2023 New York Laws › RSS - Retirement and Social Security › Article 15 - Coordinated Retirement Plan › 604-J - Twenty-Five Year Retirement Program for Fire Protection Inspector Members.

§  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
different 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
twenty-five year retirement program, as applicable to them.
5. "Discontinued member" shall mean a participant in  the  twenty-five
year retirement program who, while they were a fire protection inspector
member,  discontinued  service  as  such  a  member and has a right to a
deferred vested benefit under subdivision d of this section.
6. "Administrative code" shall mean the  administrative  code  of  the
city of New York.
7.  "Allowable  service  as  a fire protection inspector member" shall
mean all service as a fire protection inspector member.
b. Participation  in  the  twenty-five  year  retirement  program.  1.
Subject   to  the  provisions  of  paragraphs  six  and  seven  of  this
subdivision, any person who is a fire protection inspector member on the
starting date of the twenty-five year retirement  program  and  who,  as
such  a  fire  protection  inspector  member  or  otherwise, last became
subject to the provisions of this article prior to such  starting  date,
may  elect  to  become  a participant in the twenty-five year retirement
program by filing, within one hundred eighty  days  after  the  starting
date  of  the  twenty-five  year  retirement  program,  a  duly executed
application for such participation with the retirement system  of  which
such  person  is  a  member,  provided  they  are such a fire protection
inspector member on the date such application is filed.
2. Subject to the provisions of  paragraphs  six  and  seven  of  this
subdivision,  any  person who becomes a fire protection inspector member
after the starting date of the twenty-five year retirement  program  and
who,  as  such  a  fire  protection  inspector member or otherwise, last
became subject to the provisions of this article prior to such  starting
date,  may  elect  to  become  a  participant  in  the  twenty-five year
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 for  which
such  person  is  a  member,  provided  they  are such a fire protection
inspector member on the date such application is filed.
3. Each fire protection inspector member, other than a fire protection
inspector member subject to paragraph one or two  of  this  subdivision,
who  becomes  subject  to the provisions of this article on or after the
starting date of the twenty-five year retirement program shall become  a
participant  in the twenty-five year retirement program on the date they
become such a fire protection inspector  member.  Provided,  however,  a
person  subject  to this paragraph, and who has exceeded age twenty-five
upon employment as a fire protection inspector member, shall  be  exempt

from  participation  in the improved twenty-five year retirement program
if such person elects not to participate by filing a duly executed  form
with  the retirement system within one hundred eighty days of becoming a
fire protection inspector member.
4. Any election to be a participant in the twenty-five year retirement
program shall be irrevocable.
5.  Where  any  participant in the twenty-five year retirement program
shall cease to be employed as a fire protection inspector  member,  they
shall  cease  to  be  such a participant and, during any period in which
such person is not so employed, they shall not be a participant  in  the
twenty-five  year  retirement  program and shall not be eligible for the
benefits of subdivision c of this section.
6. Where any participant in the twenty-five  year  retirement  program
terminates  service as a fire protection inspector member and returns to
such service as a fire protection inspector member at a later date, they
shall again become such a participant on that date.
7. Notwithstanding any other provision of the law to the contrary, any
person who  is  eligible  to  elect  to  become  a  participant  in  the
twenty-five  year retirement program pursuant to paragraph one or two of
this subdivision for the full one hundred eighty day period provided for
in such applicable paragraph  and  who  fails  to  timely  file  a  duly
executed  application for such participation with the retirement system,
shall not thereafter  be  eligible  to  become  a  participant  in  such
program.
c.  Service  retirement  benefits. 1. A participant in the twenty-five
year retirement program:
(i) who has completed twenty-five or more years of  allowable  service
as a fire protection inspector member; and
(ii)  who  has  paid,  before  the  effective  date of retirement, all
additional member  contributions  and  interest  (if  any)  required  by
subdivision e of this section; and
(iii)  who files with the retirement system of which they are a member
an application for service retirement setting forth at  what  time,  not
less  than  thirty  days subsequent to the execution and filing thereof,
their desire to be retired; and
(iv) who shall be a participant in  the  twenty-five  year  retirement
program  at the time so specified for their retirement; shall be retired
pursuant to the provisions  of  this  section  affording  early  service
retirement.
2.  Notwithstanding  the  provisions of subdivision a-1 of section six
hundred three of this article, or any other  provision  of  law  to  the
contrary,  and subject to the provisions of paragraph six of subdivision
e of this section, the early service retirement benefit for participants
in the twenty-five  year  retirement  program  who  retire  pursuant  to
paragraph  one  of  this  subdivision  shall  be  a retirement allowance
consisting of:
(i) an amount, on account of the required minimum period  of  service,
equal to fifty percent of their final average salary; plus
(ii)  an  amount  on account of allowable service as a fire protection
inspector member, or fraction  thereof,  beyond  such  required  minimum
period  of  service  equal to two percent of their final salary for such
allowable service as a  fire  protection  inspector  member  during  the
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)  who  prior  to such discontinuance, completed five but less than
twenty-five years of allowable service as a  fire  protection  inspector
member; and
(iii) who, subject to the provisions of paragraph seven of subdivision
e  of  this  section,  has  paid,  prior  to  such  discontinuance,  all
additional member  contributions  and  interest  (if  any)  required  by
subdivision e of this section; and
(iv)  who  does  not  withdraw  in  whole or in part their accumulated
member contributions pursuant to section six hundred  thirteen  of  this
article unless such participant thereafter returns to public service and
repays  the  amounts  so  withdrawn, together with interest, pursuant to
such section six hundred  thirteen;  shall  be  entitled  to  receive  a
deferred vested benefit as provided in this subdivision.
2. (i) Upon such discontinuance under the conditions and in compliance
with  the provisions of paragraph one of this subdivision, such deferred
vested benefit shall vest automatically.
(ii) In the case of a participant who is not a New York  city  revised
plan  member,  such  vested benefit shall become payable on the earliest
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
paragraph  seven  of subdivision e of this section, such deferred vested
benefit shall be a retirement allowance consisting of an amount equal to
two  percent  of  such  discontinued  member's  final  average   salary,
multiplied by the number of years of credited service.
e.  Additional  member  contributions.  1.  In  addition to the member
contributions required by section six hundred thirteen of this  article,
each  participant  in  the  twenty-five  year  retirement  program shall
contribute to the retirement system of which they are a member  (subject
to  the  applicable  provisions  of subdivision d of section six hundred
thirteen of this article and subject to the limitation provided  for  in
paragraph  two  of  this  subdivision) an additional six and twenty-five
one-hundredths  percent  of  their  compensation  earned  from  (i)  all
allowable  service,  as a participant in the twenty-five year retirement
program, rendered on or after the starting date of the twenty-five  year
retirement  program,  and  (ii)  all allowable service after such person
ceases to be a participant, but before they again become  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  additional
contributions  pursuant  to  this  section  shall  be  required  to make
contributions pursuant to such subdivision  d  of  section  six  hundred
four-c of this article. Notwithstanding the foregoing provisions of this
paragraph,  the  additional  member  contribution required to be paid by
each participant  pursuant  to  this  paragraph  shall  not  exceed  the
percentage  of  their  compensation that, when added to the contribution
made pursuant to subdivision d of section six hundred thirteen  of  this
article,  equals  nine  and  twenty-five  one-hundredths percent of that
compensation.
2. A participant in the  twenty-five  year  retirement  program  shall
contribute  additional  member  contributions until the later of (i) the
first  anniversary  of  the  starting  date  of  the  twenty-five   year

retirement program, or (ii) the date on which they complete thirty years
of allowable service as a fire protection inspector member.
3.  Commencing  with  the  first full payroll period after each person
becomes a  participant  in  the  twenty-five  year  retirement  program,
additional  member  contributions at the rate specified in paragraph one
of this  subdivision  shall  be  deducted  (subject  to  the  applicable
provisions  of  subdivision  d  of  section six hundred thirteen of this
article) from the compensation of such participant  on  each  and  every
payroll  of such participant for each and every payroll period for which
they are such a participant.
4. (i) Each participant in the  twenty-five  year  retirement  program
shall  be charged with a contribution deficiency consisting of the total
amounts of additional member contributions such person  is  required  to
make  pursuant  to  paragraphs one and two of this subdivision which are
not deducted from their compensation pursuant to paragraph three of this
subdivision,  if  any,  together  with  interest   thereon,   compounded
annually,   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
specified  in  subparagraph  (i) of this paragraph shall accrue from the
end of the payroll period for which such amount would have been deducted
from compensation if they had been a participant  at  the  beginning  of
that  payroll  period  and  such  deduction  had  been required for such
payroll period, until such amount is paid to the retirement system.
(B) The rate of interest to be applied to each such amount during  the
period  for  which interest accrues on that amount shall be equal to the
rate or rates of interest required by law to be used  during  that  same
period  to  credit  interest on the accumulated deductions of retirement
system members.
(iii)  Except  as  otherwise  provided  in  paragraph  five  of   this
subdivision,  no  interest  shall be due on any unpaid additional member
contributions 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
paragraph ten of this  subdivision,  has  received  a  refund  of  their
additional  member  contribution  including  any  interest  paid on such
contributions, again  become  a  participant  in  the  twenty-five  year
retirement  program  pursuant  to paragraph six of subdivision b of this
section, an appropriate amount shall be included in  such  participant's
contribution   deficiency  (including  interest  thereon  as  calculated
pursuant to subparagraph  (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  subdivision), 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
additional 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
retirement  pursuant  to subdivision c of this section did not, prior to

the  effective  date  of  retirement,  pay  the  entire  amount   of   a
contribution  deficiency  chargeable to them pursuant to paragraphs four
and five of this subdivision, or repay the entire amount of  a  loan  of
their  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   retirement   benefit  calculated  pursuant  to
paragraph two of such subdivision c of this section shall be reduced  by
a  life  annuity  (calculated in accordance with the method set forth in
subdivision i of section six hundred thirteen-b of this  article)  which
is actuarially equivalent to:
(i)  the  amount  of  any unpaid contribution deficiency chargeable to
such member pursuant to paragraphs four and five  of  this  subdivision;
plus
(ii)  the  amount  of any unpaid balance of a loan of their additional
member contributions pursuant to paragraph eleven  of  this  subdivision
(including accrued interest on such loan).
7. Where a participant who is otherwise eligible for a vested right to
a  deferred  benefit  pursuant to subdivision d of this section did not,
prior to the date of discontinuance of service, pay the entire amount of
a contribution deficiency chargeable to them pursuant to paragraphs four
and five of this subdivision, or repay the entire amount of  a  loan  of
their  additional  member  contributions pursuant to paragraph eleven of
this  subdivision  (including  accrued  interest  on  such  loan),  that
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 paragraph two of
subdivision  d  of  this  section  shall  be  reduced  by a life annuity
(calculated in accordance with the method set forth in subdivision i  of
section  six  hundred  thirteen-b  of this article) which is actuarially
equivalent to:
(i) the amount of any unpaid contribution chargeable  to  such  member
pursuant to paragraphs four and five of this subdivision; plus
(ii)  the  amount  of any unpaid balance of a loan of their additional
member contributions pursuant to paragraph eleven  of  this  subdivision
(including accrued interest on such a loan).
8.  The head of a retirement system which includes participants in the
twenty-five year retirement program in its  membership  may,  consistent
with  the provisions of this subdivision, promulgate regulations for the
payment of  such  additional  member  contributions,  and  any  interest
thereon,   by   such  participants  (including  the  deduction  of  such
contributions,  and  any  interest  thereon,  from   the   participant's
compensation).
9.  Subject  to  the  provisions  of  paragraphs six and seven of this
subdivision, where a participant has not paid in full  any  contribution
deficiency  chargeable  to  them pursuant to paragraphs four and five of
this  subdivision,  and  a  benefit,  other  than  a  refund  of  member
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 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
thereon)  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

contributions of a member under section six  hundred  thirteen  of  this
article  or  otherwise  while  they are 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,  their  accumulated  additional  member  contributions  made
pursuant to this subdivision (together with any interest thereon paid to
the  retirement  system) may be withdrawn by them pursuant to procedures
promulgated in regulations of the board of trustees  of  the  retirement
system,  together  with interest thereon at the rate of five percent per
annum, compounded annually.
(iii) Notwithstanding any other provision of law to the contrary,  (A)
no  person shall be permitted to withdraw from the retirement system any
additional member contributions paid pursuant to this subdivision or any
interest paid thereon, except pursuant to and  in  accordance  with  the
preceding subparagraphs of this paragraph; and (B) no person, while they
are  a  participant in the twenty-five year retirement program, shall be
permitted to withdraw any such additional member  contributions  or  any
interest  paid thereon pursuant to any of the preceding subparagraphs of
this paragraph or otherwise.
11. A participant in the twenty-five year retirement program shall  be
permitted   to   borrow   from  their  additional  member  contributions
(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 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 their
additional member contributions pursuant to  paragraph  eleven  of  this
subdivision  at  the  time  they  become  entitled  to a refund of their
additional  member  contributions  pursuant  to  subparagraph  (ii)   of
paragraph  ten  of  this  subdivision,  the  amount  of such unpaid loan
balance (including accrued  interest)  shall  be  deemed  to  have  been
returned to such member, and the refund of such additional contributions
shall  be  the  net  amount of such contribution, together with interest
thereon in accordance with the provisions of such subparagraph (ii).