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NY A05548
Bill
Status
2/14/2025
Primary Sponsor
Stacey Pheffer Amato
Click for details
AI Summary
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Eliminates the 50% Social Security offset for Tier 3 uniformed correction officers in the New York City Employees' Retirement System (NYCERS), meaning their pension benefits will no longer be reduced when they begin receiving Social Security at age 62
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Applies to normal service retirement, early service retirement, and deferred vested retirement benefits for affected correction members in 22-year retirement plans
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Increases employer contributions starting at $33.8 million in fiscal year 2026, rising to $36.2 million by 2050, with all costs allocated to New York City
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Creates an initial unfunded accrued liability of $87.5 million to be amortized over 13 years at $9.1 million annually, plus a one-time payment of $15.6 million
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Takes effect 60 days after becoming law and impacts approximately 3,165 active members and 686 terminated vested members
Legislative Description
Provides that for New York city uniformed correction revised plan members of the New York city employees' retirement system, the service retirement benefit shall not be reduced by the primary social security retirement benefit commencing at age sixty-two.
Last Action
print number 5548a
3/11/2026