NY S06573

Establishes optional 25-year retirement program for New York City water supply police members in the NYC Employees' Retirement System, with mandatory participation for new hires under age 30.

Provides service retirement benefit of 50% of final average salary after 25 years of credited service, plus 2% for each additional year up to 30 years maximum.

Requires participants to contribute an additional 6% of compensation (beyond standard member contributions) until the later of 30 years of service or one year after program effective date.

Authorizes the City of New York to pick up and pay all additional member contributions for water supply police participants, treating picked-up amounts as employer contributions under Internal Revenue Code Section 414(h).

Establishes vested deferred benefit eligibility for participants with 5-25 years of credited service, payable at the completion of 25 years of service or age 63 for Tier 6 members, equal to 2% of final average salary per year of service.