§ 445-g. Optional twenty-five year/age fifty improved benefit
retirement program for automotive 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. "Retirement system" shall mean the New York city employees'
retirement system.

2. "Automotive member" shall mean a member of the retirement system
employed by the mayoral and non-mayoral agencies of the city of New York
as a senior automotive service worker, an automotive service worker, an
auto body worker, an auto mechanic, a marine maintenance mechanic, an
oil burner specialist, a supervisor of mechanics (mechanical equipment),
senior stationary engineer, stationary engineer, auto mechanic (diesel),
auto electrician, auto machinist, machinist or machinist helper.

3. "Twenty-five year/age fifty improved benefit retirement program"
shall mean all the terms and conditions of this section.

4. "Starting date of the twenty-five year/age fifty improved benefit
retirement program" shall mean, with respect to supervisors of mechanics
(mechanical equipment), the effective date of an act amending chapter
five hundred sixty of the laws of two thousand one, as such date is
certified pursuant to section forty-one of the legislative law, and
shall mean December twelfth, two thousand one with respect to all other
automotive members.

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

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

7. "Accumulated deductions" shall mean accumulated deductions as
defined in subdivision eleven of section 13-101 of the administrative
code.

8. "Optional retirement provisions" shall mean the right to retire and
receive a retirement allowance under this section upon (i) the
attainment of age fifty and (ii) the completion of twenty-five years of
credited service.

b. Election of twenty-five year/age fifty improved benefit retirement
program. 1. Subject to the provisions of paragraphs five and six of this
subdivision, any person who is an automotive member on the starting date
of the twenty-five year/age fifty improved benefit retirement program
may elect to become a participant in the twenty-five year/age fifty
improved benefit retirement program by filing, within two hundred
seventy days after such starting date, a duly executed application for
such participation with the retirement system, provided he or she is
such an automotive member on the date such application is filed.

2. Subject to the provisions of paragraphs five and six of this
subdivision, any person who becomes an automotive member after the
starting date of the twenty-five year/age fifty improved benefit
retirement program may elect to become a participant in the twenty-five
year/age fifty improved benefit retirement program by filing, within two
hundred seventy days after becoming such an automotive member, a duly
executed application for such participation with the retirement system,
provided he or she is such an automotive member on the date such
application is filed.

3. Any election to be a participant in the twenty-five year/age fifty
improved benefit retirement program shall be irrevocable.

4. Where any participant in the twenty-five/age fifty improved benefit
retirement program shall cease to hold a position as an automotive
member, he or she shall cease to be such a participant and during any
period in which such a person does not hold such an automotive position,
he or she shall not be a participant in the twenty-five year/age fifty
improved benefit retirement program and shall not be eligible for the
benefits of subdivision c of this section.

5. Where any participant in the twenty-five year/age fifty improved
benefit retirement program terminates service as an automotive member
and returns to such service as an automotive member at a later date, he
or she shall again become such a participant on that date.

6. Notwithstanding any other provision of law to the contrary, any
person who is eligible to become a participant in the twenty-five
year/age fifty improved benefit retirement program pursuant to paragraph
one or two of this subdivision for the full two hundred seventy day
period provided for in such applicable paragraph and who fails to timely
file a duly executed application for such participation with the
retirement system, shall not thereafter be eligible to become a
participant in such program.

c. Service retirement benefits. Notwithstanding any other provision of
law to the contrary, where a participant in the twenty-five year/age
fifty improved benefit retirement program, who is otherwise qualified
for a retirement allowance pursuant to the optional retirement
provisions set forth in subdivision a of this section, has made and/or
paid while he or she is an automotive member, all additional member
contributions and interest (if any) required by subdivision d of this
section, then:

1. that participant while he or she remains a participant, shall not
be subject to the provisions of subdivision a of section four hundred
forty-five of this article; and

2. if that participant while such a participant, retires from service,
he or she shall not be subject to the provisions of section four hundred
forty-four of this article; and

3. his or her retirement allowance shall be an amount, on account of
the required minimum period of service, equal to the sum of (i) an
annuity which shall be the actuarial equivalent of the accumulated
deductions from his or her pay during such period, (ii) a pension for
increased-take-home-pay which shall be the actuarial equivalent of the
reserve for increased-take-home-pay to which he or she may be entitled
for such period, and (iii) a pension which, when added to such annuity
and such pension for increased-take-home-pay, produces a retirement
allowance equal to fifty percent of his or her final average salary,
plus an amount for each additional year of allowable service, or
fraction thereof, beyond such required minimum period of service equal
to two percent of his or her final average salary; and

4. the maximum retirement benefit computed without optional
modification payable to that participant upon his or her retirement for
service as such a participant shall equal that payable upon completion
of thirty years of service.

d. Additional member contributions. 1. In addition to the member
contributions required pursuant to section 13-125 or 13-162 of the
administrative code, each participant in the twenty-five year/age fifty
improved benefit retirement program shall contribute, subject to the
applicable provisions of section 13-125.2 of the administrative code, an
additional four and eighty-three one-hundredths percent of his or her
compensation earned from (i) all credited service, as a participant in
the twenty-five year/age fifty improved benefit retirement program,
rendered on and after the date which is one hundred eighty days prior to
the starting date of the improved benefit retirement program, and (ii)
all credited service after such person ceases to be a participant, but
before he or she again becomes a participant pursuant to paragraph five
of subdivision b of this section. A participant in the twenty-five
year/age fifty improved benefit retirement program shall contribute
additional member contributions until the later of (i) the date as of
which he or she is eligible to retire with twenty-five years of credited
service under such retirement program, or (ii) the first anniversary of
the starting date of the twenty-five year/age fifty improved benefit
retirement program. The additional contributions required by this
paragraph shall be in lieu of additional member contributions required
by subdivision d of section four hundred forty-five-d of this article,
as added by chapter ninety-six of the laws of nineteen hundred
ninety-five, and no member paying additional contributions pursuant to
this section shall be required to pay additional contributions pursuant
to such subdivision d of section four hundred forty-five-d of this
article.

2. Commencing with the first full payroll period after each person
becomes a participant in the twenty-five year/age fifty improved benefit
retirement program, additional member contributions at the rate
specified in paragraph one of this subdivision shall be deducted,
subject to the applicable provisions of section 13-125.2 of the
administrative code, 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.

3. (i) Subject to the provisions of subparagraph (ii) of this
paragraph, where any additional member contributions required by
paragraph one of this subdivision are not paid by deductions from a
participant's compensation pursuant to paragraph two of this
subdivision.

(A) that participant shall be charged with a contribution deficiency
consisting of such unpaid amounts, together with interest thereon,
compounded annually; and

(B) such interest on each amount of undeducted contributions 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 deductions had been
required for such payroll period until such amount is paid to the
retirement system; and

(C) Interest on each such amount included in such participant's
contribution deficiency pursuant to this subparagraph (i) shall be
calculated as if such 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 additional member
contributions is attributable, compounded annually, until such amount is
paid to the retirement system.

(ii) 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 provided in subparagraph (iv) of this paragraph, no
interest shall be due on any unpaid additional contributions which are
not attributable to the period prior to the first full payroll period
referred to in paragraph two of this subdivision.

(iv) Should any person who, pursuant to paragraph seven of this
subdivision, has withdrawn any additional member contributions (and any
interest paid thereon) again become a participant in the twenty-five
year/age fifty 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 service with respect to which such person
received a refund of additional member contributions (including any
amount of an unpaid loan balance deemed to have been returned to such
person pursuant to paragraph seven of this subdivision), as if such
additional member contributions never had been paid.

4. The board of trustees of the retirement system may, consistent with
the provisions of this subdivision, promulgate regulations for the
payment of the additional member contributions required by this
subdivision, and any interest thereon, by a participant in the
twenty-five year/age fifty improved benefit retirement program
(including the deduction of such contributions, and any interest
thereon, from his or her compensation).

5. 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 paragraph three of this
subdivision, or repay the entire amount of a loan of his or her
additional member contributions pursuant to paragraph eight 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 additional member contributions pursuant to
paragraph seven of this subdivision, such participant's service
retirement benefit calculated pursuant to the applicable provisions of
subdivision c of this section 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 paragraph three of this subdivision; plus

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

6. Subject to the provisions of paragraph five of this subdivision,
where a participant has not paid in full any contribution deficiency
chargeable to him or her pursuant to paragraph three of this subdivision
and a benefit, other than a refund of a member's accumulated deductions
or a refund of additional member contributions pursuant to paragraph
seven of this subdivision, becomes payable by the retirement system to
the participant or to his or her designated beneficiary or estate, the
actuarial equivalent of any such unpaid amount shall be deducted from
the benefit otherwise payable.

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

(ii) Should a participant in the twenty-five year/age fifty improved
benefit retirement program, who has rendered less than five years of
credited service cease to hold a position as an automotive member for
any reason whatsoever, his or her accumulated additional member
contributions made pursuant to this subdivision (together with any
interest thereon paid to the retirement system) which remain credited to
such participant's account may be withdrawn by him or her pursuant to
procedures promulgated in regulations of the board of trustees of the
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.

(iii) Notwithstanding any other provision of law to the contrary, (A)
no person shall be permitted to withdraw from the retirement system any
additional member contributions paid pursuant to this subdivision or any
interest paid thereon, except pursuant to and in accordance with the
preceding subparagraphs of this paragraph; and (B) no person, while he
or she is a participant in the twenty-five year/age fifty 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.

8. A participant in the twenty-five year/age fifty improved benefit
retirement program shall be permitted to borrow from his or her
additional member contributions including any interest paid thereon,
which are credited to the additional contributions account established
for such participant in the contingent reserve fund of the retirement
system. The borrowing from such 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 the
retirement system 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 additional member contributions.

9. Wherever a person has an unpaid balance of a loan of his or her
additional member contributions pursuant to paragraph eight of this
subdivision at the time he or she becomes entitled to a refund of his or
her additional member contributions pursuant to subparagraph (ii) of
paragraph seven 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 additional contributions
shall be the net amount of such contributions, together with interest
thereon in accordance with the provisions of such subparagraph.

10. 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.

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