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Bill > S03655


NY S03655

NY S03655
Establishes a twenty-five year retirement plan for firefighters employed by the division of military and naval affairs.


summary

Introduced
01/29/2025
In Committee
04/29/2025
Crossed Over
Passed
Dead

Introduced Session

2025-2026 General Assembly

Bill Summary

AN ACT to amend the retirement and social security law, in relation to establishing a twenty-five year retirement plan for firefighters employed by the division of military and naval affairs

AI Summary

This bill establishes a special retirement plan for firefighters employed by the division of military and naval affairs, allowing them to retire after 25 years of service with a pension equal to one-half of their final average salary, regardless of age. The bill applies to specific firefighter roles, including airport firefighter apprentices, airport firefighters (levels I, II, and III), and training and safety officers. Importantly, the bill allows these employees to count previous firefighting service from other departments towards their total creditable service, and provides an option for current employees to elect this retirement plan within one year of its effective date. The retirement benefit increases by one-sixtieth of final average salary for each additional year of service beyond the initial 25 years. The bill also gives full credit for military service time during war periods. The legislation will take effect on January 1, 2026, and is estimated to increase annual state contributions by approximately $280,000, with a one-time past service cost of about $2.17 million. The bill aims to provide these specialized firefighters with a more flexible and potentially earlier retirement option.

Committee Categories

Budget and Finance, Labor and Employment

Sponsors (17)

Last Action

REPORTED AND COMMITTED TO FINANCE (on 04/29/2025)

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