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NY A07220
Bill
Status
5/15/2023
Primary Sponsor
Stacey Pheffer Amato
Click for details
AI Summary
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Police officers employed by the NYC Department of Environmental Protection Division of Law Enforcement can transfer service credit from the NYC Employees' Retirement System (NYCERS) to the NY State and Local Police and Fire Retirement System (PFRS) if they have at least two years of service.
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Transferred officers must elect to receive service credit within one year of becoming a PFRS member or within one year of the bill's effective date, whichever is later.
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Service credit transferred to PFRS cannot exceed 10 years in 20-year or 25-year retirement plans, but full credit exceeding 10 years is granted if the officer retires on an age-based plan instead.
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Pension reserves from NYCERS are transferred to PFRS for each eligible officer, offsetting some of the additional retirement costs.
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The bill takes effect 60 days after enactment; estimated average cost is approximately $5,100 annually per affected member in increased employer contributions.
Legislative Description
Relates to the calculation of past service credit for police officers employed by the division of law enforcement in the department of environmental protection in the city of New York transferring between the New York city employees' retirement system to the New York state and local police and fire retirement system.
Last Action
substituted by s6536
6/21/2023