Bill > S07975

This bill modifies the retirement and social security law to remove the reduction of service retirement benefits for members of the New York City police pension fund based on their primary social security retirement benefit. Specifically, the bill eliminates the current practice of reducing police pension benefits by 50% of the social security retirement benefit that begins at age 62. This means that police pension fund members will now receive their full pension without the previous social security offset, effectively increasing their retirement benefits. The changes apply to normal service retirement, early service retirement, and deferred vested benefits for members of the New York City police pension fund. The bill will take effect 60 days after becoming law, and the fiscal note indicates this change will result in increased employer contributions, with an estimated initial increase in actuarial present value of $923.5 million. The fiscal impact is expected to be fully allocated to New York City, with projected increases in employer contributions ranging from $87.4 million to $167.2 million over the first 25 years.

Budget and Finance, Labor and Employment

https://www.nysenate.gov/legislation/bills/2025/S7975