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NY A06940
Bill
Status
3/18/2025
Primary Sponsor
Stacey Pheffer Amato
Click for details
AI Summary
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Eliminates the 50% primary Social Security benefit offset from pension calculations for Tier 3 members of the New York City Fire Department Pension Fund, affecting normal service retirement, early service retirement, and deferred vested benefits
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Applies to approximately 5,572 active FDNY members with an average age of 34.1 years and average salary of $118,600, plus 14 terminated vested members
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Increases employer contributions starting at $10.6 million in fiscal year 2026, rising to $30 million by fiscal year 2050, with all costs allocated to New York City
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Creates an initial increase of $140.4 million in the present value of benefits and adds $36.6 million to the unfunded accrued liability
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Takes effect immediately upon enactment
Legislative Description
Relates to primary social security retirement benefits for certain members; provides that in the computation of the normal service retirement benefit of members of the New York city fire department pension fund, there shall be no reduction for the primary social security retirement benefit.
Last Action
referred to governmental employees
1/7/2026