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NY A06403
Bill
Status
Introduced
4/6/2023
Primary Sponsor
Stacey Pheffer Amato
Click for details
AI Summary
- Amends the Retirement and Social Security Law to equalize salary base calculations for New York City Police Pension Fund (Tier 2) members hired on or after July 1, 2000 with those hired before that date
- Changes salary base determination from final 12 months of earnings only to the greater of final 12 months or average of any consecutive three years of earnings for newer hires
- Takes effect immediately and applies to members retiring on or after the effective date
- Expected to increase employer contributions by $3.9 million in 2025, declining to minimal amounts by 2041, with total unfunded liability of $12.6 million amortized over 5 years through 2029
- Impacts approximately 11,723 active police members with average age 43.4 and average service of 17.6 years
Legislative Description
Relates to the determination of salary base for members of the New York city police pension fund; provides that the salary base for members of the New York city police pension fund whose employment with the police department of the city of New York commenced on or after July 1, 2000 shall be determined in the same manner as members whose employment commenced prior to such date.
Last Action
print number 6403a
3/19/2024
Committee Referrals
Governmental Employees4/6/2023
Full Bill Text
No bill text available