NY S09486

Removes the age 50 requirement for service retirement eligibility, allowing Triborough Bridge and Tunnel Authority members with 20+ years of credited service to retire regardless of age.

Changes vesting provisions for Tier 4 members with 5-19 years of service to receive deferred vested benefits payable when 20 years of service is completed, instead of at age 50.

Tier 6 members with 5-19 years of service continue to receive vested benefits at age 63.

Expands the definition of Triborough Bridge and Tunnel Authority peace officers in Criminal Procedure Law to include captains, inspectors, deputy chiefs, assistant chiefs, and chiefs (previously limited to officers, sergeants, and lieutenants).

Increases estimated annual employer contributions by approximately $1.8 million per year, with an unfunded accrued liability increase of $7.3 million offset by a $1.1 million decrease in normal cost.