New York Laws
Article 11 - Limitations Applicable to New Entrants
445-E*2 - Optional Twenty-Five Year Improved Benefit Retirement Program for EMT Members.

(A) that participant shall be charged with a contribution deficiency
consisting of such unpaid amounts, together with interest thereon,
compounded annually; and
(B) such interest on each amount of undeducted contributions shall
accrue from the end of the payroll period for which such amount would
have been deducted from compensation if he or she had been a participant
at the beginning of that payroll period and such deductions had been
required for such payroll period until such amount is paid to the
retirement system; and
(C) (1) interest on each such amount included in such participant's
contribution deficiency pursuant to this subparagraph shall be
calculated as if such additional member contributions never had been
paid by such participant, and such interest shall accrue from the end of
the payroll period to which an amount of such additional member
contributions is attributable, compounded annually, until such amount is
paid to the retirement system.
(2) the rate of interest to be applied to each such amount during the
period for which interest accrues on that amount shall be equal to the
rate or rates of interest required by law to be used during that same
period to credit interest on the accumulated deductions of retirement
system members.
(ii) Except as provided in subparagraph (iii) of this paragraph, no
interest shall be due on any unpaid additional contributions which are
not attributable to the period prior to the first full payroll period
referred to in paragraph two of this subdivision.
(iii) Should any person who, pursuant to paragraph seven of this
subdivision, has withdrawn any additional member contributions (and any
interest paid thereon) again become a participant in the twenty-five
year improved benefit retirement program pursuant to paragraph five of
subdivision b of this section, an appropriate amount shall be included
in such participant's contribution deficiency (including interest
thereon as calculated pursuant to this paragraph) for any credited
service with respect to which such person received a refund of

additional member contributions (including any amount of an unpaid loan
balance deemed to have been returned to such person pursuant to
paragraph seven of this subdivision), as if such additional member
contributions never had been paid.
4. The board of trustees of the retirement system may, consistent with
the provisions of this subdivision, promulgate regulations for the
payment of the additional member contributions required by this
subdivision, and any interest thereon, by a participant in the
twenty-five year improved benefit retirement program (including the
deduction of such contributions, and any interest thereon, from his or
her compensation).
5. Where a participant who is otherwise eligible for service
retirement pursuant to subdivision c of this section did not, prior to
the effective date of retirement, pay the entire amount of a
contribution deficiency chargeable to him or her pursuant to paragraph
three of this subdivision, or repay the entire amount of a loan of his
or her additional member contributions pursuant to paragraph eight of
this subdivision (including accrued interest on such loan), that
participant, nevertheless, shall be eligible to retire pursuant to
subdivision c of this section, provided, however, that where such
participant is not entitled to a refund of additional member
contributions pursuant to paragraph seven of this subdivision, such
participant's service retirement benefit calculated pursuant to the
applicable provisions of subdivision c of this section shall be reduced
by a life annuity (calculated in accordance with the method set forth in
subdivision i of section six hundred thirteen-b of this chapter) which
is actuarially equivalent to:
(i) the amount of any unpaid contribution deficiency chargeable to
such member pursuant to paragraph three of this subdivision; plus
(ii) the amount of any unpaid balance of a loan of his or her
additional member contributions pursuant to paragraph eight of this
subdivision (including accrued interest on such loan).
6. Subject to the provisions of paragraph five of this subdivision,
where a participant has not paid in full any contribution deficiency
chargeable to him or her pursuant to paragraph three of this
subdivision, and a benefit, other than a refund of a member's
accumulated deductions or a refund of additional member contributions
pursuant to paragraph seven of this subdivision, becomes payable by the
retirement system to the participant or to his or her designated
beneficiary or estate, the actuarial equivalent of any such unpaid
amount shall be deducted from the benefit otherwise payable.
7. (i) All additional member contributions required by this
subdivision (and any interest thereon) which are received by the
retirement system shall be paid into its contingent reserve fund and
shall be the property of the retirement system. Such additional member
contributions (and any interest thereon) shall not for any purpose be
deemed to be member contributions or accumulated deductions of a member
of the retirement system under section 13-125 or 13-162 of the
administrative code of the city of New York while he or she is a
participant in the twenty-five year improved benefit retirement program
or otherwise.
(ii) Should a participant in the twenty-five year improved benefit
retirement program, who has rendered less than fifteen years of credited
service cease to hold a position as an EMT member for any reason
whatsoever, his or her accumulated additional member contributions made
pursuant to this subdivision (together with any interest thereon paid to
the retirement system) which remain credited to such participant's
account may be withdrawn by him or her pursuant to procedures

promulgated in regulations of the board of trustees of the retirement
system, together with interest thereon at the rate of interest required
by law to be used to credit interest on the accumulated deductions of
retirement system members compounded annually.
(iii) Notwithstanding any other provision of law to the contrary, (A)
no person shall be permitted to withdraw from the retirement system any
additional member contributions paid pursuant to this subdivision or any
interest paid thereon, except pursuant to and in accordance with the
preceding subparagraphs of this paragraph; and (B) no person, while he
or she is a participant in the twenty-five year improved benefit
retirement program, shall be permitted to withdraw any such additional
member contributions or any interest paid thereon pursuant to any of the
preceding subparagraphs of this paragraph or otherwise.
8. A participant in the twenty-five year improved benefit retirement
program shall be permitted to borrow from his or her additional member
contributions, including any interest paid thereon, which are credited
to the additional contributions account established for such participant
in the contingent reserve fund of the retirement system. The borrowing
from such additional member contributions pursuant to this paragraph
shall be governed by the same rights, privileges, obligations and
procedures set forth in section six hundred thirteen-b of this chapter
which govern the borrowing by members subject to article fifteen of this
chapter of member contributions made pursuant to section six hundred
thirteen of this chapter. The board of trustees of the retirement system
may, consistent with the provisions of this subdivision and the
provisions of section six hundred thirteen-b of this chapter as made
applicable to this subdivision, promulgate regulations governing the
borrowing of such additional member contributions.
9. Wherever a person has an unpaid balance of a loan of his or her
additional member contributions pursuant to paragraph eight of this
subdivision at the time he or she becomes entitled to a refund of his or
her additional member contributions pursuant to subparagraph (ii) of
paragraph seven of this subdivision, the amount of such unpaid loan
balance (including accrued interest) shall be deemed to have been
returned to such member, and the refund of such additional contributions
shall be the net amount of such contributions, together with interest
thereon in accordance with the provisions of such subparagraph.
10. Notwithstanding any other provision of law to the contrary, the
provisions of section one hundred thirty-eight-b of this chapter shall
not be applicable to the additional member contributions which are
required by this subdivision.
11. Notwithstanding any other provision of law to the contrary, the
additional member contributions which are required by this subdivision
shall not be reduced under any program for increased-take-home-pay.
e. The provisions of this section shall not be construed to provide
benefits to any participant in the twenty-five year improved benefit
retirement program which are greater than those which would be received
by a similarly situated member who is entitled to benefits under the
provisions of section 13-157.2 of the administrative code of the city of
New York, but who is not governed by the provisions of this article.
* NB There are 2 § 445-e's