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NY S05872
Bill
Status
6/9/2015
Primary Sponsor
Andrew Lanza
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AI Summary
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Extends Variable Supplements Fund (VSF) benefits to housing police and transit police retirees who retired between October 1, 1968 and June 30, 1987, retroactively changing the eligibility date from July 1, 1987.
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Makes approximately 751 additional prior retirees (216 housing police and 535 transit police) eligible to receive annual VSF payments of $12,000 per year for life.
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Increases New York City Employees' Retirement System (NYCERS) unfunded actuarial liability by approximately $63.3 million (cost basis) or $50.3 million (contribution basis) as of June 30, 2013.
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Raises annual employer costs to NYCERS by approximately $16.0 million per year for five years, with increased employer contributions of approximately $12.7 million per year beginning in Fiscal Year 2015 or 2016.
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Takes effect immediately upon enactment.
Legislative Description
Extends the benefits of the variable supplements fund to all New York city housing police and transit police; amends the definition of a beneficiary.
Last Action
REFERRED TO CITIES
1/6/2016