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NY S06486
Bill
Status
3/14/2025
Primary Sponsor
Robert Jackson
Click for details
AI Summary
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Reduces the normal retirement age for NYC Tier 3 uniformed correction officers and sanitation workers from 22 years of service to 20 years of service
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Allows these workers to receive the full normal service retirement benefit (50% of Final Average Salary) after 20 years instead of the current early retirement benefit (42% of FAS)
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Increases employer contributions to NYCERS starting at $5.9 million in fiscal year 2026, rising to approximately $11.4 million by fiscal year 2050
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Creates an initial unfunded accrued liability of $23.3 million, to be amortized over 15 years at $2.6 million per payment
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Affects approximately 8,239 active members with an average age of 39.8 years and average salary of $106,200
Legislative Description
Restores the 20 year service retirement for certain New York city corrections officers and sanitation workers.
Last Action
SUBSTITUTED BY A6942
6/10/2025