S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   9822
 
                           I N  A S S E M B L Y
 
                               April 9, 2024
                                ___________
 
 Introduced  by  M.  of A. PHEFFER AMATO -- read once and referred to the
   Committee on Governmental Employees
 
 AN ACT to amend the retirement and social security law, in  relation  to
   the  establishment of twenty-five year retirement programs for members
   of the New York city employees' retirement  system  employed  as  fire
   protection inspectors and associate fire protection inspectors

   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1.   The retirement and social  security  law  is  amended  by
 adding a new section 604-j to read as follows:
   §  604-J.  TWENTY-FIVE  YEAR  RETIREMENT  PROGRAM  FOR FIRE PROTECTION
 INSPECTOR MEMBERS. A.  DEFINITIONS. THE FOLLOWING WORDS AND  PHRASES  AS
 USED  IN THIS SECTION SHALL HAVE THE FOLLOWING MEANINGS UNLESS A DIFFER-
 ENT MEANING IS PLAINLY REQUIRED BY THE CONTEXT.
   1. "FIRE PROTECTION INSPECTOR MEMBER"  SHALL  MEAN  A  MEMBER  WHO  IS
 EMPLOYED BY THE CITY OF NEW YORK OR BY THE NEW YORK CITY FIRE DEPARTMENT
 IN  A  TITLE  WHOSE  DUTIES  ARE THOSE OF A FIRE PROTECTION INSPECTOR OR
 ASSOCIATE FIRE PROTECTION INSPECTOR; OR IN A TITLE WHOSE DUTIES  REQUIRE
 THE SUPERVISION OF EMPLOYEES WHOSE DUTIES ARE THOSE OF A FIRE PROTECTION
 INSPECTOR OR ASSOCIATE FIRE PROTECTION INSPECTOR.
   2.  "TWENTY-FIVE YEAR RETIREMENT PROGRAM" SHALL MEAN ALL THE TERMS AND
 CONDITIONS OF THIS SECTION.
   3. "STARTING DATE OF THE TWENTY-FIVE YEAR  RETIREMENT  PROGRAM"  SHALL
 MEAN THE EFFECTIVE DATE OF THIS SECTION.
   4. "PARTICIPANT IN THE TWENTY-FIVE YEAR RETIREMENT PROGRAM" SHALL MEAN
 ANY   FIRE   PROTECTION  INSPECTOR  MEMBER  WHO,  UNDER  THE  APPLICABLE
 PROVISIONS OF SUBDIVISION B OF THIS SECTION, IS ENTITLED TO THE  RIGHTS,
 BENEFITS,  AND PRIVILEGES AND IS SUBJECT TO THE OBLIGATIONS OF THE TWEN-
 TY-FIVE YEAR RETIREMENT PROGRAM, AS APPLICABLE TO THEM.
   5. "DISCONTINUED MEMBER" SHALL MEAN A PARTICIPANT IN  THE  TWENTY-FIVE
 YEAR RETIREMENT PROGRAM WHO, WHILE THEY WERE A FIRE PROTECTION INSPECTOR
 MEMBER,  DISCONTINUED  SERVICE  AS  SUCH  A  MEMBER AND HAS A RIGHT TO A
 DEFERRED VESTED BENEFIT UNDER SUBDIVISION D OF THIS SECTION.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD07863-05-4
              

 A. 9822                             2
 
   6. "ADMINISTRATIVE CODE" SHALL MEAN THE  ADMINISTRATIVE  CODE  OF  THE
 CITY OF NEW YORK.
   7.  "ALLOWABLE  SERVICE  AS  A FIRE PROTECTION INSPECTOR MEMBER" SHALL
 MEAN ALL SERVICE AS A FIRE PROTECTION INSPECTOR MEMBER.
   B. PARTICIPATION  IN  THE  TWENTY-FIVE  YEAR  RETIREMENT  PROGRAM.  1.
 SUBJECT  TO  THE PROVISIONS OF PARAGRAPHS SIX AND SEVEN OF THIS SUBDIVI-
 SION, ANY PERSON WHO IS A FIRE PROTECTION INSPECTOR MEMBER ON THE START-
 ING DATE OF THE TWENTY-FIVE YEAR RETIREMENT PROGRAM AND WHO, AS  SUCH  A
 FIRE  PROTECTION  INSPECTOR  MEMBER OR OTHERWISE, LAST BECAME SUBJECT TO
 THE PROVISIONS OF THIS ARTICLE PRIOR TO SUCH STARTING DATE, MAY ELECT TO
 BECOME A PARTICIPANT IN  THE  TWENTY-FIVE  YEAR  RETIREMENT  PROGRAM  BY
 FILING,  WITHIN  ONE  HUNDRED EIGHTY DAYS AFTER THE STARTING DATE OF THE
 TWENTY-FIVE YEAR RETIREMENT PROGRAM, A  DULY  EXECUTED  APPLICATION  FOR
 SUCH  PARTICIPATION WITH THE RETIREMENT SYSTEM OF WHICH SUCH PERSON IS A
 MEMBER, PROVIDED THEY ARE SUCH A FIRE PROTECTION INSPECTOR MEMBER ON THE
 DATE SUCH APPLICATION IS FILED.
   2. SUBJECT TO THE PROVISIONS OF  PARAGRAPHS  SIX  AND  SEVEN  OF  THIS
 SUBDIVISION,  ANY  PERSON WHO BECOMES A FIRE PROTECTION INSPECTOR MEMBER
 AFTER THE STARTING DATE OF THE TWENTY-FIVE YEAR RETIREMENT  PROGRAM  AND
 WHO,  AS  SUCH  A  FIRE  PROTECTION  INSPECTOR MEMBER OR OTHERWISE, LAST
 BECAME SUBJECT TO THE PROVISIONS OF THIS ARTICLE PRIOR TO SUCH  STARTING
 DATE,  MAY ELECT TO BECOME A PARTICIPANT IN THE TWENTY-FIVE YEAR RETIRE-
 MENT PROGRAM BY FILING, WITHIN ONE HUNDRED EIGHTY  DAYS  AFTER  BECOMING
 SUCH A FIRE PROTECTION INSPECTOR MEMBER, A DULY EXECUTED APPLICATION FOR
 SUCH PARTICIPATION WITH THE RETIREMENT SYSTEM FOR WHICH SUCH PERSON IS A
 MEMBER, PROVIDED THEY ARE SUCH A FIRE PROTECTION INSPECTOR MEMBER ON THE
 DATE SUCH APPLICATION IS FILED.
   3. EACH FIRE PROTECTION INSPECTOR MEMBER, OTHER THAN A FIRE PROTECTION
 INSPECTOR  MEMBER  SUBJECT  TO PARAGRAPH ONE OR TWO OF THIS SUBDIVISION,
 WHO BECOMES SUBJECT TO THE PROVISIONS OF THIS ARTICLE ON  OR  AFTER  THE
 STARTING  DATE OF THE TWENTY-FIVE YEAR RETIREMENT PROGRAM SHALL BECOME A
 PARTICIPANT IN THE TWENTY-FIVE YEAR RETIREMENT PROGRAM ON THE DATE  THEY
 BECOME  SUCH  A  FIRE  PROTECTION INSPECTOR MEMBER. PROVIDED, HOWEVER, A
 PERSON SUBJECT TO THIS PARAGRAPH, AND WHO HAS EXCEEDED  AGE  TWENTY-FIVE
 UPON  EMPLOYMENT  AS A FIRE PROTECTION INSPECTOR MEMBER, SHALL BE EXEMPT
 FROM PARTICIPATION IN THE IMPROVED TWENTY-FIVE YEAR  RETIREMENT  PROGRAM
 IF  SUCH PERSON ELECTS NOT TO PARTICIPATE BY FILING A DULY EXECUTED FORM
 WITH THE RETIREMENT SYSTEM WITHIN ONE HUNDRED EIGHTY DAYS OF BECOMING  A
 FIRE PROTECTION INSPECTOR MEMBER.
   4. ANY ELECTION TO BE A PARTICIPANT IN THE TWENTY-FIVE YEAR RETIREMENT
 PROGRAM SHALL BE IRREVOCABLE.
   5.  WHERE  ANY  PARTICIPANT IN THE TWENTY-FIVE YEAR RETIREMENT PROGRAM
 SHALL CEASE TO BE EMPLOYED AS A FIRE PROTECTION INSPECTOR  MEMBER,  THEY
 SHALL  CEASE  TO  BE  SUCH A PARTICIPANT AND, DURING ANY PERIOD IN WHICH
 SUCH PERSON IS NOT SO EMPLOYED, THEY SHALL NOT BE A PARTICIPANT  IN  THE
 TWENTY-FIVE  YEAR  RETIREMENT  PROGRAM AND SHALL NOT BE ELIGIBLE FOR THE
 BENEFITS OF SUBDIVISION C OF THIS SECTION.
   6. WHERE ANY PARTICIPANT IN THE TWENTY-FIVE  YEAR  RETIREMENT  PROGRAM
 TERMINATES  SERVICE AS A FIRE PROTECTION INSPECTOR MEMBER AND RETURNS TO
 SUCH SERVICE AS A FIRE PROTECTION INSPECTOR MEMBER AT A LATER DATE, THEY
 SHALL AGAIN BECOME SUCH A PARTICIPANT ON THAT DATE.
   7. NOTWITHSTANDING ANY OTHER PROVISION OF THE LAW TO THE CONTRARY, ANY
 PERSON WHO IS ELIGIBLE TO ELECT TO BECOME A PARTICIPANT IN  THE  TWENTY-
 FIVE  YEAR  RETIREMENT  PROGRAM PURSUANT TO PARAGRAPH ONE OR TWO OF THIS
 SUBDIVISION FOR THE FULL ONE HUNDRED EIGHTY DAY PERIOD PROVIDED  FOR  IN
 SUCH  APPLICABLE  PARAGRAPH AND WHO FAILS TO TIMELY FILE A DULY EXECUTED
 A. 9822                             3
 
 APPLICATION FOR SUCH PARTICIPATION WITH THE RETIREMENT SYSTEM, SHALL NOT
 THEREAFTER BE ELIGIBLE TO BECOME A PARTICIPANT IN SUCH PROGRAM.
   C.  SERVICE  RETIREMENT  BENEFITS. 1. A PARTICIPANT IN THE TWENTY-FIVE
 YEAR RETIREMENT PROGRAM:
   (I) WHO HAS COMPLETED TWENTY-FIVE OR MORE YEARS OF  ALLOWABLE  SERVICE
 AS A FIRE PROTECTION INSPECTOR MEMBER; AND
   (II)  WHO HAS PAID, BEFORE THE EFFECTIVE DATE OF RETIREMENT, ALL ADDI-
 TIONAL MEMBER CONTRIBUTIONS AND INTEREST (IF ANY) REQUIRED  BY  SUBDIVI-
 SION E OF THIS SECTION; AND
   (III)  WHO FILES WITH THE RETIREMENT SYSTEM OF WHICH THEY ARE A MEMBER
 AN APPLICATION FOR SERVICE RETIREMENT SETTING FORTH AT  WHAT  TIME,  NOT
 LESS  THAN  THIRTY  DAYS SUBSEQUENT TO THE EXECUTION AND FILING THEREOF,
 THEIR DESIRE TO BE RETIRED; AND
   (IV) WHO SHALL BE A PARTICIPANT IN  THE  TWENTY-FIVE  YEAR  RETIREMENT
 PROGRAM  AT THE TIME SO SPECIFIED FOR THEIR RETIREMENT; SHALL BE RETIRED
 PURSUANT TO THE PROVISIONS  OF  THIS  SECTION  AFFORDING  EARLY  SERVICE
 RETIREMENT.
   2.  NOTWITHSTANDING  THE  PROVISIONS OF SUBDIVISION A-1 OF SECTION SIX
 HUNDRED THREE OF THIS ARTICLE, OR ANY OTHER  PROVISION  OF  LAW  TO  THE
 CONTRARY,  AND SUBJECT TO THE PROVISIONS OF PARAGRAPH SIX OF SUBDIVISION
 E OF THIS SECTION, THE EARLY SERVICE RETIREMENT BENEFIT FOR PARTICIPANTS
 IN THE TWENTY-FIVE YEAR RETIREMENT PROGRAM WHO RETIRE PURSUANT TO  PARA-
 GRAPH ONE OF THIS SUBDIVISION SHALL BE A RETIREMENT ALLOWANCE CONSISTING
 OF:
   (I)  AN  AMOUNT, ON ACCOUNT OF THE REQUIRED MINIMUM PERIOD OF SERVICE,
 EQUAL TO FIFTY PERCENT OF THEIR FINAL AVERAGE SALARY; PLUS
   (II) AN AMOUNT ON ACCOUNT OF ALLOWABLE SERVICE AS  A  FIRE  PROTECTION
 INSPECTOR  MEMBER,  OR  FRACTION  THEREOF,  BEYOND SUCH REQUIRED MINIMUM
 PERIOD OF SERVICE EQUAL TO TWO PERCENT OF THEIR FINAL  SALARY  FOR  SUCH
 ALLOWABLE SERVICE AS A FIRE PROTECTION INSPECTOR MEMBER DURING THE PERI-
 OD  FROM  COMPLETION OF TWENTY-FIVE YEARS OF ALLOWABLE SERVICE AS A FIRE
 PROTECTION INSPECTOR MEMBER TO THE DATE OF RETIREMENT BUT NOT TO  EXCEED
 MORE  THAN FIVE YEARS OF ADDITIONAL SERVICE AS A FIRE PROTECTION INSPEC-
 TOR MEMBER.
   D. VESTING. 1.  A  PARTICIPANT  IN  THE  TWENTY-FIVE  YEAR  RETIREMENT
 PROGRAM:
   (I)  WHO  DISCONTINUES  SERVICE  AS  SUCH A PARTICIPANT, OTHER THAN BY
 DEATH OR RETIREMENT; AND
   (II) WHO PRIOR TO SUCH DISCONTINUANCE, COMPLETED FIVE  BUT  LESS  THAN
 TWENTY-FIVE  YEARS  OF  ALLOWABLE SERVICE AS A FIRE PROTECTION INSPECTOR
 MEMBER; AND
   (III) WHO, SUBJECT TO THE PROVISIONS OF PARAGRAPH SEVEN OF SUBDIVISION
 E OF THIS SECTION, HAS PAID, PRIOR TO  SUCH  DISCONTINUANCE,  ALL  ADDI-
 TIONAL  MEMBER  CONTRIBUTIONS AND INTEREST (IF ANY) REQUIRED BY SUBDIVI-
 SION E OF THIS SECTION; AND
   (IV) WHO DOES NOT WITHDRAW IN  WHOLE  OR  IN  PART  THEIR  ACCUMULATED
 MEMBER  CONTRIBUTIONS  PURSUANT  TO SECTION SIX HUNDRED THIRTEEN OF THIS
 ARTICLE UNLESS SUCH PARTICIPANT THEREAFTER RETURNS TO PUBLIC SERVICE AND
 REPAYS THE AMOUNTS SO WITHDRAWN, TOGETHER  WITH  INTEREST,  PURSUANT  TO
 SUCH  SECTION  SIX  HUNDRED  THIRTEEN;  SHALL  BE  ENTITLED TO RECEIVE A
 DEFERRED VESTED BENEFIT AS PROVIDED IN THIS SUBDIVISION.
   2. (I) UPON SUCH DISCONTINUANCE UNDER THE CONDITIONS AND IN COMPLIANCE
 WITH THE PROVISIONS OF PARAGRAPH ONE OF THIS SUBDIVISION, SUCH  DEFERRED
 VESTED BENEFIT SHALL VEST AUTOMATICALLY.
   (II)  IN  THE CASE OF A PARTICIPANT WHO IS NOT A NEW YORK CITY REVISED
 PLAN MEMBER, SUCH VESTED BENEFIT SHALL BECOME PAYABLE  ON  THE  EARLIEST
 A. 9822                             4
 
 DATE ON WHICH SUCH DISCONTINUED MEMBER COULD HAVE RETIRED FOR SERVICE IF
 SUCH  DISCONTINUANCE  HAD  NOT OCCURRED OR, IN THE CASE OF A PARTICIPANT
 WHO IS A NEW YORK CITY REVISED PLAN MEMBER, SUCH  VESTED  BENEFIT  SHALL
 BECOME  PAYABLE  AT  AGE SIXTY-THREE. SUBJECT TO THE PROVISIONS OF PARA-
 GRAPH SEVEN OF SUBDIVISION E OF THIS SECTION, SUCH DEFERRED VESTED BENE-
 FIT SHALL BE A RETIREMENT ALLOWANCE CONSISTING OF AN AMOUNT EQUAL TO TWO
 PERCENT OF SUCH DISCONTINUED MEMBER'S FINAL AVERAGE  SALARY,  MULTIPLIED
 BY THE NUMBER OF YEARS OF CREDITED SERVICE.
   E.  ADDITIONAL  MEMBER  CONTRIBUTIONS.  1.  IN  ADDITION TO THE MEMBER
 CONTRIBUTIONS REQUIRED BY SECTION SIX HUNDRED THIRTEEN OF THIS  ARTICLE,
 EACH  PARTICIPANT  IN  THE  TWENTY-FIVE  YEAR  RETIREMENT  PROGRAM SHALL
 CONTRIBUTE TO THE RETIREMENT SYSTEM OF WHICH THEY ARE A MEMBER  (SUBJECT
 TO  THE  APPLICABLE  PROVISIONS  OF SUBDIVISION D OF SECTION SIX HUNDRED
 THIRTEEN OF THIS ARTICLE AND SUBJECT TO THE LIMITATION PROVIDED  FOR  IN
 PARAGRAPH  TWO  OF  THIS  SUBDIVISION) AN ADDITIONAL SIX AND TWENTY-FIVE
 ONE-HUNDREDTHS PERCENT OF THEIR COMPENSATION EARNED FROM (I) ALL  ALLOW-
 ABLE  SERVICE,  AS  A  PARTICIPANT  IN  THE  TWENTY-FIVE YEAR RETIREMENT
 PROGRAM, RENDERED ON OR AFTER THE STARTING DATE OF THE TWENTY-FIVE  YEAR
 RETIREMENT  PROGRAM,  AND  (II)  ALL ALLOWABLE SERVICE AFTER SUCH PERSON
 CEASES TO BE A PARTICIPANT, BUT BEFORE THEY AGAIN BECOME  A  PARTICIPANT
 PURSUANT  TO  PARAGRAPH  SIX OF SUBDIVISION B OF THIS SECTION. THE ADDI-
 TIONAL CONTRIBUTIONS REQUIRED BY THIS SECTION SHALL BE IN LIEU OF  ADDI-
 TIONAL  MEMBER  CONTRIBUTIONS  REQUIRED  BY SUBDIVISION D OF SECTION SIX
 HUNDRED FOUR-C OF THIS ARTICLE, AS ADDED BY CHAPTER  NINETY-SIX  OF  THE
 LAWS  OF  NINETEEN  HUNDRED NINETY-FIVE, AND NO MEMBER MAKING ADDITIONAL
 CONTRIBUTIONS PURSUANT  TO  THIS  SECTION  SHALL  BE  REQUIRED  TO  MAKE
 CONTRIBUTIONS  PURSUANT  TO  SUCH  SUBDIVISION  D OF SECTION SIX HUNDRED
 FOUR-C OF THIS ARTICLE. NOTWITHSTANDING THE FOREGOING PROVISIONS OF THIS
 PARAGRAPH, THE ADDITIONAL MEMBER CONTRIBUTION REQUIRED  TO  BE  PAID  BY
 EACH  PARTICIPANT  PURSUANT  TO  THIS  PARAGRAPH  SHALL  NOT  EXCEED THE
 PERCENTAGE OF THEIR COMPENSATION THAT, WHEN ADDED  TO  THE  CONTRIBUTION
 MADE  PURSUANT  TO SUBDIVISION D OF SECTION SIX HUNDRED THIRTEEN OF THIS
 ARTICLE, EQUALS NINE AND  TWENTY-FIVE  ONE-HUNDREDTHS  PERCENT  OF  THAT
 COMPENSATION.
   2.  A  PARTICIPANT  IN  THE  TWENTY-FIVE YEAR RETIREMENT PROGRAM SHALL
 CONTRIBUTE ADDITIONAL MEMBER CONTRIBUTIONS UNTIL THE LATER  OF  (I)  THE
 FIRST  ANNIVERSARY  OF THE STARTING DATE OF THE TWENTY-FIVE YEAR RETIRE-
 MENT PROGRAM, OR (II) THE DATE ON WHICH THEY COMPLETE  THIRTY  YEARS  OF
 ALLOWABLE SERVICE AS A FIRE PROTECTION INSPECTOR MEMBER.
   3.  COMMENCING  WITH  THE  FIRST FULL PAYROLL PERIOD AFTER EACH PERSON
 BECOMES A PARTICIPANT IN THE TWENTY-FIVE YEAR RETIREMENT PROGRAM,  ADDI-
 TIONAL  MEMBER  CONTRIBUTIONS  AT THE RATE SPECIFIED IN PARAGRAPH ONE OF
 THIS SUBDIVISION SHALL BE DEDUCTED (SUBJECT TO THE APPLICABLE PROVISIONS
 OF SUBDIVISION D OF SECTION SIX HUNDRED THIRTEEN OF THIS  ARTICLE)  FROM
 THE  COMPENSATION  OF SUCH PARTICIPANT ON EACH AND EVERY PAYROLL OF SUCH
 PARTICIPANT FOR EACH AND EVERY PAYROLL PERIOD FOR WHICH THEY ARE SUCH  A
 PARTICIPANT.
   4.  (I)  EACH  PARTICIPANT  IN THE TWENTY-FIVE YEAR RETIREMENT PROGRAM
 SHALL BE CHARGED WITH A CONTRIBUTION DEFICIENCY CONSISTING OF THE  TOTAL
 AMOUNTS  OF  ADDITIONAL  MEMBER CONTRIBUTIONS SUCH PERSON IS REQUIRED TO
 MAKE PURSUANT TO PARAGRAPHS ONE AND TWO OF THIS  SUBDIVISION  WHICH  ARE
 NOT DEDUCTED FROM THEIR COMPENSATION PURSUANT TO PARAGRAPH THREE OF THIS
 SUBDIVISION,  IF ANY, TOGETHER WITH INTEREST THEREON, COMPOUNDED ANNUAL-
 LY, AND COMPUTED IN ACCORDANCE WITH THE PROVISIONS OF SUBPARAGRAPHS (II)
 AND (III) OF THIS PARAGRAPH.
 A. 9822                             5
 
   (II) (A) THE INTEREST REQUIRED TO BE PAID ON EACH SUCH  AMOUNT  SPECI-
 FIED  IN SUBPARAGRAPH (I) OF THIS PARAGRAPH SHALL ACCRUE FROM THE END OF
 THE PAYROLL PERIOD FOR WHICH SUCH AMOUNT WOULD HAVE BEEN  DEDUCTED  FROM
 COMPENSATION  IF  THEY  HAD  BEEN A PARTICIPANT AT THE BEGINNING OF THAT
 PAYROLL  PERIOD  AND  SUCH  DEDUCTION HAD BEEN REQUIRED FOR SUCH PAYROLL
 PERIOD, UNTIL SUCH AMOUNT IS PAID TO THE RETIREMENT SYSTEM.
   (B) THE RATE OF INTEREST TO BE APPLIED TO EACH SUCH AMOUNT DURING  THE
 PERIOD  FOR  WHICH INTEREST ACCRUES ON THAT AMOUNT SHALL BE EQUAL TO THE
 RATE OR RATES OF INTEREST REQUIRED BY LAW TO BE USED  DURING  THAT  SAME
 PERIOD  TO  CREDIT  INTEREST ON THE ACCUMULATED DEDUCTIONS OF RETIREMENT
 SYSTEM MEMBERS.
   (III) EXCEPT AS OTHERWISE PROVIDED IN PARAGRAPH FIVE OF THIS  SUBDIVI-
 SION,  NO INTEREST SHALL BE DUE ON ANY UNPAID ADDITIONAL MEMBER CONTRIB-
 UTIONS WHICH ARE NOT ATTRIBUTABLE TO A PERIOD PRIOR TO  THE  FIRST  FULL
 PAYROLL PERIOD REFERRED TO IN PARAGRAPH THREE OF THIS SUBDIVISION.
   5.  (I)  SHOULD ANY PERSON WHO, PURSUANT TO SUBPARAGRAPH (II) OF PARA-
 GRAPH TEN OF THIS SUBDIVISION, HAS RECEIVED A REFUND OF THEIR ADDITIONAL
 MEMBER CONTRIBUTION INCLUDING ANY INTEREST PAID ON  SUCH  CONTRIBUTIONS,
 AGAIN  BECOME  A  PARTICIPANT IN THE TWENTY-FIVE YEAR RETIREMENT PROGRAM
 PURSUANT TO PARAGRAPH SIX OF SUBDIVISION B OF THIS SECTION, AN APPROPRI-
 ATE AMOUNT SHALL BE INCLUDED IN SUCH  PARTICIPANT'S  CONTRIBUTION  DEFI-
 CIENCY  (INCLUDING  INTEREST  THEREON AS CALCULATED PURSUANT TO SUBPARA-
 GRAPH (II) OF THIS PARAGRAPH) FOR ANY CREDITED SERVICE  FOR  WHICH  SUCH
 PERSON  RECEIVED  A  REFUND  OF  SUCH  ADDITIONAL  MEMBER  CONTRIBUTIONS
 (INCLUDING ANY AMOUNT OF AN UNPAID LOAN  BALANCE  DEEMED  TO  HAVE  BEEN
 RETURNED  TO  SUCH  PERSON PURSUANT TO PARAGRAPH TWELVE OF THIS SUBDIVI-
 SION), AS IF SUCH ADDITIONAL MEMBER CONTRIBUTIONS NEVER HAD BEEN PAID.
   (II)(A) INTEREST ON A PARTICIPANT'S  ADDITIONAL  MEMBER  CONTRIBUTIONS
 INCLUDED  IN  SUCH  PARTICIPANT'S  CONTRIBUTION  DEFICIENCY  PURSUANT TO
 SUBPARAGRAPH (I) OF THIS PARAGRAPH SHALL BE CALCULATED AS IF SUCH  ADDI-
 TIONAL MEMBER CONTRIBUTIONS HAD NEVER BEEN PAID BY SUCH PARTICIPANT, AND
 SUCH  INTEREST  SHALL ACCRUE FROM THE END OF THE PAYROLL PERIOD TO WHICH
 AN AMOUNT OF SUCH ADDITIONAL MEMBER CONTRIBUTIONS IS ATTRIBUTABLE, UNTIL
 SUCH AMOUNT IS PAID TO THE RETIREMENT SYSTEM.
   (B) THE RATE OF INTEREST TO BE APPLIED TO EACH SUCH AMOUNT DURING  THE
 PERIOD  FOR  WHICH INTEREST ACCRUES ON THAT AMOUNT SHALL BE FIVE PERCENT
 PER ANNUM, COMPOUNDED ANNUALLY.
   6. WHERE A PARTICIPANT WHO IS OTHERWISE ELIGIBLE FOR  SERVICE  RETIRE-
 MENT  PURSUANT  TO  SUBDIVISION  C OF THIS SECTION DID NOT, PRIOR TO THE
 EFFECTIVE DATE OF RETIREMENT, PAY THE ENTIRE AMOUNT  OF  A  CONTRIBUTION
 DEFICIENCY  CHARGEABLE  TO  THEM PURSUANT TO PARAGRAPHS FOUR AND FIVE OF
 THIS SUBDIVISION, OR REPAY THE ENTIRE AMOUNT OF A LOAN  OF  THEIR  ADDI-
 TIONAL  MEMBER CONTRIBUTIONS PURSUANT TO PARAGRAPH ELEVEN OF THIS SUBDI-
 VISION (INCLUDING ACCRUED INTEREST  ON  SUCH  LOAN),  THAT  PARTICIPANT,
 NEVERTHELESS,  SHALL  BE ELIGIBLE TO RETIRE PURSUANT TO SUBDIVISION C OF
 THIS SECTION, PROVIDED, HOWEVER, THAT SUCH PARTICIPANT'S SERVICE RETIRE-
 MENT BENEFIT CALCULATED PURSUANT TO PARAGRAPH TWO OF SUCH SUBDIVISION  C
 OF  THIS  SECTION  SHALL  BE  REDUCED  BY  A LIFE ANNUITY (CALCULATED IN
 ACCORDANCE WITH THE METHOD SET FORTH IN SUBDIVISION  I  OF  SECTION  SIX
 HUNDRED THIRTEEN-B OF THIS ARTICLE) WHICH IS ACTUARIALLY EQUIVALENT TO:
   (I)  THE  AMOUNT  OF  ANY UNPAID CONTRIBUTION DEFICIENCY CHARGEABLE TO
 SUCH MEMBER PURSUANT TO PARAGRAPHS FOUR AND FIVE  OF  THIS  SUBDIVISION;
 PLUS
   (II)  THE  AMOUNT  OF ANY UNPAID BALANCE OF A LOAN OF THEIR ADDITIONAL
 MEMBER CONTRIBUTIONS PURSUANT TO PARAGRAPH ELEVEN  OF  THIS  SUBDIVISION
 (INCLUDING ACCRUED INTEREST ON SUCH LOAN).
 A. 9822                             6
 
   7. WHERE A PARTICIPANT WHO IS OTHERWISE ELIGIBLE FOR A VESTED RIGHT TO
 A  DEFERRED  BENEFIT  PURSUANT TO SUBDIVISION D OF THIS SECTION DID NOT,
 PRIOR TO THE DATE OF DISCONTINUANCE OF SERVICE, PAY THE ENTIRE AMOUNT OF
 A CONTRIBUTION DEFICIENCY CHARGEABLE TO THEM PURSUANT TO PARAGRAPHS FOUR
 AND  FIVE  OF  THIS SUBDIVISION, OR REPAY THE ENTIRE AMOUNT OF A LOAN OF
 THEIR ADDITIONAL MEMBER CONTRIBUTIONS PURSUANT TO  PARAGRAPH  ELEVEN  OF
 THIS SUBDIVISION (INCLUDING ACCRUED INTEREST ON SUCH LOAN), THAT PARTIC-
 IPANT,  NEVERTHELESS,  SHALL  HAVE  A VESTED RIGHT TO A DEFERRED BENEFIT
 PURSUANT TO SUBDIVISION D OF THIS SECTION PROVIDED,  HOWEVER,  THAT  THE
 DEFERRED VESTED BENEFIT CALCULATED PURSUANT TO PARAGRAPH TWO OF SUBDIVI-
 SION D OF THIS SECTION SHALL BE REDUCED BY A LIFE ANNUITY (CALCULATED IN
 ACCORDANCE  WITH  THE  METHOD  SET FORTH IN SUBDIVISION I OF SECTION SIX
 HUNDRED THIRTEEN-B OF THIS ARTICLE) WHICH IS ACTUARIALLY EQUIVALENT TO:
   (I) THE AMOUNT OF ANY UNPAID CONTRIBUTION CHARGEABLE  TO  SUCH  MEMBER
 PURSUANT TO PARAGRAPHS FOUR AND FIVE OF THIS SUBDIVISION; PLUS
   (II)  THE  AMOUNT  OF ANY UNPAID BALANCE OF A LOAN OF THEIR ADDITIONAL
 MEMBER CONTRIBUTIONS PURSUANT TO PARAGRAPH ELEVEN  OF  THIS  SUBDIVISION
 (INCLUDING ACCRUED INTEREST ON SUCH A LOAN).
   8.  THE HEAD OF A RETIREMENT SYSTEM WHICH INCLUDES PARTICIPANTS IN THE
 TWENTY-FIVE YEAR RETIREMENT PROGRAM IN ITS  MEMBERSHIP  MAY,  CONSISTENT
 WITH  THE PROVISIONS OF THIS SUBDIVISION, PROMULGATE REGULATIONS FOR THE
 PAYMENT OF SUCH ADDITIONAL MEMBER CONTRIBUTIONS, AND ANY INTEREST THERE-
 ON, BY SUCH PARTICIPANTS (INCLUDING THE DEDUCTION OF SUCH CONTRIBUTIONS,
 AND ANY INTEREST THEREON, FROM THE PARTICIPANT'S COMPENSATION).
   9. SUBJECT TO THE PROVISIONS OF  PARAGRAPHS  SIX  AND  SEVEN  OF  THIS
 SUBDIVISION,  WHERE  A PARTICIPANT HAS NOT PAID IN FULL ANY CONTRIBUTION
 DEFICIENCY CHARGEABLE TO THEM PURSUANT TO PARAGRAPHS FOUR  AND  FIVE  OF
 THIS  SUBDIVISION, AND A BENEFIT, OTHER THAN A REFUND OF MEMBER CONTRIB-
 UTIONS PURSUANT TO SECTION SIX HUNDRED THIRTEEN OF  THIS  ARTICLE  OR  A
 REFUND  OF ADDITIONAL MEMBER CONTRIBUTIONS PURSUANT TO SUBPARAGRAPH (II)
 OF PARAGRAPH TEN OF THIS SUBDIVISION, BECOMES PAYABLE UNDER THIS ARTICLE
 TO THE PARTICIPANT OR TO THEIR DESIGNATED  BENEFICIARY  OR  ESTATE,  THE
 ACTUARIAL  EQUIVALENT  OF  ANY SUCH UNPAID AMOUNT SHALL BE DEDUCTED FROM
 THE BENEFIT OTHERWISE PAYABLE.
   10. (I) SUCH ADDITIONAL MEMBER CONTRIBUTIONS (AND ANY INTEREST  THERE-
 ON)  SHALL  BE  PAID  INTO THE CONTINGENT RESERVE FUND OF THE RETIREMENT
 SYSTEM OF WHICH THE PARTICIPANT IS  A  MEMBER  AND  SHALL  NOT  FOR  ANY
 PURPOSE  BE  DEEMED  TO  BE MEMBER CONTRIBUTIONS OR ACCUMULATED CONTRIB-
 UTIONS OF A MEMBER UNDER SECTION SIX HUNDRED THIRTEEN OF THIS ARTICLE OR
 OTHERWISE WHILE THEY ARE A PARTICIPANT IN THE TWENTY-FIVE  YEAR  RETIRE-
 MENT PROGRAM OR OTHERWISE.
   (II)  SHOULD  A PARTICIPANT IN THE TWENTY-FIVE YEAR RETIREMENT PROGRAM
 WHO HAS RENDERED LESS THAN FIFTEEN YEARS OF CREDITED  SERVICE  CEASE  TO
 HOLD  A  POSITION  AS  A FIRE PROTECTION INSPECTOR MEMBER FOR ANY REASON
 WHATSOEVER,  THEIR  ACCUMULATED  ADDITIONAL  MEMBER  CONTRIBUTIONS  MADE
 PURSUANT TO THIS SUBDIVISION (TOGETHER WITH ANY INTEREST THEREON PAID TO
 THE  RETIREMENT  SYSTEM) MAY BE WITHDRAWN BY THEM PURSUANT TO PROCEDURES
 PROMULGATED IN REGULATIONS OF THE BOARD OF TRUSTEES  OF  THE  RETIREMENT
 SYSTEM,  TOGETHER  WITH INTEREST THEREON AT THE RATE OF FIVE PERCENT PER
 ANNUM, COMPOUNDED ANNUALLY.
   (III) NOTWITHSTANDING ANY OTHER PROVISION OF LAW TO THE CONTRARY,  (A)
 NO  PERSON SHALL BE PERMITTED TO WITHDRAW FROM THE RETIREMENT SYSTEM ANY
 ADDITIONAL MEMBER CONTRIBUTIONS PAID PURSUANT TO THIS SUBDIVISION OR ANY
 INTEREST PAID THEREON, EXCEPT PURSUANT TO AND  IN  ACCORDANCE  WITH  THE
 PRECEDING SUBPARAGRAPHS OF THIS PARAGRAPH; AND (B) NO PERSON, WHILE THEY
 ARE  A  PARTICIPANT IN THE TWENTY-FIVE YEAR RETIREMENT PROGRAM, SHALL BE
 A. 9822                             7
 
 PERMITTED TO WITHDRAW ANY SUCH ADDITIONAL MEMBER  CONTRIBUTIONS  OR  ANY
 INTEREST  PAID THEREON PURSUANT TO ANY OF THE PRECEDING SUBPARAGRAPHS OF
 THIS PARAGRAPH OR OTHERWISE.
   11.  A PARTICIPANT IN THE TWENTY-FIVE YEAR RETIREMENT PROGRAM SHALL BE
 PERMITTED TO BORROW FROM THEIR ADDITIONAL MEMBER CONTRIBUTIONS  (INCLUD-
 ING  ANY  INTEREST  PAID  THEREON)  WHICH ARE CREDITED TO THE ADDITIONAL
 CONTRIBUTIONS ACCOUNT ESTABLISHED FOR SUCH PARTICIPANT IN THE CONTINGENT
 RESERVE FUND OF THE RETIREMENT SYSTEM. THE  BORROWING  FROM  SUCH  ADDI-
 TIONAL MEMBER CONTRIBUTIONS PURSUANT TO THIS PARAGRAPH SHALL BE GOVERNED
 BY  THE  RIGHTS,  PRIVILEGES,  OBLIGATIONS,  AND PROCEDURES SET FORTH IN
 SECTION SIX HUNDRED THIRTEEN-B OF THIS ARTICLE WHICH GOVERN THE  BORROW-
 ING  OF  MEMBER CONTRIBUTIONS MADE PURSUANT TO SECTION SIX HUNDRED THIR-
 TEEN OF THIS ARTICLE. THE BOARD OF TRUSTEES  OF  THE  RETIREMENT  SYSTEM
 MAY,  CONSISTENT  WITH  THE  PROVISIONS  OF  THIS  SUBDIVISION  AND  THE
 PROVISIONS OF SECTION SIX HUNDRED THIRTEEN-B OF  THIS  ARTICLE  AS  MADE
 APPLICABLE  TO  THIS  SUBDIVISION,  PROMULGATE REGULATIONS GOVERNING THE
 BORROWING OF SUCH ADDITIONAL MEMBER CONTRIBUTIONS.
   12. WHENEVER A PERSON HAS AN UNPAID BALANCE OF A LOAN OR  THEIR  ADDI-
 TIONAL  MEMBER CONTRIBUTIONS PURSUANT TO PARAGRAPH ELEVEN OF THIS SUBDI-
 VISION AT THE TIME THEY BECOME ENTITLED TO A REFUND OF THEIR  ADDITIONAL
 MEMBER  CONTRIBUTIONS  PURSUANT TO SUBPARAGRAPH (II) OF PARAGRAPH TEN OF
 THIS SUBDIVISION, THE AMOUNT OF  SUCH  UNPAID  LOAN  BALANCE  (INCLUDING
 ACCRUED  INTEREST) SHALL BE DEEMED TO HAVE BEEN RETURNED TO SUCH MEMBER,
 AND THE REFUND OF SUCH ADDITIONAL CONTRIBUTIONS SHALL BE THE NET  AMOUNT
 OF  SUCH CONTRIBUTION, TOGETHER WITH INTEREST THEREON IN ACCORDANCE WITH
 THE PROVISIONS OF SUCH SUBPARAGRAPH (II).
   § 2. Subdivision d of section 613 of the retirement and social securi-
 ty law is amended by adding a new paragraph 12 to read as follows:
   12. (I) THE CITY OF NEW YORK SHALL, IN THE CASE OF A  FIRE  PROTECTION
 INSPECTOR  MEMBER  (AS  DEFINED  IN  PARAGRAPH  ONE  OF SUBDIVISION A OF
 SECTION SIX HUNDRED FOUR-J OF THIS ARTICLE) WHO IS A PARTICIPANT IN  THE
 TWENTY-FIVE  YEAR  RETIREMENT  PROGRAM  (AS DEFINED IN PARAGRAPH FOUR OF
 SUBDIVISION A OF SUCH SECTION SIX HUNDRED FOUR-J), PICK UP  AND  PAY  TO
 THE  RETIREMENT  SYSTEM  OF WHICH SUCH PARTICIPANT IS A MEMBER ALL ADDI-
 TIONAL MEMBER CONTRIBUTIONS WHICH OTHERWISE  WOULD  BE  REQUIRED  TO  BE
 DEDUCTED  FROM SUCH MEMBER'S COMPENSATION PURSUANT TO PARAGRAPHS ONE AND
 TWO OF SUBDIVISION E OF SUCH SECTION SIX HUNDRED FOUR-J OF THIS  ARTICLE
 (NOT  INCLUDING  ANY  ADDITIONAL MEMBER CONTRIBUTIONS DUE FOR ANY PERIOD
 PRIOR TO THE FIRST FULL PAYROLL PERIOD REFERRED  TO  IN  SUCH  PARAGRAPH
 THREE  OF SUCH SUBDIVISION E), AND SHALL EFFECT SUCH PICK UP IN EACH AND
 EVERY PAYROLL OF SUCH PARTICIPANT FOR EACH AND EVERY PAYROLL PERIOD WITH
 RESPECT TO WHICH SUCH  PARAGRAPH  THREE  WOULD  OTHERWISE  REQUIRE  SUCH
 DEDUCTIONS.
   (II)  AN AMOUNT EQUAL TO THE AMOUNT OF ADDITIONAL CONTRIBUTIONS PICKED
 UP PURSUANT TO THIS PARAGRAPH SHALL BE DEDUCTED BY  SUCH  EMPLOYER  FROM
 THE  COMPENSATION  OF  SUCH MEMBER (AS SUCH COMPENSATION WOULD BE IN THE
 ABSENCE OF A PICK UP PROGRAM APPLICABLE TO THEM HEREUNDER) AND SHALL NOT
 BE PAID TO SUCH MEMBER.
   (III) THE ADDITIONAL MEMBER CONTRIBUTIONS PICKED UP PURSUANT  TO  THIS
 PARAGRAPH  FOR ANY SUCH MEMBER SHALL BE PAID BY SUCH EMPLOYER IN LIEU OF
 AN EQUAL AMOUNT OF ADDITIONAL MEMBER CONTRIBUTIONS OTHERWISE REQUIRED TO
 BE PAID BY SUCH MEMBER UNDER THE APPLICABLE PROVISIONS OF SUBDIVISION  E
 OF SECTION SIX HUNDRED FOUR-J OF THIS ARTICLE, AND SHALL BE DEEMED TO BE
 AND  TREATED AS EMPLOYER CONTRIBUTIONS PURSUANT TO SECTION 414(H) OF THE
 INTERNAL REVENUE CODE.
 A. 9822                             8
 
   (IV) FOR THE PURPOSE OF  DETERMINING  THE  RETIREMENT  SYSTEM  RIGHTS,
 BENEFITS,  AND PRIVILEGES OF ANY MEMBER WHOSE ADDITIONAL MEMBER CONTRIB-
 UTIONS ARE PICKED UP PURSUANT TO THIS PARAGRAPH, SUCH  PICKED  UP  ADDI-
 TIONAL MEMBER CONTRIBUTIONS SHALL BE DEEMED TO BE AND TREATED AS PART OF
 SUCH  MEMBER'S  ADDITIONAL  MEMBER  CONTRIBUTIONS  UNDER  THE APPLICABLE
 PROVISIONS OF SUBDIVISION E OF SECTION SIX HUNDRED FOUR-J OF THIS  ARTI-
 CLE.
   (V) WITH THE EXCEPTION OF FEDERAL INCOME TAX TREATMENT, THE ADDITIONAL
 MEMBER  CONTRIBUTIONS  PICKED  UP  PURSUANT  TO SUBPARAGRAPH (I) OF THIS
 PARAGRAPH SHALL FOR ALL OTHER PURPOSES, INCLUDING COMPUTATION OF RETIRE-
 MENT BENEFITS AND CONTRIBUTIONS BY EMPLOYERS AND  EMPLOYEES,  BE  DEEMED
 EMPLOYEE   SALARY.  NOTHING  CONTAINED  IN  THIS  SUBDIVISION  SHALL  BE
 CONSTRUED AS SUPERSEDING THE PROVISIONS OF SECTION FOUR HUNDRED  THIRTY-
 ONE  OF  THIS  CHAPTER, OR ANY SIMILAR PROVISION OF LAW WHICH LIMITS THE
 SALARY BASE FOR  COMPUTING  RETIREMENT  BENEFITS  PAYABLE  BY  A  PUBLIC
 RETIREMENT SYSTEM.
   § 3. Subdivision a of section 603 of the retirement and social securi-
 ty law, as amended by chapter 18 of the laws of 2012, is amended to read
 as follows:
   a.  The  service  retirement  benefit specified in section six hundred
 four of this article shall be payable to members who have met the  mini-
 mum  service  requirements  upon retirement and attainment of age sixty-
 two, other than members who are eligible for  early  service  retirement
 pursuant to subdivision c of section six hundred four-b of this article,
 subdivision c of section six hundred four-c of this article, subdivision
 d  of  section  six  hundred  four-d  of  this article, subdivision c of
 section six hundred four-e of this article, subdivision c of section six
 hundred four-f of this article, subdivision c  of  section  six  hundred
 four-g  of  this article, subdivision c of section six hundred four-h of
 this article [or] subdivision c of section six hundred  four-i  of  this
 article, OR SUBDIVISION C OF SECTION SIX HUNDRED FOUR-J OF THIS ARTICLE,
 provided,  however, a member of a teachers' retirement system or the New
 York state and local employees' retirement system who first  joins  such
 system  before  January  first,  two  thousand  ten or a member who is a
 uniformed court officer or peace officer employed by the  unified  court
 system  who  first  becomes  a  member  of  the New York state and local
 employees' retirement system before April first, two thousand twelve may
 retire without reduction of [his or her] THEIR retirement  benefit  upon
 attainment  of at least fifty-five years of age and completion of thirty
 or more years of service, provided,  however,  that  a  uniformed  court
 officer  or peace officer employed by the unified court system who first
 becomes a member of the New York state and local  employees'  retirement
 system  on  or after January first, two thousand ten and retires without
 reduction of [his or her] THEIR retirement benefit upon attainment of at
 least fifty-five years of age and completion of thirty or more years  of
 service  pursuant  to  this section shall be required to make the member
 contributions required by subdivision f of section six hundred  thirteen
 of  this  article  for  all  years  of  credited and creditable service,
 provided further that the [the] preceding provisions of this subdivision
 shall not apply to a New York city revised plan member.
   § 4. Nothing contained in sections two and three of this act shall  be
 construed  to  create  any  contractual right with respect to members to
 whom such sections apply.  The provisions of such sections are  intended
 to  afford  members  the advantages of certain benefits contained in the
 internal revenue code, and  the  effectiveness  and  existence  of  such
 sections and benefits they confer are completely contingent thereon.
 A. 9822                             9
 
   § 5. This act shall take effect immediately, provided, however that:
   (a)  The provisions of sections two and three of this act shall remain
 in full force and effect only so  long  as,  pursuant  to  federal  law,
 contributions  picked up under such sections are not includable as gross
 income of a member for federal income tax purposes until distributed  or
 made available to the member; provided that the New York city employees'
 retirement  system shall notify the legislative bill drafting commission
 upon the occurrence of such a change in federal law ruling affecting the
 provisions of this act in order that  the  commission  may  maintain  an
 accurate and timely effective data base of the official text of the laws
 of  the  state of New York in furtherance of effectuating the provisions
 of section 44 of the legislative law and  section  70-b  of  the  public
 officers law;
   (b)  The  amendments to subdivision a of section 603 of the retirement
 and social security law made by section three  of  this  act  shall  not
 affect  the expiration of such subdivision and shall be deemed to expire
 therewith.
   FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
   SUMMARY: This proposed legislation would establish 25-Year  Retirement
 Programs  for  Fire Protection Inspectors (FPI 25-Year Plans) for Tier 4
 and Tier 6 members of NYCERS.
           EXPECTED INCREASE (DECREASE) IN EMPLOYER CONTRIBUTIONS
          by Fiscal Year for the first 25 years ($ in Thousands)
                                Year  NYCERS
                                2025  321.8
                                2026  309.8
                                2027  299.1
                                2028  290.0
                                2029  281.4
                                2030  273.4
                                2031  264.3
                                2032  256.8
                                2033  250.5
                                2034  241.9
                                2035  232.1
                                2036  223.9
                                2037   24.9
                                2038   17.1
                                2039    9.4
                                2040    3.3
                                2041  (0.9)
                                2042  (4.7)
                                2043  (7.8)
                                2044  (9.9)
                                2045 (11.1)
                                2046 (11.6)
                                2047 (11.5)
                                2048 (11.5)
                                2049 (11.8)
 
    Employer Contribution impact beyond Fiscal Year 2049 is not shown.
  Projected contributions include future new hires that may be impacted.
 
 The entire increase (decrease) in employer contributions will  be  allo-
 cated to New York City.
 A. 9822                            10

           INITIAL INCREASE (DECREASE) IN ACTUARIAL LIABILITIES
                    as of June 30, 2023 ($ in Millions)
 
               Present Value (PV)                     NYCERS
               PV of Benefits:                        3.3
               PV of Employee Contributions:          1.9
               PV of Employer Contributions:          1.4
               Unfunded Accrued Liabilities:          1.5
 
                AMORTIZATION OF UNFUNDED ACCRUED LIABILITY
 
                                                      NYCERS
               Number of Payments:                    12
               Fiscal Year of Last Payment:           2036
               Amortization Payment:                  192 K
 
   Unfunded  Accrued Liability increases were amortized over the expected
 remaining working lifetime of those  impacted  by  the  benefit  changes
 using level dollar payments.
   CENSUS  DATA:  The estimates presented herein are based on preliminary
 census data collected as of June 30, 2023. The census data for the  fire
 protection inspectors assumed to elect an FPI 25-Year Plan is summarized
 below.
 
                                                      NYCERS
               Active Members
               - Number Count:                        82
               - Average Age:                         41.6
               - Average Service:                     13.6
               - Average Salary:                      88,200
 
   IMPACT  ON MEMBER BENEFITS AND CONTRIBUTIONS: The proposed legislation
 would provide fire protection inspectors a  service  retirement  benefit
 under  the  FPI 25-Year Plans 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 exceeding 25 years up to a maximum
 of 30 years. The FAS is based on a three-year average for Tier 4 members
 and a five-year average for Tier 6 members. The vested benefit under the
 FPI 25-Year Plans would be 2% of FAS for each year of Allowable Service.
   Members of the FPI 25-Year Plans would be required to pay Basic Member
 Contributions (BMC), which vary by tier, plus Additional Member Contrib-
 utions (AMC) equal to 6.25% of compensation for all service  as  a  Plan
 participant  on  and after the starting date of the Plan until the later
 of the one-year anniversary of the effective date of  the  Plans  or  30
 years  of Allowable Service. In no event shall BMC plus AMC exceed 9.25%
 of compensation.
   ASSUMPTIONS AND METHODS: The  estimates  presented  herein  have  been
 calculated  based  on the Revised 2021 Actuarial Assumptions and Methods
 of the impacted retirement systems. In addition:
   * The rates of retirement for the  FPI  25-Year  Plans  were  assigned
 based  on  members' eligibility to elect or opt out of the plan. The FPI
 25-year plan will be optional for current  fire  protection  inspectors.
 Future  members  will  be mandated into the FPI 25-year plan unless they
 are over age 25 when hired as a fire protection inspector.
   * New entrants were assumed to replace exiting members so  that  total
 payroll  for  fire  protection inspectors increases by 3% each year. New
 A. 9822                            11
 
 entrant demographics were developed based on data for recent  new  hires
 and  actuarial  judgement.  Future members, who are not over age 25 when
 hired as a fire protection inspector, would be  mandated  into  the  FPI
 25-year plan.
   To  determine the impact of the elective nature of the proposed legis-
 lation, a subgroup of NYCERS Fire Protection  Inspectors  was  developed
 based  on  who  is  assumed  to benefit actuarially by comparing the net
 present value of future employer costs of each  member's  benefit  under
 their current plan and under the applicable FPI 25-Year Plan.
   RISK  AND  UNCERTAINTY: The costs presented in this Fiscal Note depend
 highly on the actuarial assumptions, methods,  and  models  used,  demo-
 graphics  of  the impacted population, and other factors such as invest-
 ment, contribution, and other risks. If actual experience deviates  from
 actuarial   assumptions,  the  actual  costs  could  differ  from  those
 presented herein. Quantifying these risks is beyond the  scope  of  this
 Fiscal Note.
   This  Fiscal  Note  is intended to measure pension-related impacts and
 does not include other potential costs (e.g., administrative  and  Other
 Postemployment Benefits).
   STATEMENT OF ACTUARIAL OPINION: Marek Tyszkiewicz and Gregory Zelikov-
 sky  are members of the Society of Actuaries and the American Academy of
 Actuaries. We are members of NYCERS but do not believe  it  impairs  our
 objectivity  and  we  meet  the  Qualification Standards of the American
 Academy of Actuaries to render the actuarial opinion  contained  herein.
 To  the  best  of  our knowledge, the results contained herein have been
 prepared in accordance with generally accepted actuarial principles  and
 procedures  and  with  the Actuarial Standards of Practice issued by the
 Actuarial Standards Board.
   FISCAL NOTE IDENTIFICATION: This Fiscal Note 2024-37 dated  March  25,
 2024  was prepared by the Chief Actuary for the New York City Retirement
 Systems and Pension Funds. This estimate is intended for use only during
 the 2024 Legislative Session.