NY A03968

Reduces the normal retirement age for Tier 3 New York City Police Pension Fund members from 22 years of service to 20 years of service

Allows eligible police officers to receive the full 50% of Final Average Salary benefit after 20 years instead of the current 42% at 20 years (which increases to 50% only after 22 years)

Increases employer contributions starting at $16.3 million in 2026, rising to approximately $33.1 million by 2050, with all costs allocated to New York City

Creates an unfunded accrued liability of $61.6 million to be amortized over 16 years with annual payments of $6.8 million

Applies to approximately 21,782 active police members with an average age of 33.2 years and average service of 6.5 years