a. Each person who is a member of the pension fund on the date next preceding the starting date of the improved benefits plan (as such starting date is defined in subdivision twenty-seven of section 13-313 of this subchapter) shall be entitled to the rights, benefits and privileges and be subject to the obligations of the original plan (as defined in subdivision four-a of such section 13-313), unless and until he or she elects, pursuant to the applicable provisions of this subchapter, to be an improved benefits plan member (as defined in subdivision four-f of such section 13-313).
b. Except in the case of re-entry pursuant to section 13-319 and as otherwise provided in this subchapter, each person who becomes or again becomes a member of the pension fund on or after the starting date of the improved benefits plan shall be entitled to the rights, privileges and benefits and be subject to the obligations of the improved benefits plan and shall not be entitled to the rights, privileges and benefits or be subject to the obligations of the original plan.
c. Any original plan member, who is in city-service at the time of filing an application to become an improved benefits plan member as hereinafter provided in this subdivision c, may, by a written application duly executed and filed with the board on or after the starting date of the improved benefits plan (as such starting date is defined in subdivision twenty-seven of section 13-313 of this subchapter) and prior to the date next succeeding the date six months after such starting date, or on or after the effective date of subdivision m of this section and prior to January first, nineteen hundred eighty-three, elect to terminate his or her status as an original plan member and become entitled to the rights, benefits and privileges and be subject to the obligations of the improved benefits plan.
d. Any original plan member who files an application pursuant to subdivision c of this section shall cease to be an original plan member at the end of the day next preceding the starting date of the improved benefits plan and shall become an improved benefits plan member as of such starting date.
e. Any original plan member, who is in city-service at the time of filing an application to become an improved benefits plan member as hereinafter provided in this subdivision e, may, by a written application duly executed and filed with the board during any subsequent period for election of the improved benefits plan (as defined in subdivision twenty-two of section 13-313 of this subchapter), elect to terminate his or her status as an original plan member and become entitled to the rights, privileges and benefits and be subject to the obligations of the improved benefits plan.
f. Any original plan member who files an application pursuant to subdivision e of this section shall cease to be an original plan member at the end of the day next preceding the date of filing of such application and shall become an improved benefits plan member commencing on such date of filing.
g. Any election to be an improved benefits plan member made pursuant to the provisions of this section shall be irrevocable.
h. The status of an original plan member, who elects to become an improved benefits plan member pursuant to the provisions of this section, with respect to applicability or inapplicability of the provisions of article eleven of the retirement and social security law to him or her as a member of the pension fund, shall not be affected or changed by such election.
i. Beginning with the payroll period, the first day of which coincides with or next occurs after the date or commencement of the status of an elective improved benefits plan member as such a member, as prescribed by the applicable provisions of this subchapter, there shall be deducted from the compensation of each such member on each and every payroll of such member for each and every payroll period a proportion of his or her earnable compensation equal to the proportion which would have been determined by the actuary, as of his or her date of inception of pension fund membership (as defined in subdivision twenty of section 13-313 of this subchapter), as his or her rate of member contribution (before reduction on account of increased-take-home-pay) as a member of the police pension fund maintained pursuant to subchapter two of chapter two of this title, if, as of such date of inception of pension fund membership, he or she had not become a member of this pension fund and had instead become a member of such police pension fund; provided, however, that if the foregoing provisions of this subdivision i would otherwise require that such proportion be determined pursuant to the provisions of subdivision a of section 13-225 of this title, as enacted by local law number two of the city for nineteen hundred forty, such proportion shall be determined by the actuary in the same manner as if, as of such date of inception of pension fund membership, the provisions of such subdivision a, as amended by local law number eighty-nine of the city for nineteen hundred fifty-one, and been in effect, so that the fraction to be used in such computation shall be twenty-five seventy-fifths. Such proportion of compensation determined for any elective improved benefits plan member pursuant to the provisions of this subdivision i shall be computed to remain constant. The provisions of section 13-327 of this subchapter shall apply to such deductions and to each elective improved benefits plan member, except insofar as the provisions of such section 13-327 are inconsistent with the provisions of this subdivision i.
j. (1) Each elective improved benefits plan member shall be subject to a contribution rate deficiency (as defined in subdivision twenty-one of section 13-313 of this subchapter) unless and until the amount thereof is paid in full to the pension fund.
(2) Each non-elective improved benefits plan member (as defined in subdivision four-h of section 13-313 of this subchapter) who is or becomes entitled under any provision of this subchapter to credit for member service in the uniformed force of the fire department with respect to any period:
(i) which precedes the date of the last commencement of his or her membership in the pension fund as a non-elective improved benefits plan member; and
(ii) with respect to which period he or she was required to make member contributions to the pension fund; and
(iii) with respect to which period he or she made required member contributions determined pursuant to section 13-325 of this subchapter, as in effect before or on or after the effective date of this subdivision; shall be subject to a contribution rate deficiency, unless and until the amount thereof has been paid in full to the pension fund.
(3) Any improved benefits plan discontinued member (as defined in subdivision sixteen-d of such section 13-313) who, immediately prior to the discontinuance of service which qualified him or her to become such a member, was subject to a contribution rate deficiency, shall be subject to such deficiency while he or she is an improved benefits plan discontinued member, unless and until the amount thereof has been paid in full to the pension fund.
(4) In any case where an original plan discontinued member (as defined in subdivision sixteen of such section 13-313) becomes an improved benefits plan discontinued member pursuant to the provisions of paragraph six of subdivision i of section 13-360 of this subchapter, he or she shall be subject to a contribution rate deficiency unless and until the amount thereof has been paid in full to the pension fund.
(5) For the purpose of payment of a contribution rate deficiency or any part thereof to the pension fund by an improved benefits plan member who is subject to such a deficiency, such deficiency shall be deemed to consist of:
(i) the amount thereof, without regular interest thereon, if such member completed his or her minimum period for service retirement before becoming an improved benefits plan member; or
(ii) the amount thereof, plus regular interest and special interest, if any, thereon, from his or her date of commencement of contributions as an improved benefits plan member (as defined in subdivision nineteen of such section) 13-313 to (A) the date of completion of his or her minimum period for service retirement, or (B) the date of payment, if such member becomes an improved benefits plan member before completion of his or her minimum period for service retirement.
(6) For the purpose of payment of a contribution rate deficiency or any parts thereof to the pension fund by an improved benefits plan discontinued member who is subject to such deficiency, such deficiency shall be deemed to consist of the amount thereof, plus regular interest and special interest, if any, thereon from the date of commencement of contributions as an improved benefits plan member, as applicable to such member, to and including the date next preceding the date of payment.
(7) No contribution rate deficiency which includes regular interest and special interest, if any, thereon as provided for by paragraphs five and six of this subdivision j shall be deemed paid unless the amount thereof, together with such regular interest and special interest, if any, is paid in full to the pension fund.
(8) Subject to the provisions of paragraphs five, six and seven of this subdivision, each improved benefits plan member who is subject to a contribution rate deficiency may, at any time while he or she is a member, at his or her election pay to the pension fund the amount of such deficiency or so much thereof as remains unpaid.
(9) Subject to the provisions of paragraph five of this subdivision, at any time before the date of required commencement of payment of any benefit payable to an improved benefits plan discontinued member who is subject to a contribution rate deficiency, he or she may at his or her election pay to the pension fund the amount of such deficiency or so much thereof as remains unpaid.
(10) The board shall adopt rules and regulations governing the payment of a contribution rate deficiency or the unpaid portion thereof in a lump sum, in periodic installments or in such other manner as the board shall prescribe; provided, however, that such rules and regulations shall not conflict with the provisions of paragraphs five to nine, inclusive, of this subdivision j.
k. For the purposes of section 13-342 of this subchapter (relating to loans to members), the accumulated deductions of any elective improved benefits plan member shall not be deemed to include any part of his or her contribution rate deficiency remaining unpaid.
l. (1) Upon the filing of an application by an original plan member to become an elective improved benefits plan member, an amount equal to his or her accumulated contributions (as defined in subdivision seven of section 13-313 of this subchapter), as such contributions were as of the date next preceding the date of commencement of his or her status as an elective improved benefits plan member, shall be transferred from the contingent reserve fund to the credit of such member's account in the annuity savings fund.
(2) In any case where a non-elective improved benefits plan member is credited, immediately prior to becoming such a member, with accumulated contributions, such contributions, upon his or her becoming such a member, shall be transferred from the contingent reserve fund to the credit of such member's account in the annuity savings fund.
m. (1) For the purposes of this subdivision m, the term "additional contribution rate deficit" shall mean with respect to a retiree subject to such a deficit under the provisions of paragraph four of this subdivision m, an amount equal to the excess, if any, of (b) over (a), where: (a) is the amount of the subsequent original plan member accumulated contributions (as defined in subdivision six-c of section 13-313 of this subchapter) of such retiree (as such amount would be in the absence of a loan), and (b) is the amount (a) would be if (i) the contribution rate of such retiree on and after July first, nineteen hundred eighty-one had been the rate which would be his or her normal rate of contribution as an improved benefits plan member (as defined in subdivision eighteen of such section 13-313 of this subchapter) and (ii) regular and special interest had been credited on and added to such retiree's hypothetical member contributions on and after such July first resulting from such normal rate.
(2) For the purposes of this subdivision m, the term "additional contribution rate deficit" shall mean with respect to a person who is deemed to be an improved benefits plan discontinued member (as defined in subdivision sixteen-d of section 13-313 of this subchapter) under the provisions of paragraph eight of this subdivision and who is subject to such a deficit under the provisions of paragraph nine of this subdivision, an amount equal to the excess of (b) over (a), where: (a) is the amount of the subsequent original plan member accumulated contributions (as defined in subdivision six-c of such section 13-313) of such person (as such amount would be in the absence of a loan) and (b) is the amount (a) would be if (i) the contribution rate of such person on and after July first, nineteen hundred eighty-one had been the rate which would be his or her normal rate of contribution as an improved benefits plan member (as defined in subdivision eighteen of such section 13-313) and (ii) regular and special interest had been credited on and added to such person's hypothetical member contributions on and after such July first resulting from such normal rate.
(3) Notwithstanding any other provision of law to the contrary, in any case where, during the period beginning on July second, nineteen hundred eighty-one and ending on the date thirty days after the effective date of this subdivision m, any member was or shall be retired for service or superannuation or for ordinary or accident disability, and at the time of such retirement, such member was or shall be an original plan member, such retiree may, by a written application duly executed and filed with the board on or after the effective date of this subdivision and prior to January first, nineteen hundred eighty-three, elect the applicable benefits of this subdivision. Any retiree who makes such election (a) shall be deemed to have become an improved benefits plan member, effective July first, nineteen hundred eighty-one, (b) shall be deemed to have been retired, on the effective date of his or her retirement, as an improved benefits plan member and (c) shall be entitled to receive, as of the effective date of his or her retirement and in lieu of any other retirement allowance to which he or she would have been entitled if he or she had not made such election, a retirement allowance determined (subject to the provisions of paragraph four of this subdivision m) for him or her in the same manner as if, where such retirement occurred during the period beginning on July second, nineteen hundred eighty-one and ending on January first, nineteen hundred eighty-two, such retiree, on the date next preceding the effective date of his or her retirement, had elected to be an improved benefits plan member, or as if, where such retirement occurred or occurs during the period beginning on January second, nineteen hundred eighty-two and ending on the date thirty days after the effective date of this subdivision m, the provisions of this subchapter had permitted such retiree, on the date next preceding the effective date of his or her retirement, to elect to be an improved benefits plan member, effective July first, nineteen hundred eighty-one, and he or she had made such election on such next preceding date.
(4) A retiree who makes such election pursuant to paragraph three of this subdivision m shall be subject to a contribution rate deficiency (as defined in subdivision twenty-one of section 13-313 of this subchapter) unless and until the amount thereof is paid to the pension fund in the manner provided for in paragraph five of this subdivision, and in any case where any such retiree had not completed his or her minimum period for service retirement prior to July first, nineteen hundred eighty-one, he or she shall also be subject to an additional contribution rate deficit (as defined in paragraph one of this subdivision m), unless and until the amount thereof is paid to the pension fund in the manner provided for in such paragraph five. The provisions of paragraphs five and seven of subdivision j of this section shall apply to the determination and payment of the amount of the contribution rate deficiency of any retiree making such election. The rules and regulations adopted pursuant to paragraph ten of subdivision j of this section shall not apply to payment of any such contribution rate deficiency.
(5) A retiree who makes such election may elect to pay to the pension fund, in the manner hereinafter provided for in this paragraph five, the whole or any part of the contribution rate deficiency to which he or she is subject or the whole or any part of any additional contribution rate deficit to which he or she is subject. Any such payment, if elected by such retiree, shall be completed no later than the date of filing of such retiree's applicable under paragraph three of this subdivision m electing the application benefits hereof.
(6) For the purpose only of determining the pension portion of the retirement allowance for the required minimum period of service of any retiree retired for service or superannuation who has filed an election application pursuant to paragraph three of this subdivision m:
(i) in any case where such retiree is subject to a contribution rate deficiency which remains unpaid in whole or in part, the annuity computed for such retiree pursuant to paragraph one of subdivision a of section 13-359 of this subchapter shall be computed as it would be under assumptions (i) to (iv) inclusive, of subparagraph (a) of such paragraph one and in addition, as such annuity would be if an amount equal to the whole or any part of such contribution rate deficiency remaining unpaid as of the date of the filing of such retiree's election of the applicable benefits of this subdivision pursuant to paragraph three thereof had been paid to the pension fund on the earlier of (A) such member's date of commencement of contributions as an improved benefits plan member (as defined in subdivision nineteen of section 13-313 of this subchapter) or (B) the date next following the date of termination of such member's required minimum period of service; and
(ii) in any case where such retiree is subject to an additional contribution rate deficit which remains unpaid in whole or in part, such annuity computed for such retiree shall be computed as it would be under assumptions (i) to (iv), inclusive, of such subparagraph (a) and in addition, as such annuity would be if an amount equal to the whole or any part of such additional contribution rate deficit remaining unpaid as of the date of the filing of such member's election of the applicable benefits of this subdivision pursuant to paragraph three thereof had been paid to the pension fund on the date next following the date of completion of such member's required minimum period of service.
(7) For the purpose only of determining the pension portion of the retirement allowance payable to any retiree retired for ordinary disability who has filed an election application pursuant to paragraph three of this subdivision m:
(i) in any case where such retiree is subject to a contribution rate deficiency which remains unpaid in whole or in part, the annuity computed for such retiree pursuant to paragraph one of subdivision a of section 13-363 of this subchapter shall be computed as it would be under assumptions (i) to (iv), inclusive, of subdivision b of such section, and in addition, as such annuity would be if an amount equal to the whole or any part of such contribution rate deficiency remaining unpaid as of the date of filing of such member's election of the applicable benefits of this subdivision pursuant to paragraph three thereof had been paid to the pension fund on the earlier of (A) the date of commencement of contributions as an improved benefits plan member (as defined in subdivision nineteen of section 13-313 of this subchapter) or (B) the date next following the date of completion of such member's minimum period for service retirement; and
(ii) in any case where such retiree is subject to an additional contribution rate deficit which remains unpaid in whole or in part, such annuity computed for such retiree shall be computed as it would be under assumptions (i) to (iv), inclusive, of such subdivision b and in addition, as such annuity would be if an amount equal to the whole or any part of such additional contribution rate deficit remaining unpaid as of the date of such member's election of the applicable benefits of this subdivision pursuant to paragraph three thereof had been paid to the pension fund on the earlier of (A) the date of completion of such retiree's minimum period for service retirement or (B) the day next preceding the effective date of such retiree's retirement.
(8) Notwithstanding any other provision of law to the contrary, in any case where, during the period beginning on July second, nineteen hundred eighty-one and ending on the date thirty days after the effective date of this subdivision m, any original plan member discontinued or shall discontinue service so as to acquire a vested right to a deferred retirement allowance under section 13-360 of this subchapter, such original plan discontinued member (as defined in subdivision sixteen of section 13-313 of this subchapter) may, by a written application duly executed and filed with the board on or after the effective date of this subdivision and prior to January first, nineteen hundred eighty-three, elect the applicable benefits of this subdivision. Any such person making such election (a) shall be deemed to have elected to become an improved benefits plan member, effective July first, nineteen hundred eighty-one, (b) shall be deemed to have discontinued service, as of the date of such discontinuance of service as an original plan member, so as to become an improved benefits plan discontinued member (as defined in subdivision sixteen-d of such section 13-313) and (c) shall be entitled to receive, in lieu of any other deferred retirement allowance to which he or she would have been entitled if he or she had not made such election, a deferred retirement allowance determined for him or her (subject to the provisions of paragraph nine of this subdivision) in the same manner as, and payable at the same time as if, where such discontinuance of service occurred during the period beginning on July second, nineteen hundred eighty-one and ending on January first, nineteen hundred eighty-two, such person, on the date next preceding the date of his or her discontinuance of service, had elected to be an improved benefits plan member, or as if, where such discontinuance of service occurred or occurs during the period beginning on January second, nineteen hundred eighty-two and ending on the date thirty days after the effective date of this subdivision, the provisions of this subchapter had permitted such person, on the date next preceding the date of his or her discontinuance of service, to elect to be an improved benefits plan member, effective July first, nineteen hundred eighty-one, and he or she had made such election on such next preceding date.
(9) A person who is deemed to be an improved benefits plan discontinued member by reason of an election made pursuant to paragraph eight of this subdivision m shall be subject to a contribution rate deficiency (as defined in subdivision twenty-one of section 13-313 of this subchapter) and he or she shall also be subject to an additional contribution rate deficit (as defined in paragraph two of this subdivision), unless and until the amounts of such deficiency and deficit are paid to the pension fund in the manner provided for in paragraph ten of this subdivision. The provisions of paragraphs six and seven of subdivision j of this section shall apply to the determination and payment of the amount of the contribution rate deficiency of any such person deemed to be an improved benefits plan discontinued member.
(10) (i) A person deemed to be an improved benefits plan discontinued member by reason of an election made pursuant to paragraph eight of this subdivision m may elect to pay to the pension fund, in the manner prescribed by subparagraph (ii) of this paragraph ten the whole or any part of the contribution rate deficiency and/or additional contribution rate deficit to which he or she is subject.
(ii) The board shall adopt rules and regulations governing the payment of any such contribution rate deficiency or additional contribution rate deficit or unpaid portion thereof in a lump sum, in periodic installments or in such other manner as the board shall prescribe, provided, however, that any such payment, if elected by any such person deemed to be an improved benefits plan discontinued member, shall be completed no later than the later of (A) the date of filing of such person's application under paragraph eight of this subdivision electing the applicable benefits hereof, or (B) the date of required commencement of payment of benefits to such person under the provisions of section 13-361 of this subchapter.
(11) For the purpose only of determining the pension portion (payable pursuant to paragraph two of subdivision c of section 13-361 of this subchapter) of the deferred retirement allowance payable to a person deemed to be an improved benefits plan discontinued member by reason of an election made pursuant to paragraph eight of this subdivision m, the annuity computed for such person pursuant to paragraph one of such subdivision c shall be computed as it would be under assumptions one to five, inclusive, of subdivision d of such section 13-361 and in addition, as it would be in an amount equal to the additional contribution rate deficit of such person had been paid to the pension fund on the day next preceding the date of such person's discontinuance of service which qualified him or her as an original plan discontinued member.
(12) An election made pursuant to paragraph three or paragraph eight of this subdivision m shall be irrevocable.
(13) Nothing contained in this subdivision m shall affect the applicability of section eleven hundred seventeen of the charter or section 13-356 or section 13-357 of this subchapter or article seven of the retirement and social security law to any person making such an election.
(14) The privilege of making an election pursuant to paragraph three or paragraph eight of this subdivision m shall not apply to and may not be exercised by the estate, personal representatives, distributees or beneficiaries of any deceased person.
(15) (i) In any case where a retiree files an application electing the applicable benefits of this subdivision m pursuant to the provisions of paragraph three hereof, or an original plan discontinued member (as defined in subdivision sixteen of section 13-313 of this subchapter) files an application electing the applicable benefits of this subdivision pursuant to the provisions of paragraph eight hereof, and prior to the filing of such application, the period had expired wherein such retiree or original plan discontinued member was entitled to select an option with respect to the original plan retirement allowance to which he or she was entitled prior to the filing of such application, neither such retiree nor discontinued member nor any person who would otherwise be entitled to select an option in behalf of such retiree or discontinued member shall have any other or further period for selection of an option or for a choice or election that a maximum retirement allowance be paid.
(ii) In any such case wherein the period for selection of an option expired as described in subparagraph (a) of this paragraph fifteen, any option selected prior to such expiration by or on behalf of any such retiree or discontinued member in relation to his or her original plan retirement allowance or any choice or election prior to such expiration by or on his or her behalf that the maximum of such original plan retirement allowance shall be paid, shall apply to the improved benefits plan retirement allowance to which such retiree or discontinued member becomes entitled by reason of the filing of such application under paragraph three or paragraph eight, as the case may be, of this subdivision.
(16) The status of any person who files an application electing the applicable benefits of this subdivision m pursuant to the provisions of paragraph three or paragraph eight hereof with respect to applicability or inapplicability of the provisions of article eleven of the retirement and social security law shall not be affected or changed by such election.