Extends the benefits of the variable supplements fund for transit police members of the New York city employees' retirement system for persons who retired on or after October 1, 1968.
Impact
If passed, A08267 would have a significant impact on the financial obligations of the New York City Employees' Retirement System (NYCERS). According to projections, the city is expected to incur an increase in employer contributions associated with this new eligibility for around $18.1 million in 2026, with additional, albeit minimal, contributions in following years. As there are no active Transit Police members eligible to contribute, funding such benefits will necessitate a transfer from NYCERS, largely funded by contributions from New York City. This proposed change is designed to bring equity to those retirees who served a significant term in transit police roles but were not afforded the same benefits as their more recently retired counterparts.
Summary
Bill A08267 seeks to extend retirement benefits specifically for certain former members of the New York City Transit Police. The legislation proposes to amend the administrative code, enabling former employees who retired between October 1, 1968, and June 30, 1987, and who have 20 or more years of service, to be eligible for payments from the Variable Supplements Fund (VSF). This amendment aims to correct the exclusion of these retirees from currently available supplemental non-pension benefits, which are otherwise awarded to those who retired after July 1, 1987.
Contention
The discussions around A08267 might involve various viewpoints on the necessity and fiscal implications of extending benefits to older retirees. Proponents argue that the bill is a matter of fairness and acknowledgment of the years of service and sacrifices made by those former officers. Opponents might express concerns regarding the financial burden this would impose on the city’s budget during times of fiscal constraint, highlighting the broader implications on public service funding and available resources.
Additional_notes
The anticipated actuarial impact of this bill is being assessed as it moves through the legislative process, considering the demographic of the affected retirees, all of whom are now in advanced age, averaging around 83.4 years. The risk associated with these benefits stems from reliance on various actuarial assumptions and external economic factors that influence pension fund performance.
Same As
Extends the benefits of the variable supplements fund for transit police members of the New York city employees' retirement system for persons who retired on or after October 1, 1968.
Extends the benefits of the variable supplements fund for transit police members of the New York city employees' retirement system for persons who retired on or after October 1, 1968.
Extends the benefits of the variable supplements fund for transit police members of the New York city employees' retirement system for persons who retired on or after October 1, 1968.
Extends the benefits of the variable supplements fund to New York city transit police who retired after October 1, 1968; amends the definition of a beneficiary.
Relates to establishing a variable supplements fund for sanitation members of the New York city employees' retirement system; creates a board to manage such fund and to make payments.
Relates to establishing a variable supplements fund for sanitation members of the New York city employees' retirement system; creates a board to manage such fund and to make payments.
Authorizes the transfer of memberships for certain members of the New York state and local police and fire retirement system who previously held a membership with the New York state and local employees' retirement system back to such retirement system.
Authorizes the transfer of memberships for certain members of the New York state and local police and fire retirement system who previously held a membership with the New York state and local employees' retirement system back to such retirement system.
Permits a member of the New York city teachers' retirement system, the New York city employees' retirement system, or the New York city board of education retirement system who is eligible to join any other retirement system maintained by the city due to a separate, concurrent eligible employment with a participating employer to become a member of the subsequent city funded retirement system provided such benefits in the first system of membership are suspended during their active membership in the subsequent retirement system.
Permits a member of the New York city teachers' retirement system, the New York city employees' retirement system, or the New York city board of education retirement system who is eligible to join any other retirement system maintained by the city due to a separate, concurrent eligible employment with a participating employer to become a member of the subsequent city funded retirement system provided such benefits in the first system of membership are suspended during their active membership in the subsequent retirement system.
Extends the benefits of the variable supplements fund to all New York city police officers, firefighters, housing police, transit police, correction officers and registered domestic partners.