* § 445-d. Optional age fifty-five improved benefit retirement program
for certain New York city members. a. Definitions. The following words
and phrases as used in this section shall have the following meanings
unless a different meaning is plainly required by the context.

1. "NYCERS" shall mean the New York city employees' retirement system.

2. "BERS" shall mean the board of education retirement system of the
city of New York.

3. "Administrative code" shall mean the administrative code of the
city of New York.

4. "BERS rules and regulations" shall mean the rules and regulations
for the government, management and control of BERS adopted pursuant to
section twenty-five hundred seventy-five of the education law.

5. "New York city eligible position" shall mean:

(i) with respect to members of NYCERS, all positions in city-service
(as defined in subdivision three of section 13-101 of the administrative
code), except (a) any position in the uniformed transit police force, as
defined in subdivision thirty-one of section 13-101 of the
administrative code; (b) any position in the New York city transit
authority which is covered by the provisions of section 13-161 of the
administrative code, whether or not the person employed in such position
elected the benefits of such section 13-161; (c) any position in the
housing police service, as defined in subdivision thirty-five of section
13-101 of the administrative code; (d) any position in the uniformed
correction force, as defined in subdivision thirty-nine of section
13-101 of the administrative code; (e) any position in the uniformed
force of the department of sanitation, as defined in subdivision
sixty-two of section 13-101 of the administrative code; (f) the
positions of bridge and tunnel officer, bridge and tunnel sergeant,
bridge and tunnel lieutenant, assistant bridge and tunnel maintainer,
bridge and tunnel maintainer, senior bridge and tunnel maintainer and
laborer with the Triborough bridge and tunnel authority; (g) any
position in the division of housing and community renewal; (h) any
position in the unified court system; (i) any teaching position with the
city university of New York; and (j) any position as an investigator
member; or

(ii) with respect to members of BERS, all positions in education
service (as defined in paragraph fifteen of this subdivision), except
any position as a substitute teacher or any other position represented
by the recognized teacher organization for collective bargaining
purposes.

6. "New York city eligible member" shall mean a member of NYCERS or
BERS who is subject to the provisions of this article and who is
employed in a New York city eligible position.

7. "Age fifty-five improved benefit retirement program" shall mean all
the terms and conditions of this section.

8. "Starting date of the age fifty-five improved benefit retirement
program" shall mean the commencement date of the first payroll period
which begins after January first, nineteen hundred ninety-five.

9. "Enactment date of the age fifty-five improved benefit retirement
program" shall mean the date this section takes effect.

10. "Participant in the age fifty-five improved benefit retirement
program" shall mean any New York city eligible member who, under the
applicable provisions of subdivision b of this section, is entitled to
the rights, benefits and privileges and is subject to the obligations of
the age fifty-five improved benefit retirement program, as applicable to
him or her.

11. "Physically taxing position" shall mean, for a member of NYCERS, a
New York city eligible position which is a physically taxing position as
defined in subdivision fifty-six of section 13-101 of the administrative
code or, for a member of BERS, a New York city eligible position which
is a physically taxing position as defined in subdivision thirty-five of
section two of the BERS rules and regulations.

12. "Participating retirement system" shall mean NYCERS or BERS.

13. "Credited CPP qualifying service" shall mean, for a member of
NYCERS, career pension plan qualifying service, as defined in
subdivision forty-eight of section 13-101 of the administrative code,
which is credited to such member or, for a member of BERS, creditable
career pension plan service, as defined in subdivision thirty-eight of
section two of the BERS rules and regulations, which is credited to such
member.

14. "Active service" shall mean, for a member of NYCERS, city-service
(as defined in subdivision three of section 13-101 of the administrative
code) for which such member is being paid on the payroll or, for a
member of BERS, education service (as defined in paragraph fifteen of
this subdivision) for which such member is being paid on the payroll.

15. "Education service" shall mean service as a paid official or
employee of the board of education of the city of New York or the New
York city school construction authority, and allowable pursuant to the
applicable provisions which govern the service credit of a member of
BERS.

16. "Active or retired employee of the council of the city of New
York" shall mean all duly sworn members of the city council as well as
all salaried employees who comprise the staff of the city council on a
full-time or part-time basis who are either in active service on the
effective date of this paragraph or who are retired from such service.

17. "Retired employee of the council of the city of New York" shall
mean all duly sworn members of the New York city council as well as all
salaried employees who comprise the staff of the city council on a
full-time or part-time basis who are retired from active service.

b. Participation in age fifty-five improved benefit retirement
program. 1. Subject to the provisions of paragraphs five and six of
this subdivision, any person who is a New York city eligible member in
active service on the enactment date of the age fifty-five improved
benefit retirement program may elect to become a participant in the age
fifty-five improved benefit retirement program by filing, within ninety
days after such enactment date, a duly executed application for such
participation with the retirement system of which such person is a
member, provided he or she is a New York city eligible member in active
service on the date such application is filed. Notwithstanding this
provision, a New York city eligible member in active service on the
enactment date of the age fifty-five improved benefit retirement program
who is an active or retired employee of the council of the city of New
York may elect to participate in the age fifty-five improved benefit
retirement program at any time subsequent to the enactment date of such
program.

2. Subject to the provisions of paragraphs five and six of this
subdivision, any person who becomes a New York city eligible member in
active service after the enactment date of the age fifty-five improved
benefit retirement program may elect to become a participant in the age
fifty-five improved benefit retirement program by filing, within ninety
days after becoming a New York city eligible member in active service, a
duly executed application for such participation with the retirement
system of which such person is a member, provided he or she is a New
York city eligible member in active service on the date such application
is filed.

3. (i) Except as provided in subparagraph (ii) of this paragraph, any
election to be a participant in the age fifty-five improved benefit
retirement program shall be irrevocable.

(ii) Notwithstanding any other provision of law to the contrary, any
participant in the age fifty-five improved benefit retirement program
whose age and amount of credited CPP qualifying service (which amount of
credited CPP qualifying service shall, for the limited purposes only of
this subparagraph, include service rendered previous to becoming a
member which is not yet credited, but for which such person is or may
become eligible to obtain CPP qualifying service credit pursuant to
applicable provisions of law) at the time of first becoming such a
participant are such that he or she could not possibly be able to
accumulate a total of at least twenty-five years of credited CPP
qualifying service by the time he or she reaches age sixty-two, assuming
such person were to earn a full year of credited CPP qualifying service
in each and every year until he or she becomes sixty-two years of age
(whether or not such person actually intends to earn such amounts of
credit), may withdraw from the age fifty-five improved benefit
retirement program by filing, within two years after first becoming such
a participant, or within the period beginning November first, nineteen
hundred ninety-seven and ending January thirtieth, nineteen hundred
ninety-eight, a written request to withdraw from such program with the
retirement system of which such person is a member.

4. Where any participant in the age fifty-five improved benefit
retirement program shall cease to hold a New York city eligible
position, he or she shall cease to be such a participant and, during any
period in which such person is not a New York city eligible member, he
or she shall not be a participant in the age fifty-five improved benefit
retirement program.

5. Where any participant in the age fifty-five improved benefit
retirement program terminates service in a New York city eligible
position and returns to service in a New York city eligible position at
a later date and again becomes a New York city eligible member, he or
she shall again become such a participant upon becoming a New York city
eligible member.

6. Notwithstanding any other provision of law to the contrary, any
person who is eligible to elect to become a participant in the age
fifty-five improved benefit retirement program pursuant to paragraph one
or two of this subdivision for the full ninety-day period provided for
in such applicable paragraph, and who fails to timely file a duly
executed application for such participation with the appropriate
retirement system, shall not thereafter be eligible to become a
participant in such program. The provisions of this paragraph shall not
bar participation in such program, however, by a New York city eligible
member in active service on the enactment date of the age fifty-five
improved benefit retirement program who is an active or retired employee
of the council of the city of New York.

c. 1. Non-physically taxing service retirement. Notwithstanding any
other provision of law to the contrary, a participant in the age
fifty-five improved benefit retirement program:

(i) who is otherwise eligible to retire for service with immediate
payability of a retirement allowance pursuant to section 13-162 of the
administrative code or section thirty of the BERS rules and regulations;
and

(ii) who has completed twenty-five or more years of credited CPP
qualifying service; and

(iii) who has attained age fifty-five; and

(iv) who, subject to the provisions of paragraph ten of subdivision d
of this section, has paid, before the effective date of retirement, all
additional member contributions and interest (if any) required by
paragraphs one, four, five and six of subdivision d of this section, or,
for a New York city eligible member in active service on the enactment
date of the age fifty-five improved benefit retirement program who is an
active or retired employee of the council of the city of New York, who
has paid all additional member contributions pursuant to paragraph five
of subdivision d of this section; and

(v) who shall be a participant in the age fifty-five improved benefit
retirement program in active service at the time so specified for his or
her retirement; shall, subject to the provisions of paragraph ten of
subdivision d of this section, be permitted to retire with a minimum
retirement age of fifty-five, and the benefit reduction provisions set
forth in subdivision a of section four hundred forty-two of this article
shall not be applied to the calculation of such participant's retirement
benefit.

For a New York city eligible member in active service on the enactment
date of the age fifty-five improved benefit retirement program who is a
retired employee of the council of the city of New York, however, there
shall be no requirement of active service at the time of filing for
retirement provided that such employee has met the other requirements of
this paragraph.

2. Physically taxing service retirement. A participant in the age
fifty-five improved benefit retirement program:

(i) who is otherwise eligible to retire for service with immediate
payability of a retirement allowance pursuant to section 13-162 of the
administrative code or section thirty of the BERS rules and regulations;
and

(ii) who has completed twenty-five or more years of credited CPP
qualifying service in a physically taxing position (as defined in
paragraph eleven of subdivision a of this section); and

(iii) who has attained age fifty; and

(iv) who, subject to the provisions of paragraph ten of subdivision d
of this section, has paid, before the effective date of retirement, all
additional member contributions and interest (if any) required by
paragraphs one, four, five and six of subdivision d of this section; and

(v) who shall be a participant in the age fifty-five improved benefit
retirement program in active service at the time so specified for his or
her retirement; shall, subject to the provisions of paragraph ten of
subdivision d of this section, be permitted to retire with a minimum
retirement age of fifty, and the benefit reduction provisions set forth
in subdivision a of section four hundred forty-two of this article shall
not be applied to the calculation of such participant's retirement
benefit.

d. Additional member contributions. 1. In addition to the member
contributions required by section 13-125 or 13-162 of the administrative
code or section eight or thirty of the BERS rules and regulations, each
participant in the age fifty-five improved benefit retirement program
shall contribute, subject to the applicable provisions of section
13-125.2 of the administrative code or subdivision nineteen of section
twenty-five hundred seventy-five of the education law, an additional
percentage or additional percentages of his or her compensation to the
retirement system of which he or she is a member in accordance with the
following schedule:

(i) (A) each such participant shall contribute an additional four and
thirty-five one-hundredths percent of his or her compensation earned
from all credited CPP qualifying service (whether or not in a physically
taxing position) rendered on and after the starting date of the age
fifty-five improved benefit retirement program and prior to the
commencement date of the first payroll period which begins after January
first, nineteen hundred ninety-eight (1) while such person is a
participant in such program; and (2) before such person becomes such a
participant pursuant to paragraph one or two of subdivision b of this
section (whether or not rendered in a New York city eligible position);
and (3) after such person ceases to be a participant, but before he or
she again becomes such a participant pursuant to paragraph five of such
subdivision b (whether or not rendered in a New York city eligible
position); and

(B) each such participant shall contribute an additional two and
eighty-five one-hundredths percent of his or her compensation earned
from all credited CPP qualifying service (whether or not in a physically
taxing position) rendered on and after the commencement date of the
first payroll period which begins after January first, nineteen hundred
ninety-eight and prior to the commencement date of the first payroll
period which begins subsequent to the effective date of the chapter of
the laws of two thousand one which amended this item (1) while such
person is a participant in such program; and (2) before such person
becomes such a participant pursuant to paragraph one or two of
subdivision b of this section (whether or not rendered in a New York
city eligible position); and (3) after such person ceases to be a
participant, but before he or she again becomes such a participant
pursuant to paragraph five of such subdivision b (whether or not
rendered in a New York city eligible position); and

(C) each such participant shall contribute an additional one and
eighty-five one-hundredths percent of his or her compensation earned
from all credited CPP qualifying service (whether or not in a physically
taxing position) rendered on and after the commencement date of the
first payroll period which begins subsequent to the effective date of
the chapter of the laws of two thousand one which added this item (1)
while such person is a participant in such program; and (2) before such
person becomes such a participant pursuant to paragraph one or two of
subdivision b of this section (whether or not rendered in a New York
city eligible position); and (3) after such person ceases to be a
participant, but before he or she again becomes such a participant
pursuant to paragraph five of such subdivision b (whether or not
rendered in a New York city eligible position); and

(ii) each such participant who is employed in a physically taxing
position (as defined in paragraph eleven of subdivision a of this
section) shall contribute, in addition to the additional member
contributions required to be made at the percentage of compensation
specified in subparagraph (i) of this paragraph for the credited CPP
qualifying service specified in such subparagraph (i), an additional one
and ninety-eight one-hundredths percent of his or her compensation
earned from that portion of such credited CPP qualifying service which
is rendered in a physically taxing position on and after the starting
date of the age fifty-five improved benefit retirement program (A) while
such person is a participant in such program; and (B) before such person
becomes such a participant pursuant to paragraph one or two of
subdivision b of this section; and (C) after such person ceases to be a
participant, but before he or she again becomes such a participant
pursuant to paragraph five of such subdivision b.

2. A participant in the age fifty-five improved benefit retirement
program shall contribute additional member contributions only until he
or she has twenty-five years of credited CPP qualifying service.

3. (i) Commencing with the first full payroll period after each person
becomes a participant in the age fifty-five improved benefit retirement
program, additional member contributions at the applicable rate or rates
specified in paragraph one of this subdivision for the particular
credited CPP qualifying service being rendered shall be deducted,
subject to the applicable provisions of section 13-125.2 of the
administrative code or subdivision nineteen of section twenty-five
hundred seventy-five of the education law, from the compensation of such
participant on each and every payroll of such participant for each and
every payroll period for which he or she is such a participant.

(ii) (A) Those portions of the additional member contributions
required by paragraph one of this subdivision which are attributable to
credited CPP qualifying service rendered on and after the enactment date
of the age fifty-five improved benefit retirement program, and prior to
the actual commencement of deductions from compensation pursuant to
subparagraph (i) of this paragraph, by a person who becomes a
participant pursuant to paragraph one of subdivision b of this section,
shall be paid by deductions from the compensation of such participant
pursuant to and in accordance with the provisions of item (B) of this
subparagraph.

(B) Commencing with the payroll period in which deductions of
additional member contributions from such participant's compensation are
begun pursuant to subparagraph (i) of this paragraph, in addition to
such deductions required by such subparagraph (i), there shall be
another deduction of additional member contributions made from the
compensation of such participant at one-third the applicable rate or
rates at which deductions are being made pursuant to such subparagraph
(i), subject to the applicable provisions of section 13-125.2 of the
administrative code or subdivision nineteen of section twenty-five
hundred seventy-five of the education law, on each and every payroll
period until the total amount of unpaid additional member contributions
described in item (A) of this subparagraph, if any, has been paid by
deductions from compensation pursuant to this subparagraph, provided,
however, that deductions pursuant to this item (B) shall be made only
during the period while such person is a participant after first
becoming a participant pursuant to paragraph one of subdivision b of
this section and before ceasing to be such a participant.

4. In addition to the member contributions required by section 13-125
or section 13-162 of the administrative code or section eight or thirty
of the BERS rules and regulations, and the additional member
contributions required pursuant to paragraph one of this subdivision,
each participant in the age fifty-five improved benefit retirement
program who was not a member of either NYCERS or BERS on July first,
nineteen hundred ninety-three shall, subject to the provisions of
paragraph two of this subdivision, make retroactive additional member
contributions to the retirement system of which he or she is a member in
accordance with the following schedule:

(i) each such participant shall contribute an additional four and
thirty-five one-hundredths percent of his or her compensation earned
from all credited CPP qualifying service rendered prior to the starting
date of the age fifty-five improved benefit retirement program (whether
or not rendered in a physically taxing position or a New York city
eligible position); and

(ii) each such participant who was employed in a physically taxing
position as defined in paragraph eleven of subdivision a of this section
shall contribute, in addition to the additional member contributions
required to be made at the percentage of compensation specified in
subparagraph (i) of this paragraph for the credited CPP qualifying
service specified in such subparagraph (i), an additional one and
ninety-eight one-hundredths percent of his or her compensation earned
from that portion of such credited CPP qualifying service which was
rendered in a physically taxing position prior to the starting date of
the age fifty-five improved benefit retirement program.

5. (i) Each participant in the age fifty-five improved benefit
retirement program shall be charged with a contribution deficiency
consisting of:

(A) the total amounts of additional member contributions such person
is required to make pursuant to paragraph one of this subdivision which
are not deducted from his or her compensation pursuant to paragraph
three of this subdivision, if any, together with interest thereon,
compounded annually, and computed in accordance with the provisions of
subparagraphs (ii), (iii) and (iv) of this paragraph; and

(B) the total amounts of retroactive additional member contributions
such person is required to make pursuant to paragraph four of this
subdivision, if any, together with interest thereon, compounded
annually, and computed in accordance with the provisions of
subparagraphs (ii), (iii) and (iv) of this paragraph.

(ii) (A) Subject to the provisions of subparagraphs (iii) and (iv) of
this paragraph, the interest required to be paid on each such amount
specified in items (A) and (B) of subparagraph (i) of this paragraph
shall accrue from the end of the payroll period for which such amount
would have been deducted from compensation if he or she had been a
participant at the beginning of that payroll period and such deduction
had been required for such payroll period, until such amount is paid to
the retirement system.

(B) The rate of interest to be applied to each such amount during the
period for which interest accrues on that amount shall be equal to the
rate or rates of interest required by law to be used during that same
period to credit interest on the accumulated deductions of retirement
system members.

(iii) Except as otherwise provided in paragraph six of this
subdivision, no interest shall be due on any unpaid additional member
contributions which are attributable to credited CPP qualifying service
rendered on or after the starting date of the age fifty-five improved
benefit retirement program, but prior to the enactment date of the age
fifty-five improved benefit retirement program by a person who becomes a
participant pursuant to paragraph one of subdivision b of this section.

(iv) Except as otherwise provided in paragraph six of this
subdivision, no interest shall be due on any unpaid additional member
contributions which are not attributable to a period prior to the first
full payroll period referred to in paragraph three of this subdivision.

6. (i) (A) Should any person who, pursuant to paragraph twelve of this
subdivision, has received a refund of the employee portion of his or her
additional member contributions (as established in accordance with item
(B) of subparagraph (ii) of paragraph seven of this subdivision),
including any interest paid on such employee portion, again become a
participant in the age fifty-five improved benefit retirement program
pursuant to paragraph five of subdivision b of this section, an
appropriate amount shall be included in such participant's contribution
deficiency (including interest thereon as calculated pursuant to
subparagraph (ii) of this paragraph) for any credited CPP qualifying
service for which such person received a refund of such employee portion
of additional member contributions (including any amount of an unpaid
loan balance deemed to have been returned to such person pursuant to
paragraph fourteen of this subdivision), as if such employee portion of
additional contributions never had been paid.

(B) Any person who has his or her membership in one participating
retirement system terminated without transferring such membership
directly from such participating retirement system to the other
participating retirement system, who has an unpaid balance of a loan of
the employee portion of his or her additional member contributions
pursuant to paragraph thirteen of this subdivision at the time of the
termination of such membership, who, pursuant to paragraph five of
subdivision b of this section, thereafter again becomes a participant in
the age fifty-five improved benefit retirement program as a member of
either participating retirement system without having received a refund
of the employee portion of his or her additional member contributions
pursuant to paragraph twelve of this subdivision, shall have an
appropriate amount included in such participant's contribution
deficiency (including interest thereon as calculated in subparagraph
(ii) of this paragraph) for any credited CPP qualifying service for
which such person borrowed and did not repay such employee portion of
additional member contributions, as if such employee portion of
additional member contributions never had been paid.

(ii) (A) Interest on the employee portion of a participant's
additional member contributions included in such participant's
contribution deficiency pursuant to subparagraph (i) of this paragraph
shall be calculated as if such employee portion of additional member
contributions never had been paid by such participant, and such interest
shall accrue from the end of the payroll period to which an amount of
such employee portion of additional member contributions is
attributable, compounded annually, until such amount is paid to the
retirement system.

(B) The rate of interest to be applied to each such amount during the
period for which interest accrues on that amount shall be equal to the
rate or rates of interest required by law to be used during that same
period to credit interest on the accumulated deductions of retirement
system members.

7. (i) All additional member contributions required by this
subdivision (and any interest paid thereon) which are received by the
retirement system of which the participant is a member shall be paid
into its contingent reserve fund and shall not for any purpose be deemed
to be member contributions or accumulated deductions of a member under
section 13-125 or 13-162 of the administrative code or section eight or
thirty of the BERS rules and regulations or otherwise while he or she is
a participant in the age fifty-five improved benefit retirement program
or otherwise.

(ii) All additional member contributions required for any period of
credited CPP qualifying service pursuant to paragraph one or four of
this subdivision (and any interest paid thereon pursuant to paragraph
five of this subdivision) which, pursuant to subparagraph (i) of this
paragraph, are paid by a participant, subject to the applicable
provisions of section 13-125.2 of the administrative code or subdivision
nineteen of section twenty-five hundred seventy-five of the education
law, into the contingent reserve fund of the retirement system of which
such participant is a member (other than repayments of loans of
additional member contributions pursuant to paragraph thirteen of this
subdivision or amounts paid in satisfaction of a contribution deficiency
calculated in accordance with paragraph six of this subdivision) shall
be divided in the following manner:

(A) one-half of such additional member contributions (and any such
interest paid thereon) shall be the employer contribution portion of
such additional member contributions; and

(B) one-half of such additional member contributions (and any such
interest paid thereon) shall be the employee portion of such additional
member contributions, and shall be credited to the employee additional
contributions account which shall be established for such participant
within the contingent reserve fund of such retirement system.

(iii) No person, while he or she is a participant or otherwise, shall
at any time be permitted (A) to borrow, pursuant to paragraph thirteen
of this subdivision or any other provision, any of the employer
contribution portion of his or her additional member contributions (as
established in accordance with item (A) of subparagraph (ii) of this
paragraph, including any interest paid thereon) which has been paid into
the contingent reserve fund of the retirement system; or (B) to receive
a refund of any of such employer contribution portion pursuant to
paragraph twelve of this subdivision or any other provision.

(iv) None of the employer contribution portion of a participant's
additional member contributions (including any interest paid thereon)
shall for any purpose (A) be deemed to be part of the employee portion
of additional member contributions paid by a participant; or (B) be
credited to the employee additional contributions account established
for such participant in the contingent reserve fund of the retirement
system.

(v) All repayments of loans of the employee portion of additional
member contributions pursuant to paragraph thirteen of this subdivision
and all payments of the employee portion of additional member
contributions in satisfaction of a contribution deficiency calculated in
accordance with paragraph six of this subdivision which are paid by a
participant to the contingent reserve fund of a participating retirement
system (and any interest paid thereon) shall be part of the employee
portion of such participant's additional member contributions and shall
be credited to the employee additional contributions account established
for such participant in the contingent reserve fund of such retirement
system.

8. Where a person who was a participant in the age fifty-five improved
benefit retirement program as a member of one participating retirement
system becomes such a participant as a member of the other participating
retirement system:

(i) the employer contribution portion of the additional member
contributions paid by such person to such first retirement system
pursuant to this subdivision (including any interest paid thereon) that
is attributable to any period of credited CPP qualifying service
obtained in such second retirement system by purchase or transfer, which
previously was credited in such first retirement system, shall (only for
purposes of this subdivision, and not for purposes of determining
required employer contributions to such second retirement system) be
deemed to have been paid to such second retirement system rather than to
such first retirement system; and

(ii) the employee portion of the additional member contributions paid
by such person to such first retirement system pursuant to this
subdivision (including any interest paid thereon) which remains credited
to the employee additional contributions account established for such
person in the contingent reserve fund of such first retirement system
that is attributable to any period of credited CPP qualifying service
obtained in such second retirement system by purchase or transfer, which
previously was credited in such first retirement system, shall (only for
purposes of this subdivision, and not for purposes of determining
required employer contributions to such second retirement system) be
deemed to have been paid to such second retirement system rather than to
such first retirement system, and shall be credited to the employee
additional contributions account established for such participant in the
contingent reserve fund of such second retirement system.

9. A person who was a participant in the age fifty-five improved
benefit retirement program as a member of one participating retirement
system, who becomes such a participant as a member of the other
participating retirement system and who thereafter transfers his or her
membership in such first retirement system directly to such second
retirement system as such a participant shall be deemed to have the same
unpaid balance of a loan of the employee portion of additional member
contributions pursuant to paragraph thirteen of this subdivision
(including accrued interest) as he or she had in such first retirement
system at the time of such transfer of membership to the second
retirement system.

10. Where a participant who is otherwise eligible for service
retirement pursuant to subdivision c of this section did not, prior to
the effective date of retirement, pay the entire amount of a
contribution deficiency chargeable to him or her pursuant to paragraphs
five and six of this subdivision, or repay the entire amount of a loan
of the employee portion of his or her additional member contributions
pursuant to paragraph thirteen of this subdivision (including accrued
interest on such loan), that participant, nevertheless, shall be
eligible to retire pursuant to subdivision c of this section, provided,
however, that where such participant is not entitled to a refund of the
employee portion of additional member contributions pursuant to
subparagraph (iii) of paragraph twelve of this subdivision, such
participant's service retirement benefit calculated pursuant to the
applicable provisions of section 13-162 of the administrative code or
section thirty of the BERS rules and regulations shall be reduced by a
life annuity (calculated in accordance with the method set forth in
subdivision i of section six hundred thirteen-b of this chapter) which
is actuarially equivalent to:

(i) the amount of any unpaid contribution deficiency chargeable to
such member pursuant to paragraphs five and six of this subdivision;
plus

(ii) the amount of any unpaid balance of a loan of the employee
portion of his or her additional member contributions pursuant to
paragraph thirteen of this subdivision (including accrued interest on
such loan).

11. The board of trustees of NYCERS and the retirement board of BERS
may, consistent with the provisions of this subdivision, promulgate
regulations for the payment of additional member contributions required
by this subdivision, and any interest thereon, by participants in the
age fifty-five improved benefit retirement program (including the
deduction of such contributions, and any interest thereon, from the
participants' compensation).

12. (i) Subject to the provisions of paragraph fourteen of this
subdivision, a participant in the age fifty-five improved benefit
retirement program who retires for disability pursuant to section 13-167
or 13-168 of the administrative code or section fifteen or seventeen of
the BERS rules and regulations shall be entitled, upon such retirement,
to a refund of the employee portion of his or her additional member
contributions paid pursuant to this subdivision (including any interest
on such employee portion paid to the retirement system) which remains
credited to the employee additional contributions account established
for such person in the contingent reserve fund of the retirement system
of which he or she is a member at the time of such retirement for
disability, together with interest thereon at the rate of interest
required by law to be used to credit interest on the accumulated
deductions of retirement system members, compounded annually.

(ii) Subject to the provisions of paragraph fourteen of this
subdivision, upon the death of a participant in the age fifty-five
improved benefit retirement program, there shall be paid to such person
as he or she has nominated or shall nominate to receive his or her
accumulated deductions by written designation duly executed and filed
with the retirement system during the lifetime of such participant, or,
to his or her estate if no such person is nominated, the employee
portion of his or her additional member contributions paid pursuant to
this subdivision (including any interest on such employee portion paid
to the retirement system) which remains credited to the employee
additional contributions account established for such person in the
contingent reserve fund of the retirement system of which he or she is a
member at the time of his or her death, together with interest thereon
at the rate of interest required by law to be used to credit interest on
the accumulated deductions of retirement system members, compounded
annually.

(iii) Subject to the provisions of paragraph fourteen of this
subdivision, a person (A) who is or was a participant in the age
fifty-five improved benefit retirement program; (B) who retires for
service as a member of NYCERS or BERS pursuant to the applicable service
retirement provisions of the administrative code or the BERS rules and
regulations; (C) who is in active service on the effective date of
retirement; (D) who is at least sixty-two years of age on the effective
date of retirement; and (E) who was in active service for a total of at
least six months out of each of the two twelve-month periods immediately
preceding his or her retirement for service, shall, upon such retirement
for service, be entitled to a refund of the employee portion of his or
her additional member contributions paid pursuant to this subdivision
(including any interest on such employee portion paid to the retirement
system) which remains credited to the employee additional contributions
account established for such person in the contingent reserve fund of
the retirement system of which he or she is a member at the time of such
retirement for service, together with interest thereon at the rate of
interest required by law to be used to credit interest on the
accumulated deductions of retirement system members, compounded
annually.

(iv) Subject to the provisions of paragraph fourteen of this
subdivision, a person who ceases to be a participant in the age
fifty-five improved benefit retirement program as a member of a
participating retirement system because he or she ceases to hold a New
York city eligible position, who thereafter is employed in another
position in public employment which is not a New York city eligible
position, but which entitles such person to membership in another public
retirement system which is maintained in whole or in part by the city or
state of New York, and who thereafter transfers his or her membership in
such participating retirement system directly to such second public
retirement system, shall be permitted to withdraw the employee portion
of his or her additional member contributions paid pursuant to this
subdivision (including any interest on such employee portion paid to the
retirement system) which remains credited to the employee additional
contributions account established for such person in the contingent
reserve fund of such participating retirement system, together with
interest thereon at the rate of interest required by law to be used to
credit interest on the accumulated deductions of retirement system
members, compounded annually.

(v) Subject to the provisions of paragraph fourteen of this
subdivision, any person who withdraws as a participant in the age
fifty-five improved benefit retirement program by filing a valid request
for such withdrawal pursuant to subparagraph (ii) of paragraph three of
subdivision b of this section shall, upon such withdrawal, be entitled
to a refund of the employee portion of his or her additional member
contributions paid pursuant to this subdivision (including any interest
on such employee portion paid to the retirement system) which remains
credited to the employee additional contributions account established
for such person in the contingent reserve fund of the retirement system
of which he or she is a member at the time of such withdrawal as a
participant, together with interest thereon at the rate of interest
required by law to be used to credit interest on the accumulated
deductions of retirement system members, compounded annually.

(vi) Subject to the provisions of paragraph fourteen of this
subdivision, a participant in the age fifty-five improved benefit
retirement program who has been terminated from employment in a New York
city eligible position for economic reasons by his or her public
employer shall be entitled, upon such termination, to withdraw the
employee portion of his or her additional member contributions paid
pursuant to this subdivision (including any interest on such employee
portion paid to the retirement system) which remains credited to the
employee additional contributions account established for such person in
the contingent reserve fund of the retirement system of which he or she
is a member at the time of such termination from employment, together
with interest thereon at the rate of interest required by law to be used
to credit interest on the accumulated deductions of retirement system
members, compounded annually.

(vii) Subject to the provisions of paragraph fourteen of this
subdivision, a participant in the age fifty-five improved benefit
retirement program (A) who retires for service pursuant to paragraph two
of subdivision c of this section; (B) who is in active service as a
participant in such program on the effective date of retirement; (C)
who, on the effective date of retirement, is at least fifty-five years
of age, but less than sixty-two years of age; and (D) who was in active
service as a participant in such program for a total of at least six
months out of each of the two twelve-month periods immediately preceding
his or her retirement for service, shall, upon such retirement for
service, be entitled to a refund of only that part of the employee
portion of his or her additional member contributions paid pursuant to
subparagraph (ii) of paragraph one of this subdivision and subparagraph
(ii) of paragraph four of this subdivision (including any interest on
such part of such employee portion paid to the retirement system) which
remains credited to the employee additional contributions account
established for such person in the contingent reserve fund of the
retirement system of which he or she is a member at the time of such
retirement for service, together with interest thereon at the rate of
interest required by law to be used to credit interest on the
accumulated deductions of retirement system members, compounded
annually, and shall not be entitled to a refund of any part of the
employee portion of his or her additional member contributions paid
pursuant to subparagraph (i) of paragraph one of this subdivision or
subparagraph (i) of paragraph four of this subdivision (or any interest
paid on such part of such employee portion of his or her additional
member contributions), or any part of the employer contribution portion
of his or her additional member contributions (as established in
accordance with item (A) of subparagraph (ii) of paragraph seven of this
subdivision) paid pursuant to subparagraph (i) or (ii) of paragraph one
of this subdivision or subparagraph (i) or (ii) of paragraph four of
this subdivision (or any interest paid on such employer contribution
portion of his or her additional member contributions).

(viii) Notwithstanding any other provision of law to the contrary, (A)
no person shall be permitted to withdraw from the retirement system any
additional member contributions paid pursuant to this subdivision or any
interest paid thereon, except pursuant to and in accordance with the
preceding subparagraphs of this paragraph; and (B) no person, while he
or she is a participant in the age fifty-five improved benefit
retirement program, shall be permitted to withdraw any such additional
member contributions or any interest paid thereon pursuant to any of the
preceding subparagraphs of this paragraph or otherwise; and (C) no
person, while he or she is a participant or otherwise, shall at any time
be permitted to withdraw any of the employer contribution portion of his
or her additional member contributions, including any interest paid
thereon (as established in accordance with item (A) of subparagraph (ii)
of paragraph seven of this subdivision), pursuant to any of the
preceding subparagraphs of this paragraph or otherwise.

13. A participant in the age fifty-five improved benefit retirement
program shall be permitted to borrow from the employee portion of his or
her additional member contributions (as established in accordance with
item (B) of subparagraph (ii) of paragraph seven of this subdivision,
including any interest paid thereon) which is credited to the employee
additional contributions account established for such participant in the
contingent reserve fund of the retirement system of which he or she is a
member. The borrowing from such employee portion of additional member
contributions pursuant to this paragraph shall be governed by the same
rights, privileges, obligations and procedures set forth in section six
hundred thirteen-b of this chapter which govern the borrowing by members
subject to article fifteen of this chapter of member contributions made
pursuant to section six hundred thirteen of this chapter. The board of
trustees of NYCERS and the retirement board of BERS may, consistent with
the provisions of this subdivision and the provisions of section six
hundred thirteen-b of this chapter as made applicable to this
subdivision, promulgate regulations governing the borrowing of such
employee portion of additional member contributions, provided, however,
that no person, while he or she is a participant or otherwise, shall at
any time be permitted to borrow, pursuant to this paragraph or any other
provision, any of the employer contribution portion of his or her
additional member contributions, including any interest paid thereon (as
established in accordance with item (A) of subparagraph (ii) of
paragraph seven of this subdivision).

14. Whenever a person has an unpaid balance of a loan of the employee
portion of his or her additional member contributions pursuant to
paragraph thirteen of this subdivision at the time he or she becomes
entitled to a refund of the employee portion of his or her additional
member contributions pursuant to paragraph twelve of this subdivision,
the amount of such unpaid loan balance (including accrued interest)
shall be deemed to have been returned to such member, and the refund of
such employee portion shall be the net amount of such employee portion,
together with interest thereon in accordance with the provisions of
paragraph twelve of this subdivision.

15. Notwithstanding any other provision of law to the contrary, the
provisions of section one hundred thirty-eight-b of this chapter shall
not be applicable to the additional member contributions which are
required by this subdivision.

16. Notwithstanding any other provision of law to the contrary, the
additional member contributions which are required by this subdivision
shall not be reduced under any program for increased-take-home-pay.

17. The provisions of subdivision b of section four hundred forty of
this article shall apply to participants under this section.

* NB There are 2 § 445-d's