Bill > A06942

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 are required to complete 22 years of service before being eligible for normal retirement benefits, but this legislation would allow them to retire with full benefits after 20 years of service. The bill specifically modifies the Retirement and Social Security Law to change the definition of "normal retirement age" for these workers, enabling them to receive a service retirement benefit equal to 50% of their Final Average Salary (FAS) upon reaching 20 years of service, instead of waiting until 22 years. According to the fiscal note, 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 fiscal note also indicates that this modification will result in increased employer contributions to the retirement system, with projected annual increases ranging from $5.9 million to $11.4 million over the next 25 years, and an initial increase in actuarial present value of $45.5 million.

Budget and Finance, Labor and Employment

https://www.nysenate.gov/legislation/bills/2025/A6942