NY A07791

Reduces normal retirement age for New York City Police Pension Fund members to age at completion of 20 years of service, down from 22 years currently required.

Allows police/fire members of the NYC Police Pension Fund to receive normal service retirement benefits (50% of Final Average Salary) after 20 years of service without age restrictions.

Applies to Tier 3 original, revised, and enhanced plan members of the New York City Police Pension Fund.

Increases employer contributions starting at $12.5 million in 2025, reaching $28.2 million by 2049, with all costs allocated to New York City.

Creates unfunded actuarial liability of $45.6 million as of June 30, 2023, to be amortized over 16 years through fiscal year 2040.