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NY S03966
Bill
Status
Introduced
2/24/2015
Primary Sponsor
Martin Golden
Click for details
AI Summary
- Modifies disability retirement eligibility and benefits for New York City Police and Fire Department pension fund members under Article 14 of the Retirement and Social Security Law, aligning Tier III members with Tier I and II provisions
- Eliminates the five-year service requirement for ordinary disability retirement for police and fire members, making them eligible immediately upon becoming disabled
- Changes ordinary disability retirement benefits to 1/40 of final average salary multiplied by years of service (minimum 1/2 of final average salary for 10+ years of service, or 1/3 for less than 10 years)
- Changes accidental disability retirement benefits to 3/4 of final average salary for both police and fire members
- Removes annual escalation adjustments (Section 510) from disability benefits but maintains cost-of-living adjustments under Chapter 125 of the Laws of 2000; takes effect 60 days after enactment
Legislative Description
Relates to the disability benefits of members of the New York city police and fire department pension funds.
Last Action
REFERRED TO CITIES
1/6/2016
Committee Referrals
Cities2/24/2015
Full Bill Text
No bill text available