Provides for the transfer of service credit by a member of the New York city police pension fund into the New York city police pension fund.
Summary
Bill S06437 proposes amendments to the retirement and social security law to allow members of the New York City police pension fund to transfer service credit for prior work as assistant district attorneys or examining attorneys for the NYC Commission to Combat Police Corruption into their pension fund. This change would classify such prior service as uniformed service, impacting eligibility and benefit calculations for retirement. Members would need to pay or transfer their contributions into the police pension fund to receive this credit.
Impact
The bill modifies existing retirement laws by enabling certain prior non-uniformed service to be recognized as creditable service for police retirement benefits. This could lead to increased benefits for eligible members, thereby potentially increasing employer contributions to the pension fund in the short term, as indicated by the fiscal note which estimates an initial increase in employer contributions.
Sentiment
The sentiment around Bill S06437 appears to be overwhelmingly positive, as evidenced by unanimous support in committee and floor votes in both the Senate and Assembly. The bill passed through various legislative stages without opposition, indicating strong bipartisan support for its provisions.
Contention
There are no notable points of contention surrounding this bill, as it has received unanimous support during committee discussions and votes. The lack of opposition suggests that stakeholders, including lawmakers and potential beneficiaries, are in agreement regarding the benefits of the proposed changes.
Relates to obtaining military credit for members of the New York state and local police and fire retirement system, the New York city police pension fund, and the New York city fire pension fund; provides that the calculation for military credit shall be equal to the product of the number of years of military service being claimed and three percent of such member's compensation earned during the twelve months of credited service.
Relates to the determination of salary base for members of the New York city police pension fund; provides that the salary base for members of the New York city police pension fund whose employment with the police department of the city of New York commenced on or after July 1, 2000 shall be determined in the same manner as members whose employment commenced prior to such date.
Relates to the determination of salary base for members of the New York city police pension fund; provides that the salary base for members of the New York city police pension fund whose employment with the police department of the city of New York commenced on or after July 1, 2000 shall be determined in the same manner as members whose employment commenced prior to such date.
Relates to obtaining military credit for members of the New York state and local police and fire retirement system, the New York city police pension fund, and the New York city fire pension fund; provides that the calculation for military credit shall be equal to the product of the number of years of military service being claimed and three percent of such member's compensation earned during the twelve months of credited service.