NY S09274

Allows New York City Police Pension Fund members to receive credit for prior service as school safety agents, corrections officers, traffic enforcement agents, or police cadets if that service immediately preceded their police department service

Requires members to pay or transfer all applicable member contributions plus 5% annual interest to receive the service credit

Members who transfer or withdraw contributions from the NYC Employees' Retirement System will lose their membership and credited service in that system upon doing so

Estimated to increase NYC employer contributions by $34.7 million in fiscal year 2027, rising to approximately $47.4 million by 2041

Creates an initial unfunded accrued liability of $244.3 million, to be amortized over 15 years with annual payments of $27.7 million