S T A T E   O F   N E W   Y O R K
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                                  7872

                            I N  S E N A T E

                              May 19, 2016
                               ___________

Introduced  by  Sen.  GOLDEN -- read twice and ordered printed, and when
  printed to be committed to the Committee on Cities

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:

  Section 1. The administrative code of the city of New York is  amended
by adding a new section 13-157.5 to read as follows:
  S  13-157.5  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  OF  THE
RETIREMENT  SYSTEM 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 DATE OF ENACTMENT 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 HIM OR HER.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD11281-03-6
              

S. 7872                             2

  5. "DISCONTINUED MEMBER" SHALL MEAN A PARTICIPANT IN  THE  TWENTY-FIVE
YEAR  RETIREMENT  PROGRAM  WHO,  WHILE  HE  OR SHE WAS A FIRE PROTECTION
INSPECTOR MEMBER, DISCONTINUED SERVICE AS SUCH A MEMBER AND HAS A  RIGHT
TO  A  DEFERRED  VESTED BENEFIT UNDER THE PROVISIONS OF SUBDIVISION D OF
THIS SECTION.
  6.  "ALLOWABLE  SERVICE  AS  A FIRE PROTECTION INSPECTOR MEMBER" SHALL
MEAN (I) ALL SERVICE WHILE 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,  AND
(II)  WITH  RESPECT TO AN INDIVIDUAL WHO WAS EMPLOYED UPON THE EFFECTIVE
DATE OF THIS SECTION OR THEREAFTER IN A TITLE WHOSE DUTIES ARE THOSE  OF
A  FIRE PROTECTION INSPECTOR OR ASSOCIATE FIRE PROTECTION INSPECTOR, ALL
SUCH SERVICE SUBSEQUENT THERETO IN A  TITLE  WHOSE  DUTIES  REQUIRE  THE
SUPERVISION  OF  EMPLOYEES  WHOSE  DUTIES ARE THOSE OF A FIRE PROTECTION
INSPECTOR OR ASSOCIATE FIRE PROTECTION INSPECTOR IN THE  NEW  YORK  CITY
FIRE DEPARTMENT.
  B.  PARTICIPATION  IN  THE  TWENTY-FIVE  YEAR  RETIREMENT  PROGRAM. 1.
SUBJECT TO THE PROVISIONS OF PARAGRAPHS FIVE AND SIX  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 MAY ELECT TO BECOME
A PARTICIPANT IN THE TWENTY-FIVE  YEAR  RETIREMENT  PROGRAM  BY  FILING,
WITHIN   ONE  HUNDRED  EIGHTY  DAYS  AFTER  THE  STARTING  DATE  OF  THE
TWENTY-FIVE YEAR RETIREMENT PROGRAM, A  DULY  EXECUTED  APPLICATION  FOR
SUCH  PARTICIPATION WITH THE RETIREMENT SYSTEM OF WHICH SUCH PERSON IS A
MEMBER, PROVIDED HE OR SHE IS SUCH A FIRE PROTECTION INSPECTOR MEMBER ON
THE DATE SUCH APPLICATION IS FILED.
  2. SUBJECT TO THE PROVISIONS OF PARAGRAPHS FIVE AND SIX OF THIS SUBDI-
VISION, ANY PERSON WHO BECOMES A FIRE PROTECTION INSPECTOR MEMBER  AFTER
THE  STARTING  DATE OF THE TWENTY-FIVE YEAR RETIREMENT PROGRAM MAY ELECT
TO BECOME A PARTICIPANT IN THE TWENTY-FIVE YEAR  RETIREMENT  PROGRAM  BY
FILING,  WITHIN  ONE  HUNDRED  EIGHTY  DAYS  AFTER  BECOMING SUCH A FIRE
PROTECTION INSPECTOR  MEMBER,  A  DULY  EXECUTED  APPLICATION  FOR  SUCH
PARTICIPATION  WITH  THE  RETIREMENT  SYSTEM  OF  WHICH SUCH PERSON IS A
MEMBER, PROVIDED HE OR SHE IS SUCH A FIRE PROTECTION INSPECTOR MEMBER ON
THE DATE SUCH APPLICATION IS FILED.
  3. ANY ELECTION TO BE A PARTICIPANT IN THE TWENTY-FIVE YEAR RETIREMENT
PROGRAM SHALL BE IRREVOCABLE.
  4. WHERE ANY PARTICIPANT IN THE TWENTY-FIVE  YEAR  RETIREMENT  PROGRAM
SHALL  CEASE TO BE EMPLOYED AS A FIRE PROTECTION INSPECTOR MEMBER, HE OR
SHE SHALL CEASE TO BE SUCH A PARTICIPANT AND, DURING ANY PERIOD IN WHICH
SUCH PERSON IS NOT SO EMPLOYED, HE OR SHE SHALL NOT BE A PARTICIPANT  IN
THE  TWENTY-FIVE  YEAR  RETIREMENT PROGRAM AND SHALL NOT BE ELIGIBLE FOR
THE BENEFITS OF SUBDIVISION C OF THIS SECTION.
  5. 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 AT A LATER DATE, HE  OR  SHE
SHALL AGAIN BECOME SUCH A PARTICIPANT ON THAT DATE.
  6.  NOTWITHSTANDING  ANY  OTHER  PROVISION OF LAW TO THE CONTRARY, ANY
PERSON WHO IS ELIGIBLE 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 APPLICA-
BLE PARAGRAPH AND WHO FAILS TO TIMELY FILE A DULY  EXECUTED  APPLICATION
FOR  SUCH PARTICIPATION WITH THE RETIREMENT SYSTEM, SHALL NOT THEREAFTER
BE ELIGIBLE TO BECOME A PARTICIPANT IN SUCH PROGRAM.
  C. SERVICE RETIREMENT BENEFITS. 1. A PARTICIPANT  IN  THE  TWENTY-FIVE
YEAR RETIREMENT PROGRAM:

S. 7872                             3

  (I)  WHO  HAS COMPLETED TWENTY-FIVE OR MORE YEARS OF ALLOWABLE SERVICE
AS A FIRE PROTECTION INSPECTOR MEMBER; AND
  (II)  WHO  FILES WITH THE RETIREMENT SYSTEM AN APPLICATION FOR SERVICE
RETIREMENT SETTING FORTH AT WHAT TIME, NOT LESS THAN THIRTY DAYS  SUBSE-
QUENT  TO  THE  EXECUTION  AND  FILING  THEREOF, HE OR SHE DESIRES TO BE
RETIRED; AND
  (III) WHO SHALL BE A PARTICIPANT IN THE  TWENTY-FIVE  YEAR  RETIREMENT
PROGRAM  AT  THE  TIME  SO SPECIFIED FOR HIS OR HER RETIREMENT; SHALL BE
RETIRED PURSUANT TO THE  PROVISIONS  OF  THIS  SECTION  AFFORDING  EARLY
SERVICE RETIREMENT.
  2.  NOTWITHSTANDING  ANY  OTHER  PROVISION OF LAW TO THE CONTRARY, THE
EARLY SERVICE RETIREMENT BENEFIT FOR A PARTICIPANT  IN  THE  TWENTY-FIVE
YEAR  RETIREMENT  PROGRAM  WHO RETIRES PURSUANT TO PARAGRAPH ONE OF THIS
SUBDIVISION SHALL BE A RETIREMENT ALLOWANCE CONSISTING OF:
  (I) AN AMOUNT, ON ACCOUNT OF THE REQUIRED MINIMUM PERIOD  OF  SERVICE,
EQUAL  TO THE SUMS OF (A) AN ANNUITY WHICH SHALL BE THE ACTUARIAL EQUIV-
ALENT OF THE ACCUMULATED DEDUCTIONS FROM HIS  OR  HER  PAY  DURING  SUCH
PERIOD,  (B)  A  PENSION  FOR INCREASED-TAKE-HOME-PAY WHICH SHALL BE THE
ACTUARIAL EQUIVALENT OF THE RESERVE FOR INCREASED-TAKE-HOME-PAY TO WHICH
HE OR SHE MAY BE ENTITLED FOR SUCH PERIOD, AND (C) A PENSION WHICH, WHEN
ADDED TO SUCH ANNUITY  AND  SUCH  PENSION  FOR  INCREASED-TAKE-HOME-PAY,
PRODUCES A RETIREMENT ALLOWANCE EQUAL TO FIFTY-FIVE PERCENT OF THE SALA-
RY EARNED OR EARNABLE IN THE YEAR PRIOR TO HIS OR HER RETIREMENT; PLUS
  (II) AN AMOUNT FOR EACH ADDITIONAL YEAR OF ALLOWABLE SERVICE AS A FIRE
PROTECTION  INSPECTOR  MEMBER, OR FRACTION THEREOF, BEYOND SUCH REQUIRED
MINIMUM PERIOD OF SERVICE EQUAL TO ONE AND SEVEN-TENTHS PERCENT  OF  THE
SALARY EARNED OR EARNABLE IN THE YEAR PRIOR TO HIS OR HER RETIREMENT FOR
SUCH  ALLOWABLE SERVICE DURING THE PERIOD FROM THE COMPLETION OF TWENTY-
FIVE YEARS OF ALLOWABLE SERVICE AS A FIRE PROTECTION INSPECTOR MEMBER TO
THE DATE OF RETIREMENT.
  D. VESTING. 1.  A  PARTICIPANT  IN  THE  TWENTY-FIVE  YEAR  RETIREMENT
PROGRAM  WHO:  (I)  DISCONTINUES  SERVICE AS A FIRE PROTECTION INSPECTOR
MEMBER, OTHER THAN BY DEATH  OR  RETIREMENT;  AND  (II)  PRIOR  TO  SUCH
DISCONTINUANCE, COMPLETED FIVE BUT LESS THAN TWENTY-FIVE YEARS OF ALLOW-
ABLE  CITY  SERVICE; AND (III) DOES NOT WITHDRAW IN WHOLE OR IN PART HIS
OR HER ACCUMULATED MEMBER CONTRIBUTIONS PURSUANT TO  SECTION  13-141  OF
THIS  CHAPTER, 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)  SUCH VESTED BENEFIT SHALL BECOME PAYABLE ON THE EARLIEST DATE ON
WHICH SUCH DISCONTINUED MEMBER COULD HAVE RETIRED FOR  SERVICE  IF  SUCH
DISCONTINUANCE HAD NOT OCCURRED.
  3.  SUCH  DEFERRED  VESTED  BENEFIT  SHALL  BE  A RETIREMENT ALLOWANCE
CONSISTING OF AN AMOUNT EQUAL TO TWO  AND  TWO-TENTHS  PERCENT  OF  SUCH
DISCONTINUED MEMBER'S SALARY EARNED OR EARNABLE IN THE YEAR PRIOR TO HIS
OR  HER  DISCONTINUANCE,  MULTIPLIED BY THE NUMBER OF YEARS OF ALLOWABLE
SERVICE AS A FIRE PROTECTION MEMBER.
  E. MEMBER CONTRIBUTIONS. ALL FIRE PROTECTION INSPECTOR MEMBERS OF  THE
TWENTY-FIVE  YEAR  RETIREMENT  PROGRAM  SHALL BE REQUIRED TO MAKE MEMBER
CONTRIBUTIONS AND ADDITIONAL MEMBER CONTRIBUTIONS IN ACCORDANCE WITH AND
SUBJECT TO THE SAME RIGHTS, PRIVILEGES, OBLIGATIONS  AND  PROCEDURES  AS
GOVERN  THE  MEMBER  CONTRIBUTIONS  AND  ADDITIONAL MEMBER CONTRIBUTIONS
REQUIRED BY SUBDIVISION D OF SECTION FOUR HUNDRED  FORTY-FIVE-J  OF  THE
RETIREMENT AND SOCIAL SECURITY LAW.

S. 7872                             4

  FOR THE PURPOSE OF APPLYING UNDER THIS SUBDIVISION, SUCH SUBDIVISION D
OF  SECTION FOUR HUNDRED FORTY-FIVE-J OF THE RETIREMENT AND SOCIAL SECU-
RITY LAW TO A FIRE PROTECTION INSPECTOR MEMBER OF THE  TWENTY-FIVE  YEAR
RETIREMENT PROGRAM WHO IS SUBJECT TO THE PROVISIONS OF THIS SECTION, AND
IS NOT SUBJECT TO THE PROVISIONS OF ARTICLE ELEVEN OF THE RETIREMENT AND
SOCIAL SECURITY LAW, THE TERM "CREDITED SERVICE," AS USED IN SUCH SUBDI-
VISION,  SHALL  BE DEEMED TO MEAN ALLOWABLE SERVICE AS A FIRE PROTECTION
INSPECTOR MEMBER.
  S 2. Subdivision a of section 444 of the retirement and social securi-
ty law, as amended by section 141 of subpart B of part C of  chapter  62
of the laws of 2011, is amended to read as follows:
  a.  Except as provided in subdivision c of section four hundred forty-
five-a of this article, subdivision c of  section  four  hundred  forty-
five-b  of  this  article,  subdivision c of section four hundred forty-
five-c  of  this  article,  subdivision  c  of  section   four   hundred
forty-five-d  of  this article as added by chapter four hundred seventy-
two of the laws  of  nineteen  hundred  ninety-five,  subdivision  c  of
section  four  hundred  forty-five-e  of  this article, subdivision c of
section four hundred forty-five-f of this article [and],  subdivision  c
of  section  four hundred forty-five-h of this article AND SUBDIVISION C
OF SECTION FOUR HUNDRED FORTY-FIVE-J,  the  maximum  retirement  benefit
computed without optional modification provided to a member of a retire-
ment system who is subject to the provisions of this article, other than
a  police officer, a firefighter, an investigator member of the New York
city employees' retirement system, a member of the  uniformed  personnel
in  institutions  under the jurisdiction of the New York city department
of correction who receives a performance of duty  disability  retirement
allowance, a member of the uniformed personnel in institutions under the
jurisdiction  of the department of corrections and community supervision
or a security hospital treatment assistant, as those terms  are  defined
in  subdivision i of section eighty-nine of this chapter, who receives a
performance of duty disability  retirement  allowance,  a  member  of  a
teachers' retirement system, New York city employees' retirement system,
New  York  city  board of education retirement system or a member of the
New York state and local employees' retirement system or a member of the
New York city employees' retirement system or New  York  city  board  of
education  retirement  system  employed  as  a  special officer, parking
control specialist, school safety agent, campus peace officer, taxi  and
limousine inspector or a police communications member and who receives a
performance  of  duty  disability  pension,  from funds other than those
based on a member's own or increased-take-home-pay contributions, shall,
before any reduction for early retirement, be sixty per  centum  of  the
first  fifteen  thousand  three hundred dollars of final average salary,
and fifty per centum of final average salary in excess of fifteen  thou-
sand three hundred dollars, and forty per centum of final average salary
in  excess  of  twenty-seven  thousand  three hundred dollars, provided,
however, that the benefits provided by subdivision  c  of  section  four
hundred  forty-five-d  of  this article as added by chapter four hundred
seventy-two of the laws of nineteen hundred ninety-five based  upon  the
additional  member  contributions  required  by  subdivision  d  of such
section four hundred  forty-five-d  shall  be  subject  to  the  maximum
retirement  benefit  computations set forth in this section. The maximum
retirement benefit computed without optional modification payable  to  a
police  officer,  an investigator member of the New York city employees'
retirement system  or  a  firefighter  shall  equal  that  payable  upon
completion  of  thirty years of service, except that the maximum service

S. 7872                             5

retirement benefit computed without optional  modification  shall  equal
that payable upon completion of thirty-two years of service.
  S 3. Subdivision a of section 445 of the retirement and social securi-
ty  law,  as  amended  by chapter 295 of the laws of 2007, is amended to
read as follows:
  a. No member of a retirement system who is subject to  the  provisions
of this article shall retire without regard to age, exclusive of retire-
ment  for  disability,  unless he OR SHE is a policeman, an investigator
member of the New  York  city  employees'  retirement  system,  fireman,
correction  officer,  a  qualifying member as defined in section eighty-
nine-t, as added by chapter six hundred fifty-seven of the laws of nine-
teen hundred ninety-eight, of this chapter, sanitation  man,  a  special
officer (including persons employed by the city of New York in the title
urban  park ranger or associate urban park ranger), school safety agent,
campus peace officer or a taxi and limousine commission inspector member
of the New York city employees' retirement system or the New  York  city
board  of  education  retirement  system, a dispatcher member of the New
York city employees' retirement system, a police  communications  member
of  the New York city employees' retirement system, an EMT member of the
New York city employees' retirement system, a deputy sheriff  member  of
the  New  York  city  employees'  retirement  system,  A FIRE PROTECTION
INSPECTOR MEMBER OF THE NEW YORK CITY EMPLOYEES'  RETIREMENT  SYSTEM,  a
correction  officer  of  the Westchester county correction department as
defined in section eighty-nine-e of this chapter or employed in  Suffolk
county as a peace officer, as defined in section eighty-nine-s, as added
by  chapter  five  hundred  eighty-eight of the laws of nineteen hundred
ninety-seven,  of  this  chapter,  employed  in  Suffolk  county  as   a
correction officer, as defined in section eighty-nine-f of this chapter,
or  employed  in  Nassau  county  as  a  correction  officer,  uniformed
correction division personnel, sheriff, undersheriff or deputy  sheriff,
as  defined  in  section  eighty-nine-g  of this chapter, or employed in
Nassau county as an ambulance medical technician, an  ambulance  medical
technician/supervisor or a member who performs ambulance medical techni-
cian  related  services, as defined in section eighty-nine-s, as amended
by chapter five hundred seventy-eight of the laws  of  nineteen  hundred
ninety-eight,  of  this chapter, or employed in Nassau county as a peace
officer, as defined in section eighty-nine-s, as added by  chapter  five
hundred  ninety-five  of  the  laws of nineteen hundred ninety-seven, of
this chapter, or employed in Albany county as a  sheriff,  undersheriff,
deputy sheriff, correction officer or identification officer, as defined
in  section eighty-nine-h of this chapter or is employed in St. Lawrence
county as a sheriff, undersheriff, deputy sheriff or correction officer,
as defined in section eighty-nine-i of this chapter or  is  employed  in
Orleans  county as a sheriff, undersheriff, deputy sheriff or correction
officer, as defined in section  eighty-nine-l  of  this  chapter  or  is
employed  in Jefferson county as a sheriff, undersheriff, deputy sheriff
or correction officer, as defined in section eighty-nine-j of this chap-
ter or is employed in Onondaga county as a deputy sheriff-jail  division
competitively  appointed  or  as  a  correction  officer,  as defined in
section eighty-nine-k of this chapter or is employed in a  county  which
makes  an  election under subdivision j of section eighty-nine-p of this
chapter as a sheriff, undersheriff, deputy sheriff or correction officer
as defined in such section eighty-nine-p or is employed in Broome County
as a sheriff, undersheriff, deputy sheriff  or  correction  officer,  as
defined  in  section eighty-nine-m of this chapter or is a Monroe county
deputy sheriff-court security, or deputy sheriff-jailor  as  defined  in

S. 7872                             6

section  eighty-nine-n, as added by chapter five hundred ninety-seven of
the laws of nineteen hundred ninety-one, of this chapter or is  employed
in   Greene  county  as  a  sheriff,  undersheriff,  deputy  sheriff  or
correction  officer, as defined in section eighty-nine-o of this chapter
or is a traffic officer with the town of Elmira as  defined  in  section
eighty-nine-q of this chapter or is employed by Suffolk county as a park
police  officer,  as defined in section eighty-nine-r of this chapter or
is a peace officer employed by a county probation department as  defined
in  section  eighty-nine-t, as added by chapter six hundred three of the
laws of nineteen hundred ninety-eight, of this chapter or is employed in
Rockland county as a deputy sheriff-civil as defined in section  eighty-
nine-v of this chapter as added by chapter four hundred forty-one of the
laws of two thousand one, or is employed in Rockland county as a superi-
or  correction officer as defined in section eighty-nine-v of this chap-
ter as added by chapter five hundred fifty-six of the laws of two  thou-
sand one or is a paramedic employed by the police department in the town
of  Tonawanda  and retires under the provisions of section eighty-nine-v
of this chapter, as added by chapter four  hundred  seventy-two  of  the
laws  of two thousand one, or is a county fire marshal, supervising fire
marshal, fire marshal, assistant  fire  marshal,  assistant  chief  fire
marshal  or  chief  fire  marshal  employed  by  the county of Nassau as
defined in section eighty-nine-w of this chapter and is in a plan  which
permits  immediate  retirement  upon completion of a specified period of
service without regard to age. Except as provided in  subdivision  c  of
section  four  hundred  forty-five-a  of  this article, subdivision c of
section four hundred forty-five-b of  this  article,  subdivision  c  of
section  four  hundred  forty-five-c  of  this article, subdivision c of
section four hundred forty-five-d of  this  article,  subdivision  c  of
section  four  hundred  forty-five-e  of  this article, subdivision c of
section four hundred forty-five-f of this article [and],  subdivision  c
of  section four hundred forty-five-h of this article, AND SUBDIVISION C
OF SECTION FOUR HUNDRED FORTY-FIVE-J OF THIS ARTICLE, a member in such a
plan and such an occupation, other  than  a  policeman  or  investigator
member  of  the New York city employees' retirement system or a fireman,
shall not be permitted to retire prior to the completion of  twenty-five
years  of  credited service; provided, however, if such a member in such
an occupation is in a plan which permits retirement upon  completion  of
twenty  years  of  service  regardless of age, he OR SHE may retire upon
completion of  twenty  years  of  credited  service  and  prior  to  the
completion  of twenty-five years of service, but in such event the bene-
fit provided from funds other than those based on such  a  member's  own
contributions  shall  not  exceed two per centum of final average salary
per each year of credited service.
  S 4. The retirement and social security law is amended by adding a new
section 445-j to read as follows:
  S 445-J. OPTIONAL TWENTY-FIVE YEAR IMPROVED BENEFIT RETIREMENT PROGRAM
FOR FIRE PROTECTION INSPECTOR MEMBERS.  A.  DEFINITIONS.  THE  FOLLOWING
WORDS AND PHRASES AS USED IN THIS SECTION SHALL HAVE THE FOLLOWING MEAN-
INGS UNLESS A DIFFERENT MEANING IS PLAINLY REQUIRED BY THE CONTEXT.
  1. "RETIREMENT SYSTEM" SHALL MEAN THE NEW YORK CITY EMPLOYEES' RETIRE-
MENT SYSTEM.
  2.  "FIRE  PROTECTION INSPECTOR MEMBER" SHALL MEAN (I) A MEMBER OF THE
RETIREMENT SYSTEM WHO IS SUBJECT TO THE PROVISIONS OF THIS ARTICLE,  WHO
IS EMPLOYED BY THE CITY OF NEW YORK OR BY THE NEW YORK CITY FIRE DEPART-
MENT IN A TITLE WHOSE DUTIES ARE THOSE OF A FIRE PROTECTION INSPECTOR OR
ASSOCIATE FIRE PROTECTION INSPECTOR; AND (II) A MEMBER OF THE RETIREMENT

S. 7872                             7

SYSTEM  WHO,  ON  THE DATE THIS ACT SHALL TAKE EFFECT OR THEREAFTER, WAS
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 AND WHO, SUBSEQUENT THERETO, BECAME
EMPLOYED BY THE CITY OF NEW YORK OR BY THE NEW YORK CITY FIRE DEPARTMENT
IN A TITLE WHOSE DUTIES  REQUIRE  THE  SUPERVISION  OF  EMPLOYEES  WHOSE
DUTIES  ARE  THOSE  OF  A  FIRE  PROTECTION  INSPECTOR OR ASSOCIATE FIRE
PROTECTION INSPECTOR.
  3. "TWENTY-FIVE YEAR IMPROVED BENEFIT RETIREMENT PROGRAM"  SHALL  MEAN
ALL THE TERMS AND CONDITIONS OF THIS SECTION.
  4.  "STARTING DATE OF THE TWENTY-FIVE YEAR IMPROVED BENEFIT RETIREMENT
PROGRAM" SHALL MEAN THE DATE OF ENACTMENT OF THE ACT  WHICH  ADDED  THIS
SECTION,  AS SUCH DATE IS CERTIFIED PURSUANT TO SECTION FORTY-ONE OF THE
LEGISLATIVE LAW.
  5. "PARTICIPANT IN THE TWENTY-FIVE YEAR  IMPROVED  BENEFIT  RETIREMENT
PROGRAM"  SHALL MEAN ANY FIRE PROTECTION INSPECTOR MEMBER WHO, UNDER THE
APPLICABLE PROVISIONS OF SUBDIVISION B OF THIS SECTION, IS  ENTITLED  TO
THE RIGHTS, BENEFITS AND PRIVILEGES AND IS SUBJECT TO THE OBLIGATIONS OF
THE  TWENTY-FIVE YEAR IMPROVED BENEFIT RETIREMENT PROGRAM, AS APPLICABLE
TO HIM OR HER.
  6. "ADMINISTRATIVE CODE" SHALL MEAN THE  ADMINISTRATIVE  CODE  OF  THE
CITY OF NEW YORK.
  7.  "ACCUMULATED  DEDUCTIONS"  SHALL  MEAN  ACCUMULATED  DEDUCTIONS AS
DEFINED IN SUBDIVISION ELEVEN OF SECTION 13-101  OF  THE  ADMINISTRATIVE
CODE.
  8. "OPTIONAL RETIREMENT PROVISIONS" SHALL MEAN THE RIGHT TO RETIRE AND
RECEIVE A RETIREMENT ALLOWANCE UNDER THIS SECTION UPON THE COMPLETION OF
TWENTY-FIVE YEARS OF ALLOWABLE SERVICE.
  9. "ALLOWABLE SERVICE" FOR PURPOSES OF THIS SECTION SHALL MEAN (1) ALL
SERVICE  WHILE  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, AND (2) WITH RESPECT
TO AN INDIVIDUAL WHO WAS  EMPLOYED  UPON  THE  EFFECTIVE  DATE  OF  THIS
SECTION  OR  THEREAFTER  IN  A  TITLE  WHOSE  DUTIES ARE THOSE OF A FIRE
PROTECTION INSPECTOR OR ASSOCIATE FIRE PROTECTION  INSPECTOR,  ALL  SUCH
SERVICE  SUBSEQUENT  THERETO  IN A TITLE WHOSE DUTIES REQUIRE THE SUPER-
VISION OF EMPLOYEES WHOSE DUTIES ARE THOSE OF A FIRE PROTECTION  INSPEC-
TOR OR ASSOCIATE FIRE PROTECTION INSPECTOR.
  B.  ELECTION  OF TWENTY-FIVE YEAR IMPROVED BENEFIT RETIREMENT PROGRAM.
1.  SUBJECT TO THE PROVISIONS OF PARAGRAPH FIVE AND SIX OF THIS SUBDIVI-
SION, ANY PERSON WHO IS A FIRE PROTECTION INSPECTOR MEMBER ON THE START-
ING DATE OF THE TWENTY-FIVE YEAR IMPROVED BENEFIT RETIREMENT PROGRAM MAY
ELECT TO BECOME A PARTICIPANT IN THE TWENTY-FIVE YEAR  IMPROVED  BENEFIT
RETIREMENT  PROGRAM BY FILING, WITHIN ONE HUNDRED EIGHTY DAYS AFTER SUCH
STARTING DATE, A DULY EXECUTED APPLICATION FOR SUCH  PARTICIPATION  WITH
THE RETIREMENT SYSTEM, PROVIDED THAT HE OR SHE IS SUCH A FIRE PROTECTION
INSPECTOR MEMBER ON THE DATE SUCH APPLICATION IS FILED.
  2.  SUBJECT TO THE PROVISION OF PARAGRAPHS FIVE AND SIX OF THIS SUBDI-
VISION, ANY PERSON WHO BECOMES A FIRE PROTECTION INSPECTOR MEMBER  AFTER
THE  STARTING  DATE  OF THE TWENTY-FIVE YEAR IMPROVED BENEFIT RETIREMENT
PROGRAM MAY ELECT TO  BECOME  A  PARTICIPANT  IN  THE  TWENTY-FIVE  YEAR
IMPROVED BENEFIT RETIREMENT PROGRAM BY FILING, WITHIN ONE HUNDRED EIGHTY
DAYS  AFTER  BECOMING  SUCH  A  FIRE PROTECTION INSPECTOR MEMBER, A DULY
EXECUTED APPLICATION FOR SUCH PARTICIPATION WITH THE RETIREMENT  SYSTEM,
PROVIDED  THAT  HE  OR SHE IS SUCH A FIRE PROTECTION INSPECTOR MEMBER ON
THE DATE SUCH APPLICATION IS FILED.

S. 7872                             8

  3. ANY ELECTION TO BE A PARTICIPANT IN THE TWENTY-FIVE  YEAR  IMPROVED
BENEFIT RETIREMENT PROGRAM SHALL BE IRREVOCABLE.
  4.  WHERE  ANY  PARTICIPANT  IN  THE TWENTY-FIVE YEAR IMPROVED BENEFIT
RETIREMENT PROGRAM SHALL CEASE TO HOLD A POSITION AS A  FIRE  PROTECTION
INSPECTOR  MEMBER,  HE  OR SHE SHALL CEASE TO BE SUCH A PARTICIPANT AND,
DURING ANY PERIOD IN WHICH SUCH A PERSON  DOES  NOT  HOLD  SUCH  A  FIRE
PROTECTION  INSPECTOR  POSITION, HE OR SHE SHALL NOT BE A PARTICIPANT IN
THE TWENTY-FIVE YEAR IMPROVED BENEFIT RETIREMENT PROGRAM AND  SHALL  NOT
BE ELIGIBLE FOR THE BENEFITS OF SUBDIVISION C OF THIS SECTION.
  5.  WHERE  ANY  PARTICIPANT  IN  THE TWENTY-FIVE YEAR IMPROVED BENEFIT
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, HE OR SHE SHALL AGAIN BECOME SUCH A PARTICIPANT ON THAT
DATE.
  6.  NOTWITHSTANDING  ANY  OTHER  PROVISION OF LAW TO THE CONTRARY, ANY
PERSON WHO IS ELIGIBLE TO BECOME A PARTICIPANT IN THE  TWENTY-FIVE  YEAR
IMPROVED  BENEFIT RETIREMENT PROGRAM PURSUANT TO PARAGRAPH ONE OR TWO OF
THIS SUBDIVISION FOR THE FULL ONE HUNDRED EIGHTY DAY PERIOD PROVIDED FOR
IN SUCH APPLICABLE PARAGRAPH  AND  WHO  FAILS  TO  TIMELY  FILE  A  DULY
EXECUTED  APPLICATION FOR SUCH PARTICIPATION WITH THE RETIREMENT SYSTEM,
SHALL NOT THEREAFTER  BE  ELIGIBLE  TO  BECOME  A  PARTICIPANT  IN  SUCH
PROGRAM.
  C. SERVICE RETIREMENT BENEFITS. NOTWITHSTANDING ANY OTHER PROVISION OF
LAW  TO  THE  CONTRARY,  WHERE  A  PARTICIPANT  IN  THE TWENTY-FIVE YEAR
IMPROVED BENEFIT RETIREMENT PROGRAM, WHO IS OTHERWISE  QUALIFIED  FOR  A
RETIREMENT  ALLOWANCE  PURSUANT TO THE OPTIONAL RETIREMENT PROVISION SET
FORTH IN SUBDIVISION A OF THIS SECTION, HAS MADE AND/OR PAID,  WHILE  HE
OR  SHE  IS  A  FIRE  PROTECTION INSPECTOR MEMBER, ALL ADDITIONAL MEMBER
CONTRIBUTIONS AND INTEREST (IF ANY) REQUIRED BY SUBDIVISION  D  OF  THIS
SECTION, THEN:
  1. THAT PARTICIPANT, WHILE HE OR SHE REMAINS PARTICIPANT, SHALL NOT BE
SUBJECT  TO  THE  PROVISIONS  OF  SUBDIVISION  A OF SECTION FOUR HUNDRED
FORTY-FIVE OF THIS CHAPTER; AND
  2. IF THAT PARTICIPANT, WHILE SUCH A PARTICIPANT, RETIRES FOR SERVICE,
HE OR SHE SHALL NOT BE SUBJECT TO THE PROVISIONS OF SECTION FOUR HUNDRED
FORTY-FOUR OF THIS CHAPTER; AND
  3. HIS OR HER RETIREMENT ALLOWANCE SHALL BE AN AMOUNT, ON  ACCOUNT  OF
THE REQUIRED MINIMUM PERIOD OF SERVICE, EQUAL TO THE SUM OF (I) AN ANNU-
ITY   WHICH  SHALL  BE  THE  ACTUARIAL  EQUIVALENT  OF  THE  ACCUMULATED
DEDUCTIONS FROM HIS OR HER PAY DURING SUCH PERIOD, (II)  A  PENSION  FOR
INCREASED-TAKE-HOME-PAY  WHICH  SHALL BE THE ACTUARIAL EQUIVALENT OF THE
RESERVE FOR INCREASED-TAKE-HOME-PAY TO WHICH HE OR SHE MAY BE  ENTITLED,
FOR  SUCH  PERIOD, AND (III) A PENSION WHICH, WHEN ADDED TO SUCH ANNUITY
AND SUCH PENSION  FOR  INCREASED-TAKE-HOME-PAY,  PRODUCES  A  RETIREMENT
ALLOWANCE  EQUAL  TO  FIFTY  PERCENT OF HIS OR HER FINAL AVERAGE SALARY,
PLUS AN AMOUNT FOR EACH ADDITIONAL YEAR OF ALLOWABLE SERVICE AS  A  FIRE
PROTECTION  INSPECTOR  MEMBER, OR FRACTION THEREOF, BEYOND SUCH REQUIRED
MINIMUM PERIOD OF SERVICE EQUAL TO TWO PERCENT OF HIS OR HER FINAL AVER-
AGE SALARY FOR SUCH ALLOWABLE SERVICE AS  A  FIRE  PROTECTION  INSPECTOR
MEMBER  DURING THE PERIOD FROM COMPLETION OF TWENTY-FIVE YEARS OF ALLOW-
ABLE SERVICE AS A FIRE  PROTECTION  INSPECTOR  MEMBER  TO  THE  DATE  OF
RETIREMENT  BUT NOT TO EXCEED MORE THAN FIVE YEARS OF ADDITIONAL SERVICE
AS A FIRE PROTECTION INSPECTOR MEMBER.
  D. ADDITIONAL MEMBER CONTRIBUTIONS.  1.  IN  ADDITION  TO  THE  MEMBER
CONTRIBUTIONS  REQUIRED  PURSUANT  TO  SECTION  13-125  OR 13-162 OF THE
ADMINISTRATIVE CODE OF THE CITY OF NEW YORK,  EACH  PARTICIPANT  IN  THE

S. 7872                             9

TWENTY-FIVE  YEAR  IMPROVED BENEFIT RETIREMENT PROGRAM SHALL CONTRIBUTE,
SUBJECT TO THE APPLICABLE PROVISIONS OF SECTION 13-125.2 OF THE ADMINIS-
TRATIVE CODE OF THE CITY OF NEW YORK, AN ADDITIONAL SIX PERCENT  OF  HIS
OR  HER  COMPENSATION EARNED FROM ALLOWABLE SERVICE AS A FIRE PROTECTION
INSPECTOR MEMBER, AS A PARTICIPANT  IN  THE  TWENTY-FIVE  YEAR  IMPROVED
BENEFIT  RETIREMENT  PROGRAM, RENDERED ON AND AFTER THE STARTING DATE OF
THE IMPROVED BENEFIT RETIREMENT PROGRAM, AND ALL ALLOWABLE SERVICE AS  A
FIRE  PROTECTION  INSPECTOR  MEMBER  AFTER  SUCH  PERSON  CEASES TO BE A
PARTICIPANT, BUT BEFORE HE OR SHE AGAIN BECOMES A  PARTICIPANT  PURSUANT
TO  PARAGRAPH  FIVE  OF SUBDIVISION B OF THIS SECTION.  A PARTICIPANT IN
THE TWENTY-FIVE YEAR IMPROVED BENEFIT RETIREMENT PROGRAM SHALL  CONTRIB-
UTE  ADDITIONAL  MEMBER  CONTRIBUTIONS UNTIL THE LATER OF THE DATE AS OF
WHICH HE OR SHE IS ELIGIBLE TO RETIRE WITH  THIRTY  YEARS  OF  ALLOWABLE
SERVICE  AS  A  FIRE  PROTECTION  INSPECTOR MEMBER UNDER SUCH RETIREMENT
PROGRAM,  OR  THE  FIRST  ANNIVERSARY  OF  THE  STARTING  DATE  OF   THE
TWENTY-FIVE  YEAR  IMPROVED  BENEFIT  RETIREMENT PROGRAM. THE ADDITIONAL
CONTRIBUTIONS REQUIRED BY THIS SECTION SHALL BE IN  LIEU  OF  ADDITIONAL
MEMBER  CONTRIBUTIONS  REQUIRED BY SUBDIVISION D OF SECTION FOUR HUNDRED
FORTY-FIVE-D OF THIS CHAPTER, AS ADDED BY CHAPTER NINETY-SIX OF THE LAWS
OF  NINETEEN  HUNDRED  NINETY-FIVE,  AND  NO  MEMBER  PAYING  ADDITIONAL
CONTRIBUTIONS  PURSUANT  TO  THIS SECTION SHALL BE REQUIRED TO PAY ADDI-
TIONAL CONTRIBUTIONS PURSUANT TO SUCH  SUBDIVISION  D  OF  SECTION  FOUR
HUNDRED FORTY-FIVE-D OF THIS CHAPTER.
  2.  COMMENCING  WITH  THE  FIRST FULL PAYROLL PERIOD AFTER EACH PERSON
BECOMES A PARTICIPANT IN THE TWENTY-FIVE YEAR IMPROVED  BENEFIT  RETIRE-
MENT  PROGRAM,  ADDITIONAL MEMBER CONTRIBUTIONS AT THE RATE SPECIFIED IN
PARAGRAPH ONE OF THIS SUBDIVISION SHALL  BE  DEDUCTED,  SUBJECT  TO  THE
APPLICABLE  PROVISIONS OF SECTION 13-125.2 OF THE ADMINISTRATIVE CODE OF
THE CITY OF NEW YORK, FROM THE COMPENSATION OF SUCH PARTICIPANT ON  EACH
AND  EVERY PAYROLL OF SUCH PARTICIPANT FOR EACH AND EVERY PAYROLL PERIOD
FOR WHICH HE OR SHE IS SUCH A PARTICIPANT.
  3. (I) SUBJECT TO THE PROVISIONS OF SUBPARAGRAPH (II)  OF  THIS  PARA-
GRAPH,  WHERE  ANY ADDITIONAL MEMBER CONTRIBUTIONS REQUIRED BY PARAGRAPH
ONE OF THIS SUBDIVISION ARE NOT PAID BY DEDUCTIONS FROM A  PARTICIPANT'S
COMPENSATION PURSUANT TO PARAGRAPH TWO OF THIS SUBDIVISION:
  (A)  THAT  PARTICIPANT SHALL BE CHARGED WITH A CONTRIBUTION DEFICIENCY
CONSISTING OF SUCH  UNPAID  AMOUNTS,  TOGETHER  WITH  INTEREST  THEREON,
COMPOUNDED ANNUALLY; AND
  (B)  SUCH  INTEREST  ON  EACH AMOUNT OF UNDEDUCTED CONTRIBUTIONS SHALL
ACCRUE FROM THE END OF THE PAYROLL PERIOD FOR WHICH  SUCH  AMOUNT  WOULD
HAVE BEEN DEDUCTED FROM COMPENSATION IF HE OR SHE HAD BEEN A PARTICIPANT
AT  THE  BEGINNING  OF  THAT PAYROLL PERIOD AND SUCH DEDUCTIONS HAD BEEN
REQUIRED FOR SUCH PAYROLL PERIOD  UNTIL  SUCH  AMOUNT  IS  PAID  TO  THE
RETIREMENT SYSTEM; AND
  (C)  (1)  INTEREST  ON EACH SUCH AMOUNT INCLUDED IN SUCH PARTICIPANT'S
CONTRIBUTION DEFICIENCY PURSUANT TO THIS SUBPARAGRAPH  SHALL  BE  CALCU-
LATED  AS IF SUCH ADDITIONAL MEMBER CONTRIBUTIONS NEVER HAD 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 CONTRIBUTION
IS  ATTRIBUTABLE,  COMPOUNDED ANNUALLY, UNTIL SUCH AMOUNT IS PAID TO THE
RETIREMENT SYSTEM;
  (2) 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;

S. 7872                            10

  (II) EXCEPT AS PROVIDED IN SUBPARAGRAPH (III) OF  THIS  PARAGRAPH,  NO
INTEREST  SHALL  BE DUE ON ANY UNPAID ADDITIONAL CONTRIBUTIONS WHICH ARE
NOT ATTRIBUTABLE TO THE PERIOD PRIOR TO THE FIRST  FULL  PAYROLL  PERIOD
REFERRED TO IN PARAGRAPH TWO OF THIS SUBDIVISION;
  (III)  SHOULD  ANY  PERSON  WHO,  PURSUANT  TO PARAGRAPH SEVEN OF THIS
SUBDIVISION HAS WITHDRAWN ANY ADDITIONAL MEMBER CONTRIBUTIONS  (AND  ANY
INTEREST  PAID  THEREON)  AGAIN  BECOME A PARTICIPANT IN THE TWENTY-FIVE
YEAR IMPROVED BENEFIT RETIREMENT PROGRAM PURSUANT TO PARAGRAPH  FIVE  OF
SUBDIVISION  B  OF THIS SECTION, AN APPROPRIATE AMOUNT SHALL BE INCLUDED
IN SUCH PARTICIPANT'S CONTRIBUTION DEFICIENCY (INCLUDING INTEREST THERE-
ON AS CALCULATED PURSUANT TO THIS PARAGRAPH) FOR  ANY  CREDITED  SERVICE
WITH RESPECT TO WHICH SUCH PERSON RECEIVED A REFUND OF ADDITIONAL MEMBER
CONTRIBUTIONS  (INCLUDING ANY AMOUNT OF AN UNPAID LOAN BALANCE DEEMED TO
HAVE BEEN RETURNED TO SUCH PERSON PURSUANT TO PARAGRAPH  SEVEN  OF  THIS
SUBDIVISION),  AS IF SUCH ADDITIONAL MEMBER CONTRIBUTIONS NEVER HAD BEEN
PAID.
  4. THE BOARD OF TRUSTEES OF THE RETIREMENT SYSTEM MAY, CONSISTENT WITH
THE PROVISIONS OF  THIS  SUBDIVISION,  PROMULGATE  REGULATIONS  FOR  THE
PAYMENT OF THE ADDITIONAL MEMBER CONTRIBUTIONS REQUIRED BY THIS SUBDIVI-
SION, AND ANY INTEREST THEREON, BY A PARTICIPANT IN THE TWENTY-FIVE YEAR
IMPROVED  BENEFIT  RETIREMENT  PROGRAM  (INCLUDING THE DEDUCTION OF SUCH
CONTRIBUTIONS, AND ANY INTEREST THEREON, FROM HIS OR HER COMPENSATION).
  5. 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 HIM OR HER PURSUANT TO PARAGRAPH THREE OF THIS
SUBDIVISION, OR REPAY THE ENTIRE AMOUNT OF A LOAN OF HIS  OR  HER  ADDI-
TIONAL MEMBER CONTRIBUTIONS PURSUANT TO PARAGRAPH EIGHT OF THIS SUBDIVI-
SION (INCLUDING ACCRUED INTEREST ON SUCH LOAN), THAT PARTICIPANT, NEVER-
THELESS,  SHALL  BE ELIGIBLE TO RETIRE PURSUANT TO SUBDIVISION C OF THIS
SECTION, PROVIDED, HOWEVER, THAT WHERE SUCH PARTICIPANT IS NOT  ENTITLED
TO  A  REFUND  OF  ADDITIONAL MEMBER CONTRIBUTIONS PURSUANT TO PARAGRAPH
SEVEN OF THIS SUBDIVISION, SUCH PARTICIPANT'S SERVICE RETIREMENT BENEFIT
CALCULATED PURSUANT TO THE APPLICABLE PROVISIONS  OF  SUBDIVISION  C  OF
THIS  SECTION  SHALL BE REDUCED BY A LIFE ANNUITY (CALCULATED IN ACCORD-
ANCE WITH THE METHOD SET FORTH IN SUBDIVISION I OF SECTION  SIX  HUNDRED
THIRTEEN-B  OF THIS CHAPTER) WHICH IS ACTUARIALLY EQUIVALENT TO: (I) THE
AMOUNT OF ANY UNPAID CONTRIBUTION DEFICIENCY CHARGEABLE TO  SUCH  MEMBER
PURSUANT TO PARAGRAPH THREE OF THIS SUBDIVISION; PLUS (II) THE AMOUNT OF
ANY  UNPAID  BALANCE  OF A LOAN OF HIS OR HER ADDITIONAL MEMBER CONTRIB-
UTIONS PURSUANT  TO  PARAGRAPH  EIGHT  OF  THIS  SUBDIVISION  (INCLUDING
ACCRUED INTEREST ON SUCH LOAN).
  6.  SUBJECT  TO  THE PROVISIONS OF PARAGRAPH FIVE OF THIS SUBDIVISION,
WHERE A PARTICIPANT HAS NOT PAID IN  FULL  ANY  CONTRIBUTION  DEFICIENCY
CHARGEABLE  TO  HIM  OR HER PURSUANT TO PARAGRAPH THREE OF THIS SUBDIVI-
SION, AND A BENEFIT, OTHER THAN  A  REFUND  OF  A  MEMBER'S  ACCUMULATED
DEDUCTIONS  OR  A  REFUND OF ADDITIONAL MEMBER CONTRIBUTIONS PURSUANT TO
PARAGRAPH SEVEN OF THIS SUBDIVISION, BECOMES PAYABLE BY  THE  RETIREMENT
SYSTEM  TO  THE  PARTICIPANT  OR TO HIS OR HER DESIGNATED BENEFICIARY OR
ESTATE, THE ACTUARIAL EQUIVALENT OF ANY  SUCH  UNPAID  AMOUNT  SHALL  BE
DEDUCTED FROM THE BENEFIT OTHERWISE PAYABLE.
  7.  (I)  ALL ADDITIONAL MEMBER CONTRIBUTIONS REQUIRED BY THIS SUBDIVI-
SION (AND ANY INTEREST THEREON) WHICH ARE  RECEIVED  BY  THE  RETIREMENT
SYSTEM  SHALL  BE PAID INTO ITS CONTINGENT RESERVE FUND AND SHALL BE THE
PROPERTY OF THE RETIREMENT SYSTEM. SUCH ADDITIONAL MEMBER  CONTRIBUTIONS
(AND  ANY  INTEREST  THEREON)  SHALL NOT FOR ANY PURPOSE BE DEEMED TO BE

S. 7872                            11

MEMBER CONTRIBUTIONS OR  ACCUMULATED  DEDUCTIONS  OF  A  MEMBER  OF  THE
RETIREMENT  SYSTEM  UNDER SECTION 13-125 OR 13-162 OF THE ADMINISTRATIVE
CODE OF THE CITY OF NEW YORK WHILE HE OR SHE IS  A  PARTICIPANT  IN  THE
TWENTY-FIVE YEAR IMPROVED BENEFIT RETIREMENT PROGRAM OR OTHERWISE.
  (II)  SHOULD  A  PARTICIPANT  IN THE TWENTY-FIVE YEAR IMPROVED BENEFIT
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,  HIS  OR HER ACCUMULATED ADDITIONAL MEMBER
CONTRIBUTIONS MADE PURSUANT  TO  THIS  SUBDIVISION  (TOGETHER  WITH  ANY
INTEREST THEREON PAID TO THE RETIREMENT SYSTEM) WHICH REMAIN CREDITED TO
SUCH  PARTICIPANT'S  ACCOUNT  MAY BE WITHDRAWN BY HIM OR HER PURSUANT TO
PROCEDURES PROMULGATED IN REGULATIONS OF THE BOARD OF  TRUSTEES  OF  THE
RETIREMENT  SYSTEM, TOGETHER WITH INTEREST THEREON AT THE RATE OF INTER-
EST REQUIRED BY LAW TO BE USED TO CREDIT  INTEREST  ON  THE  ACCUMULATED
DEDUCTIONS OF RETIREMENT SYSTEM MEMBERS 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  SUBDI-
VISION  OR  ANY INTEREST PAID THEREON, EXCEPT PURSUANT TO AND IN ACCORD-
ANCE WITH THE PRECEDING SUBPARAGRAPHS OF THIS PARAGRAPH; AND
  (B) NO PERSON, WHILE HE OR SHE IS A  PARTICIPANT  IN  THE  TWENTY-FIVE
YEAR IMPROVED BENEFIT RETIREMENT PROGRAM, SHALL BE PERMITTED TO WITHDRAW
ANY  SUCH  ADDITIONAL  MEMBER CONTRIBUTIONS OR ANY INTEREST PAID THEREON
PURSUANT TO ANY OF THE PRECEDING  SUBPARAGRAPHS  OF  THIS  PARAGRAPH  OR
OTHERWISE.
  8.  A  PARTICIPANT IN THE TWENTY-FIVE YEAR IMPROVED BENEFIT RETIREMENT
PROGRAM SHALL BE PERMITTED TO BORROW FROM HIS OR HER  ADDITIONAL  MEMBER
CONTRIBUTIONS,  INCLUDING  ANY INTEREST PAID THEREON, WHICH ARE CREDITED
TO THE ADDITIONAL CONTRIBUTIONS ACCOUNT ESTABLISHED FOR SUCH PARTICIPANT
IN THE CONTINGENT RESERVE FUND OF THE RETIREMENT SYSTEM.  THE  BORROWING
FROM  SUCH  ADDITIONAL  MEMBER  CONTRIBUTIONS PURSUANT TO THIS PARAGRAPH
SHALL BE GOVERNED BY THE SAME RIGHTS, PRIVILEGES, OBLIGATIONS AND PROCE-
DURES SET FORTH IN SECTION SIX HUNDRED THIRTEEN-B OF THIS CHAPTER  WHICH
GOVERN THE BORROWING BY MEMBERS SUBJECT TO ARTICLE FIFTEEN OF THIS CHAP-
TER  OF  MEMBER CONTRIBUTIONS MADE PURSUANT TO SECTION SIX HUNDRED THIR-
TEEN OF THIS CHAPTER. 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  CHAPTER  AS  MADE
APPLICABLE  TO  THIS  SUBDIVISION,  PROMULGATE REGULATIONS GOVERNING THE
BORROWING OF SUCH ADDITION MEMBER CONTRIBUTIONS.
  9. WHEREVER A PERSON HAS AN UNPAID BALANCE OF A LOAN  OF  HIS  OR  HER
ADDITIONAL  MEMBER  CONTRIBUTIONS  PURSUANT  TO  PARAGRAPH EIGHT OF THIS
SUBDIVISION AT THE TIME HE OR SHE BECOMES ENTITLED TO A REFUND OF HIS OR
HER ADDITIONAL MEMBER CONTRIBUTIONS PURSUANT  TO  SUBPARAGRAPH  (II)  OF
PARAGRAPH  SEVEN  OF  THIS  SUBDIVISION,  THE AMOUNT OF SUCH UNPAID LOAN
BALANCE (INCLUDING ACCRUED  INTEREST)  SHALL  BE  DEEMED  TO  HAVE  BEEN
RETURNED TO SUCH MEMBER, AND THE REFUND OF SUCH ADDITIONAL CONTRIBUTIONS
SHALL  BE  THE  NET AMOUNT OF SUCH CONTRIBUTIONS, TOGETHER WITH INTEREST
THEREON IN ACCORDANCE WITH THE PROVISIONS OF SUCH SUBPARAGRAPH.
  10. NOTWITHSTANDING ANY OTHER PROVISION OF LAW TO  THE  CONTRARY,  THE
PROVISIONS  OF  SECTION ONE HUNDRED THIRTY-EIGHT-B OF THIS CHAPTER SHALL
NOT BE APPLICABLE TO  THE  ADDITIONAL  MEMBER  CONTRIBUTIONS  WHICH  ARE
REQUIRED BY THIS SUBDIVISION.
  11.  NOTWITHSTANDING  ANY  OTHER PROVISION OF LAW TO THE CONTRARY, THE
ADDITIONAL MEMBER CONTRIBUTIONS WHICH ARE REQUIRED BY  THIS  SUBDIVISION
SHALL NOT BE REDUCED UNDER ANY PROGRAM FOR INCREASED-TAKE-HOME-PAY.

S. 7872                            12

  E.  THE  PROVISIONS  OF THIS SECTION SHALL NOT BE CONSTRUED TO PROVIDE
BENEFITS TO ANY PARTICIPANT IN THE  TWENTY-FIVE  YEAR  IMPROVED  BENEFIT
RETIREMENT  PROGRAM WHICH ARE GREATER THAN THOSE WHICH WOULD BE RECEIVED
BY A SIMILARLY SITUATED MEMBER WHO IS ENTITLED  TO  BENEFITS  UNDER  THE
PROVISIONS  OF  SECTION  13-157.2 OF THE ADMINISTRATIVE CODE, BUT WHO IS
NOT GOVERNED BY THE PROVISIONS OF THIS ARTICLE.
  S 5. The retirement and social security law is amended by adding a new
section 604-j to read as follows:
  S 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 DATE OF ENACTMENT 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 HIM OR HER.
  5.  "DISCONTINUED  MEMBER" SHALL MEAN A PARTICIPANT IN THE TWENTY-FIVE
YEAR RETIREMENT PROGRAM WHO, WHILE HE  OR  SHE  WAS  A  FIRE  PROTECTION
INSPECTOR  MEMBER, DISCONTINUED SERVICE AS SUCH A MEMBER AND HAS A RIGHT
TO A DEFERRED VESTED BENEFIT UNDER SUBDIVISION D OF THIS SECTION.
  6. "ADMINISTRATIVE CODE" SHALL MEAN THE  ADMINISTRATIVE  CODE  OF  THE
CITY OF NEW YORK.
  7.  "ALLOWABLE  SERVICE  AS  A FIRE PROTECTION INSPECTOR MEMBER" SHALL
MEAN ALL SERVICE AS A FIRE PROTECTION INSPECTOR MEMBER.
  B. PARTICIPATION IN TWENTY-FIVE YEAR RETIREMENT PROGRAM. 1. SUBJECT TO
THE PROVISIONS OF PARAGRAPHS SIX AND  SEVEN  OF  THIS  SUBDIVISION,  ANY
PERSON WHO IS A FIRE PROTECTION INSPECTOR MEMBER ON THE STARTING DATE OF
THE  TWENTY-FIVE  YEAR  RETIREMENT  PROGRAM  AND  WHO,  AS  SUCH  A FIRE
PROTECTION INSPECTOR MEMBER OR OTHERWISE, LAST  BECAME  SUBJECT  TO  THE
PROVISIONS  OF  THIS  ARTICLE  PRIOR TO SUCH STARTING DATE, MAY ELECT TO
BECOME A PARTICIPANT IN  THE  TWENTY-FIVE  YEAR  RETIREMENT  PROGRAM  BY
FILING,  WITHIN  ONE  HUNDRED EIGHTY DAYS AFTER THE STARTING DATE OF THE
TWENTY-FIVE YEAR RETIREMENT PROGRAM, A  DULY  EXECUTED  APPLICATION  FOR
SUCH  PARTICIPATION WITH THE RETIREMENT SYSTEM OF WHICH SUCH PERSON IS A
MEMBER, PROVIDED HE OR SHE IS 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

S. 7872                            13

MEMBER,  PROVIDED  THAT  HE  OR  SHE IS 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 HE OR
SHE BECOMES 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 MEMBER, HE OR SHE  SHALL
CEASE  TO  BE  SUCH  A  PARTICIPANT AND, DURING ANY PERIOD IN WHICH SUCH
PERSON IS NOT SO EMPLOYED, HE OR SHE SHALL NOT BE A PARTICIPANT  IN  THE
TWENTY-FIVE  YEAR  RETIREMENT  PROGRAM AND SHALL NOT BE ELIGIBLE FOR THE
BENEFITS OF SUBDIVISION C OF THIS SECTION.
  6. WHERE ANY PARTICIPANT IN THE TWENTY-FIVE  YEAR  RETIREMENT  PROGRAM
TERMINATES  SERVICE AS A FIRE PROTECTION INSPECTOR MEMBER AND RETURNS TO
SUCH SERVICE AS A FIRE PROTECTION INSPECTOR MEMBER AT A LATER  DATE,  HE
OR SHE SHALL AGAIN BECOME SUCH A PARTICIPANT ON THAT DATE.
  7. NOTWITHSTANDING ANY OTHER PROVISION OF THE LAW TO THE CONTRARY, ANY
PERSON  WHO  IS  ELIGIBLE  TO  ELECT  TO  BECOME  A  PARTICIPANT  IN THE
TWENTY-FIVE YEAR RETIREMENT PROGRAM PURSUANT TO PARAGRAPH ONE OR TWO  OF
THIS SUBDIVISION FOR THE FULL ONE HUNDRED EIGHTY DAY PERIOD PROVIDED FOR
IN  SUCH  APPLICABLE  PARAGRAPH  AND  WHO  FAILS  TO  TIMELY FILE A DULY
EXECUTED APPLICATION FOR SUCH PARTICIPATION WITH THE RETIREMENT  SYSTEM,
SHALL  NOT  THEREAFTER  BE  ELIGIBLE  TO  BECOME  A  PARTICIPANT IN SUCH
PROGRAM.
  C. SERVICE RETIREMENT BENEFITS.  1. A PARTICIPANT IN  THE  TWENTY-FIVE
YEAR RETIREMENT PROGRAM:
  (I)  WHO  HAS COMPLETED TWENTY-FIVE OR MORE YEARS OF ALLOWABLE SERVICE
AS A FIRE PROTECTION 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 HE  OR  SHE  IS  A
MEMBER AN APPLICATION FOR SERVICE RETIREMENT SETTING FORTH AT WHAT TIME,
NOT  LESS THAN THIRTY DAYS SUBSEQUENT TO THE EXECUTION AND FILING THERE-
OF, HE OR SHE DESIRES TO BE RETIRED; AND
  (IV) WHO SHALL BE A PARTICIPANT IN  THE  TWENTY-FIVE  YEAR  RETIREMENT
PROGRAM  AT  THE  TIME  SO SPECIFIED FOR HIS OR HER RETIREMENT, SHALL BE
RETIRED PURSUANT TO THE  PROVISIONS  OF  THIS  SECTION  AFFORDING  EARLY
SERVICE RETIREMENT.
  2.  NOTWITHSTANDING  AN  OTHER  PROVISION  OF LAW TO THE CONTRARY, AND
SUBJECT TO THE PROVISIONS OF PARAGRAPH SIX  OF  SUBDIVISION  E  OF  THIS
SECTION,  THE  EARLY  SERVICE RETIREMENT BENEFIT FOR PARTICIPANTS IN THE
TWENTY-FIVE YEAR RETIREMENT PROGRAM WHO RETIRE PURSUANT TO PARAGRAPH ONE
OF THIS SUBDIVISION SHALL BE A RETIREMENT ALLOWANCE CONSISTING OF:
  (I) AN AMOUNT, ON ACCOUNT OF THE REQUIRED MINIMUM PERIOD  OF  SERVICE,
EQUAL TO FIFTY PERCENT OF HIS OR HER FINAL AVERAGE SALARY; PLUS

S. 7872                            14

  (II)  AN  AMOUNT  ON ACCOUNT OF ALLOWABLE SERVICE AS A FIRE PROTECTION
MEMBER, OR FRACTION THEREOF, BEYOND  SUCH  REQUIRED  MINIMUM  PERIOD  OF
SERVICE  EQUAL TO TWO PERCENT OF HIS OR HER FINAL SALARY FOR SUCH ALLOW-
ABLE SERVICE  AS  A  FIRE  PROTECTION  MEMBER  DURING  THE  PERIOD  FROM
COMPLETION   OF  TWENTY-FIVE  YEARS  OF  ALLOWABLE  SERVICE  AS  A  FIRE
PROTECTION MEMBER TO THE DATE OF RETIREMENT BUT NOT TO EXCEED MORE  THAN
FIVE YEARS OF ADDITIONAL SERVICE AS A FIRE PROTECTION 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)  IN  THE CASE OF A PARTICIPANT WHO IS NOT A NEW YORK CITY REVISED
PLAN MEMBER, WHO PRIOR TO SUCH DISCONTINUANCE, COMPLETED FIVE  BUT  LESS
THAN  THAN  TWENTY-FIVE  YEARS OF ALLOWABLE SERVICE AS A FIRE PROTECTION
MEMBER OR, IN THE CASE OF A PARTICIPANT WHO IS A NEW YORK  CITY  REVISED
PLAN  MEMBER,  WHO  PRIOR TO SUCH DISCONTINUANCE, COMPLETED TEN BUT LESS
THAN TWENTY-FIVE YEARS OF ALLOWABLE SERVICE AS A FIRE PROTECTION 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 HIS OR HER  ACCUMULATED
MEMBER  CONTRIBUTIONS  PURSUANT  TO SECTION SIX HUNDRED THIRTEEN OF THIS
ARTICLE UNLESS SUCH PARTICIPANT THEREAFTER RETURNS TO PUBLIC SERVICE AND
REPAYS THE AMOUNTS SO WITHDRAWN, TOGETHER  WITH  INTEREST,  PURSUANT  TO
SUCH  SECTION  SIX  HUNDRED  THIRTEEN;  SHALL  BE  ENTITLED TO RECEIVE A
DEFERRED VESTED BENEFIT AS PROVIDED IN THIS SUBDIVISION.
  2. (I) UPON SUCH DISCONTINUANCE UNDER THE CONDITIONS AND IN COMPLIANCE
WITH THE PROVISIONS OF PARAGRAPH ONE OF THIS SUBDIVISION, SUCH  DEFERRED
VESTED BENEFIT SHALL VEST AUTOMATICALLY.
  (II)  IN  THE CASE OF A PARTICIPANT WHO IS NOT A NEW YORK CITY REVISED
PLAN MEMBER, SUCH VESTED BENEFIT SHALL BECOME PAYABLE  ON  THE  EARLIEST
DATE ON WHICH SUCH DISCONTINUED MEMBER COULD HAVE RETIRED FOR SERVICE IF
SUCH  DISCONTINUANCE  HAD  NOT OCCURRED OR, IN THE CASE OF A PARTICIPANT
WHO IS A NEW YORK CITY REVISED PLAN MEMBER, SUCH  VESTED  BENEFIT  SHALL
BECOME  PAYABLE  AT  AGE SIXTY-THREE. 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 ALLOWABLE 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  HE  OR  SHE  IS  A  MEMBER
(SUBJECT  TO  THE  APPLICABLE PROVISIONS OF SUBDIVISION D OF SECTION SIX
HUNDRED THIRTEEN OF THIS ARTICLE) AN ADDITIONAL SIX PERCENT  OF  HIS  OR
HER COMPENSATION EARNED FROM (I) ALL ALLOWABLE SERVICE, AS A PARTICIPANT
IN  THE  TWENTY-FIVE  YEAR  RETIREMENT PROGRAM, RENDERED ON OR AFTER THE
STARTING DATE OF THE TWENTY-FIVE YEAR RETIREMENT PROGRAM, AND  (II)  ALL
ALLOWABLE  SERVICE  AFTER  SUCH  PERSON  CEASES TO BE A PARTICIPANT, BUT
BEFORE HE OR SHE AGAIN BECOMES A PARTICIPANT PURSUANT TO  PARAGRAPH  SIX
OF  SUBDIVISION B OF THIS SECTION. THE ADDITIONAL CONTRIBUTIONS REQUIRED
BY THIS SECTION SHALL BE IN  LIEU  OF  ADDITIONAL  MEMBER  CONTRIBUTIONS
REQUIRED  BY SUBDIVISION D OF SECTION SIX HUNDRED FOUR-C OF THIS CHAPTER
AS  ADDED  BY  CHAPTER  NINETY-SIX  OF  THE  LAWS  OF  NINETEEN  HUNDRED

S. 7872                            15

NINETY-FIVE,  AND  NO MEMBER MAKING ADDITIONAL CONTRIBUTIONS PURSUANT TO
THIS SECTION SHALL BE REQUIRED TO MAKE CONTRIBUTIONS  PURSUANT  TO  SUCH
SUBDIVISION D OF SECTION SIX HUNDRED FOUR-C OF THIS CHAPTER.
  2.  A  PARTICIPANT  IN  THE  TWENTY-FIVE YEAR RETIREMENT PROGRAM SHALL
CONTRIBUTE ADDITIONAL MEMBER CONTRIBUTIONS UNTIL THE LATER  OF  (I)  THE
FIRST  ANNIVERSARY  OF THE STARTING DATE OF THE TWENTY-FIVE YEAR RETIRE-
MENT PROGRAM, OR (II) THE DATE ON WHICH HE OR SHE COMPLETES 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 HE OR SHE IS
SUCH A PARTICIPANT.
  4. (I) EACH PARTICIPANT IN THE  TWENTY-FIVE  YEAR  RETIREMENT  PROGRAM
SHALL  BE CHARGED WITH A CONTRIBUTION DEFICIENCY CONSISTING OF THE TOTAL
AMOUNTS OF ADDITIONAL MEMBER CONTRIBUTIONS SUCH PERSON  IS  REQUIRED  TO
MAKE  PURSUANT  TO  PARAGRAPHS ONE AND TWO OF THIS SUBDIVISION WHICH ARE
NOT DEDUCTED FROM HIS OR HER COMPENSATION PURSUANT TO PARAGRAPH THREE OF
THIS SUBDIVISION, IF ANY, TOGETHER  WITH  INTEREST  THEREON,  COMPOUNDED
ANNUALLY,  AND  COMPUTED  IN  ACCORDANCE WITH THE PROVISIONS OF SUBPARA-
GRAPHS (II) AND (III) OF THIS PARAGRAPH.
  (II)(A) THE INTEREST REQUIRED TO BE PAID ON EACH SUCH AMOUNT SPECIFIED
IN SUBPARAGRAPH (I) OF THIS PARAGRAPH SHALL ACCRUE FROM THE END  OF  THE
PAYROLL  PERIOD  FOR  WHICH  SUCH  AMOUNT  WOULD HAVE BEEN DEDUCTED FROM
COMPENSATION IF HE OR SHE HAD BEEN A PARTICIPANT  AT  THE  BEGINNING  OF
THAT  PAYROLL  PERIOD  AND  SUCH  DEDUCTION  HAD  BEEN REQUIRED FOR SUCH
PAYROLL PERIOD, UNTIL SUCH AMOUNT IS PAID TO THE RETIREMENT SYSTEM.
  (B) THE RATE OF INTEREST TO BE APPLIED TO EACH SUCH AMOUNT DURING  THE
PERIOD  FOR  WHICH INTEREST ACCRUES ON THAT AMOUNT SHALL BE EQUAL TO THE
RATE OR RATES OF INTEREST REQUIRED BY LAW TO BE USED  DURING  THAT  SAME
PERIOD  TO  CREDIT  INTEREST ON THE ACCUMULATED DEDUCTIONS OF RETIREMENT
SYSTEM MEMBERS.
  (III) EXCEPT AS OTHERWISE PROVIDED IN PARAGRAPH FIVE OF THIS  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 HIS OR HER ADDI-
TIONAL MEMBER CONTRIBUTION INCLUDING ANY INTEREST PAID ON SUCH  CONTRIB-
UTIONS,  AGAIN  BECOME  A PARTICIPANT IN THE TWENTY-FIVE YEAR RETIREMENT
PROGRAM PURSUANT TO PARAGRAPH SIX OF SUBDIVISION B OF THIS  SECTION,  AN
APPROPRIATE  AMOUNT SHALL BE INCLUDED IN SUCH PARTICIPANT'S CONTRIBUTION
DEFICIENCY (INCLUDING INTEREST THEREON AS CALCULATED PURSUANT TO SUBPAR-
AGRAPH (II) OF THIS PARAGRAPH) FOR ANY ALLOWABLE 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

S. 7872                            16

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 HIM OR HER PURSUANT TO PARAGRAPHS FOUR AND FIVE
OF THIS SUBDIVISION, OR REPAY THE ENTIRE AMOUNT OF A LOAN OF HIS OR  HER
ADDITIONAL  MEMBER  CONTRIBUTIONS  PURSUANT  TO PARAGRAPH ELEVEN OF THIS
SUBDIVISION (INCLUDING ACCRUED INTEREST ON SUCH LOAN), THAT PARTICIPANT,
NEVERTHELESS, SHALL BE ELIGIBLE TO RETIRE PURSUANT TO SUBDIVISION  C  OF
THIS SECTION, PROVIDED, HOWEVER, THAT SUCH PARTICIPANT'S SERVICE RETIRE-
MENT  BENEFIT CALCULATED PURSUANT TO PARAGRAPH TWO OF SUCH SUBDIVISION C
SHALL BE REDUCED BY A LIFE ANNUITY (CALCULATED IN  ACCORDANCE  WITH  THE
METHOD  SET  FORTH IN SUBDIVISION I OF SECTION SIX HUNDRED THIRTEEN-B OF
THIS ARTICLE) WHICH IS ACTUARIALLY EQUIVALENT TO:
  (I) THE AMOUNT OF ANY UNPAID  CONTRIBUTION  DEFICIENCY  CHARGEABLE  TO
SUCH  MEMBER  PURSUANT  TO PARAGRAPHS FOUR AND FIVE OF THIS SUBDIVISION;
PLUS
  (II) THE AMOUNT OF ANY UNPAID BALANCE OF A LOAN OF HIS  OR  HER  ADDI-
TIONAL  MEMBER CONTRIBUTIONS PURSUANT TO PARAGRAPH ELEVEN OF THIS SUBDI-
VISION (INCLUDING ACCRUED INTEREST ON SUCH LOAN).
  7. WHERE A PARTICIPANT WHO IS OTHERWISE ELIGIBLE FOR A VESTED RIGHT TO
A DEFERRED BENEFIT PURSUANT TO SUBDIVISION D OF THIS  SECTION  DID  NOT,
PRIOR TO THE DATE OF DISCONTINUANCE OF SERVICE, PAY THE ENTIRE AMOUNT OF
A  CONTRIBUTION  DEFICIENCY  CHARGEABLE  TO HIM OR HER PURSUANT TO PARA-
GRAPHS FOUR AND FIVE OF THIS SUBDIVISION, OR REPAY THE ENTIRE AMOUNT  OF
A  LOAN  OF HIS OR HER ADDITIONAL MEMBER CONTRIBUTIONS PURSUANT TO PARA-
GRAPH ELEVEN OF THIS SUBDIVISION (INCLUDING  ACCRUED  INTEREST  ON  SUCH
LOAN),  THAT  PARTICIPANT,  NEVERTHELESS, SHALL HAVE A VESTED RIGHT TO A
DEFERRED BENEFIT PURSUANT TO SUBDIVISION D  OF  THIS  SECTION  PROVIDED,
HOWEVER,  THAT  THE DEFERRED VESTED BENEFIT CALCULATED PURSUANT TO PARA-
GRAPH THREE OF SUBDIVISION D SHALL BE REDUCED BY A LIFE ANNUITY  (CALCU-
LATED  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 HIS  OR  HER  ADDI-
TIONAL  MEMBER CONTRIBUTIONS PURSUANT TO PARAGRAPH ELEVEN OF THIS SUBDI-
VISION (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 HIM OR HER PURSUANT TO PARAGRAPHS FOUR AND FIVE
OF  THIS  SUBDIVISION,  AND  A  BENEFIT,  OTHER  THAN A REFUND OF MEMBER
CONTRIBUTIONS PURSUANT TO SECTION SIX HUNDRED THIRTEEN OF  THIS  ARTICLE
OR  A REFUND OF ADDITIONAL MEMBER CONTRIBUTIONS PURSUANT TO SUBPARAGRAPH
(II) OF PARAGRAPH TEN OF THIS SUBDIVISION, BECOMES  PAYABLE  UNDER  THIS

S. 7872                            17

ARTICLE  TO  THE  PARTICIPANT OR TO HIS OR HER DESIGNATED BENEFICIARY OR
ESTATE, THE ACTUARIAL EQUIVALENT OF ANY  SUCH  UNPAID  AMOUNT  SHALL  BE
DEDUCTED FROM THE BENEFIT OTHERWISE PAYABLE.
  10.  (I) SUCH ADDITIONAL MEMBER CONTRIBUTIONS (AND ANY INTEREST 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  HE  OR  SHE  IS  A PARTICIPANT IN THE TWENTY-FIVE YEAR
RETIREMENT PROGRAM OR OTHERWISE.
  (II) SHOULD A PARTICIPANT IN THE TWENTY-FIVE YEAR  RETIREMENT  PROGRAM
WHO  HAS  RENDERED  LESS THAN FIFTEEN YEARS OF CREDITED SERVICE CEASE TO
HOLD A POSITION AS A FIRE PROTECTION INSPECTOR  MEMBER  FOR  ANY  REASON
WHATSOEVER,  HIS OR HER ACCUMULATED ADDITIONAL MEMBER CONTRIBUTIONS MADE
PURSUANT TO THIS SUBDIVISION (TOGETHER WITH ANY INTEREST THEREON PAID TO
THE RETIREMENT SYSTEM) MAY BE WITHDRAWN BY HIM OR HER PURSUANT TO PROCE-
DURES PROMULGATED IN REGULATIONS OF THE BOARD OF TRUSTEES OF THE RETIRE-
MENT SYSTEM, TOGETHER WITH INTEREST THEREON AT THE RATE OF FIVE  PERCENT
PER ANNUM, COMPOUNDED ANNUALLY.
  (III)  NOTWITHSTANDING ANY OTHER PROVISION OF LAW TO THE CONTRARY, (A)
NO PERSON SHALL BE PERMITTED TO WITHDRAW FROM THE RETIREMENT SYSTEM  ANY
ADDITIONAL MEMBER CONTRIBUTIONS PAID PURSUANT TO THIS SUBDIVISION OR ANY
INTEREST  PAID  THEREON,  EXCEPT  PURSUANT TO AND IN ACCORDANCE WITH THE
PRECEDING SUBPARAGRAPHS OF THIS PARAGRAPH; AND (B) NO PERSON,  WHILE  HE
OR  SHE  IS  A  PARTICIPANT  IN THE TWENTY-FIVE YEAR RETIREMENT PROGRAM,
SHALL BE PERMITTED TO WITHDRAW ANY SUCH ADDITIONAL MEMBER  CONTRIBUTIONS
OR  ANY  INTEREST PAID THEREON PURSUANT TO ANY OF THE PRECEDING SUBPARA-
GRAPHS OF THIS PARAGRAPH OR OTHERWISE.
  11. A PARTICIPANT IN THE TWENTY-FIVE YEAR RETIREMENT PROGRAM SHALL  BE
PERMITTED  TO  BORROW  FROM  HIS  OR HER ADDITIONAL MEMBER CONTRIBUTIONS
(INCLUDING ANY INTEREST PAID THEREON) WHICH ARE CREDITED  TO  THE  ADDI-
TIONAL  CONTRIBUTIONS  ACCOUNT  ESTABLISHED  FOR SUCH PARTICIPANT IN THE
CONTINGENT RESERVE FUND OF THE RETIREMENT  SYSTEM.  THE  BORROWING  FROM
SUCH ADDITIONAL MEMBER CONTRIBUTIONS PURSUANT TO THIS PARAGRAPH SHALL BE
GOVERNED BY THE RIGHTS, PRIVILEGES, OBLIGATIONS AND PROCEDURES SET FORTH
IN  SECTION  SIX  HUNDRED  THIRTEEN-B  OF  THIS ARTICLE WHICH GOVERN THE
BORROWING OF MEMBER CONTRIBUTIONS MADE PURSUANT TO SECTION  SIX  HUNDRED
THIRTEEN OF THIS ARTICLE. THE BOARD OF TRUSTEES OF THE RETIREMENT SYSTEM
MAY,  CONSISTENT  WITH  THE  PROVISIONS  OF  THIS  SUBDIVISION  AND  THE
PROVISIONS OF SECTION SIX HUNDRED THIRTEEN-B OF  THIS  ARTICLE  AS  MADE
APPLICABLE  TO  THIS  SUBDIVISION,  PROMULGATE REGULATIONS GOVERNING THE
BORROWING OF SUCH ADDITIONAL MEMBER CONTRIBUTIONS.
  12. WHENEVER A PERSON HAS AN UNPAID BALANCE OF A LOAN OR  HIS  OR  HER
ADDITIONAL  MEMBER  CONTRIBUTIONS  PURSUANT  TO PARAGRAPH ELEVEN OF THIS
SUBDIVISION AT THE TIME HE OR SHE BECOMES ENTITLED TO A REFUND OF HIS OR
HER ADDITIONAL MEMBER CONTRIBUTIONS PURSUANT  TO  SUBPARAGRAPH  (II)  OF
PARAGRAPH  TEN  OF  THIS  SUBDIVISION,  THE  AMOUNT  OF SUCH UNPAID LOAN
BALANCE (INCLUDING ACCRUED  INTEREST)  SHALL  BE  DEEMED  TO  HAVE  BEEN
RETURNED TO SUCH MEMBER, AND THE REFUND OF SUCH ADDITIONAL CONTRIBUTIONS
SHALL  BE  THE  NET  AMOUNT OF SUCH CONTRIBUTION, TOGETHER WITH INTEREST
THEREON IN ACCORDANCE WITH THE PROVISIONS OF SUCH SUBPARAGRAPH (II).
  S 6. 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

S. 7872                            18

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 (NOT INCLUDING
ANY ADDITIONAL MEMBER CONTRIBUTIONS DUE FOR  ANY  PERIOD  PRIOR  TO  THE
FIRST  FULL PAYROLL PERIOD REFERRED TO IN PARAGRAPH THREE OF SUCH SUBDI-
VISION 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 HIM OR HER) 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.
  (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.
  S 7. Section 13-125.2 of the administrative code of the  city  of  New
York is amended by adding a new subdivision a-9 to read as follows:
  A-9. NOTWITHSTANDING ANY OTHER PROVISION OF LAW TO THE CONTRARY, ON OR
AFTER  THE  STARTING DATE FOR PICK UP, THE EMPLOYER RESPONSIBLE FOR PICK
UP SHALL, IN THE CASE OF A FIRE PROTECTION INSPECTOR MEMBER (AS  DEFINED
IN  PARAGRAPH  TWO OF SUBDIVISION A OF SECTION FOUR HUNDRED FORTY-FIVE-J
OF THE RETIREMENT AND SOCIAL SECURITY LAW) WHO IS A PARTICIPANT  IN  THE
TWENTY-FIVE  YEAR  IMPROVED  BENEFIT  RETIREMENT  PROGRAM (AS DEFINED IN
PARAGRAPH THREE OF SUCH SUBDIVISION A), PICK UP AND  PAY  TO  RETIREMENT
SYSTEM  ALL  ADDITIONAL  MEMBER  CONTRIBUTIONS  WHICH OTHERWISE WOULD BE
REQUIRED TO BE DEDUCTED FROM  SUCH  MEMBER'S  COMPENSATION  PURSUANT  TO
SUBDIVISION  D  OF  SUCH  SECTION  FOUR  HUNDRED FORTY-FIVE-J, AND SHALL
EFFECT SUCH PICK UP ON EACH AND EVERY PAYROLL OF  SUCH  PARTICIPANT  FOR
EACH  AND  EVERY PAYROLL PERIOD WITH RESPECT TO WHICH SUCH SUBDIVISION D
WOULD OTHERWISE REQUIRE SUCH DEDUCTIONS.

S. 7872                            19

  S 8. Subparagraph (ii) of paragraph 1  of  subdivision  c  of  section
13-125.2  of the administrative code of the city of New York, as amended
by chapter 682 of the laws of 2003, is amended to read as follows:
  (ii)  the  determination of the amount of such member's Tier I or Tier
II nonuniformed-force member contributions eligible for pick up  by  the
employer  or  additional  member  contributions required to be picked up
pursuant to subdivision a-one, subdivision a-two,  subdivision  a-three,
subdivision  a-four,  subdivision a-five, subdivision a-six, subdivision
a-seven [or], subdivision a-eight OR SUBDIVISION A-NINE of this section;
and
  S 9. Subdivision d of section 13-125.2 of the administrative  code  of
the city of New York is amended by adding a new paragraph 2-h to read as
follows:
  (2-H)  FOR  THE  PURPOSE  OF DETERMINING THE RETIREMENT SYSTEM RIGHTS,
BENEFITS AND PRIVILEGES OF ANY MEMBER WHO IS A PARTICIPANT IN THE  TWEN-
TY-FIVE YEAR RETIREMENT PROGRAM (AS DEFINED IN PARAGRAPH TWO OF SUBDIVI-
SION  A  OF  SECTION  13-157.5  OF  THIS CHAPTER), THE ADDITIONAL MEMBER
CONTRIBUTIONS OF SUCH PARTICIPANT  PICKED  UP  PURSUANT  TO  SUBDIVISION
A-NINE  OF  THIS  SECTION SHALL BE DEEMED TO BE AND TREATED AS A PART OF
SUCH MEMBER'S ADDITIONAL  CONTRIBUTIONS  UNDER  SUBDIVISION  E  OF  SUCH
SECTION 13-157.5.
  S 10. Paragraph 3 of subdivision d of section 13-125.2 of the adminis-
trative  code  of the city of New York, as amended by chapter 682 of the
laws of 2003, is amended to read as follows:
  (3) Interest on contributions picked up for any  Tier  I  or  Tier  II
non-uniformed-force  member  pursuant  to this section (other than addi-
tional member contributions picked up  pursuant  to  subdivision  a-one,
subdivision  a-two, subdivision a-three, subdivision a-four, subdivision
a-five, subdivision a-six, subdivision a-seven [or], subdivision a-eight
OR SUBDIVISION A-NINE of this section) shall  accrue  in  favor  of  the
member and be payable to the retirement system at the same rate, for the
same  time  periods, in the same manner and under the same circumstances
as interest would be required to accrue in favor of the  member  and  be
payable to the retirement system on such contributions if they were made
by  such  member  in the absence of a pick up program applicable to such
member under the provisions of this section.
  S 11. Subdivision a of section 603 of the retirement and social  secu-
rity  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

S. 7872                            20

employees' retirement system before April first, two thousand twelve may
retire without reduction of his or her retirement benefit  upon  attain-
ment  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 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  arti-
cle  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.
  S 12. Nothing contained in sections six and eleven 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.
  S 13. This act shall take effect immediately, provided, however that:
  (a)  the  amendments to subdivision a of section 603 of the retirement
and social security law made by section eleven of  this  act  shall  not
affect  the expiration of such subdivision and shall be deemed to expire
therewith;
  (b) the provisions of section six of this act shall  remain  in  force
and  effect  only  so  long  as,  pursuant to federal law, contributions
picked up under such section are not includable as  gross  income  of  a
member  for federal income tax purposes until distributed or made avail-
able to the member; and
  (c) the amendments to section 13-125.2 of the administrative  code  of
the city of New York made by sections seven, eight, nine and ten of this
act  shall  not affect the expiration of such provisions as provided for
in section 16 of chapter 681 of the laws of 1992, as amended.
  FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
  PROVISIONS OF PROPOSED LEGISLATION: This  proposed  legislation  would
amend  Administrative  Code  of  the  City  of New York ("ACNY") Section
13-125.2 and amend Retirement and Social Security Law ("RSSL")  Sections
444,  445, 603, and 613, and add ACNY Section 13-157.5 and RSSL Sections
445-j and 604-j to establish  a  25-Year  Retirement  Program  for  Fire
Protection Inspectors (FPI 25-Year Plan) for each tier.
  The  Effective  Date of the proposed legislation is the date of enact-
ment.
  MEMBERS ELIGIBLE TO JOIN: Those members whose duties are  one  of  the
following are eligible to participate in the FPI 25-Year Plan:
  * Fire Protection Inspector
  * Associate Fire Protection Inspector
  *  Supervisor of employees whose duties are those of a fire protection
inspector, and
  * Supervisor of employees whose duties are those of an associate  fire
protection inspector.
  For  purposes  of  this  Fiscal  Note,  these members are collectively
referred to as "Fire Inspectors."
  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

S. 7872                            21

the New York City Employees' Retirement System (NYCERS) on the  date  of
the  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 in 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 Tier 4 62/5 Plan, Tier 6 63/10  Plan  or
Improved  Tier 4 57/5, 55/25 Plans). (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.
  *  Final  Average Salary: Three Year Average (FAS3) for Tier 4 members
and Five Year Average (FAS5) for Tier 6 members.
  * Vested benefit:
  * Eligibility is:
  * At least five, but less than 25, years of allowable service for Tier
4, and
  * At least 10, but less than 25, years of allowable service  for  Tier
6.
  * Payable at:
  *  The  date  the  member  would  have completed 25 years of allowable
service for Tier 4, and
  * Age 63 for Tier 6.
  * Amount:
  * 2% of FAS for each year of allowable service.
  * Other benefits: Members of the proposed FPI 25-Year Plan  are  enti-
tled  to the same disability and death benefits as other Tier 4 and Tier
6 members under the respective basic plans.
  ADDITIONAL MEMBER CONTRIBUTIONS: Members of the FPI 25-Year  Plan  are
required to make, in addition to the 3% basic member contribution, Addi-
tional  Member  Contributions equal to 6% of compensation for all allow-
able service as a Plan participant on and after the starting date of the
FPI 25-Year Plan for a maximum of 30 years.
  FINANCIAL IMPACT - ACTUARIAL PRESENT VALUES: With  respect  to  NYCERS
and  based  on  the anticipated group of members joining the FPI 25-Year
Plan and the actuarial assumptions and methods described herein, if  the
proposed  legislation is enacted, then this would increase the Actuarial
Present Value (APV) of Benefits (APVB) by  approximately  $1.2  million,
consisting of APV of member contributions of approximately $0.5 million,
and APV of future employer contributions of approximately $0.7 million.
  Under  the  Entry  Age  Actuarial  Cost  Method  used to determine the
employer contributions to NYCERS, there would  be  an  increase  in  the
Unfunded  Actuarial  Accrued  Liability  (UAAL)  of  approximately  $1.7
million offset by a decrease in the APV of future employer  Normal  Cost
of $1.0 million.
  FINANCIAL  IMPACT  - ANNUAL EMPLOYER CONTRIBUTIONS: In accordance with
ACNY Section 13.638.2(k-2), the new UAAL estimated to  be  $1.7  million
attributable  to benefit changes is to be amortized as determined by the
Actuary but generally over  the  remaining  working  lifetime  of  those

S. 7872                            22

impacted  by  the  benefit  changes.  As of June 30, 2015, the remaining
working lifetime of the Fire Inspectors assumed to join the FPI  25-Year
Plan in approximately 5 years.
  Based  on  the  actuarial assumptions and methods used in the June 30,
2015 valuations of NYCERS, the enactment of  this  proposed  legislation
would  increase  annual employer contributions by approximately $405,000
per year.
  Regarding the timing of these increased contributions, if  the  Effec-
tive  Date  of  the  proposed legislation is on or before June 30, 2016,
then the increase in employer contributions would first be reflected  in
Fiscal Year 2018.
  OTHER COSTS: Not measured in this Fiscal Note are the following:
  * The initial, additional administrative costs of NYCERS and other New
York City agencies to implement the proposed legislation.
  *  The  impact  of  this  proposed legislation on Other Postemployment
Benefit (OPEB) costs.
  CENSUS DATA: The  starting  census  data  used  for  the  calculations
presented herein is that of the Preliminary June 30, 2015 (Lag) actuari-
al  valuation of NYCERS. Under the One Year Lag Methodology (OYLM), this
was used to determine the Preliminary Year 2017  employer  contributions
for  members who are eligible for and who could potentially benefit from
this proposed legislation.
  The census data used for the estimated of additional employer contrib-
utions presented herein are based on average salaries  of  new  entrants
utilized  in the Preliminary June 30, 2015 (Lag) actuarial valuations in
determining the Preliminary Fiscal Year 2017 employer  contributions  of
NYCERS.
  The  40  Fire  Inspectors  as of June 30, 2015 assumed to join the FPI
25-Year Plan had an average age of approximately 57, average service  of
approximately 20 years and an average salary of approximately $56,200.
  ACTUARIAL  ASSUMPTIONS  AND  METHODS: The additional employer contrib-
utions presented herein have been  calculated  based  on  the  actuarial
assumptions  and methods in effect for the June 30, 2015 (Lag) actuarial
valuations used to determine the Preliminary Fiscal Year  2017  employer
contributions of NYCERS.
  To  determine the impact of the elective nature of the proposed legis-
lation, a subgroup of Fire Inspectors was developed on the basis of  who
could  potentially  benefit  actuarially. The net APV of future employer
costs (i.e., the APVB less the APV of future  member  contributions)  of
each  member's benefit was determined under their current plan and under
the FPI 25-Year Plan. If the net APV of future employer cost  under  the
FPI 25-Year Plan was greater 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 was determined  that  those  who  have  the
option  of  joining  the  FPI  Plan upon becoming a NYCERS member in the
future will not actuarially  benefit  in  the  Plan.  Therefore,  it  is
assumed  that  these  future  members who have the option of joining the
Plan will choose to not participate in the Plan, and  that  future  Plan
participation will be limited to those hired at the age of 25 or younger
because  they  will be mandated into the Plan. Since it is expected that
very few, if any, Fire Inspectors will be hired at  the  age  of  25  or
younger,  the  costs  presented  in this Fiscal Note are borne only from
current NYCERS members who are assumed to benefit from, and thus opt  to
join, the FPI-25 Year Plan.

S. 7872                            23

  STATEMENT  OF ACTUARIAL OPINION: I, Sherry S. Chan, am the Chief Actu-
ary for the New York City Retirement Systems. I am an Associate  of  the
Society of Actuaries, a Fellow of the Conference of Consulting Actuaries
and a Member of the American Academy of Actuaries. I meet the Qualifica-
tion  Standards of the American Academy of Actuaries to render the actu-
arial opinion contained herein.
  FISCAL NOTE IDENTIFICATION: This Fiscal Note 2016-22 dated  April  20,
2016, was prepared by the Chief Actuary for the New York City Employees'
Retirement  System.  This  estimate  is intended for use only during the
2016 Legislative Session.