Bill > A06940

This bill amends the New York retirement and social security law to eliminate the reduction of retirement benefits for members of the New York City Fire Department Pension Fund based on their primary social security retirement benefits. Specifically, the bill modifies how retirement benefits are calculated for these firefighters by removing the standard practice of reducing their pension by 50% of their primary social security retirement benefit at age 62. This change applies to normal service retirement benefits, early service retirement benefits, and deferred vested benefits. The modification means that firefighters in this pension fund will receive their full calculated pension without the social security benefit offset that currently exists. The fiscal note indicates this will increase employer contributions, with an estimated initial increase of $140.4 million in present value of benefits and an additional annual cost that grows over time, starting around $10.6 million in the first year and increasing to approximately $30 million by the 25th year. The bill is designed to provide more comprehensive retirement compensation for New York City firefighters by ensuring their full pension amount is not reduced by social security benefits.

Labor and Employment

https://www.nysenate.gov/legislation/bills/2025/A6940