S T A T E   O F   N E W   Y O R K
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                                  7866--A
 
                        2025-2026 Regular Sessions
 
                             I N  S E N A T E
 
                               May 12, 2025
                                ___________
 
 Introduced  by  Sen. JACKSON -- read twice and ordered printed, and when
   printed to be committed to the Committee on Civil Service and Pensions
   -- committee discharged, bill amended, ordered  reprinted  as  amended
   and recommitted to said committee
 
 AN  ACT  to amend the retirement and social security law, in relation to
   establishing a twenty-two year retirement program for  deputy  sheriff
   members
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Subdivisions 5, 7, 12 and 17 of section 501 of the  retire-
 ment  and social security law, subdivisions 5 and 12 as amended by chap-
 ter 18 of the laws of 2012, subdivision 7 as amended by chapter  457  of
 the  laws of 2017, and subdivision 17 as amended by section 1 of part SS
 of chapter 55 of the laws of 2025, are amended to read as follows:
   5. "Early retirement age"  shall  mean  age  fifty-five,  for  general
 members, and the age on which a member completes or would have completed
 twenty  years  of  service,  for  police/fire  members,  New  York  city
 uniformed correction/sanitation revised plan members [and], investigator
 revised plan members AND NEW  YORK  CITY  DEPUTY  SHERIFF  REVISED  PLAN
 MEMBERS.
   7.  "Eligible  beneficiary"  for  the purposes of section five hundred
 nine of this article shall mean the  following  persons  or  classes  of
 persons  in  the  order  set  forth:  (a) a surviving spouse who has not
 renounced survivorship rights in a separation  agreement,  until  remar-
 riage,  (b)  surviving  children  until  age  twenty-five, (c) dependent
 parents, determined under regulations promulgated  by  the  comptroller,
 (d)  any  other person who qualified as a dependent on the final federal
 income tax return of the member or the return filed in  the  year  imme-
 diately  preceding  the year of death, until such person reaches twenty-
 one years of age, (e) with respect to  members  of  the  New  York  city
 employees'  retirement  system  (other  than  a  New York city uniformed
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD10888-04-5
              

 S. 7866--A                          2
 
 correction/sanitation revised plan member [or], an investigator  revised
 plan  member  OR A NEW YORK CITY DEPUTY SHERIFF REVISED PLAN MEMBER) and
 the board of education retirement system of the  city  of  New  York,  a
 person  whom  the  member  shall have nominated in the form of a written
 designation, duly acknowledged and filed with the head of the retirement
 system for the purpose of section five hundred eight of this article. In
 the event that a class of eligible beneficiaries consists of  more  than
 one  person, benefits shall be divided equally among the persons in such
 class. For the purposes of section five hundred eight  of  this  article
 the  term  "eligible  beneficiary"  shall mean such person as the member
 shall have nominated to receive the benefits provided in  this  article.
 To  be  effective,  such  a  nomination must be in the form of a written
 designation, duly acknowledged and filed with the head of the retirement
 system for this specific purpose. In the event such designated benefici-
 ary does not survive [him] SUCH MEMBER, or if [he] SUCH MEMBER shall not
 have so designated a beneficiary, such benefits shall be payable to  the
 deceased  member's  estate  or as provided in section one thousand three
 hundred ten of the surrogate's court procedure act and (f) notwithstand-
 ing any other provisions of law, "eligible beneficiary" of  a  New  York
 city  uniformed  sanitation  revised  plan  member  for  the purposes of
 section five hundred nine of  this  article  shall  mean  the  following
 persons  or  classes  of persons in the order set forth: (i) a surviving
 spouse who has not renounced survivorship rights in a separation  agree-
 ment,  (ii)  surviving  children  until age twenty-five, (iii) dependent
 parents, determined under regulations promulgated by the comptroller and
 (iv) any other person who qualified as a dependent on the final  federal
 income  tax  return  of the member or the return filed in the year imme-
 diately preceding the year of death, until such person  reaches  twenty-
 one years of age.
   12.  "General member" shall mean a member subject to the provisions of
 this article who is not a police/fire member, a New York city  uniformed
 correction/sanitation  revised plan member [or], an investigator revised
 plan member OR A NEW YORK CITY DEPUTY SHERIFF REVISED PLAN MEMBER.
   17. "Normal retirement  age"  shall  be  age  sixty-two,  for  general
 members, and the age at which a member completes or would have completed
 twenty-two  years  of  service,  for  police/fire members, New York city
 uniformed correction/sanitation revised plan members [and], investigator
 revised plan members AND NEW  YORK  CITY  DEPUTY  SHERIFF  REVISED  PLAN
 MEMBERS, except that for police/fire members of the New York city police
 pension  fund,  normal retirement age shall be the age at which a member
 completes or would have completed twenty years of service.
   § 2. Section 501 of the retirement and social security law is  amended
 by adding a new subdivision 29 to read as follows:
   29.  "NEW  YORK  CITY DEPUTY SHERIFF REVISED PLAN MEMBER" SHALL MEAN A
 MEMBER WHO IS PERFORMING THE DUTIES OF A DEPUTY SHERIFF IN THE NEW  YORK
 CITY  SHERIFF'S DEPARTMENT AND WHO MAKES AN ELECTION PURSUANT TO SECTION
 FIVE HUNDRED FOUR-E OF THIS ARTICLE TO BECOME A PARTICIPANT IN  THE  NEW
 YORK CITY DEPUTY SHERIFF REVISED PLAN.
   §  3. Subdivisions c and d of section 503 of the retirement and social
 security law, subdivision c as amended by chapter  18  of  the  laws  of
 2012,  subdivision d as amended by section 2 of part SS of chapter 55 of
 the laws of 2025, are amended to read as follows:
   c. A general member shall be eligible for early service retirement  at
 age  fifty-five with five years of credited service. A general member in
 the uniformed correction force  of  the  New  York  city  department  of
 correction, who is not eligible for early service retirement pursuant to
 S. 7866--A                          3
 
 subdivision c of section five hundred four-a of this article or subdivi-
 sion  c  of section five hundred four-b of this article or subdivision c
 of section five hundred four-d of this article, or a general  member  in
 the  uniformed  personnel  in institutions under the jurisdiction of the
 department of corrections  and  community  supervision,  as  defined  in
 subdivision  i  of  section  eighty-nine  of  this chapter or serving in
 institutions who is also in a title defined in such subdivision and  who
 has  made an election pursuant to the provisions of article seventeen of
 this chapter, shall also be eligible for early service retirement  after
 twenty-five  years  of  credited  service,  provided,  however, that the
 provisions of this subdivision and subdivision a of this  section  shall
 not  apply  to  a  New York city uniformed correction/sanitation revised
 plan member [or], an investigator revised plan member OR A NEW YORK CITY
 DEPUTY SHERIFF REVISED PLAN MEMBER.
   d. The normal service retirement benefit  specified  in  section  five
 hundred  five  of this article shall be paid to police/fire members, New
 York city uniformed correction/sanitation revised  plan  members  [and],
 investigator  revised  plan  members  AND  NEW  YORK CITY DEPUTY SHERIFF
 REVISED PLAN MEMBERS without regard to age upon retirement  after  twen-
 ty-two years of service, except that the normal service retirement bene-
 fit specified in section five hundred five of this article shall be paid
 to  police/fire  members of the New York city police pension fund, after
 twenty years of service. Early service  retirement  shall  be  permitted
 upon  retirement after twenty years of credited service or attainment of
 age sixty-two, provided, however, that New York city police/fire revised
 plan members, New York city uniformed correction/sanitation revised plan
 members [and], investigator revised plan members AND NEW YORK CITY DEPU-
 TY SHERIFF REVISED PLAN MEMBERS shall not  be  eligible  to  retire  for
 service prior to the attainment of twenty years of credited service.
   § 4. The retirement and social security law is amended by adding a new
 section 504-e to read as follows:
   §  504-E.  TWENTY-TWO  YEAR  RETIREMENT  PROGRAM  FOR  DEPUTY  SHERIFF
 MEMBERS.  A. DEFINITIONS. THE FOLLOWING WORDS AND  PHRASES  AS  USED  IN
 THIS  SECTION SHALL HAVE THE FOLLOWING MEANINGS UNLESS A DIFFERENT MEAN-
 ING IS PLAINLY REQUIRED BY THE CONTEXT.
   1. "DEPUTY SHERIFF" SHALL MEAN A MEMBER WHO IS EMPLOYED BY THE CITY OF
 NEW YORK AS A DEPUTY CITY SHERIFF LEVEL ONE, DEPUTY CITY  SHERIFF  LEVEL
 TWO, SUPERVISING DEPUTY SHERIFF OR ADMINISTRATIVE SHERIFF.
   2.  "TWENTY-TWO  YEAR RETIREMENT PROGRAM" SHALL MEAN ALL THE TERMS AND
 CONDITIONS OF THIS SECTION.
   3. "STARTING DATE OF THE TWENTY-TWO  YEAR  RETIREMENT  PROGRAM"  SHALL
 MEAN  THE  EFFECTIVE  DATE  OF  THIS  SECTION, AS SUCH DATE IS CERTIFIED
 PURSUANT TO SECTION FORTY-ONE OF THE LEGISLATIVE LAW.
   4. "PARTICIPANT IN THE TWENTY-TWO YEAR RETIREMENT PROGRAM" SHALL  MEAN
 ANY DEPUTY SHERIFF MEMBER WHO, UNDER THE APPLICABLE PROVISIONS OF SUBDI-
 VISION B OF THIS SECTION, IS ENTITLED TO THE RIGHTS, BENEFITS AND PRIVI-
 LEGES  AND  IS SUBJECT TO THE OBLIGATIONS OF THE TWENTY-TWO YEAR RETIRE-
 MENT PROGRAM, AS APPLICABLE TO SUCH MEMBER.
   5. "DISCONTINUED MEMBER" SHALL MEAN A PARTICIPANT  IN  THE  TWENTY-TWO
 YEAR  RETIREMENT  PROGRAM  WHO,  WHILE  SUCH MEMBER WAS A DEPUTY SHERIFF
 MEMBER, DISCONTINUED SERVICE AS SUCH A MEMBER  AND  HAS  A  RIGHT  TO  A
 DEFERRED VESTED BENEFIT UNDER SUBDIVISION D OF THIS SECTION.
   B. PARTICIPATION IN THE TWENTY-TWO YEAR RETIREMENT PROGRAM. 1. SUBJECT
 TO  THE  PROVISIONS  OF  PARAGRAPHS FIVE AND SIX OF THIS SUBDIVISION AND
 NOTWITHSTANDING ANY PROVISION OF LAW TO THE CONTRARY, ANY PERSON WHO  IS
 A  DEPUTY  SHERIFF  MEMBER  ON  THE STARTING DATE OF THE TWENTY-TWO YEAR
 S. 7866--A                          4
 
 RETIREMENT PROGRAM MAY ELECT TO BECOME A PARTICIPANT IN  THE  TWENTY-TWO
 YEAR  RETIREMENT PROGRAM BY FILING, WITHIN ONE HUNDRED EIGHTY DAYS AFTER
 THE STARTING DATE OF THE TWENTY-TWO  YEAR  RETIREMENT  PROGRAM,  A  DULY
 EXECUTED  APPLICATION  FOR SUCH PARTICIPATION WITH THE RETIREMENT SYSTEM
 OF WHICH SUCH PERSON IS A MEMBER, PROVIDED SUCH PERSON IS A DEPUTY SHER-
 IFF MEMBER ON THE DATE SUCH APPLICATION IS FILED.
   2. SUBJECT TO THE PROVISIONS OF PARAGRAPHS FIVE AND SIX OF THIS SUBDI-
 VISION AND NOTWITHSTANDING ANY PROVISION OF LAW  TO  THE  CONTRARY,  ANY
 PERSON  WHO  BECOMES  A DEPUTY SHERIFF MEMBER AFTER THE STARTING DATE OF
 THE TWENTY-TWO YEAR RETIREMENT PROGRAM, MAY ELECT TO  BECOME  A  PARTIC-
 IPANT  IN  THE  TWENTY-TWO YEAR RETIREMENT PROGRAM BY FILING, WITHIN ONE
 HUNDRED EIGHTY DAYS AFTER BECOMING SUCH A DEPUTY SHERIFF MEMBER, A  DULY
 EXECUTED  APPLICATION  FOR SUCH PARTICIPATION WITH THE RETIREMENT SYSTEM
 FOR WHICH SUCH PERSON IS A MEMBER, PROVIDED SUCH PERSON IS SUCH A DEPUTY
 SHERIFF MEMBER ON THE DATE SUCH APPLICATION IS FILED.
   3. ANY ELECTION TO BE A PARTICIPANT IN THE TWENTY-TWO YEAR  RETIREMENT
 PROGRAM SHALL BE IRREVOCABLE.
   4.  WHERE  ANY  PARTICIPANT  IN THE TWENTY-TWO YEAR RETIREMENT PROGRAM
 SHALL CEASE TO BE EMPLOYED BY THE CITY OF NEW YORK AS A  DEPUTY  SHERIFF
 MEMBER,  SUCH  PERSON  SHALL  CEASE  TO BE A PARTICIPANT AND, DURING ANY
 PERIOD IN WHICH SUCH MEMBER IS NOT SO EMPLOYED, SUCH MEMBER SHALL NOT BE
 A PARTICIPANT IN THE TWENTY-TWO YEAR RETIREMENT PROGRAM AND SHALL NOT BE
 ELIGIBLE FOR THE BENEFITS OF SUBDIVISION C OF THIS SECTION.
   5. WHERE ANY PARTICIPANT IN THE  TWENTY-TWO  YEAR  RETIREMENT  PROGRAM
 TERMINATES  SERVICE  AS  A  DEPUTY  SHERIFF  MEMBER  AND RETURNS TO SUCH
 SERVICE AS A DEPUTY SHERIFF MEMBER AT A LATER DATE,  SUCH  MEMBER  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 ELECT TO BECOME A PARTICIPANT IN  THE  TWENTY-
 TWO  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.
   7. NOTWITHSTANDING ANY PROVISION OF LAW TO  THE  CONTRARY,  NO  MEMBER
 ELECTING  TO PARTICIPATE IN THE TWENTY-TWO YEAR RETIREMENT PROGRAM SHALL
 BE ENTITLED TO A REFUND OF ANY CONTRIBUTIONS MADE PRIOR TO THE EFFECTIVE
 DATE OF SUCH ELECTION.
   C. SERVICE RETIREMENT BENEFITS. A PARTICIPANT IN THE  TWENTY-TWO  YEAR
 RETIREMENT PROGRAM WHO:
   1. HAS COMPLETED TWENTY OR MORE YEARS OF CREDITED SERVICE; AND
   2.  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
   3.  WHO  FILES  WITH  THE  RETIREMENT SYSTEM OF WHICH SUCH PERSON 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, SUCH MEMBER DESIRES TO BE RETIRED; AND
   4.  WHO  SHALL  BE  A  PARTICIPANT  IN  THE TWENTY-TWO YEAR RETIREMENT
 PROGRAM AT THE TIME SO SPECIFIED FOR SUCH PERSON'S RETIREMENT; SHALL  BE
 RETIRED  PURSUANT TO THE PROVISIONS OF SECTION FIVE HUNDRED FIVE OF THIS
 ARTICLE.
   D. VESTING.  1.  A  PARTICIPANT  IN  THE  TWENTY-TWO  YEAR  RETIREMENT
 PROGRAM:
   (I)  WHO  DISCONTINUES  SERVICE  AS  SUCH A PARTICIPANT, OTHER THAN BY
 DEATH OR RETIREMENT; AND
 S. 7866--A                          5
 
   (II) WHO PRIOR TO SUCH DISCONTINUANCE, COMPLETED FIVE  BUT  LESS  THAN
 TWENTY YEARS OF CREDITED SERVICE; 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 SUCH PARTICIPANT'S
 ACCUMULATED MEMBER CONTRIBUTIONS PURSUANT TO SECTION FIVE HUNDRED SEVEN-
 TEEN OF THIS ARTICLE  UNLESS  SUCH  PARTICIPANT  THEREAFTER  RETURNS  TO
 PUBLIC SERVICE AND REPAYS THE AMOUNTS SO WITHDRAWN, TOGETHER WITH INTER-
 EST,  PURSUANT  TO SUCH SECTION FIVE HUNDRED SEVENTEEN SHALL BE ENTITLED
 TO RECEIVE A DEFERRED VESTED BENEFIT.
   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.  SUBJECT  TO  THE PROVISIONS OF PARAGRAPH SEVEN OF SUBDIVISION E OF
 THIS SECTION, SUCH DEFERRED VESTED BENEFIT SHALL BE A RETIREMENT  ALLOW-
 ANCE AS PROVIDED FOR IN SECTION FIVE HUNDRED SIXTEEN OF THIS ARTICLE.
   E.  ADDITIONAL  MEMBER  CONTRIBUTIONS.  1.  IN  ADDITION TO THE MEMBER
 CONTRIBUTIONS REQUIRED BY SECTION FIVE HUNDRED SEVENTEEN OF  THIS  ARTI-
 CLE,  EACH  PARTICIPANT  IN THE TWENTY-TWO YEAR RETIREMENT PROGRAM SHALL
 CONTRIBUTE TO THE RETIREMENT SYSTEM  OF  WHICH  SUCH  PARTICIPANT  IS  A
 MEMBER  (SUBJECT  TO  SUBDIVISION J OF SECTION FIVE HUNDRED SEVENTEEN OF
 THIS ARTICLE) AN ADDITIONAL  SIX  AND  THREE-QUARTERS  PERCENT  OF  SUCH
 PARTICIPANT'S  COMPENSATION  EARNED  FROM (I) ALL CREDITED SERVICE, AS A
 PARTICIPANT IN THE TWENTY-TWO YEAR RETIREMENT PROGRAM,  RENDERED  ON  OR
 AFTER THE STARTING DATE OF SUCH MEMBER'S PARTICIPATION IN THE TWENTY-TWO
 YEAR RETIREMENT PROGRAM, AND (II) ALL CREDITED SERVICE AFTER SUCH PERSON
 CEASES  TO BE A PARTICIPANT, BUT BEFORE SUCH PARTICIPANT AGAIN BECOMES A
 PARTICIPANT PURSUANT TO PARAGRAPH FIVE OF SUBDIVISION B OF THIS SECTION.
   2. A PARTICIPANT IN  THE  TWENTY-TWO  YEAR  RETIREMENT  PROGRAM  SHALL
 CONTRIBUTE  ADDITIONAL  MEMBER  CONTRIBUTIONS UNTIL THE LATER OF (I) THE
 FIRST ANNIVERSARY OF THE STARTING DATE OF THE TWENTY-TWO YEAR RETIREMENT
 PROGRAM, OR (II) THE DATE ON WHICH  SUCH  PARTICIPANT  COMPLETES  THIRTY
 YEARS OF CREDITED SERVICE AS A DEPUTY SHERIFF MEMBER.
   3.  COMMENCING  WITH  THE  FIRST FULL PAYROLL PERIOD AFTER EACH PERSON
 BECOMES A PARTICIPANT IN THE TWENTY-TWO YEAR RETIREMENT  PROGRAM,  ADDI-
 TIONAL  MEMBER  CONTRIBUTIONS  AT THE RATE SPECIFIED IN PARAGRAPH ONE OF
 THIS SUBDIVISION SHALL BE DEDUCTED (SUBJECT TO SUBDIVISION J OF  SECTION
 FIVE  HUNDRED  SEVENTEEN  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 SUCH PERSON IS SUCH A PARTICIPANT.
   4.  (I)  EACH  PARTICIPANT  IN  THE TWENTY-TWO YEAR RETIREMENT PROGRAM
 SHALL BE CHARGED WITH A CONTRIBUTION DEFICIENCY CONSISTING OF THE  TOTAL
 AMOUNTS  OF  ADDITIONAL  MEMBER CONTRIBUTIONS SUCH PERSON IS REQUIRED TO
 MAKE PURSUANT TO PARAGRAPHS ONE AND TWO OF THIS  SUBDIVISION  WHICH  ARE
 NOT DEDUCTED FROM THEIR COMPENSATION PURSUANT TO PARAGRAPH THREE OF THIS
 SUBDIVISION,  IF ANY, TOGETHER WITH INTEREST THEREON, COMPOUNDED ANNUAL-
 LY, AND COMPUTED IN ACCORDANCE WITH THE PROVISIONS OF SUBPARAGRAPHS (II)
 AND (III) OF THIS PARAGRAPH.
   (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
 S. 7866--A                          6
 
 COMPENSATION  IF  SUCH PERSON HAD BEEN A PARTICIPANT AT THE BEGINNING OF
 THAT PAYROLL PERIOD AND  SUCH  DEDUCTION  HAD  BEEN  REQUIRED  FOR  SUCH
 PAYROLL PERIOD, UNTIL SUCH AMOUNT IS PAID TO THE RETIREMENT SYSTEM.
   (B)  THE RATE OF INTEREST TO BE APPLIED TO EACH SUCH AMOUNT DURING THE
 PERIOD FOR WHICH INTEREST ACCRUES ON THAT AMOUNT SHALL BE EQUAL  TO  THE
 RATE  OR  RATES  OF INTEREST REQUIRED BY LAW TO BE USED DURING THAT SAME
 PERIOD TO CREDIT INTEREST ON THE ACCUMULATED  DEDUCTIONS  OF  RETIREMENT
 SYSTEM MEMBERS.
   (III)  EXCEPT AS OTHERWISE PROVIDED IN PARAGRAPH FIVE OF THIS SUBDIVI-
 SION, NO INTEREST SHALL BE DUE ON ANY UNPAID ADDITIONAL MEMBER  CONTRIB-
 UTIONS  WHICH  ARE  NOT ATTRIBUTABLE TO A PERIOD PRIOR TO THE FIRST FULL
 PAYROLL PERIOD REFERRED TO IN PARAGRAPH THREE OF THIS SUBDIVISION.
   5. (I) SHOULD ANY PERSON WHO, PURSUANT TO SUBPARAGRAPH (II)  OF  PARA-
 GRAPH TEN OF THIS SUBDIVISION, HAS RECEIVED A REFUND OF THEIR ADDITIONAL
 MEMBER  CONTRIBUTIONS INCLUDING ANY INTEREST PAID ON SUCH CONTRIBUTIONS,
 AGAIN BECOME A PARTICIPANT IN THE  TWENTY-TWO  YEAR  RETIREMENT  PROGRAM
 PURSUANT TO PARAGRAPH SIX OF SUBDIVISION B OF THIS SECTION, AN APPROPRI-
 ATE  AMOUNT  SHALL  BE INCLUDED IN SUCH PARTICIPANT'S CONTRIBUTION DEFI-
 CIENCY (INCLUDING INTEREST THEREON AS CALCULATED  PURSUANT  TO  SUBPARA-
 GRAPH  (II)  OF  THIS PARAGRAPH) FOR ANY CREDITED SERVICE FOR WHICH SUCH
 PERSON  RECEIVED  A  REFUND  OF  SUCH  ADDITIONAL  MEMBER  CONTRIBUTIONS
 (INCLUDING  ANY  AMOUNT  OF  AN  UNPAID LOAN BALANCE DEEMED TO HAVE BEEN
 RETURNED TO SUCH PERSON PURSUANT TO THIS SUBDIVISION), AS IF SUCH  ADDI-
 TIONAL 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 SUCH PARTICIPANT PURSUANT  TO  PARAGRAPHS  FOUR
 AND  FIVE  OF THIS SUBDIVISION, THAT PARTICIPANT, NEVERTHELESS, SHALL BE
 ELIGIBLE TO RETIRE PURSUANT TO SUBDIVISION C OF THIS SECTION,  PROVIDED,
 HOWEVER,  THAT  SUCH PARTICIPANT'S SERVICE RETIREMENT 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 THE AMOUNT OF ANY UNPAID CONTRIBUTION DEFI-
 CIENCY CHARGEABLE TO SUCH MEMBER PURSUANT TO PARAGRAPHS FOUR AND FIVE OF
 THIS SUBDIVISION.
   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  SUCH  PARTICIPANT  PURSUANT  TO
 PARAGRAPHS  FOUR AND FIVE OF THIS SUBDIVISION, THE PARTICIPANT NEVERTHE-
 LESS, SHALL BE ELIGIBLE FOR A VESTED RIGHT TO A DEFERRED BENEFIT  PURSU-
 ANT  TO  SUBDIVISION  D  OF  THIS  SECTION,  PROVIDED, HOWEVER, THAT THE
 DEFERRED VESTED BENEFIT CALCULATED PURSUANT TO PARAGRAPH THREE  OF  SUCH
 SUBDIVISION  D SHALL BE REDUCED BY A LIFE ANNUITY (CALCULATED IN ACCORD-
 S. 7866--A                          7
 
 ANCE WITH THE METHOD SET FORTH IN SUBDIVISION I OF SECTION FIVE  HUNDRED
 SEVENTEEN-B  OF  THIS  ARTICLE)  WHICH  IS ACTUARIALLY EQUIVALENT TO THE
 AMOUNT OF ANY UNPAID CONTRIBUTION DEFICIENCY CHARGEABLE TO  SUCH  MEMBER
 PURSUANT TO PARAGRAPHS FOUR AND FIVE OF THIS SUBDIVISION.
   8.  THE HEAD OF A RETIREMENT SYSTEM WHICH INCLUDES PARTICIPANTS IN THE
 TWENTY-TWO 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 SUCH PARTICIPANT PURSUANT  TO  PARAGRAPHS  FOUR
 AND  FIVE  OF  THIS  SUBDIVISION,  AND A BENEFIT, OTHER THAN A REFUND OF
 MEMBER CONTRIBUTIONS PURSUANT TO SECTION FIVE HUNDRED SEVENTEEN OF  THIS
 ARTICLE  OR  A  REFUND  OF  ADDITIONAL  MEMBER CONTRIBUTIONS PURSUANT TO
 SUBPARAGRAPH (II) OF PARAGRAPH TEN OF THIS SUBDIVISION, BECOMES  PAYABLE
 UNDER THIS ARTICLE TO THE PARTICIPANT OR TO THEIR DESIGNATED BENEFICIARY
 OR  ESTATE,  THE ACTUARIAL EQUIVALENT OF ANY SUCH UNPAID AMOUNT SHALL BE
 DEDUCTED FROM THE BENEFIT OTHERWISE PAYABLE.
   10. (I) SUCH ADDITIONAL MEMBER CONTRIBUTIONS (AND ANY INTEREST  THERE-
 ON)  SHALL  BE  PAID  INTO THE CONTINGENT RESERVE FUND OF THE RETIREMENT
 SYSTEM OF WHICH THE PARTICIPANT IS  A  MEMBER  AND  SHALL  NOT  FOR  ANY
 PURPOSE  BE  DEEMED  TO  BE MEMBER CONTRIBUTIONS OR ACCUMULATED CONTRIB-
 UTIONS OF A MEMBER UNDER SECTION FIVE HUNDRED SEVENTEEN OF THIS  ARTICLE
 OR  OTHERWISE  WHILE SUCH MEMBER IS A PARTICIPANT IN THE TWENTY-TWO YEAR
 RETIREMENT PROGRAM OR OTHERWISE, EXCEPT THAT, A SURPLUS  OF  SUCH  ADDI-
 TIONAL  MEMBER  CONTRIBUTIONS THAT ARE PAID INTO THE RETIREMENT SYSTEM'S
 CONTINGENT RESERVE FUND MAY BE USED FOR THE SOLE PURPOSE OF OFFSETTING A
 DEFICIT OF BASIC MEMBER CONTRIBUTIONS.
   (II) SHOULD A PARTICIPANT IN THE TWENTY-TWO  YEAR  RETIREMENT  PROGRAM
 WHO  HAS  RENDERED  LESS THAN FIFTEEN YEARS OF CREDITED SERVICE CEASE TO
 HOLD A POSITION AS A DEPUTY SHERIFF MEMBER FOR  ANY  REASON  WHATSOEVER,
 SUCH  PARTICIPANT'S  ACCUMULATED  ADDITIONAL  MEMBER  CONTRIBUTIONS MADE
 PURSUANT TO THIS SUBDIVISION (TOGETHER WITH ANY INTEREST THEREON PAID TO
 THE RETIREMENT SYSTEM) MAY BE WITHDRAWN BY SUCH PARTICIPANT PURSUANT  TO
 PROCEDURES  PROMULGATED  IN  REGULATIONS OF THE BOARD OF TRUSTEES OF THE
 RETIREMENT SYSTEM, TOGETHER WITH INTEREST THEREON AT THE  RATE  OF  FIVE
 PERCENT PER ANNUM, COMPOUNDED ANNUALLY.
   (III)  NOTWITHSTANDING ANY OTHER PROVISION OF LAW TO THE CONTRARY, (A)
 NO MEMBER 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 MEMBER, WHILE SUCH
 PERSON 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.  NO  MEMBER  OF  A  PUBLIC RETIREMENT SYSTEM SHALL BE PERMITTED TO
 BORROW ANY PORTION OF THE ADDITIONAL MEMBER CONTRIBUTIONS (INCLUDING ANY
 INTEREST PAID THEREON BY THE PARTICIPANT)  WHICH  ARE  SUBJECT  TO  THIS
 SUBDIVISION.
   § 5. Section 505 of the retirement and social security law, as amended
 by  chapter  18 of the laws of 2012, subdivision d as added by section 3
 of part SS of chapter 55 of the laws of 2025,  is  amended  to  read  as
 follows:
 S. 7866--A                          8

   § 505. Service retirement benefits; police/fire members, New York city
 uniformed correction/sanitation revised plan members [and], investigator
 revised  plan  members  AND  NEW  YORK  CITY DEPUTY SHERIFF REVISED PLAN
 MEMBERS. a.  The  normal  service  retirement  benefit  for  police/fire
 members,  New  York  city  uniformed  correction/sanitation revised plan
 members [and], investigator revised plan members AND NEW YORK CITY DEPU-
 TY SHERIFF REVISED PLAN MEMBERS at normal  retirement  age  shall  be  a
 pension  equal  to  fifty  percent  of  final average salary, less fifty
 percent of the primary social security retirement benefit commencing  at
 age  sixty-two, as provided in section five hundred eleven of this arti-
 cle.
   b. The early service retirement benefit for police/fire  members,  New
 York  city  uniformed  correction/sanitation revised plan members [and],
 investigator revised plan members  AND  NEW  YORK  CITY  DEPUTY  SHERIFF
 REVISED  PLAN  MEMBERS  shall  be  a pension equal to two and one-tenths
 percent of final average salary times years of credited service  at  the
 completion  of  twenty years of service or upon attainment of age sixty-
 two, increased by one-third of one percent of final average  salary  for
 each  month  of  service in excess of twenty years, but not in excess of
 fifty percent of final average salary, less fifty percent of the primary
 social security  retirement  benefit  commencing  at  age  sixty-two  as
 provided  in  section  five  hundred  eleven  of this article, provided,
 however, that New York city police/fire revised plan members,  New  York
 city  uniformed correction/sanitation revised plan members [and], inves-
 tigator revised plan members AND NEW YORK CITY  DEPUTY  SHERIFF  REVISED
 PLAN  MEMBERS  shall  not be eligible to retire for service prior to the
 attainment of twenty years of credited service.
   c.   A   police/fire   member,   a    New    York    city    uniformed
 correction/sanitation  revised plan member [or], an investigator revised
 plan member OR A NEW YORK CITY DEPUTY SHERIFF REVISED  PLAN  MEMBER  who
 retires  with  twenty-two  years  of credited service or less may become
 eligible for annual escalation of the service retirement benefit if [he]
 SUCH MEMBER elects to have the payment of [his] THEIR  benefit  commence
 on  the  date [he] SUCH MEMBER would have completed twenty-two years and
 one month or more of service. In  such  event,  the  service  retirement
 benefit shall equal two percent of final average salary for each year of
 credited  service,  less  fifty  percent  of the primary social security
 retirement benefit commencing at age sixty-two as  provided  in  section
 five hundred eleven of this article.
   d.  Notwithstanding  anything  to  the  contrary  in  any  other  law,
 police/fire members of the New York city police pension  fund  shall  be
 eligible  for  a  normal  service retirement benefit in lieu of an early
 service retirement benefit  upon  completing  twenty  years  of  service
 pursuant to subdivision d of section five hundred three of this article.
   § 6. The retirement and social security law is amended by adding a new
 section 507-j to read as follows:
   § 507-J. ACCIDENTAL DISABILITY RETIREMENT FOR DEPUTY SHERIFFS EMPLOYED
 BY  THE  CITY  OF  NEW YORK. A. A MEMBER OF THE NEW YORK CITY EMPLOYEES'
 RETIREMENT SYSTEM EMPLOYED BY THE CITY OF NEW  YORK  AS  A  DEPUTY  CITY
 SHERIFF,  LEVEL  ONE, DEPUTY CITY SHERIFF, LEVEL TWO, SUPERVISING DEPUTY
 SHERIFF OR ADMINISTRATIVE SHERIFF, WHO BECOMES  PHYSICALLY  OR  MENTALLY
 INCAPACITATED FOR THE PERFORMANCE OF DUTIES AS THE NATURAL AND PROXIMATE
 RESULT  OF  AN  ACCIDENT,  SUSTAINED IN THE PERFORMANCE OF SUCH MEMBER'S
 DUTIES, NOT CAUSED BY SUCH MEMBER'S  WILLFUL  NEGLIGENCE,  SUSTAINED  IN
 SUCH SERVICE AND WHILE ACTUALLY A MEMBER OF THE RETIREMENT SYSTEM, SHALL
 BE  PAID  AN  ACCIDENTAL DISABILITY RETIREMENT ALLOWANCE EQUAL TO THREE-
 S. 7866--A                          9
 
 QUARTERS OF FINAL AVERAGE SALARY AS  DEFINED  IN  SECTION  FIVE  HUNDRED
 TWELVE  OF  THIS ARTICLE, SUBJECT TO THE PROVISIONS OF SECTION 13-176 OF
 THE ADMINISTRATIVE CODE OF THE CITY OF NEW YORK.
   B.  1.  (I)  NOTWITHSTANDING  ANY PROVISIONS OF THIS CHAPTER OR OF ANY
 GENERAL, SPECIAL OR LOCAL LAW, CHARTER, ADMINISTRATIVE CODE OR  RULE  OR
 REGULATION  TO THE CONTRARY, IF ANY CONDITION OR IMPAIRMENT OF HEALTH IS
 CAUSED BY A QUALIFYING WORLD  TRADE  CENTER  CONDITION,  AS  DEFINED  IN
 SECTION  TWO  OF  THIS CHAPTER, IT SHALL BE PRESUMPTIVE EVIDENCE THAT IT
 WAS INCURRED IN THE PERFORMANCE AND DISCHARGE OF DUTY  AND  THE  NATURAL
 AND  PROXIMATE  RESULT  OF  AN  ACCIDENT NOT CAUSED BY SUCH MEMBER'S OWN
 WILLFUL NEGLIGENCE, UNLESS THE CONTRARY BE PROVED BY COMPETENT EVIDENCE.
   (II) THE HEAD OF THE RETIREMENT SYSTEM IS HEREBY AUTHORIZED TO PROMUL-
 GATE RULES AND REGULATIONS TO IMPLEMENT THE  PROVISIONS  OF  THIS  PARA-
 GRAPH.
   2. (I) NOTWITHSTANDING THE PROVISIONS OF THIS CHAPTER OR OF ANY GENER-
 AL,  SPECIAL OR LOCAL LAW, CHARTER, ADMINISTRATIVE CODE OR RULE OR REGU-
 LATION TO THE CONTRARY, IF A MEMBER  WHO  PARTICIPATED  IN  WORLD  TRADE
 CENTER  RESCUE, RECOVERY OR CLEANUP OPERATIONS AS DEFINED IN SECTION TWO
 OF THIS CHAPTER, AND SUBSEQUENTLY RETIRED ON A  SERVICE  RETIREMENT,  AN
 ORDINARY DISABILITY RETIREMENT, A PERFORMANCE OF DUTY DISABILITY RETIRE-
 MENT,  OR  WAS  SEPARATED  FROM  SERVICE WITH A VESTED RIGHT TO DEFERRED
 PAYABILITY OF A RETIREMENT ALLOWANCE AND SUBSEQUENT TO  SUCH  RETIREMENT
 OR SEPARATION IS DETERMINED BY THE HEAD OF THE RETIREMENT SYSTEM TO HAVE
 A  QUALIFYING  WORLD TRADE CENTER CONDITION AS DEFINED IN SECTION TWO OF
 THIS CHAPTER, UPON SUCH DETERMINATION BY  THE  HEAD  OF  THE  RETIREMENT
 SYSTEM,  IT  SHALL  BE PRESUMED THAT SUCH DISABILITY WAS INCURRED IN THE
 PERFORMANCE AND DISCHARGE OF DUTY AS THE NATURAL AND PROXIMATE RESULT OF
 AN ACCIDENT NOT CAUSED BY SUCH MEMBER'S OWN WILLFUL NEGLIGENCE, AND THAT
 THE MEMBER WOULD HAVE BEEN PHYSICALLY OR MENTALLY INCAPACITATED FOR  THE
 PERFORMANCE AND DISCHARGE OF DUTY OF THE POSITION FROM WHICH SUCH MEMBER
 RETIRED  HAD THE CONDITION BEEN KNOWN AND FULLY DEVELOPED AT THE TIME OF
 THE MEMBER'S RETIREMENT, UNLESS THE  CONTRARY  IS  PROVEN  BY  COMPETENT
 EVIDENCE.
   (II)  THE HEAD OF THE RETIREMENT SYSTEM SHALL CONSIDER A RECLASSIFICA-
 TION OF THE MEMBER'S RETIREMENT OR VESTING AS AN  ACCIDENTAL  DISABILITY
 RETIREMENT EFFECTIVE AS OF THE DATE OF SUCH RECLASSIFICATION.
   (III) SUCH MEMBER'S RETIREMENT OPTION SHALL NOT BE CHANGED AS A RESULT
 OF SUCH RECLASSIFICATION.
   (IV)  THE MEMBER'S FORMER EMPLOYER AT THE TIME OF THE MEMBER'S RETIRE-
 MENT SHALL HAVE AN OPPORTUNITY TO BE HEARD ON THE  MEMBER'S  APPLICATION
 FOR  RECLASSIFICATION  BY THE HEAD OF THE RETIREMENT SYSTEM ACCORDING TO
 PROCEDURES DEVELOPED BY THE COMPTROLLER.
   (V) THE HEAD OF THE RETIREMENT SYSTEM IS HEREBY AUTHORIZED TO  PROMUL-
 GATE  RULES  AND  REGULATIONS  TO IMPLEMENT THE PROVISIONS OF THIS PARA-
 GRAPH.
   C. NOTWITHSTANDING ANY OTHER PROVISION  OF  THIS  CHAPTER  OR  OF  ANY
 GENERAL,  SPECIAL  OR LOCAL LAW, CHARTER, ADMINISTRATIVE CODE OR RULE OR
 REGULATION TO THE CONTRARY, IF A RETIREE OR VESTEE WHO:  (1) HAS MET THE
 CRITERIA OF SUBDIVISION B OF THIS SECTION AND RETIRED ON  A  SERVICE  OR
 DISABILITY  RETIREMENT,  WOULD  HAVE  MET  THE  CRITERIA  IF NOT ALREADY
 RETIRED ON AN ACCIDENTAL DISABILITY, OR WAS SEPARATED FROM SERVICE  WITH
 A VESTED RIGHT TO DEFERRED PAYABILITY OF A RETIREMENT ALLOWANCE; AND (2)
 HAS  NOT BEEN RETIRED FOR MORE THAN TWENTY-FIVE YEARS; AND (3) DIES FROM
 A QUALIFYING WORLD TRADE CENTER CONDITION AS DEFINED IN SECTION  TWO  OF
 THIS  CHAPTER,  AS  DETERMINED  BY THE APPLICABLE HEAD OF THE RETIREMENT
 SYSTEM OR APPLICABLE MEDICAL BOARD, THEN UNLESS THE CONTRARY  BE  PROVEN
 S. 7866--A                         10
 
 BY  COMPETENT  EVIDENCE,  SUCH RETIREE OR VESTEE SHALL BE DEEMED TO HAVE
 DIED AS A NATURAL AND PROXIMATE RESULT OF AN ACCIDENT SUSTAINED  IN  THE
 PERFORMANCE  OF  DUTY AND NOT AS A RESULT OF WILLFUL NEGLIGENCE ON THEIR
 PART.   SUCH RETIREE'S OR VESTEE'S ELIGIBLE BENEFICIARY, AS SET FORTH IN
 SECTION FIVE HUNDRED ONE OF THIS ARTICLE, SHALL BE ENTITLED TO AN  ACCI-
 DENTAL  DEATH  BENEFIT  AS PROVIDED BY SECTION FIVE HUNDRED NINE OF THIS
 ARTICLE, HOWEVER, FOR THE PURPOSES OF DETERMINING THE SALARY  BASE  UPON
 WHICH  THE ACCIDENTAL DEATH BENEFIT IS CALCULATED, THE RETIREE OR VESTEE
 SHALL BE DEEMED TO HAVE DIED ON THE DATE OF THEIR  RETIREMENT  OR  SEPA-
 RATION  FROM  SERVICE WITH VESTED RIGHTS. UPON THE RETIREE'S OR VESTEE'S
 DEATH, THE ELIGIBLE BENEFICIARY SHALL MAKE A WRITTEN APPLICATION TO  THE
 HEAD  OF THE RETIREMENT SYSTEM WITHIN THE TIME FOR FILING AN APPLICATION
 FOR AN ACCIDENTAL DEATH BENEFIT AS SET FORTH  IN  SECTION  FIVE  HUNDRED
 NINE  OF  THIS  ARTICLE REQUESTING CONVERSION OF SUCH RETIREE'S SERVICE,
 VESTED RIGHT OR DISABILITY RETIREMENT BENEFIT  TO  AN  ACCIDENTAL  DEATH
 BENEFIT.  AT THE TIME OF SUCH CONVERSION, THE ELIGIBLE BENEFICIARY SHALL
 RELINQUISH ALL RIGHTS TO THE  PROSPECTIVE  BENEFITS  PAYABLE  UNDER  THE
 SERVICE  OR DISABILITY RETIREMENT BENEFIT, OR VESTED RIGHT TO SUCH BENE-
 FIT, INCLUDING ANY POST-RETIREMENT DEATH BENEFITS, SINCE  THE  RETIREE'S
 OR VESTEE'S DEATH. IF THE ELIGIBLE BENEFICIARY IS NOT THE ONLY BENEFICI-
 ARY  RECEIVING  OR  ENTITLED  TO  RECEIVE A BENEFIT UNDER THE SERVICE OR
 DISABILITY RETIREMENT BENEFIT (INCLUDING, BUT NOT LIMITED  TO,  POST-RE-
 TIREMENT  DEATH  BENEFITS  OR  BENEFITS  PAID OR PAYABLE PURSUANT TO THE
 RETIREE'S OPTION SELECTION), OR THAT WILL BE ELIGIBLE UNDER  THE  VESTED
 RIGHT, THE ACCIDENTAL DEATH BENEFIT PAYMENTS TO THE ELIGIBLE BENEFICIARY
 WILL BE REDUCED BY ANY AMOUNTS PAID OR PAYABLE TO ANY OTHER BENEFICIARY.
   D.  NOTWITHSTANDING  ANY  OTHER  PROVISION  OF  THIS CHAPTER OR OF ANY
 GENERAL, SPECIAL OR LOCAL LAW, CHARTER, ADMINISTRATIVE CODE OR  RULE  OR
 REGULATION TO THE CONTRARY, IF A MEMBER WHO: (1) HAS MET THE CRITERIA OF
 SUBDIVISION B OF THIS SECTION; (2) DIES IN ACTIVE SERVICE OR AFTER SEPA-
 RATING  FROM  SERVICE  WITH  A  VESTED RIGHT TO DEFERRED PAYABILITY OF A
 RETIREMENT ALLOWANCE, BUT PRIOR TO THE  PAYABILITY  OF  THAT  RETIREMENT
 ALLOWANCE;  AND (3) DIES FROM A QUALIFYING WORLD TRADE CENTER CONDITION,
 AS DEFINED IN SECTION TWO OF THIS CHAPTER, AS DETERMINED BY THE APPLICA-
 BLE HEAD OF THE RETIREMENT SYSTEM OR APPLICABLE MEDICAL  BOARD  TO  HAVE
 BEEN  CAUSED  BY  SUCH  MEMBER'S PARTICIPATION IN THE WORLD TRADE CENTER
 RESCUE, RECOVERY OR CLEANUP OPERATIONS, AS DEFINED  IN  SECTION  TWO  OF
 THIS  CHAPTER, THEN UNLESS THE CONTRARY BE PROVEN BY COMPETENT EVIDENCE,
 SUCH MEMBER SHALL BE DEEMED TO HAVE DIED  AS  A  NATURAL  AND  PROXIMATE
 RESULT  OF AN ACCIDENT SUSTAINED IN THE PERFORMANCE OF DUTY AND NOT AS A
 RESULT OF WILLFUL NEGLIGENCE ON SUCH MEMBER'S PART. SUCH MEMBER'S ELIGI-
 BLE BENEFICIARY, AS SET FORTH IN SECTION FIVE HUNDRED ONE OF THIS  ARTI-
 CLE,  SHALL  BE  ENTITLED  TO  AN ACCIDENTAL DEATH BENEFIT PROVIDED SUCH
 MEMBER'S ELIGIBLE BENEFICIARY MAKES WRITTEN APPLICATION TO THE  HEAD  OF
 THE  RETIREMENT  SYSTEM WITHIN THE TIME FOR FILING AN APPLICATION FOR AN
 ACCIDENTAL DEATH BENEFIT AS SET FORTH IN SECTION FIVE  HUNDRED  NINE  OF
 THIS ARTICLE.
   § 7. Subdivision b of section 508 of the retirement and social securi-
 ty  law,  as  amended  by chapter 476 of the laws of 2018, is amended to
 read as follows:
   b. A member of a retirement system subject to the provisions  of  this
 article who is a police officer, firefighter, correction officer, inves-
 tigator  revised  plan member [or], sanitation worker OR A NEW YORK CITY
 DEPUTY SHERIFF REVISED PLAN MEMBER and is in a plan which permits  imme-
 diate  retirement upon completion of a specified period of service with-
 out regard to age or who is subject to the provisions  of  section  five
 S. 7866--A                         11
 
 hundred four or five hundred five of this article, shall upon completion
 of  ninety  days  of  service be covered for financial protection in the
 event of death in service pursuant to this subdivision. Such death bene-
 fit shall be equal to three times the member's salary raised to the next
 highest  multiple  of  one  thousand  dollars,  but in no event shall it
 exceed three times the maximum salary specified in section  one  hundred
 thirty of the civil service law or, in the case of a member of a retire-
 ment  system  other than the New York city employees' retirement system,
 or in the case of a member of the New York  city  employees'  retirement
 system  who  is  a New York city uniformed correction/sanitation revised
 plan member [or], an investigator revised plan member OR A NEW YORK CITY
 DEPUTY SHERIFF REVISED PLAN MEMBER, the specific  limitations  specified
 for  age  of  entrance into service contained in subparagraphs (b), (c),
 (d), (e) and (f) of paragraph two of subdivision a of this section.
   § 8. Paragraph 2 of subdivision b of section 510 of the retirement and
 social security law, as amended by chapter 18 of the laws  of  2012,  is
 amended to read as follows:
   2.  The  first  day  of the month following the date on which a member
 completes or would have completed twenty-five years of credited service,
 with respect to service retirement benefits for police/fire members  and
 their  beneficiaries,  New  York  city  uniformed  correction/sanitation
 revised plan members and their beneficiaries [or], investigator  revised
 plan  members  OR  NEW YORK CITY DEPUTY SHERIFF REVISED PLAN MEMBERS and
 their beneficiaries.
   § 9. Subdivisions c and d of section 512 of the retirement and  social
 security  law, as amended by chapter 18 of the laws of 2012, are amended
 to read as follows:
   c. Notwithstanding the provisions of subdivisions  a  and  b  of  this
 section,  the  final average salary of an employee who has been a member
 of the New York city employees' retirement system (other than a New York
 city correction/sanitation revised plan  member  [or],  an  investigator
 revised  plan  member  OR  A  NEW  YORK CITY DEPUTY SHERIFF REVISED PLAN
 MEMBER) or the New York city teacher's retirement system for  less  than
 one  year  shall  be the projected one year salary, with the calculation
 based upon a twelve month projection of the sums earned in  the  portion
 of the year worked. If a member has been employed for more than one year
 but less than two years, then the member's final average salary shall be
 the  average  of the first year and projected second year earnings based
 upon the calculation above, and if more than two years,  but  less  than
 three  years, then one-third the total of the first two years of employ-
 ment plus the projected third year's earnings, calculated  as  indicated
 above.
   d.  Subject  to  the  provisions of subdivision c of this section, and
 notwithstanding the provisions of subdivision a of  this  section,  with
 respect  to  members  of  the New York city employees' retirement system
 (other than a New York city uniformed correction/sanitation revised plan
 member [or], an investigator revised plan member  OR  A  NEW  YORK  CITY
 DEPUTY  SHERIFF  REVISED  PLAN  MEMBER)  and  the New York city board of
 education retirement system who are subject to the  provisions  of  this
 article, a member's final average salary shall be determined pursuant to
 the  provisions  of  paragraph  thirteen  of  subdivision  e  of section
 13-638.4 of the administrative code of the city of New York.
   § 10. Subdivision c of section 516 of the retirement and social  secu-
 rity  law,  as  amended by chapter 18 of the laws of 2012, is amended to
 read as follows:
 S. 7866--A                         12
 
   c. The deferred vested benefit of police/fire members, New  York  city
 police/fire    revised   plan   members,   New   York   city   uniformed
 correction/sanitation revised plan members  [or],  investigator  revised
 plan  members OR NEW YORK CITY DEPUTY SHERIFF REVISED PLAN MEMBERS shall
 be  a  pension  commencing at early retirement age equal to two and one-
 tenths percent of final average salary times years of credited  service,
 less  fifty  percent  of  the primary social security retirement benefit
 commencing at age sixty-two, as provided in section five hundred  eleven
 of  this  article.  A  police/fire  member,  a New York city police/fire
 revised plan member, a New  York  city  uniformed  correction/sanitation
 revised plan member [or], investigator revised plan member OR A NEW YORK
 CITY DEPUTY SHERIFF REVISED PLAN MEMBER may elect to receive [his] THEIR
 vested  benefit commencing at early retirement age or age fifty-five. If
 the vested benefit commences before early retirement  age,  the  benefit
 shall  be  reduced  by  one-fifteenth  for  each  year, if any, that the
 member's early retirement age is in excess of age  sixty,  and  by  one-
 thirtieth for each additional year by which the vested benefit commences
 prior  to early retirement age. If such vested benefit is deferred until
 after such member's normal retirement age, the benefit shall be computed
 and subject to annual escalation in the same manner as provided  for  an
 early  retirement  benefit  pursuant  to  subdivision  c of section five
 hundred five of this article.
   § 11. Section 517 of the retirement and social security law is amended
 by adding two new subdivisions j and k to read as follows:
   J. 1.  NOTWITHSTANDING ANY PROVISION OF LAW TO THE CONTRARY, THE  CITY
 OF  NEW YORK SHALL, IN THE CASE OF A DEPUTY SHERIFF REVISED PLAN MEMBER,
 PICK UP AND PAY TO THE RETIREMENT SYSTEM OF WHICH SUCH PARTICIPANT IS  A
 MEMBER  ALL  ADDITIONAL  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 SECTION FIVE HUNDRED FOUR-E
 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  ON  EACH  AND  EVERY  PAYROLL OF SUCH PARTICIPANT FOR EACH AND EVERY
 PAYROLL PERIOD WITH RESPECT TO WHICH SUCH PARAGRAPH THREE  WOULD  OTHER-
 WISE REQUIRE SUCH DEDUCTIONS.
   2. AN AMOUNT EQUAL TO THE AMOUNT OF ADDITIONAL CONTRIBUTIONS PICKED UP
 PURSUANT TO THIS SUBDIVISION 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 SUCH  MEMBER  HEREUNDER)  AND
 SHALL NOT BE PAID TO SUCH MEMBER.
   3.  THE  ADDITIONAL  MEMBER  CONTRIBUTIONS  PICKED UP PURSUANT TO THIS
 SUBDIVISION 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 FIVE HUNDRED FOUR-E OF THIS ARTICLE, AND SHALL BE DEEMED TO
 BE  AND  TREATED AS EMPLOYER CONTRIBUTIONS PURSUANT TO SECTION 414(H) OF
 THE INTERNAL REVENUE CODE.
   4. FOR THE PURPOSE OF DETERMINING THE RETIREMENT SYSTEM RIGHTS,  BENE-
 FITS  AND PRIVILEGES OF ANY MEMBER WHOSE ADDITIONAL MEMBER CONTRIBUTIONS
 ARE PICKED UP PURSUANT TO THIS SUBDIVISION, SUCH  PICKED  UP  ADDITIONAL
 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 FIVE HUNDRED FOUR-E OF THIS ARTICLE.
   5. WITH THE EXCEPTION OF FEDERAL INCOME TAX TREATMENT, THE  ADDITIONAL
 MEMBER  CONTRIBUTIONS PICKED UP PURSUANT TO PARAGRAPH ONE OF THIS SUBDI-
 S. 7866--A                         13
 
 VISION SHALL FOR ALL OTHER PURPOSES, INCLUDING COMPUTATION OF RETIREMENT
 BENEFITS AND CONTRIBUTIONS BY EMPLOYERS AND EMPLOYEES, BE DEEMED EMPLOY-
 EE 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.
   K. NOTWITHSTANDING ANY INCONSISTENT PROVISION OF SUBDIVISION A OF THIS
 SECTION,  NEW  YORK  CITY  DEPUTY  SHERIFF  REVISED  PLAN  MEMBERS SHALL
 CONTRIBUTE THREE PERCENT OF ANNUAL WAGES TO THE PENSION  FUND  IN  WHICH
 THEY  HAVE  MEMBERSHIP  AND SUCH CONTRIBUTIONS SHALL NOT BE REQUIRED FOR
 MORE THAN TWENTY-FIVE YEARS.
   § 12. Paragraph 1 of subdivision b of section 517-c of the  retirement
 and  social  security law, as amended by section 1 of part JJ of chapter
 55 of the laws of 2023, is amended to read as follows:
   1. A member of the New York  state  and  local  employees'  retirement
 system,  the New York state and local police and fire retirement system,
 the New York city employees' retirement system, the New York city  board
 of  education retirement system or the New York city police pension fund
 in active service who has credit for at least one year of member service
 may borrow, no more than once during each twelve month period, an amount
 not exceeding seventy-five  percent  of  the  total  contributions  made
 pursuant  to  section  five hundred seventeen of this article (including
 interest credited at the rate set forth in subdivision c of such section
 five hundred seventeen compounded annually) and not less than one  thou-
 sand  dollars,  provided,  however,  that the provisions of this section
 shall not apply to  a  New  York  city  uniformed  correction/sanitation
 revised  plan  member [or], an investigator revised plan member OR A NEW
 YORK CITY DEPUTY SHERIFF REVISED PLAN MEMBER.
   § 13. Paragraphs 5 and 6 of  subdivision  a  of  section  600  of  the
 retirement and social security law, paragraph 5 as amended and paragraph
 6  as  added  by  chapter  18 of the laws of 2012, are amended and a new
 paragraph 7 is added to read as follows:
   5. Investigator members of the New  York  city  employees'  retirement
 system; [and]
   6.  Members  of the uniformed force of the New York city department of
 sanitation who join or rejoin a public retirement system of the state on
 or after April first, two thousand twelve[.]; AND
   7. DEPUTY SHERIFF MEMBERS OF THE NEW YORK  CITY  SHERIFF'S  DEPARTMENT
 WHO  JOIN  OR REJOIN A PUBLIC RETIREMENT SYSTEM OF THE STATE ON OR AFTER
 THE EFFECTIVE DATE OF THIS PARAGRAPH AND WHO MAKE AN  ELECTION  PURSUANT
 TO  SECTION  FIVE HUNDRED FOUR-E OF THIS CHAPTER TO BECOME A PARTICIPANT
 IN THE NEW YORK CITY DEPUTY SHERIFF REVISED PLAN.
   § 14. Paragraph 1-b of subdivision b of section 911 of the  retirement
 and  social security law, as added by chapter 18 of the laws of 2012, is
 amended to read as follows:
   1-b. The provisions of this subdivision shall not apply to a New  York
 city  uniformed correction/sanitation revised plan member (as defined in
 subdivision twenty-five of section five hundred one of this chapter), an
 investigator revised plan member (as defined in subdivision twenty-seven
 of section five hundred one of this  chapter)  [or],  a  New  York  city
 revised  plan member (as defined in subdivision m of section six hundred
 one of this chapter) OR A NEW YORK  CITY  DEPUTY  SHERIFF  REVISED  PLAN
 MEMBER  (AS  DEFINED  IN SUBDIVISION TWENTY-NINE OF SECTION FIVE HUNDRED
 ONE OF THIS CHAPTER).
   § 15. The New York city employees retirement  system  shall  make  the
 form  for  members  to make an election pursuant to section 504-e of the
 S. 7866--A                         14
 
 retirement and social security law available on  its  website  no  later
 than thirty days following the effective date of this act.
   § 16. Notwithstanding any other provision of law to the contrary, none
 of  the  provisions  of  this  act shall be subject to the appropriation
 requirement of section 25 of the retirement and social security law.
   § 17. This act shall take effect immediately.
   FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
   SUMMARY: This proposed legislation would establish a  Tier  3  22-Year
 Retirement  Program  for  NYCERS  Deputy  Sheriffs  (DS  22-Year  Plan).
 Participation is optional and requires Additional  Member  Contributions
 equal to 6.75% of compensation.
 
          EXPECTED INCREASE (DECREASE) IN EMPLOYER CONTRIBUTIONS
           by Fiscal Year for the first 25 years ($ in Millions)
                          Year      NYCERS

                          2026        0.8
                          2027        0.8
                          2028        0.8
                          2029        0.8
                          2030        0.9
                          2031        0.9
                          2032        0.9
                          2033        0.9
                          2034        0.9
                          2035        0.9
                          2036        1.0
                          2037        1.0
                          2038        1.0
                          2039        0.5
                          2040        0.5
                          2041        0.6
                          2042        0.6
                          2043        0.6
                          2044        0.6
                          2045        0.7
                          2046        0.7
                          2047        0.7
                          2048        0.8
                          2049        0.8
                          2050        0.8
 Projected  contributions  include future new hires that may be impacted.
 For Fiscal Year 2051 and beyond, the expected increase in normal cost as
 a level percent of pay for impacted new entrants is approximately 3.43%.
   The entire increase in employer contributions will be allocated to New
 York City.
   PRESENT VALUE OF BENEFITS:  The  Present  Value  of  Benefits  is  the
 discounted  expected  value  of  benefits paid to current members if all
 assumptions are met, including future service accrual and pay increases.
 Future new hires are not included in this present value.
 
          INITIAL INCREASE (DECREASE) IN ACTUARIAL PRESENT VALUES
                    as of June 30, 2024 ($ in Millions)
 
              Present Value (PV)                 NYCERS
              (1) PV of Employer Contributions:     6.6
 S. 7866--A                         15
 
              (2) PV of Employee Contributions:    (2.8)
              Total PV of Benefits (1) + (2):       3.8
 
   UNFUNDED  ACCRUED  LIABILITY  (UAL): Actuarial Accrued Liabilities are
 the portion of the Present Value of Benefits allocated to past  service.
 Changes  in UAL were amortized over the expected remaining working life-
 time of those impacted using level dollar payments.
 
                AMORTIZATION OF UNFUNDED ACCRUED LIABILITY
 
                                                 NYCERS
              Increase (Decrease) in UAL:         3.9 M
              Number of Payments:                  13
              Amortization Payment:               0.5 M
 
   CENSUS DATA: The estimates presented herein are based  on  preliminary
 census data collected as of June 30, 2024. The census data for the depu-
 ty sheriffs assumed to elect the DS 22-Year Plan is summarized below.
 
                                             NYCERS
                 Active Members
                 - Number Count:                 94
                 - Average Age:                39.0
                 - Average Service:             9.4
                 - Average Salary:           90,000
 
   IMPACT  ON MEMBER BENEFITS AND CONTRIBUTIONS: The proposed legislation
 would provide the following benefits to deputy sheriffs who  participate
 in the DS 22-Year Plan:
   *  Service retirement benefit of 42% of Final Average Salary (FAS) for
 the first 20 years of credited service, plus 4% of FAS  for  each  addi-
 tional year of credited service exceeding 20 years up to a maximum of 22
 years.   This benefit is subject to a social security offset starting at
 age 62.
   * Accidental disability retirement benefit equal to 75% of FAS without
 an offset for social security.
   * Vested benefit of 2.1% of FAS for each  year  of  credited  service,
 payable  on  the  date  they  would  have  attained 20 years of credited
 service, and subject to a social security offset starting at age 62.
   Benefits provided under the plan would be subject  to  the  applicable
 Cost-of-Living  Adjustment  (COLA)  or  Escalation  Adjustments. Current
 benefits are only subject to COLA provisions.
   Members of the DS 22-Year Plan would be required to pay  Basic  Member
 Contributions  of  3% for up to 25 years, and Additional Member Contrib-
 utions equal to 6.75% of compensation for all service as a Plan  partic-
 ipant  on and after the starting date of the Plan until the later of the
 one-year anniversary of the effective date of the Plan or  30  years  of
 Credited Service.
   ASSUMPTIONS  AND  METHODS:  The  estimates  presented herein have been
 calculated based on the Revised 2021 Actuarial Assumptions  and  Methods
 of the impacted retirement system. In addition:
   *  The rates of retirement for the DS 22-Year Plan were assigned based
 on members' eligibility to elect. The DS 22-Year Plan will  be  optional
 for current and future deputy sheriffs.
   *  New  entrants were assumed to replace exiting members so that total
 payroll for deputy sheriffs increases by 3% each year. New entrant demo-
 S. 7866--A                         16
 
 graphics were developed based on data for recent new hires and actuarial
 judgement.
   To  determine the impact of the elective nature of the proposed legis-
 lation, a subgroup of NYCERS deputy sheriffs was developed based on  who
 is  assumed to benefit actuarially by comparing the net present value of
 future employer costs of each member's benefit under their current  plan
 and under the DS 22-Year Plan.
   RISK  AND  UNCERTAINTY: The costs presented in this Fiscal Note depend
 highly on the actuarial assumptions, methods,  and  models  used,  demo-
 graphics  of  the  impacted population and other factors such as invest-
 ment, contribution, and other risks. If actual experience deviates  from
 actuarial   assumptions,  the  actual  costs  could  differ  from  those
 presented herein. Quantifying these risks is beyond the  scope  of  this
 Fiscal Note.
   This  Fiscal  Note  is intended to measure pension-related impacts and
 does not include other potential costs (e.g., administrative  and  Other
 Postemployment  Benefits). This Fiscal Note does not reflect any chapter
 laws that may have been enacted during the current legislative session.
   STATEMENT OF ACTUARIAL OPINION: Marek Tyszkiewicz and Gregory Zelikov-
 sky are members of the Society of Actuaries and the American Academy  of
 Actuaries.  We  are members of NYCERS, but do not believe it impairs our
 objectivity, and we meet the Qualification  Standards  of  the  American
 Academy  of  Actuaries to render the actuarial opinion contained herein.
 To the best of our knowledge, the results  contained  herein  have  been
 prepared  in accordance with generally accepted actuarial principles and
 procedures and with the Actuarial Standards of Practice  issued  by  the
 Actuarial Standards Board.
   FISCAL NOTE IDENTIFICATION: This Fiscal Note 2025-56 dated May 6, 2025
 was  prepared  by  the  Chief  Actuary  for the New York City Retirement
 Systems and Pension Funds and is intended for use only during  the  2025
 Legislative Session.
   FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
   SUMMARY:  This  proposed  legislation would establish a Tier 3 22-Year
 Retirement  Program  for  NYCERS  Deputy  Sheriffs  (DS  22-Year  Plan).
 Participation  is  optional and requires Additional Member Contributions
 equal to 6.75% of compensation.
 
          EXPECTED INCREASE (DECREASE) IN EMPLOYER CONTRIBUTIONS
           by Fiscal Year for the first 25 years ($ in Millions)
                          Year      NYCERS
 
                          2026        0.8
                          2027        0.8
                          2028        0.8
                          2029        0.8
                          2030        0.9
                          2031        0.9
                          2032        0.9
                          2033        0.9
                          2034        0.9
                          2035        0.9
                          2036        1.0
                          2037        1.0
                          2038        1.0
                          2039        0.5
                          2040        0.5
 S. 7866--A                         17
 
                          2041        0.6
                          2042        0.6
                          2043        0.6
                          2044        0.6
                          2045        0.7
                          2046        0.7
                          2047        0.7
                          2048        0.8
                          2049        0.8
                          2050        0.8
 Projected  contributions  include future new hires that may be impacted.
 For Fiscal Year 2051 and beyond, the expected increase in normal cost as
 a level percent of pay for impacted new entrants is approximately 3.43%.
   The entire increase in employer contributions will be allocated to New
 York City.
   PRESENT VALUE OF BENEFITS:  The  Present  Value  of  Benefits  is  the
 discounted  expected  value  of  benefits paid to current members if all
 assumptions are met, including future service accrual and pay increases.
 Future new hires are not included in this present value.
 
          INITIAL INCREASE (DECREASE) IN ACTUARIAL PRESENT VALUES
                    as of June 30, 2024 ($ in Millions)

              Present Value (PV)                 NYCERS
              (1) PV of Employer Contributions:     6.6
              (2) PV of Employee Contributions:    (2.8)
              Total PV of Benefits (1) + (2):       3.8
 
   UNFUNDED ACCRUED LIABILITY (UAL): Actuarial  Accrued  Liabilities  are
 the  portion of the Present Value of Benefits allocated to past service.
 Changes in UAL were amortized over the expected remaining working  life-
 time of those impacted using level dollar payments.
 
                AMORTIZATION OF UNFUNDED ACCRUED LIABILITY
 
                                                 NYCERS
              Increase (Decrease) in UAL:         3.9 M
              Number of Payments:                  13
              Amortization Payment:               0.5 M
 
   CENSUS  DATA:  The estimates presented herein are based on preliminary
 census data collected as of June 30, 2024. The census data for the depu-
 ty sheriffs assumed to elect the DS 22-Year Plan is summarized below.
 
                                             NYCERS
                 Active Members
                 - Number Count:                 94
                 - Average Age:                39.0
                 - Average Service:             9.4
                 - Average Salary:           90,000
 
   IMPACT ON MEMBER BENEFITS AND CONTRIBUTIONS: The proposed  legislation
 would  provide the following benefits to deputy sheriffs who participate
 in the DS 22-Year Plan:
   * Service retirement benefit of 42% of Final Average Salary (FAS)  for
 the  first  20  years of credited service, plus 4% of FAS for each addi-
 S. 7866--A                         18

 tional year of credited service exceeding 20 years up to a maximum of 22
 years.  This benefit is subject to a social security offset starting  at
 age 62.
   * Accidental disability retirement benefit equal to 75% of FAS without
 an offset for social security.
   *  Vested  benefit  of  2.1% of FAS for each year of credited service,
 payable on the date they  would  have  attained  20  years  of  credited
 service, and subject to a social security offset starting at age 62.
   Benefits  provided  under  the plan would be subject to the applicable
 Cost-of-Living Adjustment  (COLA)  or  Escalation  Adjustments.  Current
 benefits are only subject to COLA provisions.
   Members  of  the DS 22-Year Plan would be required to pay Basic Member
 Contributions of 3% for up to 25 years, and Additional  Member  Contrib-
 utions  equal to 6.75% of compensation for all service as a Plan partic-
 ipant on and after the starting date of the Plan until the later of  the
 one-year  anniversary  of  the effective date of the Plan or 30 years of
 Credited Service.
   ASSUMPTIONS AND METHODS: The  estimates  presented  herein  have  been
 calculated  based  on the Revised 2021 Actuarial Assumptions and Methods
 of the impacted retirement system. In addition:
   * The rates of retirement for the DS 22-Year Plan were assigned  based
 on  members'  eligibility to elect. The DS 22-Year Plan will be optional
 for current and future deputy sheriffs.
   * New entrants were assumed to replace exiting members so  that  total
 payroll for deputy sheriffs increases by 3% each year. New entrant demo-
 graphics were developed based on data for recent new hires and actuarial
 judgement.
   To  determine the impact of the elective nature of the proposed legis-
 lation, a subgroup of NYCERS deputy sheriffs was developed based on  who
 is  assumed to benefit actuarially by comparing the net present value of
 future employer costs of each member's benefit under their current  plan
 and under the DS 22-Year Plan.
   RISK  AND  UNCERTAINTY: The costs presented in this Fiscal Note depend
 highly on the actuarial assumptions, methods,  and  models  used,  demo-
 graphics  of  the  impacted population and other factors such as invest-
 ment, contribution, and other risks. If actual experience deviates  from
 actuarial   assumptions,  the  actual  costs  could  differ  from  those
 presented herein. Quantifying these risks is beyond the  scope  of  this
 Fiscal Note.
   This  Fiscal  Note  is intended to measure pension-related impacts and
 does not include other potential costs (e.g., administrative  and  Other
 Postemployment  Benefits). This Fiscal Note does not reflect any chapter
 laws that may have been enacted during the current legislative session.
   STATEMENT OF ACTUARIAL OPINION: Marek Tyszkiewicz and Gregory Zelikov-
 sky are members of the Society of Actuaries and the American Academy  of
 Actuaries.  We  are members of NYCERS, but do not believe it impairs our
 objectivity, and we meet the Qualification  Standards  of  the  American
 Academy  of  Actuaries to render the actuarial opinion contained herein.
 To the best of our knowledge, the results  contained  herein  have  been
 prepared  in accordance with generally accepted actuarial principles and
 procedures and with the Actuarial Standards of Practice  issued  by  the
 Actuarial Standards Board.
   FISCAL NOTE IDENTIFICATION: This Fiscal Note 2025-56 dated May 6, 2025
 was  prepared  by  the  Chief  Actuary  for the New York City Retirement
 Systems and Pension Funds and is intended for use only during  the  2025
 Legislative Session.