* § 604-e. Twenty-five year retirement program for EMT members. a.
Definitions. The following words and phrases as used in this section
shall have the following meanings unless a different meaning is plainly
required by the context.

1. "EMT member" shall mean a member of the New York city employees'
retirement system who is employed by the city of New York or by the New
York city health and hospitals corporation in a title whose duties are
those of an emergency medical technician or advanced emergency medical
technician (as those terms are defined in section three thousand one of
the public health law), or in a title whose duties require the
supervision of employees whose duties are those of an emergency medical
technician or advanced emergency medical technician (as those terms are
defined in section three thousand one of the public health law).

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 that date of enactment of this section.

4. "Participant in the twenty-five year retirement program" shall mean
any EMT 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 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 an EMT member,
discontinued service as such a member and has a right to a deferred
vested benefit under subdivision d of this section.

6. "Administrative code" shall mean the administrative code of the
city of New York.

7. "Allowable service as an EMT member" shall mean (i) all service as
an EMT member; and (ii) all service while employed by the city of New
York or by the New York city health and hospitals corporation in the
title motor vehicle operator.

b. Participation in twenty-five year retirement program. 1. Subject to
the provisions of paragraphs six and seven of this subdivision, any
person who is an EMT member on the starting date of the twenty-five year
retirement program and who, as such an EMT 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 an EMT
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 an EMT member after the starting
date of the twenty-five year retirement program and who, as such an EMT
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 becoming such an EMT 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 an EMT member on the
date such application is filed.

3. Each EMT member, other than an EMT 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 an EMT member.
Provided, however, a person subject to this paragraph, and who has
exceeded age twenty-five upon employment as an EMT 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 an EMT 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 an EMT 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 an EMT member and returns to such service as an
EMT member at a later date, he or she shall again become such a
participant on that date.

7. Notwithstanding any other provision of 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 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 an EMT member; and

(ii) who has paid, before the effective date of retirement, all
additional member contributions and interest (if any) required by
subdivision 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
thereof, 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 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 paragraph one
of this subdivision shall be a retirement allowance consisting of:

an amount, on account of the required minimum period of service, equal
to fifty percent of his or her final average salary; plus

an amount on account of allowable service as an EMT 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
an EMT member during the period from completion of twenty-five years of
allowable service as an EMT member to the date of retirement but not to
exceed more than five years of additional service as an EMT 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) who prior to such discontinuance, completed five but less than
twenty-five years of allowable service as an EMT member; and

(iii) who, subject to the provisions of paragraph seven of subdivision
e of this section, has paid, prior to such discontinuance, all
additional member contributions and interest (if any) required by
subdivision 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.

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.

3. Subject to the provisions of paragraph seven of subdivision e of
this section, such deferred vested benefit 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 allowable service as an EMT member.

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) 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 retirement
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 subdivision shall be in
lieu of additional member contributions required by subdivision d of
section six hundred four-c of this chapter as added by chapter
ninety-six of the laws of nineteen hundred ninety-five, and no member
making additional contributions pursuant to this section shall be
required to make contributions pursuant to such subdivision d of section
six hundred four-c of this chapter.

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
retirement program, or (ii) the date on which he or she completes thirty
years of allowable service as an EMT member.

3. Commencing with the first full payroll period after each person
becomes a participant in the twenty-five year retirement program,
additional 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
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
subparagraphs (ii) and (iii) of this paragraph.

(ii) (A) The interest required to be paid on each such amount
specified 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
subdivision, no interest shall be due on any unpaid additional member
contributions 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
paragraph ten of this subdivision, has received a refund of his or her
additional member contribution including any interest paid on such
contributions, 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 subparagraph (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 subdivision), 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
additional 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
retirement pursuant to subdivision c of this section did not, prior to
the effective date of retirement, pay the entire amount of a
contribution deficiency chargeable to him or her pursuant to 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 retirement benefit calculated pursuant to
paragraph two of such subdivision c 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:

(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
additional member contributions pursuant to paragraph eleven of this
subdivision (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
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 for a vested
right to a deferred benefit pursuant to subdivision d of this section,
provided, however, that the deferred vested benefit calculated pursuant
to paragraph three of such subdivision d 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:

(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
additional member contributions pursuant to paragraph eleven of this
subdivision (including accrued interest on such 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
thereon, 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
thereon) 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
contributions 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, except that, a surplus of such
additional member contributions that are paid into the retirement
system's contingent reserve fund may be used for the sole purpose of
offsetting a deficit of basic member contributions.

(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 an EMT 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 procedures
promulgated in regulations of the board of trustees of the retirement
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
subparagraphs 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
additional contributions account established for such participant in the
contingent reserve fund of the retirement system. The borrowing from
such additional member contributions pursuant to this paragraph shall be
governed by the 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 of 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 contributions, together with interest
thereon in accordance with the provisions of such subparagraph (ii).

* NB There are 2 § 604-e's