STATE OF NEW YORK ________________________________________________________________________ 6563--A 2015-2016 Regular Sessions IN ASSEMBLY March 27, 2015 ___________ Introduced by M. of A. ABBATE, GOLDFEDER -- read once and referred to the Committee on Governmental Employees -- ordered to a third reading -- committed to the Committee on Governmental Employees in accordance with Rule 3, sec. 2 -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee AN ACT to amend the retirement and social security law, in relation to refunding contributions made to the twenty-five year early retirement program and the age fifty-seven retirement program by New York city transit authority members in the title transit manager The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Paragraph 15 of subdivision d of section 604-c of the 2 retirement and social security law, as added by chapter 522 of the laws 3 of 2013, is amended to read as follows: 4 15. An eligible former participant, as defined in this paragraph, 5 shall be entitled to a refund of the employee portion of his or her 6 additional member contributions made pursuant to this subdivision which 7 shall include any and all interest thereon at the rate of five percent 8 per annum, compounded annually and such refund shall be payable, upon 9 such participant's application pursuant to procedures promulgated in 10 regulations of the board of trustees of the retirement system. An eligi- 11 ble former participant shall be a participant who is or was employed in 12 the title supervisor (stations) in assignment level II in the New York 13 city transit authority's stations department or the title transit manag- 14 er, and who, on October first, two thousand six, was employed by the New 15 York city transit authority in such title and who was a participant in 16 the twenty-five year early retirement program prior to the starting date 17 of the elimination of additional member contributions, as such date is 18 defined in an election made pursuant to paragraph ten of subdivision e 19 of section six hundred four-b of this article. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD10181-02-6