Bill > S04727

This bill amends the New York retirement and social security law to modify the normal retirement age for police and fire members who are part of the New York City Fire Department Pension Fund. Specifically, the bill changes the existing retirement rules so that members of this pension fund can now receive their normal service retirement benefit without regard to age upon completing twenty years of service, instead of the previous requirement of twenty-two years of service. This means that firefighters in this pension fund can now retire earlier, receiving their full retirement benefits after just twenty years of service, regardless of their current age. The bill will reduce the normal retirement age for these workers and potentially increase their overall retirement benefits, with the fiscal note indicating that this change would increase the annual benefit from 42% to 50% of their Final Average Salary (FAS) upon retirement. The legislation is expected to have financial implications for New York City, with projected increases in employer contributions and actuarial present values over the next 25 years.

Budget and Finance, Labor and Employment

https://www.nysenate.gov/legislation/bills/2025/S4727