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NY A05374
Bill
Status
3/9/2023
Primary Sponsor
Stacey Pheffer Amato
Click for details
AI Summary
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Eliminates the 50% social security offset for Tier 3 sanitation workers in the New York City Employees' Retirement System (NYCERS) for normal service retirement, early service retirement, and vested retirement benefits.
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Applies only to uniformed sanitation revised plan members receiving benefits under service retirement or deferred vested benefit provisions.
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Increases employer contributions to NYCERS, projected at $17.4 million in 2025, growing to $46.4 million by 2049.
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Creates an unfunded actuarial liability of $64.0 million as of June 30, 2023, to be amortized over 17 years with final payment in fiscal year 2041.
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Takes effect 60 days after becoming law.
Legislative Description
Provides that for New York city uniformed sanitation revised plan members of the New York city employees' retirement system, the service retirement benefit shall not be reduced by the primary social security retirement benefit commencing at age sixty-two.
Last Action
print number 5374a
1/25/2024