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NY A09991
Bill
Status
4/29/2022
Primary Sponsor
Peter Abbate
Click for details
AI Summary
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Amends New York City Administrative Code Section 14-114 to grant NYPD lieutenants with 15 or more years of service equal pension fund rights as lieutenants in detective squad commander or special assignment roles.
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Allows pension calculations for eligible lieutenants to be based on higher-grade salary levels, increasing annual pension benefits by approximately $8,000 per affected retiree.
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Estimated annual pension benefit payout increase of $215,000 and present value of future benefits increase of $2.8 million if enacted.
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Increases annual employer contributions to the police pension fund by approximately $326,000 per year, amortized over 15 years beginning in Fiscal Year 2024.
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Takes effect immediately upon enactment.
Legislative Description
Relates to promotions of lieutenants; grants a lieutenant who has served for a period of fifteen years the same rights in respect to the police pension fund as a lieutenant detailed to act as lieutenant commander detective squad or lieutenant special assignment.
Last Action
referred to governmental employees
4/29/2022