2013 New York Consolidated Laws
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.

    3-a. Notwithstanding any other provision of this  subdivision  or  any
  other provision of law to the contrary, no member who becomes subject to
  the  provisions  of  this article on or after the effective date of this
  paragraph shall be a  participant  in  the  age  fifty-seven  retirement
  program.
    4.  Where  any  participant  in the age fifty-seven retirement program
  shall cease to hold a New York city eligible position, he or  she  shall
  cease  to  be  such  a  participant and, during any period in which such
  person is not a New York city eligible member, he or she shall not be  a
  participant in the age fifty-seven retirement program.
    5.  Where  any  participant  in the age fifty-seven retirement program
  terminates service in a New York city eligible position and  returns  to
  service  in  a New York city eligible position at a later date and again
  becomes a New York city eligible member, he or she  shall  again  become
  such a participant upon becoming a New York city eligible member.
    6.  Notwithstanding  any  other  provision of law to the contrary, and
  except as provided in paragraph three of this  subdivision,  any  person
  who  is eligible to elect to become a participant in the age fifty-seven
  retirement program pursuant to paragraph one of this subdivision for the
  full ninety-day period provided for in such paragraph one, and who fails
  to timely file a duly executed application for such  participation  with
  the  appropriate  retirement  system shall not thereafter be eligible to
  elect pursuant to such paragraph one to become  a  participant  in  such
  program.
    d.  1.  Non-physically taxing service retirement. A participant in the
  age fifty-seven retirement program:
    (i) who has completed five or more years of credited service; and
    (ii) who has attained age fifty-seven; and
    (iii) who, subject to the provisions of paragraph nine of  subdivision
  f  of  this  section, has paid, before the effective date of retirement,
  all additional member contributions and interest (if  any)  required  by
  paragraphs one, four and five of subdivision f of this section; and
    (iv)  who  files  with  the  retirement system of which he or she is a
  member an application for service retirement setting forth at what  time
  he or she desires to be retired; and
    (v)  who  shall  be  a  participant  in the age fifty-seven retirement
  program at the time so specified for his or  her  retirement;  shall  be
  retired  pursuant  to  the  provisions of this paragraph affording early
  service retirement.
    2. Physically taxing service retirement.  A  participant  in  the  age
  fifty-seven retirement program:
    (i) who has completed twenty-five or more years of credited service in
  a  physically  taxing  position  (as  defined  in  paragraph  eleven  of
  subdivision a of section six hundred four-c of this article); and
    (ii) who has attained age fifty; and
    (iii) who, subject to the provisions of paragraph nine of  subdivision
  f  of  this  section, has paid, before the effective date of retirement,
  all additional member contributions and interest (if  any)  required  by
  paragraphs one, four and five of subdivision f of this section; and
    (iv)  who  files  with  the  retirement system of which he or she is a
  member an application for service retirement setting forth at what  time
  he or she desires to be retired; and
    (v)  who  shall  be  a  participant  in the age fifty-seven retirement
  program at the time so specified for his or  her  retirement;  shall  be
  retired  pursuant  to  the  provisions of this paragraph affording early
  service retirement for participants in physically taxing positions.
    3. Service retirement benefits. Notwithstanding any other provision of
  law to the contrary, and subject to the provisions of paragraph nine  of

  subdivision  f of this section, the early service retirement benefit for
  a participant in the age  fifty-seven  retirement  program  who  retires
  pursuant  to  either  paragraph  one or two of this subdivision shall be
  calculated as follows:
    (i) for a participant with less than twenty years of credited service,
  such  benefit  shall  be a retirement allowance equal to one-sixtieth of
  final average salary times years of credited service; or
    (ii) for a participant with twenty years or more of credited  service,
  such  benefit  shall  be a retirement allowance equal to one-fiftieth of
  final average salary times years of credited service not  in  excess  of
  thirty  years.  Credited service in excess of thirty years shall provide
  an additional retirement allowance equal to three-two hundredths of  the
  final  average  salary  for  each  year of credited service in excess of
  thirty years.
    e. Vesting.  1.  A  participant  in  the  age  fifty-seven  retirement
  program:
    (i)  who,  as  a  participant in such retirement program, discontinues
  city-service (as defined in subdivision three of section 13-101  of  the
  administrative  code)  or  education  service  (as  defined in paragraph
  thirteen of  subdivision  a  of  section  six  hundred  four-c  of  this
  article), other than by death or retirement; and
    (ii)  who,  prior to such discontinuance, completed five or more years
  of credited service; and
    (iii) who, subject to the provisions of paragraph ten of subdivision f
  of this section, has paid, prior to such discontinuance, all  additional
  member  contributions  and interest (if any) required by paragraphs one,
  four and five of subdivision f of this section; and
    (iv) who does not withdraw in whole or in part his or her  accumulated
  member  contributions  pursuant  to section six hundred thirteen of this
  article unless such participant thereafter returns to public service and
  repays the amounts so withdrawn, together  with  interest,  pursuant  to
  such  section  six  hundred  thirteen;  shall  be  entitled to receive a
  deferred vested benefit as provided in this subdivision.
    2. (i) Upon such discontinuance under the conditions and in compliance
  with the provisions of paragraph one of this subdivision, such  deferred
  vested benefit shall vest automatically.
    (ii)  Such vested benefit shall become payable on the earliest date on
  which such discontinued member could have retired for  service  if  such
  discontinuance had not occurred.
    3. Subject to the provisions of paragraph ten of subdivision f of this
  section,  such deferred benefit shall be a retirement allowance computed
  in accordance with the applicable provisions of subparagraph (i) or (ii)
  of paragraph three of subdivision d of this section.
    f. Additional member contributions.
    1. In addition to the member contributions  required  by  section  six
  hundred   thirteen   of  this  article,  each  participant  in  the  age
  fifty-seven  retirement  program  shall  contribute  (subject   to   the
  applicable  provisions  of subdivision d of section six hundred thirteen
  of this article) an additional percentage or additional  percentages  of
  his or her compensation to the retirement system of which he or she is a
  member in accordance with the following schedule:
    (i)  (A) each such participant shall contribute an additional four and
  thirty-five one-hundredths percent of his  or  her  compensation  earned
  from  all  credited  service  (whether  or  not  in  a physically taxing
  position) rendered prior to the commencement date of the  first  payroll
  period  which  begins after January first, nineteen hundred ninety-eight
  (1) while such person is a participant in such program; and  (2)  before
  such  person  becomes  such  a  participant pursuant to paragraph one or

  three of subdivision c of this section (whether or not rendered in a New
  York city eligible position, and whether rendered before  or  after  the
  enactment date of the age fifty-seven retirement program); and (3) after
  such  person  ceases  to  be  a  participant, but before he or she again
  becomes  such  a  participant  pursuant  to  paragraph  five   of   such
  subdivision  c  (whether  or  not  rendered  in a New York city eligible
  position); and
    (B) each such participant  shall  contribute  an  additional  two  and
  eighty-five  one-hundredths  percent  of  his or her compensation earned
  from all credited  service  (whether  or  not  in  a  physically  taxing
  position)  rendered  on  and  after  the  commencement date of the first
  payroll period  which  begins  after  January  first,  nineteen  hundred
  ninety-eight  and  prior  to  the commencement date of the first payroll
  period which begins subsequent to the effective date of the  chapter  of
  the  laws  of  two  thousand  one which amended this item (1) while such
  person is a participant in such program;  and  (2)  before  such  person
  becomes  such  a  participant  pursuant  to  paragraph  one  or three of
  subdivision c of this section (whether or not rendered  in  a  New  York
  city  eligible  position);  and  (3)  after  such  person ceases to be a
  participant, but before he or  she  again  becomes  such  a  participant
  pursuant  to  paragraph  five  of  such  subdivision  c  (whether or not
  rendered in a New York city eligible position); and
    (C) each such participant  shall  contribute  an  additional  one  and
  eighty-five  one-hundredths  percent  of  his or her compensation earned
  from all credited  service  (whether  or  not  in  a  physically  taxing
  position)  rendered  on  and  after  the  commencement date of the first
  payroll period which begins subsequent to  the  effective  date  of  the
  chapter  of the laws of two thousand one which added this item (1) while
  such person is a participant in such program; and (2) before such person
  becomes such a  participant  pursuant  to  paragraph  one  or  three  of
  subdivision  c  of  this  section (whether or not rendered in a New York
  city eligible position); and (3)  after  such  person  ceases  to  be  a
  participant,  but  before  he  or  she  again becomes such a participant
  pursuant to paragraph  five  of  such  subdivision  c  (whether  or  not
  rendered in New York city eligible position); and
    (ii)  each  such  participant  who  is employed in a physically taxing
  position (as defined in paragraph eleven of subdivision a of section six
  hundred four-c of this article) shall contribute,  in  addition  to  the
  additional member contributions required to be made at the percentage of
  compensation  specified  in  subparagraph  (i) of this paragraph for the
  credited service specified in such subparagraph (i), an  additional  one
  and  ninety-eight  one-hundredths  percent  of  his  or her compensation
  earned from that portion of such credited service which is rendered in a
  physically taxing position (A) while such person  is  a  participant  in
  such  program;  and  (B)  before  such person becomes such a participant
  pursuant to paragraph one or three of  subdivision  c  of  this  section
  (whether  rendered  before  or  after  the  enactment  date  of  the age
  fifty-seven retirement program); and (C) after such person ceases to  be
  a  participant,  but  before  he or she again becomes such a participant
  pursuant to paragraph five of such subdivision c.
    (iii) notwithstanding the provisions of subparagraphs (i) and (ii)  of
  this   paragraph,  a  person  who  becomes  a  participant  in  the  age
  fifty-seven early retirement program provided by this section, who prior
  to such membership was subject to the provisions of section six  hundred
  four-b  of  this  article,  shall  not be required to pay the additional
  member contributions required by subparagraphs  (i)  and  (ii)  of  this
  paragraph  for  any  period of credited service before which such person
  became a participant pursuant to paragraph one or three of subdivision c

  of this section and during which such participant  was  subject  to  the
  provisions of such section six hundred four-b and no additional employee
  contributions were required of such member.
    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.