Relates to service retirement benefits for certain members of the New York city employees' retirement system; provides that for New York city uniformed correction/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.
Summary
S04668 would change the retirement benefit formula for a specific group of New York City Employees’ Retirement System members: Tier 3 uniformed correction and sanitation “revised plan” members. Under current law, certain service retirement, early retirement, and deferred vested benefits for these members are reduced by an offset equal to 50% of the member’s primary Social Security retirement benefit beginning at age 62. The bill removes that offset for this group, so their pension benefits would no longer be reduced when Social Security becomes payable.
The bill amends sections 505, 511, and 516 of the Retirement and Social Security Law to carve these NYCERS members out of the existing Social Security offset rules. It also clarifies that the Social Security offset section does not apply to these members when they receive service retirement or deferred vested benefits. The act would take effect 60 days after becoming law.
Impact
The bill would increase pension benefits for affected NYCERS correction and sanitation members and shift additional costs to New York City as the participating employer. According to the fiscal note, the change would raise employer contributions by tens of millions of dollars annually over the first 25 years and increase the system’s unfunded accrued liability. It would not broadly alter retirement rules for other public employees, but it would create a specific statutory exception within the state retirement law for this subgroup.
Sentiment
The available legislative history suggests generally favorable sentiment toward the bill. It was reported out of the Senate Civil Service and Pensions Committee on a 7-0 vote, indicating unanimous committee support among those voting. No committee transcript was provided, but the fiscal note and the bill’s narrow focus suggest the proposal is framed as a targeted benefit enhancement for a defined group of public safety and sanitation workers.
Contention
The main point of contention is fiscal cost. The bill would eliminate a Social Security offset that currently reduces benefits, which improves retirement income for affected members but increases employer contribution rates and long-term liabilities for New York City. Supporters are likely to emphasize fairness and retirement security for correction and sanitation workers, while any opposition would likely center on the added cost to the city pension system and the broader budget impact. The bill is narrowly tailored, so there is little evidence of disagreement over eligibility scope beyond the financial implications.
Same As
Relates to service retirement benefits for certain members of the New York city employees' retirement system; provides that for New York city uniformed correction/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 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 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 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 service retirement benefits for certain members of the New York city employees' retirement system; provides that for New York city uniformed correction/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.
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 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.
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.