NY A03761

Establishes a sanitation variable supplements fund to provide discretionary supplemental payments to retired sanitation workers and their beneficiaries, separate from the pension system.

Creates a variable supplements board consisting of the mayor's representative, the city comptroller, and one representative each from the uniformed sanitationmen's association and sanitation officers' association, with decisions requiring three affirmative votes.

Requires the retirement system to transfer surplus earnings from each fiscal year (beginning July 1, 2022) to the sanitation variable supplements fund, calculated based on sanitation workers' proportion of total retirement system salaries and assets.

Specifies that variable supplements do not constitute pension or retirement benefits, create no contractual rights, and may be discontinued at any time at the board's discretion.

Grants the superintendent of financial services oversight authority to examine the fund and require board approval of any payment plan before distributions to beneficiaries can be made.