Loading chat...
NY A05678
Bill
Status
3/20/2023
Primary Sponsor
Stacey Pheffer Amato
Click for details
AI Summary
-
Eliminates the 50% offset of primary Social Security retirement benefits for Tier 3 Sanitation and Correction members of the New York City Employees' Retirement System (NYCERS) in their normal service retirement, early service retirement, and deferred vested benefits.
-
Applies to New York City uniformed correction/sanitation revised plan members receiving service retirement benefits under section 505 or deferred vested benefits under section 516 of the Retirement and Social Security Law.
-
Projected to increase employer contributions to NYCERS by $32.3 million in 2025, growing to $84.2 million by 2049, with all costs allocated to New York City.
-
Creates an unfunded accrued liability of $127.1 million as of June 30, 2023, to be amortized through 2040.
-
Takes effect 60 days after becoming law.
Legislative Description
Relates to service retirement benefits for certain members of the New York city employees' retirement system; provides that for New York city uniformed correction/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 5678a
1/26/2024