Bill > A03968

This bill restores the 20-year service retirement option for New York City police officers in the police pension fund. Specifically, the legislation amends the retirement and social security law to allow police/fire members of the New York City police pension fund to retire with full normal service retirement benefits after completing 20 years of service, instead of the previous 22-year requirement. The bill changes the definition of "normal retirement age" for these officers, enabling them to receive a full annual benefit equal to 50% of their Final Average Salary (FAS) upon reaching 20 years of service, compared to the previous structure where officers could only receive a 42% benefit at 20 years, increasing to 50% at 22 years. The fiscal note indicates this change will impact approximately 21,782 active police officers, with an estimated initial increase in actuarial present values of $112.3 million and an additional annual employer contribution increase. The changes will apply to Tier 3 police pension fund members and are designed to provide more flexible retirement options for New York City police officers.

Labor and Employment

https://www.nysenate.gov/legislation/bills/2025/A3968