Bill > A07791

This bill aims to restore the 20-year service retirement for New York City police officers. Specifically, it amends the Retirement and Social Security Law to reduce the normal retirement age for Tier 3 original, revised, and enhanced plan members of the New York City Police Pension Fund to the age at which a member completes or would have completed 20 years of service, rather than the current 22 years. This change will allow eligible police officers to receive a normal service retirement benefit, rather than an early service retirement benefit, upon completing 20 years of service. The bill's fiscal note estimates an increase in employer contributions to the pension fund, as well as an initial increase in actuarial liabilities.

Labor and Employment

https://www.nysenate.gov/legislation/bills/2023/A7791