Bill > S05058

This bill proposes significant pension benefit enhancements for certain members of the New York City Fire Department Pension Fund. Specifically, the bill modifies the pension calculation for two tiers of firefighters: for Tier 2 members, the annual pension would increase from one-sixtieth to one-fortieth of their average annual earnings for each additional year of service beyond 20 years. For Tier 3 members, the bill would provide an additional one-fortieth of their final salary for each year of service beyond 22 years. Additionally, the bill allows police/fire members to continue working past their normal retirement age and receive an extra pension credit of one-fortieth of their final salary for each year of additional service. These changes are designed to provide more generous retirement benefits for long-serving firefighters, potentially incentivizing them to remain in service longer and acknowledging their extended years of public safety work. The fiscal note indicates that these changes would result in increased employer contributions, with an estimated initial increase in actuarial present values of $1.3 billion and an anticipated annual increase in contributions that grows over time.

Budget and Finance, Labor and Employment

https://www.nysenate.gov/legislation/bills/2025/S5058