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NY A08756
Bill
Status
6/2/2025
Primary Sponsor
Stacey Pheffer Amato
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AI Summary
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Eliminates the 50% Social Security offset for Tier 3 members of the New York City Police Pension Fund, meaning their service retirement, early service retirement, and vested retirement benefits will no longer be reduced when they begin receiving Social Security at age 62
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Increases employer contributions starting at $87.4 million in fiscal year 2026, rising to approximately $167.2 million by fiscal year 2050, with all costs allocated to New York City
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Creates an unfunded accrued liability of $285 million, to be amortized over 16 years with annual payments of $29.8 million plus a one-time payment of $14.4 million
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Affects approximately 21,782 active NYPD members (average age 33.2, average salary $116,200) and 1,012 terminated vested members currently in the pension fund
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Takes effect 60 days after becoming law
Legislative Description
Provides that service retirement benefits for members of the NYC police pension fund shall not be reduced by the primary social security retirement benefit commencing at age sixty-two.
Last Action
print number 8756a
3/13/2026