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NY A10500
Bill
Status
5/29/2024
Primary Sponsor
Stacey Pheffer Amato
Click for details
AI Summary
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Increases the additional annual pension benefit for Tier 2 New York City Fire Pension Fund members retiring with more than 20 years of service from 1/60th to 1/40th of average annual earnings for each year beyond 20 years of credited service
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Applies to members retiring for service or accidental disability, calculated from their date of eligibility for retirement to actual retirement date
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Expected to increase New York City employer pension contributions by approximately $94.2 million in fiscal year 2025, declining to $0.5 million by fiscal year 2049
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Creates an unfunded accrued liability of $452.6 million as of June 30, 2023, to be amortized over 8 years with final payment in fiscal year 2032
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Takes effect immediately upon enactment
Legislative Description
Affords certain uniformed members of the fire department pension fund with an increased pension benefit of one-fortieth of their average annual earnings for each year of additional service beyond his or her required minimum service.
Last Action
referred to governmental employees
5/29/2024