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NY A10373
Bill
Status
5/13/2022
Primary Sponsor
Peter Abbate
Click for details
AI Summary
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Allows first grade police officers with 25 years of service to have pension calculations based on the highest salary rate for a detective third grade (rather than their police officer salary) for pension fund purposes.
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Allows first grade police officers with 30 years of service to have pension calculations based on the highest salary rate for a sergeant (rather than their police officer salary) for pension fund purposes.
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Estimated to increase annual pension benefits by approximately $5,300 per year for officers with 25 years of service and approximately $15,300 per year for officers with 30 years of service.
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Expected to increase annual employer pension contributions by approximately $1.0 million per year, with increases first reflected in Fiscal Year 2024.
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Takes effect immediately upon enactment.
Legislative Description
Provides for the pension benefits for first grade police officers of the city of New York who have served for 25 or 30 years.
Last Action
referred to governmental employees
5/13/2022