NY S06056

Establishes a voluntary 25-year retirement plan for New York City Department of Probation peace officers in the municipal retirement system, effective January 1, 2019.

Eligible probation officers may elect to participate within 180 days of enactment or becoming a probation officer; future probation officers hired after the effective date are automatically enrolled in the program.

Participants receive 55% of final average salary for 25 years of service, plus 1.7% for each additional year up to a maximum of 30 years; vested benefits of 2.2% per year of service for those with 5-25 years (Tier 4) or 10-25 years (Tier 6) of service.

Participants must contribute an additional 6.75% of compensation beyond standard member contributions, continuing until the later of January 1, 2020 or 30 years of credited service.

Estimated to increase annual employer pension contributions by approximately $7.7 million beginning in Fiscal Year 2021, with total actuarial present value of future employer costs increasing by approximately $18.0 million.