NY A07346

Establishes a Deferred Retirement Option Plan (DROP) for NYC correction officers, providing a lump sum payment upon retirement equal to the variable supplements fund payments they would have received had they retired at their earliest eligibility date or January 1, 2025, whichever is later

Amends Section 13-194 of the NYC Administrative Code to add new subdivision 12 governing these additional payments from the Correction Officers' Variable Supplements Fund (COVSF)

Increases employer contributions to NYCERS by approximately $10.3-11.5 million annually from 2026-2034, decreasing to $4.4-4.8 million annually from 2035-2050

Creates an unfunded accrued liability of $45.2 million to be paid off over 9 annual payments of $7.2 million each

Affects approximately 5,716 active correction officers with an average age of 43.4 years, average service of 12.7 years, and average salary of $133,900