S. 6988--B 2
the uniformed personnel in institutions under the jurisdiction of the
New York city department of correction who receives a performance of
duty disability retirement allowance, a member of the uniformed person-
nel in institutions under the jurisdiction of the department of
corrections and community supervision or a security hospital treatment
assistant, as those terms are defined in subdivision i of section eight-
y-nine of this chapter, who receives a performance of duty disability
retirement allowance, a member of a teachers' retirement system, New
York city employees' retirement system, New York city board of education
retirement system or a member of the New York state and local employees'
retirement system or a member of the New York city employees' retirement
system or New York city board of education retirement system employed as
a special officer, parking control specialist, school safety agent,
campus peace officer, taxi and limousine inspector or a police communi-
cations member and who receives a performance of duty disability
pension, from funds other than those based on a member's own or
increased-take-home-pay contributions, shall, before any reduction for
early retirement, be sixty per centum of the first fifteen thousand
three hundred dollars of final average salary, and fifty per centum of
final average salary in excess of fifteen thousand three hundred
dollars, and forty per centum of final average salary in excess of twen-
ty-seven thousand three hundred dollars, provided, however, that the
benefits provided by subdivision c of section four hundred forty-five-d
of this article as added by chapter four hundred seventy-two of the laws
of nineteen hundred ninety-five based upon the additional member
contributions required by subdivision d of such section four hundred
forty-five-d shall be subject to the maximum retirement benefit computa-
tions set forth in this section. The maximum retirement benefit computed
without optional modification payable to a police officer, an investi-
gator member of the New York city employees' retirement system or a
firefighter shall equal that payable upon completion of thirty years of
service, except that the maximum service retirement benefit computed
without optional modification shall equal that payable upon completion
of thirty-two years of service.
§ 2. Subdivision a of section 445 of the retirement and social securi-
ty law, as amended by chapter 245 of the laws of 2021, is amended to
read as follows:
a. No member of a retirement system who is subject to the provisions
of this article shall retire without regard to age, exclusive of retire-
ment for disability, unless he or she is a police officer, an investi-
gator member of the New York city employees' retirement system, fire-
fighter, correction officer, a qualifying member as defined in section
eighty-nine-t, as added by chapter six hundred fifty-seven of the laws
of nineteen hundred ninety-eight, of this chapter, sanitation worker, a
special officer (including persons employed by the city of New York in
the title urban park ranger or associate urban park ranger), school
safety agent, campus peace officer or a taxi and limousine commission
inspector member of the New York city employees' retirement system or
the New York city board of education retirement system, a dispatcher
member of the New York city employees' retirement system, a police
communications member of the New York city employees' retirement system,
an EMT member of the New York city employees' retirement system, a depu-
ty sheriff member of the New York city employees' retirement system, A
FIRE PROTECTION INSPECTOR MEMBER OF THE NEW YORK CITY EMPLOYEES' RETIRE-
MENT SYSTEM, a correction officer of the Westchester county correction
department as defined in section eighty-nine-e of this chapter or
S. 6988--B 3
employed in Suffolk county as a peace officer, as defined in section
eighty-nine-s, as added by chapter five hundred eighty-eight of the laws
of nineteen hundred ninety-seven, of this chapter, employed in Suffolk
county as a correction officer, as defined in section eighty-nine-f of
this chapter, or employed in Nassau county as a correction officer,
uniformed correction division personnel, sheriff, undersheriff or deputy
sheriff, as defined in section eighty-nine-g of this chapter, or
employed in Nassau county as an ambulance medical technician, an ambu-
lance medical technician/supervisor or a member who performs ambulance
medical technician related services, or a police medic, police medic
supervisor or a member who performs police medic related services, as
defined in section eighty-nine-s, as amended by chapter five hundred
seventy-eight of the laws of nineteen hundred ninety-eight, of this
chapter, or employed in Nassau county as a peace officer, as defined in
section eighty-nine-s, as added by chapter five hundred ninety-five of
the laws of nineteen hundred ninety-seven, of this chapter, or employed
in Albany county as a sheriff, undersheriff, deputy sheriff, correction
officer or identification officer, as defined in section eighty-nine-h
of this chapter or is employed in St. Lawrence county as a sheriff,
undersheriff, deputy sheriff or correction officer, as defined in
section eighty-nine-i of this chapter or is employed in Orleans county
as a sheriff, undersheriff, deputy sheriff or correction officer, as
defined in section eighty-nine-l of this chapter or is employed in
Jefferson county as a sheriff, undersheriff, deputy sheriff or
correction officer, as defined in section eighty-nine-j of this chapter
or is employed in Onondaga county as a deputy sheriff-jail division
competitively appointed or as a correction officer, as defined in
section eighty-nine-k of this chapter or is employed in a county which
makes an election under subdivision j of section eighty-nine-p of this
chapter as a sheriff, undersheriff, deputy sheriff or correction officer
as defined in such section eighty-nine-p or is employed in Broome County
as a sheriff, undersheriff, deputy sheriff or correction officer, as
defined in section eighty-nine-m of this chapter or is a Monroe county
deputy sheriff-court security, or deputy sheriff-jailor as defined in
section eighty-nine-n, as added by chapter five hundred ninety-seven of
the laws of nineteen hundred ninety-one, of this chapter or is employed
in Greene county as a sheriff, undersheriff, deputy sheriff or
correction officer, as defined in section eighty-nine-o of this chapter
or is a traffic officer with the town of Elmira as defined in section
eighty-nine-q of this chapter or is employed by Suffolk county as a park
police officer, as defined in section eighty-nine-r of this chapter or
is a peace officer employed by a county probation department as defined
in section eighty-nine-t, as added by chapter six hundred three of the
laws of nineteen hundred ninety-eight, of this chapter or is employed in
Rockland county as a deputy sheriff-civil as defined in section eighty-
nine-v of this chapter as added by chapter four hundred forty-one of the
laws of two thousand one, or is employed in Rockland county as a superi-
or correction officer as defined in section eighty-nine-v of this chap-
ter as added by chapter five hundred fifty-six of the laws of two thou-
sand one or is a paramedic employed by the police department in the town
of Tonawanda and retires under the provisions of section eighty-nine-v
of this chapter, as added by chapter four hundred seventy-two of the
laws of two thousand one, or is a county fire marshal, supervising fire
marshal, fire marshal, assistant fire marshal, assistant chief fire
marshal or chief fire marshal employed by the county of Nassau as
defined in section eighty-nine-w of this chapter and is in a plan which
S. 6988--B 4
permits immediate retirement upon completion of a specified period of
service without regard to age. Except as provided in subdivision c of
section four hundred forty-five-a of this article, subdivision c of
section four hundred forty-five-b of this article, subdivision c of
section four hundred forty-five-c of this article, subdivision c of
section four hundred forty-five-d of this article, subdivision c of
section four hundred forty-five-e of this article, subdivision c of
section four hundred forty-five-f of this article [and], subdivision c
of section four hundred forty-five-h of this article, AND SUBDIVISION C
OF SECTION FOUR HUNDRED FORTY-FIVE-J OF THIS ARTICLE, a member in such a
plan and such an occupation, other than a police officer or investigator
member of the New York city employees' retirement system or a firefight-
er, shall not be permitted to retire prior to the completion of twenty-
five years of credited service; provided, however, if such a member in
such an occupation is in a plan which permits retirement upon completion
of twenty years of service regardless of age, he or she may retire upon
completion of twenty years of credited service and prior to the
completion of twenty-five years of service, but in such event the bene-
fit provided from funds other than those based on such a member's own
contributions shall not exceed two per centum of final average salary
per each year of credited service.
§ 3. The retirement and social security law is amended by adding a new
section 445-j to read as follows:
§ 445-J. OPTIONAL TWENTY-FIVE YEAR IMPROVED BENEFIT RETIREMENT PROGRAM
FOR FIRE PROTECTION INSPECTOR MEMBERS. A. DEFINITIONS. THE FOLLOWING
WORDS AND PHRASES AS USED IN THIS SECTION SHALL HAVE THE FOLLOWING MEAN-
INGS UNLESS A DIFFERENT MEANING IS PLAINLY REQUIRED BY THE CONTEXT.
1. "RETIREMENT SYSTEM" SHALL MEAN THE NEW YORK CITY EMPLOYEES' RETIRE-
MENT SYSTEM.
2. "FIRE PROTECTION INSPECTOR MEMBER" SHALL MEAN (I) A MEMBER OF THE
RETIREMENT SYSTEM WHO IS SUBJECT TO THE PROVISIONS OF THIS ARTICLE, WHO
IS EMPLOYED BY THE CITY OF NEW YORK OR BY THE NEW YORK CITY FIRE DEPART-
MENT IN A TITLE WHOSE DUTIES ARE THOSE OF A FIRE PROTECTION INSPECTOR OR
ASSOCIATE FIRE PROTECTION INSPECTOR; AND (II) A MEMBER OF THE RETIREMENT
SYSTEM WHO, ON THE EFFECTIVE DATE OF THIS SECTION OR THEREAFTER, WAS
EMPLOYED BY THE CITY OF NEW YORK OR BY THE NEW YORK CITY FIRE DEPARTMENT
IN A TITLE WHOSE DUTIES ARE THOSE OF A FIRE PROTECTION INSPECTOR OR
ASSOCIATE FIRE PROTECTION INSPECTOR AND WHO, SUBSEQUENT THERETO, BECAME
EMPLOYED BY THE CITY OF NEW YORK OR BY THE NEW YORK CITY FIRE DEPARTMENT
IN A TITLE WHOSE DUTIES REQUIRE THE SUPERVISION OF EMPLOYEES WHOSE
DUTIES ARE THOSE OF A FIRE PROTECTION INSPECTOR OR ASSOCIATE FIRE
PROTECTION INSPECTOR.
3. "TWENTY-FIVE YEAR IMPROVED BENEFIT RETIREMENT PROGRAM" SHALL MEAN
ALL THE TERMS AND CONDITIONS OF THIS SECTION.
4. "STARTING DATE OF THE TWENTY-FIVE YEAR IMPROVED BENEFIT RETIREMENT
PROGRAM" SHALL MEAN THE EFFECTIVE DATE OF THIS SECTION, AS SUCH DATE IS
CERTIFIED PURSUANT TO SECTION FORTY-ONE OF THE LEGISLATIVE LAW.
5. "PARTICIPANT IN THE TWENTY-FIVE YEAR IMPROVED BENEFIT RETIREMENT
PROGRAM" SHALL MEAN ANY FIRE PROTECTION INSPECTOR MEMBER WHO, UNDER THE
APPLICABLE PROVISIONS OF SUBDIVISION B OF THIS SECTION, IS ENTITLED TO
THE RIGHTS, BENEFITS AND PRIVILEGES AND IS SUBJECT TO THE OBLIGATIONS OF
THE TWENTY-FIVE YEAR IMPROVED BENEFIT RETIREMENT PROGRAM, AS APPLICABLE
TO HIM OR HER.
6. "ADMINISTRATIVE CODE" SHALL MEAN THE ADMINISTRATIVE CODE OF THE
CITY OF NEW YORK.
S. 6988--B 5
7. "ACCUMULATED DEDUCTIONS" SHALL MEAN ACCUMULATED DEDUCTIONS AS
DEFINED IN SUBDIVISION ELEVEN OF SECTION 13-101 OF THE ADMINISTRATIVE
CODE.
8. "OPTIONAL RETIREMENT PROVISIONS" SHALL MEAN THE RIGHT TO RETIRE AND
RECEIVE A RETIREMENT ALLOWANCE UNDER THIS SECTION UPON THE COMPLETION OF
TWENTY-FIVE YEARS OF CREDITED SERVICE.
9. "CREDITED SERVICE" FOR PURPOSES OF THIS SECTION SHALL MEAN ALL
SERVICE AS A FIRE PROTECTION INSPECTOR MEMBER.
B. ELECTION OF TWENTY-FIVE YEAR IMPROVED BENEFIT RETIREMENT PROGRAM.
1. SUBJECT TO THE PROVISIONS OF PARAGRAPHS FIVE AND SIX OF THIS SUBDIVI-
SION, ANY PERSON WHO IS A FIRE PROTECTION INSPECTOR MEMBER ON THE START-
ING DATE OF THE TWENTY-FIVE YEAR IMPROVED BENEFIT RETIREMENT PROGRAM MAY
ELECT TO BECOME A PARTICIPANT IN THE TWENTY-FIVE YEAR IMPROVED BENEFIT
RETIREMENT PROGRAM BY FILING, WITHIN ONE HUNDRED EIGHTY DAYS AFTER SUCH
STARTING DATE, A DULY EXECUTED APPLICATION FOR SUCH PARTICIPATION WITH
THE RETIREMENT SYSTEM, PROVIDED HE OR SHE IS SUCH A FIRE PROTECTION
INSPECTOR MEMBER ON THE DATE SUCH APPLICATION IS FILED.
2. SUBJECT TO THE PROVISION OF PARAGRAPHS FIVE AND SIX OF THE THIS
SUBDIVISION, ANY PERSON WHO BECOMES A FIRE PROTECTION INSPECTOR MEMBER
AFTER THE STARTING DATE OF THE TWENTY-FIVE YEAR IMPROVED BENEFIT RETIRE-
MENT PROGRAM MAY ELECT TO BECOME A PARTICIPANT IN THE TWENTY-FIVE YEAR
IMPROVED BENEFIT RETIREMENT PROGRAM BY FILING, WITHIN ONE HUNDRED EIGHTY
DAYS AFTER BECOMING SUCH A FIRE PROTECTION INSPECTOR MEMBER, A DULY
EXECUTED APPLICATION FOR SUCH PARTICIPATION WITH THE RETIREMENT SYSTEM,
PROVIDED HE OR SHE IS SUCH A FIRE PROTECTION INSPECTOR MEMBER ON THE
DATE SUCH APPLICATION IS FILED.
3. ANY ELECTION TO BE A PARTICIPANT IN THE TWENTY-FIVE YEAR IMPROVED
BENEFIT RETIREMENT PROGRAM SHALL BE IRREVOCABLE.
4. WHERE ANY PARTICIPANT IN THE TWENTY-FIVE YEAR IMPROVED BENEFIT
RETIREMENT PROGRAM SHALL CEASE TO HOLD A POSITION AS A FIRE PROTECTION
INSPECTOR MEMBER, HE OR SHE SHALL CEASE TO BE SUCH A PARTICIPANT AND,
DURING ANY PERIOD IN WHICH SUCH A PERSON DOES NOT HOLD SUCH A FIRE
PROTECTION INSPECTOR POSITION, HE OR SHE SHALL NOT BE A PARTICIPANT IN
THE TWENTY-FIVE YEAR IMPROVED BENEFIT RETIREMENT PROGRAM AND SHALL NOT
BE ELIGIBLE FOR THE BENEFITS OF SUBDIVISION C OF THIS SECTION.
5. WHERE ANY PARTICIPANT IN THE TWENTY-FIVE YEAR IMPROVED BENEFIT
RETIREMENT PROGRAM TERMINATES SERVICE AS A FIRE PROTECTION INSPECTOR
MEMBER AND RETURNS TO SUCH SERVICE AS A FIRE PROTECTION INSPECTOR MEMBER
AT A LATER DATE, HE OR SHE SHALL AGAIN BECOME SUCH A PARTICIPANT ON THAT
DATE.
6. NOTWITHSTANDING ANY OTHER PROVISION OF LAW TO THE CONTRARY, ANY
PERSON WHO IS ELIGIBLE TO BECOME A PARTICIPANT IN THE TWENTY-FIVE YEAR
IMPROVED BENEFIT RETIREMENT PROGRAM PURSUANT TO PARAGRAPH ONE OR TWO OF
THIS SUBDIVISION FOR THE FULL ONE HUNDRED EIGHTY DAY PERIOD PROVIDED FOR
IN SUCH APPLICABLE PARAGRAPH AND WHO FAILS TO TIMELY FILE A DULY
EXECUTED APPLICATION FOR SUCH PARTICIPATION WITH THE RETIREMENT SYSTEM,
SHALL NOT THEREAFTER BE ELIGIBLE TO BECOME A PARTICIPANT IN SUCH
PROGRAM.
C. SERVICE RETIREMENT BENEFITS. NOTWITHSTANDING ANY OTHER PROVISION OF
LAW TO THE CONTRARY, WHERE A PARTICIPANT IN THE TWENTY-FIVE YEAR
IMPROVED BENEFIT RETIREMENT PROGRAM, WHO IS OTHERWISE QUALIFIED FOR A
RETIREMENT ALLOWANCE PURSUANT TO THE OPTIONAL RETIREMENT PROVISION SET
FORTH IN SUBDIVISION A OF THIS SECTION, HAS MADE AND/OR PAID, WHILE HE
OR SHE IS A FIRE PROTECTION INSPECTOR MEMBER, ALL ADDITIONAL MEMBER
CONTRIBUTIONS AND INTEREST (IF ANY) REQUIRED BY SUBDIVISION D OF THIS
SECTION, THEN:
S. 6988--B 6
1. THAT PARTICIPANT, WHILE HE OR SHE REMAINS A PARTICIPANT, SHALL NOT
BE SUBJECT TO THE PROVISIONS OF SUBDIVISION A OF SECTION FOUR HUNDRED
FORTY-FIVE OF THIS ARTICLE; AND
2. IF THAT PARTICIPANT, WHILE SUCH A PARTICIPANT, RETIRES FROM
SERVICE, HE OR SHE SHALL NOT BE SUBJECT TO THE PROVISIONS OF SECTION
FOUR HUNDRED FORTY-FOUR OF THIS ARTICLE; AND
3. HIS OR HER RETIREMENT ALLOWANCE SHALL BE AN AMOUNT, ON ACCOUNT OF
THE REQUIRED MINIMUM PERIOD OF SERVICE, EQUAL TO THE SUM OF (I) AN ANNU-
ITY WHICH SHALL BE THE ACTUARIAL EQUIVALENT OF THE ACCUMULATED
DEDUCTIONS FROM HIS OR HER PAY DURING SUCH PERIOD, (II) A PENSION FOR
INCREASED-TAKE-HOME-PAY WHICH SHALL BE THE ACTUARIAL EQUIVALENT OF THE
RESERVE FOR INCREASED-TAKE-HOME-PAY TO WHICH HE OR SHE MAY BE ENTITLED,
FOR SUCH PERIOD, AND (III) A PENSION WHICH, WHEN ADDED TO SUCH ANNUITY
AND SUCH PENSION FOR INCREASED-TAKE-HOME-PAY, PRODUCES A RETIREMENT
ALLOWANCE EQUAL TO FIFTY PERCENT OF HIS OR HER FINAL AVERAGE SALARY,
PLUS AN AMOUNT FOR EACH ADDITIONAL YEAR OF ALLOWABLE SERVICE AS A FIRE
PROTECTION INSPECTOR MEMBER, OR FRACTION THEREOF, BEYOND SUCH REQUIRED
MINIMUM PERIOD OF SERVICE EQUAL TO TWO PERCENT OF HIS OR HER FINAL AVER-
AGE SALARY FOR SUCH ALLOWABLE SERVICE AS A FIRE PROTECTION INSPECTOR
MEMBER DURING THE PERIOD FROM COMPLETION OF TWENTY-FIVE YEARS OF ALLOW-
ABLE SERVICE AS A FIRE PROTECTION INSPECTOR MEMBER TO THE DATE OF
RETIREMENT BUT NOT TO EXCEED MORE THAN FIVE YEARS OF ADDITIONAL SERVICE
AS A FIRE PROTECTION INSPECTOR MEMBER.
D. ADDITIONAL MEMBER CONTRIBUTIONS. 1. IN ADDITION TO THE MEMBER
CONTRIBUTIONS REQUIRED PURSUANT TO SECTION 13-125 OR 13-162 OF THE
ADMINISTRATIVE CODE, EACH PARTICIPANT IN THE TWENTY-FIVE YEAR IMPROVED
BENEFIT RETIREMENT PROGRAM SHALL CONTRIBUTE, SUBJECT TO THE APPLICABLE
PROVISIONS OF SECTION 13-125.2 OF THE ADMINISTRATIVE CODE, AN ADDITIONAL
SIX AND TWENTY-FIVE ONE-HUNDREDTHS PERCENT OF HIS OR HER COMPENSATION
EARNED FROM ALL ALLOWABLE SERVICE AS A FIRE PROTECTION INSPECTOR MEMBER,
AS A PARTICIPANT IN THE TWENTY-FIVE YEAR IMPROVED BENEFIT RETIREMENT
PROGRAM, RENDERED ON AND AFTER THE STARTING DATE OF THE IMPROVED BENEFIT
RETIREMENT PROGRAM, AND ALL ALLOWABLE SERVICE AS A FIRE PROTECTION
INSPECTOR MEMBER AFTER SUCH PERSON CEASES TO BE A PARTICIPANT, BUT
BEFORE HE OR SHE AGAIN BECOMES A PARTICIPANT PURSUANT TO PARAGRAPH FIVE
OF SUBDIVISION B OF THIS SECTION. A PARTICIPANT IN THE TWENTY-FIVE YEAR
IMPROVED BENEFIT RETIREMENT PROGRAM SHALL CONTRIBUTE ADDITIONAL MEMBER
CONTRIBUTIONS UNTIL THE LATER OF THE DATE AS OF WHICH HE OR SHE IS
ELIGIBLE TO RETIRE WITH THIRTY YEARS OF ALLOWABLE SERVICE AS A FIRE
PROTECTION INSPECTOR MEMBER UNDER SUCH RETIREMENT PROGRAM, OR THE FIRST
ANNIVERSARY OF THE STARTING DATE OF THE TWENTY-FIVE YEAR IMPROVED BENE-
FIT RETIREMENT PROGRAM. THE ADDITIONAL CONTRIBUTIONS REQUIRED BY THIS
SECTION SHALL BE IN LIEU OF ADDITIONAL MEMBER CONTRIBUTIONS REQUIRED BY
SUBDIVISION D OF SECTION FOUR HUNDRED FORTY-FIVE-D OF THIS CHAPTER, AS
ADDED BY CHAPTER NINETY-SIX OF THE LAWS OF NINETEEN HUNDRED NINETY-FIVE,
AND NO MEMBER PAYING ADDITIONAL CONTRIBUTIONS PURSUANT TO THIS SECTION
SHALL BE REQUIRED TO PAY ADDITIONAL CONTRIBUTIONS PURSUANT TO SUCH
SUBDIVISION D OF SECTION FOUR HUNDRED FORTY-FIVE-D OF THIS ARTICLE.
2. COMMENCING WITH THE FIRST FULL PAYROLL PERIOD AFTER EACH PERSON
BECOMES A PARTICIPANT IN THE TWENTY-FIVE YEAR IMPROVED BENEFIT RETIRE-
MENT PROGRAM, ADDITIONAL MEMBER CONTRIBUTIONS AT THE RATE SPECIFIED IN
PARAGRAPH ONE OF THIS SUBDIVISION SHALL BE DEDUCTED, SUBJECT TO THE
APPLICABLE PROVISIONS OF SECTION 13-125.2 OF THE ADMINISTRATIVE CODE,
FROM THE COMPENSATION OF SUCH PARTICIPANT ON EACH AND EVERY PAYROLL OF
SUCH PARTICIPANT FOR EACH AND EVERY PAYROLL PERIOD FOR WHICH HE OR SHE
IS SUCH A PARTICIPANT.
S. 6988--B 7
3. (I) SUBJECT TO THE PROVISIONS OF SUBPARAGRAPH (II) OF THIS PARA-
GRAPH, WHERE ANY ADDITIONAL MEMBER CONTRIBUTIONS REQUIRED BY PARAGRAPH
ONE OF THIS SUBDIVISION ARE NOT PAID BY DEDUCTIONS FROM A PARTICIPANT'S
COMPENSATION PURSUANT TO PARAGRAPH TWO OF THIS SUBDIVISION:
(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) (1) INTEREST ON EACH SUCH AMOUNT INCLUDED IN SUCH PARTICIPANT'S
CONTRIBUTION DEFICIENCY PURSUANT TO THIS SUBPARAGRAPH SHALL BE CALCU-
LATED 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 CONTRIBUTION
IS ATTRIBUTABLE, COMPOUNDED ANNUALLY, UNTIL SUCH AMOUNT IS PAID TO THE
RETIREMENT SYSTEM;
(2) 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 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 THERE-
ON AS CALCULATED PURSUANT TO 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 SUBDIVI-
SION, AND ANY INTEREST THEREON, BY A PARTICIPANT IN THE TWENTY-FIVE YEAR
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 RETIRE-
MENT 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 ADDI-
TIONAL MEMBER CONTRIBUTIONS PURSUANT TO PARAGRAPH EIGHT OF THIS SUBDIVI-
SION (INCLUDING ACCRUED INTEREST ON SUCH LOAN), THAT PARTICIPANT, NEVER-
THELESS, SHALL BE ELIGIBLE TO RETIRE PURSUANT TO SUBDIVISION C OF THIS
SECTION, PROVIDED, HOWEVER, THAT WHERE SUCH PARTICIPANT IS NOT ENTITLED
S. 6988--B 8
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 ACCORD-
ANCE 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 CONTRIB-
UTIONS 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 SUBDIVI-
SION, 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 SUBDIVI-
SION (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 IMPROVED
BENEFIT RETIREMENT PROGRAM OR OTHERWISE.
(II) SHOULD A PARTICIPANT IN THE TWENTY-FIVE YEAR IMPROVED BENEFIT
RETIREMENT PROGRAM, WHO HAS RENDERED LESS THAN FIFTEEN YEARS OF CREDITED
SERVICE CEASE TO HOLD A POSITION AS A FIRE PROTECTION INSPECTOR 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 INTER-
EST 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 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 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
S. 6988--B 9
SHALL BE GOVERNED BY THE SAME RIGHTS, PRIVILEGES, OBLIGATIONS AND PROCE-
DURES SET FORTH IN SECTION SIX HUNDRED THIRTEEN-B OF THIS CHAPTER WHICH
GOVERN THE BORROWING BY MEMBERS SUBJECT TO ARTICLE FIFTEEN OF THIS CHAP-
TER OF MEMBER CONTRIBUTIONS MADE PURSUANT TO SECTION SIX HUNDRED THIR-
TEEN 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 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 THIS SECTION SHALL NOT BE CONSTRUED TO PROVIDE
BENEFITS TO ANY PARTICIPANT IN THE TWENTY-FIVE YEAR IMPROVED BENEFIT
RETIREMENT PROGRAM WHICH ARE GREATER THAN THOSE WHICH WOULD BE RECEIVED
BY A SIMILARLY SITUATED MEMBER WHO IS ENTITLED TO BENEFITS UNDER THE
PROVISIONS OF SECTION 13-157.2 OF THE ADMINISTRATIVE CODE, BUT WHO IS
NOT GOVERNED BY THE PROVISIONS OF THIS ARTICLE.
§ 4. The retirement and social security law is amended by adding a new
section 604-j to read as follows:
§ 604-J. TWENTY-FIVE YEAR RETIREMENT PROGRAM FOR FIRE PROTECTION
INSPECTOR MEMBERS. A. DEFINITIONS. THE FOLLOWING WORDS AND PHRASES AS
USED IN THIS SECTION SHALL HAVE THE FOLLOWING MEANINGS UNLESS A DIFFER-
ENT MEANING IS PLAINLY REQUIRED BY THE CONTEXT.
1. "FIRE PROTECTION INSPECTOR MEMBER" SHALL MEAN A MEMBER WHO IS
EMPLOYED BY THE CITY OF NEW YORK OR BY THE NEW YORK CITY FIRE DEPARTMENT
IN A TITLE WHOSE DUTIES ARE THOSE OF A FIRE PROTECTION INSPECTOR OR
ASSOCIATE FIRE PROTECTION INSPECTOR; OR IN A TITLE WHOSE DUTIES REQUIRE
THE SUPERVISION OF EMPLOYEES WHOSE DUTIES ARE THOSE OF A FIRE PROTECTION
INSPECTOR OR ASSOCIATE FIRE PROTECTION INSPECTOR.
2. "TWENTY-FIVE YEAR RETIREMENT PROGRAM" SHALL MEAN ALL THE TERMS AND
CONDITIONS OF THIS SECTION.
3. "STARTING DATE OF THE TWENTY-FIVE YEAR RETIREMENT PROGRAM" SHALL
MEAN THE EFFECTIVE DATE OF THIS SECTION.
4. "PARTICIPANT IN THE TWENTY-FIVE YEAR RETIREMENT PROGRAM" SHALL MEAN
ANY FIRE PROTECTION INSPECTOR MEMBER WHO, UNDER THE APPLICABLE
PROVISIONS OF SUBDIVISION B OF THIS SECTION, IS ENTITLED TO THE RIGHTS,
BENEFITS AND PRIVILEGES AND IS SUBJECT TO THE OBLIGATIONS OF THE TWEN-
TY-FIVE YEAR RETIREMENT PROGRAM, AS APPLICABLE TO HIM OR HER.
5. "DISCONTINUED MEMBER" SHALL MEAN A PARTICIPANT IN THE TWENTY-FIVE
YEAR RETIREMENT PROGRAM WHO, WHILE HE OR SHE WAS A FIRE PROTECTION
INSPECTOR MEMBER, DISCONTINUED SERVICE AS SUCH A MEMBER AND HAS A RIGHT
TO A DEFERRED VESTED BENEFIT UNDER SUBDIVISION D OF THIS SECTION.
S. 6988--B 10
6. "ADMINISTRATIVE CODE" SHALL MEAN THE ADMINISTRATIVE CODE OF THE
CITY OF NEW YORK.
7. "ALLOWABLE SERVICE AS A FIRE PROTECTION INSPECTOR MEMBER" SHALL
MEAN ALL SERVICE AS A FIRE PROTECTION INSPECTOR MEMBER.
B. PARTICIPATION IN THE TWENTY-FIVE YEAR RETIREMENT PROGRAM. 1.
SUBJECT TO THE PROVISIONS OF PARAGRAPHS SIX AND SEVEN OF THIS SUBDIVI-
SION, ANY PERSON WHO IS A FIRE PROTECTION INSPECTOR MEMBER ON THE START-
ING DATE OF THE TWENTY-FIVE YEAR RETIREMENT PROGRAM AND WHO, AS SUCH A
FIRE PROTECTION INSPECTOR MEMBER OR OTHERWISE, LAST BECAME SUBJECT TO
THE PROVISIONS OF THIS ARTICLE PRIOR TO SUCH STARTING DATE, MAY ELECT TO
BECOME A PARTICIPANT IN THE TWENTY-FIVE YEAR RETIREMENT PROGRAM BY
FILING, WITHIN ONE HUNDRED EIGHTY DAYS AFTER THE STARTING DATE OF THE
TWENTY-FIVE YEAR RETIREMENT PROGRAM, A DULY EXECUTED APPLICATION FOR
SUCH PARTICIPATION WITH THE RETIREMENT SYSTEM OF WHICH SUCH PERSON IS A
MEMBER, PROVIDED HE OR SHE IS SUCH A FIRE PROTECTION INSPECTOR MEMBER ON
THE DATE SUCH APPLICATION IS FILED.
2. SUBJECT TO THE PROVISIONS OF PARAGRAPHS SIX AND SEVEN OF THIS
SUBDIVISION, ANY PERSON WHO BECOMES A FIRE PROTECTION INSPECTOR MEMBER
AFTER THE STARTING DATE OF THE TWENTY-FIVE YEAR RETIREMENT PROGRAM AND
WHO, AS SUCH A FIRE PROTECTION INSPECTOR MEMBER OR OTHERWISE, LAST
BECAME SUBJECT TO THE PROVISIONS OF THIS ARTICLE PRIOR TO SUCH STARTING
DATE, MAY ELECT TO BECOME A PARTICIPANT IN THE TWENTY-FIVE YEAR RETIRE-
MENT PROGRAM BY FILING, WITHIN ONE HUNDRED EIGHTY DAYS AFTER BECOMING
SUCH A FIRE PROTECTION INSPECTOR MEMBER, A DULY EXECUTED APPLICATION FOR
SUCH PARTICIPATION WITH THE RETIREMENT SYSTEM FOR WHICH SUCH PERSON IS A
MEMBER, PROVIDED HE OR SHE IS SUCH A FIRE PROTECTION INSPECTOR MEMBER ON
THE DATE SUCH APPLICATION IS FILED.
3. EACH FIRE PROTECTION INSPECTOR MEMBER, OTHER THAN A FIRE PROTECTION
INSPECTOR MEMBER SUBJECT TO PARAGRAPH ONE OR TWO OF THIS SUBDIVISION,
WHO BECOMES SUBJECT TO THE PROVISIONS OF THIS ARTICLE ON OR AFTER THE
STARTING DATE OF THE TWENTY-FIVE YEAR RETIREMENT PROGRAM SHALL BECOME A
PARTICIPANT IN THE TWENTY-FIVE YEAR RETIREMENT PROGRAM ON THE DATE HE OR
SHE BECOMES SUCH A FIRE PROTECTION INSPECTOR MEMBER. PROVIDED, HOWEVER,
A PERSON SUBJECT TO THIS PARAGRAPH, AND WHO HAS EXCEEDED AGE TWENTY-FIVE
UPON EMPLOYMENT AS A FIRE PROTECTION INSPECTOR MEMBER, SHALL BE EXEMPT
FROM PARTICIPATION IN THE IMPROVED TWENTY-FIVE YEAR RETIREMENT PROGRAM
IF SUCH PERSON ELECTS NOT TO PARTICIPATE BY FILING A DULY EXECUTED FORM
WITH THE RETIREMENT SYSTEM WITHIN ONE HUNDRED EIGHTY DAYS OF BECOMING A
FIRE PROTECTION INSPECTOR MEMBER.
4. ANY ELECTION TO BE A PARTICIPANT IN THE TWENTY-FIVE YEAR RETIREMENT
PROGRAM SHALL BE IRREVOCABLE.
5. WHERE ANY PARTICIPANT IN THE TWENTY-FIVE YEAR RETIREMENT PROGRAM
SHALL CEASE TO BE EMPLOYED AS A FIRE PROTECTION INSPECTOR MEMBER, HE OR
SHE SHALL CEASE TO BE SUCH A PARTICIPANT AND, DURING ANY PERIOD IN WHICH
SUCH PERSON IS NOT SO EMPLOYED, HE OR SHE SHALL NOT BE A PARTICIPANT IN
THE TWENTY-FIVE YEAR RETIREMENT PROGRAM AND SHALL NOT BE ELIGIBLE FOR
THE BENEFITS OF SUBDIVISION C OF THIS SECTION.
6. WHERE ANY PARTICIPANT IN THE TWENTY-FIVE YEAR RETIREMENT PROGRAM
TERMINATES SERVICE AS A FIRE PROTECTION INSPECTOR MEMBER AND RETURNS TO
SUCH SERVICE AS A FIRE PROTECTION INSPECTOR MEMBER AT A LATER DATE, HE
OR SHE SHALL AGAIN BECOME SUCH A PARTICIPANT ON THAT DATE.
7. NOTWITHSTANDING ANY OTHER PROVISION OF THE LAW TO THE CONTRARY, ANY
PERSON WHO IS ELIGIBLE TO ELECT TO BECOME A PARTICIPANT IN THE TWENTY-
FIVE YEAR RETIREMENT PROGRAM PURSUANT TO PARAGRAPH ONE OR TWO OF THIS
SUBDIVISION FOR THE FULL ONE HUNDRED EIGHTY DAY PERIOD PROVIDED FOR IN
SUCH APPLICABLE PARAGRAPH AND WHO FAILS TO TIMELY FILE A DULY EXECUTED
S. 6988--B 11
APPLICATION FOR SUCH PARTICIPATION WITH THE RETIREMENT SYSTEM, SHALL NOT
THEREAFTER BE ELIGIBLE TO BECOME A PARTICIPANT IN SUCH PROGRAM.
C. SERVICE RETIREMENT BENEFITS. 1. A PARTICIPANT IN THE TWENTY-FIVE
YEAR RETIREMENT PROGRAM:
(I) WHO HAS COMPLETED TWENTY-FIVE OR MORE YEARS OF ALLOWABLE SERVICE
AS A FIRE PROTECTION INSPECTOR MEMBER; AND
(II) WHO HAS PAID, BEFORE THE EFFECTIVE DATE OF RETIREMENT, ALL ADDI-
TIONAL MEMBER CONTRIBUTIONS AND INTEREST (IF ANY) REQUIRED BY SUBDIVI-
SION E OF THIS SECTION; AND
(III) WHO FILES WITH THE RETIREMENT SYSTEM OF WHICH HE OR SHE IS A
MEMBER AN APPLICATION FOR SERVICE RETIREMENT SETTING FORTH AT WHAT TIME,
NOT LESS THAN THIRTY DAYS SUBSEQUENT TO THE EXECUTION AND FILING THERE-
OF, HE OR SHE DESIRES TO BE RETIRED; AND
(IV) WHO SHALL BE A PARTICIPANT IN THE TWENTY-FIVE YEAR RETIREMENT
PROGRAM AT THE TIME SO SPECIFIED FOR HIS OR HER RETIREMENT; SHALL BE
RETIRED PURSUANT TO THE PROVISIONS OF THIS SECTION AFFORDING EARLY
SERVICE RETIREMENT.
2. NOTWITHSTANDING THE PROVISIONS OF SUBDIVISION A-1 OF SECTION SIX
HUNDRED THREE OF THIS ARTICLE, OR ANY OTHER PROVISION OF LAW TO THE
CONTRARY, AND SUBJECT TO THE PROVISIONS OF PARAGRAPH SIX OF SUBDIVISION
E OF THIS SECTION, THE EARLY SERVICE RETIREMENT BENEFIT FOR PARTICIPANTS
IN THE TWENTY-FIVE YEAR RETIREMENT PROGRAM WHO RETIRE PURSUANT TO PARA-
GRAPH ONE OF THIS SUBDIVISION SHALL BE A RETIREMENT ALLOWANCE CONSISTING
OF:
(I) AN AMOUNT, ON ACCOUNT OF THE REQUIRED MINIMUM PERIOD OF SERVICE,
EQUAL TO FIFTY PERCENT OF HIS OR HER FINAL AVERAGE SALARY; PLUS
(II) AN AMOUNT ON ACCOUNT OF ALLOWABLE SERVICE AS A FIRE PROTECTION
INSPECTOR MEMBER, OR FRACTION THEREOF, BEYOND SUCH REQUIRED MINIMUM
PERIOD OF SERVICE EQUAL TO TWO PERCENT OF HIS OR HER FINAL SALARY FOR
SUCH ALLOWABLE SERVICE AS A FIRE PROTECTION INSPECTOR MEMBER DURING THE
PERIOD FROM COMPLETION OF TWENTY-FIVE YEARS OF ALLOWABLE SERVICE AS A
FIRE PROTECTION INSPECTOR MEMBER TO THE DATE OF RETIREMENT BUT NOT TO
EXCEED MORE THAN FIVE YEARS OF ADDITIONAL SERVICE AS A FIRE PROTECTION
INSPECTOR MEMBER.
D. VESTING. 1. A PARTICIPANT IN THE TWENTY-FIVE YEAR RETIREMENT
PROGRAM:
(I) WHO DISCONTINUES SERVICE AS SUCH A PARTICIPANT, OTHER THAN BY
DEATH OR RETIREMENT; AND
(II) IN THE CASE OF A PARTICIPANT WHO IS NOT A NEW YORK CITY REVISED
PLAN MEMBER, WHO PRIOR TO SUCH DISCONTINUANCE, COMPLETED FIVE BUT LESS
THAN TWENTY-FIVE YEARS OF ALLOWABLE SERVICE AS A FIRE PROTECTION INSPEC-
TOR MEMBER OR, IN THE CASE OF A PARTICIPANT WHO IS A NEW YORK CITY
REVISED PLAN MEMBER, WHO PRIOR TO SUCH DISCONTINUANCE, COMPLETED TEN BUT
LESS THAN TWENTY-FIVE YEARS OF ALLOWABLE SERVICE AS A FIRE PROTECTION
INSPECTOR MEMBER; AND
(III) WHO, SUBJECT TO THE PROVISIONS OF PARAGRAPH SEVEN OF SUBDIVISION
E OF THIS SECTION, HAS PAID, PRIOR TO SUCH DISCONTINUANCE, ALL ADDI-
TIONAL MEMBER CONTRIBUTIONS AND INTEREST (IF ANY) REQUIRED BY SUBDIVI-
SION E OF THIS SECTION; AND
(IV) WHO DOES NOT WITHDRAW IN WHOLE OR IN PART HIS OR HER ACCUMULATED
MEMBER CONTRIBUTIONS PURSUANT TO SECTION SIX HUNDRED THIRTEEN OF THIS
ARTICLE UNLESS SUCH PARTICIPANT THEREAFTER RETURNS TO PUBLIC SERVICE AND
REPAYS THE AMOUNTS SO WITHDRAWN, TOGETHER WITH INTEREST, PURSUANT TO
SUCH SECTION SIX HUNDRED THIRTEEN; SHALL BE ENTITLED TO RECEIVE A
DEFERRED VESTED BENEFIT AS PROVIDED IN THIS SUBDIVISION.
S. 6988--B 12
2. (I) UPON SUCH DISCONTINUANCE UNDER THE CONDITIONS AND IN COMPLIANCE
WITH THE PROVISIONS OF PARAGRAPH ONE OF THIS SUBDIVISION, SUCH DEFERRED
VESTED BENEFIT SHALL VEST AUTOMATICALLY.
(II) IN THE CASE OF A PARTICIPANT WHO IS NOT A NEW YORK CITY REVISED
PLAN MEMBER, SUCH VESTED BENEFIT SHALL BECOME PAYABLE ON THE EARLIEST
DATE ON WHICH SUCH DISCONTINUED MEMBER COULD HAVE RETIRED FOR SERVICE IF
SUCH DISCONTINUANCE HAD NOT OCCURRED OR, IN THE CASE OF A PARTICIPANT
WHO IS A NEW YORK CITY REVISED PLAN MEMBER, SUCH VESTED BENEFIT SHALL
BECOME PAYABLE AT AGE SIXTY-THREE. SUBJECT TO THE PROVISIONS OF PARA-
GRAPH SEVEN OF SUBDIVISION E OF THIS SECTION, SUCH DEFERRED VESTED BENE-
FIT SHALL BE A RETIREMENT ALLOWANCE CONSISTING OF AN AMOUNT EQUAL TO TWO
PERCENT OF SUCH DISCONTINUED MEMBER'S FINAL AVERAGE SALARY, MULTIPLIED
BY THE NUMBER OF YEARS OF CREDITED SERVICE.
E. ADDITIONAL MEMBER CONTRIBUTIONS. 1. IN ADDITION TO THE MEMBER
CONTRIBUTIONS REQUIRED BY SECTION SIX HUNDRED THIRTEEN OF THIS ARTICLE,
EACH PARTICIPANT IN THE TWENTY-FIVE YEAR RETIREMENT PROGRAM SHALL
CONTRIBUTE TO THE RETIREMENT SYSTEM OF WHICH HE OR SHE IS A MEMBER
(SUBJECT TO THE APPLICABLE PROVISIONS OF SUBDIVISION D OF SECTION SIX
HUNDRED THIRTEEN OF THIS ARTICLE AND SUBJECT TO THE LIMITATION PROVIDED
FOR IN PARAGRAPH TWO OF THIS SUBDIVISION) AN ADDITIONAL SIX AND TWENTY-
FIVE ONE-HUNDREDTHS PERCENT OF HIS OR HER COMPENSATION EARNED FROM (I)
ALL ALLOWABLE SERVICE, AS A PARTICIPANT IN THE TWENTY-FIVE YEAR RETIRE-
MENT PROGRAM, RENDERED ON OR AFTER THE STARTING DATE OF THE TWENTY-FIVE
YEAR RETIREMENT PROGRAM, AND (II) ALL ALLOWABLE SERVICE AFTER SUCH
PERSON CEASES TO BE A PARTICIPANT, BUT BEFORE HE OR SHE AGAIN BECOMES A
PARTICIPANT PURSUANT TO PARAGRAPH SIX OF SUBDIVISION B OF THIS SECTION.
THE ADDITIONAL CONTRIBUTIONS REQUIRED BY THIS SECTION SHALL BE IN LIEU
OF ADDITIONAL MEMBER CONTRIBUTIONS REQUIRED BY SUBDIVISION D OF SECTION
SIX HUNDRED FOUR-C OF THIS ARTICLE, AS ADDED BY CHAPTER NINETY-SIX OF
THE LAWS OF NINETEEN HUNDRED NINETY-FIVE, AND NO MEMBER MAKING ADDI-
TIONAL CONTRIBUTIONS PURSUANT TO THIS SECTION SHALL BE REQUIRED TO MAKE
CONTRIBUTIONS PURSUANT TO SUCH SUBDIVISION D OF SECTION SIX HUNDRED
FOUR-C OF THIS ARTICLE. NOTWITHSTANDING THE FOREGOING PROVISIONS OF THIS
PARAGRAPH, THE ADDITIONAL MEMBER CONTRIBUTION REQUIRED TO BE PAID BY
EACH PARTICIPANT PURSUANT TO THIS PARAGRAPH SHALL NOT EXCEED THE
PERCENTAGE OF HIS OR HER COMPENSATION THAT, WHEN ADDED TO THE CONTRIB-
UTION MADE PURSUANT TO SUBDIVISION D OF SECTION SIX HUNDRED THIRTEEN OF
THIS ARTICLE, EQUALS NINE AND TWENTY-FIVE ONE-HUNDREDTHS PERCENT OF THAT
COMPENSATION.
2. A PARTICIPANT IN THE TWENTY-FIVE YEAR RETIREMENT PROGRAM SHALL
CONTRIBUTE ADDITIONAL MEMBER CONTRIBUTIONS UNTIL THE LATER OF (I) THE
FIRST ANNIVERSARY OF THE STARTING DATE OF THE TWENTY-FIVE YEAR RETIRE-
MENT PROGRAM, OR (II) THE DATE ON WHICH HE OR SHE COMPLETES THIRTY YEARS
OF ALLOWABLE SERVICE AS A FIRE PROTECTION INSPECTOR MEMBER.
3. COMMENCING WITH THE FIRST FULL PAYROLL PERIOD AFTER EACH PERSON
BECOMES A PARTICIPANT IN THE TWENTY-FIVE YEAR RETIREMENT PROGRAM, ADDI-
TIONAL MEMBER CONTRIBUTIONS AT THE RATE SPECIFIED IN PARAGRAPH ONE OF
THIS SUBDIVISION SHALL BE DEDUCTED (SUBJECT TO THE APPLICABLE PROVISIONS
OF SUBDIVISION D OF SECTION SIX HUNDRED THIRTEEN OF THIS ARTICLE) FROM
THE COMPENSATION OF SUCH PARTICIPANT ON EACH AND EVERY PAYROLL OF SUCH
PARTICIPANT FOR EACH AND EVERY PAYROLL PERIOD FOR WHICH HE OR SHE IS
SUCH A PARTICIPANT.
4. (I) EACH PARTICIPANT IN THE TWENTY-FIVE YEAR RETIREMENT PROGRAM
SHALL BE CHARGED WITH A CONTRIBUTION DEFICIENCY CONSISTING OF THE TOTAL
AMOUNTS OF ADDITIONAL MEMBER CONTRIBUTIONS SUCH PERSON IS REQUIRED TO
MAKE PURSUANT TO PARAGRAPHS ONE AND TWO OF THIS SUBDIVISION WHICH ARE
S. 6988--B 13
NOT DEDUCTED FROM HIS OR HER COMPENSATION PURSUANT TO PARAGRAPH THREE OF
THIS SUBDIVISION, IF ANY, TOGETHER WITH INTEREST THEREON, COMPOUNDED
ANNUALLY, AND COMPUTED IN ACCORDANCE WITH THE PROVISIONS OF SUBPARA-
GRAPHS (II) AND (III) OF THIS PARAGRAPH.
(II) (A) THE INTEREST REQUIRED TO BE PAID ON EACH SUCH AMOUNT SPECI-
FIED IN SUBPARAGRAPH (I) OF THIS PARAGRAPH 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 DEDUCTION HAD BEEN REQUIRED FOR SUCH
PAYROLL PERIOD, UNTIL SUCH AMOUNT IS PAID TO THE RETIREMENT SYSTEM.
(B) 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 OTHERWISE PROVIDED IN PARAGRAPH FIVE OF THIS SUBDIVI-
SION, NO INTEREST SHALL BE DUE ON ANY UNPAID ADDITIONAL MEMBER CONTRIB-
UTIONS WHICH ARE NOT ATTRIBUTABLE TO A PERIOD PRIOR TO THE FIRST FULL
PAYROLL PERIOD REFERRED TO IN PARAGRAPH THREE OF THIS SUBDIVISION.
5. (I) SHOULD ANY PERSON WHO, PURSUANT TO SUBPARAGRAPH (II) OF PARA-
GRAPH TEN OF THIS SUBDIVISION, HAS RECEIVED A REFUND OF HIS OR HER ADDI-
TIONAL MEMBER CONTRIBUTION INCLUDING ANY INTEREST PAID ON SUCH CONTRIB-
UTIONS, AGAIN BECOME A PARTICIPANT IN THE TWENTY-FIVE YEAR RETIREMENT
PROGRAM PURSUANT TO PARAGRAPH SIX 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 SUBPAR-
AGRAPH (II) OF THIS PARAGRAPH) FOR ANY CREDITED SERVICE FOR WHICH SUCH
PERSON RECEIVED A REFUND OF SUCH ADDITIONAL MEMBER CONTRIBUTIONS
(INCLUDING ANY AMOUNT OF AN UNPAID LOAN BALANCE DEEMED TO HAVE BEEN
RETURNED TO SUCH PERSON PURSUANT TO PARAGRAPH TWELVE OF THIS SUBDIVI-
SION), AS IF SUCH ADDITIONAL MEMBER CONTRIBUTIONS NEVER HAD BEEN PAID.
(II)(A) INTEREST ON A PARTICIPANT'S ADDITIONAL MEMBER CONTRIBUTIONS
INCLUDED IN SUCH PARTICIPANT'S CONTRIBUTION DEFICIENCY PURSUANT TO
SUBPARAGRAPH (I) OF THIS PARAGRAPH SHALL BE CALCULATED AS IF SUCH ADDI-
TIONAL MEMBER CONTRIBUTIONS HAD NEVER 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, UNTIL
SUCH AMOUNT IS PAID TO THE RETIREMENT SYSTEM.
(B) THE RATE OF INTEREST TO BE APPLIED TO EACH SUCH AMOUNT DURING THE
PERIOD FOR WHICH INTEREST ACCRUES ON THAT AMOUNT SHALL BE FIVE PERCENT
PER ANNUM, COMPOUNDED ANNUALLY.
6. WHERE A PARTICIPANT WHO IS OTHERWISE ELIGIBLE FOR SERVICE RETIRE-
MENT 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 PARAGRAPHS FOUR AND FIVE
OF THIS SUBDIVISION, OR REPAY THE ENTIRE AMOUNT OF A LOAN OF HIS OR HER
ADDITIONAL MEMBER CONTRIBUTIONS PURSUANT TO PARAGRAPH ELEVEN 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 SUCH PARTICIPANT'S SERVICE RETIRE-
MENT BENEFIT CALCULATED PURSUANT TO PARAGRAPH TWO OF SUCH 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 ARTICLE) WHICH IS ACTUARIALLY EQUIVALENT TO:
S. 6988--B 14
(I) THE AMOUNT OF ANY UNPAID CONTRIBUTION DEFICIENCY CHARGEABLE TO
SUCH MEMBER PURSUANT TO PARAGRAPHS FOUR AND FIVE OF THIS SUBDIVISION;
PLUS
(II) THE AMOUNT OF ANY UNPAID BALANCE OF A LOAN OF HIS OR HER ADDI-
TIONAL MEMBER CONTRIBUTIONS PURSUANT TO PARAGRAPH ELEVEN OF THIS SUBDI-
VISION (INCLUDING ACCRUED INTEREST ON SUCH LOAN).
7. WHERE A PARTICIPANT WHO IS OTHERWISE ELIGIBLE FOR A VESTED RIGHT TO
A DEFERRED BENEFIT PURSUANT TO SUBDIVISION D OF THIS SECTION DID NOT,
PRIOR TO THE DATE OF DISCONTINUANCE OF SERVICE, PAY THE ENTIRE AMOUNT OF
A CONTRIBUTION DEFICIENCY CHARGEABLE TO HIM OR HER PURSUANT TO PARA-
GRAPHS FOUR AND FIVE OF THIS SUBDIVISION, OR REPAY THE ENTIRE AMOUNT OF
A LOAN OF HIS OR HER ADDITIONAL MEMBER CONTRIBUTIONS PURSUANT TO PARA-
GRAPH ELEVEN OF THIS SUBDIVISION (INCLUDING ACCRUED INTEREST ON SUCH
LOAN), THAT PARTICIPANT, NEVERTHELESS, SHALL HAVE A VESTED RIGHT TO A
DEFERRED BENEFIT PURSUANT TO SUBDIVISION D OF THIS SECTION PROVIDED,
HOWEVER, THAT THE DEFERRED VESTED BENEFIT CALCULATED PURSUANT TO PARA-
GRAPH TWO OF SUBDIVISION D OF THIS SECTION SHALL BE REDUCED BY A LIFE
ANNUITY (CALCULATED IN ACCORDANCE WITH THE METHOD SET FORTH IN SUBDIVI-
SION I OF SECTION SIX HUNDRED THIRTEEN-B OF THIS ARTICLE) WHICH IS ACTU-
ARIALLY EQUIVALENT TO:
(I) THE AMOUNT OF ANY UNPAID CONTRIBUTION CHARGEABLE TO SUCH MEMBER
PURSUANT TO PARAGRAPHS FOUR AND FIVE OF THIS SUBDIVISION; PLUS
(II) THE AMOUNT OF ANY UNPAID BALANCE OF A LOAN OF HIS OR HER ADDI-
TIONAL MEMBER CONTRIBUTIONS PURSUANT TO PARAGRAPH ELEVEN OF THIS SUBDI-
VISION (INCLUDING ACCRUED INTEREST ON SUCH A LOAN).
8. THE HEAD OF A RETIREMENT SYSTEM WHICH INCLUDES PARTICIPANTS IN THE
TWENTY-FIVE YEAR RETIREMENT PROGRAM IN ITS MEMBERSHIP MAY, CONSISTENT
WITH THE PROVISIONS OF THIS SUBDIVISION, PROMULGATE REGULATIONS FOR THE
PAYMENT OF SUCH ADDITIONAL MEMBER CONTRIBUTIONS, AND ANY INTEREST THERE-
ON, BY SUCH PARTICIPANTS (INCLUDING THE DEDUCTION OF SUCH CONTRIBUTIONS,
AND ANY INTEREST THEREON, FROM THE PARTICIPANT'S COMPENSATION).
9. SUBJECT TO THE PROVISIONS OF PARAGRAPHS SIX AND SEVEN OF THIS
SUBDIVISION, WHERE A PARTICIPANT HAS NOT PAID IN FULL ANY CONTRIBUTION
DEFICIENCY CHARGEABLE TO HIM OR HER PURSUANT TO PARAGRAPHS FOUR AND FIVE
OF THIS SUBDIVISION, AND A BENEFIT, OTHER THAN A REFUND OF MEMBER
CONTRIBUTIONS PURSUANT TO SECTION SIX HUNDRED THIRTEEN OF THIS ARTICLE
OR A REFUND OF ADDITIONAL MEMBER CONTRIBUTIONS PURSUANT TO SUBPARAGRAPH
(II) OF PARAGRAPH TEN OF THIS SUBDIVISION, BECOMES PAYABLE UNDER THIS
ARTICLE 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.
10. (I) SUCH ADDITIONAL MEMBER CONTRIBUTIONS (AND ANY INTEREST THERE-
ON) SHALL BE PAID INTO THE CONTINGENT RESERVE FUND OF THE RETIREMENT
SYSTEM OF WHICH THE PARTICIPANT IS A MEMBER AND SHALL NOT FOR ANY
PURPOSE BE DEEMED TO BE MEMBER CONTRIBUTIONS OR ACCUMULATED CONTRIB-
UTIONS OF A MEMBER UNDER SECTION SIX HUNDRED THIRTEEN OF THIS ARTICLE OR
OTHERWISE WHILE HE OR SHE IS A PARTICIPANT IN THE TWENTY-FIVE YEAR
RETIREMENT PROGRAM OR OTHERWISE.
(II) SHOULD A PARTICIPANT IN THE TWENTY-FIVE YEAR RETIREMENT PROGRAM
WHO HAS RENDERED LESS THAN FIFTEEN YEARS OF CREDITED SERVICE CEASE TO
HOLD A POSITION AS A FIRE PROTECTION INSPECTOR 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) MAY BE WITHDRAWN BY HIM OR HER PURSUANT TO PROCE-
DURES PROMULGATED IN REGULATIONS OF THE BOARD OF TRUSTEES OF THE RETIRE-
S. 6988--B 15
MENT SYSTEM, TOGETHER WITH INTEREST THEREON AT THE RATE OF FIVE PERCENT
PER ANNUM, 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 RETIREMENT PROGRAM,
SHALL BE PERMITTED TO WITHDRAW ANY SUCH ADDITIONAL MEMBER CONTRIBUTIONS
OR ANY INTEREST PAID THEREON PURSUANT TO ANY OF THE PRECEDING SUBPARA-
GRAPHS OF THIS PARAGRAPH OR OTHERWISE.
11. A PARTICIPANT IN THE TWENTY-FIVE YEAR RETIREMENT PROGRAM SHALL BE
PERMITTED TO BORROW FROM HIS OR HER ADDITIONAL MEMBER CONTRIBUTIONS
(INCLUDING ANY INTEREST PAID THEREON) WHICH ARE CREDITED TO THE ADDI-
TIONAL 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 RIGHTS, PRIVILEGES, OBLIGATIONS AND PROCEDURES SET FORTH
IN SECTION SIX HUNDRED THIRTEEN-B OF THIS ARTICLE WHICH GOVERN THE
BORROWING OF MEMBER CONTRIBUTIONS MADE PURSUANT TO SECTION SIX HUNDRED
THIRTEEN OF THIS ARTICLE. 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 ARTICLE AS MADE
APPLICABLE TO THIS SUBDIVISION, PROMULGATE REGULATIONS GOVERNING THE
BORROWING OF SUCH ADDITIONAL MEMBER CONTRIBUTIONS.
12. WHENEVER A PERSON HAS AN UNPAID BALANCE OF A LOAN OR HIS OR HER
ADDITIONAL MEMBER CONTRIBUTIONS PURSUANT TO PARAGRAPH ELEVEN 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 TEN 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 CONTRIBUTION, TOGETHER WITH INTEREST
THEREON IN ACCORDANCE WITH THE PROVISIONS OF SUCH SUBPARAGRAPH (II).
§ 5. Subdivision d of section 613 of the retirement and social securi-
ty law is amended by adding a new paragraph 12 to read as follows:
12. (I) THE CITY OF NEW YORK SHALL, IN THE CASE OF A FIRE PROTECTION
INSPECTOR MEMBER (AS DEFINED IN PARAGRAPH ONE OF SUBDIVISION A OF
SECTION SIX HUNDRED FOUR-J OF THIS ARTICLE) WHO IS A PARTICIPANT IN THE
TWENTY-FIVE YEAR RETIREMENT PROGRAM (AS DEFINED IN PARAGRAPH FOUR OF
SUBDIVISION A OF SUCH SECTION SIX HUNDRED FOUR-J), PICK UP AND PAY TO
THE RETIREMENT SYSTEM OF WHICH SUCH PARTICIPANT IS A MEMBER ALL ADDI-
TIONAL MEMBER CONTRIBUTIONS WHICH OTHERWISE WOULD BE REQUIRED TO BE
DEDUCTED FROM SUCH MEMBER'S COMPENSATION PURSUANT TO PARAGRAPHS ONE AND
TWO OF SUBDIVISION E OF SUCH SECTION SIX HUNDRED FOUR-J OF THIS ARTICLE
(NOT INCLUDING ANY ADDITIONAL MEMBER CONTRIBUTIONS DUE FOR ANY PERIOD
PRIOR TO THE FIRST FULL PAYROLL PERIOD REFERRED TO IN SUCH PARAGRAPH
THREE OF SUCH SUBDIVISION E), AND SHALL EFFECT SUCH PICK UP IN EACH AND
EVERY PAYROLL OF SUCH PARTICIPANT FOR EACH AND EVERY PAYROLL PERIOD WITH
RESPECT TO WHICH SUCH PARAGRAPH THREE WOULD OTHERWISE REQUIRE SUCH
DEDUCTIONS.
(II) AN AMOUNT EQUAL TO THE AMOUNT OF ADDITIONAL CONTRIBUTIONS PICKED
UP PURSUANT TO THIS PARAGRAPH SHALL BE DEDUCTED BY SUCH EMPLOYER FROM
THE COMPENSATION OF SUCH MEMBER (AS SUCH COMPENSATION WOULD BE IN THE
ABSENCE OF A PICK UP PROGRAM APPLICABLE TO HIM OR HER HEREUNDER) AND
SHALL NOT BE PAID TO SUCH MEMBER.
S. 6988--B 16
(III) THE ADDITIONAL MEMBER CONTRIBUTIONS PICKED UP PURSUANT TO THIS
PARAGRAPH FOR ANY SUCH MEMBER SHALL BE PAID BY SUCH EMPLOYER IN LIEU OF
AN EQUAL AMOUNT OF ADDITIONAL MEMBER CONTRIBUTIONS OTHERWISE REQUIRED TO
BE PAID BY SUCH MEMBER UNDER THE APPLICABLE PROVISIONS OF SUBDIVISION E
OF SECTION SIX HUNDRED FOUR-J OF THIS ARTICLE, AND SHALL BE DEEMED TO BE
AND TREATED AS EMPLOYER CONTRIBUTIONS PURSUANT TO SECTION 414(H) OF THE
INTERNAL REVENUE CODE.
(IV) FOR THE PURPOSE OF DETERMINING THE RETIREMENT SYSTEM RIGHTS,
BENEFITS AND PRIVILEGES OF ANY MEMBER WHOSE ADDITIONAL MEMBER CONTRIB-
UTIONS ARE PICKED UP PURSUANT TO THIS PARAGRAPH, SUCH PICKED UP ADDI-
TIONAL MEMBER CONTRIBUTIONS SHALL BE DEEMED TO BE AND TREATED AS PART OF
SUCH MEMBER'S ADDITIONAL MEMBER CONTRIBUTIONS UNDER THE APPLICABLE
PROVISIONS OF SUBDIVISION E OF SECTION SIX HUNDRED FOUR-J OF THIS ARTI-
CLE.
(V) WITH THE EXCEPTION OF FEDERAL INCOME TAX TREATMENT, THE ADDITIONAL
MEMBER CONTRIBUTIONS PICKED UP PURSUANT TO SUBPARAGRAPH (I) OF THIS
PARAGRAPH SHALL FOR ALL OTHER PURPOSES, INCLUDING COMPUTATION OF RETIRE-
MENT BENEFITS AND CONTRIBUTIONS BY EMPLOYERS AND EMPLOYEES, BE DEEMED
EMPLOYEE SALARY. NOTHING CONTAINED IN THIS SUBDIVISION SHALL BE
CONSTRUED AS SUPERSEDING THE PROVISIONS OF SECTION FOUR HUNDRED THIRTY-
ONE OF THIS CHAPTER, OR ANY SIMILAR PROVISION OF LAW WHICH LIMITS THE
SALARY BASE FOR COMPUTING RETIREMENT BENEFITS PAYABLE BY A PUBLIC
RETIREMENT SYSTEM.
§ 6. Section 13-125.2 of the administrative code of the city of New
York is amended by adding a new subdivision a-9 to read as follows:
A-9. NOTWITHSTANDING ANY OTHER PROVISION OF LAW TO THE CONTRARY, ON OR
AFTER THE STARTING DATE FOR PICK UP, THE EMPLOYER RESPONSIBLE FOR PICK
UP SHALL, IN THE CASE OF A FIRE PROTECTION INSPECTOR MEMBER (AS DEFINED
IN PARAGRAPH TWO OF SUBDIVISION A OF SECTION FOUR HUNDRED FORTY-FIVE-J
OF THE RETIREMENT AND SOCIAL SECURITY LAW) WHO IS A PARTICIPANT IN THE
TWENTY-FIVE YEAR IMPROVED BENEFIT RETIREMENT PROGRAM (AS DEFINED IN
PARAGRAPH THREE OF SUCH SUBDIVISION A), PICK UP AND PAY TO THE RETIRE-
MENT SYSTEM ALL ADDITIONAL MEMBER CONTRIBUTIONS WHICH OTHERWISE WOULD BE
REQUIRED TO BE DEDUCTED FROM SUCH MEMBER'S COMPENSATION PURSUANT TO
SUBDIVISION D OF SUCH SECTION FOUR HUNDRED FORTY-FIVE-J, AND SHALL
EFFECT SUCH PICK UP ON EACH AND EVERY PAYROLL OF SUCH PARTICIPANT FOR
EACH AND EVERY PAYROLL PERIOD WITH RESPECT TO WHICH SUCH SUBDIVISION D
WOULD OTHERWISE REQUIRE SUCH DEDUCTIONS.
§ 7. Subparagraph (ii) of paragraph 1 of subdivision c of section
13-125.2 of the administrative code of the city of New York, as amended
by chapter 682 of the laws of 2003, is amended to read as follows:
(ii) the determination of the amount of such member's Tier I or Tier
II nonuniformed-force member contributions eligible for pick up by the
employer or additional member contributions required to be picked up
pursuant to subdivision a-one, subdivision a-two, subdivision a-three,
subdivision a-four, subdivision a-five, subdivision a-six, subdivision
a-seven or subdivision a-eight of this section, OR SUBDIVISION A-NINE OF
THIS SECTION; and
§ 8. Subdivision d of section 13-125.2 of the administrative code of
the city of New York is amended by adding a new paragraph 2-h to read as
follows:
(2-H) FOR THE PURPOSE OF DETERMINING THE RETIREMENT SYSTEM RIGHTS,
BENEFITS AND PRIVILEGES OF ANY MEMBER WHO IS A PARTICIPANT IN THE TWEN-
TY-FIVE YEAR RETIREMENT PROGRAM (AS DEFINED IN PARAGRAPH THREE OF SUBDI-
VISION A OF SECTION FOUR HUNDRED FORTY-FIVE-J OF THE RETIREMENT AND
SOCIAL SECURITY LAW), THE ADDITIONAL MEMBER CONTRIBUTIONS OF SUCH
S. 6988--B 17
PARTICIPANT PICKED UP PURSUANT TO SUBDIVISION A-NINE OF THIS SECTION
SHALL BE DEEMED TO BE AND TREATED AS A PART OF SUCH MEMBER'S ADDITIONAL
CONTRIBUTIONS UNDER SUBDIVISION D OF SUCH SECTION FOUR HUNDRED FORTY-
FIVE-J.
§ 9. Paragraph 3 of subdivision d of section 13-125.2 of the adminis-
trative code of the city of New York, as amended by chapter 682 of the
laws of 2003, is amended to read as follows:
(3) Interest on contributions picked up for any Tier I or Tier II
non-uniformed-force member pursuant to this section (other than addi-
tional member contributions picked up pursuant to subdivision a-one,
subdivision a-two, subdivision a-three, subdivision a-four, subdivision
a-five, subdivision a-six, subdivision a-seven [or], subdivision
a-eight, OR SUBDIVISION A-NINE of this section) shall accrue in favor of
the member and be payable to the retirement system at the same rate, for
the same time periods, in the same manner and under the same circum-
stances as interest would be required to accrue in favor of the member
and be payable to the retirement system on such contributions if they
were made by such member in the absence of a pick up program applicable
to such member under the provisions of this section.
§ 10. Subdivision a of section 603 of the retirement and social secu-
rity law, as amended by chapter 18 of the laws of 2012, is amended to
read as follows:
a. The service retirement benefit specified in section six hundred
four of this article shall be payable to members who have met the mini-
mum service requirements upon retirement and attainment of age sixty-
two, other than members who are eligible for early service retirement
pursuant to subdivision c of section six hundred four-b of this article,
subdivision c of section six hundred four-c of this article, subdivision
d of section six hundred four-d of this article, subdivision c of
section six hundred four-e of this article, subdivision c of section six
hundred four-f of this article, subdivision c of section six hundred
four-g of this article, subdivision c of section six hundred four-h of
this article [or] subdivision c of section six hundred four-i of this
article, OR SUBDIVISION C OF SECTION SIX HUNDRED FOUR-J OF THIS ARTICLE,
provided, however, a member of a teachers' retirement system or the New
York state and local employees' retirement system who first joins such
system before January first, two thousand ten or a member who is a
uniformed court officer or peace officer employed by the unified court
system who first becomes a member of the New York state and local
employees' retirement system before April first, two thousand twelve may
retire without reduction of his or her retirement benefit upon attain-
ment of at least fifty-five years of age and completion of thirty or
more years of service, provided, however, that a uniformed court officer
or peace officer employed by the unified court system who first becomes
a member of the New York state and local employees' retirement system on
or after January first, two thousand ten and retires without reduction
of his or her retirement benefit upon attainment of at least fifty-five
years of age and completion of thirty or more years of service pursuant
to this section shall be required to make the member contributions
required by subdivision f of section six hundred thirteen of this arti-
cle for all years of credited and creditable service, provided further
that the [the] preceding provisions of this subdivision shall not apply
to a New York city revised plan member.
§ 11. Nothing contained in sections five and ten of this act shall be
construed to create any contractual right with respect to members to
whom such sections apply. The provisions of such sections are intended
S. 6988--B 18
to afford members the advantages of certain benefits contained in the
internal revenue code, and the effectiveness and existence of such
sections and benefits they confer are completely contingent thereon.
§ 12. This act shall take effect immediately, provided, however that:
(a) The provisions of sections five and ten of this act shall remain
in full force and effect only so long as, pursuant to federal law,
contributions picked up under such sections are not includable as gross
income of a member for federal income tax purposes until distributed or
made available to the member; provided that the New York city employees'
retirement system shall notify the legislative bill drafting commission
upon the occurrence of such a change in federal law ruling affecting the
provisions of this act in order that the commission may maintain an
accurate and timely effective data base of the official text of the laws
of the state of New York in furtherance of effectuating the provisions
of section 44 of the legislative law and section 70-b of the public
officers law;
(b) The amendments to section 13-125.2 of the administrative code of
the city of New York made by sections six, seven, eight, and nine of
this act shall not affect the expiration of such section and shall be
deemed to expire therewith; and
(c) The amendments to subdivision a of section 603 of the retirement
and social security law made by section ten of this act shall not affect
the expiration of such subdivision and shall be deemed to expire there-
with.
FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
SUMMARY OF BILL: This proposed legislation would amend Administrative
Code of the City of New York (ACCNY) Section 13-125.2 and Retirement and
Social Security Law (RSSL) Sections 444, 445, 603, and 613, and add
ACCNY Section 13-157.5 and RSSL Sections 445-j and 604-j to establish a
25-Year Retirement Program for Fire Protection Inspectors (FPI 25-Year
Plan) for each tier.
Effective Date: Upon enactment.
BACKGROUND: Members whose duties are one of the following are eligible
to participate in the FPI 25-Year Plans:
* Fire Protection Inspector,
* Associate Fire Protection Inspector,
* Supervisor of employees whose duties are those of a fire protection
inspector, and
* Supervisor of employees whose duties are those of an associate fire
protection inspector.
For the purposes of this Fiscal Note, these members are collectively
referred to as "Fire Protection Inspectors."
Participation in an applicable FPI 25-Year Plan is optional for anyone
who is eligible to participate in such Plan on the date of enactment by
filing an election form within 180 days of enactment. Anyone who is an
existing member of the New York City Employees' Retirement System
(NYCERS) on the date of enactment and subsequently becomes employed as a
Fire Protection Inspector also has 180 days to elect to join the appli-
cable FPI 25-Year Plan.
Any Fire Protection Inspector who becomes a NYCERS member after the
date of enactment is mandated into the Tier 6 FPI 25-Year Plan. However,
if the member exceeds age 25 upon being mandated into the FPI 25-Year
Plan, the member has the option, within 180 days of becoming a Fire
Protection Inspector, to elect not to participate.
IMPACT ON BENEFITS: Currently, Fire Protection Inspectors generally
participate in one of the NYCERS general plans (i.e., basic Tier 4 62/5
S. 6988--B 19
Plan, Tier 6 63/10 Plan, or Improved Tier 4 57/5, 55/25 Plans). Note
that since there are no active Tier 2 Fire Protection Inspectors remain-
ing, the following summary of the FPI 25-Year Plans is for Tier 4 and
Tier 6 members only.
The proposed legislation, if enacted, would provide the following
benefits to Fire Protection Inspectors under the FPI 25-Year Plans:
* Service retirement benefit:
o 50% of Final Average Salary (FAS) for the first 25 years of Allow-
able Service, plus
o 2% of FAS for each additional year of Allowable Service, or fraction
thereof, exceeding 25 years up to a maximum of 30 years of such service.
* Final Average Salary:
o Tier 4 - Three Year Average (FAS3).
o Tier 6 - Five Year Average (FAS5).
* Vested benefit:
o Eligibility:
* Tier 4 - At least five, but less than 25, years of Allowable
Service.
* Tier 6 - At least 10, but less than 25, years of Allowable Service.
o Payable at:
* Tier 4 - The date the member would have completed 25 years of Allow-
able Service.
* Tier 6 - Age 63.
o Amount:
* 2% of FAS for each year of Allowable Service.
* Other benefits: Members of the proposed FPI 25-Year Plans are enti-
tled to the same disability and death benefits as other Tier 4 and Tier
6 members under the respective basic plans.
ADDITIONAL MEMBER CONTRIBUTIONS: Members of an FPI 25-Year Plan are
required to make, in addition to the Tier 4 Basic Member Contributions
(BMC) of 3% and the Tier 6 BMC ranging from 3% to 6% depending on
defined salary scales, Additional Member Contributions (AMC) equal to
6.25% of compensation for all service as a Plan participant on and after
the starting date of the Plan until the later of the one-year anniver-
sary of the effective date of the Plans or 30 years of Allowable
Service. In no event shall BMC plus AMC exceed 9.25% of compensation.
FINANCIAL IMPACT - PRESENT VALUES: Based on the anticipated group of
members joining the FPI 25-Year Plans and the actuarial assumptions and
methods described herein, the enactment of this proposed legislation
would increase the Present Value of Future Benefits (PVFB) by approxi-
mately $2.6 million and increase the Present Value of member contrib-
utions by approximately $1.4 million. The net result is an increase in
the Present Value of future employer contributions of approximately $1.2
million.
Under the Entry Age Normal cost method used to determine the employer
contributions to NYCERS, there would be an increase in the Unfunded
Accrued Liability (UAL) of approximately $1.1 million plus an increase
in the Present Value of future employer Normal Cost of $0.1 million.
FINANCIAL IMPACT - ANNUAL EMPLOYER CONTRIBUTIONS: In accordance with
Section 13-638.2(k-2) of the ACCNY, new UAL attributable to benefit
changes are to be amortized as determined by the Actuary but are gener-
ally amortized over the remaining working lifetime of those impacted by
the benefit changes. As of June 30, 2021, the remaining working lifetime
of the Fire Protection Inspectors assumed to join the FPI 25-Year Plans
is approximately 12 years.
S. 6988--B 20
For the purposes of this Fiscal Note, the increase in UAL was amor-
tized over a 12-year period (eleven payments under the One-Year Lag
Methodology (OYLM)) using level dollar payments. This payment plus the
increase in the Normal Cost results in an increase in annual employer
contributions of approximately $290,000 each year.
CONTRIBUTION TIMING: For the purposes of this Fiscal Note, it is
assumed that the changes in the Present Value of future employer
contributions and annual employer contributions would be reflected for
the first time in the Preliminary June 30, 2022 actuarial valuation of
NYCERS. In accordance with the OYLM used to determine employer contrib-
utions, the increase in employer contributions would first be reflected
in Fiscal Year 2024.
CENSUS DATA: The estimates presented herein are based on the census
data used in the Preliminary June 30, 2021 (Lag) actuarial valuation of
NYCERS to determine the Preliminary Fiscal Year 2023 employer contrib-
utions.
The 66 NYCERS Fire Protection Inspectors as of June 30, 2021 assumed
to join the FPI 25-Year Plans had an average age of approximately 42.3
years, average service of approximately 15.2 years, and an average sala-
ry of approximately $79,700.
ACTUARIAL ASSUMPTIONS AND METHODS: The changes in the Present Value of
future employer contributions and annual employer contributions
presented herein have been calculated based on the actuarial assumptions
and methods in effect for the Preliminary June 30, 2021 (Lag) actuarial
valuations used to determine the Preliminary Fiscal Year 2023 employer
contributions of NYCERS.
To determine the impact of the elective nature of the proposed legis-
lation, a subgroup of NYCERS Fire Protection Inspectors was developed
based on who could potentially benefit actuarially. The net Present
Value of future employer costs (i.e., the PVFB less the Present Value of
future member contributions) of each member's benefit was determined
under their current plan and under the applicable FPI 25-Year Plan. If
the net Present Value of future employer cost under the FPI 25-Year Plan
was greater than or equal to the Present Value of future employer cost
under the member's current plan, the member was deemed to benefit actu-
arially.
Based on this analysis, it was determined that those members who are
mandated into the FPI 25-Year Plan in the future will generally not
benefit under the Plan (i.e., they will have a decrease in Present Value
of future employer costs as compared to the Tier 6 63/10 Plan they would
otherwise participate in, absent this proposed legislation), and there-
fore the costs presented in this Fiscal Note are borne only from current
NYCERS members who are assumed to benefit from, and thus opt to join,
the FPI-25 Year Plan.
RISK AND UNCERTAINTY: The costs presented in this Fiscal Note depend
highly on the realization of the actuarial assumptions used, as well as
certain demographic characteristics of NYCERS and other exogenous
factors such as investment, contribution, and other risks. If actual
experience deviates from actuarial assumptions, the actual costs could
differ from those presented herein. Costs are also dependent on the
actuarial methods used, and therefore different actuarial methods could
produce different results. Quantifying these risks is beyond the scope
of this Fiscal Note.
Not measured in this Fiscal Note are the following:
* The initial, additional administrative costs of NYCERS and other New
York City agencies to implement the proposed legislation.
S. 6988--B 21
* The impact of this proposed legislation on Other Postemployment
Benefit (OPEB) costs.
STATEMENT OF ACTUARIAL OPINION: I, Michael J. Samet, am the Interim
Chief Actuary for, and independent of, the New York City Retirement
Systems and Pension Funds. I am a Fellow of the Society of Actuaries and
a Member of the American Academy of Actuaries. I meet the Qualification
Standards of the American Academy of Actuaries to render the actuarial
opinion contained herein. To the best of my knowledge, the results
contained herein have been prepared in accordance with generally
accepted actuarial principles and procedures and with the Actuarial
Standards of Practice issued by the Actuarial Standards Board.
FISCAL NOTE IDENTIFICATION: This Fiscal Note 2022-37 dated April 27,
2022 was prepared by the Interim Chief Actuary for the New York City
Employees' Retirement System. This estimate is intended for use only
during the 2022 Legislative Session.
