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NY S09356
Bill
Status
Introduced
3/4/2026
Primary Sponsor
Brian Kavanagh
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AI Summary
- Creates a 25-year retirement program for NYC water supply police members in the NYC Employees' Retirement System, allowing retirement after 25 years of service regardless of age with a benefit equal to 50% of final average salary plus 2% for each additional year of service
- Requires participating members to contribute an additional 6% of compensation toward the retirement benefit, on top of standard member contributions
- Provides for employer "pick-up" of certain additional member contributions under Internal Revenue Code provisions, allowing contributions to be made on a pre-tax basis
- Establishes a 180-day election window for current water supply police members to opt into the program, with automatic enrollment for new hires who become subject to the retirement system after the program's start date
- Sets the maximum retirement benefit at 30 years of service and allows participants to borrow against their additional member contributions under specified conditions
Legislative Description
Establishes a twenty-five year retirement program for members of the NYC employees' retirement system employed as water supply police; provides for employer pick-up of certain additional member contributions required to be made by certain participants in the 25-year retirement programs.
Last Action
REFERRED TO CIVIL SERVICE AND PENSIONS
3/4/2026
Committee Referrals
Civil Service and Pensions3/4/2026
Full Bill Text
No bill text available