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NY S04706
Bill
Status
2/11/2025
Primary Sponsor
Robert Jackson
Click for details
AI Summary
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Eliminates the 50% primary Social Security benefit offset from retirement benefits for Tier 3 uniformed correction members of the New York City Employees' Retirement System (NYCERS) starting at age 62
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Applies to normal service retirement, early service retirement, and deferred vested retirement benefits for correction officers in the 22-year retirement plans
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Increases employer contributions starting at $33.8 million in fiscal year 2026, with costs projected between $19-36 million annually through 2050
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Creates an initial unfunded accrued liability of $87.5 million to be amortized over 13 years, plus a one-time payment of $15.6 million
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Takes effect 60 days after becoming law and affects approximately 3,165 active members and 686 terminated vested members
Legislative Description
Provides that for New York city uniformed correction 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 4706A
3/11/2026