Loading chat...
NY A05480
Bill
Status
3/13/2023
Primary Sponsor
Stacey Pheffer Amato
Click for details
AI Summary
-
Eliminates the 50% offset of primary Social Security retirement benefits for Tier 3 members of the New York City Fire Department Pension Fund in calculating normal service, early service, and vested retirement benefits.
-
Applies to service retirement benefits, early service retirement benefits commencing at age 62 or after 20 years of service, and deferred vested benefits for FIRE members.
-
Removes the Social Security benefit offset calculation that currently reduces pension payments for affected FIRE members, resulting in increased pension payments.
-
Creates an unfunded accrued liability of $26.5 million with estimated employer contribution increases ranging from $8.3 million in 2025 to $31.5 million in 2049, fully allocated to New York City.
-
Takes effect immediately upon enactment.
Legislative Description
Relates to primary social security retirement benefits for certain members; provides that in the computation of the normal service retirement benefit of members of the New York city fire department pension fund, there shall be no reduction for the primary social security retirement benefit.
Last Action
print number 5480b
2/9/2024