NY S09130

Reduces normal retirement age for NYC Tier 3 corrections officers and sanitation workers from 22 years of service to 20 years of service

Allows eligible members to receive the full 50% of Final Average Salary retirement benefit after 20 years instead of the current 42% at 20 years (increasing to 50% at 22 years)

Increases employer contributions starting at $6.6 million in FY 2027, rising to approximately $11 million annually by FY 2051, with all costs allocated to New York City

Affects approximately 8,609 active NYCERS members with an average age of 40.3 years and average salary of $109,200

Creates an initial unfunded accrued liability increase of $27.6 million to be amortized over 15 years at $3.1 million per payment