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NY A10018
Bill
Status
5/1/2024
Primary Sponsor
Stacey Pheffer Amato
Click for details
AI Summary
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Reduces normal retirement age for Tier 3 members of the New York City Fire Department Pension Fund from 22 years of service to 20 years of service.
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Allows FDNY Tier 3 members who retire with 20 years of service to receive the maximum benefit of 50% of Final Average Salary instead of the current 42%.
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Creates increased employer contribution costs starting at $2.5 million in 2025, rising to $8.5 million by 2049, with all costs allocated to New York City.
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Increases unfunded accrued liability by $8.4 million as of June 30, 2023, amortized over 18 years with final payment in 2042.
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Takes effect immediately upon enactment.
Legislative Description
Provides that the normal service retirement benefit for police/fire members who are members of the New York city fire department pension fund shall be paid to such members of the New York city fire department pension fund without regard to age upon retirement after twenty years of service.
Last Action
referred to governmental employees
5/1/2024