Bill > A05561

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). Currently, these workers have their service retirement, early service retirement, and deferred vested retirement benefits reduced by 50% of their primary Social Security retirement benefit starting at age 62. The bill eliminates this reduction, meaning these workers will now receive their full pension benefits without being offset by their Social Security benefits. This change applies specifically to members of the Tier 3 22-Year Plan for correction and sanitation workers. The fiscal note indicates this will increase employer contributions, with an estimated initial increase in actuarial present value of $446.8 million and an increase in unfunded accrued liability of $169.4 million. The bill affects approximately 8,239 active members with an average age of 39.8 and average salary of $106,200, and will take effect 60 days after becoming law.