New York Laws
Article 11 - Limitations Applicable to New Entrants
445-F*2 - Optional Twenty-Five Year/age Fifty Improved Benefit Retirement Program for Senior Automotive Service Workers, Auto Body Worker

(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 undeductible 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, until such amount is paid to
the retirement system; and
(C) 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subdivision, has withdrawn any additional member contributions (and any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/age fifty improved benefit retirement program pursuant to paragraph
five of subdivision b of this section, an appropriate amount shall be
included in such participant's contribution deficiency (including

interest thereon as calculated pursuant to subparagraph (i) of this
paragraph) as if such additional contributions had never been made.
4. The board of trustees of the retirement system may, consistent with
the provisions of this subdivision, promulgate regulations for the
payment of such additional member contributions, and any interest
thereon, by a participant in the twenty-five year/age fifty improved
benefit retirement program (including the deduction of such
contributions, and any interest thereon, from his or her compensation).
5. Where a contribution deficiency chargeable to a participant
pursuant to paragraph three of this subdivision has not been paid in
full while the participant is a senior automotive service worker,
automotive service worker, auto body worker, auto mechanic, marine
maintenance mechanic or oil burner specialist, that participant shall
not be entitled to the benefits provided in subdivision c of this
section.
6. 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 accumulated deductions of a member of the retirement system
while he or she is a participant in the twenty-five year/age fifty
improved benefit retirement program or otherwise.
(ii) Should a participant in the twenty-five year/age fifty improved
benefit retirement program, who has rendered less than fifteen years of
credited service cease to hold a position as a senior automotive service
worker, automotive service worker, auto body worker, auto mechanic,
marine maintenance mechanic or oil burner specialist 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) 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 equal to eight and
one-quarter percent per annum, compounded annually.
(iii) Except as otherwise provided in subparagraph (ii) of this
paragraph, no member of the retirement system, while he or she is a
participant in such retirement program or otherwise, shall have a right
to withdraw such additional member contributions or any interest thereon
from the retirement system.
8. 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 chapter.
9. 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.
10. 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.

* NB Rpld per ch 414/02, § 1. § 480 of Retirement and Social Security
Law (as amended by ch. 35/2005 § 2) extends disability benefits
implemented by former § 63-c.
* NB There are 3 § 445-f's