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NY A05853
Bill
Status
2/24/2025
Primary Sponsor
Stacey Pheffer Amato
Click for details
AI Summary
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Increases the annual pension benefit for Tier 2 NYC Fire Department pension fund members from 1/60th to 1/40th of average annual earnings for each year of credited service beyond 20 years
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Allows Tier 3 police/fire members of the NYC Fire Department pension fund to continue working past normal retirement age and receive an additional 1/40th of final salary for each year of service beyond 22 years
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Estimated to increase NYC employer contributions by $127.8 million in fiscal year 2026, rising to $136.5 million by 2050
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Creates an initial unfunded accrued liability of $644.5 million, to be amortized over 13 annual payments of $79.8 million
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Impacts approximately 10,691 active members with an average age of 40.7 years, average service of 13.7 years, and average salary of $143,400
Legislative Description
Affords certain members of the fire department pension fund with new or increased pension benefits for each year of additional service beyond their required minimum service.
Last Action
referred to governmental employees
1/7/2026