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NY S08472
Bill
Status
2/1/2024
Primary Sponsor
Robert Jackson
Click for details
AI Summary
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Establishes a 20-year retirement plan for non-seasonally appointed sworn law enforcement members in the Department of Environmental Conservation, forest rangers, regional state park police, and university police officers.
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Members retiring after 20 years of service receive a pension equal to one-half of their final average salary; those with more than 20 years receive an additional one-sixtieth of final average salary per year of service, capped at three-quarters of final average salary.
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Members who reach mandatory retirement age without completing 20 years receive one-fortieth of final average salary for each year of creditable service, plus credit for prior police service in other systems.
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Past service costs of approximately $70.3 million will be borne by New York State as a one-time payment, or $8.98 million annually if amortized over 10 years; ongoing annual costs estimated at $6.6 million for fiscal year 2025.
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Effective 60 days after enactment; current employees in covered titles may elect to join the plan by filing with the comptroller.
Legislative Description
Relates to establishing a twenty year retirement plan for members or officers of law enforcement; includes every non-seasonally appointed sworn member or officer of the division of law enforcement in the department of environmental conservation, a forest ranger in the service of the department of environmental conservation, a police officer in the department of environmental conservation, the regional state park police, and university police officers in such twenty year plan.
Last Action
SUBSTITUTED BY A8918A
6/7/2024