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NY A07740
Bill
Status
6/6/2023
Primary Sponsor
Stacey Pheffer Amato
Click for details
AI Summary
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Amends NYC Administrative Code Section 14-114 to grant NYPD lieutenants with 15+ years of service the same pension fund rights as lieutenants in detective squad commander or special assignment roles
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Allows veteran lieutenants to have pension benefits calculated using the higher salary of lieutenant commander detective squad or lieutenant special assignment positions
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Projects employer contribution increases ranging from $0.4 million in 2026 to $11.7 million in 2049 based on approximately 30 retirements per year
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Estimated to increase Present Value of Future Benefits by approximately $3.5 million annually, with average annual pension benefit increases of $9,000 for Tier 2 members and $8,700 for Tier 3 members in the first year
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Takes effect immediately upon enactment
Legislative Description
Relates to promotions of lieutenants; grants a lieutenant who has served for a period of fifteen years the same rights in respect to the police pension fund as a lieutenant detailed to act as lieutenant commander detective squad or lieutenant special assignment.
Last Action
print number 7740a
5/17/2024