NY S07326

Modifies ordinary disability retirement (ODR) and accidental disability retirement (ADR) benefits for New York City Police Pension Fund members under Tier III by aligning eligibility and benefit formulas with those available to Tier I and Tier II members.

Changes ODR benefit calculation to 1/40 of final average salary (based on one-year period) multiplied by years of service, with a minimum of 1/2 of final average salary for 10+ years of service or 1/3 for less than 10 years.

Changes ADR benefit to 75% of final average salary plus an annuity equal to accumulated member contributions, removing the requirement to waive statutory presumptions (e.g., certain heart diseases).

Eliminates the five-year service requirement for ODR eligibility and redefines final average salary for Tier III members to exclude termination pay, lump sum payments, and unauthorized leave of absence periods.

Applies cost-of-living adjustments under Chapter 125 of the Laws of 2000 to Tier III disability benefits instead of Tier III Escalation increases, effective 60 days after enactment.