New York Laws
Article 11 - Limitations Applicable to New Entrants
445-G - Optional Twenty-Five Year/age Fifty Improved Benefit Retirement Program for Automotive 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) Interest on each such amount included in such participant's
contribution deficiency pursuant to this subparagraph (i) shall be
calculated as if such additional member contributions never had been
paid by such participant, and such interest shall accrue from the end of
the payroll period to which an amount of such additional member
contributions is attributable, compounded annually, until such amount is
paid to the retirement system.
(ii) The rate of interest to be applied to each such amount during the
period for which interest accrues on that amount shall be equal to the
rate or rates of interest required by law to be used during that same
period to credit interest on the accumulated deductions of retirement
system members.
(iii) Except as provided in subparagraph (iv) of this paragraph, no
interest shall be due on any unpaid additional contributions which are
not attributable to the period prior to the first full payroll period
referred to in paragraph two of this subdivision.
(iv) Should any person who, pursuant to paragraph seven of this
subdivision, has withdrawn any additional member contributions (and any
interest paid thereon) again become a participant in the twenty-five

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

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