§ 604-J — Twenty-five year retirement program for fire protection inspector members

New York § 604-J

• Jurisdiction: New York
• Law RSS: Retirement & Social Security
• Art. 15: Coordinated Retirement Plan

Text

§ 604-j. Twenty-five year retirement program for fire protection\ninspector members. a. Definitions. The following words and phrases as\nused in this section shall have the following meanings unless a\ndifferent meaning is plainly required by the context.\n 1. "Fire protection inspector member" shall mean a member who is\nemployed by the city of New York or by the New York city fire department\nin a title whose duties are those of a fire protection inspector or\nassociate fire protection inspector; or in a title whose duties require\nthe supervision of employees whose duties are those of a fire protection\ninspector or associate fire protection inspector.\n 2. "Twenty-five year retirement program" shall mean all the terms and\nconditions of this section.\n 3. "Starting date of the twenty-five year retirement program" shall\nmean the effective date of this section.\n 4. "Participant in the twenty-five year retirement program" shall mean\nany fire protection inspector member who, under the applicable\nprovisions of subdivision b of this section, is entitled to the rights,\nbenefits, and privileges and is subject to the obligations of the\ntwenty-five year retirement program, as applicable to them.\n 5. "Discontinued member" shall mean a participant in the twenty-five\nyear retirement program who, while they were a fire protection inspector\nmember, discontinued service as such a member and has a right to a\ndeferred vested benefit under subdivision d of this section.\n 6. "Administrative code" shall mean the administrative code of the\ncity of New York.\n 7. "Allowable service as a fire protection inspector member" shall\nmean all service as a fire protection inspector member.\n b. Participation in the twenty-five year retirement program. 1.\nSubject to the provisions of paragraphs six and seven of this\nsubdivision, any person who is a fire protection inspector member on the\nstarting date of the twenty-five year retirement program and who, as\nsuch a fire protection inspector member or otherwise, last became\nsubject to the provisions of this article prior to such starting date,\nmay elect to become a participant in the twenty-five year retirement\nprogram by filing, within one hundred eighty days after the starting\ndate of the twenty-five year retirement program, a duly executed\napplication for such participation with the retirement system of which\nsuch person is a member, provided they are such a fire protection\ninspector member on the date such application is filed.\n 2. Subject to the provisions of paragraphs six and seven of this\nsubdivision, any person who becomes a fire protection inspector member\nafter the starting date of the twenty-five year retirement program and\nwho, as such a fire protection inspector member or otherwise, last\nbecame subject to the provisions of this article prior to such starting\ndate, may elect to become a participant in the twenty-five year\nretirement program by filing, within one hundred eighty days after\nbecoming such a fire protection inspector member, a duly executed\napplication for such participation with the retirement system for which\nsuch person is a member, provided they are such a fire protection\ninspector member on the date such application is filed.\n 3. Each fire protection inspector member, other than a fire protection\ninspector member subject to paragraph one or two of this subdivision,\nwho becomes subject to the provisions of this article on or after the\nstarting date of the twenty-five year retirement program shall become a\nparticipant in the twenty-five year retirement program on the date they\nbecome such a fire protection inspector member. Provided, however, a\nperson subject to this paragraph, and who has exceeded age twenty-five\nupon employment as a fire protection inspector member, shall be exempt\nfrom participation in the improved twenty-five year retirement program\nif such person elects not to participate by filing a duly executed form\nwith the retirement system within one hundred eighty days of becoming a\nfire protection inspector member.\n 4. Any election to be a participant in the twenty-five year retirement\nprogram shall be irrevocable.\n 5. Where any participant in the twenty-five year retirement program\nshall cease to be employed as a fire protection inspector member, they\nshall cease to be such a participant and, during any period in which\nsuch person is not so employed, they shall not be a participant in the\ntwenty-five year retirement program and shall not be eligible for the\nbenefits of subdivision c of this section.\n 6. Where any participant in the twenty-five year retirement program\nterminates service as a fire protection inspector member and returns to\nsuch service as a fire protection inspector member at a later date, they\nshall again become such a participant on that date.\n 7. Notwithstanding any other provision of the law to the contrary, any\nperson who is eligible to elect to become a participant in the\ntwenty-five year retirement program pursuant to paragraph one or two of\nthis subdivision for the full one hundred eighty day period provided for\nin such applicable paragraph and who fails to timely file a duly\nexecuted application for such participation with the retirement system,\nshall not thereafter be eligible to become a participant in such\nprogram.\n c. Service retirement benefits. 1. A participant in the twenty-five\nyear retirement program:\n (i) who has completed twenty-five or more years of allowable service\nas a fire protection inspector member; and\n (ii) who has paid, before the effective date of retirement, all\nadditional member contributions and interest (if any) required by\nsubdivision e of this section; and\n (iii) who files with the retirement system of which they are a member\nan application for service retirement setting forth at what time, not\nless than thirty days subsequent to the execution and filing thereof,\ntheir desire to be retired; and\n (iv) who shall be a participant in the twenty-five year retirement\nprogram at the time so specified for their retirement; shall be retired\npursuant to the provisions of this section affording early service\nretirement.\n 2. Notwithstanding the provisions of subdivision a-1 of section six\nhundred three of this article, or any other provision of law to the\ncontrary, and subject to the provisions of paragraph six of subdivision\ne of this section, the early service retirement benefit for participants\nin the twenty-five year retirement program who retire pursuant to\nparagraph one of this subdivision shall be a retirement allowance\nconsisting of:\n (i) an amount, on account of the required minimum period of service,\nequal to fifty percent of their final average salary; plus\n (ii) an amount on account of allowable service as a fire protection\ninspector member, or fraction thereof, beyond such required minimum\nperiod of service equal to two percent of their final salary for such\nallowable service as a fire protection inspector member during the\nperiod from completion of twenty-five years of allowable service as a\nfire protection inspector member to the date of retirement but not to\nexceed more than five years of additional service as a fire protection\ninspector member.\n d. Vesting. 1. A participant in the twenty-five year retirement\nprogram:\n (i) who discontinues service as such a participant, other than by\ndeath or retirement; and\n (ii) who prior to such discontinuance, completed five but less than\ntwenty-five years of allowable service as a fire protection inspector\nmember; and\n (iii) who, subject to the provisions of paragraph seven of subdivision\ne of this section, has paid, prior to such discontinuance, all\nadditional member contributions and interest (if any) required by\nsubdivision e of this section; and\n (iv) who does not withdraw in whole or in part their accumulated\nmember contributions pursuant to section six hundred thirteen of this\narticle unless such participant thereafter returns to public service and\nrepays the amounts so withdrawn, together with interest, pursuant to\nsuch section six hundred thirteen; shall be entitled to receive a\ndeferred vested benefit as provided in this subdivision.\n 2. (i) Upon such discontinuance under the conditions and in compliance\nwith the provisions of paragraph one of this subdivision, such deferred\nvested benefit shall vest automatically.\n (ii) In the case of a participant who is not a New York city revised\nplan member, such vested benefit shall become payable on the earliest\ndate on which such discontinued member could have retired for service if\nsuch discontinuance had not occurred or, in the case of a participant\nwho is a New York city revised plan member, such vested benefit shall\nbecome payable at age sixty-three. Subject to the provisions of\nparagraph seven of subdivision e of this section, such deferred vested\nbenefit shall be a retirement allowance consisting of an amount equal to\ntwo percent of such discontinued member's final average salary,\nmultiplied by the number of years of credited service.\n e. Additional member contributions. 1. In addition to the member\ncontributions required by section six hundred thirteen of this article,\neach participant in the twenty-five year retirement program shall\ncontribute to the retirement system of which they are a member (subject\nto the applicable provisions of subdivision d of section six hundred\nthirteen of this article and subject to the limitation provided for in\nparagraph two of this subdivision) an additional six and twenty-five\none-hundredths percent of their compensation earned from (i) all\nallowable service, as a participant in the twenty-five year retirement\nprogram, rendered on or after the starting date of the twenty-five year\nretirement program, and (ii) all allowable service after such person\nceases to be a participant, but before they again become a participant\npursuant to paragraph six of subdivision b of this section. The\nadditional contributions required by this section shall be in lieu of\nadditional member contributions required by subdivision d of section six\nhundred four-c of this article, as added by chapter ninety-six of the\nlaws of nineteen hundred ninety-five, and no member making additional\ncontributions pursuant to this section shall be required to make\ncontributions pursuant to such subdivision d of section six hundred\nfour-c of this article. Notwithstanding the foregoing provisions of this\nparagraph, the additional member contribution required to be paid by\neach participant pursuant to this paragraph shall not exceed the\npercentage of their compensation that, when added to the contribution\nmade pursuant to subdivision d of section six hundred thirteen of this\narticle, equals nine and twenty-five one-hundredths percent of that\ncompensation.\n 2. A participant in the twenty-five year retirement program shall\ncontribute additional member contributions until the later of (i) the\nfirst anniversary of the starting date of the twenty-five year\nretirement program, or (ii) the date on which they complete thirty years\nof allowable service as a fire protection inspector member.\n 3. Commencing with the first full payroll period after each person\nbecomes a participant in the twenty-five year retirement program,\nadditional member contributions at the rate specified in paragraph one\nof this subdivision shall be deducted (subject to the applicable\nprovisions of subdivision d of section six hundred thirteen of this\narticle) from the compensation of such participant on each and every\npayroll of such participant for each and every payroll period for which\nthey are such a participant.\n 4. (i) Each participant in the twenty-five year retirement program\nshall be charged with a contribution deficiency consisting of the total\namounts of additional member contributions such person is required to\nmake pursuant to paragraphs one and two of this subdivision which are\nnot deducted from their compensation pursuant to paragraph three of this\nsubdivision, if any, together with interest thereon, compounded\nannually, and computed in accordance with the provisions of\nsubparagraphs (ii) and (iii) of this paragraph.\n (ii) (A) The interest required to be paid on each such amount\nspecified in subparagraph (i) of this paragraph shall accrue from the\nend of the payroll period for which such amount would have been deducted\nfrom compensation if they had been a participant at the beginning of\nthat payroll period and such deduction had been required for such\npayroll period, until such amount is paid to the retirement system.\n (B) The rate of interest to be applied to each such amount during the\nperiod for which interest accrues on that amount shall be equal to the\nrate or rates of interest required by law to be used during that same\nperiod to credit interest on the accumulated deductions of retirement\nsystem members.\n (iii) Except as otherwise provided in paragraph five of this\nsubdivision, no interest shall be due on any unpaid additional member\ncontributions which are not attributable to a period prior to the first\nfull payroll period referred to in paragraph three of this subdivision.\n 5. (i) Should any person who, pursuant to subparagraph (ii) of\nparagraph ten of this subdivision, has received a refund of their\nadditional member contribution including any interest paid on such\ncontributions, again become a participant in the twenty-five year\nretirement program pursuant to paragraph six of subdivision b of this\nsection, an appropriate amount shall be included in such participant's\ncontribution deficiency (including interest thereon as calculated\npursuant to subparagraph (ii) of this paragraph) for any credited\nservice for which such person received a refund of such additional\nmember contributions (including any amount of an unpaid loan balance\ndeemed to have been returned to such person pursuant to paragraph twelve\nof this subdivision), as if such additional member contributions never\nhad been paid.\n (ii)(A) Interest on a participant's additional member contributions\nincluded in such participant's contribution deficiency pursuant to\nsubparagraph (i) of this paragraph shall be calculated as if such\nadditional member contributions had never been paid by such participant,\nand such interest shall accrue from the end of the payroll period to\nwhich an amount of such additional member contributions is attributable,\nuntil such amount is paid to the retirement system.\n (B) The rate of interest to be applied to each such amount during the\nperiod for which interest accrues on that amount shall be five percent\nper annum, compounded annually.\n 6. Where a participant who is otherwise eligible for service\nretirement pursuant to subdivision c of this section did not, prior to\nthe effective date of retirement, pay the entire amount of a\ncontribution deficiency chargeable to them pursuant to paragraphs four\nand five of this subdivision, or repay the entire amount of a loan of\ntheir additional member contributions pursuant to paragraph eleven of\nthis subdivision (including accrued interest on such loan), that\nparticipant, nevertheless, shall be eligible to retire pursuant to\nsubdivision c of this section, provided, however, that such\nparticipant's service retirement benefit calculated pursuant to\nparagraph two of such subdivision c of this section shall be reduced by\na life annuity (calculated in accordance with the method set forth in\nsubdivision i of section six hundred thirteen-b of this article) which\nis actuarially equivalent to:\n (i) the amount of any unpaid contribution deficiency chargeable to\nsuch member pursuant to paragraphs four and five of this subdivision;\nplus\n (ii) the amount of any unpaid balance of a loan of their additional\nmember contributions pursuant to paragraph eleven of this subdivision\n(including accrued interest on such loan).\n 7. Where a participant who is otherwise eligible for a vested right to\na deferred benefit pursuant to subdivision d of this section did not,\nprior to the date of discontinuance of service, pay the entire amount of\na contribution deficiency chargeable to them pursuant to paragraphs four\nand five of this subdivision, or repay the entire amount of a loan of\ntheir additional member contributions pursuant to paragraph eleven of\nthis subdivision (including accrued interest on such loan), that\nparticipant, nevertheless, shall have a vested right to a deferred\nbenefit pursuant to subdivision d of this section provided, however,\nthat the deferred vested benefit calculated pursuant to paragraph two of\nsubdivision d of this section shall be reduced by a life annuity\n(calculated in accordance with the method set forth in subdivision i of\nsection six hundred thirteen-b of this article) which is actuarially\nequivalent to:\n (i) the amount of any unpaid contribution chargeable to such member\npursuant to paragraphs four and five of this subdivision; plus\n (ii) the amount of any unpaid balance of a loan of their additional\nmember contributions pursuant to paragraph eleven of this subdivision\n(including accrued interest on such a loan).\n 8. The head of a retirement system which includes participants in the\ntwenty-five year retirement program in its membership may, consistent\nwith the provisions of this subdivision, promulgate regulations for the\npayment of such additional member contributions, and any interest\nthereon, by such participants (including the deduction of such\ncontributions, and any interest thereon, from the participant's\ncompensation).\n 9. Subject to the provisions of paragraphs six and seven of this\nsubdivision, where a participant has not paid in full any contribution\ndeficiency chargeable to them pursuant to paragraphs four and five of\nthis subdivision, and a benefit, other than a refund of member\ncontributions pursuant to section six hundred thirteen of this article\nor a refund of additional member contributions pursuant to subparagraph\n(ii) of paragraph ten of this subdivision, becomes payable under this\narticle to the participant or to their designated beneficiary or estate,\nthe actuarial equivalent of any such unpaid amount shall be deducted\nfrom the benefit otherwise payable.\n 10. (i) Such additional member contributions (and any interest\nthereon) shall be paid into the contingent reserve fund of the\nretirement system of which the participant is a member and shall not for\nany purpose be deemed to be member contributions or accumulated\ncontributions of a member under section six hundred thirteen of this\narticle or otherwise while they are a participant in the twenty-five\nyear retirement program or otherwise.\n (ii) Should a participant in the twenty-five year retirement program\nwho has rendered less than fifteen years of credited service cease to\nhold a position as a fire protection inspector member for any reason\nwhatsoever, their accumulated additional member contributions made\npursuant to this subdivision (together with any interest thereon paid to\nthe retirement system) may be withdrawn by them pursuant to procedures\npromulgated in regulations of the board of trustees of the retirement\nsystem, together with interest thereon at the rate of five percent per\nannum, compounded annually.\n (iii) Notwithstanding any other provision of law to the contrary, (A)\nno person shall be permitted to withdraw from the retirement system any\nadditional member contributions paid pursuant to this subdivision or any\ninterest paid thereon, except pursuant to and in accordance with the\npreceding subparagraphs of this paragraph; and (B) no person, while they\nare a participant in the twenty-five year retirement program, shall be\npermitted to withdraw any such additional member contributions or any\ninterest paid thereon pursuant to any of the preceding subparagraphs of\nthis paragraph or otherwise.\n 11. A participant in the twenty-five year retirement program shall be\npermitted to borrow from their additional member contributions\n(including any interest paid thereon) which are credited to the\nadditional contributions account established for such participant in the\ncontingent reserve fund of the retirement system. The borrowing from\nsuch additional member contributions pursuant to this paragraph shall be\ngoverned by the rights, privileges, obligations, and procedures set\nforth in section six hundred thirteen-b of this article which govern the\nborrowing of member contributions made pursuant to section six hundred\nthirteen of this article. The board of trustees of the retirement system\nmay, consistent with the provisions of this subdivision and the\nprovisions of section six hundred thirteen-b of this article as made\napplicable to this subdivision, promulgate regulations governing the\nborrowing of such additional member contributions.\n 12. Whenever a person has an unpaid balance of a loan or their\nadditional member contributions pursuant to paragraph eleven of this\nsubdivision at the time they become entitled to a refund of their\nadditional member contributions pursuant to subparagraph (ii) of\nparagraph ten of this subdivision, the amount of such unpaid loan\nbalance (including accrued interest) shall be deemed to have been\nreturned to such member, and the refund of such additional contributions\nshall be the net amount of such contribution, together with interest\nthereon in accordance with the provisions of such subparagraph (ii).\n