Bill > S06435

This bill amends the retirement and social security law to modify the early service retirement benefit for general members in the uniformed correction force of the New York City Department of Correction who have been in service for over 25 years. Specifically, the bill changes how pension benefits are calculated for these correction officers. Currently, members with 25 or more years of service receive a pension equal to 50% of their final average salary. The new legislation allows these members to receive 50% of their final average salary for the first 25 years of service, and then an additional one-sixtieth of their final average salary for each year of service beyond 25 years. This effectively increases the potential pension benefit for long-serving correction officers who joined the New York City Employees' Retirement System (NYCERS) prior to December 19, 1990 (known as Tier 3 CO-25 Plan Members). The fiscal note indicates this change will result in an estimated increase of about $4.2 million in present value of benefits, with the entire increase allocated to New York City. The bill is targeted at a small group of 19 active members with an average age of 61.8 and average service of 34.6 years.

Budget and Finance, Labor and Employment

https://www.nysenate.gov/legislation/bills/2025/S6435