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NY S06098
Bill
Status
5/11/2017
Primary Sponsor
Martin Golden
Click for details
AI Summary
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Detectives of the third grade with 15 years of service in that rank receive the same pension fund rights as a third-grade detective detailed to act as a second-grade detective.
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Detectives of the second grade with 10 years of service in that rank receive the same pension fund rights as a second-grade detective detailed to act as a first-grade detective.
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Third-grade detectives benefiting from this change receive approximately $6,500 per year increase in annual pension benefits, while second-grade detectives receive approximately $8,500 per year increase.
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Total estimated annual increase in pension benefits paid is approximately $900,000 per year, with estimated actuarial present value increase of $11.4 million.
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Estimated increase in employer pension contributions beginning in Fiscal Year 2021 is approximately $1.4 million annually.
Legislative Description
Relates to promotions of detectives; grants detectives of the third grade and detectives of the second grade the same rights in respect to the police pension fund as detectives of a grade higher after a certain period of time.
Last Action
COMMITTED TO RULES
6/20/2018