Section 604-I. Age fifty-five retirement program for New York city teachers and certain other 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. "TRS" shall mean the New York city teachers' 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 TRS, all positions  as  a  teacher  (as
  defined  in  subdivision  seven  of section 13-501 of the administrative
  code), and shall not include any position covered by section  13-563  of
  the administrative code; or
    (ii)  with  respect  to  members  of  BERS, the following positions in
  education service:  head  nurses,  head  nurses  (BOE),  supervisors  of
  nurses,  staff  nurses,  registered  nurses (BOE), public health nurses,
  pediatric nurse associates, supervising therapists, senior  occupational
  therapists,   senior   occupational   therapists   (BOE),   occupational
  therapists, occupational therapists (BOE), senior  physical  therapists,
  senior   physical   therapists   (BOE),  physical  therapists,  physical
  therapists (BOE), substitute vocational assistants, non-annualized adult
  education   teachers,   non-annualized   adult    education    assistant
  coordinators,  non-annualized adult education coordinators, directors of
  drug and alcohol programs,  assistant  directors  of  drug  and  alcohol
  programs,  sign  language  interpreters,  teachers  of military science,
  senior army, navy, air force, aerospace, marine  corps  or  coast  guard
  instructors,  army,  navy,  air  force, aerospace, marine corps or coast
  guard instructors,  youth  development  specialists  and  the  following
  positions   represented  by  the  recognized  teacher  organization  for
  collective  bargaining  purposes:  education  administrators,  education
  officers, associate education officers, education analysts and associate
  education analysts.
    6.  "New York city eligible member" shall mean a member of TRS 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  retirement program" shall mean all the terms and
  conditions of this section.
    8. "Starting date of the age fifty-five retirement program" shall mean
  the commencement date of the first payroll period which begins after the
  enactment date of the age fifty-five retirement program.
    9. "Enactment date of the age  fifty-five  retirement  program"  shall
  mean the date this section takes effect.
    10.  "Participant in the age fifty-five 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
  retirement program, as applicable to him or her.
    11.  "Twenty-five-year  participant  in  the age fifty-five retirement
  program" shall mean a  participant  in  the  age  fifty-five  retirement
  program who first became such a participant pursuant to paragraph one or
  two of subdivision b of this section.
    12.  "Twenty-seven-year  participant  in the age fifty-five retirement
  program" shall mean a  participant  in  the  age  fifty-five  retirement

  program  who  first became such a participant pursuant to paragraph four
  or five of subdivision b of this section.
    13. "Participating retirement system" shall mean TRS or BERS.
    14.  "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 retirement program. 1. Subject to
  the provisions of paragraphs seven, eight and nine of this  subdivision,
  any  person  who is employed in a New York city eligible position on the
  enactment date of the age fifty-five 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  age  fifty-five  retirement
  program  by  filing,  within one hundred eighty days after the enactment
  date  of  the  age  fifty-five  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 seven, eight and nine of
  this subdivision, any person: (i) who is employed in  a  New  York  city
  eligible position on the enactment date of the age fifty-five 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 age fifty-five retirement program by  filing,  within
  one  hundred  eighty 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 retirement program
  shall be irrevocable.
    (ii) Notwithstanding any other provision of law to the  contrary,  any
  participant  in  the age fifty-five retirement program who became such a
  participant pursuant to paragraph one or two of  this  subdivision,  and
  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  age fifty-five retirement program by filing, within
  three hundred sixty-five days after first becoming such a participant, a
  written request to withdraw from such program with the retirement system
  of which such person is a member.
    4. Subject to the provisions of paragraphs  seven  and  nine  of  this
  subdivision,  any  person (i) other than a person who is deemed pursuant
  to paragraph eight of this subdivision to be employed for  the  purposes
  of  paragraph one or two of this subdivision in a New York city eligible
  position on the enactment date of the age fifty-five retirement program,

  or other than a person who, on such enactment date,  is  a  discontinued
  member  not  in  active  service  who  is  entitled to a deferred vested
  benefit at normal retirement age, (ii)  who  becomes  a  New  York  city
  eligible  member  in  active service after the enactment date of the age
  fifty-five retirement program and (iii) who, as such an eligible  member
  or  otherwise,  last  became  subject  to the provisions of this article
  prior to such enactment date, may elect to become a participant  in  the
  age  fifty-five  retirement program by filing, within one hundred eighty
  days after becoming a New York city eligible member in active service, a
  duly executed application for such  participation  with  the  retirement
  system  of  which  such person is a member, provided that he or she is a
  New York city eligible  member  in  active  service  on  the  date  such
  application  is  filed.  Any election pursuant to this paragraph to be a
  participant  in  the  age  fifty-five  retirement   program   shall   be
  irrevocable.
    5.  Each  person  (i)  other  than  a person who is deemed pursuant to
  paragraph eight of this subdivision to be employed for the  purposes  of
  paragraph  one  or  two  of this subdivision in a New York city eligible
  position on the enactment date of the age fifty-five retirement program,
  or other than a person who, on such enactment date,  is  a  discontinued
  member  not  in  active  service  who  is  entitled to a deferred vested
  benefit at normal retirement age, (ii)  who  becomes  a  New  York  city
  eligible  member  in  active service after the enactment date of the age
  fifty-five retirement program and (iii) who, as such an eligible  member
  or  otherwise,  becomes  subject to the provisions of this article after
  the enactment date of the age fifty-five retirement program shall become
  a participant in the age fifty-five retirement program on the date he or
  she becomes a New York city eligible member in active service.
    6. Where any participant in  the  age  fifty-five  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 retirement program.
    7. Where any participant in  the  age  fifty-five  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.
    8. For the limited purposes only of determining eligibility  to  elect
  to  become  a  participant  in  the  age  fifty-five  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 age fifty-five  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.
    9. Notwithstanding any other provision of law  to  the  contrary,  and
  except as provided in paragraph five of this subdivision, any person who
  is  eligible  to  elect  to  become  a participant in the age fifty-five
  retirement program pursuant to  paragraph  one,  two  or  four  of  this
  subdivision  for  the full one hundred eighty-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.  Service  retirement.  1. A twenty-five-year participant in the age
  fifty-five retirement program:
    (i) who has completed twenty-five or more years of credited service;
    (ii) who has attained age fifty-five;
    (iii) who, subject to the provisions of paragraph nine of  subdivision
  e  of  this  section, has paid, before the effective date of retirement,
  all additional member contributions and interest (if  any)  required  by
  paragraphs one, four and five of subdivision e of this section;
    (iv)  who  files  with  the  retirement system of which he or she is a
  member an application for service retirement setting forth at what  time
  he or she desires to be retired; and
    (v)  who  shall  be  a  participant  in  the age fifty-five 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, provided, however, that no
  such  participant  who  otherwise  meets  the   retirement   eligibility
  requirements  of this paragraph shall be permitted to retire pursuant to
  this paragraph prior to June thirtieth, two thousand eight.
    2. A twenty-seven-year participant in the  age  fifty-five  retirement
  program:
    (i) who has completed twenty-seven or more years of credited service;
    (ii) who has attained age fifty-five;
    (iii)  who, subject to the provisions of paragraph nine of subdivision
  e of this section, has paid, before the effective  date  of  retirement,
  all  additional  member  contributions and interest (if any) required by
  paragraphs one, four and five of subdivision e of this section;
    (iv) who files with the retirement system of which  he  or  she  is  a
  member  an application for service retirement setting forth at what time
  he or she desires to be retired; and
    (v) who shall be  a  participant  in  the  age  fifty-five  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.
    3.  Notwithstanding  any  other  provision of law to the contrary, and
  subject to the provisions of paragraph nine of  subdivision  e  of  this
  section,  the  early service retirement benefit for a participant in the
  age  fifty-five  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.   Vesting.  1.  (i)  A  twenty-five-year  participant  in  the  age
  fifty-five retirement program:
    (A) who, on or after June thirtieth, two thousand  eight,  as  such  a
  participant  in  such  retirement  program,  discontinues  service  as a
  teacher (as defined in  subdivision  seven  of  section  13-501  of  the
  administrative  code)  or  discontinues education service (as defined in
  paragraph fourteen of subdivision a of  this  section),  other  than  by
  death or retirement;
    (B)  who,  prior to such discontinuance, completed twenty-five or more
  years of credited service;
    (C) who, subject to the provisions of paragraph ten of  subdivision  e
  of  this section, has paid, prior to such discontinuance, all additional

  member contributions and interest (if any) required by  paragraphs  one,
  four and five of subdivision e of this section; and
    (D)  who  does not withdraw in whole or in part his or her accumulated
  member contributions pursuant to section six hundred  thirteen  of  this
  article unless such participant thereafter returns to public service and
  repays  the  amounts  so  withdrawn, together with interest, pursuant to
  such section six hundred  thirteen;  shall  be  entitled  to  receive  a
  deferred vested benefit as provided in this paragraph.
    (ii)  (A)  Upon  such  discontinuance  under  the  conditions  and  in
  compliance with the provisions of subparagraph (i)  of  this  paragraph,
  such deferred vested benefit shall vest automatically.
    (B)  Such  vested benefit shall become payable on the earliest date on
  which such discontinued member could have retired for  service  if  such
  discontinuance had not occurred.
    (iii)  Subject  to the provisions of paragraph ten of subdivision e of
  this section, such deferred benefit  shall  be  a  retirement  allowance
  computed in accordance with the applicable provisions of paragraph three
  of subdivision c of this section.
    2.   (i)   A  twenty-seven-year  participant  in  the  age  fifty-five
  retirement program:
    (A)  who,  as  such  a  participant  in   such   retirement   program,
  discontinues  service  as  a teacher (as defined in subdivision seven of
  section 13-501 of the administrative  code)  or  discontinues  education
  service  (as  defined  in  paragraph  fourteen  of subdivision a of this
  section), other than by death or retirement; and
    (B) who, prior to such discontinuance, completed twenty-seven or  more
  years of credited service; and
    (C)  who,  subject to the provisions of paragraph ten of subdivision e
  of this section, has paid, prior to such discontinuance, all  additional
  member  contributions  and interest (if any) required by paragraphs one,
  four and five of subdivision e of this section; and
    (D) who does not withdraw in whole or in part his or  her  accumulated
  member  contributions  pursuant  to section six hundred thirteen of this
  article unless such participant thereafter returns to public service and
  repays the amounts so withdrawn, together  with  interest,  pursuant  to
  such  section  six  hundred  thirteen;  shall  be  entitled to receive a
  deferred vested benefit as provided in this paragraph.
    (ii)  (A)  Upon  such  discontinuance  under  the  conditions  and  in
  compliance  with  the  provisions of subparagraph (i) of this paragraph,
  such deferred vested benefit shall vest automatically.
    (B) Such vested benefit shall become payable on the earliest  date  on
  which  such  discontinued  member could have retired for service if such
  discontinuance had not occurred.
    (iii) Subject to the provisions of paragraph ten of subdivision  e  of
  this  section,  such  deferred  benefit  shall be a retirement allowance
  computed in accordance with the applicable provisions of paragraph three
  of subdivision c of this section.
    e. Additional member contributions.  1.  In  addition  to  the  member
  contributions  required by section six hundred thirteen of this article,
  each  participant  in  the  age  fifty-five  retirement  program   shall
  contribute  (subject  to  the  applicable provisions of subdivision d of
  section six hundred thirteen of this article) an  additional  percentage
  of  his  or her compensation to the retirement system of which he or she
  is a member in accordance with the following applicable provisions:
    (i) each twenty-five-year participant in the age fifty-five retirement
  program   shall   contribute   an   additional   one   and   eighty-five
  one-hundredths  percent  of  his  or  her  compensation  earned from all

  credited service rendered on and after the  starting  date  of  the  age
  fifty-five 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  (whether  or  not
  rendered in a New York city eligible position); and
    (C) after such person ceases to be a participant, but before he or she
  again  becomes  such  a  participant  pursuant  to  paragraph  seven  of
  subdivision b of this section (whether or not rendered  in  a  New  York
  city eligible position); and
    (ii)   each   twenty-seven-year  participant  in  the  age  fifty-five
  retirement program shall contribute an additional  one  and  eighty-five
  one-hundredths  percent  of  his  or  her  compensation  earned from all
  credited service rendered
    (A) while such person is a participant in such program; and
    (B)  before  such  person  becomes  such  a  participant  pursuant  to
  paragraph  four or five of subdivision b of this section (whether or not
  rendered in a New York city  eligible  position,  and  whether  rendered
  before  or  after  the  starting  date  of the age fifty-five retirement
  program); and
    (C) after such person ceases to be a participant, but before he or she
  again  becomes  such  a  participant  pursuant  to  paragraph  seven  of
  subdivision  b  of  this  section (whether or not rendered in a New York
  city eligible position).
    2. A twenty-five-year participant in  the  age  fifty-five  retirement
  program  (as  defined  in  paragraph  eleven  of  subdivision  a of this
  section) shall contribute  additional  member  contributions  until  the
  later  of (i) June twenty-ninth, two thousand eight, or (ii) the date on
  which he or she has completed twenty-five years of credited  service.  A
  twenty-seven-year  participant  in the age fifty-five retirement program
  shall contribute additional member contributions only until  he  or  she
  has completed twenty-seven years of credited service.
    3. (i) Commencing with the first full payroll period after each person
  becomes   a  participant  in  the  age  fifty-five  retirement  program,
  additional member contributions at the rate specified in  paragraph  one
  of  this  subdivision  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 starting date of  the  age  fifty-five
  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 subparagraph (i) of  this  paragraph,  there
  shall  be another deduction of additional member contributions made from
  the compensation of such participant at  one-third  the  rate  at  which
  deductions are being made pursuant to subparagraph (i) of this paragraph
  (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 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. (i) Each participant in the age fifty-five retirement program shall
  be charged with a contribution deficiency consisting of the total amount
  of additional member contributions  such  person  is  required  to  make
  pursuant to paragraph one of this subdivision which is not deducted from
  his or her compensation pursuant to paragraph three of this subdivision,
  if  any,  together  with  interest  thereon,  compounded  annually,  and
  computed in accordance with the provisions  of  subparagraphs  (ii)  and
  (iii) of this paragraph.
    (ii)(A)  Subject  to  the  provisions  of  subparagraph  (iii) of this
  paragraph, the interest required to be paid on the amount  specified  in
  subparagraph  (i) of this paragraph shall accrue from the end of each of
  the payroll periods 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 such amount during the
  period for which interest accrues on that amount shall be equal  to  the
  rate  or  rates  of interest required by law to be used during that same
  period to credit interest on the accumulated  deductions  of  retirement
  system members.
    (iii)   Except  as  otherwise  provided  in  paragraph  five  of  this
  subdivision, no interest shall be due on any  unpaid  additional  member
  contributions  which are not attributable to a period prior to the first
  full payroll period referred to in paragraph three of this subdivision.
    5. (i) (A) Should any person who, pursuant to paragraph twelve of this
  subdivision, has received a refund of the employee portion of his or her
  additional member contributions (as established in accordance with  item
  (B)  of  subparagraph  (ii)  of  paragraph  six  of  this  subdivision),
  including any interest paid on such employee  portion,  again  become  a
  participant  in  the  age  fifty-five  retirement  program  pursuant  to
  paragraph seven 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   member
  contributions never had been paid.
    (B)  Any  person  who  has  his or her membership in one participating
  retirement  system  terminated  without  transferring  such   membership
  directly   from  such  participating  retirement  system  to  the  other
  participating retirement system, who has an unpaid balance of a loan  of
  the  employee  portion  of  his  or  her additional member contributions
  pursuant to paragraph thirteen of this subdivision at the  time  of  the
  termination  of  such  membership,  who,  pursuant to paragraph seven of
  subdivision b of this section, thereafter again becomes a participant in
  the  age  fifty-five  retirement  program  as   a   member   of   either
  participating  retirement system without having received a refund of the
  employee portion of his or her additional member contributions  pursuant
  to  paragraph  twelve  of  this  subdivision,  shall have an appropriate

  amount included in such participant's contribution deficiency (including
  interest thereon as calculated in subparagraph (ii) of  this  paragraph)
  for  any  credited  service  for  which such person borrowed and did not
  repay  such  employee  portion of additional member contributions, as if
  such employee portion of additional member contributions never had  been
  paid.
    (ii)(A) Interest on the employee portion of a participant's additional
  member   contributions   included  in  such  participant's  contribution
  deficiency pursuant to subparagraph  (i)  of  this  paragraph  shall  be
  calculated   as   if   such   employee   portion  of  additional  member
  contributions never had been paid by such participant, and such interest
  shall accrue from the end of the payroll period to which  an  amount  of
  such   employee   portion   of   additional   member   contributions  is
  attributable, until such amount is paid to the retirement system.
    (B) The rate of interest to be applied to each such amount during  the
  period  for  which interest accrues on that amount shall be five percent
  per annum, compounded annually.
    6.  (i)  All  additional  member  contributions   required   by   this
  subdivision  (and  any  interest paid thereon) which are received by the
  retirement system of which the participant is a  member  shall  be  paid
  into its contingent reserve fund and shall not for any purpose be deemed
  to  be  member  contributions  or  accumulated contributions of a member
  under section six hundred thirteen of this article or otherwise while he
  or she is a participant in the  age  fifty-five  retirement  program  or
  otherwise.
    (ii)  All  additional  member contributions required for any period of
  credited service pursuant to paragraph one of this subdivision (and  any
  interest  paid  thereon  pursuant to paragraph four of this subdivision)
  which, pursuant to subparagraph (i) of this paragraph,  are  paid  by  a
  participant  (subject  to  the applicable provisions of subdivision d of
  section six hundred  thirteen  of  this  article)  into  the  contingent
  reserve  fund  of  the  retirement system of which such participant is a
  member  (other  than  repayments   of   loans   of   additional   member
  contributions  pursuant  to  paragraph  thirteen  of this subdivision or
  amounts paid in satisfaction of a contribution deficiency calculated  in
  accordance  with paragraph five of this subdivision) shall be divided in
  the following manner:
    (A) one-half of such additional member  contributions  (and  any  such
  interest  paid  thereon)  shall  be the employer contribution portion of
  such additional member contributions; and
    (B) one-half of such additional member  contributions  (and  any  such
  interest  paid thereon) shall be the employee portion of such additional
  member contributions, and shall be credited to the  employee  additional
  contributions  account  which  shall be established for such participant
  within the contingent reserve fund of such retirement system.
    (iii) No person, while he or she is a participant or otherwise,  shall
  at any time be permitted:
    (A)  to  borrow, pursuant to paragraph thirteen of this subdivision or
  any other provision, any of the employer contribution portion of his  or
  her  additional  member contributions (as established in accordance with
  item (A) of subparagraph (ii) of this paragraph, including any  interest
  paid  thereon)  which  has been paid into the contingent reserve fund of
  the retirement system; or
    (B) to receive a refund of any of such employer  contribution  portion
  pursuant to paragraph twelve of this subdivision or any other provision.
    (iv)  None  of  the  employer  contribution portion of a participant's
  additional member contributions (including any  interest  paid  thereon)
  shall for any purpose:

    (A)  be deemed to be part of the employee portion of additional member
  contributions paid by a participant; or
    (B)  be  credited  to  the  employee  additional contributions account
  established for such participant in the contingent reserve fund  of  the
  retirement system.
    (v)  All  repayments  of  loans  of the employee portion of additional
  member contributions pursuant to paragraph thirteen of this  subdivision
  and   all   payments  of  the  employee  portion  of  additional  member
  contributions in satisfaction of a contribution deficiency calculated in
  accordance with paragraph five of this subdivision which are paid  by  a
  participant to the contingent reserve fund of a participating retirement
  system  (and  any  interest  paid thereon) shall be part of the employee
  portion of such participant's additional member contributions and  shall
  be credited to the employee additional contributions account established
  for  such  participant in the contingent reserve fund of such retirement
  system.
    7. Where a  person  who  was  a  participant  in  the  age  fifty-five
  retirement  program  as  a member of one participating retirement system
  becomes such a participant  as  a  member  of  the  other  participating
  retirement system:
    (i)  the  employer  contribution  portion  of  the  additional  member
  contributions paid by  such  person  to  such  first  retirement  system
  pursuant  to this subdivision (including any interest paid thereon) that
  is attributable to any period  of  credited  service  obtained  in  such
  second  retirement  system by purchase or transfer, which previously was
  credited in such first retirement system, shall (only  for  purposes  of
  this  subdivision, and not for purposes of determining required employer
  contributions to such second retirement system) be deemed to  have  been
  paid  to  such  second  retirement  system  rather  than  to  such first
  retirement system; and
    (ii) the employee portion of the additional member contributions  paid
  by  such  person  to  such  first  retirement  system  pursuant  to this
  subdivision (including any interest paid thereon) which remains credited
  to the employee additional contributions account  established  for  such
  person  in  the  contingent reserve fund of such first retirement system
  that is attributable to any period of credited service obtained in  such
  second  retirement  system by purchase or transfer, which previously was
  credited in such first retirement system, shall (only  for  purposes  of
  this  subdivision, and not for purposes of determining required employer
  contributions to such second retirement system) be deemed to  have  been
  paid  to  such  second  retirement  system  rather  than  to  such first
  retirement system, and shall be  credited  to  the  employee  additional
  contributions account established for such participant in the contingent
  reserve fund of such second retirement system.
    8.  A  person  who  was a participant in the age fifty-five retirement
  program as a member of one participating retirement system, who  becomes
  such  a  participant  as  a member of the other participating retirement
  system and who thereafter transfers his or her membership in such  first
  retirement  system  directly  to such second retirement system as such a
  participant shall be deemed to have the same unpaid balance of a loan of
  the employee portion of  additional  member  contributions  pursuant  to
  paragraph  thirteen  of this subdivision (including accrued interest) as
  he or she had in such first  retirement  system  at  the  time  of  such
  transfer of membership to the second retirement system.
    9.   Where  a  participant  who  is  otherwise  eligible  for  service
  retirement pursuant to subdivision 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

  four  and five of this subdivision, or repay the entire amount of a loan
  of the employee portion of his or her  additional  member  contributions
  pursuant  to  paragraph  thirteen of this subdivision (including accrued
  interest  on  such  loan),  that  participant,  nevertheless,  shall  be
  eligible to retire pursuant to subdivision 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 h of
  section six hundred thirteen-a of this  article)  which  is  actuarially
  equivalent to:
    (i)  the  amount  of  any unpaid contribution deficiency chargeable to
  such member pursuant to paragraphs four and five  of  this  subdivision;
  plus
    (ii)  the  amount  of  any  unpaid  balance  of a loan of the employee
  portion of his  or  her  additional  member  contributions  pursuant  to
  paragraph  thirteen  of  this subdivision (including accrued interest on
  such loan).
    10. Where a participant in the age fifty-five retirement  program  who
  is  otherwise eligible for a vested right to a deferred benefit pursuant
  to subdivision d  of  this  section  did  not,  prior  to  the  date  of
  discontinuance  of  service,  pay  the  entire  amount of a contribution
  deficiency chargeable to him or her pursuant to paragraphs four and five
  of this subdivision, or repay  the  entire  amount  of  a  loan  of  the
  employee  portion of his or her additional member contributions pursuant
  to paragraph thirteen of this subdivision (including accrued interest on
  such loan), that participant, nevertheless,  shall  be  eligible  for  a
  vested  right  to  a  deferred benefit pursuant to subdivision d of this
  section, provided, however, that the deferred vested benefit  calculated
  pursuant  to  the  otherwise applicable provisions of such subdivision d
  shall be reduced by a life annuity (calculated in  accordance  with  the
  method  set  forth in subdivision h of section six hundred thirteen-a of
  this article) which is actuarially equivalent to:
    (i) the amount of any unpaid  contribution  deficiency  chargeable  to
  such  member  pursuant  to paragraphs four and five of this subdivision;
  plus
    (ii) the amount of any unpaid  balance  of  a  loan  of  the  employee
  portion  of  his  or  her  additional  member  contributions pursuant to
  paragraph thirteen of this subdivision (including  accrued  interest  on
  such loan).
    11.  The retirement board of TRS 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  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 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  age  fifty-five
  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  age  fifty-five  retirement
  program;
    (B) who retires for service as a member of TRS 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  age
  fifty-five  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  age
  fifty-five  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 age fifty-five 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) 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;
    (B)  no person, while he or she is a participant in the age fifty-five
  retirement program, shall be permitted to withdraw any  such  additional
  member contributions or any interest paid thereon pursuant to any of the
  preceding subparagraphs of this paragraph or otherwise; and
    (C) no person, while he or she is a participant or otherwise, shall at
  any  time  be  permitted  to  withdraw  any of the employer contribution
  portion of his or her additional  member  contributions,  including  any
  interest  paid  thereon  (as  established in accordance with item (A) of
  subparagraph (ii) of paragraph six of this subdivision), pursuant to any
  of the preceding subparagraphs of this paragraph or otherwise.
    13. A participant in the age fifty-five retirement  program  shall  be
  permitted  to  borrow from the employee portion of his or her additional
  member contributions (as established in  accordance  with  item  (B)  of
  subparagraph  (ii)  of  paragraph six of this subdivision, including any
  interest paid thereon) which is  credited  to  the  employee  additional
  contributions account established for such participant in the contingent
  reserve  fund  of  the retirement system of which he or she is a member.
  The  borrowing  from  such  employee  portion   of   additional   member
  contributions  pursuant  to  this  paragraph  shall  be  governed by the
  rights,  privileges,  obligations  and  procedures  set  forth  in   the
  applicable  provisions of section six hundred thirteen-a of this article
  (for TRS members) or section six hundred thirteen-b of this article (for
  BERS members) which govern the borrowing of  member  contributions  made
  pursuant to section six hundred thirteen of this article. The retirement
  board  of  TRS and the retirement board of BERS may, consistent with the
  provisions of this subdivision and the applicable provisions of  section
  six  hundred thirteen-a of this article (for TRS) or section six hundred
  thirteen-b of this  article  (for  BERS)  as  made  applicable  to  this
  subdivision,  promulgate  regulations  governing  the  borrowing of such
  employee portion of additional member contributions, provided,  however,
  that  no person, while he or she is a participant or otherwise, shall at

  any time be permitted to borrow, pursuant to this paragraph or any other
  provision, any of the  employer  contribution  portion  of  his  or  her
  additional member contributions, including any interest paid thereon (as
  established  in  accordance  with  item  (A)  of  subparagraph  (ii)  of
  paragraph six of this subdivision).
    14. Whenever a person has an unpaid balance of a loan of the  employee
  portion  of  his  or  her  additional  member  contributions pursuant to
  paragraph thirteen of this subdivision at the time  he  or  she  becomes
  entitled  to  a  refund of the employee portion of his or her additional
  member contributions pursuant to paragraph twelve of  this  subdivision,
  the  amount  of  such  unpaid  loan balance (including accrued interest)
  shall be deemed to have been returned to such member, and the refund  of
  such  employee portion shall be the net amount of such employee portion,
  together with interest thereon in  accordance  with  the  provisions  of
  paragraph eleven of this subdivision.
    * NB Expires June 30, 2011