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NY A06633
Bill
Status
3/6/2025
Primary Sponsor
Stacey Pheffer Amato
Click for details
AI Summary
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Increases retirement benefits for Tier 3 uniformed correction officers in the NYC Department of Correction who joined NYCERS prior to December 19, 1990
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Changes pension calculation for service beyond 25 years from a flat 50% cap of final average salary to 50% for the first 25 years plus 1/60th of final average salary for each additional year
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Affects approximately 19 active members with an average age of 61.8 years and 34.6 years of service
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Increases NYC employer contributions by approximately $4.635 million in fiscal year 2026, with minimal costs in subsequent years
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Creates an unfunded accrued liability of $4.174 million to be paid in a single amortization payment of $4.619 million
Legislative Description
Grants service credit to members of the uniformed correction force of the New York city department of correction covered by provisions of law for over 25 years.
Last Action
referred to governmental employees
1/7/2026