604-C*2 - Optional twenty-five-year early retirement program for certain New York city members.

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