Section 13-521. Contributions of members and their use; annuity savings fund

The  annuity  savings  fund  shall consist of the accumulated deductions
  from the salaries of contributors made, under such rules and regulations
  as the retirement board shall prescribe, and in addition,  such  amounts
  as  shall  be contributed thereto for the benefit of members by the city
  in accordance with subdivision eight of this section, as follows:
    1. (a) Except as otherwise provided with respect to  contributions  of
  twenty-year         pension         plan         contributors        and
  age-fifty-five-increased-benefits   pension   plan    contributors    in
  subdivision   seven   of   this   section,   from  the  salary  of  each
  present-teacher there shall be deducted such per  cent  of  his  or  her
  earnable  salary  as he or she shall elect, provided, however, that such
  contributor shall be limited  in  his  or  her  choice  to  one  of  the
  following rates:
    (1) Three per cent of his or her earnable salary.
    (2)  Such  per cent of his or her earnable salary as shall be computed
  to be sufficient, with regular interest, when paid until age sixty-five,
  to provide for him or her on retirement at that age  an  annuity  which,
  when  added  to  his  or her pension, provided for in this chapter, will
  provide a retirement allowance of fifty per cent of his or  her  average
  salary.
    (3)  A  per  cent of his or her earnable salary greater than three per
  cent thereof.
    (b) Should any present-teacher, on becoming  a  contributor,  fail  to
  make  such  an  election,  he  or  she shall be deemed to have elected a
  deduction from his or her salary at the rate of three per cent of his or
  her earnable salary.
    2. (a) Except as otherwise provided with respect to  contributions  of
  twenty-year         pension         plan         contributors        and
  age-fifty-five-increased-benefits   pension   plan    contributors    in
  subdivision  seven of this section, from the salary of each new-entrant,
  there shall be deducted such per cent of his or her earnable  salary  as
  shall  be  computed  to be sufficient, with regular interest, to procure
  for him or her on service retirement an annuity equal to twenty-five per
  cent of his or her average salary. The rate per cent of  such  deduction
  from  salary  shall  be  based  on the mortality and other tables herein
  authorized, together with regular interest, and  shall  be  computed  to
  remain  constant  during his or her prospective teacher-service prior to
  eligibility for service retirement, except such deduction shall  not  be
  in  excess  of fifteen per centum unless the member so elects. Except as
  otherwise provided with respect to contributions of twenty-year  pension
  plan  contributors  and  age-fifty-five-increased-benefits  pension plan
  contributors in  subdivision  seven  of  this  section,  no  beneficiary
  restored  to  duty  shall be required to contribute a per cent of his or
  her earnable salary greater than the per cent thereof which  he  or  she
  was required to contribute prior to his or her retirement.
    (b)   Notwithstanding   the   provisions  of  paragraph  (a)  of  this
  subdivision two, the rate per cent of such deduction from the salary  of
  any  new-entrant  who  became  a  member  after June thirtieth, nineteen
  hundred forty-seven  and  prior  to  June  thirtieth,  nineteen  hundred
  sixty-seven  shall  be,  on and after the first day of the first payroll
  period beginning after January first, nineteen hundred sixty-eight:
    (1) his  or  her  rate  as  of  June  twenty-ninth,  nineteen  hundred
  sixty-seven,  determined  pursuant to paragraph (a) of this subdivision,
  including any increase thereof pursuant to section 13-525 or subdivision
  two of section 13-554 of this chapter or reduction thereof  pursuant  to
  subdivision  four  of  this  section, section 13-545 of this chapter, or
  pursuant to subdivision one of section one hundred thirty-eight-b of the

  retirement and social security law, hereinafter referred to  as  his  or
  her  "prior  computed  rate", less the difference between the rate which
  was computed for such new-entrant pursuant  to  paragraph  (a)  of  this
  subdivision two on the date he or she last became a member, exclusive of
  any  increase  thereof  pursuant to section 13-525 or subdivision two of
  section 13-554 of this chapter or  reduction  thereof  pursuant  to  the
  election  provided  for in paragraph (a) of this subdivision or pursuant
  to subdivision four of this section, section 13-546 of this chapter,  or
  pursuant to subdivision one of section one hundred thirty-eight-b of the
  retirement  and  social security law, and the rate which would have been
  computed for such new-entrant on the  date  he  or  she  last  became  a
  member,  pursuant  to paragraph (a) of this subdivision, but not limited
  to the fifteen per centum provided in that paragraph, had he or she been
  entitled on that date to regular interest at four per centum; or
    (2) if such new-entrant made an election pursuant to  paragraph  d  of
  subdivision  one  of section 13-545 or paragraph d of subdivision one of
  section 13-554 of this chapter, but not before any  deduction  was  made
  from  his  or  her  compensation for annuity purposes, his or her "prior
  computed rate" less the difference between the rate,  which  would  have
  been  computed  for such new-entrant on the date he or she last became a
  member, pursuant to paragraph (a) of subdivision two  of  this  section,
  but  not  limited to fifteen per centum, if the later election he or she
  made had been made on that date, and the rate,  which  would  have  been
  computed  for  such  new-entrant  on  the  date  he or she last became a
  member, pursuant to paragraph (a) of subdivision two  of  this  section,
  but  not  limited to fifteen per centum, if the later election he or she
  made had been made on that date, and if, on that date,  he  or  she  had
  been  entitled to regular interest at four per centum; provided that the
  adjusted rate of contribution computed  pursuant  to  this  paragraph  b
  shall   be  subject  to  changes  pursuant  to  paragraph  (a)  of  this
  subdivision, section  13-525  or  subdivision  two  of  section  13-554,
  subdivision  four  of  this  section,  section 13-546 of this chapter or
  pursuant to subdivision one of section one hundred thirty-eight-b of the
  retirement and social security law.
    (c) For any new-entrant  to  whom  the  last  paragraph  applies,  and
  beginning  with  the  first  day  of the first payroll period commencing
  after June thirtieth, nineteen hundred sixty-seven, and ending with  the
  last  day  of  the  last  payroll period before the first payroll period
  beginning after January first, nineteen hundred sixty-eight, the  amount
  of  contribution  which  represents  the  difference  between  the prior
  computed rate of such member as of June twenty-ninth,  nineteen  hundred
  sixty-seven,  and  his  or her adjusted rate of contribution as computed
  pursuant to the last paragraph shall be deemed additional  contributions
  made  for  the  purpose  of  purchasing  additional annuity, or upon the
  member's election, shall be refunded.
    3. The head of each department shall deduct on each and every  payroll
  of a contributor for each and every payroll period, such per cent of the
  total  amount  of  salary  earnable  by  the contributor in such payroll
  period as  shall  be  certified  to  such  head  of  department  by  the
  retirement  board  as  proper  in accordance with the provisions of this
  chapter. In determining the  amount  earnable  by  a  contributor  in  a
  payroll  period  such board shall consider the rate of salary payable to
  such contributor on the first day of  each  regular  payroll  period  as
  continuing  throughout  such  payroll  period  and  it  may  omit salary
  deductions for any period less than a full payroll period in cases where
  the teacher was not a contributor  on  the  first  day  of  the  regular
  payroll period. To facilitate the making of the deductions it may modify
  the  deduction  required  of any contributor by such amount as shall not

  exceed one-tenth of one per cent of the salary upon the basis  of  which
  the  deduction is to be made. Such head of each department shall certify
  to the comptroller on each and every payroll the amounts to be deducted.
  Each of such amounts so deducted shall be paid into such annuity savings
  fund,  and  shall  be  credited  together  with  regular  interest to an
  individual account of the contributor from whose  salary  the  deduction
  was made.
    4. (a) Notwithstanding any provisions in this chapter to the contrary,
  but subject to the provisions of paragraph (b) of this subdivision four,
  there  shall  not be deducted for annuity purposes from the compensation
  or salary of any contributor an amount greater than six per cent of such
  contributor's earnable compensation or salary if such contributor elects
  to pay a rate limited to six per cent. Any such contributor so  electing
  shall   be  limited  to  a  pension  on  retirement,  exclusive  of  the
  pension-providing-for-increased-take-home-pay, if any, of not more  than
  two  per  cent  of his or her average salary multiplied by the number of
  his or her years of service rendered subsequent to the time  he  or  she
  last  became  a member of the retirement system not in excess of ten for
  disability and  not  in  excess  of  twelve  and  one-half  for  service
  retirement.
    (b)  The  provisions  of  paragraph  (a) of this subdivision shall not
  apply   to   a   twenty-year   pension   plan    contributor    or    an
  age-fifty-five-increased-benefits pension plan contributor.
    5.  The  method  of  computation and the deductions prescribed in this
  section shall be appropriately modified in the case of a contributor  to
  the  extent  that his or her rate is otherwise fixed pursuant to section
  13-546 of this chapter.
    6. Where a contributor's rate of contribution is reduced  because  the
  city  contributes towards pensions-providing-for-increased-take-home-pay
  pursuant to section 13-546 of this chapter, such member may  by  written
  notice  duly acknowledged and filed with the retirement board within one
  year after such reduction or within one year after he or she last became
  a member, whichever is later, elect to waive such reduction. One year or
  more after the filing thereof, a member may withdraw any such waiver  by
  written  notice  duly  acknowleged  and filed with the retirement board.
  Where a member makes an election to waive  such  reduction,  he  or  she
  shall  contribute to the retirement system as otherwise provided in this
  chapter.
    7. (a) Notwithstanding any other provision  of  this  section  or  any
  other provision of this chapter or any other law to the contrary;
    (1)  the  normal  rate  of  contribution of a twenty-year pension plan
  contributor shall be as  prescribed  by  the  applicable  provisions  of
  section  13-547  of  this  chapter  (relating to the twenty-year pension
  plan)  and  section  13-549  of  this  chapter  (relating  to   deferred
  eligibility of certain retirees, withdrawn contributors and discontinued
  members for benefits under certain pension plans); and
    (2)      the     normal     rate     of     contribution     of     an
  age-fifty-five-increased-benefits pension plan contributor shall  be  as
  prescribed  by  the  applicable  provisions  of  section  13-548 of this
  chapter (relating to the age-fifty-five-increased-benefits pension plan)
  and such section 13-549.
    (b)   (1)   A   twenty-year   pension   plan   contributor    or    an
  age-fifty-five-increased-benefits  pension plan contributor whose normal
  rate of contribution is in  excess  of  fifteen  per  centum  shall  not
  contribute at a rate in excess of fifteen per centum unless he or she so
  elects.
    (2)  In  any  case  where any such contributor contributes pursuant to
  subparagraph one of this paragraph (b) at a rate of fifteen  per  centum

  or  more  but  less than his or her normal rate of contribution, neither
  the making of contributions at such lesser rate nor any election of such
  contributor to do so shall be construed as changing his  or  her  normal
  rate of contribution.
    (c)  (1)  Except  as  otherwise provided in subparagraph three of this
  paragraph (c) and in paragraph (d) of this  subdivision  seven,  in  any
  case where:
    (i)  a  normal  rate  of contribution is established for a twenty-year
  pension plan contributor on a basis including twenty-year  pension  plan
  qualifying service preceding his or her contribution rate fixation date;
  and
    (ii) by reason of any action taken after such rate is established, the
  amount of twenty-year pension plan qualifying service which precedes his
  or  her  contribution  rate  fixation  date  and with which he or she is
  credited pursuant to the applicable provisions of this  chapter  differs
  from  the  amount  of  such preceding service which was reflected in the
  establishment of such rate;
  no change shall be made in such rate, unless such contributor files with
  the  retirement  board  a  request  for  a  recomputed  normal  rate  of
  contribution.
    (2)  If  such  a  request is filed, the normal rate of contribution of
  such contributor shall be recomputed to equal that which would have been
  originally established for him or her on the basis of the revised amount
  of such twenty-year pension plan qualifying service preceding his or her
  contribution rate fixation date and a new normal rate  of  contribution,
  as  so recomputed, shall be established for such contributor as promptly
  as is practicable.
    (3) If any such contributor does not file a request for  recomputation
  of  his  or her normal rate of contribution pursuant to subparagraph one
  of this paragraph (c), his or her  normal  rate  of  contribution  shall
  remain  unchanged until the date of his or her retirement, at which time
  such rate shall be recomputed in the manner prescribed by the applicable
  provisions of subparagraph two of this paragraph (c).
    (d) In any case where:
    (i) a normal rate of contribution is  established  for  a  twenty-year
  pension  plan  contributor  and  such  contributor,  after  such rate is
  established, acquires credit for service by  transfer  as  described  in
  subdivision  forty-four  of  section 13-501 of this chapter (relating to
  definitions);
  his or her normal rate of contribution shall be recomputed to equal that
  which would have been established for him or her if when such  rate  was
  orginally  established,  the  status  and  additional  credited  service
  resulting from  such  transfer  and  been  reflected  in  such  original
  fixation  and a new normal rate contribution, as so recomputed, shall be
  established for such contributor as promptly as is practicable.
    (e) In any case where a new normal rate of contribution is established
  for a contributor pursuant to subparagraph two of paragraph (c) of  this
  subdivision  seven  or  paragraph  (d)  of  this subdivision, his or her
  contributions to the  retirement  system,  on  and  after  the  date  of
  establishment  of  such  new  rate,  shall  be  in  accordance  with the
  applicable provisions of this chapter, on the basis of such new rate.
    (f) In the  event  that  a  recomputed  normal  rate  of  contribution
  established for a contributor pursuant to paragraph (c) or paragraph (d)
  of  this subdivision seven is lower than the rate originally established
  for such contributor, he or she shall not be entitled to a refund of any
  part of the contributions made by him or her on the basis of his or  her
  prior  normal  rate  of  contribution,  except  to  the extent that such

  contributor may be entitled to withdraw excess contributions pursuant to
  subdivision four of section 13-525 of this chapter.
    (g)  In  any  case  where  a recomputed normal rate of contribution is
  established  for  a  contributor  pursuant  to   subparagraph   two   or
  subparagraph  three  of  paragraph  (c)  of  this  subdivision  seven or
  paragraph (d) of this subdivision,  the  minimum  accumulation  of  such
  contributor  for  the  entire period of his or her first twenty years of
  twenty-year pension plan qualifying service shall be the amount computed
  as prescribed by the applicable provisions of paragraphs  (b),  (c)  and
  (d)  of  subdivision  twenty  of  section 13-501 of this chapter, on the
  basis of such recomputed rate.
    8. a. As used in this subdivision eight,  the  following  terms  shall
  mean and include:
    (i)  "Employee  at  maximum salary level". An employee of the board of
  education who has  attained  the  maximum  salary  step  of  the  salary
  schedule currently applicable to him or her.
    (ii)  "Eligible teacher contributor". A contributor who is employed by
  the board of education as a teacher  and  who,  as  of  any  month  with
  respect  to  which  his  or her entitlement to a city contribution under
  this section is to be determined,  is  an  employee  at  maximum  salary
  level.
    (iii)  "Eligible  supervisor  contributor".  A contributor who holds a
  postion with the board of education of the city, the principle  duty  of
  which  is  supervision  of  subordinates  and who, as of any month as to
  which his or her entitlement to a city contribution under  this  section
  is to be determined, is an employee at maximum salary level.
    (iv)  "Variable  annuity  program  election".  The currently effective
  election of an  eligible  teacher  contributor  or  eligible  supervisor
  contributor  pursuant  to subdivisions a and d of section 13-568 of this
  chapter.
    b. Except as otherwise provided in paragraph f  of  this  subdivision,
  beginning  with the month of October, nineteen hundred seventy, and each
  month thereafter,  the  city  shall  contribute  the  applicable  amount
  prescribed  by  subdivision c of this section to the account or accounts
  of each  eligible  teacher  contributor  and  each  eligible  supervisor
  contributor  in  the  annuity  savings  fund and/or the variable annuity
  savings fund, in the  same  proportion  as  the  contributions  of  such
  contributor  for  such  month  are  credited to such account or accounts
  pursuant to his or her variable annuity program election, if any.
    c. In the case of an eligible teacher contributor, such monthly amount
  shall be one-twelfth of four hundred dollars. In the case of an eligible
  supervisor contributor, such monthly amount shall be one-twelfth of five
  hundred fifty dollars.
    d. Such city contributions credited to the account or accounts of  any
  such  eligible  teacher  contributor  or eligible supervisor contributor
  shall for all purposes of this chapter be treated as and  deemed  to  be
  voluntary  additional  contributions  by such contributor. Any such city
  contributions credited to  the  annuity  savings  account  of  any  such
  contributor  shall,  notwithstanding  any  other provision of law to the
  contrary, be treated  as  and  deemed  to  be  a  part  of  his  or  her
  accumulated deductions.
    e.  In any case where the status of an eligible teacher contributor or
  eligible supervisor contributor changes so that his or her salary is  no
  longer  prescribed  by  the  maximum  salary step of the salary schedule
  applicable to him or her, he or she shall nevertheless be entitled to be
  credited with the city contribution under this section for the month  in
  which such change occurs.

    f.  Notwithstanding  any  other  provision  of this subdivision to the
  contrary, the contributions which the city would otherwise  be  required
  to  make  for  each month of the nineteen hundred seventy-seven-nineteen
  hundred seventy-eight fiscal year of the city pursuant to the provisions
  of the preceding paragraphs of this subdivision shall not be made by the
  city.  For  each month of such fiscal year, there shall be paid from the
  contingent reserve fund into the account or accounts  of  each  eligible
  teacher  contributor  and  each  eligible  supervisor contributor in the
  annuity savings fund and/or variable annuity  savings  fund,  an  amount
  equal  to  the  amount  which  would have been required by the preceding
  paragraphs of this subdivision to be paid by the city into such  account
  or accounts for such month if this paragraph f had not been enacted. The
  amount  or amounts so paid shall be credited in such account or accounts
  in the same manner and with the same force and effect as if such  amount
  or  amounts  had been paid into such account or accounts pursuant to the
  provisions of the preceding paragraphs of this subdivision.
    8-a. Annuity benefits for certain Tier III and Tier  IV  contributors.
  a.    Notwithstanding any other provision of this title or any other law
  to the contrary, the  following  terms,  as  used  in  this  subdivision
  eight-a,  shall  have the following meanings, unless a different meaning
  is plainly required by the context:
    (i) "Annuitant". A qualified instructor contributor whose annuity  has
  become  payable  under  the  provisions of paragraph j or paragraph k of
  this subdivision, or a qualified supervisor  contributor  whose  annuity
  has become payable under the provisions of either such paragraph.
    (ii) "Annuity accumulation". The total of the amounts of contributions
  made  by  the  city  on  behalf of a qualified instructor contributor or
  qualified supervisor contributor pursuant to the  applicable  provisions
  of  paragraphs  c,  d,  e  and f of this subdivision and standing to the
  credit of his or her account in the annuity  savings  accumulation  fund
  established  pursuant  to paragraph b of this subdivision, together with
  interest on such contributions as prescribed  by  paragraph  h  of  this
  subdivision.
    (iii)  "Board of education". The board of education of the city school
  district of the city.
    (iv) "Contributor entitled to an annuity  accumulation".  A  qualified
  instructor  contributor  entitled to be credited with city contributions
  pursuant to the provisions of paragraph c and/or  paragraph  e  of  this
  subdivision  or  any  qualified  supervisor  contributor  entitled to be
  credited with city contributions pursuant to the provisions of paragraph
  d and/or paragraph f of this subdivision.
    (v) "Instructional employee". An employee of the  board  of  education
  who  is a "present-teacher" as that term is defined in subdivision eight
  of section 13-501 of the code, other than any employee whose  title  was
  added  by  chapter  nine  hundred  ninety-seven  of the laws of nineteen
  hundred eighty-three to  the  provisions  previously  included  in  such
  subdivision eight.
    (vi)   "Instructional   employee   at   maximum   salary   level".  An
  instructional employee who has attained the maximum salary step  of  the
  salary schedule currently applicable to him or her.
    (vii)  "Qualified  instructor  contributor".  A  contributor who is an
  instructor and who also, as of any month  with  respect  to  which  such
  contributor's  entitlement to a city contribution under this subdivision
  is to be determined, is an  instructional  employee  at  maximum  salary
  level.
    (viii)  "Qualified  supervisor  contributor".  A  contributor who is a
  supervisor and who, as of any  month  as  to  which  such  contributor's

  entitlement  to  a  city  contribution  under  this subdivision is to be
  determined, is an instructional employee at maximum salary level.
    (ix)  "Instructor".  An  instructional  employee,  other than any such
  employee who is a supervisor.
    (x) "Supervisor". An instructional employee who holds a position,  the
  principal  duties  of  which  consist  of supervising employees of lower
  rank.
    b. The retirement board shall promulgate such regulations  as  may  be
  necessary  and  appropriate  to establish a special fund, to be known as
  the "annuity savings accumulation fund", in which the retirement  system
  shall  maintain,  in  behalf  of each contributor entitled to an annuity
  accumulation, a separate account to which shall be credited all  amounts
  which the city is required by the applicable provisions of paragraphs c,
  d,  e  and  f  of this subdivision to contribute to such account for the
  benefit of such member.
    c. With respect to each month occurring during the period beginning on
  July  first,  nineteen  hundred  seventy-six  and   ending   on   August
  thirty-first,  nineteen  hundred  eighty-three,  during  which  month  a
  contributor was a qualified instructor contributor and also a  Tier  III
  member  (as  defined  in subdivision fifty-four of section 13-501 of the
  code), the city shall pay into the account of such  contributor  in  the
  annuity  savings  accumulation  fund, a sum equal to one-twelfth of four
  hundred dollars.
    d. With respect to each month occurring during such  period  mentioned
  in paragraph c of this subdivision, during which month a contributor was
  a  qualified supervisor contributor and also a Tier III member, the city
  shall pay into the account of such contributor in  the  annuity  savings
  accumulation  fund  a  sum  equal  to  one-twelfth of five hundred fifty
  dollars.
    e. With respect to each month  occurring  after  August  thirty-first,
  nineteen  hundred  eighty-three, during which month a contributor was or
  is a qualified instructor contributor and also  a  Tier  IV  member  (as
  defined  in  subdivision  fifty-five of section 13-501 of the code), the
  city shall pay into the account  of  such  contributor  in  the  annuity
  savings  accumulation  fund  a  sum equal to one-twelfth of four hundred
  dollars.
    f.  With  respect  to  each  month   occurring   after   such   August
  thirty-first,  during  which  month  a contributor was or is a qualified
  supervisor contributor and also a Tier IV member,  the  city  shall  pay
  into the account of such contributor in the annuity savings accumulation
  fund a sum equal to one-twelfth of five hundred fifty dollars.
    g.  In any case where the status of a qualified instructor contributor
  or qualified supervisor contributor changes so that the salary  of  such
  contributor  is  no  longer prescribed by the maximum salary step of the
  salary schedule applicable to him or her, such contributor, if he or she
  was or is also a Tier III member or Tier IV member at the time when such
  change occurred or occurs, shall nevertheless be entitled to be credited
  with the city contribution under this subdivision for the month in which
  such change occurred or occurs.
    h. Interest shall be credited on all sums paid  into  the  account  of
  each  qualified  instructor  contributor  and  each qualified supervisor
  contributor pursuant to the provisions of paragraphs c, d, e  and  f  of
  this  subdivision  at  the rate of five per centum per annum, compounded
  annually.
    i. In any case where the city, prior to  the  date  of  enactment  (as
  certified  pursuant to section forty-one of the legislative law) of this
  subdivision, paid to the retirement system any sums equal in whole or in
  part to the amounts required by the provisions of paragraph c, d, e or f

  of this subdivision to be paid for any  period  by  the  city  into  the
  account  of  a contributor entitled to an annuity accumulation, such sum
  so previously paid by the city, together with interest thereon  computed
  at  the  rate  and  in  the  manner  prescribed  by  paragraph h of this
  subdivision, shall be credited for the same period  to  the  account  of
  such  contributor  in  the  annuity  savings  accumulation fund and such
  previous payments by the city, to the extent that  they  are  sufficient
  therefor,  shall  be deemed to satisfy in full or pro tanto, as the case
  may be, the obligation of the city for such period to make the  payments
  prescribed by such paragraph c, d, e or f.
    j.  Any  qualified  instructor  contributor  or  qualified  supervisor
  contributor:
    (i) who is required by  the  provisions  of  this  subdivision  to  be
  credited with an annuity accumulation; and
    (ii)  who, prior to the date of enactment of this subdivision, retired
  while he or she was a Tier III member or a Tier IV member, or  prior  to
  such  date,  became  a  Tier III member entitled to a vested benefit (as
  defined in subdivision fifty-six of section 13-501 of  the  code)  or  a
  Tier  IV  member entitled to a vested benefit (as defined in subdivision
  fifty-seven of section  13-501  of  the  code);  shall  be  entitled  to
  receive,  in addition to any retirement allowance which such contributor
  is entitled to receive under  the  provisions  of  article  fourteen  or
  article  fifteen  of  the retirement and social security law, an annuity
  which is the  actuarial  equivalent,  as  of  the  date  on  which  such
  retirement allowance begins, of such contributor's annuity accumulation,
  as  such  annuity  accumulation is required by this subdivision to be on
  such date. Such annuity shall begin on the date of commencement of  such
  retirement allowance.
    k.  Any  qualified  instructor  contributor  or  qualified  supervisor
  contributor:
    (i) who is required by  the  provisions  of  this  subdivision  to  be
  credited with an annuity accumulation; and
    (ii)  who,  on or after the date of enactment of this section, retires
  as a Tier IV member or on or after such date, becomes a Tier  IV  member
  entitled  to a vested benefit; shall be entitled to receive, in addition
  to any retirement  allowance  which  such  contributor  is  entitled  to
  receive  under  the  provisions of article fifteen of the retirement and
  social security law, or if applicable, article fourteen of such law,  an
  annuity  which is the actuarial equivalent, as of the date on which such
  retirement allowance begins, of such contributor's annuity accumulation,
  as such annuity accumulation is required by this subdivision  to  be  on
  that  date. Such annuity shall begin on the date of commencement of such
  retirement allowance.
    l. In the  case  of  any  annuitant  who  retired  during  the  period
  beginning  on  August first, nineteen hundred eighty-three and ending on
  the date next preceding the date of enactment of this  subdivision,  and
  in the case of any annuitant who, during such period, terminated service
  under  such  circumstances  that  he  or  she  became  a Tier III member
  entitled to a vested benefit or a Tier IV member entitled  to  a  vested
  benefit,  the  actuarial  interest  assumption  which  shall  be used in
  determining the annuity of such annuitant shall be interest at the  rate
  of  seven  per  centum per annum, compounded annually, and the actuarial
  mortality assumption used in  determining  such  annuity  shall  be  the
  gender-neutral  mortality  tables  for  benefit computation purposes, as
  adopted by the retirement board, which took effect on August nineteenth,
  nineteen hundred eighty-five, with applicability prior to such  date  as
  provided for by the resolutions of such board adopting such tables.

    m. In the case of any annuitant who, on or after the date of enactment
  of   this   subdivision,   retires  or  terminates  service  under  such
  circumstances that he or she becomes a Tier  IV  member  entitled  to  a
  vested   benefit,   the  actuarial  interest  assumption  and  actuarial
  mortality  assumption  used in determining the annuity of such annuitant
  shall be the applicable benefit computation interest rate and  mortality
  tables  for  benefit  computation  purposes in effect for the retirement
  system on the effective date of such annuitant's retirement  or  on  the
  date  of  such annuitant's termination of service so as to become a Tier
  IV member entitled to a vested benefit, as the case may be.
    n. For the purpose of determining optional benefits and the amount  of
  any  supplemental retirement allowance, any retirement allowance payable
  pursuant to article fourteen or article fifteen of  the  retirement  and
  social  security  law  to an annuitant shall be deemed to consist of the
  total amount obtained by adding the annuity to which such  annuitant  is
  entitled  under  this  subdivision  to such retirement allowance payable
  pursuant to such article fourteen or article fifteen.
    o. (i) If, prior to the date of enactment of this subdivision,  or  on
  or  after  such  date  of enactment, an ordinary death benefit became or
  becomes payable pursuant to article fourteen or article fifteen  of  the
  retirement  and  social  security  law  by  reason  of  the  death  of a
  contributor entitled to an annuity accumulation, the retirement  system,
  in addition to paying such ordinary death benefit, shall pay the annuity
  accumulation  of such contributor to the beneficiary entitled to receive
  such  ordinary  death  benefit;  provided,  however,  that  the  annuity
  accumulation  shall  be paid to the annuitant's estate, if the estate is
  entitled to receive such ordinary death  benefit  under  the  applicable
  provisions of such article fourteen or article fifteen.
    (ii) In any case where a death referred to in subparagraph (i) of this
  paragraph  occurs on or after the date of enactment of this subdivision,
  the contributor entitled to such annuity accumulation or the beneficiary
  entitled to receive such ordinary death benefit may  elect,  by  a  duly
  executed  and acknowledged designation filed with the retirement system,
  that such annuity accumulation shall be paid in the form of an  annuity.
  Such  designation shall be filed prior to or within sixty days after the
  death of the contributor entitled to  such  annuity  accumulation.  Such
  annuity  shall  be  the  actuarial  equivalent,  as  of the date of such
  member's death, of such annuity accumulation. The actuarial  assumptions
  used  in  determining  such annuity shall be the same as would have been
  required to be used, pursuant to the applicable provisions of  paragraph
  m  of this subdivision, to determine an annuity for such contributor, if
  he or she had retired on the date of his or her death.
    p. If, prior to the date of enactment of this  subdivision  or  on  or
  after  such  date of enactment, the employment of a contributor entitled
  to an annuity accumulation terminated or terminates without  entitlement
  on  the  part  of  the  such  contributor  to  an  immediate or deferred
  retirement  allowance  or  if  a  contributor  entitled  to  an  annuity
  accumulation  transferred or transfers to another retirement system, the
  amount of the annuity accumulation of such contributor shall be paid  to
  him or her, upon application therefor.
    q.  Notwithstanding  any  other  provision  of  law to the contrary, a
  contributor entitled to an annuity accumulation shall not  be  permitted
  to borrow any portion of such annuity accumulation. The variable annuity
  program  of  the  retirement  system  shall  not  apply  to  any annuity
  accumulation or the contributions upon which it is based.
    r. The provisions of  subdivision  eight  of  this  section  shall  be
  inapplicable  to any contributor entitled to an annuity accumulation and
  to the beneficiary or estate of any such contributor; provided, however,

  that the provisions of this paragraph shall not be construed as  denying
  benefits   under   such  subdivision  eight  to  any  beneficiary  of  a
  contributor who qualified for benefits  under  such  subdivision  eight,
  where  such beneficiary under such subdivision eight became or becomes a
  Tier III or Tier IV member and himself or herself qualified or qualifies
  for benefits under this subdivision.