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.
Summary
A08756 amends the Retirement and Social Security Law to change how certain retirement benefits are calculated for members of the New York City Police Pension Fund. Under current law, Tier 3 police/fire-related retirement benefits are generally reduced by 50% of the member’s primary Social Security retirement benefit beginning at age 62. This bill creates an exception for members of the NYC police pension fund so that their normal service retirement, early service retirement, and deferred vested benefits would not be reduced by that Social Security offset.
The bill also makes conforming changes to related sections governing early retirement and vested benefits, and it clarifies that the Social Security offset provisions in section 511 would not apply to NYC police pension fund members receiving benefits under sections 505 or 516. It further states that any resulting change in employer contribution rates should not be used in calculating participating employer contribution rates under the referenced pension funding provision. The bill takes effect 60 days after becoming law.
Impact
The bill would directly amend sections 505, 511, and 516 of the Retirement and Social Security Law, carving out NYC police pension fund members from the statutory Social Security offset that currently applies to certain Tier 3 service, early service, and deferred vested retirement benefits. In practical terms, affected police pension fund members would receive higher retirement benefits, and New York City would bear the full actuarial cost of the change. The fiscal note projects substantial increases in employer contributions over time and an increase in unfunded accrued liability, affecting NYC pension funding obligations and the benefits payable to current and future covered members.
Sentiment
The available materials suggest generally favorable treatment of the bill in concept, as reflected by the bill’s advancement through committee amendment and reprinting rather than rejection. The caption and text indicate a targeted benefit enhancement for NYC police pension fund members, and the fiscal note frames the measure as a benefit increase with measurable cost implications. No committee transcript or recorded vote is provided, so there is no direct evidence of floor debate or formal opposition in the supplied record.
Contention
The main point of contention is fiscal: eliminating the Social Security offset increases pension benefits and shifts significant additional costs to New York City, with the fiscal note projecting rising employer contributions and added unfunded liability. Another likely issue is policy fairness, since the bill creates a special rule for NYC police pension fund members while leaving the offset in place for other covered police/fire and related members. Supporters would likely emphasize retirement security and parity for police retirees, while critics would focus on budget impact, pension system costs, and the selective nature of the exemption.
Same As
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.
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 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.
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 for retirement without reduction of their retirement benefit upon attainment of at least fifty-five years of age and completion of thirty or more years of service for certain retirement system members.
Provides for retirement without reduction of their retirement benefit upon attainment of at least fifty-five years of age and completion of thirty or more years of service for certain retirement system members.