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NY A10415
Bill
Status
5/13/2022
Primary Sponsor
Peter Abbate
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AI Summary
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Adds Section 505-a to the Retirement and Social Security Law to provide police and fire members an additional pension benefit of 1/60th of average annual earnings for each additional year of service beyond 22 years of credited service.
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Additional benefit applies to Tier 3 members of the New York City Police Pension Fund and Fire Pension Fund upon normal service retirement or Accident Disability Retirement, and is subject to annual escalation.
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Increases present value of future employer contributions by approximately $1,310.1 million initially ($1,020.3 million for POLICE and $289.8 million for FIRE).
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Employer contribution increases projected to grow from $85.4 million in Fiscal Year 2023 to $115.5 million by Fiscal Year 2027 based on actuarial assumptions.
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Takes effect immediately upon enactment.
Legislative Description
Grants additional pension benefits for police/fire members, for each additional year of service beyond normal retirement age, in the amount of one-sixtieth of average annual earnings from the date of eligibility for normal service retirement to the actual date of retirement.
Last Action
referred to governmental employees
5/13/2022