The New York State Senate

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7962
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               June 4, 2021
                                ___________
 
 Introduced by M. of A. ABBATE -- read once and referred to the Committee
   on Governmental Employees
 
 AN  ACT to amend the retirement and social security law and the adminis-
   trative code of the city of New York, 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 inspec-
   tors 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.  Subdivision a of section 444 of the retirement and social
 security law, as amended by section 141 of subpart B of part C of  chap-
 ter 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  OF  THIS  ARTICLE,  the  maximum
 retirement  benefit computed without optional modification provided to a
 member of a retirement 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 person-
 nel  in  institutions  under  the  jurisdiction  of  the  department  of
 corrections  and  community supervision or a security hospital treatment
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

                                                            LBD08561-03-1

 A. 7962                             2
 
 assistant, as those terms are defined in subdivision i of section eight-
 y-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  communi-
 cations  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  thousand  three  hundred
 dollars, and forty per centum of final average salary in excess of twen-
 ty-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 computa-
 tions set forth in this section. The maximum retirement benefit computed
 without  optional  modification payable to a police officer, an investi-
 gator 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  retirement  benefit  computed
 without  optional  modification shall equal that payable upon completion
 of thirty-two years of service.
   § 2. Subdivision a of section 445 of the retirement and social securi-
 ty law, as amended by chapter 476 of the laws of  2018,  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 police officer,  an  investi-
 gator  member  of  the New York city employees' retirement system, fire-
 fighter, correction officer, a qualifying member as defined  in  section
 eighty-nine-t,  as  added by chapter six hundred fifty-seven of the laws
 of nineteen hundred ninety-eight, of this chapter, sanitation worker,  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 depu-
 ty  sheriff  member of the New York city employees' retirement system, A
 FIRE PROTECTION INSPECTOR MEMBER OF THE NEW YORK CITY EMPLOYEES' RETIRE-
 MENT 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,

 A. 7962                             3
 
 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 ambu-
 lance  medical  technician/supervisor or a member who performs ambulance
 medical   technician   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 identifica-
 tion  officer, as defined in section eighty-nine-h of this chapter or is
 employed in St. Lawrence county as a sheriff, undersheriff, deputy sher-
 iff 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  chapter 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, depu-
 ty 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 section eighty-nine-n, as added by
 chapter five hundred ninety-seven of the laws of nineteen hundred  nine-
 ty-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 nine-
 ty-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 superior correction officer as
 defined in section eighty-nine-v of this chapter  as  added  by  chapter
 five hundred fifty-six of the laws of two thousand 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 retire-
 ment 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

 A. 7962                             4

 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 police officer or investigator member of the
 New York city employees' retirement system or a firefighter,  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 occupa-
 tion 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 twen-
 ty-five  years  of  service, but in such event the benefit 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 cred-
 ited service.
   § 3. The retirement and social security law is amended by adding a new
 section 445-j to read as follows:
   § 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
 SYSTEM WHO, ON THE EFFECTIVE DATE OF THIS  SECTION  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 EFFECTIVE DATE OF 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 CREDITED SERVICE.

 A. 7962                             5
 
   9.  "CREDITED  SERVICE"  FOR  PURPOSES  OF THIS SECTION SHALL MEAN ALL
 SERVICE AS A FIRE PROTECTION INSPECTOR MEMBER.
   B.  ELECTION  OF TWENTY-FIVE YEAR IMPROVED BENEFIT 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 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  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  THE  THIS
 SUBDIVISION,  ANY  PERSON WHO BECOMES A FIRE PROTECTION INSPECTOR MEMBER
 AFTER THE STARTING DATE OF THE TWENTY-FIVE YEAR IMPROVED BENEFIT RETIRE-
 MENT 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  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  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 A PARTICIPANT, SHALL NOT
 BE SUBJECT TO THE PROVISIONS OF SUBDIVISION A OF  SECTION  FOUR  HUNDRED
 FORTY-FIVE OF THIS ARTICLE; AND
   2.  IF  THAT  PARTICIPANT,  WHILE  SUCH  A  PARTICIPANT,  RETIRES FROM
 SERVICE, HE OR SHE SHALL NOT BE SUBJECT TO  THE  PROVISIONS  OF  SECTION
 FOUR HUNDRED FORTY-FOUR OF THIS ARTICLE; AND

 A. 7962                             6
 
   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, EACH PARTICIPANT IN THE TWENTY-FIVE  YEAR  IMPROVED
 BENEFIT  RETIREMENT  PROGRAM SHALL CONTRIBUTE, SUBJECT TO THE APPLICABLE
 PROVISIONS OF SECTION 13-125.2 OF THE ADMINISTRATIVE CODE, AN ADDITIONAL
 SIX AND TWENTY-FIVE ONE-HUNDREDTHS PERCENT OF HIS  OR  HER  COMPENSATION
 EARNED FROM ALL 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 CONTRIBUTE  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  BENE-
 FIT  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  ADDITIONAL  CONTRIBUTIONS PURSUANT TO SUCH
 SUBDIVISION D OF SECTION FOUR HUNDRED FORTY-FIVE-D OF THIS ARTICLE.
   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,
 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. 7962                             7
 
   (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;
   (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-

 A. 7962                             8
 
 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
 MEMBER CONTRIBUTIONS OR  ACCUMULATED  DEDUCTIONS  OF  A  MEMBER  OF  THE
 RETIREMENT  SYSTEM  UNDER SECTION 13-125 OR 13-162 OF THE ADMINISTRATIVE
 CODE 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 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 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-

 A. 7962                             9
 
 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 ADDITIONAL 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.
   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.
   § 4. 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 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.

 A. 7962                            10
 
   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 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
 MEMBER, PROVIDED 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 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.
   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:

 A. 7962                            11
 
   (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 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 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 HIS OR HER 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 HIS OR HER FINAL SALARY FOR
 SUCH ALLOWABLE SERVICE AS A FIRE PROTECTION INSPECTOR MEMBER DURING  THE
 PERIOD  FROM  COMPLETION  OF TWENTY-FIVE YEARS OF ALLOWABLE SERVICE AS A
 FIRE PROTECTION INSPECTOR MEMBER TO THE DATE OF RETIREMENT  BUT  NOT  TO
 EXCEED  MORE  THAN FIVE YEARS OF ADDITIONAL SERVICE AS A FIRE PROTECTION
 INSPECTOR MEMBER.
   D. VESTING. 1.  A  PARTICIPANT  IN  THE  TWENTY-FIVE  YEAR  RETIREMENT
 PROGRAM:
   (I)  WHO  DISCONTINUES  SERVICE  AS  SUCH A PARTICIPANT, OTHER THAN BY
 DEATH OR RETIREMENT; AND
   (II) 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 TWENTY-FIVE YEARS OF ALLOWABLE SERVICE AS A FIRE PROTECTION INSPEC-
 TOR 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
 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 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

 A. 7962                            12
 
 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  HE  OR  SHE  IS  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 HIS OR HER COMPENSATION EARNED  FROM  (I)
 ALL  ALLOWABLE SERVICE, AS A PARTICIPANT IN THE TWENTY-FIVE YEAR RETIRE-
 MENT 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 ARTICLE, AS ADDED BY  CHAPTER  NINETY-SIX  OF
 THE  LAWS  OF  NINETEEN  HUNDRED NINETY-FIVE, AND NO MEMBER MAKING ADDI-
 TIONAL 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 HIS OR HER COMPENSATION THAT, WHEN ADDED TO  THE  CONTRIB-
 UTION  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 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.

 A. 7962                            13
 
   (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 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 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 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
 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 HIS OR HER ADDI-
 TIONAL MEMBER CONTRIBUTIONS PURSUANT TO PARAGRAPH ELEVEN OF THIS  SUBDI-
 VISION (INCLUDING ACCRUED INTEREST ON SUCH LOAN).

 A. 7962                            14
 
   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  TWO  OF  SUBDIVISION D OF THIS SECTION SHALL BE REDUCED BY A LIFE
 ANNUITY (CALCULATED IN ACCORDANCE WITH THE METHOD SET FORTH IN  SUBDIVI-
 SION I OF SECTION SIX HUNDRED THIRTEEN-B OF THIS ARTICLE) WHICH IS ACTU-
 ARIALLY 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
 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

 A. 7962                            15
 
 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).
   § 5. 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 HIM OR HER 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. 7962                            16
 
   (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.
   §  6.  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 THE RETIRE-
 MENT 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.
   § 7. 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 of this section, OR SUBDIVISION A-NINE OF
 THIS SECTION; and
   §  8.  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 THREE OF SUBDI-
 VISION A OF SECTION FOUR HUNDRED  FORTY-FIVE-J  OF  THE  RETIREMENT  AND
 SOCIAL  SECURITY  LAW),  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 D OF SUCH SECTION  FOUR  HUNDRED  FORTY-
 FIVE-J.
   §  9. 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:

 A. 7962                            17
 
   (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  circum-
 stances  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.
   § 10. 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
 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.
   §  11. Nothing contained in sections five and ten 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.
   § 12. This act shall take effect immediately, provided, however that:
   (a) The provisions of sections five and ten 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

 A. 7962                            18

 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 section 13-125.2 of the administrative  code  of
 the  city  of  New  York made by sections six, seven, eight, and nine of
 this act shall not affect the expiration of such section  and  shall  be
 deemed to expire therewith; and
   (c)  The  amendments to subdivision a of section 603 of the retirement
 and social security law made by section ten of this act shall not affect
 the expiration of such subdivision and shall be deemed to expire  there-
 with.
   FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
   SUMMARY  OF BILL: This proposed legislation would amend Administrative
 Code of the City of New York (ACCNY) Section 13-125.2 and Retirement and
 Social Security Law (RSSL) Sections 444, 445,  603,  and  613,  and  add
 ACCNY  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.
   Effective Date: Upon enactment.
   BACKGROUND: Members whose duties are one of the following are eligible
 to participate in the FPI 25-Year Plans:
   * 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  the  purposes of this Fiscal Note, these members are collectively
 referred to as "Fire Inspectors."
   Participation in an applicable FPI 25-Year Plan is optional for anyone
 who is eligible to participate in such Plan on the date of enactment  by
 filing  an  election form within 180 days of enactment. Anyone who is an
 existing member of  the  New  York  City  Employees'  Retirement  System
 (NYCERS) on the date of enactment and subsequently becomes employed as a
 Fire  Inspector  also  has  180 days to elect to join the applicable FPI
 25-Year Plan.
   Any Fire Inspector who becomes a  NYCERS  member  after  the  date  of
 enactment  is mandated into the Tier 6 FPI 25-Year Plan. However, if the
 member exceeds age 25 upon being mandated into the FPI 25-Year Plan, the
 member has the option, within 180 days of becoming a Fire Inspector,  to
 elect not to participate.
   IMPACT  ON  BENEFITS: Currently, Fire Inspectors generally participate
 in one of the NYCERS general plans (i.e. 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 no active Tier 2 Fire Inspectors remaining, the following summary of
 the FPI 25-Year Plans is for Tier 4 and Tier 6 members only.
   The  proposed  legislation,  if  enacted,  would provide the following
 benefits to Fire Inspectors under the FPI 25-Year Plans:
   * Service retirement benefit:

 A. 7962                            19

   * 50% of Final Average Salary (FAS) for the first 25 years  of  Allow-
 able Service, plus
   * 2% of FAS for each additional year of Allowable Service, or fraction
 thereof, exceeding 25 years up to a maximum of 30 years of such service.
   * Final Average Salary:
   * Tier 4 - Three Year Average (FAS3).
   * Tier 6 - Five Year Average (FAS5).
   * Vested benefit:
   * Eligibility:
   *  Tier  4  -  At  least  five,  but  less than 25, years of Allowable
 Service.
   * Tier 6 - At least 10, but less than 25, years of Allowable Service.
   * Payable at:
   * Tier 4 - The date the member would have completed 25 years of Allow-
 able Service.
   * Tier 6 - Age 63.
   * Amount:
   * 2% of FAS for each year of Allowable Service.
   * Other benefits: Members of the proposed FPI 25-Year Plans 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 an FPI  25-Year  Plan  are
 required  to  make, in addition to the Tier 4 Basic Member Contributions
 (BMC) of 3% and the Tier 6 BMC  ranging  from  3%  to  6%  depending  on
 defined  salary  scales,  Additional Member Contributions (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  anniver-
 sary  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.
   FINANCIAL IMPACT - PRESENT VALUES: Based on the anticipated  group  of
 members  joining the FPI 25-Year Plans and the actuarial assumptions and
 methods described herein, the enactment  of  this  proposed  legislation
 would  increase  the Present Value of Future Benefits (PVFB) by approxi-
 mately $3.3 million and increase the Present Value  of  member  contrib-
 utions  by  approximately $1.7 million. The net result is an increase in
 the Present Value of future employer contributions of approximately $1.6
 million.
   Under the Entry Age Normal cost method used to determine the  employer
 contributions  to  NYCERS,  there  would  be an increase in the Unfunded
 Accrued Liability (UAL)  of  approximately  $1.8  million  offset  by  a
 decrease  in  the  Present  Value of future employer Normal Cost of $0.2
 million.
   FINANCIAL IMPACT - ANNUAL EMPLOYER CONTRIBUTIONS: In  accordance  with
 Section  13-638.2(k-2)  of  the  ACCNY,  new UAL attributable to benefit
 changes are to be amortized as determined by the Actuary but are  gener-
 ally  amortized over the remaining working lifetime of those impacted by
 the benefit changes. As of June 30, 2020, the remaining working lifetime
 of the Fire Inspectors assumed to join the FPI 25-Year Plans is approxi-
 mately 10 years.
   For the purposes of this Fiscal Note, the increase in  UAL  was  amor-
 tized  over a 10-year period (nine payments under the One-Year Lag Meth-
 odology (OYLM)) using level  dollar  payments.  This  payment  plus  the
 increase  in  the  Normal Cost results in an increase in annual employer
 contributions of approximately $405,000 each year.
   CONTRIBUTION TIMING: For the purposes  of  this  Fiscal  Note,  it  is
 assumed  that  the  changes  in  the  Present  Value  of future employer

 A. 7962                            20

 contributions and annual employer contributions would be  reflected  for
 the  first  time  in the June 30, 2021 actuarial valuation of NYCERS. In
 accordance with the OYLM used to determine employer  contributions,  the
 increase  in  employer  contributions would first be reflected in Fiscal
 Year 2023.
   CENSUS DATA: The estimates presented herein are based  on  the  census
 data  used  in  the June 30, 2020 (Lag) actuarial valuation of NYCERS to
 determine the Preliminary Fiscal Year 2022 employer contributions.
   The 99 NYCERS Fire Inspectors as of June 30, 2020 assumed to join  the
 FPI  25-Year Plans had an average age of approximately 48.6 years, aver-
 age service of approximately  16.3  years,  and  an  average  salary  of
 approximately $74,600.
   ACTUARIAL ASSUMPTIONS AND METHODS: The changes in the Present Value of
 future   employer   contributions   and  annual  employer  contributions
 presented herein have been calculated based on the actuarial assumptions
 and methods in effect for the June 30, 2019 (Lag)  actuarial  valuations
 used  to  determine  the  Preliminary Fiscal Year 2021 employer contrib-
 utions of NYCERS.
   To determine the impact of the elective nature of the proposed  legis-
 lation,  a subgroup of NYCERS Fire Inspectors was developed based on who
 could potentially benefit actuarially. The net Present Value  of  future
 employer  costs  (i.e.  the PVFB less the Present Value of future member
 contributions) of each  member's  benefit  was  determined  under  their
 current plan and under the applicable FPI 25-Year Plan. If the net Pres-
 ent Value of future employer cost under the FPI 25-Year Plan was greater
 than  or  equal  to  the Present Value 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 members  who  are
 mandated  into  the  FPI  25-Year  Plan in the future will generally not
 benefit under the Plan (i.e. they will have a decrease in Present  Value
 of future employer costs as compared to the Tier 6 63/10 Plan they would
 otherwise  participate in, absent this proposed legislation), and there-
 fore 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.
   The  Actuary  is proposing a set of changes for use beginning with the
 June 30, 2019 (Lag) actuarial valuations  of  NYCERS  to  determine  the
 Final  Fiscal  Year  2021 Employer Contributions (2021 A&M). If the 2021
 A&M is enacted, it is estimated that it would produce increases  in  the
 Present Value of Employer Contributions that are approximately 3% larger
 than  the results shown above and annual employer contributions that are
 approximately 2% larger than the results shown above.
   RISK AND UNCERTAINTY: The costs presented in this Fiscal  Note  depend
 highly  on the realization of the actuarial assumptions used, as well as
 certain  demographic  characteristics  of  NYCERS  and  other  exogenous
 factors  such  as  investment,  contribution, and other risks. If actual
 experience deviates from actuarial assumptions, the actual  costs  could
 differ  from  those  presented  herein.  Costs are also dependent on the
 actuarial methods used, and therefore different actuarial methods  could
 produce  different results.  Quantifying these risks is beyond the scope
 of this Fiscal Note.
   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.

 A. 7962                            21
 
   STATEMENT  OF ACTUARIAL OPINION: I, Sherry S. Chan, am the Chief Actu-
 ary for, and independent of, the New York City  Retirement  Systems  and
 Pension  Funds.  I  am a Fellow of the Society of Actuaries, an Enrolled
 Actuary under the Employee Retirement Income and Security Act of 1974, a
 Member of the American Academy of Actuaries, and a Fellow of the Confer-
 ence  of Consulting Actuaries. I meet the Qualification Standards of the
 American Academy of Actuaries to render the actuarial opinion  contained
 herein.  To  the best of my 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 2021-32 dated May 25,
 2021 was prepared by the Chief Actuary for the New York City  Employees'
 Retirement  System.  This  estimate  is intended for use only during the
 2021 Legislative Session.