Bill > S06434

This bill increases benefits for beneficiaries of the Correction Officers' Variable Supplements Fund (COVSF) by establishing a new lump-sum payment upon retirement. Specifically, it mandates that in addition to existing payments, beneficiaries will receive an amount equal to the COVSF payments they would have received had they retired at the earliest date they were eligible for service retirement, or on January 1, 2026, whichever is later, for the period between that eligibility date and their actual retirement date. This new benefit, often referred to as a Deferred Retirement Option Plan (DROP) payment, will be paid on or around December 15th following retirement and does not apply to disability or death retirements. The legislation aims to provide a financial incentive for correction officers to continue working beyond their initial retirement eligibility, with the fiscal note indicating significant increases in employer contributions and actuarial present values for the New York City Employees' Retirement System (NYCERS).

Labor and Employment

https://www.nysenate.gov/legislation/bills/2025/S6434