Bill > S04668

This bill modifies the retirement benefits for New York City uniformed correction and sanitation workers who are members of the New York City Employees' Retirement System (NYCERS). Specifically, the legislation eliminates the existing provision that reduces retirement benefits by 50% of the primary Social Security retirement benefit that would commence at age 62. Under the current law, retirement benefits for these workers were calculated by subtracting half of their projected Social Security benefit, which would effectively lower their total retirement income. The bill ensures that for normal service retirement, early service retirement, and deferred vested benefits, these NYCERS members will now receive their full calculated pension without the Social Security offset. The change applies to members in the Tier 3 22-Year Plans, and the fiscal note estimates this will increase employer contributions to the retirement system, with an initial actuarial present value increase of approximately $446.8 million. The bill will take effect 60 days after becoming law, and the increased costs will be fully allocated to New York City.