AB7793 Summary:

BILL NO    A07793 

SAME AS    No same as 

SPONSOR    Abbate (MS)

COSPNSR    

MLTSPNSR   Goldfeder

Add S13-157.5, amd S13-125.2, NYC Ad Cd; amd SS444, 445, 613 & 603, add SS445-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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AB7793 Actions:

BILL NO    A07793 

05/27/2015 referred to governmental employees
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AB7793 Memo:

BILL NUMBER:A7793

TITLE OF BILL:  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 inspectors; 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

SUMMARY OF PROVISIONS:

This bill would establish a 25-year retirement for fire protection
inspectors, associate fire protection inspectors, and their
supervisors who are uniformed fire service personnel and members of
the New York City employees retirement system.

The plan would be optional for those who are fire protection
inspectors, associate fire protection inspectors or their supervisors
and members of the system on the effective date. The costs of the plan
are paid for by required additional employee contributions of 6.00% of
salary.

REASONS FOR APPROVAL:

Fire protection inspectors and associate fire protection inspectors
perform some of the most important jobs in New York City - inspecting
and ensuring compliance with the fire code. This bill would afford
these uniformed fire service personnel the opportunity to retire with
a full pension after 25 years of service. It would grant them parity
with other uniformed service personnel who perform essential tasks
that mean the difference between life and death for New Yorkers --
police officers, firefighters, EMTs and other uniformed service
employees.

Those who participate in the new pension program would be required to
make additional member contributions of their earnings, which will
cover the cost of the plan. Thus, there is no fiscal impact to the
City of New York in providing this well-deserved pension.

A number of other classes of employees currently enjoy analogous
benefits. For example, sanitation workers, who are members of the New
York City employee retirement system, are granted the option of
participating in a program that allows them to retire after twenty
years of service regardless of age. See N.Y.C. Admin. Code SS 13-159,
13-160; Ret. & Soc. Sec. L. S 445-b. Similarly, investigators,
dispatchers, emergency medical technicians, special officers, parking
control specialists, school safety agents, campus peace officers, and
New York city taxi and limousine inspectors are granted the option of
participating in a program that allows them to retire after
twenty-five years of service. See N.Y.C. Admin. Code SS 13-157.1,
13-157.2, SS 13-157.2, (n.b. there are two sections 13-157.2.), and
13-157.3. Corrections officers and housing police have similar
benefits, as do others. See, e.g., N.Y.C. Admin. Code SS 13-155,
13-156, 13-157. Those opting to join the program are required to make


additional contributions which are designed to pay for the benefits
thereof.

To the extent that "uniformed service" employees should be given
greater pension benefits than other city employees, it is because of
the content of their jobs: uniformed service employees perform work of
an emergent nature or which is of special need to the residents of the
city, under hazardous conditions. The job performed by fire protection
inspectors and associate fire protection inspectors have these same
characteristics: it is hazardous work of an emergent nature which is
of special need to the residents of New York City.  Indeed, because
these characteristics of their work are the characteristics of the
work of uniformed services personnel, there is every reason they
should be given analogous pension benefits.

Accordingly it is urged that this bill be approved.  FISCAL:

See the bill

EFFECTIVE DATE:

This bill shall take effect immediately.
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AB7793 Text:

                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________

                                         7793

                              2015-2016 Regular Sessions

                                 I N  A S S E M B L Y

                                     May 27, 2015
                                      ___________

       Introduced by M. of A. ABBATE -- Multi-Sponsored by -- M. of A. GOLDFED-
         ER  -- read once and referred to the Committee on Governmental Employ-
         ees

       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    S  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

        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD11281-01-5
       A. 7793                             2

    1  PROVISIONS OF SUBDIVISION B OF THIS SECTION, IS ENTITLED TO THE  RIGHTS,
    2  BENEFITS  AND  PRIVILEGES AND IS SUBJECT TO THE OBLIGATIONS OF THE TWEN-
    3  TY-FIVE YEAR RETIREMENT PROGRAM AS APPLICABLE TO HIM OR HER.
    4    5.  "DISCONTINUED  MEMBER" SHALL MEAN A PARTICIPANT IN THE TWENTY-FIVE
    5  YEAR RETIREMENT PROGRAM WHO, WHILE HE  OR  SHE  WAS  A  FIRE  PROTECTION
    6  INSPECTOR  MEMBER, DISCONTINUED SERVICE AS SUCH A MEMBER AND HAS A RIGHT
    7  TO A DEFERRED VESTED BENEFIT UNDER THE PROVISIONS OF  SUBDIVISION  D  OF
    8  THIS SECTION.
    9    6.  "ALLOWABLE  SERVICE  AS  A FIRE PROTECTION INSPECTOR MEMBER" SHALL
   10  MEAN (I) ALL SERVICE WHILE EMPLOYED BY THE CITY OF NEW YORK  OR  BY  THE
   11  NEW  YORK  CITY  FIRE  DEPARTMENT IN A TITLE WHOSE DUTIES ARE THOSE OF A
   12  FIRE PROTECTION INSPECTOR OR ASSOCIATE FIRE  PROTECTION  INSPECTOR,  AND
   13  (II)  WITH  RESPECT TO AN INDIVIDUAL WHO WAS EMPLOYED UPON THE EFFECTIVE
   14  DATE OF THIS SECTION OR THEREAFTER IN A TITLE WHOSE DUTIES ARE THOSE  OF
   15  A  FIRE PROTECTION INSPECTOR OR ASSOCIATE FIRE PROTECTION INSPECTOR, ALL
   16  SUCH SERVICE SUBSEQUENT THERETO IN A  TITLE  WHOSE  DUTIES  REQUIRE  THE
   17  SUPERVISION  OF  EMPLOYEES  WHOSE  DUTIES ARE THOSE OF A FIRE PROTECTION
   18  INSPECTOR OR ASSOCIATE FIRE PROTECTION INSPECTOR IN THE  NEW  YORK  CITY
   19  FIRE DEPARTMENT.
   20    B.  PARTICIPATION  IN  THE  TWENTY-FIVE  YEAR  RETIREMENT  PROGRAM. 1.
   21  SUBJECT TO THE PROVISIONS OF PARAGRAPHS FIVE AND SIX  OF  THIS  SUBDIVI-
   22  SION, ANY PERSON WHO IS A FIRE PROTECTION INSPECTOR MEMBER ON THE START-
   23  ING  DATE OF THE TWENTY-FIVE YEAR RETIREMENT PROGRAM MAY ELECT TO BECOME
   24  A PARTICIPANT IN THE TWENTY-FIVE  YEAR  RETIREMENT  PROGRAM  BY  FILING,
   25  WITHIN   ONE  HUNDRED  EIGHTY  DAYS  AFTER  THE  STARTING  DATE  OF  THE
   26  TWENTY-FIVE YEAR RETIREMENT PROGRAM, A  DULY  EXECUTED  APPLICATION  FOR
   27  SUCH  PARTICIPATION WITH THE RETIREMENT SYSTEM OF WHICH SUCH PERSON IS A
   28  MEMBER, PROVIDED HE OR SHE IS SUCH A FIRE PROTECTION INSPECTOR MEMBER ON
   29  THE DATE SUCH APPLICATION IS FILED.
   30    2. SUBJECT TO THE PROVISIONS OF PARAGRAPHS FIVE AND SIX OF THIS SUBDI-
   31  VISION, ANY PERSON WHO BECOMES A FIRE PROTECTION INSPECTOR MEMBER  AFTER
   32  THE  STARTING  DATE OF THE TWENTY-FIVE YEAR RETIREMENT PROGRAM MAY ELECT
   33  TO BECOME A PARTICIPANT IN THE TWENTY-FIVE YEAR  RETIREMENT  PROGRAM  BY
   34  FILING,  WITHIN  ONE  HUNDRED  EIGHTY  DAYS  AFTER  BECOMING SUCH A FIRE
   35  PROTECTION INSPECTOR  MEMBER,  A  DULY  EXECUTED  APPLICATION  FOR  SUCH
   36  PARTICIPATION  WITH  THE  RETIREMENT  SYSTEM  OF  WHICH SUCH PERSON IS A
   37  MEMBER, PROVIDED HE OR SHE IS SUCH A FIRE PROTECTION INSPECTOR MEMBER ON
   38  THE DATE SUCH APPLICATION IS FILED.
   39    3. ANY ELECTION TO BE A PARTICIPANT IN THE TWENTY-FIVE YEAR RETIREMENT
   40  PROGRAM SHALL BE IRREVOCABLE.
   41    4. WHERE ANY PARTICIPANT IN THE TWENTY-FIVE  YEAR  RETIREMENT  PROGRAM
   42  SHALL  CEASE TO BE EMPLOYED AS A FIRE PROTECTION INSPECTOR MEMBER, HE OR
   43  SHE SHALL CEASE TO BE SUCH A PARTICIPANT AND, DURING ANY PERIOD IN WHICH
   44  SUCH PERSON IS NOT SO EMPLOYED, HE OR SHE SHALL NOT BE A PARTICIPANT  IN
   45  THE  TWENTY-FIVE  YEAR  RETIREMENT PROGRAM AND SHALL NOT BE ELIGIBLE FOR
   46  THE BENEFITS OF SUBDIVISION C OF THIS SECTION.
   47    5. WHERE ANY PARTICIPANT IN THE TWENTY-FIVE  YEAR  RETIREMENT  PROGRAM
   48  TERMINATES  SERVICE AS A FIRE PROTECTION INSPECTOR MEMBER AND RETURNS TO
   49  SUCH SERVICE AS A FIRE PROTECTION INSPECTOR AT A LATER DATE, HE  OR  SHE
   50  SHALL AGAIN BECOME SUCH A PARTICIPANT ON THAT DATE.
   51    6.  NOTWITHSTANDING  ANY  OTHER  PROVISION OF LAW TO THE CONTRARY, ANY
   52  PERSON WHO IS ELIGIBLE TO BECOME A PARTICIPANT IN THE  TWENTY-FIVE  YEAR
   53  RETIREMENT  PROGRAM PURSUANT TO PARAGRAPH ONE OR TWO OF THIS SUBDIVISION
   54  FOR THE FULL ONE HUNDRED EIGHTY DAY PERIOD PROVIDED FOR IN SUCH APPLICA-
   55  BLE PARAGRAPH AND WHO FAILS TO TIMELY FILE A DULY  EXECUTED  APPLICATION
       A. 7793                             3

    1  FOR  SUCH PARTICIPATION WITH THE RETIREMENT SYSTEM, SHALL NOT THEREAFTER
    2  BE ELIGIBLE TO BECOME A PARTICIPANT IN SUCH PROGRAM.
    3    C.  SERVICE  RETIREMENT  BENEFITS. 1. A PARTICIPANT IN THE TWENTY-FIVE
    4  YEAR RETIREMENT PROGRAM:
    5    (I) WHO HAS COMPLETED TWENTY-FIVE OR MORE YEARS OF  ALLOWABLE  SERVICE
    6  AS A FIRE PROTECTION INSPECTOR MEMBER; AND
    7    (II)  WHO  FILES WITH THE RETIREMENT SYSTEM AN APPLICATION FOR SERVICE
    8  RETIREMENT SETTING FORTH AT WHAT TIME, NOT LESS THAN THIRTY DAYS  SUBSE-
    9  QUENT  TO  THE  EXECUTION  AND  FILING  THEREOF, HE OR SHE DESIRES TO BE
   10  RETIRED; AND
   11    (III) WHO SHALL BE A PARTICIPANT IN THE  TWENTY-FIVE  YEAR  RETIREMENT
   12  PROGRAM  AT  THE  TIME  SO SPECIFIED FOR HIS OR HER RETIREMENT; SHALL BE
   13  RETIRED PURSUANT TO THE  PROVISIONS  OF  THIS  SECTION  AFFORDING  EARLY
   14  SERVICE RETIREMENT.
   15    2.  NOTWITHSTANDING  ANY  OTHER  PROVISION OF LAW TO THE CONTRARY, THE
   16  EARLY SERVICE RETIREMENT BENEFIT FOR A PARTICIPANT  IN  THE  TWENTY-FIVE
   17  YEAR  RETIREMENT  PROGRAM  WHO RETIRES PURSUANT TO PARAGRAPH ONE OF THIS
   18  SUBDIVISION SHALL BE A RETIREMENT ALLOWANCE CONSISTING OF:
   19    (I) AN AMOUNT, ON ACCOUNT OF THE REQUIRED MINIMUM PERIOD  OF  SERVICE,
   20  EQUAL  TO THE SUMS OF (A) AN ANNUITY WHICH SHALL BE THE ACTUARIAL EQUIV-
   21  ALENT OF THE ACCUMULATED DEDUCTIONS FROM HIS  OR  HER  PAY  DURING  SUCH
   22  PERIOD,  (B)  A  PENSION  FOR INCREASED-TAKE-HOME-PAY WHICH SHALL BE THE
   23  ACTUARIAL EQUIVALENT OF THE RESERVE FOR INCREASED-TAKE-HOME-PAY TO WHICH
   24  HE OR SHE MAY BE ENTITLED FOR SUCH PERIOD, AND (C) A PENSION WHICH, WHEN
   25  ADDED TO SUCH ANNUITY  AND  SUCH  PENSION  FOR  INCREASED-TAKE-HOME-PAY,
   26  PRODUCES A RETIREMENT ALLOWANCE EQUAL TO FIFTY-FIVE PERCENT OF THE SALA-
   27  RY EARNED OR EARNABLE IN THE YEAR PRIOR TO HIS OR HER RETIREMENT; PLUS
   28    (II) AN AMOUNT FOR EACH ADDITIONAL YEAR OF ALLOWABLE SERVICE AS A FIRE
   29  PROTECTION  INSPECTOR  MEMBER, OR FRACTION THEREOF, BEYOND SUCH REQUIRED
   30  MINIMUM PERIOD OF SERVICE EQUAL TO ONE AND SEVEN-TENTHS PERCENT  OF  THE
   31  SALARY EARNED OR EARNABLE IN THE YEAR PRIOR TO HIS OR HER RETIREMENT FOR
   32  SUCH  ALLOWABLE SERVICE DURING THE PERIOD FROM THE COMPLETION OF TWENTY-
   33  FIVE YEARS OF ALLOWABLE SERVICE AS A FIRE PROTECTION INSPECTOR MEMBER TO
   34  THE DATE OF RETIREMENT.
   35    D. VESTING. 1.  A  PARTICIPANT  IN  THE  TWENTY-FIVE  YEAR  RETIREMENT
   36  PROGRAM  WHO:  (I)  DISCONTINUES  SERVICE AS A FIRE PROTECTION INSPECTOR
   37  MEMBER, OTHER THAN BY DEATH  OR  RETIREMENT;  AND  (II)  PRIOR  TO  SUCH
   38  DISCONTINUANCE, COMPLETED FIVE BUT LESS THAN TWENTY-FIVE YEARS OF ALLOW-
   39  ABLE  CITY  SERVICE; AND (III) DOES NOT WITHDRAW IN WHOLE OR IN PART HIS
   40  OR HER ACCUMULATED MEMBER CONTRIBUTIONS PURSUANT TO  SECTION  13-141  OF
   41  THIS  CHAPTER, SHALL BE ENTITLED TO RECEIVE A DEFERRED VESTED BENEFIT AS
   42  PROVIDED IN THIS SUBDIVISION.
   43    2. (I) UPON SUCH DISCONTINUANCE UNDER THE CONDITIONS AND IN COMPLIANCE
   44  WITH THE PROVISIONS OF PARAGRAPH ONE OF THIS SUBDIVISION, SUCH  DEFERRED
   45  VESTED BENEFIT SHALL VEST AUTOMATICALLY.
   46    (II)  SUCH VESTED BENEFIT SHALL BECOME PAYABLE ON THE EARLIEST DATE ON
   47  WHICH SUCH DISCONTINUED MEMBER COULD HAVE RETIRED FOR  SERVICE  IF  SUCH
   48  DISCONTINUANCE HAD NOT OCCURRED.
   49    3.  SUCH  DEFERRED  VESTED  BENEFIT  SHALL  BE  A RETIREMENT ALLOWANCE
   50  CONSISTING OF AN AMOUNT EQUAL TO TWO  AND  TWO-TENTHS  PERCENT  OF  SUCH
   51  DISCONTINUED MEMBER'S SALARY EARNED OR EARNABLE IN THE YEAR PRIOR TO HIS
   52  OR  HER  DISCONTINUANCE,  MULTIPLIED BY THE NUMBER OF YEARS OF ALLOWABLE
   53  SERVICE AS A FIRE PROTECTION MEMBER.
   54    E. MEMBER CONTRIBUTIONS. ALL FIRE PROTECTION INSPECTOR MEMBERS OF  THE
   55  TWENTY-FIVE  YEAR  RETIREMENT  PROGRAM  SHALL BE REQUIRED TO MAKE MEMBER
   56  CONTRIBUTIONS AND ADDITIONAL MEMBER CONTRIBUTIONS IN ACCORDANCE WITH AND
       A. 7793                             4

    1  SUBJECT TO THE SAME RIGHTS, PRIVILEGES, OBLIGATIONS  AND  PROCEDURES  AS
    2  GOVERN  THE  MEMBER  CONTRIBUTIONS  AND  ADDITIONAL MEMBER CONTRIBUTIONS
    3  REQUIRED BY SUBDIVISION D OF SECTION FOUR HUNDRED  FORTY-FIVE-J  OF  THE
    4  RETIREMENT AND SOCIAL SECURITY LAW.
    5    FOR THE PURPOSE OF APPLYING UNDER THIS SUBDIVISION, SUCH SUBDIVISION D
    6  OF  SECTION FOUR HUNDRED FORTY-FIVE-J OF THE RETIREMENT AND SOCIAL SECU-
    7  RITY LAW TO A FIRE PROTECTION INSPECTOR MEMBER OF THE  TWENTY-FIVE  YEAR
    8  RETIREMENT PROGRAM WHO IS SUBJECT TO THE PROVISIONS OF THIS SECTION, AND
    9  IS NOT SUBJECT TO THE PROVISIONS OF ARTICLE ELEVEN OF THE RETIREMENT AND
   10  SOCIAL SECURITY LAW, THE TERM "CREDITED SERVICE," AS USED IN SUCH SUBDI-
   11  VISION,  SHALL  BE DEEMED TO MEAN ALLOWABLE SERVICE AS A FIRE PROTECTION
   12  INSPECTOR MEMBER.
   13    S 2. Subdivision a of section 444 of the retirement and social securi-
   14  ty law, as amended by section 141 of subpart B of part C of  chapter  62
   15  of the laws of 2011, is amended to read as follows:
   16    a.  Except as provided in subdivision c of section four hundred forty-
   17  five-a of this article, subdivision c of  section  four  hundred  forty-
   18  five-b  of  this  article,  subdivision c of section four hundred forty-
   19  five-c  of  this  article,  subdivision  c  of  section   four   hundred
   20  forty-five-d  of  this article as added by chapter four hundred seventy-
   21  two of the laws  of  nineteen  hundred  ninety-five,  subdivision  c  of
   22  section  four  hundred  forty-five-e  of  this article, subdivision c of
   23  section four hundred forty-five-f of this article [and],  subdivision  c
   24  of  section  four hundred forty-five-h of this article AND SUBDIVISION C
   25  OF SECTION FOUR HUNDRED FORTY-FIVE-J,  the  maximum  retirement  benefit
   26  computed without optional modification provided to a member of a retire-
   27  ment system who is subject to the provisions of this article, other than
   28  a  police officer, a firefighter, an investigator member of the New York
   29  city employees' retirement system, a member of the  uniformed  personnel
   30  in  institutions  under the jurisdiction of the New York city department
   31  of correction who receives a performance of duty  disability  retirement
   32  allowance, a member of the uniformed personnel in institutions under the
   33  jurisdiction  of the department of corrections and community supervision
   34  or a security hospital treatment assistant, as those terms  are  defined
   35  in  subdivision i of section eighty-nine of this chapter, who receives a
   36  performance of duty disability  retirement  allowance,  a  member  of  a
   37  teachers' retirement system, New York city employees' retirement system,
   38  New  York  city  board of education retirement system or a member of the
   39  New York state and local employees' retirement system or a member of the
   40  New York city employees' retirement system or New  York  city  board  of
   41  education  retirement  system  employed  as  a  special officer, parking
   42  control specialist, school safety agent, campus peace officer, taxi  and
   43  limousine inspector or a police communications member and who receives a
   44  performance  of  duty  disability  pension,  from funds other than those
   45  based on a member's own or increased-take-home-pay contributions, shall,
   46  before any reduction for early retirement, be sixty per  centum  of  the
   47  first  fifteen  thousand  three hundred dollars of final average salary,
   48  and fifty per centum of final average salary in excess of fifteen  thou-
   49  sand three hundred dollars, and forty per centum of final average salary
   50  in  excess  of  twenty-seven  thousand  three hundred dollars, provided,
   51  however, that the benefits provided by subdivision  c  of  section  four
   52  hundred  forty-five-d  of  this article as added by chapter four hundred
   53  seventy-two of the laws of nineteen hundred ninety-five based  upon  the
   54  additional  member  contributions  required  by  subdivision  d  of such
   55  section four hundred  forty-five-d  shall  be  subject  to  the  maximum
   56  retirement  benefit  computations set forth in this section. The maximum
       A. 7793                             5

    1  retirement benefit computed without optional modification payable  to  a
    2  police  officer,  an investigator member of the New York city employees'
    3  retirement system  or  a  firefighter  shall  equal  that  payable  upon
    4  completion  of  thirty years of service, except that the maximum service
    5  retirement benefit computed without optional  modification  shall  equal
    6  that payable upon completion of thirty-two years of service.
    7    S 3. Subdivision a of section 445 of the retirement and social securi-
    8  ty  law,  as  amended  by chapter 295 of the laws of 2007, is amended to
    9  read as follows:
   10    a. No member of a retirement system who is subject to  the  provisions
   11  of this article shall retire without regard to age, exclusive of retire-
   12  ment  for  disability,  unless he OR SHE is a policeman, an investigator
   13  member of the New  York  city  employees'  retirement  system,  fireman,
   14  correction  officer,  a  qualifying member as defined in section eighty-
   15  nine-t, as added by chapter six hundred fifty-seven of the laws of nine-
   16  teen hundred ninety-eight, of this chapter, sanitation  man,  a  special
   17  officer (including persons employed by the city of New York in the title
   18  urban  park ranger or associate urban park ranger), school safety agent,
   19  campus peace officer or a taxi and limousine commission inspector member
   20  of the New York city employees' retirement system or the New  York  city
   21  board  of  education  retirement  system, a dispatcher member of the New
   22  York city employees' retirement system, a police  communications  member
   23  of  the New York city employees' retirement system, an EMT member of the
   24  New York city employees' retirement system, a deputy sheriff  member  of
   25  the  New  York  city  employees'  retirement  system,  A FIRE PROTECTION
   26  INSPECTOR MEMBER OF THE NEW YORK CITY EMPLOYEES'  RETIREMENT  SYSTEM,  a
   27  correction  officer  of  the Westchester county correction department as
   28  defined in section eighty-nine-e of this chapter or employed in  Suffolk
   29  county as a peace officer, as defined in section eighty-nine-s, as added
   30  by  chapter  five  hundred  eighty-eight of the laws of nineteen hundred
   31  ninety-seven,  of  this  chapter,  employed  in  Suffolk  county  as   a
   32  correction officer, as defined in section eighty-nine-f of this chapter,
   33  or  employed  in  Nassau  county  as  a  correction  officer,  uniformed
   34  correction division personnel, sheriff, undersheriff or deputy  sheriff,
   35  as  defined  in  section  eighty-nine-g  of this chapter, or employed in
   36  Nassau county as an ambulance medical technician, an  ambulance  medical
   37  technician/supervisor or a member who performs ambulance medical techni-
   38  cian  related  services, as defined in section eighty-nine-s, as amended
   39  by chapter five hundred seventy-eight of the laws  of  nineteen  hundred
   40  ninety-eight,  of  this chapter, or employed in Nassau county as a peace
   41  officer, as defined in section eighty-nine-s, as added by  chapter  five
   42  hundred  ninety-five  of  the  laws of nineteen hundred ninety-seven, of
   43  this chapter, or employed in Albany county as a  sheriff,  undersheriff,
   44  deputy sheriff, correction officer or identification officer, as defined
   45  in  section eighty-nine-h of this chapter or is employed in St. Lawrence
   46  county as a sheriff, undersheriff, deputy sheriff or correction officer,
   47  as defined in section eighty-nine-i of this chapter or  is  employed  in
   48  Orleans  county as a sheriff, undersheriff, deputy sheriff or correction
   49  officer, as defined in section  eighty-nine-l  of  this  chapter  or  is
   50  employed  in Jefferson county as a sheriff, undersheriff, deputy sheriff
   51  or correction officer, as defined in section eighty-nine-j of this chap-
   52  ter or is employed in Onondaga county as a deputy sheriff-jail  division
   53  competitively  appointed  or  as  a  correction  officer,  as defined in
   54  section eighty-nine-k of this chapter or is employed in a  county  which
   55  makes  an  election under subdivision j of section eighty-nine-p of this
   56  chapter as a sheriff, undersheriff, deputy sheriff or correction officer
       A. 7793                             6

    1  as defined in such section eighty-nine-p or is employed in Broome County
    2  as a sheriff, undersheriff, deputy sheriff  or  correction  officer,  as
    3  defined  in  section eighty-nine-m of this chapter or is a Monroe county
    4  deputy  sheriff-court  security,  or deputy sheriff-jailor as defined in
    5  section eighty-nine-n, as added by chapter five hundred ninety-seven  of
    6  the  laws of nineteen hundred ninety-one, of this chapter or is employed
    7  in  Greene  county  as  a  sheriff,  undersheriff,  deputy  sheriff   or
    8  correction  officer, as defined in section eighty-nine-o of this chapter
    9  or is a traffic officer with the town of Elmira as  defined  in  section
   10  eighty-nine-q of this chapter or is employed by Suffolk county as a park
   11  police  officer,  as defined in section eighty-nine-r of this chapter or
   12  is a peace officer employed by a county probation department as  defined
   13  in  section  eighty-nine-t, as added by chapter six hundred three of the
   14  laws of nineteen hundred ninety-eight, of this chapter or is employed in
   15  Rockland county as a deputy sheriff-civil as defined in section  eighty-
   16  nine-v of this chapter as added by chapter four hundred forty-one of the
   17  laws of two thousand one, or is employed in Rockland county as a superi-
   18  or  correction officer as defined in section eighty-nine-v of this chap-
   19  ter as added by chapter five hundred fifty-six of the laws of two  thou-
   20  sand one or is a paramedic employed by the police department in the town
   21  of  Tonawanda  and retires under the provisions of section eighty-nine-v
   22  of this chapter, as added by chapter four  hundred  seventy-two  of  the
   23  laws  of two thousand one, or is a county fire marshal, supervising fire
   24  marshal, fire marshal, assistant  fire  marshal,  assistant  chief  fire
   25  marshal  or  chief  fire  marshal  employed  by  the county of Nassau as
   26  defined in section eighty-nine-w of this chapter and is in a plan  which
   27  permits  immediate  retirement  upon completion of a specified period of
   28  service without regard to age. Except as provided in  subdivision  c  of
   29  section  four  hundred  forty-five-a  of  this article, subdivision c of
   30  section four hundred forty-five-b of  this  article,  subdivision  c  of
   31  section  four  hundred  forty-five-c  of  this article, subdivision c of
   32  section four hundred forty-five-d of  this  article,  subdivision  c  of
   33  section  four  hundred  forty-five-e  of  this article, subdivision c of
   34  section four hundred forty-five-f of this article [and],  subdivision  c
   35  of  section four hundred forty-five-h of this article, AND SUBDIVISION C
   36  OF SECTION FOUR HUNDRED FORTY-FIVE-J OF THIS ARTICLE, a member in such a
   37  plan and such an occupation, other  than  a  policeman  or  investigator
   38  member  of  the New York city employees' retirement system or a fireman,
   39  shall not be permitted to retire prior to the completion of  twenty-five
   40  years  of  credited service; provided, however, if such a member in such
   41  an occupation is in a plan which permits retirement upon  completion  of
   42  twenty  years  of  service  regardless of age, he OR SHE may retire upon
   43  completion of  twenty  years  of  credited  service  and  prior  to  the
   44  completion  of twenty-five years of service, but in such event the bene-
   45  fit provided from funds other than those based on such  a  member's  own
   46  contributions  shall  not  exceed two per centum of final average salary
   47  per each year of credited service.
   48    S 4. The retirement and social security law is amended by adding a new
   49  section 445-j to read as follows:
   50    S 445-J. OPTIONAL TWENTY-FIVE YEAR IMPROVED BENEFIT RETIREMENT PROGRAM
   51  FOR FIRE PROTECTION INSPECTOR MEMBERS.  A.  DEFINITIONS.  THE  FOLLOWING
   52  WORDS AND PHRASES AS USED IN THIS SECTION SHALL HAVE THE FOLLOWING MEAN-
   53  INGS UNLESS A DIFFERENT MEANING IS PLAINLY REQUIRED BY THE CONTEXT.
   54    1. "RETIREMENT SYSTEM" SHALL MEAN THE NEW YORK CITY EMPLOYEES' RETIRE-
   55  MENT SYSTEM.
       A. 7793                             7

    1    2.  "FIRE  PROTECTION INSPECTOR MEMBER" SHALL MEAN (I) A MEMBER OF THE
    2  RETIREMENT SYSTEM WHO IS SUBJECT TO THE PROVISIONS OF THIS ARTICLE,  WHO
    3  IS EMPLOYED BY THE CITY OF NEW YORK OR BY THE NEW YORK CITY FIRE DEPART-
    4  MENT IN A TITLE WHOSE DUTIES ARE THOSE OF A FIRE PROTECTION INSPECTOR OR
    5  ASSOCIATE FIRE PROTECTION INSPECTOR; AND (II) A MEMBER OF THE RETIREMENT
    6  SYSTEM  WHO,  ON  THE DATE THIS ACT SHALL TAKE EFFECT OR THEREAFTER, WAS
    7  EMPLOYED BY THE CITY OF NEW YORK OR BY THE NEW YORK CITY FIRE DEPARTMENT
    8  IN A TITLE WHOSE DUTIES ARE THOSE OF  A  FIRE  PROTECTION  INSPECTOR  OR
    9  ASSOCIATE  FIRE PROTECTION INSPECTOR AND WHO, SUBSEQUENT THERETO, BECAME
   10  EMPLOYED BY THE CITY OF NEW YORK OR BY THE NEW YORK CITY FIRE DEPARTMENT
   11  IN A TITLE WHOSE DUTIES  REQUIRE  THE  SUPERVISION  OF  EMPLOYEES  WHOSE
   12  DUTIES  ARE  THOSE  OF  A  FIRE  PROTECTION  INSPECTOR OR ASSOCIATE FIRE
   13  PROTECTION INSPECTOR.
   14    3. "TWENTY-FIVE YEAR IMPROVED BENEFIT RETIREMENT PROGRAM"  SHALL  MEAN
   15  ALL THE TERMS AND CONDITIONS OF THIS SECTION.
   16    4.  "STARTING DATE OF THE TWENTY-FIVE YEAR IMPROVED BENEFIT RETIREMENT
   17  PROGRAM" SHALL MEAN THE DATE OF ENACTMENT OF THE ACT  WHICH  ADDED  THIS
   18  SECTION,  AS SUCH DATE IS CERTIFIED PURSUANT TO SECTION FORTY-ONE OF THE
   19  LEGISLATIVE LAW.
   20    5. "PARTICIPANT IN THE TWENTY-FIVE YEAR  IMPROVED  BENEFIT  RETIREMENT
   21  PROGRAM"  SHALL MEAN ANY FIRE PROTECTION INSPECTOR MEMBER WHO, UNDER THE
   22  APPLICABLE PROVISIONS OF SUBDIVISION B OF THIS SECTION, IS  ENTITLED  TO
   23  THE RIGHTS, BENEFITS AND PRIVILEGES AND IS SUBJECT TO THE OBLIGATIONS OF
   24  THE  TWENTY-FIVE YEAR IMPROVED BENEFIT RETIREMENT PROGRAM, AS APPLICABLE
   25  TO HIM OR HER.
   26    6. "ADMINISTRATIVE CODE" SHALL MEAN THE  ADMINISTRATIVE  CODE  OF  THE
   27  CITY OF NEW YORK.
   28    7.  "ACCUMULATED  DEDUCTIONS"  SHALL  MEAN  ACCUMULATED  DEDUCTIONS AS
   29  DEFINED IN SUBDIVISION ELEVEN OF SECTION 13-101  OF  THE  ADMINISTRATIVE
   30  CODE.
   31    8. "OPTIONAL RETIREMENT PROVISIONS" SHALL MEAN THE RIGHT TO RETIRE AND
   32  RECEIVE A RETIREMENT ALLOWANCE UNDER THIS SECTION UPON THE COMPLETION OF
   33  TWENTY-FIVE YEARS OF ALLOWABLE SERVICE.
   34    9. "ALLOWABLE SERVICE" FOR PURPOSES OF THIS SECTION SHALL MEAN (1) ALL
   35  SERVICE  WHILE  EMPLOYED BY THE CITY OF NEW YORK OR BY THE NEW YORK CITY
   36  FIRE DEPARTMENT IN A TITLE WHOSE DUTIES ARE THOSE OF A  FIRE  PROTECTION
   37  INSPECTOR  OR  ASSOCIATE FIRE PROTECTION INSPECTOR, AND (2) WITH RESPECT
   38  TO AN INDIVIDUAL WHO WAS  EMPLOYED  UPON  THE  EFFECTIVE  DATE  OF  THIS
   39  SECTION  OR  THEREAFTER  IN  A  TITLE  WHOSE  DUTIES ARE THOSE OF A FIRE
   40  PROTECTION INSPECTOR OR ASSOCIATE FIRE PROTECTION  INSPECTOR,  ALL  SUCH
   41  SERVICE  SUBSEQUENT  THERETO  IN A TITLE WHOSE DUTIES REQUIRE THE SUPER-
   42  VISION OF EMPLOYEES WHOSE DUTIES ARE THOSE OF A FIRE PROTECTION  INSPEC-
   43  TOR OR ASSOCIATE FIRE PROTECTION INSPECTOR.
   44    B.  ELECTION  OF TWENTY-FIVE YEAR IMPROVED BENEFIT RETIREMENT PROGRAM.
   45  1.  SUBJECT TO THE PROVISIONS OF PARAGRAPH FIVE AND SIX OF THIS SUBDIVI-
   46  SION, ANY PERSON WHO IS A FIRE PROTECTION INSPECTOR MEMBER ON THE START-
   47  ING DATE OF THE TWENTY-FIVE YEAR IMPROVED BENEFIT RETIREMENT PROGRAM MAY
   48  ELECT TO BECOME A PARTICIPANT IN THE TWENTY-FIVE YEAR  IMPROVED  BENEFIT
   49  RETIREMENT  PROGRAM BY FILING, WITHIN ONE HUNDRED EIGHTY DAYS AFTER SUCH
   50  STARTING DATE, A DULY EXECUTED APPLICATION FOR SUCH  PARTICIPATION  WITH
   51  THE RETIREMENT SYSTEM, PROVIDED THAT HE OR SHE IS SUCH A FIRE PROTECTION
   52  INSPECTOR MEMBER ON THE DATE SUCH APPLICATION IS FILED.
   53    2.  SUBJECT TO THE PROVISION OF PARAGRAPHS FIVE AND SIX OF THIS SUBDI-
   54  VISION, ANY PERSON WHO BECOMES A FIRE PROTECTION INSPECTOR MEMBER  AFTER
   55  THE  STARTING  DATE  OF THE TWENTY-FIVE YEAR IMPROVED BENEFIT RETIREMENT
   56  PROGRAM MAY ELECT TO  BECOME  A  PARTICIPANT  IN  THE  TWENTY-FIVE  YEAR
       A. 7793                             8

    1  IMPROVED BENEFIT RETIREMENT PROGRAM BY FILING, WITHIN ONE HUNDRED EIGHTY
    2  DAYS  AFTER  BECOMING  SUCH  A  FIRE PROTECTION INSPECTOR MEMBER, A DULY
    3  EXECUTED APPLICATION FOR SUCH PARTICIPATION WITH THE RETIREMENT  SYSTEM,
    4  PROVIDED  THAT  HE  OR SHE IS SUCH A FIRE PROTECTION INSPECTOR MEMBER ON
    5  THE DATE SUCH APPLICATION IS FILED.
    6    3. ANY ELECTION TO BE A PARTICIPANT IN THE TWENTY-FIVE  YEAR  IMPROVED
    7  BENEFIT RETIREMENT PROGRAM SHALL BE IRREVOCABLE.
    8    4.  WHERE  ANY  PARTICIPANT  IN  THE TWENTY-FIVE YEAR IMPROVED BENEFIT
    9  RETIREMENT PROGRAM SHALL CEASE TO HOLD A POSITION AS A  FIRE  PROTECTION
   10  INSPECTOR  MEMBER,  HE  OR SHE SHALL CEASE TO BE SUCH A PARTICIPANT AND,
   11  DURING ANY PERIOD IN WHICH SUCH A PERSON  DOES  NOT  HOLD  SUCH  A  FIRE
   12  PROTECTION  INSPECTOR  POSITION, HE OR SHE SHALL NOT BE A PARTICIPANT IN
   13  THE TWENTY-FIVE YEAR IMPROVED BENEFIT RETIREMENT PROGRAM AND  SHALL  NOT
   14  BE ELIGIBLE FOR THE BENEFITS OF SUBDIVISION C OF THIS SECTION.
   15    5.  WHERE  ANY  PARTICIPANT  IN  THE TWENTY-FIVE YEAR IMPROVED BENEFIT
   16  RETIREMENT PROGRAM TERMINATES SERVICE AS  A  FIRE  PROTECTION  INSPECTOR
   17  MEMBER AND RETURNS TO SUCH SERVICE AS A FIRE PROTECTION INSPECTOR MEMBER
   18  AT A LATER DATE, HE OR SHE SHALL AGAIN BECOME SUCH A PARTICIPANT ON THAT
   19  DATE.
   20    6.  NOTWITHSTANDING  ANY  OTHER  PROVISION OF LAW TO THE CONTRARY, ANY
   21  PERSON WHO IS ELIGIBLE TO BECOME A PARTICIPANT IN THE  TWENTY-FIVE  YEAR
   22  IMPROVED  BENEFIT RETIREMENT PROGRAM PURSUANT TO PARAGRAPH ONE OR TWO OF
   23  THIS SUBDIVISION FOR THE FULL ONE HUNDRED EIGHTY DAY PERIOD PROVIDED FOR
   24  IN SUCH APPLICABLE PARAGRAPH  AND  WHO  FAILS  TO  TIMELY  FILE  A  DULY
   25  EXECUTED  APPLICATION FOR SUCH PARTICIPATION WITH THE RETIREMENT SYSTEM,
   26  SHALL NOT THEREAFTER  BE  ELIGIBLE  TO  BECOME  A  PARTICIPANT  IN  SUCH
   27  PROGRAM.
   28    C. SERVICE RETIREMENT BENEFITS. NOTWITHSTANDING ANY OTHER PROVISION OF
   29  LAW  TO  THE  CONTRARY,  WHERE  A  PARTICIPANT  IN  THE TWENTY-FIVE YEAR
   30  IMPROVED BENEFIT RETIREMENT PROGRAM, WHO IS OTHERWISE  QUALIFIED  FOR  A
   31  RETIREMENT  ALLOWANCE  PURSUANT TO THE OPTIONAL RETIREMENT PROVISION SET
   32  FORTH IN SUBDIVISION A OF THIS SECTION, HAS MADE AND/OR PAID,  WHILE  HE
   33  OR  SHE  IS  A  FIRE  PROTECTION INSPECTOR MEMBER, ALL ADDITIONAL MEMBER
   34  CONTRIBUTIONS AND INTEREST (IF ANY) REQUIRED BY SUBDIVISION  D  OF  THIS
   35  SECTION, THEN:
   36    1. THAT PARTICIPANT, WHILE HE OR SHE REMAINS PARTICIPANT, SHALL NOT BE
   37  SUBJECT  TO  THE  PROVISIONS  OF  SUBDIVISION  A OF SECTION FOUR HUNDRED
   38  FORTY-FIVE OF THIS CHAPTER; AND
   39    2. IF THAT PARTICIPANT, WHILE SUCH A PARTICIPANT, RETIRES FOR SERVICE,
   40  HE OR SHE SHALL NOT BE SUBJECT TO THE PROVISIONS OF SECTION FOUR HUNDRED
   41  FORTY-FOUR OF THIS CHAPTER; AND
   42    3. HIS OR HER RETIREMENT ALLOWANCE SHALL BE AN AMOUNT, ON  ACCOUNT  OF
   43  THE REQUIRED MINIMUM PERIOD OF SERVICE, EQUAL TO THE SUM OF (I) AN ANNU-
   44  ITY   WHICH  SHALL  BE  THE  ACTUARIAL  EQUIVALENT  OF  THE  ACCUMULATED
   45  DEDUCTIONS FROM HIS OR HER PAY DURING SUCH PERIOD, (II)  A  PENSION  FOR
   46  INCREASED-TAKE-HOME-PAY  WHICH  SHALL BE THE ACTUARIAL EQUIVALENT OF THE
   47  RESERVE FOR INCREASED-TAKE-HOME-PAY TO WHICH HE OR SHE MAY BE  ENTITLED,
   48  FOR  SUCH  PERIOD, AND (III) A PENSION WHICH, WHEN ADDED TO SUCH ANNUITY
   49  AND SUCH PENSION  FOR  INCREASED-TAKE-HOME-PAY,  PRODUCES  A  RETIREMENT
   50  ALLOWANCE  EQUAL  TO  FIFTY  PERCENT OF HIS OR HER FINAL AVERAGE SALARY,
   51  PLUS AN AMOUNT FOR EACH ADDITIONAL YEAR OF ALLOWABLE SERVICE AS  A  FIRE
   52  PROTECTION  INSPECTOR  MEMBER, OR FRACTION THEREOF, BEYOND SUCH REQUIRED
   53  MINIMUM PERIOD OF SERVICE EQUAL TO TWO PERCENT OF HIS OR HER FINAL AVER-
   54  AGE SALARY FOR SUCH ALLOWABLE SERVICE AS  A  FIRE  PROTECTION  INSPECTOR
   55  MEMBER  DURING THE PERIOD FROM COMPLETION OF TWENTY-FIVE YEARS OF ALLOW-
   56  ABLE SERVICE AS A FIRE  PROTECTION  INSPECTOR  MEMBER  TO  THE  DATE  OF
       A. 7793                             9

    1  RETIREMENT  BUT NOT TO EXCEED MORE THAN FIVE YEARS OF ADDITIONAL SERVICE
    2  AS A FIRE PROTECTION INSPECTOR MEMBER.
    3    D.  ADDITIONAL  MEMBER  CONTRIBUTIONS.  1.  IN  ADDITION TO THE MEMBER
    4  CONTRIBUTIONS REQUIRED PURSUANT TO  SECTION  13-125  OR  13-162  OF  THE
    5  ADMINISTRATIVE  CODE  OF  THE  CITY OF NEW YORK, EACH PARTICIPANT IN THE
    6  TWENTY-FIVE YEAR IMPROVED BENEFIT RETIREMENT PROGRAM  SHALL  CONTRIBUTE,
    7  SUBJECT TO THE APPLICABLE PROVISIONS OF SECTION 13-125.2 OF THE ADMINIS-
    8  TRATIVE  CODE  OF THE CITY OF NEW YORK, AN ADDITIONAL SIX PERCENT OF HIS
    9  OR HER COMPENSATION EARNED FROM ALLOWABLE SERVICE AS A  FIRE  PROTECTION
   10  INSPECTOR  MEMBER,  AS  A  PARTICIPANT  IN THE TWENTY-FIVE YEAR IMPROVED
   11  BENEFIT RETIREMENT PROGRAM, RENDERED ON AND AFTER THE STARTING  DATE  OF
   12  THE  IMPROVED BENEFIT RETIREMENT PROGRAM, AND ALL ALLOWABLE SERVICE AS A
   13  FIRE PROTECTION INSPECTOR MEMBER  AFTER  SUCH  PERSON  CEASES  TO  BE  A
   14  PARTICIPANT,  BUT  BEFORE HE OR SHE AGAIN BECOMES A PARTICIPANT PURSUANT
   15  TO PARAGRAPH FIVE OF SUBDIVISION B OF THIS SECTION.   A  PARTICIPANT  IN
   16  THE  TWENTY-FIVE YEAR IMPROVED BENEFIT RETIREMENT PROGRAM SHALL CONTRIB-
   17  UTE ADDITIONAL MEMBER CONTRIBUTIONS UNTIL THE LATER OF THE  DATE  AS  OF
   18  WHICH  HE  OR  SHE  IS ELIGIBLE TO RETIRE WITH THIRTY YEARS OF ALLOWABLE
   19  SERVICE AS A FIRE PROTECTION  INSPECTOR  MEMBER  UNDER  SUCH  RETIREMENT
   20  PROGRAM,   OR  THE  FIRST  ANNIVERSARY  OF  THE  STARTING  DATE  OF  THE
   21  TWENTY-FIVE YEAR IMPROVED BENEFIT  RETIREMENT  PROGRAM.  THE  ADDITIONAL
   22  CONTRIBUTIONS  REQUIRED  BY  THIS SECTION SHALL BE IN LIEU OF ADDITIONAL
   23  MEMBER CONTRIBUTIONS REQUIRED BY SUBDIVISION D OF SECTION  FOUR  HUNDRED
   24  FORTY-FIVE-D OF THIS CHAPTER, AS ADDED BY CHAPTER NINETY-SIX OF THE LAWS
   25  OF  NINETEEN  HUNDRED  NINETY-FIVE,  AND  NO  MEMBER  PAYING  ADDITIONAL
   26  CONTRIBUTIONS PURSUANT TO THIS SECTION SHALL BE REQUIRED  TO  PAY  ADDI-
   27  TIONAL  CONTRIBUTIONS  PURSUANT  TO  SUCH  SUBDIVISION D OF SECTION FOUR
   28  HUNDRED FORTY-FIVE-D OF THIS CHAPTER.
   29    2. COMMENCING WITH THE FIRST FULL PAYROLL  PERIOD  AFTER  EACH  PERSON
   30  BECOMES  A  PARTICIPANT IN THE TWENTY-FIVE YEAR IMPROVED BENEFIT RETIRE-
   31  MENT PROGRAM, ADDITIONAL MEMBER CONTRIBUTIONS AT THE RATE  SPECIFIED  IN
   32  PARAGRAPH  ONE  OF  THIS  SUBDIVISION  SHALL BE DEDUCTED, SUBJECT TO THE
   33  APPLICABLE PROVISIONS OF SECTION 13-125.2 OF THE ADMINISTRATIVE CODE  OF
   34  THE  CITY OF NEW YORK, FROM THE COMPENSATION OF SUCH PARTICIPANT ON EACH
   35  AND EVERY PAYROLL OF SUCH PARTICIPANT FOR EACH AND EVERY PAYROLL  PERIOD
   36  FOR WHICH HE OR SHE IS SUCH A PARTICIPANT.
   37    3.  (I)  SUBJECT  TO THE PROVISIONS OF SUBPARAGRAPH (II) OF THIS PARA-
   38  GRAPH, WHERE ANY ADDITIONAL MEMBER CONTRIBUTIONS REQUIRED  BY  PARAGRAPH
   39  ONE  OF THIS SUBDIVISION ARE NOT PAID BY DEDUCTIONS FROM A PARTICIPANT'S
   40  COMPENSATION PURSUANT TO PARAGRAPH TWO OF THIS SUBDIVISION:
   41    (A) THAT PARTICIPANT SHALL BE CHARGED WITH A  CONTRIBUTION  DEFICIENCY
   42  CONSISTING  OF  SUCH  UNPAID  AMOUNTS,  TOGETHER  WITH INTEREST THEREON,
   43  COMPOUNDED ANNUALLY; AND
   44    (B) SUCH INTEREST ON EACH AMOUNT  OF  UNDEDUCTED  CONTRIBUTIONS  SHALL
   45  ACCRUE  FROM  THE  END OF THE PAYROLL PERIOD FOR WHICH SUCH AMOUNT WOULD
   46  HAVE BEEN DEDUCTED FROM COMPENSATION IF HE OR SHE HAD BEEN A PARTICIPANT
   47  AT THE BEGINNING OF THAT PAYROLL PERIOD AND  SUCH  DEDUCTIONS  HAD  BEEN
   48  REQUIRED  FOR  SUCH  PAYROLL  PERIOD  UNTIL  SUCH  AMOUNT IS PAID TO THE
   49  RETIREMENT SYSTEM; AND
   50    (C) (1) INTEREST ON EACH SUCH AMOUNT INCLUDED  IN  SUCH  PARTICIPANT'S
   51  CONTRIBUTION  DEFICIENCY  PURSUANT  TO THIS SUBPARAGRAPH SHALL BE CALCU-
   52  LATED AS IF SUCH ADDITIONAL MEMBER CONTRIBUTIONS NEVER HAD BEEN PAID  BY
   53  SUCH  PARTICIPANT,  AND  SUCH  INTEREST SHALL ACCRUE FROM THE END OF THE
   54  PAYROLL PERIOD TO WHICH AN AMOUNT OF SUCH ADDITIONAL MEMBER CONTRIBUTION
   55  IS ATTRIBUTABLE, COMPOUNDED ANNUALLY, UNTIL SUCH AMOUNT IS PAID  TO  THE
   56  RETIREMENT SYSTEM;
       A. 7793                            10

    1    (2)  THE RATE OF INTEREST TO BE APPLIED TO EACH SUCH AMOUNT DURING THE
    2  PERIOD FOR WHICH INTEREST ACCRUES ON THAT AMOUNT SHALL BE EQUAL  TO  THE
    3  RATE  OR  RATES  OF INTEREST REQUIRED BY LAW TO BE USED DURING THAT SAME
    4  PERIOD TO CREDIT INTEREST ON THE ACCUMULATED  DEDUCTIONS  OF  RETIREMENT
    5  SYSTEM MEMBERS;
    6    (II)  EXCEPT  AS  PROVIDED IN SUBPARAGRAPH (III) OF THIS PARAGRAPH, NO
    7  INTEREST SHALL BE DUE ON ANY UNPAID ADDITIONAL CONTRIBUTIONS  WHICH  ARE
    8  NOT  ATTRIBUTABLE  TO  THE PERIOD PRIOR TO THE FIRST FULL PAYROLL PERIOD
    9  REFERRED TO IN PARAGRAPH TWO OF THIS SUBDIVISION;
   10    (III) SHOULD ANY PERSON WHO,  PURSUANT  TO  PARAGRAPH  SEVEN  OF  THIS
   11  SUBDIVISION  HAS  WITHDRAWN ANY ADDITIONAL MEMBER CONTRIBUTIONS (AND ANY
   12  INTEREST PAID THEREON) AGAIN BECOME A  PARTICIPANT  IN  THE  TWENTY-FIVE
   13  YEAR  IMPROVED  BENEFIT RETIREMENT PROGRAM PURSUANT TO PARAGRAPH FIVE OF
   14  SUBDIVISION B OF THIS SECTION, AN APPROPRIATE AMOUNT SHALL  BE  INCLUDED
   15  IN SUCH PARTICIPANT'S CONTRIBUTION DEFICIENCY (INCLUDING INTEREST THERE-
   16  ON  AS  CALCULATED  PURSUANT TO THIS PARAGRAPH) FOR ANY CREDITED SERVICE
   17  WITH RESPECT TO WHICH SUCH PERSON RECEIVED A REFUND OF ADDITIONAL MEMBER
   18  CONTRIBUTIONS (INCLUDING ANY AMOUNT OF AN UNPAID LOAN BALANCE DEEMED  TO
   19  HAVE  BEEN  RETURNED  TO SUCH PERSON PURSUANT TO PARAGRAPH SEVEN OF THIS
   20  SUBDIVISION), AS IF SUCH ADDITIONAL MEMBER CONTRIBUTIONS NEVER HAD  BEEN
   21  PAID.
   22    4. THE BOARD OF TRUSTEES OF THE RETIREMENT SYSTEM MAY, CONSISTENT WITH
   23  THE  PROVISIONS  OF  THIS  SUBDIVISION,  PROMULGATE  REGULATIONS FOR THE
   24  PAYMENT OF THE ADDITIONAL MEMBER CONTRIBUTIONS REQUIRED BY THIS SUBDIVI-
   25  SION, AND ANY INTEREST THEREON, BY A PARTICIPANT IN THE TWENTY-FIVE YEAR
   26  IMPROVED BENEFIT RETIREMENT PROGRAM (INCLUDING  THE  DEDUCTION  OF  SUCH
   27  CONTRIBUTIONS, AND ANY INTEREST THEREON, FROM HIS OR HER COMPENSATION).
   28    5.  WHERE  A PARTICIPANT WHO IS OTHERWISE ELIGIBLE FOR SERVICE RETIRE-
   29  MENT PURSUANT TO SUBDIVISION C OF THIS SECTION DID  NOT,  PRIOR  TO  THE
   30  EFFECTIVE  DATE  OF  RETIREMENT, PAY THE ENTIRE AMOUNT OF A CONTRIBUTION
   31  DEFICIENCY CHARGEABLE TO HIM OR HER PURSUANT TO PARAGRAPH THREE OF  THIS
   32  SUBDIVISION,  OR  REPAY  THE ENTIRE AMOUNT OF A LOAN OF HIS OR HER ADDI-
   33  TIONAL MEMBER CONTRIBUTIONS PURSUANT TO PARAGRAPH EIGHT OF THIS SUBDIVI-
   34  SION (INCLUDING ACCRUED INTEREST ON SUCH LOAN), THAT PARTICIPANT, NEVER-
   35  THELESS, SHALL BE ELIGIBLE TO RETIRE PURSUANT TO SUBDIVISION C  OF  THIS
   36  SECTION,  PROVIDED, HOWEVER, THAT WHERE SUCH PARTICIPANT IS NOT ENTITLED
   37  TO A REFUND OF ADDITIONAL MEMBER  CONTRIBUTIONS  PURSUANT  TO  PARAGRAPH
   38  SEVEN OF THIS SUBDIVISION, SUCH PARTICIPANT'S SERVICE RETIREMENT BENEFIT
   39  CALCULATED  PURSUANT  TO  THE  APPLICABLE PROVISIONS OF SUBDIVISION C OF
   40  THIS SECTION SHALL BE REDUCED BY A LIFE ANNUITY (CALCULATED  IN  ACCORD-
   41  ANCE  WITH  THE METHOD SET FORTH IN SUBDIVISION I OF SECTION SIX HUNDRED
   42  THIRTEEN-B OF THIS CHAPTER) WHICH IS ACTUARIALLY EQUIVALENT TO: (I)  THE
   43  AMOUNT  OF  ANY UNPAID CONTRIBUTION DEFICIENCY CHARGEABLE TO SUCH MEMBER
   44  PURSUANT TO PARAGRAPH THREE OF THIS SUBDIVISION; PLUS (II) THE AMOUNT OF
   45  ANY UNPAID BALANCE OF A LOAN OF HIS OR HER  ADDITIONAL  MEMBER  CONTRIB-
   46  UTIONS  PURSUANT  TO  PARAGRAPH  EIGHT  OF  THIS  SUBDIVISION (INCLUDING
   47  ACCRUED INTEREST ON SUCH LOAN).
   48    6. SUBJECT TO THE PROVISIONS OF PARAGRAPH FIVE  OF  THIS  SUBDIVISION,
   49  WHERE  A  PARTICIPANT  HAS  NOT PAID IN FULL ANY CONTRIBUTION DEFICIENCY
   50  CHARGEABLE TO HIM OR HER PURSUANT TO PARAGRAPH THREE  OF  THIS  SUBDIVI-
   51  SION,  AND  A  BENEFIT,  OTHER  THAN  A REFUND OF A MEMBER'S ACCUMULATED
   52  DEDUCTIONS OR A REFUND OF ADDITIONAL MEMBER  CONTRIBUTIONS  PURSUANT  TO
   53  PARAGRAPH  SEVEN  OF THIS SUBDIVISION, BECOMES PAYABLE BY THE RETIREMENT
   54  SYSTEM TO THE PARTICIPANT OR TO HIS OR  HER  DESIGNATED  BENEFICIARY  OR
   55  ESTATE,  THE  ACTUARIAL  EQUIVALENT  OF  ANY SUCH UNPAID AMOUNT SHALL BE
   56  DEDUCTED FROM THE BENEFIT OTHERWISE PAYABLE.
       A. 7793                            11

    1    7. (I) ALL ADDITIONAL MEMBER CONTRIBUTIONS REQUIRED BY  THIS  SUBDIVI-
    2  SION  (AND  ANY  INTEREST  THEREON) WHICH ARE RECEIVED BY THE RETIREMENT
    3  SYSTEM SHALL BE PAID INTO ITS CONTINGENT RESERVE FUND AND SHALL  BE  THE
    4  PROPERTY  OF THE RETIREMENT SYSTEM. SUCH ADDITIONAL MEMBER CONTRIBUTIONS
    5  (AND  ANY  INTEREST  THEREON)  SHALL NOT FOR ANY PURPOSE BE DEEMED TO BE
    6  MEMBER CONTRIBUTIONS OR  ACCUMULATED  DEDUCTIONS  OF  A  MEMBER  OF  THE
    7  RETIREMENT  SYSTEM  UNDER SECTION 13-125 OR 13-162 OF THE ADMINISTRATIVE
    8  CODE OF THE CITY OF NEW YORK WHILE HE OR SHE IS  A  PARTICIPANT  IN  THE
    9  TWENTY-FIVE YEAR IMPROVED BENEFIT RETIREMENT PROGRAM OR OTHERWISE.
   10    (II)  SHOULD  A  PARTICIPANT  IN THE TWENTY-FIVE YEAR IMPROVED BENEFIT
   11  RETIREMENT PROGRAM, WHO HAS RENDERED LESS THAN FIFTEEN YEARS OF CREDITED
   12  SERVICE CEASE TO HOLD A POSITION AS A FIRE PROTECTION  INSPECTOR  MEMBER
   13  FOR  ANY  REASON  WHATSOEVER,  HIS  OR HER ACCUMULATED ADDITIONAL MEMBER
   14  CONTRIBUTIONS MADE PURSUANT  TO  THIS  SUBDIVISION  (TOGETHER  WITH  ANY
   15  INTEREST THEREON PAID TO THE RETIREMENT SYSTEM) WHICH REMAIN CREDITED TO
   16  SUCH  PARTICIPANT'S  ACCOUNT  MAY BE WITHDRAWN BY HIM OR HER PURSUANT TO
   17  PROCEDURES PROMULGATED IN REGULATIONS OF THE BOARD OF  TRUSTEES  OF  THE
   18  RETIREMENT  SYSTEM, TOGETHER WITH INTEREST THEREON AT THE RATE OF INTER-
   19  EST REQUIRED BY LAW TO BE USED TO CREDIT  INTEREST  ON  THE  ACCUMULATED
   20  DEDUCTIONS OF RETIREMENT SYSTEM MEMBERS COMPOUNDED ANNUALLY.
   21    (III) NOTWITHSTANDING ANY OTHER PROVISION OF LAW TO THE CONTRARY,
   22    (A)  NO  PERSON  SHALL  BE  PERMITTED  TO WITHDRAW FROM THE RETIREMENT
   23  SYSTEM ANY ADDITIONAL MEMBER CONTRIBUTIONS PAID PURSUANT TO THIS  SUBDI-
   24  VISION  OR  ANY INTEREST PAID THEREON, EXCEPT PURSUANT TO AND IN ACCORD-
   25  ANCE WITH THE PRECEDING SUBPARAGRAPHS OF THIS PARAGRAPH; AND
   26    (B) NO PERSON, WHILE HE OR SHE IS A  PARTICIPANT  IN  THE  TWENTY-FIVE
   27  YEAR IMPROVED BENEFIT RETIREMENT PROGRAM, SHALL BE PERMITTED TO WITHDRAW
   28  ANY  SUCH  ADDITIONAL  MEMBER CONTRIBUTIONS OR ANY INTEREST PAID THEREON
   29  PURSUANT TO ANY OF THE PRECEDING  SUBPARAGRAPHS  OF  THIS  PARAGRAPH  OR
   30  OTHERWISE.
   31    8.  A  PARTICIPANT IN THE TWENTY-FIVE YEAR IMPROVED BENEFIT RETIREMENT
   32  PROGRAM SHALL BE PERMITTED TO BORROW FROM HIS OR HER  ADDITIONAL  MEMBER
   33  CONTRIBUTIONS,  INCLUDING  ANY INTEREST PAID THEREON, WHICH ARE CREDITED
   34  TO THE ADDITIONAL CONTRIBUTIONS ACCOUNT ESTABLISHED FOR SUCH PARTICIPANT
   35  IN THE CONTINGENT RESERVE FUND OF THE RETIREMENT SYSTEM.  THE  BORROWING
   36  FROM  SUCH  ADDITIONAL  MEMBER  CONTRIBUTIONS PURSUANT TO THIS PARAGRAPH
   37  SHALL BE GOVERNED BY THE SAME RIGHTS, PRIVILEGES, OBLIGATIONS AND PROCE-
   38  DURES SET FORTH IN SECTION SIX HUNDRED THIRTEEN-B OF THIS CHAPTER  WHICH
   39  GOVERN THE BORROWING BY MEMBERS SUBJECT TO ARTICLE FIFTEEN OF THIS CHAP-
   40  TER  OF  MEMBER CONTRIBUTIONS MADE PURSUANT TO SECTION SIX HUNDRED THIR-
   41  TEEN OF THIS CHAPTER. THE BOARD OF TRUSTEES  OF  THE  RETIREMENT  SYSTEM
   42  MAY,  CONSISTENT  WITH  THE  PROVISIONS  OF  THIS  SUBDIVISION  AND  THE
   43  PROVISIONS OF SECTION SIX HUNDRED THIRTEEN-B OF  THIS  CHAPTER  AS  MADE
   44  APPLICABLE  TO  THIS  SUBDIVISION,  PROMULGATE REGULATIONS GOVERNING THE
   45  BORROWING OF SUCH ADDITION MEMBER CONTRIBUTIONS.
   46    9. WHEREVER A PERSON HAS AN UNPAID BALANCE OF A LOAN  OF  HIS  OR  HER
   47  ADDITIONAL  MEMBER  CONTRIBUTIONS  PURSUANT  TO  PARAGRAPH EIGHT OF THIS
   48  SUBDIVISION AT THE TIME HE OR SHE BECOMES ENTITLED TO A REFUND OF HIS OR
   49  HER ADDITIONAL MEMBER CONTRIBUTIONS PURSUANT  TO  SUBPARAGRAPH  (II)  OF
   50  PARAGRAPH  SEVEN  OF  THIS  SUBDIVISION,  THE AMOUNT OF SUCH UNPAID LOAN
   51  BALANCE (INCLUDING ACCRUED  INTEREST)  SHALL  BE  DEEMED  TO  HAVE  BEEN
   52  RETURNED TO SUCH MEMBER, AND THE REFUND OF SUCH ADDITIONAL CONTRIBUTIONS
   53  SHALL  BE  THE  NET AMOUNT OF SUCH CONTRIBUTIONS, TOGETHER WITH INTEREST
   54  THEREON IN ACCORDANCE WITH THE PROVISIONS OF SUCH SUBPARAGRAPH.
   55    10. NOTWITHSTANDING ANY OTHER PROVISION OF LAW TO  THE  CONTRARY,  THE
   56  PROVISIONS  OF  SECTION ONE HUNDRED THIRTY-EIGHT-B OF THIS CHAPTER SHALL
       A. 7793                            12

    1  NOT BE APPLICABLE TO  THE  ADDITIONAL  MEMBER  CONTRIBUTIONS  WHICH  ARE
    2  REQUIRED BY THIS SUBDIVISION.
    3    11.  NOTWITHSTANDING  ANY  OTHER PROVISION OF LAW TO THE CONTRARY, THE
    4  ADDITIONAL MEMBER CONTRIBUTIONS WHICH ARE REQUIRED BY  THIS  SUBDIVISION
    5  SHALL NOT BE REDUCED UNDER ANY PROGRAM FOR INCREASED-TAKE-HOME-PAY.
    6    E.  THE  PROVISIONS  OF THIS SECTION SHALL NOT BE CONSTRUED TO PROVIDE
    7  BENEFITS TO ANY PARTICIPANT IN THE  TWENTY-FIVE  YEAR  IMPROVED  BENEFIT
    8  RETIREMENT  PROGRAM WHICH ARE GREATER THAN THOSE WHICH WOULD BE RECEIVED
    9  BY A SIMILARLY SITUATED MEMBER WHO IS ENTITLED  TO  BENEFITS  UNDER  THE
   10  PROVISIONS  OF  SECTION  13-157.2 OF THE ADMINISTRATIVE CODE, BUT WHO IS
   11  NOT GOVERNED BY THE PROVISIONS OF THIS ARTICLE.
   12    S 5. The retirement and social security law is amended by adding a new
   13  section 604-j to read as follows:
   14    S 604-J. TWENTY-FIVE  YEAR  RETIREMENT  PROGRAM  FOR  FIRE  PROTECTION
   15  INSPECTOR  MEMBERS.  A.  DEFINITIONS. THE FOLLOWING WORDS AND PHRASES AS
   16  USED IN THIS SECTION SHALL HAVE THE FOLLOWING MEANINGS UNLESS A  DIFFER-
   17  ENT MEANING IS PLAINLY REQUIRED BY THE CONTEXT.
   18    1.  "FIRE  PROTECTION  INSPECTOR  MEMBER"  SHALL  MEAN A MEMBER WHO IS
   19  EMPLOYED BY THE CITY OF NEW YORK OR BY THE NEW YORK CITY FIRE DEPARTMENT
   20  IN A TITLE WHOSE DUTIES ARE THOSE OF  A  FIRE  PROTECTION  INSPECTOR  OR
   21  ASSOCIATE  FIRE PROTECTION INSPECTOR; OR IN A TITLE WHOSE DUTIES REQUIRE
   22  THE SUPERVISION OF EMPLOYEES WHOSE DUTIES ARE THOSE OF A FIRE PROTECTION
   23  INSPECTOR OR ASSOCIATE FIRE PROTECTION INSPECTOR.
   24    2. "TWENTY-FIVE YEAR RETIREMENT PROGRAM" SHALL MEAN ALL THE TERMS  AND
   25  CONDITIONS OF THIS SECTION.
   26    3.  "STARTING  DATE  OF THE TWENTY-FIVE YEAR RETIREMENT PROGRAM" SHALL
   27  MEAN THE DATE OF ENACTMENT OF THIS SECTION.
   28    4. "PARTICIPANT IN THE TWENTY-FIVE YEAR RETIREMENT PROGRAM" SHALL MEAN
   29  ANY  FIRE  PROTECTION  INSPECTOR  MEMBER  WHO,  UNDER   THE   APPLICABLE
   30  PROVISIONS  OF SUBDIVISION B OF THIS SECTION, IS ENTITLED TO THE RIGHTS,
   31  BENEFITS AND PRIVILEGES AND IS SUBJECT TO THE OBLIGATIONS OF  THE  TWEN-
   32  TY-FIVE YEAR RETIREMENT PROGRAM, AS APPLICABLE TO HIM OR HER.
   33    5.  "DISCONTINUED  MEMBER" SHALL MEAN A PARTICIPANT IN THE TWENTY-FIVE
   34  YEAR RETIREMENT PROGRAM WHO, WHILE HE  OR  SHE  WAS  A  FIRE  PROTECTION
   35  INSPECTOR  MEMBER, DISCONTINUED SERVICE AS SUCH A MEMBER AND HAS A RIGHT
   36  TO A DEFERRED VESTED BENEFIT UNDER SUBDIVISION D OF THIS SECTION.
   37    6. "ADMINISTRATIVE CODE" SHALL MEAN THE  ADMINISTRATIVE  CODE  OF  THE
   38  CITY OF NEW YORK.
   39    7.  "ALLOWABLE  SERVICE  AS  A FIRE PROTECTION INSPECTOR MEMBER" SHALL
   40  MEAN ALL SERVICE AS A FIRE PROTECTION INSPECTOR MEMBER.
   41    B. PARTICIPATION IN TWENTY-FIVE YEAR RETIREMENT PROGRAM. 1. SUBJECT TO
   42  THE PROVISIONS OF PARAGRAPHS SIX AND  SEVEN  OF  THIS  SUBDIVISION,  ANY
   43  PERSON WHO IS A FIRE PROTECTION INSPECTOR MEMBER ON THE STARTING DATE OF
   44  THE  TWENTY-FIVE  YEAR  RETIREMENT  PROGRAM  AND  WHO,  AS  SUCH  A FIRE
   45  PROTECTION INSPECTOR MEMBER OR OTHERWISE, LAST  BECAME  SUBJECT  TO  THE
   46  PROVISIONS  OF  THIS  ARTICLE  PRIOR TO SUCH STARTING DATE, MAY ELECT TO
   47  BECOME A PARTICIPANT IN  THE  TWENTY-FIVE  YEAR  RETIREMENT  PROGRAM  BY
   48  FILING,  WITHIN  ONE  HUNDRED EIGHTY DAYS AFTER THE STARTING DATE OF THE
   49  TWENTY-FIVE YEAR RETIREMENT PROGRAM, A  DULY  EXECUTED  APPLICATION  FOR
   50  SUCH  PARTICIPATION WITH THE RETIREMENT SYSTEM OF WHICH SUCH PERSON IS A
   51  MEMBER, PROVIDED HE OR SHE IS SUCH A FIRE PROTECTION INSPECTOR MEMBER ON
   52  THE DATE SUCH APPLICATION IS FILED.
   53    2. SUBJECT TO THE PROVISIONS OF  PARAGRAPHS  SIX  AND  SEVEN  OF  THIS
   54  SUBDIVISION,  ANY  PERSON WHO BECOMES A FIRE PROTECTION INSPECTOR MEMBER
   55  AFTER THE STARTING DATE OF THE TWENTY-FIVE YEAR RETIREMENT  PROGRAM  AND
   56  WHO,  AS  SUCH  A  FIRE  PROTECTION  INSPECTOR MEMBER OR OTHERWISE, LAST
       A. 7793                            13

    1  BECAME SUBJECT TO THE PROVISIONS OF THIS ARTICLE PRIOR TO SUCH  STARTING
    2  DATE,  MAY ELECT TO BECOME A PARTICIPANT IN THE TWENTY-FIVE YEAR RETIRE-
    3  MENT PROGRAM BY FILING, WITHIN ONE HUNDRED EIGHTY  DAYS  AFTER  BECOMING
    4  SUCH A FIRE PROTECTION INSPECTOR MEMBER, A DULY EXECUTED APPLICATION FOR
    5  SUCH PARTICIPATION WITH THE RETIREMENT SYSTEM FOR WHICH SUCH PERSON IS A
    6  MEMBER,  PROVIDED  THAT  HE  OR  SHE IS SUCH A FIRE PROTECTION INSPECTOR
    7  MEMBER ON THE DATE SUCH APPLICATION IS FILED.
    8    3. EACH FIRE PROTECTION INSPECTOR MEMBER, OTHER THAN A FIRE PROTECTION
    9  INSPECTOR MEMBER SUBJECT TO PARAGRAPH ONE OR TWO  OF  THIS  SUBDIVISION,
   10  WHO  BECOMES  SUBJECT  TO THE PROVISIONS OF THIS ARTICLE ON OR AFTER THE
   11  STARTING DATE OF THE TWENTY-FIVE YEAR RETIREMENT PROGRAM SHALL BECOME  A
   12  PARTICIPANT IN THE TWENTY-FIVE YEAR RETIREMENT PROGRAM ON THE DATE HE OR
   13  SHE  BECOMES SUCH A FIRE PROTECTION INSPECTOR MEMBER. PROVIDED, HOWEVER,
   14  A PERSON SUBJECT TO THIS PARAGRAPH, AND WHO HAS EXCEEDED AGE TWENTY-FIVE
   15  UPON EMPLOYMENT AS A FIRE PROTECTION INSPECTOR MEMBER, SHALL  BE  EXEMPT
   16  FROM  PARTICIPATION  IN THE IMPROVED TWENTY-FIVE YEAR RETIREMENT PROGRAM
   17  IF SUCH PERSON ELECTS NOT TO PARTICIPATE BY FILING A DULY EXECUTED  FORM
   18  WITH  THE RETIREMENT SYSTEM WITHIN ONE HUNDRED EIGHTY DAYS OF BECOMING A
   19  FIRE PROTECTION INSPECTOR MEMBER.
   20    4. ANY ELECTION TO BE A PARTICIPANT IN THE TWENTY-FIVE YEAR RETIREMENT
   21  PROGRAM SHALL BE IRREVOCABLE.
   22    5. WHERE ANY PARTICIPANT IN THE TWENTY-FIVE  YEAR  RETIREMENT  PROGRAM
   23  SHALL  CEASE TO BE EMPLOYED AS A FIRE PROTECTION MEMBER, HE OR SHE SHALL
   24  CEASE TO BE SUCH A PARTICIPANT AND, DURING  ANY  PERIOD  IN  WHICH  SUCH
   25  PERSON  IS  NOT SO EMPLOYED, HE OR SHE SHALL NOT BE A PARTICIPANT IN THE
   26  TWENTY-FIVE YEAR RETIREMENT PROGRAM AND SHALL NOT BE  ELIGIBLE  FOR  THE
   27  BENEFITS OF SUBDIVISION C OF THIS SECTION.
   28    6.  WHERE  ANY  PARTICIPANT IN THE TWENTY-FIVE YEAR RETIREMENT PROGRAM
   29  TERMINATES SERVICE AS A FIRE PROTECTION INSPECTOR MEMBER AND RETURNS  TO
   30  SUCH  SERVICE  AS A FIRE PROTECTION INSPECTOR MEMBER AT A LATER DATE, HE
   31  OR SHE SHALL AGAIN BECOME SUCH A PARTICIPANT ON THAT DATE.
   32    7. NOTWITHSTANDING ANY OTHER PROVISION OF THE LAW TO THE CONTRARY, ANY
   33  PERSON WHO  IS  ELIGIBLE  TO  ELECT  TO  BECOME  A  PARTICIPANT  IN  THE
   34  TWENTY-FIVE  YEAR RETIREMENT PROGRAM PURSUANT TO PARAGRAPH ONE OR TWO OF
   35  THIS SUBDIVISION FOR THE FULL ONE HUNDRED EIGHTY DAY PERIOD PROVIDED FOR
   36  IN SUCH APPLICABLE PARAGRAPH  AND  WHO  FAILS  TO  TIMELY  FILE  A  DULY
   37  EXECUTED  APPLICATION FOR SUCH PARTICIPATION WITH THE RETIREMENT SYSTEM,
   38  SHALL NOT THEREAFTER  BE  ELIGIBLE  TO  BECOME  A  PARTICIPANT  IN  SUCH
   39  PROGRAM.
   40    C.  SERVICE  RETIREMENT BENEFITS.  1. A PARTICIPANT IN THE TWENTY-FIVE
   41  YEAR RETIREMENT PROGRAM:
   42    (I) WHO HAS COMPLETED TWENTY-FIVE OR MORE YEARS OF  ALLOWABLE  SERVICE
   43  AS A FIRE PROTECTION MEMBER, AND
   44    (II)  WHO HAS PAID, BEFORE THE EFFECTIVE DATE OF RETIREMENT, ALL ADDI-
   45  TIONAL MEMBER CONTRIBUTIONS AND INTEREST (IF ANY) REQUIRED  BY  SUBDIVI-
   46  SION E OF THIS SECTION; AND
   47    (III)  WHO  FILES  WITH  THE RETIREMENT SYSTEM OF WHICH HE OR SHE IS A
   48  MEMBER AN APPLICATION FOR SERVICE RETIREMENT SETTING FORTH AT WHAT TIME,
   49  NOT LESS THAN THIRTY DAYS SUBSEQUENT TO THE EXECUTION AND FILING  THERE-
   50  OF, HE OR SHE DESIRES TO BE RETIRED; AND
   51    (IV)  WHO  SHALL  BE  A PARTICIPANT IN THE TWENTY-FIVE YEAR RETIREMENT
   52  PROGRAM AT THE TIME SO SPECIFIED FOR HIS OR  HER  RETIREMENT,  SHALL  BE
   53  RETIRED  PURSUANT  TO  THE  PROVISIONS  OF  THIS SECTION AFFORDING EARLY
   54  SERVICE RETIREMENT.
   55    2. NOTWITHSTANDING AN OTHER PROVISION OF  LAW  TO  THE  CONTRARY,  AND
   56  SUBJECT  TO  THE  PROVISIONS  OF  PARAGRAPH SIX OF SUBDIVISION E OF THIS
       A. 7793                            14

    1  SECTION, THE EARLY SERVICE RETIREMENT BENEFIT FOR  PARTICIPANTS  IN  THE
    2  TWENTY-FIVE YEAR RETIREMENT PROGRAM WHO RETIRE PURSUANT TO PARAGRAPH ONE
    3  OF THIS SUBDIVISION SHALL BE A RETIREMENT ALLOWANCE CONSISTING OF:
    4    (I)  AN  AMOUNT, ON ACCOUNT OF THE REQUIRED MINIMUM PERIOD OF SERVICE,
    5  EQUAL TO FIFTY PERCENT OF HIS OR HER FINAL AVERAGE SALARY; PLUS
    6    (II) AN AMOUNT ON ACCOUNT OF ALLOWABLE SERVICE AS  A  FIRE  PROTECTION
    7  MEMBER,  OR  FRACTION  THEREOF,  BEYOND  SUCH REQUIRED MINIMUM PERIOD OF
    8  SERVICE EQUAL TO TWO PERCENT OF HIS OR HER FINAL SALARY FOR SUCH  ALLOW-
    9  ABLE  SERVICE  AS  A  FIRE  PROTECTION  MEMBER  DURING  THE  PERIOD FROM
   10  COMPLETION  OF  TWENTY-FIVE  YEARS  OF  ALLOWABLE  SERVICE  AS  A   FIRE
   11  PROTECTION  MEMBER TO THE DATE OF RETIREMENT BUT NOT TO EXCEED MORE THAN
   12  FIVE YEARS OF ADDITIONAL SERVICE AS A FIRE PROTECTION MEMBER.
   13    D. VESTING. 1.  A  PARTICIPANT  IN  THE  TWENTY-FIVE  YEAR  RETIREMENT
   14  PROGRAM:
   15    (I)  WHO  DISCONTINUES  SERVICE  AS  SUCH A PARTICIPANT, OTHER THAN BY
   16  DEATH OR RETIREMENT; AND
   17    (II) IN THE CASE OF A PARTICIPANT WHO IS NOT A NEW YORK  CITY  REVISED
   18  PLAN  MEMBER,  WHO PRIOR TO SUCH DISCONTINUANCE, COMPLETED FIVE BUT LESS
   19  THAN THAN TWENTY-FIVE YEARS OF ALLOWABLE SERVICE AS  A  FIRE  PROTECTION
   20  MEMBER  OR,  IN THE CASE OF A PARTICIPANT WHO IS A NEW YORK CITY REVISED
   21  PLAN MEMBER, WHO PRIOR TO SUCH DISCONTINUANCE, COMPLETED  TEN  BUT  LESS
   22  THAN TWENTY-FIVE YEARS OF ALLOWABLE SERVICE AS A FIRE PROTECTION MEMBER;
   23  AND
   24    (III) WHO, SUBJECT TO THE PROVISIONS OF PARAGRAPH SEVEN OF SUBDIVISION
   25  E  OF  THIS  SECTION,  HAS PAID, PRIOR TO SUCH DISCONTINUANCE, ALL ADDI-
   26  TIONAL MEMBER CONTRIBUTIONS AND INTEREST (IF ANY) REQUIRED  BY  SUBDIVI-
   27  SION E OF THIS SECTION; AND
   28    (IV)  WHO DOES NOT WITHDRAW IN WHOLE OR IN PART HIS OR HER ACCUMULATED
   29  MEMBER CONTRIBUTIONS PURSUANT TO SECTION SIX HUNDRED  THIRTEEN  OF  THIS
   30  ARTICLE UNLESS SUCH PARTICIPANT THEREAFTER RETURNS TO PUBLIC SERVICE AND
   31  REPAYS  THE  AMOUNTS  SO  WITHDRAWN, TOGETHER WITH INTEREST, PURSUANT TO
   32  SUCH SECTION SIX HUNDRED  THIRTEEN;  SHALL  BE  ENTITLED  TO  RECEIVE  A
   33  DEFERRED VESTED BENEFIT AS PROVIDED IN THIS SUBDIVISION.
   34    2. (I) UPON SUCH DISCONTINUANCE UNDER THE CONDITIONS AND IN COMPLIANCE
   35  WITH  THE PROVISIONS OF PARAGRAPH ONE OF THIS SUBDIVISION, SUCH DEFERRED
   36  VESTED BENEFIT SHALL VEST AUTOMATICALLY.
   37    (II) IN THE CASE OF A PARTICIPANT WHO IS NOT A NEW YORK  CITY  REVISED
   38  PLAN  MEMBER,  SUCH  VESTED BENEFIT SHALL BECOME PAYABLE ON THE EARLIEST
   39  DATE ON WHICH SUCH DISCONTINUED MEMBER COULD HAVE RETIRED FOR SERVICE IF
   40  SUCH DISCONTINUANCE HAD NOT OCCURRED OR, IN THE CASE  OF  A  PARTICIPANT
   41  WHO  IS  A  NEW YORK CITY REVISED PLAN MEMBER, SUCH VESTED BENEFIT SHALL
   42  BECOME PAYABLE AT AGE SIXTY-THREE. SUBJECT TO THE  PROVISIONS  OF  PARA-
   43  GRAPH SEVEN OF SUBDIVISION E OF THIS SECTION, SUCH DEFERRED VESTED BENE-
   44  FIT SHALL BE A RETIREMENT ALLOWANCE CONSISTING OF AN AMOUNT EQUAL TO TWO
   45  PERCENT  OF  SUCH DISCONTINUED MEMBER'S FINAL AVERAGE SALARY, MULTIPLIED
   46  BY THE NUMBER OF YEARS OF ALLOWABLE SERVICE.
   47    E. ADDITIONAL MEMBER CONTRIBUTIONS.  1.  IN  ADDITION  TO  THE  MEMBER
   48  CONTRIBUTIONS  REQUIRED BY SECTION SIX HUNDRED THIRTEEN OF THIS ARTICLE,
   49  EACH PARTICIPANT  IN  THE  TWENTY-FIVE  YEAR  RETIREMENT  PROGRAM  SHALL
   50  CONTRIBUTE  TO  THE  RETIREMENT  SYSTEM  OF  WHICH HE OR SHE IS A MEMBER
   51  (SUBJECT TO THE APPLICABLE PROVISIONS OF SUBDIVISION D  OF  SECTION  SIX
   52  HUNDRED  THIRTEEN  OF  THIS ARTICLE) AN ADDITIONAL SIX PERCENT OF HIS OR
   53  HER COMPENSATION EARNED FROM (I) ALL ALLOWABLE SERVICE, AS A PARTICIPANT
   54  IN THE TWENTY-FIVE YEAR RETIREMENT PROGRAM, RENDERED  ON  OR  AFTER  THE
   55  STARTING  DATE  OF THE TWENTY-FIVE YEAR RETIREMENT PROGRAM, AND (II) ALL
   56  ALLOWABLE SERVICE AFTER SUCH PERSON CEASES  TO  BE  A  PARTICIPANT,  BUT
       A. 7793                            15

    1  BEFORE  HE  OR SHE AGAIN BECOMES A PARTICIPANT PURSUANT TO PARAGRAPH SIX
    2  OF SUBDIVISION B OF THIS SECTION. THE ADDITIONAL CONTRIBUTIONS  REQUIRED
    3  BY  THIS  SECTION  SHALL  BE  IN LIEU OF ADDITIONAL MEMBER CONTRIBUTIONS
    4  REQUIRED  BY  SUBDIVISION D OF SECTION 604-C OF THIS CHAPTER AS ADDED BY
    5  CHAPTER NINETY-SIX OF THE LAWS OF NINETEEN HUNDRED NINETY-FIVE,  AND  NO
    6  MEMBER MAKING ADDITIONAL CONTRIBUTIONS PURSUANT TO THIS SECTION SHALL BE
    7  REQUIRED TO MAKE CONTRIBUTIONS PURSUANT TO SUCH SUBDIVISION D OF SECTION
    8  SIX HUNDRED FOUR-C OF THIS CHAPTER.
    9    2.  A  PARTICIPANT  IN  THE  TWENTY-FIVE YEAR RETIREMENT PROGRAM SHALL
   10  CONTRIBUTE ADDITIONAL MEMBER CONTRIBUTIONS UNTIL THE LATER  OF  (I)  THE
   11  FIRST  ANNIVERSARY  OF THE STARTING DATE OF THE TWENTY-FIVE YEAR RETIRE-
   12  MENT PROGRAM, OR (II) THE DATE ON WHICH HE OR SHE COMPLETES THIRTY YEARS
   13  OF ALLOWABLE SERVICE AS A FIRE PROTECTION INSPECTOR MEMBER.
   14    3. COMMENCING WITH THE FIRST FULL PAYROLL  PERIOD  AFTER  EACH  PERSON
   15  BECOMES  A PARTICIPANT IN THE TWENTY-FIVE YEAR RETIREMENT PROGRAM, ADDI-
   16  TIONAL MEMBER CONTRIBUTIONS AT THE RATE SPECIFIED IN  PARAGRAPH  ONE  OF
   17  THIS SUBDIVISION SHALL BE DEDUCTED (SUBJECT TO THE APPLICABLE PROVISIONS
   18  OF  SUBDIVISION  D OF SECTION SIX HUNDRED THIRTEEN OF THIS ARTICLE) FROM
   19  THE COMPENSATION OF SUCH PARTICIPANT ON EACH AND EVERY PAYROLL  OF  SUCH
   20  PARTICIPANT  FOR  EACH  AND  EVERY PAYROLL PERIOD FOR WHICH HE OR SHE IS
   21  SUCH A PARTICIPANT.
   22    4. (I) EACH PARTICIPANT IN THE  TWENTY-FIVE  YEAR  RETIREMENT  PROGRAM
   23  SHALL  BE CHARGED WITH A CONTRIBUTION DEFICIENCY CONSISTING OF THE TOTAL
   24  AMOUNTS OF ADDITIONAL MEMBER CONTRIBUTIONS SUCH PERSON  IS  REQUIRED  TO
   25  MAKE  PURSUANT  TO  PARAGRAPHS ONE AND TWO OF THIS SUBDIVISION WHICH ARE
   26  NOT DEDUCTED FROM HIS OR HER COMPENSATION PURSUANT TO PARAGRAPH THREE OF
   27  THIS SUBDIVISION, IF ANY, TOGETHER  WITH  INTEREST  THEREON,  COMPOUNDED
   28  ANNUALLY,  AND  COMPUTED  IN  ACCORDANCE WITH THE PROVISIONS OF SUBPARA-
   29  GRAPHS (II) AND (III) OF THIS PARAGRAPH.
   30    (II)(A) THE INTEREST REQUIRED TO BE PAID ON EACH SUCH AMOUNT SPECIFIED
   31  IN SUBPARAGRAPH (I) OF THIS PARAGRAPH SHALL ACCRUE FROM THE END  OF  THE
   32  PAYROLL  PERIOD  FOR  WHICH  SUCH  AMOUNT  WOULD HAVE BEEN DEDUCTED FROM
   33  COMPENSATION IF HE OR SHE HAD BEEN A PARTICIPANT  AT  THE  BEGINNING  OF
   34  THAT  PAYROLL  PERIOD  AND  SUCH  DEDUCTION  HAD  BEEN REQUIRED FOR SUCH
   35  PAYROLL PERIOD, UNTIL SUCH AMOUNT IS PAID TO THE RETIREMENT SYSTEM.
   36    (B) THE RATE OF INTEREST TO BE APPLIED TO EACH SUCH AMOUNT DURING  THE
   37  PERIOD  FOR  WHICH INTEREST ACCRUES ON THAT AMOUNT SHALL BE EQUAL TO THE
   38  RATE OR RATES OF INTEREST REQUIRED BY LAW TO BE USED  DURING  THAT  SAME
   39  PERIOD  TO  CREDIT  INTEREST ON THE ACCUMULATED DEDUCTIONS OF RETIREMENT
   40  SYSTEM MEMBERS.
   41    (III) EXCEPT AS OTHERWISE PROVIDED IN PARAGRAPH FIVE OF THIS  SUBDIVI-
   42  SION,  NO INTEREST SHALL BE DUE ON ANY UNPAID ADDITIONAL MEMBER CONTRIB-
   43  UTIONS WHICH ARE NOT ATTRIBUTABLE TO A PERIOD PRIOR TO  THE  FIRST  FULL
   44  PAYROLL PERIOD REFERRED TO IN PARAGRAPH THREE OF THIS SUBDIVISION.
   45    5.  (I)  SHOULD ANY PERSON WHO, PURSUANT TO SUBPARAGRAPH (II) OF PARA-
   46  GRAPH TEN OF THIS SUBDIVISION, HAS RECEIVED A REFUND OF HIS OR HER ADDI-
   47  TIONAL MEMBER CONTRIBUTION INCLUDING ANY INTEREST PAID ON SUCH  CONTRIB-
   48  UTIONS,  AGAIN  BECOME  A PARTICIPANT IN THE TWENTY-FIVE YEAR RETIREMENT
   49  PROGRAM PURSUANT TO PARAGRAPH SIX OF SUBDIVISION B OF THIS  SECTION,  AN
   50  APPROPRIATE  AMOUNT SHALL BE INCLUDED IN SUCH PARTICIPANT'S CONTRIBUTION
   51  DEFICIENCY (INCLUDING INTEREST THEREON AS CALCULATED PURSUANT TO SUBPAR-
   52  AGRAPH (II) OF THIS PARAGRAPH) FOR ANY ALLOWABLE SERVICE FOR WHICH  SUCH
   53  PERSON  RECEIVED  A  REFUND  OF  SUCH  ADDITIONAL  MEMBER  CONTRIBUTIONS
   54  (INCLUDING ANY AMOUNT OF AN UNPAID LOAN  BALANCE  DEEMED  TO  HAVE  BEEN
   55  RETURNED  TO  SUCH  PERSON PURSUANT TO PARAGRAPH TWELVE OF THIS SUBDIVI-
   56  SION), AS IF SUCH ADDITIONAL MEMBER CONTRIBUTIONS NEVER HAD BEEN PAID.
       A. 7793                            16

    1    (II) (A) INTEREST ON A PARTICIPANT'S ADDITIONAL  MEMBER  CONTRIBUTIONS
    2  INCLUDED  IN  SUCH  PARTICIPANT'S  CONTRIBUTION  DEFICIENCY  PURSUANT TO
    3  SUBPARAGRAPH (I) OF THIS PARAGRAPH SHALL BE CALCULATED AS IF SUCH  ADDI-
    4  TIONAL MEMBER CONTRIBUTIONS HAD NEVER BEEN PAID BY SUCH PARTICIPANT, AND
    5  SUCH  INTEREST  SHALL ACCRUE FROM THE END OF THE PAYROLL PERIOD TO WHICH
    6  AN AMOUNT OF SUCH ADDITIONAL MEMBER CONTRIBUTIONS IS ATTRIBUTABLE, UNTIL
    7  SUCH AMOUNT IS PAID TO THE RETIREMENT SYSTEM.
    8    (B) THE RATE OF INTEREST TO BE APPLIED TO EACH SUCH AMOUNT DURING  THE
    9  PERIOD  FOR  WHICH INTEREST ACCRUES ON THAT AMOUNT SHALL BE FIVE PERCENT
   10  PER ANNUM, COMPOUNDED ANNUALLY.
   11    6.  WHERE A PARTICIPANT WHO IS OTHERWISE ELIGIBLE FOR SERVICE  RETIRE-
   12  MENT  PURSUANT  TO  SUBDIVISION  C OF THIS SECTION DID NOT, PRIOR TO THE
   13  EFFECTIVE DATE OF RETIREMENT, PAY THE ENTIRE AMOUNT  OF  A  CONTRIBUTION
   14  DEFICIENCY CHARGEABLE TO HIM OR HER PURSUANT TO PARAGRAPHS FOUR AND FIVE
   15  OF  THIS SUBDIVISION, OR REPAY THE ENTIRE AMOUNT OF A LOAN OF HIS OR HER
   16  ADDITIONAL MEMBER CONTRIBUTIONS PURSUANT TO  PARAGRAPH  ELEVEN  OF  THIS
   17  SUBDIVISION (INCLUDING ACCRUED INTEREST ON SUCH LOAN), THAT PARTICIPANT,
   18  NEVERTHELESS,  SHALL  BE ELIGIBLE TO RETIRE PURSUANT TO SUBDIVISION C OF
   19  THIS SECTION, PROVIDED, HOWEVER, THAT SUCH PARTICIPANT'S SERVICE RETIRE-
   20  MENT BENEFIT CALCULATED PURSUANT TO PARAGRAPH TWO OF SUCH SUBDIVISION  C
   21  SHALL  BE  REDUCED  BY A LIFE ANNUITY (CALCULATED IN ACCORDANCE WITH THE
   22  METHOD SET FORTH IN SUBDIVISION I OF SECTION SIX HUNDRED  THIRTEEN-B  OF
   23  THIS ARTICLE) WHICH IS ACTUARIALLY EQUIVALENT TO:
   24    (I)  THE  AMOUNT  OF  ANY UNPAID CONTRIBUTION DEFICIENCY CHARGEABLE TO
   25  SUCH MEMBER PURSUANT TO PARAGRAPHS FOUR AND FIVE  OF  THIS  SUBDIVISION;
   26  PLUS
   27    (II)  THE  AMOUNT  OF ANY UNPAID BALANCE OF A LOAN OF HIS OR HER ADDI-
   28  TIONAL MEMBER CONTRIBUTIONS PURSUANT TO PARAGRAPH ELEVEN OF THIS  SUBDI-
   29  VISION (INCLUDING ACCRUED INTEREST ON SUCH LOAN).
   30    7. WHERE A PARTICIPANT WHO IS OTHERWISE ELIGIBLE FOR A VESTED RIGHT TO
   31  A  DEFERRED  BENEFIT  PURSUANT TO SUBDIVISION D OF THIS SECTION DID NOT,
   32  PRIOR TO THE DATE OF DISCONTINUANCE OF SERVICE, PAY THE ENTIRE AMOUNT OF
   33  A CONTRIBUTION DEFICIENCY CHARGEABLE TO HIM OR  HER  PURSUANT  TO  PARA-
   34  GRAPHS  FOUR AND FIVE OF THIS SUBDIVISION, OR REPAY THE ENTIRE AMOUNT OF
   35  A LOAN OF HIS OR HER ADDITIONAL MEMBER CONTRIBUTIONS PURSUANT  TO  PARA-
   36  GRAPH  ELEVEN  OF  THIS  SUBDIVISION (INCLUDING ACCRUED INTEREST ON SUCH
   37  LOAN), THAT PARTICIPANT, NEVERTHELESS, SHALL HAVE A VESTED  RIGHT  TO  A
   38  DEFERRED  BENEFIT  PURSUANT  TO  SUBDIVISION D OF THIS SECTION PROVIDED,
   39  HOWEVER, THAT THE DEFERRED VESTED BENEFIT CALCULATED PURSUANT  TO  PARA-
   40  GRAPH  THREE OF SUBDIVISION D SHALL BE REDUCED BY A LIFE ANNUITY (CALCU-
   41  LATED IN ACCORDANCE WITH THE  METHOD  SET  FORTH  IN  SUBDIVISION  I  OF
   42  SECTION  SIX  HUNDRED  THIRTEEN-B  OF THIS ARTICLE) WHICH IS ACTUARIALLY
   43  EQUIVALENT TO:
   44    (I) THE AMOUNT OF ANY UNPAID CONTRIBUTION CHARGEABLE  TO  SUCH  MEMBER
   45  PURSUANT TO PARAGRAPHS FOUR AND FIVE OF THIS SUBDIVISION; PLUS
   46    (II)  THE  AMOUNT  OF ANY UNPAID BALANCE OF A LOAN OF HIS OR HER ADDI-
   47  TIONAL MEMBER CONTRIBUTIONS PURSUANT TO PARAGRAPH ELEVEN OF THIS  SUBDI-
   48  VISION (INCLUDING ACCRUED INTEREST ON SUCH A LOAN).
   49    8.  THE HEAD OF A RETIREMENT SYSTEM WHICH INCLUDES PARTICIPANTS IN THE
   50  TWENTY-FIVE YEAR RETIREMENT PROGRAM IN ITS  MEMBERSHIP  MAY,  CONSISTENT
   51  WITH  THE PROVISIONS OF THIS SUBDIVISION, PROMULGATE REGULATIONS FOR THE
   52  PAYMENT OF SUCH ADDITIONAL MEMBER CONTRIBUTIONS, AND ANY INTEREST THERE-
   53  ON, BY SUCH PARTICIPANTS (INCLUDING THE DEDUCTION OF SUCH CONTRIBUTIONS,
   54  AND ANY INTEREST THEREON, FROM THE PARTICIPANT'S COMPENSATION).
   55    9. SUBJECT TO THE PROVISIONS OF  PARAGRAPHS  SIX  AND  SEVEN  OF  THIS
   56  SUBDIVISION,  WHERE  A PARTICIPANT HAS NOT PAID IN FULL ANY CONTRIBUTION
       A. 7793                            17

    1  DEFICIENCY CHARGEABLE TO HIM OR HER PURSUANT TO PARAGRAPHS FOUR AND FIVE
    2  OF THIS SUBDIVISION, AND A  BENEFIT,  OTHER  THAN  A  REFUND  OF  MEMBER
    3  CONTRIBUTIONS  PURSUANT  TO SECTION SIX HUNDRED THIRTEEN OF THIS ARTICLE
    4  OR  A REFUND OF ADDITIONAL MEMBER CONTRIBUTIONS PURSUANT TO SUBPARAGRAPH
    5  (II) OF PARAGRAPH TEN OF THIS SUBDIVISION, BECOMES  PAYABLE  UNDER  THIS
    6  ARTICLE  TO  THE  PARTICIPANT OR TO HIS OR HER DESIGNATED BENEFICIARY OR
    7  ESTATE, THE ACTUARIAL EQUIVALENT OF ANY  SUCH  UNPAID  AMOUNT  SHALL  BE
    8  DEDUCTED FROM THE BENEFIT OTHERWISE PAYABLE.
    9    10.  (I) SUCH ADDITIONAL MEMBER CONTRIBUTIONS (AND ANY INTEREST THERE-
   10  ON) SHALL BE PAID INTO THE CONTINGENT RESERVE  FUND  OF  THE  RETIREMENT
   11  SYSTEM  OF  WHICH  THE  PARTICIPANT  IS  A  MEMBER AND SHALL NOT FOR ANY
   12  PURPOSE BE DEEMED TO BE MEMBER  CONTRIBUTIONS  OR  ACCUMULATED  CONTRIB-
   13  UTIONS OF A MEMBER UNDER SECTION SIX HUNDRED THIRTEEN OF THIS ARTICLE OR
   14  OTHERWISE  WHILE  HE  OR  SHE  IS  A PARTICIPANT IN THE TWENTY-FIVE YEAR
   15  RETIREMENT PROGRAM OR OTHERWISE.
   16    (II) SHOULD A PARTICIPANT IN THE TWENTY-FIVE YEAR  RETIREMENT  PROGRAM
   17  WHO  HAS  RENDERED  LESS THAN FIFTEEN YEARS OF CREDITED SERVICE CEASE TO
   18  HOLD A POSITION AS A FIRE PROTECTION INSPECTOR  MEMBER  FOR  ANY  REASON
   19  WHATSOEVER,  HIS OR HER ACCUMULATED ADDITIONAL MEMBER CONTRIBUTIONS MADE
   20  PURSUANT TO THIS SUBDIVISION (TOGETHER WITH ANY INTEREST THEREON PAID TO
   21  THE RETIREMENT SYSTEM) MAY BE WITHDRAWN BY HIM OR HER PURSUANT TO PROCE-
   22  DURES PROMULGATED IN REGULATIONS OF THE BOARD OF TRUSTEES OF THE RETIRE-
   23  MENT SYSTEM, TOGETHER WITH INTEREST THEREON AT THE RATE OF FIVE  PERCENT
   24  PER ANNUM, COMPOUNDED ANNUALLY.
   25    (III)  NOTWITHSTANDING ANY OTHER PROVISION OF LAW TO THE CONTRARY, (A)
   26  NO PERSON SHALL BE PERMITTED TO WITHDRAW FROM THE RETIREMENT SYSTEM  ANY
   27  ADDITIONAL MEMBER CONTRIBUTIONS PAID PURSUANT TO THIS SUBDIVISION OR ANY
   28  INTEREST  PAID  THEREON,  EXCEPT  PURSUANT TO AND IN ACCORDANCE WITH THE
   29  PRECEDING SUBPARAGRAPHS OF THIS PARAGRAPH; AND (B) NO PERSON,  WHILE  HE
   30  OR  SHE  IS  A  PARTICIPANT  IN THE TWENTY-FIVE YEAR RETIREMENT PROGRAM,
   31  SHALL BE PERMITTED TO WITHDRAW ANY SUCH ADDITIONAL MEMBER  CONTRIBUTIONS
   32  OR  ANY  INTEREST PAID THEREON PURSUANT TO ANY OF THE PRECEDING SUBPARA-
   33  GRAPHS OF THIS PARAGRAPH OR OTHERWISE.
   34    11. A PARTICIPANT IN THE TWENTY-FIVE YEAR RETIREMENT PROGRAM SHALL  BE
   35  PERMITTED  TO  BORROW  FROM  HIS  OR HER ADDITIONAL MEMBER CONTRIBUTIONS
   36  (INCLUDING ANY INTEREST PAID THEREON) WHICH ARE CREDITED  TO  THE  ADDI-
   37  TIONAL  CONTRIBUTIONS  ACCOUNT  ESTABLISHED  FOR SUCH PARTICIPANT IN THE
   38  CONTINGENT RESERVE FUND OF THE RETIREMENT  SYSTEM.  THE  BORROWING  FROM
   39  SUCH ADDITIONAL MEMBER CONTRIBUTIONS PURSUANT TO THIS PARAGRAPH SHALL BE
   40  GOVERNED BY THE RIGHTS, PRIVILEGES, OBLIGATIONS AND PROCEDURES SET FORTH
   41  IN  SECTION  SIX  HUNDRED  THIRTEEN-B  OF  THIS ARTICLE WHICH GOVERN THE
   42  BORROWING OF MEMBER CONTRIBUTIONS MADE PURSUANT TO SECTION  SIX  HUNDRED
   43  THIRTEEN OF THIS ARTICLE. THE BOARD OF TRUSTEES OF THE RETIREMENT SYSTEM
   44  MAY,  CONSISTENT  WITH  THE  PROVISIONS  OF  THIS  SUBDIVISION  AND  THE
   45  PROVISIONS OF SECTION SIX HUNDRED THIRTEEN-B OF  THIS  ARTICLE  AS  MADE
   46  APPLICABLE  TO  THIS  SUBDIVISION,  PROMULGATE REGULATIONS GOVERNING THE
   47  BORROWING OF SUCH ADDITIONAL MEMBER CONTRIBUTIONS.
   48    12. WHENEVER A PERSON HAS AN UNPAID BALANCE OF A LOAN OR  HIS  OR  HER
   49  ADDITIONAL  MEMBER  CONTRIBUTIONS  PURSUANT  TO PARAGRAPH ELEVEN OF THIS
   50  SUBDIVISION AT THE TIME HE OR SHE BECOMES ENTITLED TO A REFUND OF HIS OR
   51  HER ADDITIONAL MEMBER CONTRIBUTIONS PURSUANT  TO  SUBPARAGRAPH  (II)  OF
   52  PARAGRAPH  TEN  OF  THIS  SUBDIVISION,  THE  AMOUNT  OF SUCH UNPAID LOAN
   53  BALANCE (INCLUDING ACCRUED  INTEREST)  SHALL  BE  DEEMED  TO  HAVE  BEEN
   54  RETURNED TO SUCH MEMBER, AND THE REFUND OF SUCH ADDITIONAL CONTRIBUTIONS
   55  SHALL  BE  THE  NET  AMOUNT OF SUCH CONTRIBUTION, TOGETHER WITH INTEREST
   56  THEREON IN ACCORDANCE WITH THE PROVISIONS OF SUCH SUBPARAGRAPH (II).
       A. 7793                            18

    1    S 6. Subdivision d of section 613 of the retirement and social securi-
    2  ty law is amended by adding a new paragraph 12 to read as follows:
    3    12.  (I)  THE CITY OF NEW YORK SHALL, IN THE CASE OF A FIRE PROTECTION
    4  INSPECTOR MEMBER (AS DEFINED  IN  PARAGRAPH  ONE  OF  SUBDIVISION  A  OF
    5  SECTION  SIX HUNDRED FOUR-J OF THIS ARTICLE) WHO IS A PARTICIPANT IN THE
    6  TWENTY-FIVE YEAR RETIREMENT PROGRAM (AS DEFINED  IN  PARAGRAPH  FOUR  OF
    7  SUBDIVISION  A  OF  SUCH SECTION SIX HUNDRED FOUR-J), PICK UP AND PAY TO
    8  THE RETIREMENT SYSTEM OF WHICH SUCH PARTICIPANT IS A  MEMBER  ALL  ADDI-
    9  TIONAL  MEMBER  CONTRIBUTIONS  WHICH  OTHERWISE  WOULD BE REQUIRED TO BE
   10  DEDUCTED FROM SUCH MEMBER'S COMPENSATION PURSUANT TO PARAGRAPHS ONE  AND
   11  TWO  OF  SUBDIVISION E OF SUCH SECTION SIX HUNDRED FOUR-J (NOT INCLUDING
   12  ANY ADDITIONAL MEMBER CONTRIBUTIONS DUE FOR  ANY  PERIOD  PRIOR  TO  THE
   13  FIRST  FULL PAYROLL PERIOD REFERRED TO IN PARAGRAPH THREE OF SUCH SUBDI-
   14  VISION E), AND SHALL EFFECT SUCH PICK UP IN EACH AND  EVERY  PAYROLL  OF
   15  SUCH PARTICIPANT FOR EACH AND EVERY PAYROLL PERIOD WITH RESPECT TO WHICH
   16  SUCH PARAGRAPH THREE WOULD OTHERWISE REQUIRE SUCH DEDUCTIONS.
   17    (II)  AN AMOUNT EQUAL TO THE AMOUNT OF ADDITIONAL CONTRIBUTIONS PICKED
   18  UP PURSUANT TO THIS PARAGRAPH SHALL BE DEDUCTED BY  SUCH  EMPLOYER  FROM
   19  THE  COMPENSATION  OF  SUCH MEMBER (AS SUCH COMPENSATION WOULD BE IN THE
   20  ABSENCE OF A PICK UP PROGRAM APPLICABLE TO HIM OR HER) AND SHALL NOT  BE
   21  PAID TO SUCH MEMBER.
   22    (III)  THE  ADDITIONAL MEMBER CONTRIBUTIONS PICKED UP PURSUANT TO THIS
   23  PARAGRAPH FOR ANY SUCH MEMBER SHALL BE PAID BY SUCH EMPLOYER IN LIEU  OF
   24  AN EQUAL AMOUNT OF ADDITIONAL MEMBER CONTRIBUTIONS OTHERWISE REQUIRED TO
   25  BE  PAID BY SUCH MEMBER UNDER THE APPLICABLE PROVISIONS OF SUBDIVISION E
   26  OF SECTION SIX HUNDRED FOUR-J OF THIS ARTICLE, AND SHALL BE DEEMED TO BE
   27  AND TREATED AS EMPLOYER CONTRIBUTIONS PURSUANT TO SECTION 414(H) OF  THE
   28  INTERNAL REVENUE CODE.
   29    (IV)  FOR  THE  PURPOSE  OF  DETERMINING THE RETIREMENT SYSTEM RIGHTS,
   30  BENEFITS AND PRIVILEGES OF ANY MEMBER WHOSE ADDITIONAL  MEMBER  CONTRIB-
   31  UTIONS  ARE  PICKED  UP PURSUANT TO THIS PARAGRAPH, SUCH PICKED UP ADDI-
   32  TIONAL MEMBER CONTRIBUTIONS SHALL BE DEEMED TO BE AND TREATED AS PART OF
   33  SUCH MEMBER'S  ADDITIONAL  MEMBER  CONTRIBUTIONS  UNDER  THE  APPLICABLE
   34  PROVISIONS  OF SUBDIVISION E OF SECTION SIX HUNDRED FOUR-J OF THIS ARTI-
   35  CLE.
   36    (V) WITH THE EXCEPTION OF FEDERAL INCOME TAX TREATMENT, THE ADDITIONAL
   37  MEMBER CONTRIBUTIONS PICKED UP PURSUANT  TO  SUBPARAGRAPH  (I)  OF  THIS
   38  PARAGRAPH SHALL FOR ALL OTHER PURPOSES, INCLUDING COMPUTATION OF RETIRE-
   39  MENT  BENEFITS  AND  CONTRIBUTIONS BY EMPLOYERS AND EMPLOYEES, BE DEEMED
   40  EMPLOYEE  SALARY.  NOTHING  CONTAINED  IN  THIS  SUBDIVISION  SHALL   BE
   41  CONSTRUED  AS SUPERSEDING THE PROVISIONS OF SECTION FOUR HUNDRED THIRTY-
   42  ONE OF THIS CHAPTER, OR ANY SIMILAR PROVISION OF LAW  WHICH  LIMITS  THE
   43  SALARY  BASE  FOR  COMPUTING  RETIREMENT  BENEFITS  PAYABLE  BY A PUBLIC
   44  RETIREMENT SYSTEM.
   45    S 7. Section 13-125.2 of the administrative code of the  city  of  New
   46  York is amended by adding a new subdivision a-9 to read as follows:
   47    A-9. NOTWITHSTANDING ANY OTHER PROVISION OF LAW TO THE CONTRARY, ON OR
   48  AFTER  THE  STARTING DATE FOR PICK UP, THE EMPLOYER RESPONSIBLE FOR PICK
   49  UP SHALL, IN THE CASE OF A FIRE PROTECTION INSPECTOR MEMBER (AS  DEFINED
   50  IN  PARAGRAPH  TWO OF SUBDIVISION A OF SECTION FOUR HUNDRED FORTY-FIVE-J
   51  OF THE RETIREMENT AND SOCIAL SECURITY LAW) WHO IS A PARTICIPANT  IN  THE
   52  TWENTY-FIVE  YEAR  IMPROVED  BENEFIT  RETIREMENT  PROGRAM (AS DEFINED IN
   53  PARAGRAPH THREE OF SUCH SUBDIVISION A), PICK UP AND  PAY  TO  RETIREMENT
   54  SYSTEM  ALL  ADDITIONAL  MEMBER  CONTRIBUTIONS  WHICH OTHERWISE WOULD BE
   55  REQUIRED TO BE DEDUCTED FROM  SUCH  MEMBER'S  COMPENSATION  PURSUANT  TO
   56  SUBDIVISION  D  OF  SUCH  SECTION  FOUR  HUNDRED FORTY-FIVE-J, AND SHALL
       A. 7793                            19

    1  EFFECT SUCH PICK UP ON EACH AND EVERY PAYROLL OF  SUCH  PARTICIPANT  FOR
    2  EACH  AND  EVERY PAYROLL PERIOD WITH RESPECT TO WHICH SUCH SUBDIVISION D
    3  WOULD OTHERWISE REQUIRE SUCH DEDUCTIONS.
    4    S  8.  Subparagraph  (ii)  of  paragraph 1 of subdivision c of section
    5  13-125.2 of the administrative code of the city of New York, as  amended
    6  by chapter 682 of the laws of 2003, is amended to read as follows:
    7    (ii)  the  determination of the amount of such member's Tier I or Tier
    8  II nonuniformed-force member contributions eligible for pick up  by  the
    9  employer  or  additional  member  contributions required to be picked up
   10  pursuant to subdivision a-one, subdivision a-two,  subdivision  a-three,
   11  subdivision  a-four,  subdivision a-five, subdivision a-six, subdivision
   12  a-seven [or], subdivision a-eight OR SUBDIVISION A-NINE of this section;
   13  and
   14    S 9. Subdivision d of section 13-125.2 of the administrative  code  of
   15  the city of New York is amended by adding a new paragraph 2-h to read as
   16  follows:
   17    (2-H)  FOR  THE  PURPOSE  OF DETERMINING THE RETIREMENT SYSTEM RIGHTS,
   18  BENEFITS AND PRIVILEGES OF ANY MEMBER WHO IS A PARTICIPANT IN THE  TWEN-
   19  TY-FIVE YEAR RETIREMENT PROGRAM (AS DEFINED IN PARAGRAPH TWO OF SUBDIVI-
   20  SION  A  OF  SECTION  13-157.5  OF  THIS CHAPTER), THE ADDITIONAL MEMBER
   21  CONTRIBUTIONS OF SUCH PARTICIPANT  PICKED  UP  PURSUANT  TO  SUBDIVISION
   22  A-NINE  OF  THIS  SECTION SHALL BE DEEMED TO BE AND TREATED AS A PART OF
   23  SUCH MEMBER'S ADDITIONAL  CONTRIBUTIONS  UNDER  SUBDIVISION  E  OF  SUCH
   24  SECTION 13-157.5.
   25    S 10. Paragraph 3 of subdivision d of section 13-125.2 of the adminis-
   26  trative  code  of the city of New York, as amended by chapter 682 of the
   27  laws of 2003, is amended to read as follows:
   28    (3) Interest on contributions picked up for any  Tier  I  or  Tier  II
   29  non-uniformed-force  member  pursuant  to this section (other than addi-
   30  tional member contributions picked up  pursuant  to  subdivision  a-one,
   31  subdivision  a-two, subdivision a-three, subdivision a-four, subdivision
   32  a-five, subdivision a-six, subdivision a-seven [or], subdivision a-eight
   33  OR SUBDIVISION A-NINE of this section) shall  accrue  in  favor  of  the
   34  member and be payable to the retirement system at the same rate, for the
   35  same  time  periods, in the same manner and under the same circumstances
   36  as interest would be required to accrue in favor of the  member  and  be
   37  payable to the retirement system on such contributions if they were made
   38  by  such  member  in the absence of a pick up program applicable to such
   39  member under the provisions of this section.
   40    S 11. Subdivision a of section 603 of the retirement and social  secu-
   41  rity  law,  as  amended by chapter 18 of the laws of 2012, is amended to
   42  read as follows:
   43    a. The service retirement benefit specified  in  section  six  hundred
   44  four  of this article shall be payable to members who have met the mini-
   45  mum service requirements upon retirement and attainment  of  age  sixty-
   46  two,  other  than  members who are eligible for early service retirement
   47  pursuant to subdivision c of section six hundred four-b of this article,
   48  subdivision c of section six hundred four-c of this article, subdivision
   49  d of section six hundred  four-d  of  this  article,  subdivision  c  of
   50  section six hundred four-e of this article, subdivision c of section six
   51  hundred  four-f  of  this  article, subdivision c of section six hundred
   52  four-g of this article, subdivision c of section six hundred  four-h  of
   53  this  article  [or], subdivision c of section six hundred four-i of this
   54  article, OR SUBDIVISION C OF SECTION SIX HUNDRED FOUR-J OF THIS  ARTICLE
   55  provided,  however, a member of a teachers' retirement system or the New
   56  York state and local employees' retirement system who first  joins  such
       A. 7793                            20

    1  system  before  January  first,  two  thousand  ten or a member who is a
    2  uniformed court officer or peace officer employed by the  unified  court
    3  system  who  first  becomes  a  member  of  the New York state and local
    4  employees' retirement system before April first, two thousand twelve may
    5  retire  without  reduction of his or her retirement benefit upon attain-
    6  ment of at least fifty-five years of age and  completion  of  thirty  or
    7  more years of service, provided, however, that a uniformed court officer
    8  or  peace officer employed by the unified court system who first becomes
    9  a member of the New York state and local employees' retirement system on
   10  or after January first, two thousand ten and retires  without  reduction
   11  of  his or her retirement benefit upon attainment of at least fifty-five
   12  years of age and completion of thirty or more years of service  pursuant
   13  to  this  section  shall  be  required  to make the member contributions
   14  required by subdivision f of section six hundred thirteen of this  arti-
   15  cle  for  all years of credited and creditable service, provided further
   16  that the the preceding provisions of this subdivision shall not apply to
   17  a New York city revised plan member.
   18    S 12. Nothing contained in sections six and eleven of this  act  shall
   19  be  construed to create any contractual right with respect to members to
   20  whom such sections apply. The provisions of such sections  are  intended
   21  to  afford  members  the advantages of certain benefits contained in the
   22  internal revenue code, and  the  effectiveness  and  existence  of  such
   23  sections and benefits they confer are completely contingent thereon.
   24    S 13. This act shall take effect immediately, provided, however that:
   25    (a)  the  amendments to subdivision a of section 603 of the retirement
   26  and social security law made by section eleven of  this  act  shall  not
   27  affect  the expiration of such subdivision and shall be deemed to expire
   28  therewith;
   29    (b) the provisions of section six of this act shall  remain  in  force
   30  and  effect  only  so  long  as,  pursuant to federal law, contributions
   31  picked up under such section are not includable as  gross  income  of  a
   32  member  for federal income tax purposes until distributed or made avail-
   33  able to the member; and
   34    (c) the amendments to section 13-125.2 of the administrative  code  of
   35  the city of New York made by sections seven, eight, nine and ten of this
   36  act  shall  not affect the expiration of such provisions as provided for
   37  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") Sections
       13-157.2 and 13-157.5 and  amend  Retirement  and  Social  Security  Law
       ("RSSL") Sections 444, 445, 603, 604 and 613 and add RSSL Sections 445-j
       and  604-j to establish a 25-Year Retirement Program for Fire Protection
       Inspectors ("FPI 25-Year Plan").
         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.
         Note: For purposes of this Fiscal Note, these members are collectively
       referred to as "Fire Inspectors".
       A. 7793                            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 ON BENEFITS: Currently, Fire Inspectors participate in  one  of
       the  NYCERS  general  plans  (basic 62/5, 63/10 or Improved 57/5, 55/25)
       depending on their Tier. (Note that since there are very few Tier 1  and
       Tier  2  Fire  Inspectors  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.
         Note that the proposed language uses the term  "credited  service"  in
       the  new  RSSL  Section  445-j, subsections a.8. and a.9. and in the new
       RSSL Section 604-j, subsection d2(ii). This  Fiscal  Note  assumes  that
       these  references  to  "credited  service" will be changed to "allowable
       service" in the final version of the bill.
         Final Average Salary is a Three  Year  Average  ("FAS3")  for  Tier  4
       members and a Five Year Average ("FAS5") for Tier 6 members.
         Vested benefit: Eligibility for a vested benefit is:
         *  At  least five years of allowable service but less than 25 for Tier
       4, and
         * At least 10 years of allowable service but less than 25 for Tier 6.
         The vested benefit is payable at:
         * The date the member would  have  completed  25  years  of  allowable
       service for Tier 4, and
         * Age 63 for Tier 6.
         For  both  Tier  4 and Tier 6 the vested benefit is equal to 2% of FAS
       for each year of allowable service.
         Other benefits: Members of the proposed FPI 25-Year Plan are  entitled
       to  the  same  disability  and death benefits as other Tier 4 and Tier 6
       members under the respective basic plan.
         ADDITIONAL MEMBER CONTRIBUTIONS: Members of the FPI 25-Year  Plan  are
       required  to make Additional Member Contributions equal to 6% of compen-
       sation on and after the starting date of the FPI 25-Year plan  up  to  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
       Effective Date is on or before June 30, 2015, then this would change the
       Actuarial Present Value ("APV") of Benefits  ("APVB")  by  approximately
       $1.6 million, consisting of APV of member contributions of approximately
       $0.7  million, and APV of future employer contributions of approximately
       $0.9 million, as of June 30, 2013.
         FINANCIAL IMPACT - ANNUAL EMPLOYER CONTRIBUTIONS: In  accordance  with
       ACNY  Section  13.638.2(k-2),  new  Unfunded Actuarial Accrued Liability
       ("UAAL") estimated to be $1.7 million attributable  to  benefit  changes
       A. 7793                            22

       are  to  amortized  as  determined by the Actuary but generally over the
       remaining working lifetime of those impacted by the benefit changes.  As
       of  June 30, 2013, the remaining working lifetime of the Fire Inspectors
       assumed to join the FPI 25-Year Plan is approximately 7 years.
         With  respect to NYCERS based on the actuarial assumptions and methods
       used in the June 30, 2013 valuations of NYCERS, the  enactment  of  this
       proposed  legislation  would  increase  annual employer contributions by
       approximately $365,000 per year.
         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 are the census data used in the  Final  June  30,  2013
       (Lag) actuarial valuation of NYCERS used under the OYLM to determine the
       Final  Fiscal  Year 2015 employer contributions who are eligible for and
       who could potentially benefit from this proposed legislation.
         The census data used for the estimates of additional employer contrib-
       utions presented herein are based on average salaries  of  new  entrants
       utilized  in  the Final June 30, 2013 (Lag) actuarial valuations used to
       determine Final Fiscal Year 2015 employer contributions of NYCERS.
         The 46 Fire Inspectors as of June 30, 2013 assumed  to  join  the  FPI
       25-Year  Plan had an average age of approximately 55, average service of
       approximately 17 years and an average salary of approximately $55,900.
         ACTUARIAL ASSUMPTIONS AND METHODS: The additional  employers  contrib-
       utions  presented  herein  have  been  calculated based on the actuarial
       assumptions and methods in effect for the June 30, 2013 (Lag)  actuarial
       valuations  used  to  determine Final Fiscal Year 2015 employer contrib-
       utions 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 than 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  is assumed that no future members will
       elect to join the plan. Therefore, the only  future  members  that  will
       participate  in  the  plan  are those hired at the age of 25 or younger.
       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 for those current members who  are  assumed  to  join  the  FPI
       25-Year Plan.
         ECONOMIC  VALUES OF BENEFITS: The actuarial assumptions used to deter-
       mine the financial impact of the proposed legislation discussed in  this
       Fiscal  Note  are those appropriate for budgetary models and determining
       annual employer contributions to NYCERS.
         However, the  economic  assumptions  that  are  used  for  determining
       employer  contributions do not develop risk-adjusted, economic values of
       benefits.  Such risk-adjusted, economic values of benefits would  likely
       differ significantly from those developed by the budgetary models.
         STATEMENT  OF  ACTUARIAL  OPINION: I, Michael J. Samet, am a Fellow of
       the Society of Actuaries and a Member of the American Academy of Actuar-
       A. 7793                            23

       ies.  I meet the Qualification Standards  of  the  American  Academy  of
       Actuaries to render the actuarial opinion contained herein.
         FISCAL  NOTE  IDENTIFICATION:  This  estimate is intended for use only
       during the 2015 Legislative Session. It is Fiscal  Note  2015-27,  dated
       May 15, 2015.
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