(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, 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(iii) Should any person who, pursuant to paragraph seven of this subdivision, has withdrawn any additional member contributions (and any interest paid thereon) again become a participant in the twenty-year improved benefit retirement program pursuant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 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-year 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 New York city correction member below the rank of captain, 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-year improved benefit retirement program or otherwise.

(ii) Except as otherwise provided in subparagraph (iii) of this paragraph, should a participant in the twenty-year improved benefit retirement program, who has rendered less than fifteen years of credited service cease to hold the position of New York city correction officer below the rank of captain 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) (A) Notwithstanding any other provision of law to the contrary, any person who has been promoted directly from the position of New York city correction officer below the rank of captain to the position of New York city correction officer of the rank of captain or above, who withdraws any portion of his or her accumulated additional member contributions pursuant to subparagraph (ii) of this paragraph on or after the starting date of the twenty-year improved benefit retirement program for captains and above, shall not be eligible to elect to become a participant in the twenty-year improved benefit retirement program for captains and above.

(B) Notwithstanding any other provision of law to the contrary, any former participant in the twenty-year improved benefit retirement program who becomes a participant in the twenty-year improved benefit retirement program for captains and above, and who has additional member contributions on deposit in the contingent reserve fund of the retirement system at the time he or she becomes a participant in the twenty-year improved benefit retirement program for captains and above, shall not be permitted to withdraw any portion of such accumulated additional member contributions pursuant to the provisions of subparagraph (ii) of this paragraph at any time while he or she is a participant in the twenty-year improved benefit retirement program for captains and above.

(iv) 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. No member of the retirement system shall be permitted to borrow any portion of the additional member contributions (including any interest paid thereon) which are subject to this subdivision. 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. e. The provisions of subdivision b of section four hundred forty of this article shall apply to participants under this section.