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NY S07143
Bill
Status
4/1/2025
Primary Sponsor
Sean Ryan
Click for details
AI Summary
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Allows sworn police officers at Erie County Medical Center to retire after 25 years of qualifying service regardless of age, with a pension equal to 1/50th (2%) of final average salary per year of service, capped at 75% of final average salary
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Establishes mandatory retirement at age 62 with no penalties for members appointed after the effective date
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Permits members to transfer service credits from other retirement plans under the same article to this new plan while retaining full credit
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Requires Erie County Medical Center to pay all increased costs, including an estimated $250,000 in additional annual contributions and a one-time past service cost of approximately $1.32 million
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Affects approximately 42 police department employees with combined annual salaries of about $3.3 million as of March 31, 2024
Legislative Description
Provides alternative retirement benefits for the police force at Erie County Medical Center; provides a qualifying member shall receive a retirement allowance consisting of a pension equal to one-fiftieth of their final average salary for each year of qualifying creditable service.
Last Action
SUBSTITUTED BY A7861
6/12/2025