Bill > S07414

This bill restores the 20-year service retirement option for New York City uniformed sanitation workers in the revised pension plan (NYCERS Tier 3). Specifically, the legislation modifies existing retirement and social security law to allow sanitation workers to receive a normal service retirement benefit after completing 20 years of service, instead of the previous 22-year requirement. Under the new provisions, these workers will be eligible to receive an annual benefit equal to 50% of their Final Average Salary (FAS) upon reaching 20 years of service, which is an improvement from the previous structure. The fiscal note indicates that this change will impact approximately 5,074 active sanitation workers, with an average age of 39.9 years and average salary of $94,500. The change is expected to increase employer contributions to the pension system, with an estimated total present value of benefits of $25.4 million and an initial increase in actuarial present values of $27.1 million for employer contributions. The bill aims to provide more favorable retirement terms for New York City sanitation workers, allowing them to retire earlier with a full pension benefit.

Budget and Finance, Labor and Employment

https://www.nysenate.gov/legislation/bills/2025/S7414