Bill Summary: S. 7872

• Establishes a 25-year retirement program for fire protection inspectors and associate fire protection inspectors in the New York City Employees' Retirement System, allowing eligible members to retire after 25 years of service regardless of age.

• Provides a service retirement benefit of 50% of final average salary for the first 25 years of service, plus 2% for each additional year (up to 30 years total).

• Requires participants to contribute an additional 6% of compensation beyond standard member contributions, with contributions required for up to 30 years of allowable service.

• Allows vesting for members who discontinue service with 5-25 years (Tier 4) or 10-25 years (Tier 6) of allowable service, providing a deferred benefit of 2% of final average salary per year of service.

• Estimated to increase annual employer contributions to NYCERS by approximately $405,000 per year, with an unfunded actuarial accrued liability increase of approximately $1.7 million.