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NY S04667
Bill
Status
2/11/2025
Primary Sponsor
Robert Jackson
Click for details
AI Summary
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Eliminates the 50% Social Security offset for Tier 3 uniformed sanitation members of the New York City Employees' Retirement System (NYCERS), which currently reduces pension benefits starting at age 62
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Applies to normal service retirement, early service retirement, and deferred vested retirement benefits for sanitation workers in 22-year retirement plans
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Increases employer contributions starting at $23.4 million in fiscal year 2026, growing to $48.8 million by fiscal year 2050, with all costs allocated to New York City
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Creates an initial unfunded actuarial liability of $82 million to be amortized over 17 years with annual payments of $8.4 million plus a one-time payment of $2.6 million
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Takes effect 60 days after becoming law and affects approximately 5,074 active members and 99 terminated vested members
Legislative Description
Provides that for New York city uniformed sanitation revised plan members of the New York city employees' retirement system, the service retirement benefit shall not be reduced by the primary social security retirement benefit commencing at age sixty-two.
Last Action
PRINT NUMBER 4667A
3/11/2026