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NY A06344
Bill
Status
4/5/2023
Primary Sponsor
Stacey Pheffer Amato
Click for details
AI Summary
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Eliminates the 50% offset of the primary Social Security retirement benefit for Tier 3 members of the New York City Police Pension Fund for normal service retirement, early service retirement, and vested retirement benefits.
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Modifies Section 505 of the Retirement and Social Security Law to exclude NYC police pension fund members from Social Security benefit reductions that apply to other police/fire and correction/sanitation members.
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Amends Section 511 to exempt NYC police pension fund members receiving service or deferred vested benefits from Social Security offset provisions.
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Projected to increase NYC employer pension contributions by $62.1 million in 2025, growing to $166.8 million by 2049, with an unfunded accrued liability increase of $226.2 million as of June 30, 2023.
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Takes effect 60 days after enactment into law.
Legislative Description
Provides that service retirement benefits for members of the NYC police pension fund shall not be reduced by the primary social security retirement benefit commencing at age sixty-two.
Last Action
print number 6344a
1/25/2024