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NY A05798
Bill
Status
3/23/2023
Primary Sponsor
Stacey Pheffer Amato
Click for details
AI Summary
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Eliminates the 50% offset of primary Social Security benefits for Tier 3 members of the New York City Fire Department, Police Department, and Employees' Retirement System (NYCERS) who are uniformed correction/sanitation revised plan or investigator revised plan members.
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Removes the Social Security offset from normal service retirement benefits, early service retirement benefits, and deferred vested benefits for the specified member groups.
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Increases employer contribution costs starting at $103.0 million in 2025, growing to approximately $244.1 million by 2045, with all costs allocated to New York City.
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Creates an unfunded accrued liability of $128.0 million for NYCERS, $226.2 million for Police, and $26.5 million for Fire that will be amortized between 2040 and 2042.
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Takes effect 60 days after becoming law.
Legislative Description
Provides that for New York city police/fire members, uniformed correction/sanitation revised plan and investigator 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 5798a
1/25/2024