Bill > S05053

This bill amends the New York retirement and social security law to increase the mandatory retirement age for police department members from 62 to 65, specifically for those subject to the provisions of this article on or after July 1, 2025. The change means that police officers who are currently required to retire at age 62 will now be able to continue working until they reach age 65, which could provide several benefits such as allowing officers to accumulate more service years and potentially increasing their retirement benefits. The fiscal note accompanying the bill indicates that this change is expected to result in a modest decrease in employer contributions over time, with an estimated reduction of approximately $4.7 million in the first year and gradually increasing to around $10.4 million in subsequent years. The bill applies to Tier 3 members of the New York City Police Pension Fund and is based on actuarial assessments that suggest the change will have a minimal long-term financial impact on the pension system, potentially even providing a slight cost benefit due to the delayed payment of retirement benefits.

Budget and Finance, Labor and Employment

https://www.nysenate.gov/legislation/bills/2025/S5053