Bill > A07346

This bill amends Section 13-194 of the administrative code of the city of New York to add a new provision that will allow correction officers who continue to work past their earliest eligibility date for service retirement to receive a lump-sum payment upon retirement. This payment, often referred to as a Deferred Retirement Option Plan (DROP) benefit, will be equal to the variable supplements payments they would have received had they retired on the later of their earliest eligibility date or January 1, 2026, up until their actual retirement date, without any interest adjustment. The Correction Officers' Variable Supplements Fund (COVSF) provides supplemental retirement benefits to eligible correction officers. This legislation aims to increase the benefits payable by the COVSF to these beneficiaries.

Labor and Employment

https://www.nysenate.gov/legislation/bills/2025/A7346