Relates to primary social security retirement benefits for certain members; provides that in the computation of the normal service retirement benefit of members of the New York city fire department pension fund, there shall be no reduction for the primary social security retirement benefit.
Summary
This bill amends the Retirement and Social Security Law to exempt members of the New York City Fire Department Pension Fund from the existing offset that reduces certain retirement benefits by 50% of the member’s primary Social Security retirement benefit beginning at age 62. The change applies to normal service retirement benefits, early service retirement benefits, and deferred vested benefits for affected fire pension fund members. The bill also makes conforming changes to related provisions governing police/fire members and clarifies that the Social Security offset section does not apply to these fire pension fund members when they receive benefits under the specified retirement provisions.
In practical terms, the bill increases pension benefits for New York City firefighters covered by the Fire Pension Fund, especially Tier 3 members, by removing the Social Security-based reduction that currently applies under state law. It also specifies that any resulting change in employer contribution rates should not be used in calculating contribution rates under the referenced statewide provision, and it applies the changes to the relevant New York City Administrative Code chapter. The act would take effect immediately.
Impact
The bill would amend sections 505, 511, and 516 of the Retirement and Social Security Law and extend those changes to the New York City Administrative Code provisions governing the fire pension fund. Its main legal effect is to carve out New York City Fire Department Pension Fund members from the Social Security offset that otherwise reduces retirement benefits for police/fire members, thereby increasing benefit formulas for service, early, and vested retirement. The fiscal note indicates the change would increase New York City employer pension contributions and create additional unfunded actuarial liability, while leaving employee contributions unchanged.
Sentiment
The available materials suggest generally favorable treatment of the bill in concept, as reflected by its advancement through committee amendment and reprinting, but there is no recorded vote or transcript to show broader debate. The bill’s caption and text indicate a targeted benefit enhancement for firefighters, and the fiscal note frames the proposal as a direct increase in retirement benefits for the impacted group. No opposing statements are included in the provided record, but the fiscal impact is substantial enough that cost concerns are likely to be central to any discussion.
Contention
The primary point of contention is fiscal: the bill would shift additional pension costs to New York City, with the fiscal note projecting rising employer contributions and increased unfunded accrued liability. Another possible issue is scope, because the bill grants a specific exemption to New York City Fire Department Pension Fund members while leaving the broader police/fire retirement framework intact. Supporters would likely emphasize fairness and benefit parity for firefighters, while critics may focus on the added long-term pension obligations and the narrowness of the carve-out.
Same As
Relates to primary social security retirement benefits for certain members; provides that in the computation of the normal service retirement benefit of members of the New York city fire department pension fund, there shall be no reduction for the primary social security retirement benefit.
Relates to primary social security retirement benefits for certain members; provides that in the computation of the normal service retirement benefit of members of the New York city fire department pension fund, there shall be no reduction for the primary social security retirement benefit.
Provides that service retirement benefits for members of the NYC police pension fund shall not be reduced by the primary social security retirement benefit commencing at age sixty-two.
Provides that service retirement benefits for members of the NYC police pension fund shall not be reduced by the primary social security retirement benefit commencing at age sixty-two.
Provides that for New York city uniformed correction revised plan members of the New York city employees' retirement system, the service retirement benefit shall not be reduced by the primary social security retirement benefit commencing at age sixty-two.
Provides that for New York city uniformed correction revised plan members of the New York city employees' retirement system, the service retirement benefit shall not be reduced by the primary social security retirement benefit commencing at age sixty-two.
Provides that for New York city uniformed sanitation revised plan members of the New York city employees' retirement system, the service retirement benefit shall not be reduced by the primary social security retirement benefit commencing at age sixty-two.
Provides that for New York city uniformed sanitation revised plan members of the New York city employees' retirement system, the service retirement benefit shall not be reduced by the primary social security retirement benefit commencing at age sixty-two.
Provides that for New York city police/fire members, uniformed correction/sanitation revised plan and investigator revised plan members of the New York city employees' retirement system, the service retirement benefit shall not be reduced by the primary social security retirement benefit commencing at age sixty-two.
Removes the twenty-five year requirement for tier three escalation for service retirement of members of the New York city fire department pension fund.
Removes the twenty-five year requirement for tier three escalation for service retirement of members of the New York city fire department pension fund.