Loading chat...
NY A10414
Bill
Status
3/3/2026
Primary Sponsor
Stacey Pheffer Amato
Click for details
AI Summary
-
Establishes a 25-year retirement program for NYC water supply police members in the NYC Employees' Retirement System, allowing retirement after 25 years of credited service regardless of age
-
Provides a retirement benefit of 50% of final average salary after 25 years, plus 2% for each additional year of service beyond the minimum
-
Requires participating members to contribute an additional 6% of compensation on top of regular pension contributions until eligible for retirement or one year after the program's start date
-
Allows employer pick-up of additional member contributions pursuant to Internal Revenue Code provisions, treating these contributions as employer-paid for tax purposes
-
Members must elect to participate within 180 days of the program's start date or within 180 days of becoming a water supply police member; the election is irrevocable
Legislative Description
Establishes a twenty-five year retirement program for members of the NYC employees' retirement system employed as water supply police; provides for employer pick-up of certain additional member contributions required to be made by certain participants in the 25-year retirement programs.
Last Action
referred to governmental employees
3/3/2026