Bill > S07528

This bill extends the benefits of the Variable Supplements Fund (VSF) for transit police members of the New York City Employees' Retirement System (NYCERS), specifically modifying eligibility criteria to include those who retired between October 1, 1968, and June 30, 1987, with 20 or more years of service. The bill amends existing administrative code to change the definition of "beneficiary" to cover transit police officers and superior officers who retired during this earlier time period. Currently, VSF benefits are only available for those who retired on or after July 1, 1987, but this legislation will now allow older retirees to receive the same annual supplemental benefit of $12,000, which is paid around December 15th each year and continues for the lifetime of the retiree. The fiscal note indicates this change will impact approximately 283 retirees with an average age of 83.4 years and will result in an estimated $16.4 million in present value of benefits, which will be entirely allocated to New York City. The bill aims to provide equitable benefits to transit police members who served and retired earlier than the current VSF eligibility window.

Labor and Employment

https://www.nysenate.gov/legislation/bills/2025/S7528