NY A07383

Allows police officers employed by NYC Department of Environmental Protection Division of Law Enforcement to transfer from the NYC Employees' Retirement System (NYCERS) to the NY State and Local Police and Fire Retirement System (PFRS) and receive service credit for their DEP employment.

Officers must have served at least two years in DEP law enforcement and must elect to transfer within one year of becoming a PFRS member or within one year of the bill's effective date, whichever is later.

Service credit transferred cannot exceed the lesser of actual service in NYCERS or 10 years total; if retiring on an age-based plan instead of a 20 or 25-year plan, the full amount of service credit earned is granted.

Employer-paid pension reserves must be transferred from NYCERS to PFRS for each transferring member, with the reserve calculated net of accumulated salary deductions.

Takes effect 60 days after enactment; estimated to increase unfunded accrued liability by approximately $50,400 per eligible member and annual employer contributions by approximately $6,000 per member.