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NY S03314
Bill
Status
1/24/2025
Primary Sponsor
Patrick Gallivan
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AI Summary
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Increases retirement benefits for sheriffs, undersheriffs, deputy sheriffs, and correction officers in the New York State and Local Employees' Retirement System who serve beyond 25 years
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Provides an additional retirement allowance of 1/60th of final average salary for each year of credited service beyond 25 years, up to a maximum pension of 75% of final average salary
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Requires counties that elect to participate in this pension program to pay all past service costs associated with the enhanced benefits
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Creates an estimated one-time past service cost of $44.8 million shared among 42 participating counties, with Erie County ($6.9 million) and Orange County ($4.9 million) bearing the largest shares
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Adds an estimated $5 million in ongoing annual contributions for affected counties, effective immediately for members retiring on or after the enactment date
Legislative Description
Provides that a member with credited service in excess of twenty-five years shall receive an additional retirement allowance equal to one-sixtieth of such member's final average salary for each year of creditable service in excess of twenty-five years; makes related provisions.
Last Action
PRINT NUMBER 3314A
3/3/2026