Bill > S07843

This bill establishes a twenty-five year retirement program specifically for water supply police members of the New York City Employees' Retirement System (NYCERS), offering enhanced retirement benefits and a unique contribution structure. Water supply police members who choose to participate will be eligible to retire after 25 years of service with a retirement benefit equal to 50% of their final average salary, plus an additional 2% for each year of service beyond 25 years, up to a maximum of 30 years. To participate, members must make additional member contributions of 6% of their compensation from the program's start date until they reach either 30 years of service or the first anniversary of the program's start. The bill also provides that the City of New York will "pick up" (pay) these additional contributions on behalf of the members, which will be treated as employer contributions for tax purposes. Members can elect to join the program within 180 days of its start date, and the program includes provisions for vesting, borrowing against contributions, and handling breaks in service. The bill is designed to provide water supply police members with an improved retirement benefit structure while managing potential long-term costs for the retirement system.

Budget and Finance, Labor and Employment

https://www.nysenate.gov/legislation/bills/2025/S7843