NY A10248

Reduces the normal retirement age for NYC Tier 3 corrections officers and sanitation workers from 22 years of service to 20 years of service

Increases retirement benefits for members retiring at 20 years from 42% of Final Average Salary to 50% of Final Average Salary

Employer contributions to NYCERS will increase by $6.6 million in fiscal year 2027, rising to approximately $11 million annually by 2051

Creates an unfunded accrued liability of $27.6 million to be amortized over 15 years with annual payments of $3.1 million

Affects approximately 8,609 active members with an average age of 40.3 years and average salary of $109,200