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A08365 Summary:

BILL NOA08365
 
SAME ASSAME AS S06102-A
 
SPONSORAbbate
 
COSPNSR
 
MLTSPNSR
 
Add 13-157.5, amd 13-125.2, NYC Ad Cd; amd 444, 445, 613 & 603, add 445-j & 604-j, R & SS L
 
Relates to the twenty-five year retirement program for members of the New York city employees' retirement system who are employed as fire protection inspectors and associate fire protection inspectors; establishes the 25-year retirement programs for applicable members.
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A08365 Actions:

BILL NOA08365
 
06/12/2017referred to governmental employees
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A08365 Text:



 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          8365
 
                               2017-2018 Regular Sessions
 
                   IN ASSEMBLY
 
                                      June 12, 2017
                                       ___________
 
        Introduced by M. of A. ABBATE -- read once and referred to the Committee
          on Governmental Employees
 
        AN  ACT  to  amend  the  administrative code of the city of New York, in
          relation to the establishment of a twenty-five year retirement program
          for members of the New York city employees' retirement system employed
          as fire protection inspectors and associate  fire  protection  inspec-
          tors; and to amend the retirement and social security law, in relation
          to  the establishment of twenty-five year retirement programs for such
          members who are subject to articles 11 and 15 of such law
 
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
 
     1    Section  1. The administrative code of the city of New York is amended
     2  by adding a new section 13-157.5 to read as follows:
     3    § 13-157.5 Twenty-five year retirement  program  for  fire  protection
     4  inspector  members.  a.  Definitions. The following words and phrases as
     5  used in this section shall have the following meanings unless a  differ-
     6  ent meaning is plainly required by the context.
     7    1.  "Fire  protection  inspector  member"  shall  mean a member of the
     8  retirement system who is employed by the city of New York or by the  New
     9  York  city  fire  department in a title whose duties are those of a fire
    10  protection inspector or associate fire protection  inspector,  or  in  a
    11  title whose duties require the supervision of employees whose duties are
    12  those  of  a  fire  protection  inspector  or  associate fire protection
    13  inspector.
    14    2. "Twenty-five year retirement program" shall mean all the terms  and
    15  conditions of this section.
    16    3.  "Starting  date  of the twenty-five year retirement program" shall
    17  mean the date of enactment of this section.
    18    4. "Participant in the twenty-five year retirement program" shall mean
    19  any  fire  protection  inspector  member  who,  under   the   applicable
    20  provisions  of subdivision b of this section, is entitled to the rights,
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD05670-04-7

        A. 8365                             2
 
     1  benefits and privileges and is subject to the obligations of  the  twen-
     2  ty-five year retirement program as applicable to him or her.
     3    5.  "Discontinued  member" shall mean a participant in the twenty-five
     4  year retirement program who, while he  or  she  was  a  fire  protection
     5  inspector  member, discontinued service as such a member and has a right
     6  to a deferred vested benefit under the provisions of  subdivision  d  of
     7  this section.
     8    6.  "Allowable  service  as  a fire protection inspector member" shall
     9  mean (i) all service while employed by the city of New York  or  by  the
    10  New  York  city  fire  department in a title whose duties are those of a
    11  fire protection inspector or associate fire  protection  inspector,  and
    12  (ii)  with  respect to an individual who was employed upon the effective
    13  date of this section or thereafter in a title whose duties are those  of
    14  a  fire protection inspector or associate fire protection inspector, all
    15  such service subsequent thereto in a  title  whose  duties  require  the
    16  supervision  of  employees  whose  duties are those of a fire protection
    17  inspector or associate fire protection inspector in the  New  York  city
    18  fire department.
    19    b.  Participation  in  the  twenty-five  year  retirement  program. 1.
    20  Subject to the provisions of paragraphs five and six  of  this  subdivi-
    21  sion, any person who is a fire protection inspector member on the start-
    22  ing  date of the twenty-five year retirement program may elect to become
    23  a participant in the twenty-five  year  retirement  program  by  filing,
    24  within  one  hundred  eighty days after the starting date of the twenty-
    25  five year retirement program,  a  duly  executed  application  for  such
    26  participation  with  the  retirement  system  of  which such person is a
    27  member, provided he or she is such a fire protection inspector member on
    28  the date such application is filed.
    29    2. Subject to the provisions of paragraphs five and six of this subdi-
    30  vision, any person who becomes a fire protection inspector member  after
    31  the  starting  date of the twenty-five year retirement program may elect
    32  to become a participant in the twenty-five year  retirement  program  by
    33  filing,  within  one  hundred  eighty  days  after  becoming such a fire
    34  protection inspector  member,  a  duly  executed  application  for  such
    35  participation  with  the  retirement  system  of  which such person is a
    36  member, provided he or she is such a fire protection inspector member on
    37  the date such application is filed.
    38    3. Any election to be a participant in the twenty-five year retirement
    39  program shall be irrevocable.
    40    4. Where any participant in the twenty-five  year  retirement  program
    41  shall  cease to be employed as a fire protection inspector member, he or
    42  she shall cease to be such a participant and, during any period in which
    43  such person is not so employed, he or she shall not be a participant  in
    44  the  twenty-five  year  retirement program and shall not be eligible for
    45  the benefits of subdivision c of this section.
    46    5. Where any participant in the twenty-five  year  retirement  program
    47  terminates  service as a fire protection inspector member and returns to
    48  such service as a fire protection inspector at a later date, he  or  she
    49  shall again become such a participant on that date.
    50    6.  Notwithstanding  any  other  provision of law to the contrary, any
    51  person who is eligible to become a participant in the  twenty-five  year
    52  retirement  program pursuant to paragraph one or two of this subdivision
    53  for the full one hundred eighty day period provided for in such applica-
    54  ble paragraph and who fails to timely file a duly  executed  application
    55  for  such participation with the retirement system, shall not thereafter
    56  be eligible to become a participant in such program.

        A. 8365                             3
 
     1    c. Service retirement benefits. 1. A participant  in  the  twenty-five
     2  year retirement program:
     3    (i)  who  has completed twenty-five or more years of allowable service
     4  as a fire protection inspector member; and
     5    (ii) who files with the retirement system an application  for  service
     6  retirement  setting forth at what time, not less than thirty days subse-
     7  quent to the execution and filing thereof,  he  or  she  desires  to  be
     8  retired; and
     9    (iii)  who  shall  be a participant in the twenty-five year retirement
    10  program at the time so specified for his or  her  retirement;  shall  be
    11  retired  pursuant  to  the  provisions  of  this section affording early
    12  service retirement.
    13    2. Notwithstanding any other provision of law  to  the  contrary,  the
    14  early  service  retirement  benefit for a participant in the twenty-five
    15  year retirement program who retires pursuant to paragraph  one  of  this
    16  subdivision shall be a retirement allowance consisting of:
    17    (i)  an  amount, on account of the required minimum period of service,
    18  equal to the sums of (a) an annuity which shall be the actuarial  equiv-
    19  alent  of  the  accumulated  deductions  from his or her pay during such
    20  period, (b) a pension for increased-take-home-pay  which  shall  be  the
    21  actuarial equivalent of the reserve for increased-take-home-pay to which
    22  he or she may be entitled for such period, and (c) a pension which, when
    23  added  to  such  annuity  and  such pension for increased-take-home-pay,
    24  produces a retirement allowance equal to fifty-five percent of the sala-
    25  ry earned or earnable in the year prior to his or her retirement; plus
    26    (ii) an amount for each additional year of allowable service as a fire
    27  protection inspector member, or fraction thereof, beyond  such  required
    28  minimum  period  of service equal to one and seven-tenths percent of the
    29  salary earned or earnable in the year prior to his or her retirement for
    30  such allowable service during the period from the completion of  twenty-
    31  five years of allowable service as a fire protection inspector member to
    32  the date of retirement.
    33    d.  Vesting.  1.  A  participant  in  the  twenty-five year retirement
    34  program who: (i) discontinues service as  a  fire  protection  inspector
    35  member,  other  than  by  death  or  retirement;  and (ii) prior to such
    36  discontinuance, completed five but less than twenty-five years of allow-
    37  able city service; and (iii) does not withdraw in whole or in  part  his
    38  or  her  accumulated  member contributions pursuant to section 13-141 of
    39  this chapter, shall be entitled to receive a deferred vested benefit  as
    40  provided in this subdivision.
    41    2. (i) Upon such discontinuance under the conditions and in compliance
    42  with  the provisions of paragraph one of this subdivision, such deferred
    43  vested benefit shall vest automatically.
    44    (ii) Such vested benefit shall become payable on the earliest date  on
    45  which  such  discontinued  member could have retired for service if such
    46  discontinuance had not occurred.
    47    3. Such deferred  vested  benefit  shall  be  a  retirement  allowance
    48  consisting  of  an  amount  equal  to two and two-tenths percent of such
    49  discontinued member's salary earned or earnable in the year prior to his
    50  or her discontinuance, multiplied by the number of  years  of  allowable
    51  service as a fire protection member.
    52    e.  Member contributions. All fire protection inspector members of the
    53  twenty-five year retirement program shall be  required  to  make  member
    54  contributions and additional member contributions in accordance with and
    55  subject  to  the  same rights, privileges, obligations and procedures as
    56  govern the member  contributions  and  additional  member  contributions

        A. 8365                             4

     1  required  by  subdivision  d of section four hundred forty-five-j of the
     2  retirement and social security law.
     3    For the purpose of applying under this subdivision, such subdivision d
     4  of  section four hundred forty-five-j of the retirement and social secu-
     5  rity law to a fire protection inspector member of the  twenty-five  year
     6  retirement program who is subject to the provisions of this section, and
     7  is not subject to the provisions of article eleven of the retirement and
     8  social security law, the term "credited service," as used in such subdi-
     9  vision,  shall  be deemed to mean allowable service as a fire protection
    10  inspector member.
    11    § 2. Subdivision a of section 444 of the retirement and social securi-
    12  ty law, as amended by section 141 of subpart B of part C of  chapter  62
    13  of the laws of 2011, is amended to read as follows:
    14    a.  Except as provided in subdivision c of section four hundred forty-
    15  five-a of this article, subdivision c of  section  four  hundred  forty-
    16  five-b  of  this  article,  subdivision c of section four hundred forty-
    17  five-c  of  this  article,  subdivision  c  of  section   four   hundred
    18  forty-five-d  of  this article as added by chapter four hundred seventy-
    19  two of the laws  of  nineteen  hundred  ninety-five,  subdivision  c  of
    20  section  four  hundred  forty-five-e  of  this article, subdivision c of
    21  section four hundred forty-five-f of this article [and],  subdivision  c
    22  of  section  four hundred forty-five-h of this article and subdivision c
    23  of section four hundred forty-five-j,  the  maximum  retirement  benefit
    24  computed without optional modification provided to a member of a retire-
    25  ment system who is subject to the provisions of this article, other than
    26  a  police officer, a firefighter, an investigator member of the New York
    27  city employees' retirement system, a member of the  uniformed  personnel
    28  in  institutions  under the jurisdiction of the New York city department
    29  of correction who receives a performance of duty  disability  retirement
    30  allowance, a member of the uniformed personnel in institutions under the
    31  jurisdiction  of the department of corrections and community supervision
    32  or a security hospital treatment assistant, as those terms  are  defined
    33  in  subdivision i of section eighty-nine of this chapter, who receives a
    34  performance of duty disability  retirement  allowance,  a  member  of  a
    35  teachers' retirement system, New York city employees' retirement system,
    36  New  York  city  board of education retirement system or a member of the
    37  New York state and local employees' retirement system or a member of the
    38  New York city employees' retirement system or New  York  city  board  of
    39  education  retirement  system  employed  as  a  special officer, parking
    40  control specialist, school safety agent, campus peace officer, taxi  and
    41  limousine inspector or a police communications member and who receives a
    42  performance  of  duty  disability  pension,  from funds other than those
    43  based on a member's own or increased-take-home-pay contributions, shall,
    44  before any reduction for early retirement, be sixty per  centum  of  the
    45  first  fifteen  thousand  three hundred dollars of final average salary,
    46  and fifty per centum of final average salary in excess of fifteen  thou-
    47  sand three hundred dollars, and forty per centum of final average salary
    48  in  excess  of  twenty-seven  thousand  three hundred dollars, provided,
    49  however, that the benefits provided by subdivision  c  of  section  four
    50  hundred  forty-five-d  of  this article as added by chapter four hundred
    51  seventy-two of the laws of nineteen hundred ninety-five based  upon  the
    52  additional  member  contributions  required  by  subdivision  d  of such
    53  section four hundred  forty-five-d  shall  be  subject  to  the  maximum
    54  retirement  benefit  computations set forth in this section. The maximum
    55  retirement benefit computed without optional modification payable  to  a
    56  police  officer,  an investigator member of the New York city employees'

        A. 8365                             5
 
     1  retirement system  or  a  firefighter  shall  equal  that  payable  upon
     2  completion  of  thirty years of service, except that the maximum service
     3  retirement benefit computed without optional  modification  shall  equal
     4  that payable upon completion of thirty-two years of service.
     5    § 3. Subdivision a of section 445 of the retirement and social securi-
     6  ty  law,  as  amended  by chapter 295 of the laws of 2007, is amended to
     7  read as follows:
     8    a. No member of a retirement system who is subject to  the  provisions
     9  of this article shall retire without regard to age, exclusive of retire-
    10  ment  for  disability,  unless he or she is a policeman, an investigator
    11  member of the New  York  city  employees'  retirement  system,  fireman,
    12  correction  officer,  a  qualifying member as defined in section eighty-
    13  nine-t, as added by chapter six hundred fifty-seven of the laws of nine-
    14  teen hundred ninety-eight, of this chapter, sanitation  man,  a  special
    15  officer (including persons employed by the city of New York in the title
    16  urban  park ranger or associate urban park ranger), school safety agent,
    17  campus peace officer or a taxi and limousine commission inspector member
    18  of the New York city employees' retirement system or the New  York  city
    19  board  of  education  retirement  system, a dispatcher member of the New
    20  York city employees' retirement system, a police  communications  member
    21  of  the New York city employees' retirement system, an EMT member of the
    22  New York city employees' retirement system, a deputy sheriff  member  of
    23  the  New  York  city  employees'  retirement  system,  a fire protection
    24  inspector member of the New York city employees'  retirement  system,  a
    25  correction  officer  of  the Westchester county correction department as
    26  defined in section eighty-nine-e of this chapter or employed in  Suffolk
    27  county as a peace officer, as defined in section eighty-nine-s, as added
    28  by  chapter  five  hundred  eighty-eight of the laws of nineteen hundred
    29  ninety-seven,  of  this  chapter,  employed  in  Suffolk  county  as   a
    30  correction officer, as defined in section eighty-nine-f of this chapter,
    31  or  employed  in  Nassau  county  as  a  correction  officer,  uniformed
    32  correction division personnel, sheriff, undersheriff or deputy  sheriff,
    33  as  defined  in  section  eighty-nine-g  of this chapter, or employed in
    34  Nassau county as an ambulance medical technician, an  ambulance  medical
    35  technician/supervisor or a member who performs ambulance medical techni-
    36  cian  related  services, as defined in section eighty-nine-s, as amended
    37  by chapter five hundred seventy-eight of the laws  of  nineteen  hundred
    38  ninety-eight,  of  this chapter, or employed in Nassau county as a peace
    39  officer, as defined in section eighty-nine-s, as added by  chapter  five
    40  hundred  ninety-five  of  the  laws of nineteen hundred ninety-seven, of
    41  this chapter, or employed in Albany county as a  sheriff,  undersheriff,
    42  deputy sheriff, correction officer or identification officer, as defined
    43  in  section eighty-nine-h of this chapter or is employed in St. Lawrence
    44  county as a sheriff, undersheriff, deputy sheriff or correction officer,
    45  as defined in section eighty-nine-i of this chapter or  is  employed  in
    46  Orleans  county as a sheriff, undersheriff, deputy sheriff or correction
    47  officer, as defined in section  eighty-nine-l  of  this  chapter  or  is
    48  employed  in Jefferson county as a sheriff, undersheriff, deputy sheriff
    49  or correction officer, as defined in section eighty-nine-j of this chap-
    50  ter or is employed in Onondaga county as a deputy sheriff-jail  division
    51  competitively  appointed  or  as  a  correction  officer,  as defined in
    52  section eighty-nine-k of this chapter or is employed in a  county  which
    53  makes  an  election under subdivision j of section eighty-nine-p of this
    54  chapter as a sheriff, undersheriff, deputy sheriff or correction officer
    55  as defined in such section eighty-nine-p or is employed in Broome County
    56  as a sheriff, undersheriff, deputy sheriff  or  correction  officer,  as

        A. 8365                             6
 
     1  defined  in  section eighty-nine-m of this chapter or is a Monroe county
     2  deputy sheriff-court security, or deputy sheriff-jailor  as  defined  in
     3  section  eighty-nine-n, as added by chapter five hundred ninety-seven of
     4  the  laws of nineteen hundred ninety-one, of this chapter or is employed
     5  in  Greene  county  as  a  sheriff,  undersheriff,  deputy  sheriff   or
     6  correction  officer, as defined in section eighty-nine-o of this chapter
     7  or is a traffic officer with the town of Elmira as  defined  in  section
     8  eighty-nine-q of this chapter or is employed by Suffolk county as a park
     9  police  officer,  as defined in section eighty-nine-r of this chapter or
    10  is a peace officer employed by a county probation department as  defined
    11  in  section  eighty-nine-t, as added by chapter six hundred three of the
    12  laws of nineteen hundred ninety-eight, of this chapter or is employed in
    13  Rockland county as a deputy sheriff-civil as defined in section  eighty-
    14  nine-v of this chapter as added by chapter four hundred forty-one of the
    15  laws of two thousand one, or is employed in Rockland county as a superi-
    16  or  correction officer as defined in section eighty-nine-v of this chap-
    17  ter as added by chapter five hundred fifty-six of the laws of two  thou-
    18  sand one or is a paramedic employed by the police department in the town
    19  of  Tonawanda  and retires under the provisions of section eighty-nine-v
    20  of this chapter, as added by chapter four  hundred  seventy-two  of  the
    21  laws  of two thousand one, or is a county fire marshal, supervising fire
    22  marshal, fire marshal, assistant  fire  marshal,  assistant  chief  fire
    23  marshal  or  chief  fire  marshal  employed  by  the county of Nassau as
    24  defined in section eighty-nine-w of this chapter and is in a plan  which
    25  permits  immediate  retirement  upon completion of a specified period of
    26  service without regard to age. Except as provided in  subdivision  c  of
    27  section  four  hundred  forty-five-a  of  this article, subdivision c of
    28  section four hundred forty-five-b of  this  article,  subdivision  c  of
    29  section  four  hundred  forty-five-c  of  this article, subdivision c of
    30  section four hundred forty-five-d of  this  article,  subdivision  c  of
    31  section  four  hundred  forty-five-e  of  this article, subdivision c of
    32  section four hundred forty-five-f of this article [and],  subdivision  c
    33  of  section four hundred forty-five-h of this article, and subdivision c
    34  of section four hundred forty-five-j of this article, a member in such a
    35  plan and such an occupation, other  than  a  policeman  or  investigator
    36  member  of  the New York city employees' retirement system or a fireman,
    37  shall not be permitted to retire prior to the completion of  twenty-five
    38  years  of  credited service; provided, however, if such a member in such
    39  an occupation is in a plan which permits retirement upon  completion  of
    40  twenty  years  of  service  regardless of age, he or she may retire upon
    41  completion of  twenty  years  of  credited  service  and  prior  to  the
    42  completion  of twenty-five years of service, but in such event the bene-
    43  fit provided from funds other than those based on such  a  member's  own
    44  contributions  shall  not  exceed two per centum of final average salary
    45  per each year of credited service.
    46    § 4. The retirement and social security law is amended by adding a new
    47  section 445-j to read as follows:
    48    § 445-j. Optional twenty-five year improved benefit retirement program
    49  for fire protection inspector members.  a.  Definitions.  The  following
    50  words and phrases as used in this section shall have the following mean-
    51  ings unless a different meaning is plainly required by the context.
    52    1. "Retirement system" shall mean the New York city employees' retire-
    53  ment system.
    54    2.  "Fire  protection inspector member" shall mean (i) a member of the
    55  retirement system who is subject to the provisions of this article,  who
    56  is employed by the city of New York or by the New York city fire depart-

        A. 8365                             7
 
     1  ment in a title whose duties are those of a fire protection inspector or
     2  associate fire protection inspector; and (ii) a member of the retirement
     3  system  who,  on  the date this act shall take effect or thereafter, was
     4  employed by the city of New York or by the New York city fire department
     5  in  a  title  whose  duties  are those of a fire protection inspector or
     6  associate fire protection inspector and who, subsequent thereto,  became
     7  employed by the city of New York or by the New York city fire department
     8  in  a  title  whose  duties  require  the supervision of employees whose
     9  duties are those of  a  fire  protection  inspector  or  associate  fire
    10  protection inspector.
    11    3.  "Twenty-five  year improved benefit retirement program" shall mean
    12  all the terms and conditions of this section.
    13    4. "Starting date of the twenty-five year improved benefit  retirement
    14  program"  shall  mean  the date of enactment of the act which added this
    15  section, as such date is certified pursuant to section forty-one of  the
    16  legislative law.
    17    5.  "Participant  in  the twenty-five year improved benefit retirement
    18  program" shall mean any fire protection inspector member who, under  the
    19  applicable  provisions  of subdivision b of this section, is entitled to
    20  the rights, benefits and privileges and is subject to the obligations of
    21  the twenty-five year improved benefit retirement program, as  applicable
    22  to him or her.
    23    6.  "Administrative  code"  shall  mean the administrative code of the
    24  city of New York.
    25    7. "Accumulated  deductions"  shall  mean  accumulated  deductions  as
    26  defined  in  subdivision  eleven of section 13-101 of the administrative
    27  code.
    28    8. "Optional retirement provisions" shall mean the right to retire and
    29  receive a retirement allowance under this section upon the completion of
    30  twenty-five years of allowable service.
    31    9. "Allowable service" for purposes of this section shall mean (1) all
    32  service while employed by the city of New York or by the New  York  city
    33  fire  department  in a title whose duties are those of a fire protection
    34  inspector or associate fire protection inspector, and (2)  with  respect
    35  to  an  individual  who  was  employed  upon  the effective date of this
    36  section or thereafter in a title  whose  duties  are  those  of  a  fire
    37  protection  inspector  or  associate fire protection inspector, all such
    38  service subsequent thereto in a title whose duties  require  the  super-
    39  vision  of employees whose duties are those of a fire protection inspec-
    40  tor or associate fire protection inspector.
    41    b. Election of twenty-five year improved benefit  retirement  program.
    42  1.  Subject to the provisions of paragraph five and six of this subdivi-
    43  sion, any person who is a fire protection inspector member on the start-
    44  ing date of the twenty-five year improved benefit retirement program may
    45  elect  to  become a participant in the twenty-five year improved benefit
    46  retirement program by filing, within one hundred eighty days after  such
    47  starting  date,  a duly executed application for such participation with
    48  the retirement system, provided that he or she is such a fire protection
    49  inspector member on the date such application is filed.
    50    2. Subject to the provision of paragraphs five and six of this  subdi-
    51  vision,  any person who becomes a fire protection inspector member after
    52  the starting date of the twenty-five year  improved  benefit  retirement
    53  program  may  elect  to  become  a  participant  in the twenty-five year
    54  improved benefit retirement program by filing, within one hundred eighty
    55  days after becoming such a fire  protection  inspector  member,  a  duly
    56  executed  application for such participation with the retirement system,

        A. 8365                             8
 
     1  provided that he or she is such a fire protection  inspector  member  on
     2  the date such application is filed.
     3    3.  Any  election to be a participant in the twenty-five year improved
     4  benefit retirement program shall be irrevocable.
     5    4. Where any participant in  the  twenty-five  year  improved  benefit
     6  retirement  program  shall cease to hold a position as a fire protection
     7  inspector member, he or she shall cease to be such  a  participant  and,
     8  during  any  period  in  which  such  a person does not hold such a fire
     9  protection inspector position, he or she shall not be a  participant  in
    10  the  twenty-five  year improved benefit retirement program and shall not
    11  be eligible for the benefits of subdivision c of this section.
    12    5. Where any participant in  the  twenty-five  year  improved  benefit
    13  retirement  program  terminates  service  as a fire protection inspector
    14  member and returns to such service as a fire protection inspector member
    15  at a later date, he or she shall again become such a participant on that
    16  date.
    17    6. Notwithstanding any other provision of law  to  the  contrary,  any
    18  person  who  is eligible to become a participant in the twenty-five year
    19  improved benefit retirement program pursuant to paragraph one or two  of
    20  this subdivision for the full one hundred eighty day period provided for
    21  in  such  applicable  paragraph  and  who  fails  to  timely file a duly
    22  executed application for such participation with the retirement  system,
    23  shall  not  thereafter  be  eligible  to  become  a  participant in such
    24  program.
    25    c. Service retirement benefits. Notwithstanding any other provision of
    26  law to the  contrary,  where  a  participant  in  the  twenty-five  year
    27  improved  benefit  retirement  program, who is otherwise qualified for a
    28  retirement allowance pursuant to the optional retirement  provision  set
    29  forth  in  subdivision a of this section, has made and/or paid, while he
    30  or she is a fire protection  inspector  member,  all  additional  member
    31  contributions  and  interest  (if any) required by subdivision d of this
    32  section, then:
    33    1. that participant, while he or she remains participant, shall not be
    34  subject to the provisions of  subdivision  a  of  section  four  hundred
    35  forty-five of this chapter; and
    36    2. if that participant, while such a participant, retires for service,
    37  he or she shall not be subject to the provisions of section four hundred
    38  forty-four of this chapter; and
    39    3.  his  or her retirement allowance shall be an amount, on account of
    40  the required minimum period of service, equal to the sum of (i) an annu-
    41  ity  which  shall  be  the  actuarial  equivalent  of  the   accumulated
    42  deductions  from  his  or her pay during such period, (ii) a pension for
    43  increased-take-home-pay which shall be the actuarial equivalent  of  the
    44  reserve  for increased-take-home-pay to which he or she may be entitled,
    45  for such period, and (iii) a pension which, when added to  such  annuity
    46  and  such  pension  for  increased-take-home-pay,  produces a retirement
    47  allowance equal to fifty percent of his or  her  final  average  salary,
    48  plus  an  amount for each additional year of allowable service as a fire
    49  protection inspector member, or fraction thereof, beyond  such  required
    50  minimum period of service equal to two percent of his or her final aver-
    51  age  salary  for  such  allowable service as a fire protection inspector
    52  member during the period from completion of twenty-five years of  allow-
    53  able  service  as  a  fire  protection  inspector  member to the date of
    54  retirement but not to exceed more than five years of additional  service
    55  as a fire protection inspector member.

        A. 8365                             9
 
     1    d.  Additional  member  contributions.  1.  In  addition to the member
     2  contributions required pursuant to  section  13-125  or  13-162  of  the
     3  administrative  code  of  the  city of New York, each participant in the
     4  twenty-five year improved benefit retirement program  shall  contribute,
     5  subject to the applicable provisions of section 13-125.2 of the adminis-
     6  trative  code  of the city of New York, an additional six percent of his
     7  or her compensation earned from allowable service as a  fire  protection
     8  inspector  member,  as  a  participant  in the twenty-five year improved
     9  benefit retirement program, rendered on and after the starting  date  of
    10  the  improved benefit retirement program, and all allowable service as a
    11  fire protection inspector member  after  such  person  ceases  to  be  a
    12  participant,  but  before he or she again becomes a participant pursuant
    13  to paragraph five of subdivision b of this section.   A  participant  in
    14  the  twenty-five year improved benefit retirement program shall contrib-
    15  ute additional member contributions until the later of the  date  as  of
    16  which  he  or  she  is eligible to retire with thirty years of allowable
    17  service as a fire protection  inspector  member  under  such  retirement
    18  program,  or  the  first anniversary of the starting date of the twenty-
    19  five year improved benefit retirement program. The  additional  contrib-
    20  utions  required  by  this section shall be in lieu of additional member
    21  contributions required by subdivision d of section four  hundred  forty-
    22  five-d  of  this  chapter, as added by chapter ninety-six of the laws of
    23  nineteen hundred ninety-five, and no member paying  additional  contrib-
    24  utions  pursuant  to  this  section  shall be required to pay additional
    25  contributions pursuant to such subdivision d  of  section  four  hundred
    26  forty-five-d of this chapter.
    27    2.  Commencing  with  the  first full payroll period after each person
    28  becomes a participant in the twenty-five year improved  benefit  retire-
    29  ment  program,  additional member contributions at the rate specified in
    30  paragraph one of this subdivision shall  be  deducted,  subject  to  the
    31  applicable  provisions of section 13-125.2 of the administrative code of
    32  the city of New York, from the compensation of such participant on  each
    33  and  every payroll of such participant for each and every payroll period
    34  for which he or she is such a participant.
    35    3. (i) Subject to the provisions of subparagraph (ii)  of  this  para-
    36  graph,  where  any additional member contributions required by paragraph
    37  one of this subdivision are not paid by deductions from a  participant's
    38  compensation pursuant to paragraph two of this subdivision:
    39    (A)  that  participant shall be charged with a contribution deficiency
    40  consisting of such  unpaid  amounts,  together  with  interest  thereon,
    41  compounded annually; and
    42    (B)  such  interest  on  each amount of undeducted contributions shall
    43  accrue from the end of the payroll period for which  such  amount  would
    44  have been deducted from compensation if he or she had been a participant
    45  at  the  beginning  of  that payroll period and such deductions had been
    46  required for such payroll period  until  such  amount  is  paid  to  the
    47  retirement system; and
    48    (C)  (1)  interest  on each such amount included in such participant's
    49  contribution deficiency pursuant to this subparagraph  shall  be  calcu-
    50  lated  as if such additional member contributions never had been paid by
    51  such participant, and such interest shall accrue from  the  end  of  the
    52  payroll period to which an amount of such additional member contribution
    53  is  attributable,  compounded annually, until such amount is paid to the
    54  retirement system;
    55    (2) the rate of interest to be applied to each such amount during  the
    56  period  for  which interest accrues on that amount shall be equal to the

        A. 8365                            10
 
     1  rate or rates of interest required by law to be used  during  that  same
     2  period  to  credit  interest on the accumulated deductions of retirement
     3  system members;
     4    (ii)  Except  as  provided in subparagraph (iii) of this paragraph, no
     5  interest shall be due on any unpaid additional contributions  which  are
     6  not  attributable  to  the period prior to the first full payroll period
     7  referred to in paragraph two of this subdivision;
     8    (iii) Should any person who,  pursuant  to  paragraph  seven  of  this
     9  subdivision  has  withdrawn any additional member contributions (and any
    10  interest paid thereon) again become a  participant  in  the  twenty-five
    11  year  improved  benefit retirement program pursuant to paragraph five of
    12  subdivision b of this section, an appropriate amount shall  be  included
    13  in such participant's contribution deficiency (including interest there-
    14  on  as  calculated  pursuant to this paragraph) for any credited service
    15  with respect to which such person received a refund of additional member
    16  contributions (including any amount of an unpaid loan balance deemed  to
    17  have  been  returned  to such person pursuant to paragraph seven of this
    18  subdivision), as if such additional member contributions never had  been
    19  paid.
    20    4. The board of trustees of the retirement system may, consistent with
    21  the  provisions  of  this  subdivision,  promulgate  regulations for the
    22  payment of the additional member contributions required by this subdivi-
    23  sion, and any interest thereon, by a participant in the twenty-five year
    24  improved benefit retirement program (including  the  deduction  of  such
    25  contributions, and any interest thereon, from his or her compensation).
    26    5.  Where  a participant who is otherwise eligible for service retire-
    27  ment pursuant to subdivision c of this section did  not,  prior  to  the
    28  effective  date  of  retirement, pay the entire amount of a contribution
    29  deficiency chargeable to him or her pursuant to paragraph three of  this
    30  subdivision,  or  repay  the entire amount of a loan of his or her addi-
    31  tional member contributions pursuant to paragraph eight of this subdivi-
    32  sion (including accrued interest on such loan), that participant, never-
    33  theless, shall be eligible to retire pursuant to subdivision c  of  this
    34  section,  provided, however, that where such participant is not entitled
    35  to a refund of additional member  contributions  pursuant  to  paragraph
    36  seven of this subdivision, such participant's service retirement benefit
    37  calculated  pursuant  to  the  applicable provisions of subdivision c of
    38  this section shall be reduced by a life annuity (calculated  in  accord-
    39  ance  with  the method set forth in subdivision i of section six hundred
    40  thirteen-b of this chapter) which is actuarially equivalent to: (i)  the
    41  amount  of  any unpaid contribution deficiency chargeable to such member
    42  pursuant to paragraph three of this subdivision; plus (ii) the amount of
    43  any unpaid balance of a loan of his or her  additional  member  contrib-
    44  utions  pursuant  to  paragraph  eight  of  this  subdivision (including
    45  accrued interest on such loan).
    46    6. Subject to the provisions of paragraph five  of  this  subdivision,
    47  where  a  participant  has  not paid in full any contribution deficiency
    48  chargeable to him or her pursuant to paragraph three  of  this  subdivi-
    49  sion,  and  a  benefit,  other  than  a refund of a member's accumulated
    50  deductions or a refund of additional member  contributions  pursuant  to
    51  paragraph  seven  of this subdivision, becomes payable by the retirement
    52  system to the participant or to his or  her  designated  beneficiary  or
    53  estate,  the  actuarial  equivalent  of  any such unpaid amount shall be
    54  deducted from the benefit otherwise payable.
    55    7. (i) All additional member contributions required by  this  subdivi-
    56  sion  (and  any  interest  thereon) which are received by the retirement

        A. 8365                            11
 
     1  system shall be paid into its contingent reserve fund and shall  be  the
     2  property  of the retirement system. Such additional member contributions
     3  (and any interest thereon) shall not for any purpose  be  deemed  to  be
     4  member  contributions  or  accumulated  deductions  of  a  member of the
     5  retirement system under section 13-125 or 13-162 of  the  administrative
     6  code  of  the  city  of New York while he or she is a participant in the
     7  twenty-five year improved benefit retirement program or otherwise.
     8    (ii) Should a participant in the  twenty-five  year  improved  benefit
     9  retirement program, who has rendered less than fifteen years of credited
    10  service  cease  to hold a position as a fire protection inspector member
    11  for any reason whatsoever, his  or  her  accumulated  additional  member
    12  contributions  made  pursuant  to  this  subdivision  (together with any
    13  interest thereon paid to the retirement system) which remain credited to
    14  such participant's account may be withdrawn by him or  her  pursuant  to
    15  procedures  promulgated  in  regulations of the board of trustees of the
    16  retirement system, together with interest thereon at the rate of  inter-
    17  est  required  by  law  to be used to credit interest on the accumulated
    18  deductions of retirement system members compounded annually.
    19    (iii) Notwithstanding any other provision of law to the contrary,
    20    (A) no person shall be  permitted  to  withdraw  from  the  retirement
    21  system  any additional member contributions paid pursuant to this subdi-
    22  vision or any interest paid thereon, except pursuant to and  in  accord-
    23  ance with the preceding subparagraphs of this paragraph; and
    24    (B)  no  person,  while  he or she is a participant in the twenty-five
    25  year improved benefit retirement program, shall be permitted to withdraw
    26  any such additional member contributions or any  interest  paid  thereon
    27  pursuant  to  any  of  the  preceding subparagraphs of this paragraph or
    28  otherwise.
    29    8. A participant in the twenty-five year improved  benefit  retirement
    30  program  shall  be permitted to borrow from his or her additional member
    31  contributions, including any interest paid thereon, which  are  credited
    32  to the additional contributions account established for such participant
    33  in  the  contingent reserve fund of the retirement system. The borrowing
    34  from such additional member contributions  pursuant  to  this  paragraph
    35  shall be governed by the same rights, privileges, obligations and proce-
    36  dures  set forth in section six hundred thirteen-b of this chapter which
    37  govern the borrowing by members subject to article fifteen of this chap-
    38  ter of member contributions made pursuant to section six  hundred  thir-
    39  teen  of  this  chapter.  The board of trustees of the retirement system
    40  may,  consistent  with  the  provisions  of  this  subdivision  and  the
    41  provisions  of  section  six  hundred thirteen-b of this chapter as made
    42  applicable to this subdivision,  promulgate  regulations  governing  the
    43  borrowing of such addition member contributions.
    44    9.  Wherever  a  person  has an unpaid balance of a loan of his or her
    45  additional member contributions pursuant  to  paragraph  eight  of  this
    46  subdivision at the time he or she becomes entitled to a refund of his or
    47  her  additional  member  contributions  pursuant to subparagraph (ii) of
    48  paragraph seven of this subdivision, the  amount  of  such  unpaid  loan
    49  balance  (including  accrued  interest)  shall  be  deemed  to have been
    50  returned to such member, and the refund of such additional contributions
    51  shall be the net amount of such contributions,  together  with  interest
    52  thereon in accordance with the provisions of such subparagraph.
    53    10.  Notwithstanding  any  other provision of law to the contrary, the
    54  provisions of section one hundred thirty-eight-b of this  chapter  shall
    55  not  be  applicable  to  the  additional  member contributions which are
    56  required by this subdivision.

        A. 8365                            12
 
     1    11. Notwithstanding any other provision of law to  the  contrary,  the
     2  additional  member  contributions which are required by this subdivision
     3  shall not be reduced under any program for increased-take-home-pay.
     4    e.  The  provisions  of this section shall not be construed to provide
     5  benefits to any participant in the  twenty-five  year  improved  benefit
     6  retirement  program which are greater than those which would be received
     7  by a similarly situated member who is entitled  to  benefits  under  the
     8  provisions  of  section  13-157.2 of the administrative code, but who is
     9  not governed by the provisions of this article.
    10    § 5. The retirement and social security law is amended by adding a new
    11  section 604-j to read as follows:
    12    § 604-j. Twenty-five  year  retirement  program  for  fire  protection
    13  inspector  members.  a.  Definitions. The following words and phrases as
    14  used in this section shall have the following meanings unless a  differ-
    15  ent meaning is plainly required by the context.
    16    1.  "Fire  protection  inspector  member"  shall  mean a member who is
    17  employed by the city of New York or by the New York city fire department
    18  in a title whose duties are those of  a  fire  protection  inspector  or
    19  associate  fire protection inspector; or in a title whose duties require
    20  the supervision of employees whose duties are those of a fire protection
    21  inspector or associate fire protection inspector.
    22    2. "Twenty-five year retirement program" shall mean all the terms  and
    23  conditions of this section.
    24    3.  "Starting  date  of the twenty-five year retirement program" shall
    25  mean the date of enactment of this section.
    26    4. "Participant in the twenty-five year retirement program" shall mean
    27  any  fire  protection  inspector  member  who,  under   the   applicable
    28  provisions  of subdivision b of this section, is entitled to the rights,
    29  benefits and privileges and is subject to the obligations of  the  twen-
    30  ty-five year retirement program, as applicable to him or her.
    31    5.  "Discontinued  member" shall mean a participant in the twenty-five
    32  year retirement program who, while he  or  she  was  a  fire  protection
    33  inspector  member, discontinued service as such a member and has a right
    34  to a deferred vested benefit under subdivision d of this section.
    35    6. "Administrative code" shall mean the  administrative  code  of  the
    36  city of New York.
    37    7.  "Allowable  service  as  a fire protection inspector member" shall
    38  mean all service as a fire protection inspector member.
    39    b. Participation in twenty-five year retirement program. 1. Subject to
    40  the provisions of paragraphs six and  seven  of  this  subdivision,  any
    41  person who is a fire protection inspector member on the starting date of
    42  the  twenty-five  year  retirement  program  and  who,  as  such  a fire
    43  protection inspector member or otherwise, last  became  subject  to  the
    44  provisions  of  this  article  prior to such starting date, may elect to
    45  become a participant in  the  twenty-five  year  retirement  program  by
    46  filing,  within  one  hundred eighty days after the starting date of the
    47  twenty-five year retirement program, a  duly  executed  application  for
    48  such  participation with the retirement system of which such person is a
    49  member, provided he or she is such a fire protection inspector member on
    50  the date such application is filed.
    51    2. Subject to the provisions of  paragraphs  six  and  seven  of  this
    52  subdivision,  any  person who becomes a fire protection inspector member
    53  after the starting date of the twenty-five year retirement  program  and
    54  who,  as  such  a  fire  protection  inspector member or otherwise, last
    55  became subject to the provisions of this article prior to such  starting
    56  date,  may elect to become a participant in the twenty-five year retire-

        A. 8365                            13
 
     1  ment program by filing, within one hundred eighty  days  after  becoming
     2  such a fire protection inspector member, a duly executed application for
     3  such participation with the retirement system for which such person is a
     4  member,  provided  that  he  or  she is such a fire protection inspector
     5  member on the date such application is filed.
     6    3. Each fire protection inspector member, other than a fire protection
     7  inspector member subject to paragraph one or two  of  this  subdivision,
     8  who  becomes  subject  to the provisions of this article on or after the
     9  starting date of the twenty-five year retirement program shall become  a
    10  participant in the twenty-five year retirement program on the date he or
    11  she  becomes such a fire protection inspector member. Provided, however,
    12  a person subject to this paragraph, and who has exceeded age twenty-five
    13  upon employment as a fire protection inspector member, shall  be  exempt
    14  from  participation  in the improved twenty-five year retirement program
    15  if such person elects not to participate by filing a duly executed  form
    16  with  the retirement system within one hundred eighty days of becoming a
    17  fire protection inspector member.
    18    4. Any election to be a participant in the twenty-five year retirement
    19  program shall be irrevocable.
    20    5. Where any participant in the twenty-five  year  retirement  program
    21  shall  cease to be employed as a fire protection member, he or she shall
    22  cease to be such a participant and, during  any  period  in  which  such
    23  person  is  not so employed, he or she shall not be a participant in the
    24  twenty-five year retirement program and shall not be  eligible  for  the
    25  benefits of subdivision c of this section.
    26    6.  Where  any  participant in the twenty-five year retirement program
    27  terminates service as a fire protection inspector member and returns  to
    28  such  service  as a fire protection inspector member at a later date, he
    29  or she shall again become such a participant on that date.
    30    7. Notwithstanding any other provision of the law to the contrary, any
    31  person who is eligible to elect to become a participant in  the  twenty-
    32  five  year  retirement  program pursuant to paragraph one or two of this
    33  subdivision for the full one hundred eighty day period provided  for  in
    34  such  applicable  paragraph and who fails to timely file a duly executed
    35  application for such participation with the retirement system, shall not
    36  thereafter be eligible to become a participant in such program.
    37    c. Service retirement benefits.  1. A participant in  the  twenty-five
    38  year retirement program:
    39    (i)  who  has completed twenty-five or more years of allowable service
    40  as a fire protection member, and
    41    (ii) who has paid, before the effective date of retirement, all  addi-
    42  tional  member  contributions and interest (if any) required by subdivi-
    43  sion e of this section; and
    44    (iii) who files with the retirement system of which he  or  she  is  a
    45  member an application for service retirement setting forth at what time,
    46  not  less than thirty days subsequent to the execution and filing there-
    47  of, he or she desires to be retired; and
    48    (iv) who shall be a participant in  the  twenty-five  year  retirement
    49  program  at  the  time  so specified for his or her retirement, shall be
    50  retired pursuant to the  provisions  of  this  section  affording  early
    51  service retirement.
    52    2.  Notwithstanding  an  other  provision  of law to the contrary, and
    53  subject to the provisions of paragraph six  of  subdivision  e  of  this
    54  section,  the  early  service retirement benefit for participants in the
    55  twenty-five year retirement program who retire pursuant to paragraph one
    56  of this subdivision shall be a retirement allowance consisting of:

        A. 8365                            14
 
     1    (i) an amount, on account of the required minimum period  of  service,
     2  equal to fifty percent of his or her final average salary; plus
     3    (ii)  an  amount  on account of allowable service as a fire protection
     4  member, or fraction thereof, beyond  such  required  minimum  period  of
     5  service  equal to two percent of his or her final salary for such allow-
     6  able service  as  a  fire  protection  member  during  the  period  from
     7  completion   of  twenty-five  years  of  allowable  service  as  a  fire
     8  protection member to the date of retirement but not to exceed more  than
     9  five years of additional service as a fire protection member.
    10    d.  Vesting.  1.  A  participant  in  the  twenty-five year retirement
    11  program:
    12    (i) who discontinues service as such  a  participant,  other  than  by
    13  death or retirement; and
    14    (ii)  in  the case of a participant who is not a New York city revised
    15  plan member, who prior to such discontinuance, completed five  but  less
    16  than  than  twenty-five  years of allowable service as a fire protection
    17  member or, in the case of a participant who is a New York  city  revised
    18  plan  member,  who  prior to such discontinuance, completed ten but less
    19  than twenty-five years of allowable service as a fire protection member;
    20  and
    21    (iii) who, subject to the provisions of paragraph seven of subdivision
    22  e of this section, has paid, prior to  such  discontinuance,  all  addi-
    23  tional  member  contributions and interest (if any) required by subdivi-
    24  sion e of this section; and
    25    (iv) who does not withdraw in whole or in part his or her  accumulated
    26  member  contributions  pursuant  to section six hundred thirteen of this
    27  article unless such participant thereafter returns to public service and
    28  repays the amounts so withdrawn, together  with  interest,  pursuant  to
    29  such  section  six  hundred  thirteen;  shall  be  entitled to receive a
    30  deferred vested benefit as provided in this subdivision.
    31    2. (i) Upon such discontinuance under the conditions and in compliance
    32  with the provisions of paragraph one of this subdivision, such  deferred
    33  vested benefit shall vest automatically.
    34    (ii)  In  the case of a participant who is not a New York city revised
    35  plan member, such vested benefit shall become payable  on  the  earliest
    36  date on which such discontinued member could have retired for service if
    37  such  discontinuance  had  not occurred or, in the case of a participant
    38  who is a New York city revised plan member, such  vested  benefit  shall
    39  become  payable  at  age sixty-three. Subject to the provisions of para-
    40  graph seven of subdivision e of this section, such deferred vested bene-
    41  fit shall be a retirement allowance consisting of an amount equal to two
    42  percent of such discontinued member's final average  salary,  multiplied
    43  by the number of years of allowable service.
    44    e.  Additional  member  contributions.  1.  In  addition to the member
    45  contributions required by section six hundred thirteen of this  article,
    46  each  participant  in  the  twenty-five  year  retirement  program shall
    47  contribute to the retirement system of which  he  or  she  is  a  member
    48  (subject  to  the  applicable provisions of subdivision d of section six
    49  hundred thirteen of this article) an additional six percent  of  his  or
    50  her compensation earned from (i) all allowable service, as a participant
    51  in  the  twenty-five  year  retirement program, rendered on or after the
    52  starting date of the twenty-five year retirement program, and  (ii)  all
    53  allowable  service  after  such  person  ceases to be a participant, but
    54  before he or she again becomes a participant pursuant to  paragraph  six
    55  of  subdivision b of this section. The additional contributions required
    56  by this section shall be in  lieu  of  additional  member  contributions

        A. 8365                            15
 
     1  required  by subdivision d of section six hundred four-c of this chapter
     2  as added by chapter ninety-six of the laws of nineteen  hundred  ninety-
     3  five,  and  no  member  making additional contributions pursuant to this
     4  section  shall be required to make contributions pursuant to such subdi-
     5  vision d of section six hundred four-c of this chapter.
     6    2. A participant in the  twenty-five  year  retirement  program  shall
     7  contribute  additional  member  contributions until the later of (i) the
     8  first anniversary of the starting date of the twenty-five  year  retire-
     9  ment program, or (ii) the date on which he or she completes thirty years
    10  of allowable service as a fire protection inspector member.
    11    3.  Commencing  with  the  first full payroll period after each person
    12  becomes a participant in the twenty-five year retirement program,  addi-
    13  tional  member  contributions  at the rate specified in paragraph one of
    14  this subdivision shall be deducted (subject to the applicable provisions
    15  of subdivision d of section six hundred thirteen of this  article)  from
    16  the  compensation  of such participant on each and every payroll of such
    17  participant for each and every payroll period for which  he  or  she  is
    18  such a participant.
    19    4.  (i)  Each  participant  in the twenty-five year retirement program
    20  shall be charged with a contribution deficiency consisting of the  total
    21  amounts  of  additional  member contributions such person is required to
    22  make pursuant to paragraphs one and two of this  subdivision  which  are
    23  not deducted from his or her compensation pursuant to paragraph three of
    24  this  subdivision,  if  any,  together with interest thereon, compounded
    25  annually, and computed in accordance with  the  provisions  of  subpara-
    26  graphs (ii) and (iii) of this paragraph.
    27    (ii)(A) The interest required to be paid on each such amount specified
    28  in  subparagraph  (i) of this paragraph shall accrue from the end of the
    29  payroll period for which such  amount  would  have  been  deducted  from
    30  compensation  if  he  or  she had been a participant at the beginning of
    31  that payroll period and  such  deduction  had  been  required  for  such
    32  payroll period, until such amount is paid to the retirement system.
    33    (B)  The rate of interest to be applied to each such amount during the
    34  period for which interest accrues on that amount shall be equal  to  the
    35  rate  or  rates  of interest required by law to be used during that same
    36  period to credit interest on the accumulated  deductions  of  retirement
    37  system members.
    38    (iii)  Except as otherwise provided in paragraph five of this subdivi-
    39  sion, no interest shall be due on any unpaid additional member  contrib-
    40  utions  which  are  not attributable to a period prior to the first full
    41  payroll period referred to in paragraph three of this subdivision.
    42    5. (i) Should any person who, pursuant to subparagraph (ii)  of  para-
    43  graph ten of this subdivision, has received a refund of his or her addi-
    44  tional  member contribution including any interest paid on such contrib-
    45  utions, again become a participant in the  twenty-five  year  retirement
    46  program  pursuant  to paragraph six of subdivision b of this section, an
    47  appropriate amount shall be included in such participant's  contribution
    48  deficiency (including interest thereon as calculated pursuant to subpar-
    49  agraph  (ii) of this paragraph) for any allowable service for which such
    50  person  received  a  refund  of  such  additional  member  contributions
    51  (including  any  amount  of  an  unpaid loan balance deemed to have been
    52  returned to such person pursuant to paragraph twelve  of  this  subdivi-
    53  sion), as if such additional member contributions never had been paid.
    54    (ii)  (A)  Interest on a participant's additional member contributions
    55  included in  such  participant's  contribution  deficiency  pursuant  to
    56  subparagraph  (i) of this paragraph shall be calculated as if such addi-

        A. 8365                            16
 
     1  tional member contributions had never been paid by such participant, and
     2  such interest shall accrue from the end of the payroll period  to  which
     3  an amount of such additional member contributions is attributable, until
     4  such amount is paid to the retirement system.
     5    (B)  The rate of interest to be applied to each such amount during the
     6  period for which interest accrues on that amount shall be  five  percent
     7  per annum, compounded annually.
     8    6.   Where a participant who is otherwise eligible for service retire-
     9  ment pursuant to subdivision c of this section did  not,  prior  to  the
    10  effective  date  of  retirement, pay the entire amount of a contribution
    11  deficiency chargeable to him or her pursuant to paragraphs four and five
    12  of this subdivision, or repay the entire amount of a loan of his or  her
    13  additional  member  contributions  pursuant  to paragraph eleven of this
    14  subdivision (including accrued interest on such loan), that participant,
    15  nevertheless, shall be eligible to retire pursuant to subdivision  c  of
    16  this section, provided, however, that such participant's service retire-
    17  ment  benefit calculated pursuant to paragraph two of such subdivision c
    18  shall be reduced by a life annuity (calculated in  accordance  with  the
    19  method  set  forth in subdivision i of section six hundred thirteen-b of
    20  this article) which is actuarially equivalent to:
    21    (i) the amount of any unpaid  contribution  deficiency  chargeable  to
    22  such  member  pursuant  to paragraphs four and five of this subdivision;
    23  plus
    24    (ii) the amount of any unpaid balance of a loan of his  or  her  addi-
    25  tional  member contributions pursuant to paragraph eleven of this subdi-
    26  vision (including accrued interest on such loan).
    27    7. Where a participant who is otherwise eligible for a vested right to
    28  a deferred benefit pursuant to subdivision d of this  section  did  not,
    29  prior to the date of discontinuance of service, pay the entire amount of
    30  a  contribution  deficiency  chargeable  to him or her pursuant to para-
    31  graphs four and five of this subdivision, or repay the entire amount  of
    32  a  loan  of his or her additional member contributions pursuant to para-
    33  graph eleven of this subdivision (including  accrued  interest  on  such
    34  loan),  that  participant,  nevertheless, shall have a vested right to a
    35  deferred benefit pursuant to subdivision d  of  this  section  provided,
    36  however,  that  the deferred vested benefit calculated pursuant to para-
    37  graph three of subdivision d shall be reduced by a life annuity  (calcu-
    38  lated  in  accordance  with  the  method  set  forth in subdivision i of
    39  section six hundred thirteen-b of this  article)  which  is  actuarially
    40  equivalent to:
    41    (i)  the  amount  of any unpaid contribution chargeable to such member
    42  pursuant to paragraphs four and five of this subdivision; plus
    43    (ii) the amount of any unpaid balance of a loan of his  or  her  addi-
    44  tional  member contributions pursuant to paragraph eleven of this subdi-
    45  vision (including accrued interest on such a loan).
    46    8. The head of a retirement system which includes participants in  the
    47  twenty-five  year  retirement  program in its membership may, consistent
    48  with the provisions of this subdivision, promulgate regulations for  the
    49  payment of such additional member contributions, and any interest there-
    50  on, by such participants (including the deduction of such contributions,
    51  and any interest thereon, from the participant's compensation).
    52    9.  Subject  to  the  provisions  of  paragraphs six and seven of this
    53  subdivision, where a participant has not paid in full  any  contribution
    54  deficiency chargeable to him or her pursuant to paragraphs four and five
    55  of  this  subdivision,  and  a  benefit,  other  than a refund of member
    56  contributions pursuant to section six hundred thirteen of  this  article

        A. 8365                            17
 
     1  or  a refund of additional member contributions pursuant to subparagraph
     2  (ii) of paragraph ten of this subdivision, becomes  payable  under  this
     3  article  to  the  participant or to his or her designated beneficiary or
     4  estate,  the  actuarial  equivalent  of  any such unpaid amount shall be
     5  deducted from the benefit otherwise payable.
     6    10. (i) Such additional member contributions (and any interest  there-
     7  on)  shall  be  paid  into the contingent reserve fund of the retirement
     8  system of which the participant is  a  member  and  shall  not  for  any
     9  purpose  be  deemed  to  be member contributions or accumulated contrib-
    10  utions of a member under section six hundred thirteen of this article or
    11  otherwise while he or she is  a  participant  in  the  twenty-five  year
    12  retirement program or otherwise.
    13    (ii)  Should  a participant in the twenty-five year retirement program
    14  who has rendered less than fifteen years of credited  service  cease  to
    15  hold  a  position  as  a fire protection inspector member for any reason
    16  whatsoever, his or her accumulated additional member contributions  made
    17  pursuant to this subdivision (together with any interest thereon paid to
    18  the retirement system) may be withdrawn by him or her pursuant to proce-
    19  dures promulgated in regulations of the board of trustees of the retire-
    20  ment  system, together with interest thereon at the rate of five percent
    21  per annum, compounded annually.
    22    (iii) Notwithstanding any other provision of law to the contrary,  (A)
    23  no  person shall be permitted to withdraw from the retirement system any
    24  additional member contributions paid pursuant to this subdivision or any
    25  interest paid thereon, except pursuant to and  in  accordance  with  the
    26  preceding  subparagraphs  of this paragraph; and (B) no person, while he
    27  or she is a participant in  the  twenty-five  year  retirement  program,
    28  shall  be permitted to withdraw any such additional member contributions
    29  or any interest paid thereon pursuant to any of the  preceding  subpara-
    30  graphs of this paragraph or otherwise.
    31    11.  A participant in the twenty-five year retirement program shall be
    32  permitted to borrow from his  or  her  additional  member  contributions
    33  (including  any  interest  paid thereon) which are credited to the addi-
    34  tional contributions account established for  such  participant  in  the
    35  contingent  reserve  fund  of  the retirement system. The borrowing from
    36  such additional member contributions pursuant to this paragraph shall be
    37  governed by the rights, privileges, obligations and procedures set forth
    38  in section six hundred thirteen-b  of  this  article  which  govern  the
    39  borrowing  of  member contributions made pursuant to section six hundred
    40  thirteen of this article. The board of trustees of the retirement system
    41  may,  consistent  with  the  provisions  of  this  subdivision  and  the
    42  provisions  of  section  six  hundred thirteen-b of this article as made
    43  applicable to this subdivision,  promulgate  regulations  governing  the
    44  borrowing of such additional member contributions.
    45    12.  Whenever  a  person has an unpaid balance of a loan or his or her
    46  additional member contributions pursuant to  paragraph  eleven  of  this
    47  subdivision at the time he or she becomes entitled to a refund of his or
    48  her  additional  member  contributions  pursuant to subparagraph (ii) of
    49  paragraph ten of this  subdivision,  the  amount  of  such  unpaid  loan
    50  balance  (including  accrued  interest)  shall  be  deemed  to have been
    51  returned to such member, and the refund of such additional contributions
    52  shall be the net amount of such  contribution,  together  with  interest
    53  thereon in accordance with the provisions of such subparagraph (ii).
    54    § 6. Subdivision d of section 613 of the retirement and social securi-
    55  ty law is amended by adding a new paragraph 12 to read as follows:

        A. 8365                            18
 
     1    12.  (i)  The city of New York shall, in the case of a fire protection
     2  inspector member (as defined  in  paragraph  one  of  subdivision  a  of
     3  section  six hundred four-j of this article) who is a participant in the
     4  twenty-five year retirement program (as defined  in  paragraph  four  of
     5  subdivision  a  of  such section six hundred four-j), pick up and pay to
     6  the retirement system of which such participant is a  member  all  addi-
     7  tional  member  contributions  which  otherwise  would be required to be
     8  deducted from such member's compensation pursuant to paragraphs one  and
     9  two  of  subdivision e of such section six hundred four-j (not including
    10  any additional member contributions due for  any  period  prior  to  the
    11  first  full payroll period referred to in paragraph three of such subdi-
    12  vision e), and shall effect such pick up in each and  every  payroll  of
    13  such participant for each and every payroll period with respect to which
    14  such paragraph three would otherwise require such deductions.
    15    (ii)  An amount equal to the amount of additional contributions picked
    16  up pursuant to this paragraph shall be deducted by  such  employer  from
    17  the  compensation  of  such member (as such compensation would be in the
    18  absence of a pick up program applicable to him or her) and shall not  be
    19  paid to such member.
    20    (iii)  The  additional member contributions picked up pursuant to this
    21  paragraph for any such member shall be paid by such employer in lieu  of
    22  an equal amount of additional member contributions otherwise required to
    23  be  paid by such member under the applicable provisions of subdivision e
    24  of section six hundred four-j of this article, and shall be deemed to be
    25  and treated as employer contributions pursuant to section 414(h) of  the
    26  Internal Revenue Code.
    27    (iv)  For  the  purpose  of  determining the retirement system rights,
    28  benefits and privileges of any member whose additional  member  contrib-
    29  utions  are  picked  up pursuant to this paragraph, such picked up addi-
    30  tional member contributions shall be deemed to be and treated as part of
    31  such member's  additional  member  contributions  under  the  applicable
    32  provisions  of subdivision e of section six hundred four-j of this arti-
    33  cle.
    34    (v) With the exception of federal income tax treatment, the additional
    35  member contributions picked up pursuant  to  subparagraph  (i)  of  this
    36  paragraph shall for all other purposes, including computation of retire-
    37  ment  benefits  and  contributions by employers and employees, be deemed
    38  employee  salary.  Nothing  contained  in  this  subdivision  shall   be
    39  construed  as superseding the provisions of section four hundred thirty-
    40  one of this chapter, or any similar provision of law  which  limits  the
    41  salary  base  for  computing  retirement  benefits  payable  by a public
    42  retirement system.
    43    § 7. Section 13-125.2 of the administrative code of the  city  of  New
    44  York is amended by adding a new subdivision a-9 to read as follows:
    45    a-9. Notwithstanding any other provision of law to the contrary, on or
    46  after  the  starting date for pick up, the employer responsible for pick
    47  up shall, in the case of a fire protection inspector member (as  defined
    48  in  paragraph  two of subdivision a of section four hundred forty-five-j
    49  of the retirement and social security law) who is a participant  in  the
    50  twenty-five  year  improved  benefit  retirement  program (as defined in
    51  paragraph three of such subdivision a), pick up and  pay  to  retirement
    52  system  all  additional  member  contributions  which otherwise would be
    53  required to be deducted from  such  member's  compensation  pursuant  to
    54  subdivision  d  of  such  section  four  hundred forty-five-j, and shall
    55  effect such pick up on each and every payroll of  such  participant  for

        A. 8365                            19
 
     1  each  and  every payroll period with respect to which such subdivision d
     2  would otherwise require such deductions.
     3    §  8.  Subparagraph  (ii)  of  paragraph 1 of subdivision c of section
     4  13-125.2 of the administrative code of the city of New York, as  amended
     5  by chapter 682 of the laws of 2003, is amended to read as follows:
     6    (ii)  the  determination of the amount of such member's Tier I or Tier
     7  II nonuniformed-force member contributions eligible for pick up  by  the
     8  employer  or  additional  member  contributions required to be picked up
     9  pursuant to subdivision a-one, subdivision a-two,  subdivision  a-three,
    10  subdivision  a-four,  subdivision a-five, subdivision a-six, subdivision
    11  a-seven [or], subdivision a-eight or subdivision a-nine of this section;
    12  and
    13    § 9. Subdivision d of section 13-125.2 of the administrative  code  of
    14  the city of New York is amended by adding a new paragraph 2-h to read as
    15  follows:
    16    (2-h)  For  the  purpose  of determining the retirement system rights,
    17  benefits and privileges of any member who is a participant in the  twen-
    18  ty-five year retirement program (as defined in paragraph two of subdivi-
    19  sion  a  of  section  13-157.5  of  this chapter), the additional member
    20  contributions of such participant  picked  up  pursuant  to  subdivision
    21  a-nine  of  this  section shall be deemed to be and treated as a part of
    22  such member's additional  contributions  under  subdivision  e  of  such
    23  section 13-157.5.
    24    § 10. Paragraph 3 of subdivision d of section 13-125.2 of the adminis-
    25  trative  code  of the city of New York, as amended by chapter 682 of the
    26  laws of 2003, is amended to read as follows:
    27    (3) Interest on contributions picked up for any  Tier  I  or  Tier  II
    28  non-uniformed-force  member  pursuant  to this section (other than addi-
    29  tional member contributions picked up  pursuant  to  subdivision  a-one,
    30  subdivision  a-two, subdivision a-three, subdivision a-four, subdivision
    31  a-five, subdivision a-six, subdivision a-seven [or], subdivision a-eight
    32  or subdivision a-nine of this section) shall  accrue  in  favor  of  the
    33  member and be payable to the retirement system at the same rate, for the
    34  same  time  periods, in the same manner and under the same circumstances
    35  as interest would be required to accrue in favor of the  member  and  be
    36  payable to the retirement system on such contributions if they were made
    37  by  such  member  in the absence of a pick up program applicable to such
    38  member under the provisions of this section.
    39    § 11. Subdivision a of section 603 of the retirement and social  secu-
    40  rity  law,  as  amended by chapter 18 of the laws of 2012, is amended to
    41  read as follows:
    42    a. The service retirement benefit specified  in  section  six  hundred
    43  four  of this article shall be payable to members who have met the mini-
    44  mum service requirements upon retirement and attainment  of  age  sixty-
    45  two,  other  than  members who are eligible for early service retirement
    46  pursuant to subdivision c of section six hundred four-b of this article,
    47  subdivision c of section six hundred four-c of this article, subdivision
    48  d of section six hundred  four-d  of  this  article,  subdivision  c  of
    49  section six hundred four-e of this article, subdivision c of section six
    50  hundred  four-f  of  this  article, subdivision c of section six hundred
    51  four-g of this article, subdivision c of section six hundred  four-h  of
    52  this  article  [or], subdivision c of section six hundred four-i of this
    53  article, or subdivision c of section six hundred four-j of this  article
    54  provided,  however, a member of a teachers' retirement system or the New
    55  York state and local employees' retirement system who first  joins  such
    56  system  before  January  first,  two  thousand  ten or a member who is a

        A. 8365                            20
 
     1  uniformed court officer or peace officer employed by the  unified  court
     2  system  who  first  becomes  a  member  of  the New York state and local
     3  employees' retirement system before April first, two thousand twelve may
     4  retire  without  reduction of his or her retirement benefit upon attain-
     5  ment of at least fifty-five years of age and  completion  of  thirty  or
     6  more years of service, provided, however, that a uniformed court officer
     7  or  peace officer employed by the unified court system who first becomes
     8  a member of the New York state and local employees' retirement system on
     9  or after January first, two thousand ten and retires  without  reduction
    10  of  his or her retirement benefit upon attainment of at least fifty-five
    11  years of age and completion of thirty or more years of service  pursuant
    12  to  this  section  shall  be  required  to make the member contributions
    13  required by subdivision f of section six hundred thirteen of this  arti-
    14  cle  for  all years of credited and creditable service, provided further
    15  that the the preceding provisions of this subdivision shall not apply to
    16  a New York city revised plan member.
    17    § 12. Nothing contained in sections six and eleven of this  act  shall
    18  be  construed to create any contractual right with respect to members to
    19  whom such sections apply. The provisions of such sections  are  intended
    20  to  afford  members  the advantages of certain benefits contained in the
    21  internal revenue code, and  the  effectiveness  and  existence  of  such
    22  sections and benefits they confer are completely contingent thereon.
    23    § 13. This act shall take effect immediately, provided, however that:
    24    (a)  the  amendments to subdivision a of section 603 of the retirement
    25  and social security law made by section eleven of  this  act  shall  not
    26  affect  the expiration of such subdivision and shall be deemed to expire
    27  therewith;
    28    (b) the provisions of section six of this act shall  remain  in  force
    29  and  effect  only  so  long  as,  pursuant to federal law, contributions
    30  picked up under such section are not includable as  gross  income  of  a
    31  member  for federal income tax purposes until distributed or made avail-
    32  able to the member; and
    33    (c) the amendments to section 13-125.2 of the administrative  code  of
    34  the city of New York made by sections seven, eight, nine and ten of this
    35  act  shall  not affect the expiration of such provisions as provided for
    36  in section 16 of chapter 681 of the laws of 1992, as amended.
          FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
          PROVISIONS OF PROPOSED LEGISLATION: This  proposed  legislation  would
        amend  Administrative  Code  of  the  City  of  New  York (ACNY) Section
        13-125.2 and Retirement and Social Security  Law  (RSSL)  Sections  444,
        445,  603 and 613, and add ACNY 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.
          The  Effective  Date of the proposed legislation is the date of enact-
        ment.
          MEMBERS ELIGIBLE TO JOIN: Those members whose duties are  one  of  the
        following are eligible to participate in the FPI 25-Year Plan:
          * 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  purposes  of  this  Fiscal  Note,  these members are collectively
        referred to as "Fire Inspectors."

        A. 8365                            21
 
          Participation in the FPI 25-Year Plan is optional for  anyone  who  is
        eligible  to  participate in the plan on the date of enactment by filing
        an election form within 180 days of enactment. Anyone who is a member of
        the New York City Employees' Retirement System (NYCERS) on the  date  of
        enactment  and subsequently becomes employed as a Fire Inspector has 180
        days to elect to join the FPI 25-Year Plan.
          Any Fire Inspector who becomes a Tier 6 NYCERS member after  the  date
        of  enactment  is mandated into the plan. However, if the member exceeds
        age 25 upon being mandated into the FPI 25-Year Plan, the member has the
        option not to participate.
          IMPACT OF BENEFITS: Currently, Fire Inspectors  generally  participate
        in one of the NYCERS general plans (basic Tier 4 62/5 Plan, Tier 6 63/10
        Plan  or  Improved  Tier 4 57/5, 55/25 Plans). (Note that since there is
        only one Tier 2 Fire Inspector remaining, the following summary  of  the
        FPI 25-Year Plan is for Tier 4 and Tier 6 members only).
          The  proposed legislation would provide the following benefits to Fire
        Inspectors under the FPI 25-Year Plan:
          * Service retirement benefit: Upon attaining 25 years  of  service,  a
        benefit  equal  to  50%  of  Final Average Salary (FAS) for the first 25
        years of Allowable Service plus 2% of FAS for each  additional  year  of
        Allowable Service up to a maximum of 30 years of such service.
          *  Final  Average Salary: Three Year Average (FAS3) for Tier 4 members
        and Five Year Average (FAS5) for Tier 6 members.
          * Vested benefit:
          * Eligibility is:
          * At least five, but less than 25, years of allowable service for Tier
        4, and
          * At least 10, but less than 25, years of allowable service  for  Tier
        6.
          * Payable at:
          *  The  date  the  member  would  have completed 25 years of allowable
        service for Tier 4, and
          * Age 63 for Tier 6.
          * Amount:
          * 2% of FAS for each year of allowable service.
          * Other benefits: Members of the proposed FPI 25-Year Plan  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 the FPI 25-Year  Plan  are
        required  to  make,  in  addition  to the 3% Basic Member Contributions,
        Additional Member Contributions equal to  6%  of  compensation  for  all
        allowable  service  as a Plan participant on and after the starting date
        of the FPI 25-Year Plan for a maximum of 30 years.
          FINANCIAL IMPACT - ACTUARIAL PRESENT VALUES: With  respect  to  NYCERS
        and  based  on  the anticipated group of members joining the FPI 25-Year
        Plan and the actuarial assumptions and methods described herein, if  the
        proposed  legislation  is  enacted, the Actuarial Present Value (APV) of
        Benefits (APVB) would increase by approximately $1.0 million, consisting
        of APV of member contributions of approximately $0.3 million, and APV of
        future employer contributions of approximately $0.7 million.
          Under the Entry Age  Actuarial  Cost  Method  used  to  determine  the
        employer  contributions  to  NYCERS,  there  would be an increase in the
        Unfunded  Actuarial  Accrued  Liability  (UAAL)  of  approximately  $1.6
        million  offset  by a decrease in the APV of future employer Normal Cost
        of $0.9 million.

        A. 8365                            22
 
          FINANCIAL IMPACT - ANNUAL EMPLOYER CONTRIBUTIONS: In  accordance  with
        ACNY  Section  13.638.2(k-2),  the new UAAL estimated to be $1.6 million
        attributable to benefit changes is to be amortized as determined by  the
        Actuary  but  generally  over  the  remaining  working lifetime of those
        impacted  by  the  benefit  changes.  As of June 30, 2016, the remaining
        working lifetime of the Fire Inspectors assumed to join the FPI  25-Year
        Plan is approximately 5 years.
          Based  on  the  actuarial assumptions and methods described below, the
        enactment of this proposed legislation would  increase  annual  employer
        contributions by approximately $385,000 per year.
          The  increase  in  employer  contributions has been estimated assuming
        that the increase in UAAL would be financed  over  a  5-year  period  (4
        payments under One-Year Lag Methodology) using level dollar payments.
          Regarding  the  timing of these increased contributions, if the Effec-
        tive Date of the proposed legislation is on or  before  June  30,  2017,
        then  the increase in employer contributions would first be reflected in
        Fiscal Year 2019.
          OTHER COSTS: 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.
          * The impact of this  proposed  legislation  on  Other  Postemployment
        Benefit (OPEB) costs.
          CENSUS  DATA:  The  starting  census  data  used  for the calculations
        presented herein is that of the Preliminary June 30, 2016 (Lag) actuari-
        al valuation of NYCERS. Under the One Year Lag Methodology (OYLM),  this
        was used to determine the Preliminary Fiscal Year 2018 employer contrib-
        utions  for members who are eligible for and who could potentially bene-
        fit from this proposed legislation.
          The 29 Fire Inspectors as of June 30, 2016 assumed  to  join  the  FPI
        25-Year  Plan had an average age of approximately 55, average service of
        approximately 26 years and an average salary of approximately $74,800.
          ACTUARIAL ASSUMPTIONS AND METHODS: The  additional  employer  contrib-
        utions  presented  herein  have  been  calculated based on the actuarial
        assumptions and methods in effect for the June 30, 2016 (Lag)  actuarial
        valuations  used  to determine the Preliminary Fiscal Year 2018 employer
        contributions of NYCERS.
          To determine the impact of the elective nature of the proposed  legis-
        lation  a  subgroup of Fire Inspectors was developed on the basis of who
        could potentially benefit actuarially. The net APV  of  future  employer
        costs  (i.e.,  the  APVB less the APV of future member contributions) of
        each member's benefit was determined under their current plan and  under
        the  FPI  25-Year Plan. If the net APV of future employer cost under the
        FPI 25-Year Plan was greater then or equal to the APV of future employer
        cost under the member's current plan, the member was deemed  to  benefit
        actuarially.
          Based  on  this  analysis,  it  was determined that those who have the
        option of joining the FPI Plan upon becoming  a  NYCERS  member  in  the
        future  will  not  actuarially  benefit  in  the  Plan. Therefore, it is
        assumed that these future members who have the  option  of  joining  the
        Plan  will  choose  to not participate in the Plan, and that future Plan
        participation will be limited to those hired at the age of 25 or younger
        because they will be mandated into the Plan. Since it is  expected  that
        very  few,  if  any,  Fire  Inspectors will be hired at the age of 25 or
        younger, 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.

        A. 8365                            23
 
          STATEMENT OF ACTUARIAL OPINION: I, Sherry S. Chan, am the Chief  Actu-
        ary for, and independent of, the New York City Pension Funds and Retire-
        ment Systems. I am a Fellow of the Society of Actuaries, a Fellow of the
        Conference  of Consulting 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.
          FISCAL  NOTE  IDENTIFICATION:  This  Fiscal Note 2017-24 dated May 31,
        2017, was prepared by the Chief Actuary for the New York City Employees'
        Retirement System. This estimate is intended for  use  only  during  the
        2017 Legislative Session.
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