Bill > S06486

This bill restores the 20-year service retirement option for New York City corrections officers and sanitation workers who are members of the New York City Employees' Retirement System (NYCERS) Tier 3 Revised Plan. Currently, these workers must complete 22 years of service before being eligible for full retirement benefits, but this legislation would allow them to receive a normal service retirement benefit after 20 years of service. Specifically, the bill changes the definition of "normal retirement age" for these workers, enabling them to receive an annual benefit equal to 50% of their Final Average Salary (FAS) upon reaching 20 years of service, instead of having to wait until 22 years. The fiscal note indicates this change will impact approximately 8,239 active members with an average age of 39.8 years and an average salary of $106,200. The changes will result in increased employer contributions to the retirement system, with an estimated initial increase in actuarial present value of $45.5 million and an annual amortization payment of $2.6 million over 15 years. The bill aims to provide these public service workers with earlier retirement options and more favorable pension benefits.

Budget and Finance, Labor and Employment

https://www.nysenate.gov/legislation/bills/2025/S6486