NY A05711

Increases the mandatory retirement age for members of the New York State and Local Police and Fire Retirement System (NYSLPFRS) under section 384 of the Retirement and Social Security Law from age 62 to age 65.

Applies the age increase to members receiving additional pension benefits upon completion of 25 years of service, affecting provisions in subdivisions (f), (g), (h), and (k) of the law.

Allows members who attained age 65 before their employer assumed additional benefit costs to retire within three months or by December 31, 1968, establishing transition provisions.

Police department and police force chiefs or commanding officers must retire on the first day of the month following attainment of age 65, with similar transition rules for those who reached age 65 prior to the employer's adoption of benefits.

Fiscal note indicates that if enacted, the change would result in additional benefits for members remaining employed beyond age 62, funded through normal employer contributions with no anticipated increases in annual contribution rates.