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NY S06133
Bill
Status
5/11/2017
Primary Sponsor
Martin Golden
Click for details
AI Summary
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Removes the 50% cap on early service retirement benefits for uniformed correction officers in NYC Department of Correction who are members of the CO-25 Plan.
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Modifies the benefit calculation formula to provide 1/50th of final average salary times 25 years of service, plus 1/60th of final average salary for any credited service exceeding 25 years.
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Applies to Tier 3 correction members who joined the NYC Employees' Retirement System (NYCERS) before December 19, 1990.
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Increases annual employer contributions to NYCERS by approximately $2.4 million, with the increase reflected in Fiscal Year 2019 under the One-Year Lag Methodology.
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Takes effect immediately upon enactment.
Legislative Description
Grants service credit to members of the uniformed correction force of the New York city department of correction covered by provisions of law for over 25 years.
Last Action
PRINT NUMBER 6133A
6/25/2018