Bill > A05861

This bill modifies the retirement rules for police and fire members who are part of the New York City Fire Department Pension Fund by allowing them to receive their normal service retirement benefit without regard to age after completing twenty years of service, instead of the previous requirement of twenty-two years. Specifically, the bill amends the Retirement and Social Security Law to change the definition of "normal retirement age" for these specific pension fund members. Under the current law, police and fire members typically had to complete twenty-two years of service before being eligible for full retirement benefits, but this legislation reduces that threshold to twenty years. The fiscal note indicates that this change will increase employer contributions and provide a more favorable benefit structure for Tier 3 Fire Department members, allowing them to receive an annual benefit equal to 50% of their Final Average Salary (FAS) upon retirement after twenty years of service, compared to the previous sliding scale that started at 42% and reached 50% after twenty-two years. The estimated impact includes increased employer contributions and a total present value of benefits of $22.4 million, with the entire increase allocated to New York City.

Budget and Finance, Labor and Employment

https://www.nysenate.gov/legislation/bills/2025/A5861