Bill > A05853

This bill enhances pension benefits for certain uniformed members of the New York City Fire Department Pension Fund by allowing them to continue working past their normal retirement age and receive additional pension credits. Specifically, the bill modifies existing law to change the pension calculation from one-sixtieth to one-fortieth of a member's average annual earnings for Tier 2 firefighters, and provides Tier 3 firefighters with an additional one-fortieth of their final salary for each year of service beyond 22 years. This means that firefighters who choose to work longer will be rewarded with significantly increased pension benefits, potentially incentivizing extended service. The bill applies to both members who retire for service and those who retire due to ordinary or accidental disability. The fiscal note indicates this change will result in increased employer contributions, with an estimated total present value of benefits of $1.301 billion and an initial increase in unfunded accrued liability of $644.5 million. The changes are based on actuarial assumptions and are intended to provide more favorable retirement options for New York City firefighters.

Labor and Employment

https://www.nysenate.gov/legislation/bills/2025/A5853