There is a newer version of the New York Consolidated Laws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-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.
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.
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.
(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.
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