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NY A05861
Bill
Status
2/24/2025
Primary Sponsor
Stacey Pheffer Amato
Click for details
AI Summary
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Reduces the normal retirement age for Tier 3 members of the New York City Fire Department Pension Fund from 22 years of service to 20 years of service
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Allows eligible firefighters to receive the full 50% of Final Average Salary retirement benefit after 20 years instead of the current 42% benefit at 20 years
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Increases employer contributions starting at $3.9 million in fiscal year 2026, growing to $10.4 million by fiscal year 2050, with all costs allocated to New York City
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Creates an initial unfunded accrued liability increase of $14.1 million to be amortized over 17 years at $1.5 million per year
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Impacts approximately 5,572 active Tier 3 Fire Department members with an average age of 34.1 years and average salary of $118,600
Legislative Description
Provides that the normal service retirement benefit for police/fire members who are members of the New York city fire department pension fund shall be paid to such members of the New York city fire department pension fund without regard to age upon retirement after twenty years of service.
Last Action
substituted by s4727
6/16/2025