2015 New York Laws
RSS - Retirement & Social Security
Article 11 - (Retirement & Social Security) LIMITATIONS APPLICABLE TO NEW ENTRANTS
445-D - Optional age fifty-five improved benefit retirement program for certain New York city members.

*  445-d. Optional age fifty-five improved benefit 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  13-161  of  the
  administrative code, whether or not the person employed in such position
  elected  the  benefits  of  such section 13-161; (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 fifteen 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. "Age fifty-five improved benefit retirement program" shall mean all
  the terms and conditions of this section.
8.  "Starting  date  of the age fifty-five improved benefit 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 age fifty-five improved benefit retirement
  program" shall mean the date this section takes effect.
10. "Participant in the age  fifty-five  improved  benefit  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 age fifty-five improved benefit 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.  "Credited  CPP  qualifying  service"  shall mean, for a member of
  NYCERS,  career  pension  plan  qualifying  service,   as   defined   in
  subdivision  forty-eight  of  section 13-101 of the administrative code,
  which is credited to such member or, for a member  of  BERS,  creditable
  career  pension  plan service, as defined in subdivision thirty-eight of
  section two of the BERS rules and regulations, which is credited to such
  member.
14. "Active service" shall mean, for a member of NYCERS,  city-service
  (as defined in subdivision three of section 13-101 of the administrative
  code)  for  which  such  member  is  being paid on the payroll or, for a
  member of BERS, education service (as defined in  paragraph  fifteen  of
  this subdivision) for which such member is being paid on the payroll.
15.  "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  age  fifty-five  improved  benefit  retirement
  program.  1. Subject to the provisions of paragraphs  five  and  six  of
  this  subdivision,  any person who is a New York city eligible member in
  active service on the enactment date  of  the  age  fifty-five  improved
  benefit  retirement program may elect to become a participant in the age
  fifty-five improved benefit retirement program by filing, within  ninety
  days  after  such  enactment  date, 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  and  six  of  this
  subdivision,  any  person who becomes a New York city eligible member in
  active service after the enactment date of the age  fifty-five  improved
  benefit  retirement program may elect to become a participant in the age
  fifty-five improved benefit 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  age  fifty-five  improved  benefit
  retirement program shall be irrevocable.
(ii)  Notwithstanding  any other provision of law to the contrary, any
  participant in the age fifty-five improved  benefit  retirement  program
  whose age and amount of credited CPP qualifying service (which amount of
  credited  CPP qualifying 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 CPP  qualifying  service  credit  pursuant  to
  applicable  provisions  of  law)  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 CPP
  qualifying service by the time he or she reaches age sixty-two, assuming
  such person were to earn a full year of credited CPP qualifying  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  age  fifty-five  improved  benefit
  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  age  fifty-five  improved  benefit
  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-five improved benefit
  retirement program.
5.  Where  any  participant  in  the  age  fifty-five improved benefit
  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,  any
  person  who  is  eligible  to  elect  to become a participant in the age
  fifty-five improved benefit retirement program pursuant to paragraph one
  or two of this subdivision for the full ninety-day period  provided  for
  in  such  applicable  paragraph,  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.  Notwithstanding  any
  other  provision  of  law  to  the  contrary,  a  participant in the age
  fifty-five improved benefit retirement program:
(i) who is otherwise eligible to retire  for  service  with  immediate
  payability  of  a retirement allowance pursuant to section 13-162 of the
  administrative code or section thirty of the BERS rules and regulations;
  and
(ii) who has completed twenty-five  or  more  years  of  credited  CPP
  qualifying service; and
(iii) who has attained age fifty-five; and
(iv)  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
(v) who shall be a participant in the age fifty-five improved  benefit
  retirement program in active service at the time so specified for his or
  her  retirement;  shall,  subject  to the provisions of paragraph ten of
  subdivision d of this section, be permitted to  retire  with  a  minimum
  retirement  age  of fifty-five, and the benefit reduction provisions set
  forth in subdivision a of section four hundred forty-two of this article
  shall not be applied to the calculation of such participant's retirement
  benefit.
2. Physically taxing service retirement.  A  participant  in  the  age
  fifty-five improved benefit retirement program:
(i)  who  is  otherwise  eligible to retire for service with immediate
  payability of a retirement allowance pursuant to section 13-162  of  the
  administrative code or section thirty of the BERS rules and regulations;
  and
(ii)  who  has  completed  twenty-five  or  more years of credited CPP
  qualifying service in  a  physically  taxing  position  (as  defined  in
  paragraph eleven of subdivision a of this section); and

(iii) who has attained age fifty; and
(iv)  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
(v) who shall be a participant in the age fifty-five improved  benefit
  retirement program in active service at the time so specified for his or
  her  retirement;  shall,  subject  to the provisions of paragraph ten of
  subdivision d of this section, be permitted to  retire  with  a  minimum
  retirement  age of fifty, and the benefit reduction provisions set forth
  in subdivision a of section four hundred forty-two of this article shall
  not be applied to  the  calculation  of  such  participant's  retirement
  benefit.
d.  Additional  member  contributions.  1.  In  addition to the member
  contributions required by section 13-125 or 13-162 of the administrative
  code or section eight or thirty of the BERS rules and regulations,  each
  participant  in  the  age fifty-five improved benefit retirement program
  shall contribute,  subject  to  the  applicable  provisions  of  section
  13-125.2  of  the administrative code or subdivision nineteen of section
  twenty-five hundred seventy-five of the  education  law,  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 CPP qualifying service (whether or not in a physically
  taxing  position)  rendered  on  and  after the starting date of the age
  fifty-five  improved  benefit  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 CPP qualifying 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 CPP qualifying 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  CPP
  qualifying 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 CPP qualifying  service  which
  is  rendered  in  a physically taxing position on and after the starting
  date of the age fifty-five improved benefit 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.
2.  A  participant  in  the age fifty-five improved benefit retirement
  program shall contribute additional member contributions only  until  he
  or she has twenty-five years of credited CPP qualifying service.
3. (i) Commencing with the first full payroll period after each person
  becomes  a participant in the age fifty-five improved benefit retirement
  program, additional member contributions at the applicable rate or rates
  specified in paragraph  one  of  this  subdivision  for  the  particular
  credited  CPP  qualifying  service  being  rendered  shall  be deducted,
  subject  to  the  applicable  provisions  of  section  13-125.2  of  the
  administrative  code  or  subdivision  nineteen  of  section twenty-five
  hundred seventy-five of the education law, 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 CPP qualifying service rendered on and after the enactment date
  of  the age fifty-five improved benefit 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 section 13-125.2 of the
  administrative code  or  subdivision  nineteen  of  section  twenty-five
  hundred  seventy-five  of  the  education law, 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 13-125
  or section 13-162 of the administrative code or section eight or  thirty
  of   the   BERS   rules  and  regulations,  and  the  additional  member
  contributions required pursuant to paragraph one  of  this  subdivision,
  each  participant  in  the  age  fifty-five  improved benefit 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 CPP qualifying service rendered prior to the starting
  date of the age fifty-five improved benefit 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 CPP qualifying
  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  CPP  qualifying  service  which  was
  rendered  in  a physically taxing position prior to the starting date of
  the age fifty-five improved benefit retirement program.
5. (i)  Each  participant  in  the  age  fifty-five  improved  benefit
  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 CPP qualifying  service
  rendered  on  or  after the starting date of the age fifty-five improved
  benefit  retirement  program, but prior to the enactment date of the age
  fifty-five improved benefit 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 age fifty-five improved  benefit  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  CPP  qualifying
  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  age  fifty-five  improved benefit 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 CPP qualifying 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, compounded annually, 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.

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 deductions of a member under
  section 13-125 or 13-162 of the administrative code or section eight  or
  thirty of the BERS rules and regulations or otherwise while he or she is
  a  participant in the age fifty-five improved benefit retirement program
  or otherwise.
(ii) All additional member contributions required for  any  period  of
  credited  CPP  qualifying  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 section 13-125.2 of the administrative code or subdivision
  nineteen  of  section  twenty-five hundred seventy-five of the education
  law, 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 age fifty-five improved
  benefit 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  CPP  qualifying  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 CPP qualifying 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 age fifty-five improved
  benefit 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  the
  applicable  provisions  of  section 13-162 of the administrative code or
  section thirty of the BERS rules and regulations 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  chapter)  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
  age  fifty-five  improved  benefit  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-five  improved benefit
  retirement program who retires for disability pursuant to section 13-167
  or 13-168 of the administrative code or section fifteen or seventeen  of
  the  BERS rules and regulations 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  interest
  required  by  law  to  be  used  to  credit  interest on the accumulated
  deductions of retirement system members, compounded annually.
(ii)  Subject  to  the  provisions  of  paragraph  fourteen  of   this
  subdivision,  upon  the  death  of  a  participant in the age fifty-five
  improved benefit retirement program, there shall be paid to such  person
  as  he  or  she  has  nominated  or shall nominate to receive his or her
  accumulated deductions 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 interest required by law to be used to credit interest on
  the accumulated deductions  of  retirement  system  members,  compounded
  annually.
(iii)  Subject  to  the  provisions  of  paragraph  fourteen  of  this
  subdivision, a person (A) who  is  or  was  a  participant  in  the  age
  fifty-five  improved  benefit  retirement  program;  (B) who retires for
  service as a member of NYCERS or BERS pursuant to the applicable service
  retirement provisions of the administrative code or the BERS  rules  and
  regulations;  (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
  interest  required  by  law  to  be  used  to  credit  interest  on  the
  accumulated  deductions  of  retirement   system   members,   compounded
  annually.
(iv)   Subject  to  the  provisions  of  paragraph  fourteen  of  this
  subdivision, a person  who  ceases  to  be  a  participant  in  the  age
  fifty-five  improved  benefit  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 interest required by law to be used to
  credit interest on  the  accumulated  deductions  of  retirement  system
  members, compounded annually.
(v)   Subject   to  the  provisions  of  paragraph  fourteen  of  this
  subdivision, any person who  withdraws  as  a  participant  in  the  age
  fifty-five improved benefit 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 interest
  required by law to  be  used  to  credit  interest  on  the  accumulated
  deductions of retirement system members, compounded annually.
(vi)   Subject  to  the  provisions  of  paragraph  fourteen  of  this
  subdivision, a  participant  in  the  age  fifty-five  improved  benefit
  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 interest required by law to be used
  to credit interest on the accumulated deductions  of  retirement  system
  members, compounded annually.
(vii)  Subject  to  the  provisions  of  paragraph  fourteen  of  this
  subdivision, a  participant  in  the  age  fifty-five  improved  benefit
  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
  interest  required  by  law  to  be  used  to  credit  interest  on  the
  accumulated  deductions  of  retirement   system   members,   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 the 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  age  fifty-five  improved  benefit
  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 age fifty-five improved benefit 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  same
  rights,  privileges, obligations and procedures set forth in section six
  hundred thirteen-b of this chapter which govern the borrowing by members
  subject to article fifteen of this chapter of member contributions  made
  pursuant  to  section six hundred thirteen of this chapter. 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  chapter  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.
15.  Notwithstanding  any  other provision of law to the contrary, the
  provisions of section one hundred thirty-eight-b of this  chapter  shall
  not  be  applicable  to  the  additional  member contributions which are
  required by this subdivision.
16. Notwithstanding any other provision of law to  the  contrary,  the
  additional  member  contributions which are required by this subdivision
  shall not be reduced under any program for increased-take-home-pay.
17. The provisions of subdivision b of section four hundred  forty  of
  this article shall apply to participants under this section.
* NB There are 2  445-d's