NY A07681

Allows members of the New York City Fire Department Pension Fund (FIRE) to purchase credit for prior service as a police cadet in the NYPD cadet program if that service occurred before April 1, 2012 and they did not join the NYC Employees' Retirement System at that time.

Members must pay all member contributions plus 5% annual interest that would have been owed to NYCERS had they joined on their initial cadet appointment date, with payment required within five years of this law's effective date.

Purchased cadet service entitles members to retroactive membership dates in FIRE for plan or tier eligibility purposes, with members appointed before July 1, 2009 deemed Tier 2 members and those appointed between July 1, 2009 and April 1, 2012 deemed original Tier 3 members.

Cadet service credit purchased under this section does not count as police or fire department service for benefit eligibility or calculation purposes under the administrative code or retirement and social security law.

Fiscal analysis projects employer contribution increases of $51,700 annually from 2025-2038 for members transitioning to Tier 2, with unfunded actuarial liabilities of approximately $437,400.