Section 13-359. Retirement allowances of improved benefits plan members; for service

a. Subject to the provisions of subdivision b of this  section,  upon  retirement  for  service,  an  improved  benefits  plan member not
  subject to article eleven (as defined in subdivision four-i  of  section
  13-313  of  this  subchapter) shall receive a retirement allowance which
  shall consist of:
    1. (a) An annuity based on his or her required annuity savings at  the
  termination  of  his  or  her required minimum period of service, and in
  addition, a pension which when added to the annuity shall  be  equal  to
  one-half  of  his  or  her  annual  earnable compensation on the date of
  retirement, for his or her minimum period of service.  For  the  purpose
  only  of determining the pension portion of the retirement allowance for
  minimum service, such member's annuity under this paragraph one shall be
  computed as it would be, (i) if it were not  reduced  by  the  actuarial
  equivalent of any outstanding loan, (ii) if it were not increased by the
  actuarial  equivalent  of any additional contributions, (iii) if it were
  not reduced by reason of such member's election to decrease his  or  her
  annuity  contributions in order to apply the amount of such reduction in
  payment of his or her contributions for old-age and survivors  insurance
  coverage, (iv) as it would be without any optional modification, and (v)
  as  it  would  be,  in the case of any improved benefits plan member not
  subject to  article  eleven  who  is  subject  to  a  contribution  rate
  deficiency (as defined in subdivision twenty-one of such section 13-313)
  under the provisions of this subchapter, if an amount equal to the whole
  or any part of such deficiency remaining unpaid as of the effective date
  of  such  member's  retirement  for service had been paid to the pension
  fund on  the  earlier  of  (A)  his  or  her  date  of  commencement  of
  contributions  as  an  improved  benefits  plan  member  (as  defined in
  subdivision nineteen of such  section  13-313)  or  (B)  the  date  next
  following  the  date  of  termination  of such member's required minimum
  period of service.
    (b) If such member became an improved benefits plan member  after  the
  date of termination of such member's required minimum-period of service,
  his  or  her  required  annuity savings at the termination of his or her
  required minimum period of service shall be deemed to be  such  member's
  accumulated  contributions  (as  defined in subdivision seven of section
  13-313 of this subchapter) credited to him or her as  an  original  plan
  member  as  of such date of termination, provided, however, that for the
  purpose only of  determining  the  pension  portion  of  the  retirement
  allowance   for  minimum  service,  such  member's  annuity  under  this
  paragraph one shall be computed as it  would  be  under  the  conditions
  prescribed  in  items  (i),  (iv),  and  (v) of subparagraph (a) of this
  paragraph.
    2. For each additional year of service in the uniformed force  of  the
  fire department, or fraction thereof, beyond his or her required minimum
  service, such a member shall be entitled to, in addition to the benefits
  provided in paragraph one of this subdivision a;
    (a)  a  pension  of one-sixtieth of his or her average annual earnings
  from his or her date of eligibility for retirement to the actual date of
  retirement; and
    (b) a pension-providing-for-increased-take-home-pay which shall be the
  actuarial equivalent of the reserve-for-increased-take-home-pay to which
  he or she may be entitled, if any, for all periods of  such  service  in
  the  uniformed  force  of  the  department  rendered  both (1) after the
  completion of such required minimum service in such uniformed force  and
  (2) after December thirty-first, nineteen hundred sixty-six.
    3.  For  each year, or fraction thereof, of service credit transferred
  from the New York city employees' retirement system, or  service  credit

  acquired  pursuant to subdivision d of section 13-318 of this subchapter
  or pursuant to the applicable provisions of subdivisions e and f of such
  section, a pension of fifty-five percent of one-sixtieth of his  or  her
  five-year-average  compensation (as defined in subdivision six-a of such
  section 13-313) if such service credit was for service rendered prior to
  October first, nineteen hundred fifty-one  or  seventy-five  percent  of
  one-sixtieth  of  his  or  her  five-year-average  compensation  if such
  service was rendered  subsequent  to  October  first,  nineteen  hundred
  fifty-one.
    4.  (a)  For  service in the uniformed force of the fire department in
  addition to and in excess of his  or  her  required  minimum  period  of
  service,  such  member  shall be entitled to receive, in addition to the
  benefits provided for by the preceding paragraphs of this subdivision a,
  an annuity which shall be determined  in  the  manner  provided  for  in
  subparagraphs (b), (c), (d) and (e) of this paragraph four.
    (b)  There  shall  be  added  together  (i)  the  total  amount of the
  accumulated deductions of such member, if any,  whenever  made,  as  the
  same  are  on  the  date  next preceding the date on which such member's
  retirement  becomes  effective,  including  all   voluntary   additional
  contributions,  whenever made, and (ii) the unpaid amount of any loan of
  such member outstanding as of such date.
    (c) Subject to the provisions of subparagraph (d)  of  this  paragraph
  four,   there   shall  be  determined  the  amount  of  the  accumulated
  deductions, if any, credited to such member with respect to the years of
  his or her service credited as his or her minimum period of service,  as
  such deductions were on the date of completion of such minimum period of
  service  (but  also as such deductions would then be in the absence of a
  loan), excluding, however, from such accumulated deductions:
    (i) the value, as of such completion date, of  all  of  such  member's
  voluntary,  additional  contributions made with respect to such years of
  service credited as his or her minimum period of service;
    (ii) the value,  as  of  such  completion  date,  of  any  accumulated
  deductions  credited with respect to any period of service preceding and
  not included in such period of service credited as such member's minimum
  period of service.
    (d) If such member became an improved benefits plan member  after  the
  date  of  completion  of such member's minimum period of service, his or
  her accumulated deductions with respect to his or her minimum period  of
  service  shall  be deemed to be, only for the purposes of this paragraph
  four, such member's accumulated contributions (as defined in subdivision
  seven of section 13-313 of this subchapter) credited to him or her as an
  original plan member as of such completion  date  with  respect  to  the
  period  of  service credited to such member as his or her minimum period
  of service, as such accumulated contributions would be in the absence of
  a loan, and excluding from such accumulated contributions the value,  as
  of  such date, of any accumulated contributions credited with respect to
  any period of service preceding and  not  included  in  such  period  of
  service credited as such member's minimum period of service.
    (e)  From  the  amount  computed  pursuant to subparagraph (b) of this
  paragraph four, there shall be subtracted the amount  computed  pursuant
  to subparagraph (c) of this paragraph or subparagraph (d) hereof, as the
  case may be.
    (f)  The  annuity  to  which  such member shall be entitled under this
  paragraph four, if any, shall be the actuarial  equivalent,  as  of  the
  date  next  preceding the date on which such member's retirement becomes
  effective, of the remainder computed pursuant  to  subparagraph  (e)  of
  this paragraph four.

    b.  Upon  retirement  for  service,  an  improved benefits plan member
  subject to article eleven (as defined  in  subdivision  four-j  of  such
  section  13-313)  shall  receive a retirement allowance consisting of an
  annuity  and  a  pension  determined  pursuant  to  the  provisions   of
  subdivision  a  of  this section, except to the extent and in the manner
  that any such provision is modified by article eleven.