§ 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.

5-a. Notwithstanding any other provision of this subdivision or any
other provision of law to the contrary, no member who becomes subject to
the provisions of this article on or after the effective date of this
paragraph shall be a participant in the age fifty-five retirement
program.

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; provided, however,
that a twenty-seven-year participant in the age fifty-five retirement
program who becomes subject to the provisions of this article after the
effective date of the chapter of the laws of two thousand nine that
amended this paragraph shall contribute additional member contributions
for all years of credited service as provided in subparagraph (ii) of
paragraph one of this subdivision.

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.