Bill > A06981

This bill restores the 20-year service retirement option for New York City uniformed correction officers in the revised plan (specifically Tier 3 members). Currently, these officers were required to work 22 years before being eligible for normal retirement benefits, but this legislation will allow them to receive full service retirement benefits after completing 20 years of service. The bill amends the existing retirement and social security law to change the definition of "normal retirement age" for this specific group of correction officers, enabling them to retire earlier with a full pension. According to the fiscal note, this change will impact approximately 3,165 active members, with an average age of 39.8 years and average service of 8.4 years. The most significant benefit is that members will now be eligible to receive an annual benefit equal to 50% of their Final Average Salary (FAS) upon reaching 20 years of service, instead of the previous requirement of 22 years. The estimated fiscal impact includes an initial increase in actuarial present values of $20.1 million, with the entire increase in employer contributions to be allocated to New York City.

Labor and Employment

https://www.nysenate.gov/legislation/bills/2025/A6981