§ 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
different 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
twenty-five year retirement program, as applicable to them.

5. "Discontinued member" shall mean a participant in the twenty-five
year retirement program who, while they were 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.

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
subdivision, any person who is a fire protection inspector member on 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 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 they are 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
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 for which
such person is a member, provided they are 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 they
become 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, they
shall cease to be such a participant and, during any period in which
such person is not so employed, they 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, they
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 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
additional member contributions and interest (if any) required by
subdivision e of this section; and

(iii) who files with the retirement system of which they are a member
an application for service retirement setting forth at what time, not
less than thirty days subsequent to the execution and filing thereof,
their desire to be retired; and

(iv) who shall be a participant in the twenty-five year retirement
program at the time so specified for their 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
paragraph 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 their 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 their 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) who prior to such discontinuance, completed five 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
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 their 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. 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 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 they are 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 their 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 they again become 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 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 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 their compensation that, when added to the contribution
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
retirement program, or (ii) the date on which they complete 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,
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
they are 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 their 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 they 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 their
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 them pursuant to paragraphs four
and five of this subdivision, or repay the entire amount of a loan of
their 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 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:

(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 their 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 them pursuant to paragraphs four
and five of this subdivision, or repay the entire amount of a loan of
their additional member contributions pursuant to paragraph 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 paragraph two of
subdivision d 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:

(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 their additional
member contributions pursuant to paragraph eleven of this subdivision
(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
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 them 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 their 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 they are 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, their accumulated additional member contributions made
pursuant to this subdivision (together with any interest thereon paid to
the retirement system) may be withdrawn by them 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 they
are 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 their 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 or their
additional member contributions pursuant to paragraph eleven of this
subdivision at the time they become entitled to a refund of their
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).