Bill > S06411

This bill restores the 20-year service retirement option for New York City uniformed correction officers in the revised pension plan (Tier 3). Specifically, the legislation modifies existing retirement and social security law to allow correction officers to receive a normal service retirement benefit after completing 20 years of service, instead of the previous 22-year requirement. The change means these officers can now retire earlier with a full pension benefit, which increases from 42% to 50% of their final average salary. The bill impacts approximately 3,165 active correction officers, with an average age of 39.8 and average service of 8.4 years. The fiscal note indicates this change will result in an initial increase of $20.1 million in present value of benefits, with an additional $12.3 million in unfunded accrued liability that will be amortized over 13 payments. The legislation is designed to provide more favorable retirement terms for New York City corrections officers, recognizing the challenging nature of their work by allowing them to retire with full benefits after 20 years of service.

Budget and Finance, Labor and Employment

https://www.nysenate.gov/legislation/bills/2025/S6411