State Codes and Statutes

Statutes > New-york > Rss > Article-15 > 604-b

§  604-b.  Twenty-five-year  and age fifty-five retirement program for  New York city transit authority members. a. Definitions.  The  following  words  or  phrases  as  used  in  this  section shall have the following  meanings unless a different meaning is plainly required by the context:    1. "New York city transit authority member" shall mean  a  member  (as  defined in subdivision e of section six hundred one of this article) who  (a) is an employee of the New York city transit authority, and (b) would  have   been   subject  to  the  provisions  of  section  13-161  of  the  administrative code of the city of New York had he joined the  New  York  city  employees'  retirement system prior to July twenty-seven, nineteen  hundred seventy-six.    2. "Twenty-five-year and age fifty-five retirement program" shall mean  all the terms and conditions of this section.    3.  "Starting  date  of  the  twenty-five-year  and   age   fifty-five  retirement  program"  shall  mean  the  commencement date of the payroll  period which includes September first, nineteen hundred ninety-four.    4.  "Enactment  date  of  the  twenty-five-year  and  age   fifty-five  retirement  program"  shall mean the date of enactment of the chapter of  the laws of nineteen hundred ninety-four which added  this  section,  as  such  date is certified pursuant to section forty-one of the legislative  law.    5. "Participant in the twenty-five-year and age fifty-five  retirement  program"  shall  mean  any  New  York city transit authority 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  and  age  fifty-five  retirement  program, as applicable to him or her.    6.  "Allowable  service  in the transit authority" shall mean credited  service which was rendered as a member of  the  New  York  city  transit  authority.    7. "Minimum period" shall mean the minimum period of twenty-five years  of  allowable service in the transit authority that is required in order  for a participant in the twenty-five-year and age fifty-five  retirement  program  to  be  eligible  for  early  service  retirement  pursuant  to  paragraph one of subdivision c of this section.    8. "Final average salary" shall mean  a  participant's  final  average  salary as defined in section six hundred eight of this article.    9.   "Discontinued   member"   shall   mean   a   participant  in  the  twenty-five-year and age fifty-five retirement program who, while he  or  she  was  a New York city transit authority member, discontinued service  in the New York city transit authority and has a  right  to  a  deferred  vested benefit under subdivision d of this section.    10.  "Administrative  code"  shall mean the administrative code of the  city of New York.    b. Participation in twenty-five-year  and  age  fifty-five  retirement  program.    1. Subject to the provisions of paragraph six of this subdivision, any  person  who is a New York city transit authority member on the enactment  date of the twenty-five-year and age fifty-five retirement  program  and  who,  as  such  a  transit  authority  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 twenty-five-year and age  fifty-five retirement program by filing, within  forty-five  days  after  the enactment date of the twenty-five-year and 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  such  a  transit  authority  member  on the date such application is  filed.2. Subject to the provisions of paragraph six of this subdivision, any  person who becomes a New York city transit authority  member  after  the  enactment  date  of  the  twenty-five-year and age fifty-five retirement  program and who, as such a transit authority member, last became subject  to  the  provisions  of  this  article prior to such enactment date, may  elect to become a participant in the twenty-five-year and age fifty-five  retirement program by filing, within forty-five days after becoming such  transit  authority  member,  a  duly  executed  application   for   such  participation  with  the  retirement  system  of  which such person is a  member, provided he or she is such a transit  authority  member  on  the  date such application is filed.    3.  (i)  Any  election to be a participant in the twenty-five-year and  age fifty-five  retirement  program  shall  be  irrevocable,  except  as  provided in subparagraph (ii) of this paragraph.    (ii)  Notwithstanding  the  provisions  of  subparagraph  (i)  of this  paragraph, any New York city transit authority  member  who  elected  to  become   a  participant  in  the  twenty-five-year  and  age  fifty-five  retirement program pursuant  to  the  provisions  of  paragraph  one  or  paragraph  two  of this subdivision, and whose age and allowable service  in the transit authority are such that he could not possibly be able  to  accumulate  at  least  twenty-five  years of such service by the time he  reaches age sixty-two, may revoke such election  by  filing  within  the  period beginning November first, nineteen hundred ninety-nine and ending  January thirtieth, two thousand, a written request to withdraw from such  program  with  the  retirement  system  of which he is member. Upon such  revocation the additional member contributions required by subdivision e  of this section, without interest, shall be refunded to such member.    4. Each New York city transit authority member who becomes subject  to  the  provisions  of  this  article on or after the enactment date of the  twenty-five-year and age fifty-five retirement program  shall  become  a  participant  in  the  twenty-five-year  and  age  fifty-five  retirement  program on the date he or she becomes such a transit authority member.    4-a. (i) Notwithstanding any provision of paragraphs one  and  two  of  this  subdivision  to  the  contrary, each person who is a New York city  transit authority member on the starting  date  of  the  elimination  of  additional  member  contributions as such date is defined in an election  made pursuant to paragraph ten of subdivision e of this section and  who  is  not  on  that  date  a  participant  in the twenty-five-year and age  fifty-five  retirement  program  shall  become  a  participant  in   the  twenty-five-year  and age fifty-five retirement program on such starting  date; provided, however, that any such person who, immediately preceding  such starting date, was a participant in the age fifty-seven  retirement  program  set  forth  in  section  six hundred four-d of this article may  elect to remain a participant in the age fifty-seven retirement program,  instead of becoming  a  participant  in  the  twenty-five-year  and  age  fifty-five  retirement  program,  by  filing  a written election to that  effect with the retirement system of which such person is a member.    (ii)  Notwithstanding  any  provision  of  paragraph   two   of   this  subdivision  to  the  contrary,  any  person who becomes a New York city  transit authority member after the starting date of the  elimination  of  additional  member  contributions, whether such person became subject to  the provisions of this article prior to or subsequent to  the  enactment  date  of  the  twenty-five-year  and  age fifty-five retirement program,  shall become a participant in the twenty-five-year  and  age  fifty-five  retirement  program,  on  the  date  he  or  she  becomes such a transit  authority member.    5. Where any participant in the twenty-five-year  and  age  fifty-five  retirement  program  shall  cease  to hold a position as a New York citytransit authority member, he or she shall cease to be such a participant  and, during any period in which such person does not hold such a transit  authority position, he  or  she  shall  not  be  a  participant  in  the  twenty-five-year  and age fifty-five retirement program and shall not be  eligible for the benefits of subdivision c of this section.    6. Where any participant in the twenty-five-year  and  age  fifty-five  retirement  program  terminates  service  as  a  New  York  city transit  authority member and returns to such service as a New York city  transit  authority  member  at  a later date, he or she shall again become such a  participant on that date.    7. Where any participant in the twenty-five-year  and  age  fifty-five  retirement  program  terminates  service  as  a  New  York  city transit  authority member due to having been promoted to a position that does not  entail eligibility for such such  program,  the  accumulated  additional  member  contributions  made pursuant to subdivision e of this section by  such participant  (together  with  any  interest  thereon  paid  to  the  retirement system) 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 five  percent  per  annum, compounded annually.    c.   Service   retirement   benefits.   1.   A   participant   in  the  twenty-five-year and age fifty-five retirement program:    (i) who has completed twenty-five or more years of  allowable  service  in the transit authority; and    (ii) who has attained age fifty-five; and    (iii)  who  has  paid,  before  the  effective date of retirement, all  additional member  contributions  and  interest,  if  any,  required  by  subdivision e of this section; and    (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  twenty-five-year and age  fifty-five retirement program at the time so specified for  his  or  her  retirement;  shall  be  retired  pursuant to the provisions of this section affording  early service retirement.    2. Notwithstanding any other provision of law  to  the  contrary,  the  early    service    retirement   benefit   for   participants   in   the  twenty-five-year  and  age  fifty-five  retirement  program  who  retire  pursuant  to  paragraph  one  of  this  subdivision  shall  be a pension  consisting of:    (i)  an  amount,  on  account  of  the  required  minimum  period   of  twenty-five  years of allowable service, equal to one-half of his or her  final average salary; plus    (ii) an amount for each  additional  year  of  allowable  service,  or  fraction  thereof,  beyond  such  required minimum period of twenty-five  years of allowable service, equal to two percent of  his  or  her  final  average salary, to a maximum of thirty years of allowable service; plus    (iii)  an  amount  for  each  additional year of allowable service, or  fraction thereof, in excess of thirty years of allowable service,  equal  to one and one-half percent of his or her final average salary.    d.   Vesting.  1.  A  participant  in  the  twenty-five-year  and  age  fifty-five retirement program who:    (i) discontinues city-service and service as a member of the New  York  city transit authority other than by death or retirement; and    (ii)  prior  to  such  discontinuance,  completed  five  but less than  twenty-five years of allowable service in the transit authority; and(iii) has paid, prior to such discontinuance,  all  additional  member  contributions  and  interest,  if any, required by subdivision e of this  section; and    (iv)  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 of this article;  shall be entitled to receive a deferred vested benefit  as  provided  in  section six hundred twelve of this article.    2. A participant in the twenty-five year and age fifty-five retirement  program who:    (i)  discontinues  city service and service as a New York city transit  authority member other  than  by  death  or  retirement  with  immediate  payability; and    (ii)  prior  to  such  discontinuance  completed  twenty-five years of  allowable service in the transit authority; and    (iii) has not yet attained age fifty-five; and    (iv) has paid, prior to such  discontinuance,  all  additional  member  contributions  with  interest (if any) required by subdivision e of this  section; and    (v) 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 of this article; shall be entitled to  receive a deferred vested benefit as provided in this subdivision.    3. (i) Upon such discontinuance under the conditions and in compliance  with the provisions of paragraph two of this subdivision, such  deferred  vested benefit shall vest automatically.    (ii)  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.    4.  Such  deferred  vested benefit shall be determined pursuant to the  provisions of paragraph two 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 twenty-five-year and age  fifty-five  retirement  program  shall contribute to the retirement system of which he or she is  a member (subject to the applicable provisions of  section  13-125.1  of  the administrative code) an additional two and thirty-hundredths percent  of  his  or  her  compensation  earned from all allowable service in the  transit authority rendered  on  and  after  the  starting  date  of  the  twenty-five-year and age fifty-five retirement program. A participant in  the   twenty-five-year  and  age  fifty-five  retirement  program  shall  contribute additional member contributions only  until  he  or  she  has  thirty years of allowable service in the transit authority. In the event  that  the New York city transit authority elects to eliminate additional  member contributions pursuant to paragraph ten of  this  subdivision,  a  participant  in  the  twenty-five-year  and  age  fifty-five  retirement  program  who  becomes  a  participant  pursuant  to  the  provisions  of  paragraph  four-a of subdivision b of this section shall not be required  to  make  any  additional  member   contributions   pursuant   to   this  subdivision.    2. (i) Commencing with the payroll period which begins on the starting  date  of the twenty-five-year and age fifty-five retirement program (for  a person who elects to become  a  participant  prior  to  such  starting  date),  or  commencing with the first full payroll period after a personbecomes such a participant (for a person who becomes a participant on or  after such starting date), additional member contributions at  the  rate  specified  in  paragraph  one  of  this  subdivision  shall  be deducted  (subject  to  the  applicable  provisions  of  section  13-125.1  of the  administrative code) from the compensation of such participant  on  each  and every payroll of such participant for each and every payroll period.    (ii)  (A)  Where  any  additional  member  contributions  required  by  paragraph one of this subdivision are not  paid  by  deductions  from  a  participant's   compensation   pursuant  to  subparagraph  (i)  of  this  paragraph because such contributions  are  for  service  rendered  in  a  payroll  period  prior to the actual commencement of deductions pursuant  to such subparagraph (i), such amounts shall be paid by deductions  from  the  compensation  of  such  participant  pursuant  to  item (B) of this  subparagraph.    (B)  Commencing  with  the  payroll  period  in  which  deductions  of  additional  member  contributions  from a 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 the rate specified in paragraph one  of this subdivision (subject to the  applicable  provisions  of  section  13-125.1  of  the  administrative code) 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.    3. (i) (A) 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,  that  participant  shall  be  charged  with a contribution  deficiency  consisting  of  such  unpaid  amounts,  together  with  such  interest  thereon  as  required  by subparagraph (ii) of this paragraph,  compounded annually.    (B) Except as provided in subparagraph  (ii)  of  this  paragraph,  no  participant  shall  be  required  to  pay  any  interest  on  his or her  contribution deficiency.    (ii) (A) Should any person who, pursuant to paragraph  eight  of  this  subdivision,  has withdrawn any additional member contributions (and any  interest   paid   thereon)   again   become   a   participant   in   the  twenty-five-year  and  age  fifty-five  retirement  program  pursuant to  paragraph six 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 item (B)  of  this  subparagraph) as if such additional contributions had never been made.    (B)  Interest  on  the  amounts  of  additional  member  contributions  included in a participant's contribution deficiency pursuant to item (A)  of this subparagraph shall be calculated as if  such  additional  member  contributions  had  never  been paid by a participant, and such interest  shall accrue from the end of the payroll period to which  an  amount  of  additional  member  contributions  is attributable, until such amount is  paid to the retirement system.    (C) 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.    4. A participant, while he or she is a New York city transit authority  member, shall pay the total amount of his or her contribution deficiency  to the retirement system in accordance  with  payment  procedures  which  shall be established by the executive director of the retirement system,  and approved by the board of trustees of the retirement system.5.  Where  a  contribution  deficiency  chargeable  to  a  participant  pursuant to paragraph three of this subdivision has  not  been  paid  in  full before the effective date of retirement, that participant shall not  be eligible to retire pursuant to subdivision c of this section.    6.  Where  a  contribution  deficiency  chargeable  to  a  participant  pursuant to paragraph three of this subdivision has  not  been  paid  in  full  before  the  date  of  discontinuance of service, that participant  shall  not  be  entitled  to  a  deferred  vested  benefit  pursuant  to  subdivision d of this section.    7.  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 member contributions  pursuant to section six hundred thirteen of this article,  a  refund  of  additional  member  contributions  pursuant  to  paragraph eight of this  subdivision or a refund of additional member contributions  pursuant  to  paragraph  seven of subdivision b of this section, becomes payable under  this article 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.    8. (i) Such additional member contributions (and any interest thereon)  shall be paid into the contingent reserve fund of the retirement  system  of  which  the  participant is a member 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  twenty-five-year  and  age  fifty-five retirement program or otherwise.    (ii)  (A)  Should  a  participant  in  the  twenty-five-year  and  age  fifty-five   retirement   program   who   has   rendered    less    than  twenty-five-years of allowable service in the transit authority cease to  hold  a  position  as  a  New York city transit authority 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) maybe 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 five percent per annum, compounded annually.    (B)  Upon  the  death of a participant in the twenty-five-year and 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, his or her accumulated  additional  member  contributions  made  pursuant  to  this  subdivision  (including any interest thereon paid to the retirement system), together  with  interest thereon at the rate of five percent per annum, compounded  annually.    (iii) Except as provided in subparagraph (ii) of  this  paragraph,  no  member while he or she is a participant or otherwise, shall have a right  to withdraw such additional member contributions or any interest thereon  from the retirement system.    9.  A  member  who  has made the additional contributions specified by  this subdivision may borrow a portion of such contributions, pursuant to  the provisions of section six hundred thirteen-b of this article.    10. The New  York  city  transit  authority,  by  the  adoption  of  a  resolution  or  resolutions,  may  make  an  election  or  elections  to  eliminate the  additional  member  contributions  required  to  be  made  pursuant  to  paragraph  one  of  this  subdivision.  Such  election  or  elections may be  made  applicable  to  all  employees  of  the  transitauthority,  to  employees  who  are represented by a specific collective  bargaining organization, recognized or  certified  pursuant  to  article  fourteen  of  the  civil  service  law,  and/or to employees who are not  represented  for the purposes of collective bargaining. Such election or  elections  shall  define  the  starting  date  of  the  elimination   of  additional  member contributions, except as set forth below, which shall  in no event be earlier than the first payroll period following  December  fifteenth,  two  thousand.  An  election made pursuant to this paragraph  shall be irrevocable. A demand for an elimination of  additional  member  contributions shall not be subject to the provisions of subdivision five  of  section two hundred nine of the civil service law. The New York city  transit authority shall notify the head of the New York city  employees'  retirement  system  of  any  election or elections made pursuant to this  paragraph. Notwithstanding  the  aforementioned  starting  date  of  the  elimination of additional member contributions or any other provision of  this  section,  an  eligible  participant,  as  defined  below, shall be  entitled to a refund of all of his or her accumulated additional  member  contributions  made pursuant to this subdivision which shall include any  and all interest thereon paid to the retirement  system,  together  with  interest  thereon  at  the  rate  of  five percent per annum, compounded  annually, and such refund shall  be  payable,  upon  such  participant's  application,  pursuant  to  procedures promulgated in regulations of the  board of trustees of the  retirement  system.  An  eligible  participant  shall be a participant (i) who is or was employed in a title represented  for  purposes  of  collective  bargaining  by  an  employee organization  representing a majority of non-supervisory employees  in  the  New  York  city  transit authority's Queens Bus and/or Staten Island Bus Divisions,  recognized or certified  pursuant  to  article  fourteen  of  the  civil  service  law,  and who, on December twenty-eight, two thousand five, had  an  accumulated  balance  of  additional  member  contributions  at  the  retirement system; or (ii) who is or was employed in a title represented  for  purposes  of  collective  bargaining  by  the employee organization  representing the majority of non-supervisory employees in the  New  York  city transit authority in other than the Queens Bus and/or Staten Island  Bus  Divisions,  recognized or certified pursuant to article fourteen of  the civil service law, and who,  on  December  sixteenth,  two  thousand  five,  had  an accumulated balance of additional member contributions at  the retirement system.

State Codes and Statutes

Statutes > New-york > Rss > Article-15 > 604-b

§  604-b.  Twenty-five-year  and age fifty-five retirement program for  New York city transit authority members. a. Definitions.  The  following  words  or  phrases  as  used  in  this  section shall have the following  meanings unless a different meaning is plainly required by the context:    1. "New York city transit authority member" shall mean  a  member  (as  defined in subdivision e of section six hundred one of this article) who  (a) is an employee of the New York city transit authority, and (b) would  have   been   subject  to  the  provisions  of  section  13-161  of  the  administrative code of the city of New York had he joined the  New  York  city  employees'  retirement system prior to July twenty-seven, nineteen  hundred seventy-six.    2. "Twenty-five-year and age fifty-five retirement program" shall mean  all the terms and conditions of this section.    3.  "Starting  date  of  the  twenty-five-year  and   age   fifty-five  retirement  program"  shall  mean  the  commencement date of the payroll  period which includes September first, nineteen hundred ninety-four.    4.  "Enactment  date  of  the  twenty-five-year  and  age   fifty-five  retirement  program"  shall mean the date of enactment of the chapter of  the laws of nineteen hundred ninety-four which added  this  section,  as  such  date is certified pursuant to section forty-one of the legislative  law.    5. "Participant in the twenty-five-year and age fifty-five  retirement  program"  shall  mean  any  New  York city transit authority 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  and  age  fifty-five  retirement  program, as applicable to him or her.    6.  "Allowable  service  in the transit authority" shall mean credited  service which was rendered as a member of  the  New  York  city  transit  authority.    7. "Minimum period" shall mean the minimum period of twenty-five years  of  allowable service in the transit authority that is required in order  for a participant in the twenty-five-year and age fifty-five  retirement  program  to  be  eligible  for  early  service  retirement  pursuant  to  paragraph one of subdivision c of this section.    8. "Final average salary" shall mean  a  participant's  final  average  salary as defined in section six hundred eight of this article.    9.   "Discontinued   member"   shall   mean   a   participant  in  the  twenty-five-year and age fifty-five retirement program who, while he  or  she  was  a New York city transit authority member, discontinued service  in the New York city transit authority and has a  right  to  a  deferred  vested benefit under subdivision d of this section.    10.  "Administrative  code"  shall mean the administrative code of the  city of New York.    b. Participation in twenty-five-year  and  age  fifty-five  retirement  program.    1. Subject to the provisions of paragraph six of this subdivision, any  person  who is a New York city transit authority member on the enactment  date of the twenty-five-year and age fifty-five retirement  program  and  who,  as  such  a  transit  authority  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 twenty-five-year and age  fifty-five retirement program by filing, within  forty-five  days  after  the enactment date of the twenty-five-year and 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  such  a  transit  authority  member  on the date such application is  filed.2. Subject to the provisions of paragraph six of this subdivision, any  person who becomes a New York city transit authority  member  after  the  enactment  date  of  the  twenty-five-year and age fifty-five retirement  program and who, as such a transit authority member, last became subject  to  the  provisions  of  this  article prior to such enactment date, may  elect to become a participant in the twenty-five-year and age fifty-five  retirement program by filing, within forty-five days after becoming such  transit  authority  member,  a  duly  executed  application   for   such  participation  with  the  retirement  system  of  which such person is a  member, provided he or she is such a transit  authority  member  on  the  date such application is filed.    3.  (i)  Any  election to be a participant in the twenty-five-year and  age fifty-five  retirement  program  shall  be  irrevocable,  except  as  provided in subparagraph (ii) of this paragraph.    (ii)  Notwithstanding  the  provisions  of  subparagraph  (i)  of this  paragraph, any New York city transit authority  member  who  elected  to  become   a  participant  in  the  twenty-five-year  and  age  fifty-five  retirement program pursuant  to  the  provisions  of  paragraph  one  or  paragraph  two  of this subdivision, and whose age and allowable service  in the transit authority are such that he could not possibly be able  to  accumulate  at  least  twenty-five  years of such service by the time he  reaches age sixty-two, may revoke such election  by  filing  within  the  period beginning November first, nineteen hundred ninety-nine and ending  January thirtieth, two thousand, a written request to withdraw from such  program  with  the  retirement  system  of which he is member. Upon such  revocation the additional member contributions required by subdivision e  of this section, without interest, shall be refunded to such member.    4. Each New York city transit authority member who becomes subject  to  the  provisions  of  this  article on or after the enactment date of the  twenty-five-year and age fifty-five retirement program  shall  become  a  participant  in  the  twenty-five-year  and  age  fifty-five  retirement  program on the date he or she becomes such a transit authority member.    4-a. (i) Notwithstanding any provision of paragraphs one  and  two  of  this  subdivision  to  the  contrary, each person who is a New York city  transit authority member on the starting  date  of  the  elimination  of  additional  member  contributions as such date is defined in an election  made pursuant to paragraph ten of subdivision e of this section and  who  is  not  on  that  date  a  participant  in the twenty-five-year and age  fifty-five  retirement  program  shall  become  a  participant  in   the  twenty-five-year  and age fifty-five retirement program on such starting  date; provided, however, that any such person who, immediately preceding  such starting date, was a participant in the age fifty-seven  retirement  program  set  forth  in  section  six hundred four-d of this article may  elect to remain a participant in the age fifty-seven retirement program,  instead of becoming  a  participant  in  the  twenty-five-year  and  age  fifty-five  retirement  program,  by  filing  a written election to that  effect with the retirement system of which such person is a member.    (ii)  Notwithstanding  any  provision  of  paragraph   two   of   this  subdivision  to  the  contrary,  any  person who becomes a New York city  transit authority member after the starting date of the  elimination  of  additional  member  contributions, whether such person became subject to  the provisions of this article prior to or subsequent to  the  enactment  date  of  the  twenty-five-year  and  age fifty-five retirement program,  shall become a participant in the twenty-five-year  and  age  fifty-five  retirement  program,  on  the  date  he  or  she  becomes such a transit  authority member.    5. Where any participant in the twenty-five-year  and  age  fifty-five  retirement  program  shall  cease  to hold a position as a New York citytransit authority member, he or she shall cease to be such a participant  and, during any period in which such person does not hold such a transit  authority position, he  or  she  shall  not  be  a  participant  in  the  twenty-five-year  and age fifty-five retirement program and shall not be  eligible for the benefits of subdivision c of this section.    6. Where any participant in the twenty-five-year  and  age  fifty-five  retirement  program  terminates  service  as  a  New  York  city transit  authority member and returns to such service as a New York city  transit  authority  member  at  a later date, he or she shall again become such a  participant on that date.    7. Where any participant in the twenty-five-year  and  age  fifty-five  retirement  program  terminates  service  as  a  New  York  city transit  authority member due to having been promoted to a position that does not  entail eligibility for such such  program,  the  accumulated  additional  member  contributions  made pursuant to subdivision e of this section by  such participant  (together  with  any  interest  thereon  paid  to  the  retirement system) 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 five  percent  per  annum, compounded annually.    c.   Service   retirement   benefits.   1.   A   participant   in  the  twenty-five-year and age fifty-five retirement program:    (i) who has completed twenty-five or more years of  allowable  service  in the transit authority; and    (ii) who has attained age fifty-five; and    (iii)  who  has  paid,  before  the  effective date of retirement, all  additional member  contributions  and  interest,  if  any,  required  by  subdivision e of this section; and    (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  twenty-five-year and age  fifty-five retirement program at the time so specified for  his  or  her  retirement;  shall  be  retired  pursuant to the provisions of this section affording  early service retirement.    2. Notwithstanding any other provision of law  to  the  contrary,  the  early    service    retirement   benefit   for   participants   in   the  twenty-five-year  and  age  fifty-five  retirement  program  who  retire  pursuant  to  paragraph  one  of  this  subdivision  shall  be a pension  consisting of:    (i)  an  amount,  on  account  of  the  required  minimum  period   of  twenty-five  years of allowable service, equal to one-half of his or her  final average salary; plus    (ii) an amount for each  additional  year  of  allowable  service,  or  fraction  thereof,  beyond  such  required minimum period of twenty-five  years of allowable service, equal to two percent of  his  or  her  final  average salary, to a maximum of thirty years of allowable service; plus    (iii)  an  amount  for  each  additional year of allowable service, or  fraction thereof, in excess of thirty years of allowable service,  equal  to one and one-half percent of his or her final average salary.    d.   Vesting.  1.  A  participant  in  the  twenty-five-year  and  age  fifty-five retirement program who:    (i) discontinues city-service and service as a member of the New  York  city transit authority other than by death or retirement; and    (ii)  prior  to  such  discontinuance,  completed  five  but less than  twenty-five years of allowable service in the transit authority; and(iii) has paid, prior to such discontinuance,  all  additional  member  contributions  and  interest,  if any, required by subdivision e of this  section; and    (iv)  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 of this article;  shall be entitled to receive a deferred vested benefit  as  provided  in  section six hundred twelve of this article.    2. A participant in the twenty-five year and age fifty-five retirement  program who:    (i)  discontinues  city service and service as a New York city transit  authority member other  than  by  death  or  retirement  with  immediate  payability; and    (ii)  prior  to  such  discontinuance  completed  twenty-five years of  allowable service in the transit authority; and    (iii) has not yet attained age fifty-five; and    (iv) has paid, prior to such  discontinuance,  all  additional  member  contributions  with  interest (if any) required by subdivision e of this  section; and    (v) 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 of this article; shall be entitled to  receive a deferred vested benefit as provided in this subdivision.    3. (i) Upon such discontinuance under the conditions and in compliance  with the provisions of paragraph two of this subdivision, such  deferred  vested benefit shall vest automatically.    (ii)  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.    4.  Such  deferred  vested benefit shall be determined pursuant to the  provisions of paragraph two 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 twenty-five-year and age  fifty-five  retirement  program  shall contribute to the retirement system of which he or she is  a member (subject to the applicable provisions of  section  13-125.1  of  the administrative code) an additional two and thirty-hundredths percent  of  his  or  her  compensation  earned from all allowable service in the  transit authority rendered  on  and  after  the  starting  date  of  the  twenty-five-year and age fifty-five retirement program. A participant in  the   twenty-five-year  and  age  fifty-five  retirement  program  shall  contribute additional member contributions only  until  he  or  she  has  thirty years of allowable service in the transit authority. In the event  that  the New York city transit authority elects to eliminate additional  member contributions pursuant to paragraph ten of  this  subdivision,  a  participant  in  the  twenty-five-year  and  age  fifty-five  retirement  program  who  becomes  a  participant  pursuant  to  the  provisions  of  paragraph  four-a of subdivision b of this section shall not be required  to  make  any  additional  member   contributions   pursuant   to   this  subdivision.    2. (i) Commencing with the payroll period which begins on the starting  date  of the twenty-five-year and age fifty-five retirement program (for  a person who elects to become  a  participant  prior  to  such  starting  date),  or  commencing with the first full payroll period after a personbecomes such a participant (for a person who becomes a participant on or  after such starting date), additional member contributions at  the  rate  specified  in  paragraph  one  of  this  subdivision  shall  be deducted  (subject  to  the  applicable  provisions  of  section  13-125.1  of the  administrative code) from the compensation of such participant  on  each  and every payroll of such participant for each and every payroll period.    (ii)  (A)  Where  any  additional  member  contributions  required  by  paragraph one of this subdivision are not  paid  by  deductions  from  a  participant's   compensation   pursuant  to  subparagraph  (i)  of  this  paragraph because such contributions  are  for  service  rendered  in  a  payroll  period  prior to the actual commencement of deductions pursuant  to such subparagraph (i), such amounts shall be paid by deductions  from  the  compensation  of  such  participant  pursuant  to  item (B) of this  subparagraph.    (B)  Commencing  with  the  payroll  period  in  which  deductions  of  additional  member  contributions  from a 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 the rate specified in paragraph one  of this subdivision (subject to the  applicable  provisions  of  section  13-125.1  of  the  administrative code) 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.    3. (i) (A) 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,  that  participant  shall  be  charged  with a contribution  deficiency  consisting  of  such  unpaid  amounts,  together  with  such  interest  thereon  as  required  by subparagraph (ii) of this paragraph,  compounded annually.    (B) Except as provided in subparagraph  (ii)  of  this  paragraph,  no  participant  shall  be  required  to  pay  any  interest  on  his or her  contribution deficiency.    (ii) (A) Should any person who, pursuant to paragraph  eight  of  this  subdivision,  has withdrawn any additional member contributions (and any  interest   paid   thereon)   again   become   a   participant   in   the  twenty-five-year  and  age  fifty-five  retirement  program  pursuant to  paragraph six 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 item (B)  of  this  subparagraph) as if such additional contributions had never been made.    (B)  Interest  on  the  amounts  of  additional  member  contributions  included in a participant's contribution deficiency pursuant to item (A)  of this subparagraph shall be calculated as if  such  additional  member  contributions  had  never  been paid by a participant, and such interest  shall accrue from the end of the payroll period to which  an  amount  of  additional  member  contributions  is attributable, until such amount is  paid to the retirement system.    (C) 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.    4. A participant, while he or she is a New York city transit authority  member, shall pay the total amount of his or her contribution deficiency  to the retirement system in accordance  with  payment  procedures  which  shall be established by the executive director of the retirement system,  and approved by the board of trustees of the retirement system.5.  Where  a  contribution  deficiency  chargeable  to  a  participant  pursuant to paragraph three of this subdivision has  not  been  paid  in  full before the effective date of retirement, that participant shall not  be eligible to retire pursuant to subdivision c of this section.    6.  Where  a  contribution  deficiency  chargeable  to  a  participant  pursuant to paragraph three of this subdivision has  not  been  paid  in  full  before  the  date  of  discontinuance of service, that participant  shall  not  be  entitled  to  a  deferred  vested  benefit  pursuant  to  subdivision d of this section.    7.  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 member contributions  pursuant to section six hundred thirteen of this article,  a  refund  of  additional  member  contributions  pursuant  to  paragraph eight of this  subdivision or a refund of additional member contributions  pursuant  to  paragraph  seven of subdivision b of this section, becomes payable under  this article 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.    8. (i) Such additional member contributions (and any interest thereon)  shall be paid into the contingent reserve fund of the retirement  system  of  which  the  participant is a member 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  twenty-five-year  and  age  fifty-five retirement program or otherwise.    (ii)  (A)  Should  a  participant  in  the  twenty-five-year  and  age  fifty-five   retirement   program   who   has   rendered    less    than  twenty-five-years of allowable service in the transit authority cease to  hold  a  position  as  a  New York city transit authority 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) maybe 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 five percent per annum, compounded annually.    (B)  Upon  the  death of a participant in the twenty-five-year and 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, his or her accumulated  additional  member  contributions  made  pursuant  to  this  subdivision  (including any interest thereon paid to the retirement system), together  with  interest thereon at the rate of five percent per annum, compounded  annually.    (iii) Except as provided in subparagraph (ii) of  this  paragraph,  no  member while he or she is a participant or otherwise, shall have a right  to withdraw such additional member contributions or any interest thereon  from the retirement system.    9.  A  member  who  has made the additional contributions specified by  this subdivision may borrow a portion of such contributions, pursuant to  the provisions of section six hundred thirteen-b of this article.    10. The New  York  city  transit  authority,  by  the  adoption  of  a  resolution  or  resolutions,  may  make  an  election  or  elections  to  eliminate the  additional  member  contributions  required  to  be  made  pursuant  to  paragraph  one  of  this  subdivision.  Such  election  or  elections may be  made  applicable  to  all  employees  of  the  transitauthority,  to  employees  who  are represented by a specific collective  bargaining organization, recognized or  certified  pursuant  to  article  fourteen  of  the  civil  service  law,  and/or to employees who are not  represented  for the purposes of collective bargaining. Such election or  elections  shall  define  the  starting  date  of  the  elimination   of  additional  member contributions, except as set forth below, which shall  in no event be earlier than the first payroll period following  December  fifteenth,  two  thousand.  An  election made pursuant to this paragraph  shall be irrevocable. A demand for an elimination of  additional  member  contributions shall not be subject to the provisions of subdivision five  of  section two hundred nine of the civil service law. The New York city  transit authority shall notify the head of the New York city  employees'  retirement  system  of  any  election or elections made pursuant to this  paragraph. Notwithstanding  the  aforementioned  starting  date  of  the  elimination of additional member contributions or any other provision of  this  section,  an  eligible  participant,  as  defined  below, shall be  entitled to a refund of all of his or her accumulated additional  member  contributions  made pursuant to this subdivision which shall include any  and all interest thereon paid to the retirement  system,  together  with  interest  thereon  at  the  rate  of  five percent per annum, compounded  annually, and such refund shall  be  payable,  upon  such  participant's  application,  pursuant  to  procedures promulgated in regulations of the  board of trustees of the  retirement  system.  An  eligible  participant  shall be a participant (i) who is or was employed in a title represented  for  purposes  of  collective  bargaining  by  an  employee organization  representing a majority of non-supervisory employees  in  the  New  York  city  transit authority's Queens Bus and/or Staten Island Bus Divisions,  recognized or certified  pursuant  to  article  fourteen  of  the  civil  service  law,  and who, on December twenty-eight, two thousand five, had  an  accumulated  balance  of  additional  member  contributions  at  the  retirement system; or (ii) who is or was employed in a title represented  for  purposes  of  collective  bargaining  by  the employee organization  representing the majority of non-supervisory employees in the  New  York  city transit authority in other than the Queens Bus and/or Staten Island  Bus  Divisions,  recognized or certified pursuant to article fourteen of  the civil service law, and who,  on  December  sixteenth,  two  thousand  five,  had  an accumulated balance of additional member contributions at  the retirement system.

State Codes and Statutes

State Codes and Statutes

Statutes > New-york > Rss > Article-15 > 604-b

§  604-b.  Twenty-five-year  and age fifty-five retirement program for  New York city transit authority members. a. Definitions.  The  following  words  or  phrases  as  used  in  this  section shall have the following  meanings unless a different meaning is plainly required by the context:    1. "New York city transit authority member" shall mean  a  member  (as  defined in subdivision e of section six hundred one of this article) who  (a) is an employee of the New York city transit authority, and (b) would  have   been   subject  to  the  provisions  of  section  13-161  of  the  administrative code of the city of New York had he joined the  New  York  city  employees'  retirement system prior to July twenty-seven, nineteen  hundred seventy-six.    2. "Twenty-five-year and age fifty-five retirement program" shall mean  all the terms and conditions of this section.    3.  "Starting  date  of  the  twenty-five-year  and   age   fifty-five  retirement  program"  shall  mean  the  commencement date of the payroll  period which includes September first, nineteen hundred ninety-four.    4.  "Enactment  date  of  the  twenty-five-year  and  age   fifty-five  retirement  program"  shall mean the date of enactment of the chapter of  the laws of nineteen hundred ninety-four which added  this  section,  as  such  date is certified pursuant to section forty-one of the legislative  law.    5. "Participant in the twenty-five-year and age fifty-five  retirement  program"  shall  mean  any  New  York city transit authority 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  and  age  fifty-five  retirement  program, as applicable to him or her.    6.  "Allowable  service  in the transit authority" shall mean credited  service which was rendered as a member of  the  New  York  city  transit  authority.    7. "Minimum period" shall mean the minimum period of twenty-five years  of  allowable service in the transit authority that is required in order  for a participant in the twenty-five-year and age fifty-five  retirement  program  to  be  eligible  for  early  service  retirement  pursuant  to  paragraph one of subdivision c of this section.    8. "Final average salary" shall mean  a  participant's  final  average  salary as defined in section six hundred eight of this article.    9.   "Discontinued   member"   shall   mean   a   participant  in  the  twenty-five-year and age fifty-five retirement program who, while he  or  she  was  a New York city transit authority member, discontinued service  in the New York city transit authority and has a  right  to  a  deferred  vested benefit under subdivision d of this section.    10.  "Administrative  code"  shall mean the administrative code of the  city of New York.    b. Participation in twenty-five-year  and  age  fifty-five  retirement  program.    1. Subject to the provisions of paragraph six of this subdivision, any  person  who is a New York city transit authority member on the enactment  date of the twenty-five-year and age fifty-five retirement  program  and  who,  as  such  a  transit  authority  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 twenty-five-year and age  fifty-five retirement program by filing, within  forty-five  days  after  the enactment date of the twenty-five-year and 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  such  a  transit  authority  member  on the date such application is  filed.2. Subject to the provisions of paragraph six of this subdivision, any  person who becomes a New York city transit authority  member  after  the  enactment  date  of  the  twenty-five-year and age fifty-five retirement  program and who, as such a transit authority member, last became subject  to  the  provisions  of  this  article prior to such enactment date, may  elect to become a participant in the twenty-five-year and age fifty-five  retirement program by filing, within forty-five days after becoming such  transit  authority  member,  a  duly  executed  application   for   such  participation  with  the  retirement  system  of  which such person is a  member, provided he or she is such a transit  authority  member  on  the  date such application is filed.    3.  (i)  Any  election to be a participant in the twenty-five-year and  age fifty-five  retirement  program  shall  be  irrevocable,  except  as  provided in subparagraph (ii) of this paragraph.    (ii)  Notwithstanding  the  provisions  of  subparagraph  (i)  of this  paragraph, any New York city transit authority  member  who  elected  to  become   a  participant  in  the  twenty-five-year  and  age  fifty-five  retirement program pursuant  to  the  provisions  of  paragraph  one  or  paragraph  two  of this subdivision, and whose age and allowable service  in the transit authority are such that he could not possibly be able  to  accumulate  at  least  twenty-five  years of such service by the time he  reaches age sixty-two, may revoke such election  by  filing  within  the  period beginning November first, nineteen hundred ninety-nine and ending  January thirtieth, two thousand, a written request to withdraw from such  program  with  the  retirement  system  of which he is member. Upon such  revocation the additional member contributions required by subdivision e  of this section, without interest, shall be refunded to such member.    4. Each New York city transit authority member who becomes subject  to  the  provisions  of  this  article on or after the enactment date of the  twenty-five-year and age fifty-five retirement program  shall  become  a  participant  in  the  twenty-five-year  and  age  fifty-five  retirement  program on the date he or she becomes such a transit authority member.    4-a. (i) Notwithstanding any provision of paragraphs one  and  two  of  this  subdivision  to  the  contrary, each person who is a New York city  transit authority member on the starting  date  of  the  elimination  of  additional  member  contributions as such date is defined in an election  made pursuant to paragraph ten of subdivision e of this section and  who  is  not  on  that  date  a  participant  in the twenty-five-year and age  fifty-five  retirement  program  shall  become  a  participant  in   the  twenty-five-year  and age fifty-five retirement program on such starting  date; provided, however, that any such person who, immediately preceding  such starting date, was a participant in the age fifty-seven  retirement  program  set  forth  in  section  six hundred four-d of this article may  elect to remain a participant in the age fifty-seven retirement program,  instead of becoming  a  participant  in  the  twenty-five-year  and  age  fifty-five  retirement  program,  by  filing  a written election to that  effect with the retirement system of which such person is a member.    (ii)  Notwithstanding  any  provision  of  paragraph   two   of   this  subdivision  to  the  contrary,  any  person who becomes a New York city  transit authority member after the starting date of the  elimination  of  additional  member  contributions, whether such person became subject to  the provisions of this article prior to or subsequent to  the  enactment  date  of  the  twenty-five-year  and  age fifty-five retirement program,  shall become a participant in the twenty-five-year  and  age  fifty-five  retirement  program,  on  the  date  he  or  she  becomes such a transit  authority member.    5. Where any participant in the twenty-five-year  and  age  fifty-five  retirement  program  shall  cease  to hold a position as a New York citytransit authority member, he or she shall cease to be such a participant  and, during any period in which such person does not hold such a transit  authority position, he  or  she  shall  not  be  a  participant  in  the  twenty-five-year  and age fifty-five retirement program and shall not be  eligible for the benefits of subdivision c of this section.    6. Where any participant in the twenty-five-year  and  age  fifty-five  retirement  program  terminates  service  as  a  New  York  city transit  authority member and returns to such service as a New York city  transit  authority  member  at  a later date, he or she shall again become such a  participant on that date.    7. Where any participant in the twenty-five-year  and  age  fifty-five  retirement  program  terminates  service  as  a  New  York  city transit  authority member due to having been promoted to a position that does not  entail eligibility for such such  program,  the  accumulated  additional  member  contributions  made pursuant to subdivision e of this section by  such participant  (together  with  any  interest  thereon  paid  to  the  retirement system) 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 five  percent  per  annum, compounded annually.    c.   Service   retirement   benefits.   1.   A   participant   in  the  twenty-five-year and age fifty-five retirement program:    (i) who has completed twenty-five or more years of  allowable  service  in the transit authority; and    (ii) who has attained age fifty-five; and    (iii)  who  has  paid,  before  the  effective date of retirement, all  additional member  contributions  and  interest,  if  any,  required  by  subdivision e of this section; and    (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  twenty-five-year and age  fifty-five retirement program at the time so specified for  his  or  her  retirement;  shall  be  retired  pursuant to the provisions of this section affording  early service retirement.    2. Notwithstanding any other provision of law  to  the  contrary,  the  early    service    retirement   benefit   for   participants   in   the  twenty-five-year  and  age  fifty-five  retirement  program  who  retire  pursuant  to  paragraph  one  of  this  subdivision  shall  be a pension  consisting of:    (i)  an  amount,  on  account  of  the  required  minimum  period   of  twenty-five  years of allowable service, equal to one-half of his or her  final average salary; plus    (ii) an amount for each  additional  year  of  allowable  service,  or  fraction  thereof,  beyond  such  required minimum period of twenty-five  years of allowable service, equal to two percent of  his  or  her  final  average salary, to a maximum of thirty years of allowable service; plus    (iii)  an  amount  for  each  additional year of allowable service, or  fraction thereof, in excess of thirty years of allowable service,  equal  to one and one-half percent of his or her final average salary.    d.   Vesting.  1.  A  participant  in  the  twenty-five-year  and  age  fifty-five retirement program who:    (i) discontinues city-service and service as a member of the New  York  city transit authority other than by death or retirement; and    (ii)  prior  to  such  discontinuance,  completed  five  but less than  twenty-five years of allowable service in the transit authority; and(iii) has paid, prior to such discontinuance,  all  additional  member  contributions  and  interest,  if any, required by subdivision e of this  section; and    (iv)  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 of this article;  shall be entitled to receive a deferred vested benefit  as  provided  in  section six hundred twelve of this article.    2. A participant in the twenty-five year and age fifty-five retirement  program who:    (i)  discontinues  city service and service as a New York city transit  authority member other  than  by  death  or  retirement  with  immediate  payability; and    (ii)  prior  to  such  discontinuance  completed  twenty-five years of  allowable service in the transit authority; and    (iii) has not yet attained age fifty-five; and    (iv) has paid, prior to such  discontinuance,  all  additional  member  contributions  with  interest (if any) required by subdivision e of this  section; and    (v) 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 of this article; shall be entitled to  receive a deferred vested benefit as provided in this subdivision.    3. (i) Upon such discontinuance under the conditions and in compliance  with the provisions of paragraph two of this subdivision, such  deferred  vested benefit shall vest automatically.    (ii)  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.    4.  Such  deferred  vested benefit shall be determined pursuant to the  provisions of paragraph two 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 twenty-five-year and age  fifty-five  retirement  program  shall contribute to the retirement system of which he or she is  a member (subject to the applicable provisions of  section  13-125.1  of  the administrative code) an additional two and thirty-hundredths percent  of  his  or  her  compensation  earned from all allowable service in the  transit authority rendered  on  and  after  the  starting  date  of  the  twenty-five-year and age fifty-five retirement program. A participant in  the   twenty-five-year  and  age  fifty-five  retirement  program  shall  contribute additional member contributions only  until  he  or  she  has  thirty years of allowable service in the transit authority. In the event  that  the New York city transit authority elects to eliminate additional  member contributions pursuant to paragraph ten of  this  subdivision,  a  participant  in  the  twenty-five-year  and  age  fifty-five  retirement  program  who  becomes  a  participant  pursuant  to  the  provisions  of  paragraph  four-a of subdivision b of this section shall not be required  to  make  any  additional  member   contributions   pursuant   to   this  subdivision.    2. (i) Commencing with the payroll period which begins on the starting  date  of the twenty-five-year and age fifty-five retirement program (for  a person who elects to become  a  participant  prior  to  such  starting  date),  or  commencing with the first full payroll period after a personbecomes such a participant (for a person who becomes a participant on or  after such starting date), additional member contributions at  the  rate  specified  in  paragraph  one  of  this  subdivision  shall  be deducted  (subject  to  the  applicable  provisions  of  section  13-125.1  of the  administrative code) from the compensation of such participant  on  each  and every payroll of such participant for each and every payroll period.    (ii)  (A)  Where  any  additional  member  contributions  required  by  paragraph one of this subdivision are not  paid  by  deductions  from  a  participant's   compensation   pursuant  to  subparagraph  (i)  of  this  paragraph because such contributions  are  for  service  rendered  in  a  payroll  period  prior to the actual commencement of deductions pursuant  to such subparagraph (i), such amounts shall be paid by deductions  from  the  compensation  of  such  participant  pursuant  to  item (B) of this  subparagraph.    (B)  Commencing  with  the  payroll  period  in  which  deductions  of  additional  member  contributions  from a 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 the rate specified in paragraph one  of this subdivision (subject to the  applicable  provisions  of  section  13-125.1  of  the  administrative code) 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.    3. (i) (A) 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,  that  participant  shall  be  charged  with a contribution  deficiency  consisting  of  such  unpaid  amounts,  together  with  such  interest  thereon  as  required  by subparagraph (ii) of this paragraph,  compounded annually.    (B) Except as provided in subparagraph  (ii)  of  this  paragraph,  no  participant  shall  be  required  to  pay  any  interest  on  his or her  contribution deficiency.    (ii) (A) Should any person who, pursuant to paragraph  eight  of  this  subdivision,  has withdrawn any additional member contributions (and any  interest   paid   thereon)   again   become   a   participant   in   the  twenty-five-year  and  age  fifty-five  retirement  program  pursuant to  paragraph six 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 item (B)  of  this  subparagraph) as if such additional contributions had never been made.    (B)  Interest  on  the  amounts  of  additional  member  contributions  included in a participant's contribution deficiency pursuant to item (A)  of this subparagraph shall be calculated as if  such  additional  member  contributions  had  never  been paid by a participant, and such interest  shall accrue from the end of the payroll period to which  an  amount  of  additional  member  contributions  is attributable, until such amount is  paid to the retirement system.    (C) 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.    4. A participant, while he or she is a New York city transit authority  member, shall pay the total amount of his or her contribution deficiency  to the retirement system in accordance  with  payment  procedures  which  shall be established by the executive director of the retirement system,  and approved by the board of trustees of the retirement system.5.  Where  a  contribution  deficiency  chargeable  to  a  participant  pursuant to paragraph three of this subdivision has  not  been  paid  in  full before the effective date of retirement, that participant shall not  be eligible to retire pursuant to subdivision c of this section.    6.  Where  a  contribution  deficiency  chargeable  to  a  participant  pursuant to paragraph three of this subdivision has  not  been  paid  in  full  before  the  date  of  discontinuance of service, that participant  shall  not  be  entitled  to  a  deferred  vested  benefit  pursuant  to  subdivision d of this section.    7.  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 member contributions  pursuant to section six hundred thirteen of this article,  a  refund  of  additional  member  contributions  pursuant  to  paragraph eight of this  subdivision or a refund of additional member contributions  pursuant  to  paragraph  seven of subdivision b of this section, becomes payable under  this article 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.    8. (i) Such additional member contributions (and any interest thereon)  shall be paid into the contingent reserve fund of the retirement  system  of  which  the  participant is a member 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  twenty-five-year  and  age  fifty-five retirement program or otherwise.    (ii)  (A)  Should  a  participant  in  the  twenty-five-year  and  age  fifty-five   retirement   program   who   has   rendered    less    than  twenty-five-years of allowable service in the transit authority cease to  hold  a  position  as  a  New York city transit authority 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) maybe 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 five percent per annum, compounded annually.    (B)  Upon  the  death of a participant in the twenty-five-year and 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, his or her accumulated  additional  member  contributions  made  pursuant  to  this  subdivision  (including any interest thereon paid to the retirement system), together  with  interest thereon at the rate of five percent per annum, compounded  annually.    (iii) Except as provided in subparagraph (ii) of  this  paragraph,  no  member while he or she is a participant or otherwise, shall have a right  to withdraw such additional member contributions or any interest thereon  from the retirement system.    9.  A  member  who  has made the additional contributions specified by  this subdivision may borrow a portion of such contributions, pursuant to  the provisions of section six hundred thirteen-b of this article.    10. The New  York  city  transit  authority,  by  the  adoption  of  a  resolution  or  resolutions,  may  make  an  election  or  elections  to  eliminate the  additional  member  contributions  required  to  be  made  pursuant  to  paragraph  one  of  this  subdivision.  Such  election  or  elections may be  made  applicable  to  all  employees  of  the  transitauthority,  to  employees  who  are represented by a specific collective  bargaining organization, recognized or  certified  pursuant  to  article  fourteen  of  the  civil  service  law,  and/or to employees who are not  represented  for the purposes of collective bargaining. Such election or  elections  shall  define  the  starting  date  of  the  elimination   of  additional  member contributions, except as set forth below, which shall  in no event be earlier than the first payroll period following  December  fifteenth,  two  thousand.  An  election made pursuant to this paragraph  shall be irrevocable. A demand for an elimination of  additional  member  contributions shall not be subject to the provisions of subdivision five  of  section two hundred nine of the civil service law. The New York city  transit authority shall notify the head of the New York city  employees'  retirement  system  of  any  election or elections made pursuant to this  paragraph. Notwithstanding  the  aforementioned  starting  date  of  the  elimination of additional member contributions or any other provision of  this  section,  an  eligible  participant,  as  defined  below, shall be  entitled to a refund of all of his or her accumulated additional  member  contributions  made pursuant to this subdivision which shall include any  and all interest thereon paid to the retirement  system,  together  with  interest  thereon  at  the  rate  of  five percent per annum, compounded  annually, and such refund shall  be  payable,  upon  such  participant's  application,  pursuant  to  procedures promulgated in regulations of the  board of trustees of the  retirement  system.  An  eligible  participant  shall be a participant (i) who is or was employed in a title represented  for  purposes  of  collective  bargaining  by  an  employee organization  representing a majority of non-supervisory employees  in  the  New  York  city  transit authority's Queens Bus and/or Staten Island Bus Divisions,  recognized or certified  pursuant  to  article  fourteen  of  the  civil  service  law,  and who, on December twenty-eight, two thousand five, had  an  accumulated  balance  of  additional  member  contributions  at  the  retirement system; or (ii) who is or was employed in a title represented  for  purposes  of  collective  bargaining  by  the employee organization  representing the majority of non-supervisory employees in the  New  York  city transit authority in other than the Queens Bus and/or Staten Island  Bus  Divisions,  recognized or certified pursuant to article fourteen of  the civil service law, and who,  on  December  sixteenth,  two  thousand  five,  had  an accumulated balance of additional member contributions at  the retirement system.