NY A06981

Reduces the normal retirement age for NYC Tier 3 uniformed correction officers from 22 years of service to 20 years of service

Allows eligible correction officers to receive the full 50% of Final Average Salary retirement benefit after 20 years instead of the current 42% benefit at 20 years

Applies to approximately 3,165 active NYCERS Tier 3 Correction Revised Plan members with an average age of 39.8 years and average salary of $124,900

Increases employer contributions starting at $3.0 million in fiscal year 2026, rising to $5.3 million by 2050, with all costs allocated to New York City

Creates an initial unfunded accrued liability of $12.3 million to be amortized over 13 years with annual payments of $1.5 million