Bill > A06633

This bill amends the retirement and social security law to enhance retirement benefits for general members of the New York City Department of Correction's uniformed correction force who have been covered by these provisions for over 25 years. Specifically, the bill modifies the early service retirement benefit calculation for these employees by removing the previous cap of 50% of final average salary and instead providing a more beneficial formula: members will receive a pension equal to one-fiftieth of their final average salary for the first 25 years of service, and an additional one-sixtieth of final average salary for each year of credited service beyond 25 years. This change primarily affects Tier 3 CO-25 Plan Members who joined the New York City Employees' Retirement System (NYCERS) prior to December 19, 1990. The fiscal note indicates that this change will impact approximately 19 active members, with an average age of 61.8 years, average service of 34.6 years, and an average salary of $169,100, and is expected to increase employer contributions by approximately $4.6 million.

Labor and Employment

https://www.nysenate.gov/legislation/bills/2025/A6633