NY A08674

Establishes a 25-year retirement program for New York City water supply police officers in the NYC Employees' Retirement System, allowing retirement with 50% of final average salary after 25 years of service, plus 2% per additional year up to 30 years maximum

Requires participating members to contribute an additional 6% of compensation on top of regular pension contributions until the later of one year after the program's effective date or completion of 30 years of credited service

Current Tier 4 and Tier 6 water supply police members have 180 days from the effective date to elect participation; new hires are automatically enrolled in the Tier 6 program unless over age 30 at employment

Provides for employer pick-up of additional member contributions pursuant to Internal Revenue Code Section 414(h), allowing contributions to be made on a pre-tax basis

Fiscal impact shows employer contributions increasing by approximately $1.1 million in FY 2026, declining to net savings of approximately $0.6 million annually by FY 2050 as required member contributions offset benefit costs