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NY A07824
Bill
Status
6/15/2023
Primary Sponsor
Stacey Pheffer Amato
Click for details
AI Summary
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Extends Variable Supplements Fund (VSF) benefits eligibility to Transit Police Officers and Superior Officers who retired between October 1, 1968 and June 30, 1987 with 20 or more years of service, previously limited to those retiring on or after July 1, 1987.
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Provides annual VSF payments of $12,000 per calendar year, payable around December 15th for the lifetime of eligible retirees, ceasing upon death.
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Affects approximately 304 retirees with an average age of 82 years old.
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Creates an unfunded actuarial liability of $18.9 million as of June 30, 2023, with employer contributions of $20.9 million required in fiscal year 2025 only.
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Takes effect immediately upon enactment.
Legislative Description
Extends the benefits of the variable supplements fund for transit police members of the New York city employees' retirement system for persons who retired on or after October 1, 1968.
Last Action
print number 7824a
2/29/2024