d of this section, the early service retirement benefit for
a participant in the twenty-five-year early retirement program who
retires pursuant to either paragraph one or two of this subdivision
shall be a retirement allowance equal to one-fiftieth of final average
salary times years of credited service not in excess of thirty years.
Credited service in excess of thirty years shall provide an additional
retirement allowance equal to three-two hundredths of the final average
salary for each year of credited service in excess of thirty years.
d. Additional member contributions. 1. In addition to the member
contributions required by section six hundred thirteen of this article,
each participant in the twenty-five-year early retirement program shall
contribute (subject to the applicable provisions of subdivision d of
section six hundred thirteen of this article) an additional percentage
or additional percentages of his or her compensation to the retirement
system of which he or she is a member in accordance with the following
schedule:
(i) (A) each such participant shall contribute an additional four and
thirty-five one-hundredths percent of his or her compensation earned
from all credited service (whether or not in a physically taxing
position) rendered on and after the starting date of the
twenty-five-year early retirement program and prior to the commencement
date of the first payroll period which begins after January first,
nineteen hundred ninety-eight (1) while such person is a participant in
such program; and (2) before such person becomes such a participant
pursuant to paragraph one or two of subdivision b of this section
(whether or not rendered in a New York city eligible position); and (3)
after such person ceases to be a participant, but before he or she again
becomes such a participant pursuant to paragraph five of such
subdivision b (whether or not rendered in a New York city eligible
position); and
(B) each such participant shall contribute an additional two and
eighty-five one-hundredths percent of his or her compensation earned
from all credited service (whether or not in a physically taxing
position) rendered on and after the commencement date of the first
payroll period which begins after January first, nineteen hundred
ninety-eight and prior to the commencement date of the first payroll
period which begins subsequent to the effective date of the chapter of
the laws of two thousand one which amended this item (1) while such
person is a participant in such program; and (2) before such person
becomes such a participant pursuant to paragraph one or two of
subdivision b of this section (whether or not rendered in a New York
city eligible position); and (3) after such person ceases to be a
participant, but before he or she again becomes such a participant
pursuant to paragraph five of such subdivision b (whether or not
rendered in a New York city eligible position); and
(C) each such participant shall contribute an additional one and
eighty-five one-hundredths percent of his or her compensation earned
from all credited service (whether or not in a physically taxing
position) rendered on and after the commencement date of the first
payroll period which begins subsequent to the effective date of the
chapter of the laws of two thousand one which added this item (1) while
such person is a participant in such program; and (2) before such person
becomes such a participant pursuant to paragraph one or two of
subdivision b of this section (whether or not rendered in a New York
city eligible position); and (3) after such person ceases to be a
participant, but before he or she again becomes such a participant
pursuant to paragraph five of such subdivision b (whether or not
rendered in a New York city eligible position); and
(ii) each such participant who is employed in a physically taxing
position (as defined in paragraph eleven of subdivision a of this
section) shall contribute, in addition to the additional member
contributions required to be made at the percentage of compensation
specified in subparagraph (i) of this paragraph for the credited service
specified in such subparagraph (i), an additional one and ninety-eight
one-hundredths percent of his or her compensation earned from that
portion of such credited service which is rendered in a physically
taxing position on and after the starting date of the twenty-five-year
early retirement program (A) while such person is a participant in such
program; and (B) before such person becomes such a participant pursuant
to paragraph one or two of subdivision b of this section; and (C) after
such person ceases to be a participant, but before he or she again
becomes such a participant pursuant to paragraph five of such
subdivision b.
(iii) notwithstanding the provisions of subparagraphs (i) and (ii) of
this paragraph, a person who becomes a participant in the
twenty-five-year early retirement program provided by this section, who
prior to such membership was subject to the provisions of section six
hundred four-b of this article, shall not be required to pay the
additional member contributions required by subparagraphs (i) and (ii)
of this paragraph for any period of credited service before which such
person became a participant pursuant to paragraph one or two of
subdivision b of this section and during which such participant was
subject to the provisions of such section six hundred four-b and no
additional employee contributions were required of such member.
2. A participant in the twenty-five-year early retirement program
shall contribute additional member contributions only until he or she
has thirty years of credited service.
3. (i) Commencing with the first full payroll period after each person
becomes a participant in the twenty-five-year early retirement program,
additional member contributions at the applicable rate or rates
specified in paragraph one of this subdivision for the particular
credited service being rendered shall be deducted (subject to the
applicable provisions of subdivision d of section six hundred thirteen
of this article) from the compensation of such participant on each and
every payroll of such participant for each and every payroll period for
which he or she is such a participant.
(ii) (A) Those portions of the additional member contributions
required by paragraph one of this subdivision which are attributable to
credited service rendered on and after the enactment date of the
twenty-five-year early retirement program, and prior to the actual
commencement of deductions from compensation pursuant to subparagraph
(i) of this paragraph, by a person who becomes a participant pursuant to
paragraph one of subdivision b of this section, shall be paid by
deductions from the compensation of such participant pursuant to and in
accordance with the provisions of item (B) of this subparagraph.
(B) Commencing with the payroll period in which deductions of
additional member contributions from such participant's compensation are
begun pursuant to subparagraph (i) of this paragraph, in addition to
such deductions required by such subparagraph (i), there shall be
another deduction of additional member contributions made from the
compensation of such participant at one-third the applicable rate or
rates at which deductions are being made pursuant to such subparagraph
(i) (subject to the applicable provisions of subdivision d of section
six hundred thirteen of this article) on each and every payroll period
until the total amount of unpaid additional member contributions
described in item (A) of this subparagraph, if any, has been paid by
deductions from compensation pursuant to this subparagraph, provided,
however, that deductions pursuant to this item (B) shall be made only
during the period while such person is a participant after first
becoming a participant pursuant to paragraph one of subdivision b of
this section and before ceasing to be such a participant.
4. In addition to the member contributions required by section six
hundred thirteen of this article, and the additional member
contributions required pursuant to paragraph one of this subdivision,
each participant in the twenty-five-year early retirement program who
was not a member of either NYCERS or BERS on July first, nineteen
hundred ninety-three shall, subject to the provisions of paragraph two
of this subdivision, make retroactive additional member contributions to
the retirement system of which he or she is a member in accordance with
the following schedule:
(i) each such participant shall contribute an additional four and
thirty-five one-hundredths percent of his or her compensation earned
from all credited service rendered prior to the starting date of the
twenty-five-year early retirement program (whether or not rendered in a
physically taxing position or a New York city eligible position); and
(ii) each such participant who was employed in a physically taxing
position (as defined in paragraph eleven of subdivision a of this
section) shall contribute, in addition to the additional member
contributions required to be made at the percentage of compensation
specified in subparagraph (i) of this paragraph for the credited service
specified in such subparagraph (i), an additional one and ninety-eight
one-hundredths percent of his or her compensation earned from that
portion of such credited service which was rendered in a physically
taxing position prior to the starting date of the twenty-five-year early
retirement program.
5. (i) Each participant in the twenty-five-year early retirement
program shall be charged with a contribution deficiency consisting of:
(A) the total amounts of additional member contributions such person
is required to make pursuant to paragraph one of this subdivision which
are not deducted from his or her compensation pursuant to paragraph
three of this subdivision, if any, together with interest thereon,
compounded annually, and computed in accordance with the provisions of
subparagraphs (ii), (iii) and (iv) of this paragraph; and
(B) the total amounts of retroactive additional member contributions
such person is required to make pursuant to paragraph four of this
subdivision, if any, together with interest thereon, compounded
annually, and computed in accordance with the provisions of
subparagraphs (ii), (iii) and (iv) of this paragraph.
(ii) (A) Subject to the provisions of subparagraphs (iii) and (iv) of
this paragraph, the interest required to be paid on each such amount
specified in items (A) and (B) of subparagraph (i) of this paragraph
shall accrue from the end of the payroll period for which such amount
would have been deducted from compensation if he or she had been a
participant at the beginning of that payroll period and such deduction
had been required for such payroll period, until such amount is paid to
the retirement system.
(B) The rate of interest to be applied to each such amount during the
period for which interest accrues on that amount shall be equal to the
rate or rates of interest required by law to be used during that same
period to credit interest on the accumulated deductions of retirement
system members.
(iii) Except as otherwise provided in paragraph six of this
subdivision, no interest shall be due on any unpaid additional member
contributions which are attributable to credited service rendered on or
after the starting date of the twenty-five-year early retirement
program, but prior to the enactment date of the twenty-five-year early
retirement program by a person who becomes a participant pursuant to
paragraph one of subdivision b of this section.
(iv) Except as otherwise provided in paragraph six of this
subdivision, no interest shall be due on any unpaid additional member
contributions which are not attributable to a period prior to the first
full payroll period referred to in paragraph three of this subdivision.
6. (i) (A) Should any person who, pursuant to paragraph twelve of this
subdivision, has received a refund of the employee portion of his or her
additional member contributions (as established in accordance with item
(B) of subparagraph (ii) of paragraph seven of this subdivision),
including any interest paid on such employee portion, again become a
participant in the twenty-five-year early retirement program pursuant to
paragraph five of subdivision b of this section, an appropriate amount
shall be included in such participant's contribution deficiency
(including interest thereon as calculated pursuant to subparagraph (ii)
of this paragraph) for any credited service for which such person
received a refund of such employee portion of additional member
contributions (including any amount of an unpaid loan balance deemed to
have been returned to such person pursuant to paragraph fourteen of this
subdivision), as if such employee portion of additional contributions
never had been paid.
(B) Any person who has his or her membership in one participating
retirement system terminated without transferring such membership
directly from such participating retirement system to the other
participating retirement system, who has an unpaid balance of a loan of
the employee portion of his or her additional member contributions
pursuant to paragraph thirteen of this subdivision at the time of the
termination of such membership, who, pursuant to paragraph five of
subdivision b of this section, thereafter again becomes a participant in
the twenty-five-year early retirement program as a member of either
participating retirement system without having received a refund of the
employee portion of his or her additional member contributions pursuant
to paragraph twelve of this subdivision, shall have an appropriate
amount included in such participant's contribution deficiency (including
interest thereon as calculated in subparagraph (ii) of this paragraph)
for any credited service for which such person borrowed and did not
repay such employee portion of additional member contributions, as if
such employee portion of additional member contributions never had been
paid.
(ii) (A) Interest on the employee portion of a participant's
additional member contributions included in such participant's
contribution deficiency pursuant to subparagraph (i) of this paragraph
shall be calculated as if such employee portion of additional member
contributions never had been paid by such participant, and such interest
shall accrue from the end of the payroll period to which an amount of
such employee portion of additional member contributions is
attributable, until such amount is paid to the retirement system.
(B) The rate of interest to be applied to each such amount during the
period for which interest accrues on that amount shall be five percent
per annum, compounded annually.
7. (i) All additional member contributions required by this
subdivision (and any interest paid thereon) which are received by the
retirement system of which the participant is a member shall be paid
into its contingent reserve fund and shall not for any purpose be deemed
to be member contributions or accumulated contributions of a member
under section six hundred thirteen of this article or otherwise while he
or she is a participant in the twenty-five-year early retirement program
or otherwise.
(ii) All additional member contributions required for any period of
credited service pursuant to paragraph one or four of this subdivision
(and any interest paid thereon pursuant to paragraph five of this
subdivision) which, pursuant to subparagraph (i) of this paragraph, are
paid by a participant (subject to the applicable provisions of
subdivision d of section six hundred thirteen of this article) into the
contingent reserve fund of the retirement system of which such
participant is a member (other than repayments of loans of additional
member contributions pursuant to paragraph thirteen of this subdivision
or amounts paid in satisfaction of a contribution deficiency calculated
in accordance with paragraph six of this subdivision) shall be divided
in the following manner:
(A) one-half of such additional member contributions (and any such
interest paid thereon) shall be the employer contribution portion of
such additional member contributions; and
(B) one-half of such additional member contributions (and any such
interest paid thereon) shall be the employee portion of such additional
member contributions, and shall be credited to the employee additional
contributions account which shall be established for such participant
within the contingent reserve fund of such retirement system.
(iii) No person, while he or she is a participant or otherwise, shall
at any time be permitted (A) to borrow, pursuant to paragraph thirteen
of this subdivision or any other provision, any of the employer
contribution portion of his or her additional member contributions (as
established in accordance with item (A) of subparagraph (ii) of this
paragraph, including any interest paid thereon) which has been paid into
the contingent reserve fund of the retirement system; or (B) to receive
a refund of any of such employer contribution portion pursuant to
paragraph twelve of this subdivision or any other provision.
(iv) None of the employer contribution portion of a participant's
additional member contributions (including any interest paid thereon)
shall for any purpose (A) be deemed to be part of the employee portion
of additional member contributions paid by a participant; or (B) be
credited to the employee additional contributions account established
for such participant in the contingent reserve fund of the retirement
system.
(v) All repayments of loans of the employee portion of additional
member contributions pursuant to paragraph thirteen of this subdivision
and all payments of the employee portion of additional member
contributions in satisfaction of a contribution deficiency calculated in
accordance with paragraph six of this subdivision which are paid by a
participant to the contingent reserve fund of a participating retirement
system (and any interest paid thereon) shall be part of the employee
portion of such participant's additional member contributions and shall
be credited to the employee additional contributions account established
for such participant in the contingent reserve fund of such retirement
system.
8. Where a person who was a participant in the twenty-five-year early
retirement program as a member of one participating retirement system
becomes such a participant as a member of the other participating
retirement system:
(i) the employer contribution portion of the additional member
contributions paid by such person to such first retirement system
pursuant to this subdivision (including any interest paid thereon) that
is attributable to any period of credited service obtained in such
second retirement system by purchase or transfer, which previously was
credited in such first retirement system, shall (only for purposes of
this subdivision, and not for purposes of determining required employer
contributions to such second retirement system) be deemed to have been
paid to such second retirement system rather than to such first
retirement system; and
(ii) the employee portion of the additional member contributions paid
by such person to such first retirement system pursuant to this
subdivision (including any interest paid thereon) which remains credited
to the employee additional contributions account established for such
person in the contingent reserve fund of such first retirement system
that is attributable to any period of credited service obtained in such
second retirement system by purchase or transfer, which previously was
credited in such first retirement system, shall (only for purposes of
this subdivision, and not for purposes of determining required employer
contributions to such second retirement system) be deemed to have been
paid to such second retirement system rather than to such first
retirement system, and shall be credited to the employee additional
contributions account established for such participant in the contingent
reserve fund of such second retirement system.
9. A person who was a participant in the twenty-five-year early
retirement program as a member of one participating retirement system,
who becomes such a participant as a member of the other participating
retirement system and who thereafter transfers his or her membership in
such first retirement system directly to such second retirement system
as such a participant shall be deemed to have the same unpaid balance of
a loan of the employee portion of additional member contributions
pursuant to paragraph thirteen of this subdivision (including accrued
interest) as he or she had in such first retirement system at the time
of such transfer of membership to the second retirement system.
10. Where a participant who is otherwise eligible for service
retirement pursuant to subdivision c of this section did not, prior to
the effective date of retirement, pay the entire amount of a
contribution deficiency chargeable to him or her pursuant to paragraphs
five and six of this subdivision, or repay the entire amount of a loan
of the employee portion of his or her additional member contributions
pursuant to paragraph thirteen of this subdivision (including accrued
interest on such loan), that participant, nevertheless, shall be
eligible to retire pursuant to subdivision c of this section, provided,
however, that where such participant is not entitled to a refund of the
employee portion of additional member contributions pursuant to
subparagraph (iii) of paragraph twelve of this subdivision, such
participant's service retirement benefit calculated pursuant to
paragraph three of such subdivision c shall be reduced by a life annuity
(calculated in accordance with the method set forth in subdivision i of
section six hundred thirteen-b of this article) which is actuarially
equivalent to:
(i) the amount of any unpaid contribution deficiency chargeable to
such member pursuant to paragraphs five and six of this subdivision;
plus
(ii) the amount of any unpaid balance of a loan of the employee
portion of his or her additional member contributions pursuant to
paragraph thirteen of this subdivision (including accrued interest on
such loan).
11. The board of trustees of NYCERS and the retirement board of BERS
may, consistent with the provisions of this subdivision, promulgate
regulations for the payment of additional member contributions required
by this subdivision, and any interest thereon, by participants in the
twenty-five-year early retirement program (including the deduction of
such contributions, and any interest thereon, from the participants'
compensation).
12. (i) Subject to the provisions of paragraph fourteen of this
subdivision, a participant in the twenty-five-year early retirement
program who retires for disability pursuant to section six hundred five
of this article shall be entitled, upon such retirement, to a refund of
the employee portion of his or her additional member contributions paid
pursuant to this subdivision (including any interest on such employee
portion paid to the retirement system) which remains credited to the
employee additional contributions account established for such person in
the contingent reserve fund of the retirement system of which he or she
is a member at the time of such retirement for disability, together with
interest thereon at the rate of five percent per annum, compounded
annually.
(ii) Subject to the provisions of paragraph fourteen of this
subdivision, upon the death of a participant in the twenty-five-year
early retirement program, there shall be paid to such person as he or
she has nominated or shall nominate to receive his or her accumulated
member contributions by written designation duly executed and filed with
the retirement system during the lifetime of such participant, or, to
his or her estate if no such person is nominated, the employee portion
of his or her additional member contributions paid pursuant to this
subdivision (including any interest on such employee portion paid to the
retirement system) which remains credited to the employee additional
contributions account established for such person in the contingent
reserve fund of the retirement system of which he or she is a member at
the time of his or her death, together with interest thereon at the rate
of five percent per annum, compounded annually.
(iii) Subject to the provisions of paragraph fourteen of this
subdivision, a person (A) who is or was a participant in the
twenty-five-year early retirement program; (B) who retires for service
as a member of NYCERS or BERS pursuant to the applicable service
retirement provisions of this article; (C) who is in active service on
the effective date of retirement; (D) who is at least sixty-two years of
age on the effective date of retirement; and (E) who was in active
service for a total of at least six months out of each of the two
twelve-month periods immediately preceding his or her retirement for
service, shall, upon such retirement for service, be entitled to a
refund of the employee portion of his or her additional member
contributions paid pursuant to this subdivision (including any interest
on such employee portion paid to the retirement system) which remains
credited to the employee additional contributions account established
for such person in the contingent reserve fund of the retirement system
of which he or she is a member at the time of such retirement for
service, together with interest thereon at the rate of five percent per
annum, compounded annually.
(iv) Subject to the provisions of paragraph fourteen of this
subdivision, a person who ceases to be a participant in the
twenty-five-year early retirement program as a member of a participating
retirement system because he or she ceases to hold a New York city
eligible position, who thereafter is employed in another position in
public employment which is not a New York city eligible position, but
which entitles such person to membership in another public retirement
system which is maintained in whole or in part by the city or state of
New York, and who thereafter transfers his or her membership in such
participating retirement system directly to such second public
retirement system, shall be permitted to withdraw the employee portion
of his or her additional member contributions paid pursuant to this
subdivision (including any interest on such employee portion paid to the
retirement system) which remains credited to the employee additional
contributions account established for such person in the contingent
reserve fund of such participating retirement system, together with
interest thereon at the rate of five percent per annum, compounded
annually.
(v) Subject to the provisions of paragraph fourteen of this
subdivision, any person who withdraws as a participant in the
twenty-five-year early retirement program by filing a valid request for
such withdrawal pursuant to subparagraph (ii) of paragraph three of
subdivision b of this section shall, upon such withdrawal, be entitled
to a refund of the employee portion of his or her additional member
contributions paid pursuant to this subdivision (including any interest
on such employee portion paid to the retirement system) which remains
credited to the employee additional contributions account established
for such person in the contingent reserve fund of the retirement system
of which he or she is a member at the time of such withdrawal as a
participant, together with interest thereon at the rate of five percent
per annum, compounded annually.
(vi) Subject to the provisions of paragraph fourteen of this
subdivision, a participant in the twenty-five-year early retirement
program who has been terminated from employment in a New York city
eligible position for economic reasons by his or her public employer
shall be entitled, upon such termination, to withdraw the employee
portion of his or her additional member contributions paid pursuant to
this subdivision (including any interest on such employee portion paid
to the retirement system) which remains credited to the employee
additional contributions account established for such person in the
contingent reserve fund of the retirement system of which he or she is a
member at the time of such termination from employment, together with
interest thereon at the rate of five percent per annum, compounded
annually.
(vii) Subject to the provisions of paragraph fourteen of this
subdivision, a participant in the twenty-five-year early retirement
program (A) who retires for service pursuant to paragraph two of
subdivision c of this section; (B) who is in active service as a
participant in such program on the effective date of retirement; (C)
who, on the effective date of retirement, is at least fifty-five years
of age, but less than sixty-two years of age; and (D) who was in active
service as a participant in such program for a total of at least six
months out of each of the two twelve-month periods immediately preceding
his or her retirement for service, shall, upon such retirement for
service, be entitled to a refund of only that part of the employee
portion of his or her additional member contributions paid pursuant to
subparagraph (ii) of paragraph one of this subdivision and subparagraph
(ii) of paragraph four of this subdivision (including any interest on
such part of such employee portion paid to the retirement system) which
remains credited to the employee additional contributions account
established for such person in the contingent reserve fund of the
retirement system of which he or she is a member at the time of such
retirement for service, together with interest thereon at the rate of
five percent per annum, compounded annually, and shall not be entitled
to a refund of any part of the employee portion of his or her additional
member contributions paid pursuant to subparagraph (i) of paragraph one
of this subdivision or subparagraph (i) of paragraph four of this
subdivision (or any interest paid on such part of such employee portion
of his or her additional member contributions), or any part of employer
contribution portion of his or her additional member contributions (as
established in accordance with item (A) of subparagraph (ii) of
paragraph seven of this subdivision) paid pursuant to subparagraph (i)
or (ii) of paragraph one of this subdivision or subparagraph (i) or (ii)
of paragraph four of this subdivision (or any interest paid on such
employer contribution portion of his or her additional member
contributions).
(viii) Notwithstanding any other provision of law to the contrary, (A)
no person shall be permitted to withdraw from the retirement system any
additional member contributions paid pursuant to this subdivision or any
interest paid thereon, except pursuant to and in accordance with the
preceding subparagraphs of this paragraph; and (B) no person, while he
or she is a participant in the twenty-five-year early retirement
program, shall be permitted to withdraw any such additional member
contributions or any interest paid thereon pursuant to any of the
preceding subparagraphs of this paragraph or otherwise; and (C) no
person, while he or she is a participant or otherwise, shall at any time
be permitted to withdraw any of the employer contribution portion of his
or her additional member contributions, including any interest paid
thereon (as established in accordance with item (A) of subparagraph (ii)
of paragraph seven of this subdivision), pursuant to any of the
preceding subparagraphs of this paragraph or otherwise.
13. A participant in the twenty-five-year early retirement program
shall be permitted to borrow from the employee portion of his or her
additional member contributions (as established in accordance with item
(B) of subparagraph (ii) of paragraph seven of this subdivision,
including any interest paid thereon) which is credited to the employee
additional contributions account established for such participant in the
contingent reserve fund of the retirement system of which he or she is a
member. The borrowing from such employee portion of additional member
contributions pursuant to this paragraph shall be governed by the
rights, privileges, obligations and procedures set forth in section six
hundred thirteen-b of this article which govern the borrowing of member
contributions made pursuant to section six hundred thirteen of this
article. The board of trustees of NYCERS and the retirement board of
BERS may, consistent with the provisions of this subdivision and the
provisions of section six hundred thirteen-b of this article as made
applicable to this subdivision, promulgate regulations governing the
borrowing of such employee portion of additional member contributions,
provided, however, that no person, while he or she is a participant or
otherwise, shall at any time be permitted to borrow, pursuant to this
paragraph or any other provision, any of the employer contribution
portion of his or her additional member contributions, including any
interest paid thereon (as established in accordance with item (A) of
subparagraph (ii) of paragraph seven of this subdivision).
14. Whenever a person has an unpaid balance of a loan of the employee
portion of his or her additional member contributions pursuant to
paragraph thirteen of this subdivision at the time he or she becomes
entitled to a refund of the employee portion of his or her additional
member contributions pursuant to paragraph twelve of this subdivision,
the amount of such unpaid loan balance (including accrued interest)
shall be deemed to have been returned to such member, and the refund of
such employee portion shall be the net amount of such employee portion,
together with interest thereon in accordance with the provisions of
paragraph twelve of this subdivision.
* NB There are 3 § 604-c's
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