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NY A10548
Bill
Status
6/3/2024
Primary Sponsor
Joseph Giglio
Click for details
AI Summary
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Increases retirement benefits for sheriffs, undersheriffs, deputy sheriffs, and correction officers employed by counties that elect coverage under Retirement and Social Security Law section 89-p who have more than 25 years of credited service.
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Adds an additional retirement allowance of one-sixtieth of final average salary for each year of credited service exceeding 25 years, capped at a maximum pension of three-quarters of final average salary.
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Applies to both regular service retirement benefits (Section 89-p) and early service retirement benefits (Section 604), replacing the previous one-half final average salary cap with a new graduated benefit structure.
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Requires affected counties to bear all past service costs ($41.2 million total one-time payment) and future annual contribution increases (averaging 1.1% of salary), with detailed cost allocations provided for 39 participating counties.
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Takes effect immediately upon enactment and applies to all qualified members who retire on or after the effective date.
Legislative Description
Provides that a member with credited service in excess of twenty-five years shall receive an additional retirement allowance equal to one-sixtieth of such member's final average salary for each year of creditable service in excess of twenty-five years; makes related provisions.
Last Action
referred to governmental employees
6/3/2024