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Bill > S09274
NY S09274
NY S09274Extends the benefits of the variable supplements fund for transit police members of the New York city employees' retirement system for persons who retired on or after October 1, 1968.
summary
Introduced
05/08/2024
05/08/2024
In Committee
05/08/2024
05/08/2024
Crossed Over
Passed
Dead
12/31/2024
12/31/2024
Introduced Session
2023-2024 General Assembly
Bill Summary
AN ACT to amend the administrative code of the city of New York, in relation to extending the benefits of the variable supplements fund for transit police members of the New York city employees' retirement system
AI Summary
This bill extends the benefits of the variable supplements fund (VSF) for transit police members of the New York City Employees' Retirement System (NYCERS) who retired on or after October 1, 1968. Previously, this benefit was only available to those who retired on or after July 1, 1987 with 20 or more years of service. The bill allows former NYCERS members who retired from the New York City Transit Police between October 1, 1968 and June 30, 1987 with 20 or more years of service to become eligible for the VSF benefits, which provide a $12,000 annual supplemental payment for the retiree's lifetime. This change is expected to increase employer contributions to NYCERS by $20.9 million per year for the first 25 years.
Committee Categories
Labor and Employment
Sponsors (1)
Last Action
REFERRED TO CIVIL SERVICE AND PENSIONS (on 05/08/2024)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.nysenate.gov/legislation/bills/2023/S9274 |
| BillText | https://assembly.state.ny.us/leg/?default_fld=&bn=S09274&term=2023&Summary=Y&Actions=Y&Text=Y&Committee%26nbspVotes=Y&Floor%26nbspVotes=Y#S09274 |
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