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S T A T E O F N E W Y O R K
________________________________________________________________________
7843
2025-2026 Regular Sessions
I N S E N A T E
May 9, 2025
___________
Introduced by Sen. KAVANAGH -- read twice and ordered printed, and when
printed to be committed to the Committee on Civil Service and Pensions
AN ACT to amend the retirement and social security law and the adminis-
trative code of the city of New York, in relation to the establishment
of twenty-five year retirement programs for members of the New York
city employees' retirement system employed as water supply police; and
in relation to providing for employer pick up, pursuant to provisions
of the internal revenue code, of certain additional member contrib-
utions required to be made by certain participants in the twenty-five
year retirement programs; and providing for the repeal of certain
provisions upon expiration thereof
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. Subdivision b of section 440 of the retirement and social
security law, as amended by chapter 682 of the laws of 2003, is amended
to read as follows:
b. The provisions of this article shall not be construed to extend
coverage to an employee not otherwise eligible for membership in a
retirement system or to provide an increase in benefits to a member of a
retirement system other than as provided by section four hundred forty-
five-d, or section four hundred forty-five-f, [or] section four hundred
forty-five-h, SECTION FOUR HUNDRED FORTY-FIVE-J, or section four hundred
forty-eight of this article.
§ 2. Subdivision a of section 444 of the retirement and social securi-
ty law, as amended by section 141 of subpart B of part C of chapter 62
of the laws of 2011, is amended to read as follows:
a. Except as provided in subdivision c of section four hundred forty-
five-a of this article, subdivision c of section four hundred forty-
five-b of this article, subdivision c of section four hundred forty-
five-c of this article, subdivision c of section four hundred
forty-five-d of this article as added by chapter four hundred seventy-
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD11091-02-5
S. 7843 2
two of the laws of nineteen hundred ninety-five, subdivision c of
section four hundred forty-five-e of this article, subdivision c of
section four hundred forty-five-f of this article and subdivision c of
section four hundred forty-five-h of this article, AND SUBDIVISION C OF
SECTION FOUR HUNDRED FORTY-FIVE-J OF THIS ARTICLE, the maximum retire-
ment benefit computed without optional modification provided to a member
of a retirement system who is subject to the provisions of this article,
other than a police officer, a firefighter, an investigator member of
the New York city employees' retirement system, a member of the
uniformed personnel in institutions under the jurisdiction of the New
York city department of correction who receives a performance of duty
disability retirement allowance, a member of the uniformed personnel in
institutions under the jurisdiction of the department of corrections and
community supervision or a security hospital treatment assistant, as
those terms are defined in subdivision i of section eighty-nine of this
chapter, who receives a performance of duty disability retirement allow-
ance, a member of a teachers' retirement system, New York city employ-
ees' retirement system, New York city board of education retirement
system or a member of the New York state and local employees' retirement
system or a member of the New York city employees' retirement system or
New York city board of education retirement system employed as a special
officer, parking control specialist, school safety agent, campus peace
officer, taxi and limousine inspector [or], a police communications
member, OR A MEMBER OF THE WATER SUPPLY POLICE and who receives a
performance of duty disability pension, from funds other than those
based on a member's own or increased-take-home-pay contributions, shall,
before any reduction for early retirement, be sixty per centum of the
first fifteen thousand three hundred dollars of final average salary,
and fifty per centum of final average salary in excess of fifteen thou-
sand three hundred dollars, and forty per centum of final average salary
in excess of twenty-seven thousand three hundred dollars, provided,
however, that the benefits provided by subdivision c of section four
hundred forty-five-d of this article as added by chapter four hundred
seventy-two of the laws of nineteen hundred ninety-five based upon the
additional member contributions required by subdivision d of such
section four hundred forty-five-d shall be subject to the maximum
retirement benefit computations set forth in this section. The maximum
retirement benefit computed without optional modification payable to a
police officer, an investigator member of the New York city employees'
retirement system or a firefighter shall equal that payable upon
completion of thirty years of service, except that the maximum service
retirement benefit computed without optional modification shall equal
that payable upon completion of thirty-two years of service.
§ 3. Subdivision a of section 445 of the retirement and social securi-
ty law, as amended by chapter 714 of the laws of 2023, is amended to
read as follows:
a. No member of a retirement system who is subject to the provisions
of this article shall retire without regard to age, exclusive of retire-
ment for disability, unless [he or she] SUCH MEMBER is a police officer,
an investigator member of the New York city employees' retirement
system, firefighter, correction officer, a qualifying member as defined
in section eighty-nine-t OF THIS CHAPTER, as added by chapter six
hundred fifty-seven of the laws of nineteen hundred ninety-eight, [of
this chapter,] sanitation worker, a special officer (including persons
employed by the city of New York in the title urban park ranger or asso-
ciate urban park ranger), school safety agent, campus peace officer or a
S. 7843 3
taxi and limousine commission inspector member of the New York city
employees' retirement system or the New York city board of education
retirement system, a dispatcher member of the New York city employees'
retirement system, a police communications member of the New York city
employees' retirement system, A MEMBER OF THE WATER SUPPLY POLICE IN A
POSITION REFERRED TO IN PARAGRAPH (O) OF SUBDIVISION THIRTY-FOUR OF
SECTION 1.20 OF THE CRIMINAL PROCEDURE LAW, an EMT member of the New
York city employees' retirement system, a deputy sheriff member of the
New York city employees' retirement system, a correction officer of the
Westchester county correction department as defined in section eighty-
nine-e of this chapter or employed in Suffolk county as a peace officer,
as defined in section eighty-nine-s OF THIS CHAPTER, as added by chapter
five hundred eighty-eight of the laws of nineteen hundred ninety-seven,
[of this chapter,] employed in Suffolk county as a correction officer,
as defined in section eighty-nine-f of this chapter, or employed in
Nassau county as a correction officer, uniformed correction division
personnel, sheriff, undersheriff or deputy sheriff, as defined in
section eighty-nine-g of this chapter, or employed in Nassau county as
an ambulance medical technician, an ambulance medical
technician/supervisor or a member who performs ambulance medical techni-
cian related services, or a police medic, police medic supervisor or a
member who performs police medic related services, as defined in section
eighty-nine-s OF THIS CHAPTER, as amended by chapter five hundred seven-
ty-eight of the laws of nineteen hundred ninety-eight, [of this chap-
ter,] or employed in Nassau county as a peace officer, as defined in
section eighty-nine-s OF THIS CHAPTER, as added by chapter five hundred
ninety-five of the laws of nineteen hundred ninety-seven, [of this chap-
ter,] or employed in Albany county as a sheriff, undersheriff, deputy
sheriff, correction officer or identification officer, as defined in
section eighty-nine-h of this chapter or is employed in St. Lawrence
county as a sheriff, undersheriff, deputy sheriff or correction officer,
as defined in section eighty-nine-i of this chapter or is employed in
Orleans county as a sheriff, undersheriff, deputy sheriff or correction
officer, as defined in section eighty-nine-l of this chapter or is
employed in Jefferson county as a sheriff, undersheriff, deputy sheriff
or correction officer, as defined in section eighty-nine-j of this chap-
ter or is employed in Onondaga county as a deputy sheriff-jail division
competitively appointed or as a correction officer, as defined in
section eighty-nine-k of this chapter or is employed in a county which
makes an election under subdivision j of section eighty-nine-p of this
chapter as a sheriff, undersheriff, deputy sheriff or correction officer
as defined in such section eighty-nine-p or is employed in Broome County
as a sheriff, undersheriff, deputy sheriff or correction officer, as
defined in section eighty-nine-m of this chapter or is a Monroe county
deputy sheriff-court security, or deputy sheriff-jailor as defined in
section eighty-nine-n OF THIS CHAPTER, as added by chapter five hundred
ninety-seven of the laws of nineteen hundred ninety-one, [of this chap-
ter] or is employed in Greene county as a sheriff, undersheriff, deputy
sheriff or correction officer, as defined in section eighty-nine-o of
this chapter or is a traffic officer with the town of Elmira as defined
in section eighty-nine-q of this chapter or is employed by Suffolk coun-
ty as a park police officer, as defined in section eighty-nine-r of this
chapter or is a peace officer employed by a county probation department
as defined in section eighty-nine-t OF THIS CHAPTER, as added by chapter
six hundred three of the laws of nineteen hundred ninety-eight, [of this
chapter] or is employed in Rockland county as a deputy sheriff-civil as
S. 7843 4
defined in section eighty-nine-v of this chapter as added by chapter
four hundred forty-one of the laws of two thousand one, or is employed
in Rockland county as a superior correction officer as defined in
section eighty-nine-v of this chapter as added by chapter five hundred
fifty-six of the laws of two thousand one or is a paramedic employed by
the police department in the town of Tonawanda and retires under the
provisions of section eighty-nine-v of this chapter, as added by chapter
four hundred seventy-two of the laws of two thousand one, or is a county
fire marshal, supervising fire marshal, fire marshal, assistant fire
marshal, assistant chief fire marshal, chief fire marshal, division
supervising fire marshal or fire marshal trainee employed by the county
of Nassau as defined in section eighty-nine-w of this chapter or is
employed in Monroe county as a deputy sheriff-civil as defined in
section eighty-nine-x of this chapter, employed as an emergency medical
technician, critical care technician, advanced emergency medical techni-
cian, paramedic or supervisor of such titles in a participating Suffolk
county fire district as defined in section eighty-nine-ss of this chap-
ter, and is in a plan which permits immediate retirement upon completion
of a specified period of service without regard to age. Except as
provided in subdivision c of section four hundred forty-five-a of this
article, subdivision c of section four hundred forty-five-b of this
article, subdivision c of section four hundred forty-five-c of this
article, subdivision c of section four hundred forty-five-d of this
article, subdivision c of section four hundred forty-five-e of this
article, subdivision c of section four hundred forty-five-f of this
article [and], subdivision c of section four hundred forty-five-h of
this article, AND SUBDIVISION C OF SECTION FOUR HUNDRED FORTY-FIVE-J OF
THIS ARTICLE, a member in such a plan and such an occupation, other than
a police officer or investigator member of the New York city employees'
retirement system or a firefighter, shall not be permitted to retire
prior to the completion of twenty-five years of credited service;
provided, however, if such a member in such an occupation is in a plan
which permits retirement upon completion of twenty years of service
regardless of age, [he or she] SUCH MEMBER may retire upon completion of
twenty years of credited service and prior to the completion of twenty-
five years of service, but in such event the benefit provided from funds
other than those based on such a member's own contributions shall not
exceed two per centum of final average salary per each year of credited
service.
§ 4. The retirement and social security law is amended by adding a new
section 445-j to read as follows:
§ 445-J. OPTIONAL TWENTY-FIVE YEAR IMPROVED BENEFIT RETIREMENT PROGRAM
FOR WATER SUPPLY POLICE 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. "RETIREMENT SYSTEM" SHALL MEAN THE NEW YORK CITY EMPLOYEES' RETIRE-
MENT SYSTEM.
2. "WATER SUPPLY POLICE MEMBER" SHALL MEAN A MEMBER OF THE RETIREMENT
SYSTEM WHO IS SUBJECT TO THE PROVISIONS OF THIS ARTICLE, WHO IS EMPLOYED
BY THE CITY OF NEW YORK IN A POSITION REFERRED TO BY PARAGRAPH (O) OF
SUBDIVISION THIRTY-FOUR OF SECTION 1.20 OF THE CRIMINAL PROCEDURE LAW.
3. "TWENTY-FIVE YEAR IMPROVED BENEFIT RETIREMENT PROGRAM" SHALL MEAN
ALL THE TERMS AND CONDITIONS OF THIS SECTION.
4. "STARTING DATE OF THE TWENTY-FIVE YEAR IMPROVED BENEFIT RETIREMENT
PROGRAM" SHALL MEAN THE EFFECTIVE DATE OF THIS SECTION, AS SUCH DATE IS
CERTIFIED PURSUANT TO SECTION FORTY-ONE OF THE LEGISLATIVE LAW.
S. 7843 5
5. "PARTICIPANT IN THE TWENTY-FIVE YEAR IMPROVED BENEFIT RETIREMENT
PROGRAM" SHALL MEAN ANY WATER SUPPLY POLICE MEMBER WHO, UNDER THE APPLI-
CABLE PROVISIONS OF SUBDIVISION B OF THIS SECTION, IS ENTITLED TO THE
RIGHTS, BENEFITS AND PRIVILEGES AND IS SUBJECT TO THE OBLIGATIONS OF THE
TWENTY-FIVE YEAR IMPROVED BENEFIT RETIREMENT PROGRAM, AS APPLICABLE TO
SUCH MEMBER.
6. "ADMINISTRATIVE CODE" SHALL MEAN THE ADMINISTRATIVE CODE OF THE
CITY OF NEW YORK.
7. "ACCUMULATED DEDUCTIONS" SHALL MEAN ACCUMULATED DEDUCTIONS AS
DEFINED IN SUBDIVISION ELEVEN OF SECTION 13-101 OF THE ADMINISTRATIVE
CODE OF THE CITY OF NEW YORK.
8. "OPTIONAL RETIREMENT PROVISIONS" SHALL MEAN THE RIGHT TO RETIRE AND
RECEIVE A RETIREMENT ALLOWANCE UNDER THIS SECTION UPON THE COMPLETION OF
TWENTY-FIVE YEARS OF CREDITED SERVICE.
B. ELECTION OF TWENTY-FIVE YEAR IMPROVED BENEFIT RETIREMENT PROGRAM.
1. SUBJECT TO THE PROVISIONS OF PARAGRAPHS FIVE AND SIX OF THIS SUBDIVI-
SION, ANY PERSON WHO IS A WATER SUPPLY POLICE MEMBER ON THE STARTING
DATE OF THE TWENTY-FIVE YEAR IMPROVED BENEFIT RETIREMENT PROGRAM MAY
ELECT TO BECOME A PARTICIPANT IN THE TWENTY-FIVE YEAR IMPROVED BENEFIT
RETIREMENT PROGRAM BY FILING, WITHIN ONE HUNDRED EIGHTY DAYS AFTER SUCH
STARTING DATE, A DULY EXECUTED APPLICATION FOR SUCH PARTICIPATION WITH
THE RETIREMENT SYSTEM, PROVIDED SUCH PERSON IS SUCH A WATER SUPPLY
POLICE MEMBER ON THE DATE SUCH APPLICATION IS FILED.
2. SUBJECT TO THE PROVISIONS OF PARAGRAPHS FIVE AND SIX OF THIS SUBDI-
VISION, ANY PERSON WHO BECOMES A WATER SUPPLY POLICE MEMBER AFTER THE
STARTING DATE OF THE TWENTY-FIVE YEAR IMPROVED BENEFIT RETIREMENT
PROGRAM MAY ELECT TO BECOME A PARTICIPANT IN THE TWENTY-FIVE YEAR
IMPROVED BENEFIT RETIREMENT PROGRAM BY FILING, WITHIN ONE HUNDRED EIGHTY
DAYS AFTER BECOMING SUCH A WATER SUPPLY POLICE MEMBER, A DULY EXECUTED
APPLICATION FOR SUCH PARTICIPATION WITH THE RETIREMENT SYSTEM, PROVIDED
SUCH PERSON IS SUCH A WATER SUPPLY POLICE MEMBER ON THE DATE SUCH APPLI-
CATION IS FILED.
3. ANY ELECTION TO BE A PARTICIPANT IN THE TWENTY-FIVE YEAR IMPROVED
BENEFIT RETIREMENT PROGRAM SHALL BE IRREVOCABLE.
4. WHERE ANY PARTICIPANT IN THE TWENTY-FIVE YEAR IMPROVED BENEFIT
RETIREMENT PROGRAM SHALL CEASE TO HOLD A POSITION AS A WATER SUPPLY
POLICE MEMBER, SUCH PERSON SHALL CEASE TO BE SUCH A PARTICIPANT AND,
DURING ANY PERIOD IN WHICH SUCH A PERSON DOES NOT HOLD SUCH A WATER
SUPPLY POLICE POSITION, SUCH PERSON SHALL NOT BE A PARTICIPANT IN THE
TWENTY-FIVE YEAR IMPROVED BENEFIT RETIREMENT PROGRAM AND SHALL NOT BE
ELIGIBLE FOR THE BENEFITS OF SUBDIVISION C OF THIS SECTION.
5. WHERE ANY PARTICIPANT IN THE TWENTY-FIVE YEAR IMPROVED BENEFIT
RETIREMENT PROGRAM TERMINATES SERVICE AS A WATER SUPPLY POLICE MEMBER
AND RETURNS TO SUCH SERVICE AS A WATER SUPPLY POLICE MEMBER AT A LATER
DATE, SUCH PERSON SHALL AGAIN BECOME SUCH A PARTICIPANT ON THAT DATE.
6. NOTWITHSTANDING ANY OTHER PROVISION OF LAW TO THE CONTRARY, ANY
PERSON WHO IS ELIGIBLE TO BECOME A PARTICIPANT IN THE TWENTY-FIVE YEAR
IMPROVED BENEFIT RETIREMENT PROGRAM PURSUANT TO PARAGRAPH ONE OR TWO OF
THIS SUBDIVISION FOR THE FULL ONE HUNDRED EIGHTY DAY PERIOD PROVIDED FOR
IN SUCH APPLICABLE PARAGRAPH AND WHO FAILS TO TIMELY FILE A DULY
EXECUTED APPLICATION FOR SUCH PARTICIPATION WITH THE RETIREMENT SYSTEM,
SHALL NOT THEREAFTER BE ELIGIBLE TO BECOME A PARTICIPANT IN SUCH
PROGRAM.
C. SERVICE RETIREMENT BENEFITS. NOTWITHSTANDING ANY OTHER PROVISION OF
LAW TO THE CONTRARY, WHERE A PARTICIPANT IN THE TWENTY-FIVE YEAR
IMPROVED BENEFIT RETIREMENT PROGRAM, WHO IS OTHERWISE QUALIFIED FOR A
S. 7843 6
RETIREMENT ALLOWANCE PURSUANT TO THE OPTIONAL RETIREMENT PROVISIONS SET
FORTH IN SUBDIVISION A OF THIS SECTION, HAS MADE AND/OR PAID, WHILE SUCH
PERSON IS A WATER SUPPLY POLICE MEMBER, ALL ADDITIONAL MEMBER CONTRIB-
UTIONS AND INTEREST (IF ANY) REQUIRED BY SUBDIVISION D OF THIS SECTION,
THEN:
1. THAT PARTICIPANT, WHILE SUCH PERSON REMAINS A PARTICIPANT, SHALL
NOT BE SUBJECT TO THE PROVISIONS OF SUBDIVISION A OF SECTION FOUR
HUNDRED FORTY-FIVE OF THIS ARTICLE; AND
2. IF THAT PARTICIPANT, WHILE SUCH A PARTICIPANT, RETIRES FROM
SERVICE, SUCH PERSON SHALL NOT BE SUBJECT TO THE PROVISIONS OF SECTION
FOUR HUNDRED FORTY-FOUR OF THIS ARTICLE; AND
3. SUCH PERSON'S RETIREMENT ALLOWANCE SHALL BE AN AMOUNT, ON ACCOUNT
OF THE REQUIRED MINIMUM PERIOD OF SERVICE, EQUAL TO THE SUM OF (I) AN
ANNUITY WHICH SHALL BE THE ACTUARIAL EQUIVALENT OF THE ACCUMULATED
DEDUCTIONS FROM SUCH PERSON'S PAY DURING SUCH PERIOD, (II) A PENSION FOR
INCREASED-TAKE-HOME-PAY WHICH SHALL BE THE ACTUARIAL EQUIVALENT OF THE
RESERVE FOR INCREASED-TAKE-HOME-PAY TO WHICH SUCH PERSON MAY BE ENTITLED
FOR SUCH PERIOD, AND (III) A PENSION WHICH, WHEN ADDED TO SUCH ANNUITY
AND SUCH PENSION FOR INCREASED-TAKE-HOME-PAY, PRODUCES A RETIREMENT
ALLOWANCE EQUAL TO FIFTY PERCENT OF SUCH PERSON'S FINAL AVERAGE SALARY,
PLUS AN AMOUNT FOR EACH ADDITIONAL YEAR OF ALLOWABLE SERVICE, OR FRAC-
TION THEREOF, BEYOND SUCH REQUIRED MINIMUM PERIOD OF SERVICE EQUAL TO
TWO PERCENT OF SUCH PERSON'S FINAL AVERAGE SALARY; AND
4. THE MAXIMUM RETIREMENT BENEFIT COMPUTED WITHOUT OPTIONAL MODIFICA-
TION PAYABLE TO THAT PARTICIPANT UPON SUCH PERSON'S RETIREMENT FOR
SERVICE AS SUCH A PARTICIPANT SHALL EQUAL THAT PAYABLE UPON COMPLETION
OF THIRTY YEARS OF SERVICE.
D. ADDITIONAL MEMBER CONTRIBUTIONS. 1. IN ADDITION TO THE MEMBER
CONTRIBUTIONS REQUIRED PURSUANT TO SECTION 13-125 OR SECTION 13-162 OF
THE ADMINISTRATIVE CODE OF THE CITY OF NEW YORK, EACH PARTICIPANT IN THE
TWENTY-FIVE YEAR IMPROVED BENEFIT RETIREMENT PROGRAM SHALL CONTRIBUTE,
SUBJECT TO THE APPLICABLE PROVISIONS OF SECTION 13-125.2 OF THE ADMINIS-
TRATIVE CODE OF THE CITY OF NEW YORK, AN ADDITIONAL SIX PERCENT OF SUCH
PERSON'S COMPENSATION EARNED FROM (I) ALL CREDITED SERVICE, AS A PARTIC-
IPANT IN THE TWENTY-FIVE YEAR IMPROVED BENEFIT RETIREMENT PROGRAM,
RENDERED ON AND AFTER THE STARTING DATE OF THE IMPROVED BENEFIT RETIRE-
MENT PROGRAM, AND (II) ALL CREDITED SERVICE AFTER SUCH PERSON CEASES TO
BE A PARTICIPANT, BUT BEFORE SUCH PERSON AGAIN BECOMES A PARTICIPANT
PURSUANT TO PARAGRAPH FIVE OF SUBDIVISION B OF THIS SECTION. A PARTIC-
IPANT IN THE TWENTY-FIVE YEAR IMPROVED BENEFIT RETIREMENT PROGRAM SHALL
CONTRIBUTE ADDITIONAL MEMBER CONTRIBUTIONS UNTIL THE LATER OF (I) THE
DATE AS OF WHICH SUCH PERSON IS ELIGIBLE TO RETIRE WITH TWENTY-FIVE
YEARS OF CREDITED SERVICE UNDER SUCH RETIREMENT PROGRAM, OR (II) THE
FIRST ANNIVERSARY OF THE STARTING DATE OF THE TWENTY-FIVE YEAR IMPROVED
BENEFIT RETIREMENT PROGRAM. THE ADDITIONAL CONTRIBUTIONS REQUIRED BY
THIS PARAGRAPH SHALL BE IN LIEU OF ADDITIONAL MEMBER CONTRIBUTIONS
REQUIRED BY SUBDIVISION D OF SECTION FOUR HUNDRED FORTY-FIVE-D OF THIS
ARTICLE, AS ADDED BY CHAPTER NINETY-SIX OF THE LAWS OF NINETEEN HUNDRED
NINETY-FIVE, AND NO MEMBER PAYING ADDITIONAL CONTRIBUTIONS PURSUANT TO
THIS SECTION SHALL BE REQUIRED TO PAY ADDITIONAL CONTRIBUTIONS PURSUANT
TO SUCH SUBDIVISION D OF SECTION FOUR HUNDRED FORTY-FIVE-D OF THIS ARTI-
CLE.
2. COMMENCING WITH THE FIRST FULL PAYROLL PERIOD AFTER EACH PERSON
BECOMES A PARTICIPANT IN THE TWENTY-FIVE YEAR IMPROVED BENEFIT RETIRE-
MENT PROGRAM, ADDITIONAL MEMBER CONTRIBUTIONS AT THE RATE SPECIFIED IN
PARAGRAPH ONE OF THIS SUBDIVISION SHALL BE DEDUCTED, SUBJECT TO THE
S. 7843 7
APPLICABLE PROVISIONS OF SECTION 13-125.2 OF THE ADMINISTRATIVE CODE OF
THE CITY OF NEW YORK, FROM THE COMPENSATION OF SUCH PARTICIPANT ON EACH
AND EVERY PAYROLL OF SUCH PARTICIPANT FOR EACH AND EVERY PAYROLL PERIOD
FOR WHICH SUCH PERSON IS SUCH A PARTICIPANT.
3. (I) SUBJECT TO THE PROVISIONS OF SUBPARAGRAPH (II) OF THIS PARA-
GRAPH, WHERE ANY ADDITIONAL MEMBER CONTRIBUTIONS REQUIRED BY PARAGRAPH
ONE OF THIS SUBDIVISION ARE NOT PAID BY DEDUCTIONS FROM A PARTICIPANT'S
COMPENSATION PURSUANT TO PARAGRAPH TWO OF THIS SUBDIVISION:
(A) THAT PARTICIPANT SHALL BE CHARGED WITH A CONTRIBUTION DEFICIENCY
CONSISTING OF SUCH UNPAID AMOUNTS, TOGETHER WITH INTEREST THEREON,
COMPOUNDED ANNUALLY; AND
(B) SUCH INTEREST ON EACH AMOUNT OF UNDEDUCTED CONTRIBUTIONS SHALL
ACCRUE FROM THE END OF THE PAYROLL PERIOD FOR WHICH SUCH AMOUNT WOULD
HAVE BEEN DEDUCTED FROM COMPENSATION IF SUCH PERSON HAD BEEN A PARTIC-
IPANT AT THE BEGINNING OF THAT PAYROLL PERIOD AND SUCH DEDUCTIONS HAD
BEEN REQUIRED FOR SUCH PAYROLL PERIOD UNTIL SUCH AMOUNT IS PAID TO THE
RETIREMENT SYSTEM; AND
(C) (1) INTEREST ON EACH SUCH AMOUNT INCLUDED IN SUCH PARTICIPANT'S
CONTRIBUTION DEFICIENCY PURSUANT TO THIS SUBPARAGRAPH SHALL BE CALCU-
LATED AS IF SUCH ADDITIONAL MEMBER CONTRIBUTIONS NEVER HAD BEEN PAID BY
SUCH PARTICIPANT, AND SUCH INTEREST SHALL ACCRUE FROM THE END OF THE
PAYROLL PERIOD TO WHICH AN AMOUNT OF SUCH ADDITIONAL MEMBER CONTRIB-
UTIONS IS ATTRIBUTABLE, COMPOUNDED ANNUALLY, UNTIL SUCH AMOUNT IS PAID
TO THE RETIREMENT SYSTEM.
(2) THE RATE OF INTEREST TO BE APPLIED TO EACH SUCH AMOUNT DURING THE
PERIOD FOR WHICH INTEREST ACCRUES ON THAT AMOUNT SHALL BE EQUAL TO THE
RATE OR RATES OF INTEREST REQUIRED BY LAW TO BE USED DURING THAT SAME
PERIOD TO CREDIT INTEREST ON THE ACCUMULATED DEDUCTIONS OF RETIREMENT
SYSTEM MEMBERS.
(II) EXCEPT AS PROVIDED IN SUBPARAGRAPH (III) OF THIS PARAGRAPH, NO
INTEREST SHALL BE DUE ON ANY UNPAID ADDITIONAL CONTRIBUTIONS WHICH ARE
NOT ATTRIBUTABLE TO THE PERIOD PRIOR TO THE FIRST FULL PAYROLL PERIOD
REFERRED TO IN PARAGRAPH TWO OF THIS SUBDIVISION.
(III) SHOULD ANY PERSON WHO, PURSUANT TO PARAGRAPH SEVEN OF THIS
SUBDIVISION, HAS WITHDRAWN ANY ADDITIONAL MEMBER CONTRIBUTIONS (AND ANY
INTEREST PAID THEREON) AGAIN BECOME A PARTICIPANT IN THE TWENTY-FIVE
YEAR IMPROVED BENEFIT RETIREMENT PROGRAM PURSUANT TO PARAGRAPH FIVE OF
SUBDIVISION B OF THIS SECTION, AN APPROPRIATE AMOUNT SHALL BE INCLUDED
IN SUCH PARTICIPANT'S CONTRIBUTION DEFICIENCY (INCLUDING INTEREST THERE-
ON AS CALCULATED PURSUANT TO SUBCLAUSE TWO OF CLAUSE (C) OF SUBPARAGRAPH
(I) OF THIS PARAGRAPH) FOR ANY CREDITED SERVICE WITH RESPECT TO WHICH
SUCH PERSON RECEIVED A REFUND OF ADDITIONAL MEMBER CONTRIBUTIONS
(INCLUDING ANY AMOUNT OF AN UNPAID LOAN BALANCE DEEMED TO HAVE BEEN
RETURNED TO SUCH PERSON PURSUANT TO PARAGRAPH SEVEN OF THIS SUBDIVI-
SION), AS IF SUCH ADDITIONAL MEMBER CONTRIBUTIONS NEVER HAD BEEN PAID.
4. THE BOARD OF TRUSTEES OF THE RETIREMENT SYSTEM MAY, CONSISTENT WITH
THE PROVISIONS OF THIS SUBDIVISION, PROMULGATE REGULATIONS FOR THE
PAYMENT OF THE ADDITIONAL MEMBER CONTRIBUTIONS REQUIRED BY THIS SUBDIVI-
SION, AND ANY INTEREST THEREON, BY A PARTICIPANT IN THE TWENTY-FIVE YEAR
IMPROVED BENEFIT RETIREMENT PROGRAM (INCLUDING THE DEDUCTION OF SUCH
CONTRIBUTIONS, AND ANY INTEREST THEREON, FROM SUCH PERSON'S COMPEN-
SATION).
5. WHERE A PARTICIPANT WHO IS OTHERWISE ELIGIBLE FOR SERVICE RETIRE-
MENT PURSUANT TO SUBDIVISION C OF THIS SECTION DID NOT, PRIOR TO THE
EFFECTIVE DATE OF RETIREMENT, PAY THE ENTIRE AMOUNT OF A CONTRIBUTION
DEFICIENCY CHARGEABLE TO SUCH PERSON PURSUANT TO PARAGRAPH THREE OF THIS
S. 7843 8
SUBDIVISION, OR REPAY THE ENTIRE AMOUNT OF A LOAN OF SUCH PERSON'S ADDI-
TIONAL MEMBER CONTRIBUTIONS PURSUANT TO PARAGRAPH EIGHT OF THIS SUBDIVI-
SION (INCLUDING ACCRUED INTEREST ON SUCH LOAN), THAT PARTICIPANT, NEVER-
THELESS, SHALL BE ELIGIBLE TO RETIRE PURSUANT TO SUBDIVISION C OF THIS
SECTION, PROVIDED, HOWEVER, THAT WHERE SUCH PARTICIPANT IS NOT ENTITLED
TO A REFUND OF ADDITIONAL MEMBER CONTRIBUTIONS PURSUANT TO PARAGRAPH
SEVEN OF THIS SUBDIVISION, SUCH PARTICIPANT'S SERVICE RETIREMENT BENEFIT
CALCULATED PURSUANT TO THE APPLICABLE PROVISIONS OF SUBDIVISION C OF
THIS SECTION SHALL BE REDUCED BY A LIFE ANNUITY (CALCULATED IN ACCORD-
ANCE WITH THE METHOD SET FORTH IN SUBDIVISION I OF SECTION SIX HUNDRED
THIRTEEN-B OF THIS CHAPTER) WHICH IS ACTUARIALLY EQUIVALENT TO:
(I) THE AMOUNT OF ANY UNPAID CONTRIBUTION DEFICIENCY CHARGEABLE TO
SUCH MEMBER PURSUANT TO PARAGRAPH THREE OF THIS SUBDIVISION; PLUS
(II) THE AMOUNT OF ANY UNPAID BALANCE OF A LOAN OF SUCH PERSON'S ADDI-
TIONAL MEMBER CONTRIBUTIONS PURSUANT TO PARAGRAPH EIGHT OF THIS SUBDIVI-
SION (INCLUDING ACCRUED INTEREST ON SUCH LOAN).
6. SUBJECT TO THE PROVISIONS OF PARAGRAPH FIVE OF THIS SUBDIVISION,
WHERE A PARTICIPANT HAS NOT PAID IN FULL ANY CONTRIBUTION DEFICIENCY
CHARGEABLE TO SUCH PERSON PURSUANT TO PARAGRAPH THREE OF THIS SUBDIVI-
SION, AND A BENEFIT, OTHER THAN A REFUND OF A MEMBER'S ACCUMULATED
DEDUCTIONS OR A REFUND OF ADDITIONAL MEMBER CONTRIBUTIONS PURSUANT TO
PARAGRAPH SEVEN OF THIS SUBDIVISION, BECOMES PAYABLE BY THE RETIREMENT
SYSTEM TO THE PARTICIPANT OR TO SUCH PERSON'S DESIGNATED BENEFICIARY OR
ESTATE, THE ACTUARIAL EQUIVALENT OF ANY SUCH UNPAID AMOUNT SHALL BE
DEDUCTED FROM THE BENEFIT OTHERWISE PAYABLE.
7. (I) ALL ADDITIONAL MEMBER CONTRIBUTIONS REQUIRED BY THIS SUBDIVI-
SION (AND ANY INTEREST THEREON) WHICH ARE RECEIVED BY THE RETIREMENT
SYSTEM SHALL BE PAID INTO ITS CONTINGENT RESERVE FUND AND SHALL BE THE
PROPERTY OF THE RETIREMENT SYSTEM. SUCH ADDITIONAL MEMBER CONTRIBUTIONS
(AND ANY INTEREST THEREON) SHALL NOT FOR ANY PURPOSE BE DEEMED TO BE
MEMBER CONTRIBUTIONS OR ACCUMULATED DEDUCTIONS OF A MEMBER OF THE
RETIREMENT SYSTEM UNDER SECTION 13-125 OR SECTION 13-162 OF THE ADMINIS-
TRATIVE CODE OF THE CITY OF NEW YORK WHILE SUCH PERSON IS A PARTICIPANT
IN THE TWENTY-FIVE YEAR IMPROVED BENEFIT RETIREMENT PROGRAM OR OTHER-
WISE.
(II) SHOULD A PARTICIPANT IN THE TWENTY-FIVE YEAR IMPROVED BENEFIT
RETIREMENT PROGRAM, WHO HAS RENDERED LESS THAN FIVE YEARS OF CREDITED
SERVICE CEASE TO HOLD A POSITION AS A WATER SUPPLY POLICE MEMBER FOR ANY
REASON WHATSOEVER, SUCH PERSON'S ACCUMULATED ADDITIONAL MEMBER CONTRIB-
UTIONS MADE PURSUANT TO THIS SUBDIVISION (TOGETHER WITH ANY INTEREST
THEREON PAID TO THE RETIREMENT SYSTEM) WHICH REMAIN CREDITED TO SUCH
PARTICIPANT'S ACCOUNT MAY BE WITHDRAWN BY SUCH PERSON PURSUANT TO PROCE-
DURES PROMULGATED IN REGULATIONS OF THE BOARD OF TRUSTEES OF THE RETIRE-
MENT SYSTEM, TOGETHER WITH INTEREST THEREON AT THE RATE OF INTEREST
REQUIRED BY LAW TO BE USED TO CREDIT INTEREST ON THE ACCUMULATED
DEDUCTIONS OF RETIREMENT SYSTEM MEMBERS COMPOUNDED ANNUALLY.
(III) NOTWITHSTANDING ANY OTHER PROVISION OF LAW TO THE CONTRARY, (A)
NO PERSON SHALL BE PERMITTED TO WITHDRAW FROM THE RETIREMENT SYSTEM ANY
ADDITIONAL MEMBER CONTRIBUTIONS PAID PURSUANT TO THIS SUBDIVISION OR ANY
INTEREST PAID THEREON, EXCEPT PURSUANT TO AND IN ACCORDANCE WITH THE
PRECEDING SUBPARAGRAPHS OF THIS PARAGRAPH; AND (B) NO PERSON, WHILE SUCH
PERSON IS A PARTICIPANT IN THE TWENTY-FIVE YEAR IMPROVED BENEFIT RETIRE-
MENT 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.
S. 7843 9
8. A PARTICIPANT IN THE TWENTY-FIVE YEAR IMPROVED BENEFIT RETIREMENT
PROGRAM SHALL BE PERMITTED TO BORROW FROM SUCH PERSON'S ADDITIONAL
MEMBER CONTRIBUTIONS, INCLUDING ANY INTEREST PAID THEREON, WHICH ARE
CREDITED TO THE ADDITIONAL CONTRIBUTIONS ACCOUNT ESTABLISHED FOR SUCH
PARTICIPANT IN THE CONTINGENT RESERVE FUND OF THE RETIREMENT SYSTEM.
THE BORROWING FROM SUCH ADDITIONAL MEMBER CONTRIBUTIONS PURSUANT TO THIS
PARAGRAPH SHALL BE GOVERNED BY THE SAME RIGHTS, PRIVILEGES, OBLIGATIONS
AND PROCEDURES SET FORTH IN SECTION SIX HUNDRED THIRTEEN-B OF THIS CHAP-
TER WHICH GOVERN THE BORROWING BY MEMBERS SUBJECT TO ARTICLE FIFTEEN OF
THIS CHAPTER OF MEMBER CONTRIBUTIONS MADE PURSUANT TO SECTION SIX
HUNDRED THIRTEEN OF THIS CHAPTER. THE BOARD OF TRUSTEES OF THE RETIRE-
MENT SYSTEM MAY, CONSISTENT WITH THE PROVISIONS OF THIS SUBDIVISION AND
THE PROVISIONS OF SECTION SIX HUNDRED THIRTEEN-B OF THIS CHAPTER AS MADE
APPLICABLE TO THIS SUBDIVISION, PROMULGATE REGULATIONS GOVERNING THE
BORROWING OF SUCH ADDITIONAL MEMBER CONTRIBUTIONS.
9. WHEREVER A PERSON HAS AN UNPAID BALANCE OF A LOAN OF SUCH PERSON'S
ADDITIONAL MEMBER CONTRIBUTIONS PURSUANT TO PARAGRAPH EIGHT OF THIS
SUBDIVISION AT THE TIME SUCH PERSON BECOMES ENTITLED TO A REFUND OF SUCH
PERSON'S ADDITIONAL MEMBER CONTRIBUTIONS PURSUANT TO SUBPARAGRAPH (II)
OF PARAGRAPH SEVEN OF THIS SUBDIVISION, THE AMOUNT OF SUCH UNPAID LOAN
BALANCE (INCLUDING ACCRUED INTEREST) SHALL BE DEEMED TO HAVE BEEN
RETURNED TO SUCH MEMBER, AND THE REFUND OF SUCH ADDITIONAL CONTRIBUTIONS
SHALL BE THE NET AMOUNT OF SUCH CONTRIBUTIONS, TOGETHER WITH INTEREST
THEREON IN ACCORDANCE WITH THE PROVISIONS OF SUCH SUBPARAGRAPH.
10. NOTWITHSTANDING ANY OTHER PROVISION OF LAW TO THE CONTRARY, THE
PROVISIONS OF SECTION ONE HUNDRED THIRTY-EIGHT-B OF THIS CHAPTER SHALL
NOT BE APPLICABLE TO THE ADDITIONAL MEMBER CONTRIBUTIONS WHICH ARE
REQUIRED BY THIS SUBDIVISION.
11. NOTWITHSTANDING ANY OTHER PROVISION OF LAW TO THE CONTRARY, THE
ADDITIONAL MEMBER CONTRIBUTIONS WHICH ARE REQUIRED BY THIS SUBDIVISION
SHALL NOT BE REDUCED UNDER ANY PROGRAM FOR INCREASED-TAKE-HOME-PAY.
§ 5. The retirement and social security law is amended by adding a new
section 604-k to read as follows:
§ 604-K. TWENTY-FIVE YEAR RETIREMENT PROGRAM FOR WATER SUPPLY POLICE
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. "WATER SUPPLY POLICE MEMBER" SHALL MEAN A MEMBER OF THE RETIREMENT
SYSTEM WHO IS EMPLOYED BY THE CITY OF NEW YORK IN A POSITION REFERRED TO
BY PARAGRAPH (O) OF SUBDIVISION THIRTY-FOUR OF SECTION 1.20 OF THE CRIM-
INAL PROCEDURE LAW.
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, AS SUCH DATE IS CERTIFIED
PURSUANT TO SECTION FORTY-ONE OF THE LEGISLATIVE LAW.
4. "PARTICIPANT IN THE TWENTY-FIVE YEAR RETIREMENT PROGRAM" SHALL MEAN
ANY WATER SUPPLY POLICE 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 SUCH PERSON.
5. "DISCONTINUED MEMBER" SHALL MEAN A PARTICIPANT IN THE TWENTY-FIVE
YEAR RETIREMENT PROGRAM WHO, WHILE SUCH PERSON WAS A WATER SUPPLY POLICE
MEMBER, DISCONTINUED SERVICE AS SUCH A MEMBER AND HAS A RIGHT TO A
DEFERRED VESTED BENEFIT UNDER SUBDIVISION D OF THIS SECTION.
S. 7843 10
6. "ADMINISTRATIVE CODE" SHALL MEAN THE ADMINISTRATIVE CODE OF THE
CITY OF NEW YORK.
B. PARTICIPATION IN TWENTY-FIVE YEAR RETIREMENT PROGRAM. 1. SUBJECT
TO THE PROVISIONS OF PARAGRAPHS SIX AND SEVEN OF THIS SUBDIVISION, ANY
PERSON WHO IS A WATER SUPPLY POLICE MEMBER ON THE STARTING DATE OF THE
TWENTY-FIVE YEAR RETIREMENT PROGRAM AND WHO, AS SUCH A WATER SUPPLY
POLICE 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 SUCH PERSON
IS SUCH A WATER SUPPLY POLICE 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 WATER SUPPLY POLICE MEMBER AFTER
THE STARTING DATE OF THE TWENTY-FIVE YEAR RETIREMENT PROGRAM AND WHO, AS
SUCH A WATER SUPPLY POLICE 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 WATER
SUPPLY POLICE 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 WATER SUPPLY POLICE MEMBER ON THE DATE SUCH APPLI-
CATION IS FILED.
3. ANY ELECTION TO BE A PARTICIPANT IN THE TWENTY-FIVE YEAR RETIREMENT
PROGRAM SHALL BE IRREVOCABLE.
4. EACH WATER SUPPLY POLICE MEMBER 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 SUCH PERSON BECOMES SUCH A
WATER SUPPLY POLICE MEMBER. PROVIDED, HOWEVER, A PERSON SUBJECT TO THIS
PARAGRAPH WHO HAS EXCEEDED AGE THIRTY UPON EMPLOYMENT AS SUCH A MEMBER
SHALL BE EXEMPT FROM PARTICIPATION IN THE 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 SUCH A MEMBER.
5. WHERE ANY PARTICIPANT IN THE TWENTY-FIVE YEAR RETIREMENT PROGRAM
SHALL CEASE TO BE EMPLOYED BY THE CITY OF NEW YORK AS A WATER SUPPLY
POLICE MEMBER, SUCH PERSON SHALL CEASE TO BE SUCH A PARTICIPANT AND,
DURING ANY PERIOD IN WHICH SUCH PERSON IS NOT SO EMPLOYED, SUCH PERSON
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 WATER SUPPLY POLICE MEMBER AND RETURNS TO SUCH
SERVICE AS A WATER SUPPLY POLICE MEMBER AT A LATER DATE, SUCH PERSON
SHALL AGAIN BECOME SUCH A PARTICIPANT ON THAT DATE.
7. NOTWITHSTANDING ANY OTHER PROVISION OF 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.
S. 7843 11
C. SERVICE RETIREMENT BENEFITS. 1. A PARTICIPANT IN THE TWENTY-FIVE
YEAR RETIREMENT PROGRAM:
(I) WHO HAS COMPLETED TWENTY-FIVE OR MORE YEARS OF CREDITED SERVICE;
AND
(II) WHO HAS PAID, BEFORE THE EFFECTIVE DATE OF RETIREMENT, ALL ADDI-
TIONAL MEMBER CONTRIBUTIONS AND INTEREST (IF ANY) REQUIRED BY SUBDIVI-
SION E OF THIS SECTION; AND
(III) WHO FILES WITH THE RETIREMENT SYSTEM OF WHICH SUCH PERSON IS A
MEMBER AN APPLICATION FOR SERVICE RETIREMENT SETTING FORTH AT THAT TIME,
NOT LESS THAN THIRTY DAYS SUBSEQUENT TO THE EXECUTION AND FILING THERE-
OF, SUCH PERSON DESIRES TO BE RETIRED; AND
(IV) WHO SHALL BE A PARTICIPANT IN THE TWENTY-FIVE YEAR RETIREMENT
PROGRAM AT THE TIME SO SPECIFIED FOR SUCH PERSON'S RETIREMENT; SHALL BE
RETIRED PURSUANT TO THE PROVISIONS OF THIS SECTION AFFORDING EARLY
SERVICE RETIREMENT.
2. (I) NOTWITHSTANDING 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:
(A) AN AMOUNT, ON ACCOUNT OF THE REQUIRED MINIMUM PERIOD OF SERVICE,
EQUAL TO FIFTY PERCENT OF SUCH PERSON'S FINAL AVERAGE SALARY; PLUS
(B) AN AMOUNT ON ACCOUNT OF CREDITED SERVICE, OR FRACTION THEREOF,
BEYOND SUCH REQUIRED MINIMUM PERIOD OF SERVICE EQUAL TO TWO PERCENT OF
SUCH PERSON'S FINAL SALARY;
(II) THE MAXIMUM RETIREMENT ALLOWANCE COMPUTED WITHOUT OPTIONAL
MODIFICATION PAYABLE PURSUANT TO SUBPARAGRAPH (I) OF THIS PARAGRAPH
SHALL EQUAL THAT PAYABLE UPON COMPLETION OF THIRTY YEARS OF SERVICE.
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 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 PERSON'S ACCUMU-
LATED 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) 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 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.
S. 7843 12
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 SUCH PERSON IS A MEMBER
(SUBJECT TO THE APPLICABLE PROVISIONS OF SUBDIVISION D OF SECTION SIX
HUNDRED THIRTEEN OF THIS ARTICLE) AN ADDITIONAL SIX PERCENT OF SUCH
PERSON'S COMPENSATION EARNED FROM (I) ALL CREDITED SERVICE, AS A PARTIC-
IPANT IN THE TWENTY-FIVE YEAR RETIREMENT PROGRAM, RENDERED ON OR AFTER
THE STARTING DATE OF THE TWENTY-FIVE YEAR RETIREMENT PROGRAM, AND (II)
ALL CREDITED SERVICE AFTER SUCH PERSON CEASES TO BE A PARTICIPANT, BUT
BEFORE SUCH PERSON AGAIN BECOMES A PARTICIPANT PURSUANT TO PARAGRAPH SIX
OF SUBDIVISION B OF THIS SECTION. THE ADDITIONAL CONTRIBUTIONS REQUIRED
BY THIS SUBDIVISION 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 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.
2. A PARTICIPANT IN THE TWENTY-FIVE YEAR RETIREMENT PROGRAM SHALL
CONTRIBUTE ADDITIONAL MEMBER CONTRIBUTIONS UNTIL THE LATER OF (I) THE
FIRST ANNIVERSARY OF THE STARTING DATE OF THE TWENTY-FIVE YEAR RETIRE-
MENT PROGRAM, OR (II) THE DATE ON WHICH SUCH PERSON COMPLETES THIRTY
YEARS OF CREDITED SERVICE AS A WATER SUPPLY POLICE MEMBER.
3. COMMENCING WITH THE FIRST FULL PAYROLL PERIOD AFTER EACH PERSON
BECOMES A PARTICIPANT IN THE TWENTY-FIVE YEAR RETIREMENT PROGRAM, ADDI-
TIONAL MEMBER CONTRIBUTIONS AT THE RATE SPECIFIED IN PARAGRAPH ONE OF
THIS SUBDIVISION SHALL BE DEDUCTED (SUBJECT TO THE APPLICABLE PROVISIONS
OF SUBDIVISION D OF SECTION SIX HUNDRED THIRTEEN OF THIS ARTICLE) FROM
THE COMPENSATION OF SUCH PARTICIPANT ON EACH AND EVERY PAYROLL OF SUCH
PARTICIPANT FOR EACH AND EVERY PAYROLL PERIOD FOR WHICH SUCH PERSON IS
SUCH A PARTICIPANT.
4. (I) EACH PARTICIPANT IN THE TWENTY-FIVE YEAR RETIREMENT PROGRAM
SHALL BE CHARGED WITH A CONTRIBUTION DEFICIENCY CONSISTING OF THE TOTAL
AMOUNTS OF ADDITIONAL MEMBER CONTRIBUTIONS SUCH PERSON IS REQUIRED TO
MAKE PURSUANT TO PARAGRAPHS ONE AND TWO OF THIS SUBDIVISION WHICH ARE
NOT DEDUCTED FROM SUCH PERSON'S COMPENSATION PURSUANT TO PARAGRAPH THREE
OF THIS SUBDIVISION, IF ANY, TOGETHER WITH INTEREST THEREON, COMPOUNDED
ANNUALLY, AND COMPUTED IN ACCORDANCE WITH THE PROVISIONS OF SUBPARA-
GRAPHS (II) AND (III) OF THIS PARAGRAPH.
(II) (A) THE INTEREST REQUIRED TO BE PAID ON EACH SUCH AMOUNT SPECI-
FIED IN SUBPARAGRAPH (I) OF THIS PARAGRAPH SHALL ACCRUE FROM THE END OF
THE PAYROLL PERIOD FOR WHICH SUCH AMOUNT WOULD HAVE BEEN DEDUCTED FROM
COMPENSATION IF 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 SUCH PERSON'S
S. 7843 13
ADDITIONAL MEMBER CONTRIBUTIONS 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 PURSU-
ANT TO SUBPARAGRAPH (II) OF THIS PARAGRAPH) FOR ANY CREDITED SERVICE FOR
WHICH SUCH PERSON RECEIVED A REFUND OF SUCH ADDITIONAL MEMBER CONTRIB-
UTIONS (INCLUDING ANY AMOUNT OF AN UNPAID LOAN BALANCE DEEMED TO HAVE
BEEN RETURNED TO SUCH PERSON PURSUANT TO PARAGRAPH TWELVE OF THIS SUBDI-
VISION), AS IF SUCH ADDITIONAL MEMBER CONTRIBUTIONS NEVER HAD BEEN PAID.
(II) (A) INTEREST ON A PARTICIPANT'S ADDITIONAL MEMBER CONTRIBUTIONS
INCLUDED IN SUCH PARTICIPANT'S CONTRIBUTION DEFICIENCY PURSUANT TO
SUBPARAGRAPH (I) OF THIS PARAGRAPH SHALL BE CALCULATED AS IF SUCH ADDI-
TIONAL MEMBER CONTRIBUTIONS HAD NEVER BEEN PAID BY SUCH PARTICIPANT, AND
SUCH INTEREST SHALL ACCRUE FROM THE END OF THE PAYROLL PERIOD TO WHICH
AN AMOUNT OF SUCH ADDITIONAL MEMBER CONTRIBUTIONS IS ATTRIBUTABLE, UNTIL
SUCH AMOUNT IS PAID TO THE RETIREMENT SYSTEM.
(B) THE RATE OF INTEREST TO BE APPLIED TO EACH SUCH AMOUNT DURING THE
PERIOD FOR WHICH INTEREST ACCRUES ON THAT AMOUNT SHALL BE FIVE PERCENT
PER ANNUM, COMPOUNDED ANNUALLY.
6. WHERE A PARTICIPANT WHO IS OTHERWISE ELIGIBLE FOR SERVICE RETIRE-
MENT PURSUANT TO SUBDIVISION C OF THIS SECTION DID NOT, PRIOR TO THE
EFFECTIVE DATE OF RETIREMENT, PAY THE ENTIRE AMOUNT OF A CONTRIBUTION
DEFICIENCY CHARGEABLE TO SUCH PERSON PURSUANT TO PARAGRAPHS FOUR AND
FIVE OF THIS SUBDIVISION, OR REPAY THE ENTIRE AMOUNT OF A LOAN OF SUCH
PERSON'S ADDITIONAL MEMBER CONTRIBUTIONS PURSUANT TO PARAGRAPH ELEVEN OF
THIS SUBDIVISION (INCLUDING ACCRUED INTEREST ON SUCH LOAN), THAT PARTIC-
IPANT, 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 SUBDIVI-
SION C SHALL BE REDUCED BY A LIFE ANNUITY (CALCULATED IN ACCORDANCE WITH
THE METHOD SET FORTH IN SUBDIVISION I OF SECTION SIX HUNDRED THIRTEEN-B
OF THIS ARTICLE) WHICH IS ACTUARIALLY EQUIVALENT TO:
(I) THE AMOUNT OF ANY UNPAID CONTRIBUTION DEFICIENCY CHARGEABLE TO
SUCH MEMBER PURSUANT TO PARAGRAPHS FOUR AND FIVE OF THIS SUBDIVISION;
PLUS
(II) THE AMOUNT OF ANY UNPAID BALANCE OF A LOAN OF SUCH PERSON'S ADDI-
TIONAL MEMBER CONTRIBUTIONS PURSUANT TO PARAGRAPH ELEVEN OF THIS SUBDI-
VISION (INCLUDING ACCRUED INTEREST ON SUCH LOAN).
7. WHERE A PARTICIPANT WHO IS OTHERWISE ELIGIBLE FOR A VESTED RIGHT TO
A DEFERRED BENEFIT PURSUANT TO SUBDIVISION D OF THIS SECTION DID NOT,
PRIOR TO THE DATE OF DISCONTINUANCE OF SERVICE, PAY THE ENTIRE AMOUNT OF
A CONTRIBUTION DEFICIENCY CHARGEABLE TO SUCH PERSON PURSUANT TO PARA-
GRAPHS FOUR AND FIVE OF THIS SUBDIVISION, OR REPAY THE ENTIRE AMOUNT OF
A LOAN OF SUCH PERSON'S ADDITIONAL MEMBER CONTRIBUTIONS PURSUANT TO
PARAGRAPH ELEVEN OF THIS SUBDIVISION (INCLUDING ACCRUED INTEREST ON SUCH
LOAN), THAT PARTICIPANT, NEVERTHELESS, SHALL BE ELIGIBLE FOR 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 THREE OF SUCH SUBDIVISION D SHALL BE REDUCED BY A LIFE
ANNUITY (CALCULATED IN ACCORDANCE WITH THE METHOD SET FORTH IN SUBDIVI-
SION I OF SECTION SIX HUNDRED THIRTEEN-B OF THIS ARTICLE) WHICH IS ACTU-
ARIALLY EQUIVALENT TO:
(I) THE AMOUNT OF ANY UNPAID CONTRIBUTION DEFICIENCY CHARGEABLE TO
SUCH MEMBER PURSUANT TO PARAGRAPHS FOUR AND FIVE OF THIS SUBDIVISION;
PLUS
S. 7843 14
(II) THE AMOUNT OF ANY UNPAID BALANCE OF A LOAN OF SUCH PERSON'S ADDI-
TIONAL MEMBER CONTRIBUTIONS PURSUANT TO PARAGRAPH ELEVEN OF THIS SUBDI-
VISION (INCLUDING ACCRUED INTEREST ON SUCH LOAN).
8. THE HEAD OF A RETIREMENT SYSTEM WHICH INCLUDES PARTICIPANTS IN THE
TWENTY-FIVE YEAR RETIREMENT PROGRAM IN ITS MEMBERSHIP MAY, CONSISTENT
WITH THE PROVISIONS OF THIS SUBDIVISION, PROMULGATE REGULATIONS FOR THE
PAYMENT OF SUCH ADDITIONAL MEMBER CONTRIBUTIONS, AND ANY INTEREST THERE-
ON, BY SUCH PARTICIPANTS (INCLUDING THE DEDUCTION OF SUCH CONTRIBUTIONS,
AND ANY INTEREST THEREON, FROM THE PARTICIPANT'S COMPENSATION).
9. SUBJECT TO THE PROVISIONS OF PARAGRAPHS SIX AND SEVEN OF THIS
SUBDIVISION, WHERE A PARTICIPANT HAS NOT PAID IN FULL ANY CONTRIBUTION
DEFICIENCY CHARGEABLE TO SUCH PERSON 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 SUCH PERSON'S DESIGNATED BENEFICIARY OR
ESTATE, THE ACTUARIAL EQUIVALENT OF ANY SUCH UNPAID AMOUNT SHALL BE
DEDUCTED FROM THE BENEFIT OTHERWISE PAYABLE.
10. (I) SUCH ADDITIONAL MEMBER CONTRIBUTIONS (AND ANY INTEREST THERE-
ON) SHALL BE PAID INTO THE CONTINGENT RESERVE FUND OF THE RETIREMENT
SYSTEM OF WHICH THE PARTICIPANT IS A MEMBER AND SHALL NOT FOR ANY
PURPOSE BE DEEMED TO BE MEMBER CONTRIBUTIONS OR ACCUMULATED CONTRIB-
UTIONS OF A MEMBER UNDER SECTION SIX HUNDRED THIRTEEN OF THIS ARTICLE OR
OTHERWISE WHILE SUCH PERSON IS A PARTICIPANT IN THE TWENTY-FIVE YEAR
RETIREMENT PROGRAM OR OTHERWISE.
(II) SHOULD A PARTICIPANT IN THE TWENTY-FIVE YEAR RETIREMENT PROGRAM
WHO HAS RENDERED LESS THAN FIVE YEARS OF CREDITED SERVICE CEASE TO HOLD
A POSITION AS A WATER SUPPLY POLICE MEMBER FOR ANY REASON WHATSOEVER,
SUCH PERSON'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 PERSON PURSUANT TO PROCE-
DURES PROMULGATED IN REGULATIONS OF THE BOARD OF TRUSTEES OF THE RETIRE-
MENT SYSTEM, TOGETHER WITH INTEREST THEREON AT THE RATE OF FIVE PERCENT
PER ANNUM, COMPOUNDED ANNUALLY.
(III) NOTWITHSTANDING ANY OTHER PROVISION OF LAW TO THE CONTRARY, (A)
NO PERSON SHALL BE PERMITTED TO WITHDRAW FROM THE RETIREMENT SYSTEM ANY
ADDITIONAL MEMBER CONTRIBUTIONS PAID PURSUANT TO THIS SUBDIVISION OR ANY
INTEREST PAID THEREON, EXCEPT PURSUANT TO AND IN ACCORDANCE WITH THE
PRECEDING SUBPARAGRAPHS OF THIS PARAGRAPH; AND (B) NO PERSON, WHILE 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. A PARTICIPANT IN THE TWENTY-FIVE YEAR RETIREMENT PROGRAM SHALL BE
PERMITTED TO BORROW FROM SUCH PERSON'S ADDITIONAL MEMBER CONTRIBUTIONS
(INCLUDING ANY INTEREST PAID THEREON) WHICH ARE CREDITED TO THE ADDI-
TIONAL CONTRIBUTIONS ACCOUNT ESTABLISHED FOR SUCH PARTICIPANT IN THE
CONTINGENT RESERVE FUND OF THE RETIREMENT SYSTEM. THE BORROWING FROM
SUCH ADDITIONAL MEMBER CONTRIBUTIONS PURSUANT TO THIS PARAGRAPH SHALL BE
GOVERNED BY THE RIGHTS, PRIVILEGES, OBLIGATIONS AND PROCEDURES SET FORTH
IN SECTION SIX HUNDRED THIRTEEN-B OF THIS ARTICLE WHICH GOVERN THE
BORROWING OF MEMBER CONTRIBUTIONS MADE PURSUANT TO SECTION SIX HUNDRED
THIRTEEN OF THIS ARTICLE. THE BOARD OF TRUSTEES OF THE RETIREMENT SYSTEM
MAY, CONSISTENT WITH THE PROVISIONS OF THIS SUBDIVISION AND THE
PROVISIONS OF SECTION SIX HUNDRED THIRTEEN-B OF THIS ARTICLE AS MADE
S. 7843 15
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 OF SUCH PERSON'S
ADDITIONAL MEMBER CONTRIBUTIONS PURSUANT TO PARAGRAPH ELEVEN OF THIS
SUBDIVISION AT THE TIME SUCH PERSON BECOMES ENTITLED TO A REFUND OF SUCH
PERSON'S 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 CONTRIBUTIONS, TOGETHER WITH INTEREST
THEREON IN ACCORDANCE WITH THE PROVISIONS OF SUCH SUBPARAGRAPH (II).
§ 6. Subdivision d of section 613 of the retirement and social securi-
ty law is amended by adding a new paragraph 13 to read as follows:
13. (I) THE CITY OF NEW YORK SHALL, IN THE CASE OF A WATER SUPPLY
POLICE MEMBER (AS DEFINED IN PARAGRAPH ONE OF SUBDIVISION A OF SECTION
SIX HUNDRED FOUR-K OF THIS ARTICLE) WHO IS A PARTICIPANT IN THE TWENTY-
FIVE YEAR RETIREMENT PROGRAM (AS DEFINED IN PARAGRAPH FOUR OF SUBDIVI-
SION A OF SUCH SECTION SIX HUNDRED FOUR-K), 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 SUCH SECTION SIX HUNDRED FOUR-K (NOT INCLUDING ANY
ADDITIONAL MEMBER CONTRIBUTIONS DUE FOR ANY PERIOD PRIOR TO THE FIRST
FULL PAYROLL PERIOD REFERRED TO IN 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 OTHERWISE REQUIRE SUCH DEDUCTIONS.
(II) AN AMOUNT EQUAL TO THE AMOUNT OF ADDITIONAL CONTRIBUTIONS PICKED
UP PURSUANT TO THIS PARAGRAPH SHALL BE DEDUCTED BY SUCH EMPLOYER FROM
THE COMPENSATION OF SUCH MEMBER (AS SUCH COMPENSATION WOULD BE IN THE
ABSENCE OF A PICK UP PROGRAM APPLICABLE TO SUCH PERSON HEREUNDER) AND
SHALL NOT BE PAID TO SUCH MEMBER.
(III) THE ADDITIONAL MEMBER CONTRIBUTIONS PICKED UP PURSUANT TO THIS
PARAGRAPH FOR ANY SUCH MEMBER SHALL BE PAID BY SUCH EMPLOYER IN LIEU OF
AN EQUAL AMOUNT OF ADDITIONAL MEMBER CONTRIBUTIONS OTHERWISE REQUIRED TO
BE PAID BY SUCH MEMBER UNDER THE APPLICABLE PROVISIONS OF SUBDIVISION E
OF SECTION SIX HUNDRED FOUR-K OF THIS ARTICLE, AND SHALL BE DEEMED TO BE
AND TREATED AS EMPLOYER CONTRIBUTIONS PURSUANT TO SECTION 414(H) OF THE
INTERNAL REVENUE CODE.
(IV) FOR THE PURPOSE OF DETERMINING THE RETIREMENT SYSTEM RIGHTS,
BENEFITS AND PRIVILEGES OF ANY MEMBER WHOSE ADDITIONAL MEMBER CONTRIB-
UTIONS ARE PICKED UP PURSUANT TO THIS PARAGRAPH, SUCH PICKED UP ADDI-
TIONAL MEMBER CONTRIBUTIONS SHALL BE DEEMED TO BE AND TREATED AS PART OF
SUCH MEMBER'S ADDITIONAL MEMBER CONTRIBUTIONS UNDER THE APPLICABLE
PROVISIONS OF SUBDIVISION E OF SECTION SIX HUNDRED FOUR-K OF THIS ARTI-
CLE.
(V) WITH THE EXCEPTION OF FEDERAL INCOME TAX TREATMENT, THE ADDITIONAL
MEMBER CONTRIBUTIONS PICKED UP PURSUANT TO SUBPARAGRAPH (I) OF THIS
PARAGRAPH SHALL FOR ALL OTHER PURPOSES, INCLUDING COMPUTATION OF RETIRE-
MENT BENEFITS AND CONTRIBUTIONS BY EMPLOYERS AND EMPLOYEES, BE DEEMED
EMPLOYEE SALARY. NOTHING CONTAINED IN THIS SUBDIVISION SHALL BE
CONSTRUED AS SUPERSEDING THE PROVISIONS OF SECTION FOUR HUNDRED THIRTY-
ONE OF THIS CHAPTER, OR ANY SIMILAR PROVISION OF LAW WHICH LIMITS THE
SALARY BASE OF COMPUTING RETIREMENT BENEFITS PAYABLE BY A PUBLIC RETIRE-
MENT SYSTEM.
S. 7843 16
§ 7. Section 13-125.2 of the administrative code of the city of New
York is amended by adding a new subdivision a-9 to read as follows:
A-9. NOTWITHSTANDING ANY OTHER PROVISION OF LAW TO THE CONTRARY, ON OR
AFTER THE STARTING DATE FOR PICK UP, THE EMPLOYER RESPONSIBLE FOR PICK
UP SHALL, IN THE CASE OF A WATER SUPPLY POLICE MEMBER (AS DEFINED IN
PARAGRAPH TWO OF SUBDIVISION A OF SECTION FOUR HUNDRED FORTY-FIVE-K OF
THE RETIREMENT AND SOCIAL SECURITY LAW) WHO IS A PARTICIPANT IN THE
TWENTY-FIVE YEAR IMPROVED BENEFIT RETIREMENT PROGRAM (AS DEFINED IN
PARAGRAPH THREE OF SUCH SUBDIVISION A OF SECTION FOUR HUNDRED FORTY-
FIVE-K), PICK UP AND PAY TO THE RETIREMENT SYSTEM ALL ADDITIONAL MEMBER
CONTRIBUTIONS WHICH OTHERWISE WOULD BE REQUIRED TO BE DEDUCTED FROM SUCH
MEMBER'S COMPENSATION PURSUANT TO SUBDIVISION D OF SUCH SECTION FOUR
HUNDRED FORTY-FIVE-K, AND SHALL EFFECT SUCH PICK UP ON EACH AND EVERY
PAYROLL OF SUCH PARTICIPANT FOR EACH AND EVERY PAYROLL PERIOD WITH
RESPECT TO WHICH SUCH SUBDIVISION D WOULD OTHERWISE REQUIRE SUCH
DEDUCTIONS.
§ 8. Subparagraph (ii) of paragraph 1 of subdivision c of section
13-125.2 of the administrative code of the city of New York, as amended
by chapter 682 of the laws of 2003, is amended to read as follows:
(ii) the determination of the amount of such member's Tier I or Tier
II nonuniformed-force member contributions eligible for pick up by the
employer or additional member contributions required to be picked up
pursuant to subdivision a-one, subdivision a-two, subdivision a-three,
subdivision a-four, subdivision a-five, subdivision a-six, subdivision
a-seven [or], subdivision a-eight, OR SUBDIVISION A-NINE of this
section; and
§ 9. Subdivision d of section 13-125.2 of the administrative code of
the city of New York is amended by adding a new paragraph 2-h to read as
follows:
(2-H) FOR THE PURPOSE OF DETERMINING THE RETIREMENT SYSTEM RIGHTS,
BENEFITS AND PRIVILEGES OF ANY MEMBER WHO IS A PARTICIPANT IN THE TWEN-
TY-FIVE YEAR IMPROVED BENEFIT RETIREMENT PROGRAM (AS DEFINED IN PARA-
GRAPH THREE OF SUBDIVISION A OF SECTION FOUR HUNDRED FORTY-FIVE-K OF THE
RETIREMENT AND SOCIAL SECURITY LAW), THE ADDITIONAL MEMBER CONTRIBUTIONS
OF SUCH PARTICIPANT PICKED UP PURSUANT TO SUBDIVISION A-NINE OF THIS
SECTION SHALL BE DEEMED TO BE AND TREATED AS A PART OF SUCH MEMBER'S
ADDITIONAL MEMBER CONTRIBUTIONS UNDER SUBDIVISION D OF SUCH SECTION FOUR
HUNDRED FORTY-FIVE-K.
§ 10. Paragraph 3 of subdivision d of section 13-125.2 of the adminis-
trative code of the city of New York, as amended by chapter 682 of the
laws of 2003, is amended to read as follows:
(3) Interest on contributions picked up for any Tier I or Tier II
non-uniformed-force member pursuant to this section (other than addi-
tional member contributions picked up pursuant to subdivision a-one,
subdivision a-two, subdivision a-three, subdivision a-four, subdivision
a-five, subdivision a-six, subdivision a-seven [or], subdivision
a-eight, OR SUBDIVISION A-NINE of this section) shall accrue in favor of
the member and be payable to the retirement system at the same rate, for
the same time periods, in the same manner and under the same circum-
stances as interest would be required to accrue in favor of the member
and be payable to the retirement system on such contributions if they
were made by such member in the absence of a pick up program applicable
to such member under the provisions of this section.
§ 11. Subdivision a of section 603 of the retirement and social secu-
rity law, as amended by section 3 of part EE of chapter 55 of the laws
of 2024, is amended to read as follows:
S. 7843 17
a. The service retirement benefit specified in section six hundred
four of this article shall be payable to members who have met the mini-
mum service requirements upon retirement and attainment of age sixty-
two, other than members who are eligible for early service retirement
pursuant to subdivision c of section six hundred four-b of this article,
subdivision c of section six hundred four-c of this article, subdivision
d of section six hundred four-d of this article, subdivision c of
section six hundred four-e of this article, subdivision c of section six
hundred four-f of this article, subdivision c of section six hundred
four-g of this article, subdivision c of section six hundred four-h of
this article, subdivision c of section six hundred four-i of this arti-
cle, [or] subdivision c of section six hundred four-j of this article,
OR SUBDIVISION C OF SECTION SIX HUNDRED FOUR-K OF THIS ARTICLE,
provided, however, a member of a teachers' retirement system or the New
York state and local employees' retirement system who first joins such
system before January first, two thousand ten or a member who is a
uniformed court officer or peace officer employed by the unified court
system who first becomes a member of the New York state and local
employees' retirement system before April first, two thousand twelve may
retire without reduction of their retirement benefit upon attainment of
at least fifty-five years of age and completion of thirty or more years
of service, provided, however, that a uniformed court officer or peace
officer employed by the unified court system who first becomes a member
of the New York state and local employees' retirement system on or after
January first, two thousand ten and retires without reduction of their
retirement benefit upon attainment of at least fifty-five years of age
and completion of thirty or more years of service pursuant to this
section shall be required to make the member contributions required by
subdivision f of section six hundred thirteen of this article for all
years of credited and creditable service, provided further that the
preceding provisions of this subdivision shall not apply to a New York
city revised plan member.
§ 12. Nothing contained in sections six and eleven of this act shall
be construed to create any contractual right with respect to members to
whom such sections apply. The provisions of such sections are intended
to afford members the advantages of certain benefits contained in the
Internal Revenue Code, and the effectiveness and existence of such
sections and benefits they confer are completely contingent thereon.
§ 13. This act shall take effect immediately, provided, however that:
(a) The amendments to subdivision a of section 603 of the retirement
and social security law made by section eleven of this act shall not
affect the expiration of such subdivision as provided in subdivision (b)
of section 13 of chapter 682 of the laws of 2003, and shall expire ther-
ewith;
(b) The provisions of section six of this act shall remain in force
and effect only so long as, pursuant to federal law, contributions
picked up under section 613 of the retirement and social security law
are not includable as gross income of a member for federal income tax
purposes until distributed or made available to the member; and
(c) The amendments to provisions of section 13-125.2 of the adminis-
trative code of the city of New York made by sections seven, eight, nine
and ten of this act shall not affect the expiration of such provisions
as provided for in chapter 681 of the laws of 1992, as amended.
FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
S. 7843 18
SUMMARY: This proposed legislation would establish 25-Year Retirement
Programs within the New York City Employees' Retirement System (NYCERS)
for members employed as Water Supply Police Officers (WSP).
EXPECTED INCREASE (DECREASE) IN EMPLOYER CONTRIBUTIONS
by Fiscal Year for the first 25 years ($ in Millions)
Year NYCERS
2026 1.1
2027 1.1
2028 1.0
2029 1.0
2030 0.9
2031 0.9
2032 0.8
2033 0.8
2034 0.7
2035 (0.2)
2036 (0.2)
2037 (0.3)
2038 (0.3)
2039 (0.3)
2040 (0.4)
2041 (0.4)
2042 (0.4)
2043 (0.5)
2044 (0.5)
2045 (0.5)
2046 (0.5)
2047 (0.6)
2048 (0.6)
2049 (0.6)
2050 (0.6)
Projected contributions include future new hires that may be
impacted. For Fiscal Year 2051 and beyond, the expected decrease
in normal cost as a level percent of pay for impacted new entrants
is approximately 1.83%. The decrease in future costs results from
the actuarial expectation that new members mandated into the Plan
will benefit less than the amount they are required to pay in addi-
tional member contributions.
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: 3.9
(2) PV of Employee Contributions: 3.2
Total PV of Benefits (1) + (2): 7.1
S. 7843 19
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: 5.3 M
Number of Payments: 9
Amortization Payment: 0.8 M
CENSUS DATA: The estimates presented herein are based on preliminary
census data collected as of June 30, 2024. The census data for the
impacted population is summarized below.
NYCERS
Active Members
- Number Count: 114
- Average Age: 41.9
- Average Service: 16.4
- Average Salary: 93,200
IMPACT ON MEMBER BENEFITS: The proposed legislation would provide WSP
with 25 or more years of credited service with a retirement benefit
equal to 50% of Final Average Salary (FAS) for the first 25 years of
credited service, plus 2% of Final Salary for each additional year of
credited service, exceeding 25 years, up to a maximum of 5 additional
years.
The vested benefit for members with less than 25 years of credited
service would be equal to 2% of FAS for each year of credited service
and is payable at what would have been their 25th year of service.
Plan participants would be required to pay Additional Member Contrib-
utions equal to 6% of compensation for all service on and after the
starting date of the Plan until the later of one-year after the effec-
tive date of the Plan or 30 years of credited service as a WSP member.
Current Tier 4 and Tier 6 WSP members would have 180 days from the
effective date to elect the WSP 25-Year Plan for their respective tier.
WSP members who become NYCERS members after the date of enactment of the
WSP 25-Year Plans would be mandated into the Tier 6 WSP 25-Year Plan
unless over age 30 upon employment as a WSP member.
Once members in the Tier 4 WSP 25-Year Plan attain 25 years of credit-
ed service, they would no longer be eligible to retire under their basic
plan and would lose the ability to accrue benefits after attaining 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 systems. In addition:
* New entrants were assumed to replace exiting members so that
total payroll increases by 3% each year for impacted groups. New entrant
demographics were developed based on data for recent new hires and actu-
arial judgement.
To determine the impact of the elective nature of the proposed legis-
lation, a subgroup of NYCERS WSP members assumed to benefit actuarially
was developed based on who is assumed to benefit actuarially by compar-
S. 7843 20
ing the net present value of future employer costs of each member's
benefit under their current plan and under the WSP 25-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 2025-36 dated March 28,
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.Every fact on this page links to its source, starting with the official bill record.