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.
Impact
The provisions of A08322 are expected to alter the financial landscape of the New York City Police Pension Fund by increasing employer contributions over the years. Notably, the fiscal note estimates a rise in contributions, particularly an expected contribution impact that starts at $8.4 million in 2026. This allocation will be solely borne by New York City, leading to heightened financial responsibilities for the city as it adapts to the new salary base determination for retiring officers. The implications of this change could extend to budget planning and resource allocation within the city's governance.
Summary
Bill A08322 aims to amend the retirement and social security law concerning the salary base determination for members of the New York City Police Pension Fund. The legislation specifically targets Tier 2 members who were hired on or after July 1, 2000, proposing that their salary base be calculated in the same manner as those who were hired before this date. This means the salary base would be based on the greater of either the final salary or a three-year average of salary, which differs from the current structure that only considers the last 12 months of service for newer hires.
Contention
There may be contention regarding the financial implications of the proposed changes, with opponents likely to argue about the increased financial burden on the city's budget. Supporters might point to the necessity of aligning pension benefits more equitably among police officers regardless of their hire date. Additionally, there could be concerns related to actuarial assumptions and how accurately they account for future costs and risks associated with pension liabilities, especially regarding demographic changes and economic variances.
Implementation
If A08322 is enacted, it will take immediate effect and apply to all eligible members of the New York City Police Pension Fund who retire following the effective date. This will harmonize the calculation of pension benefits for newer members with those hired under earlier rules, presenting a more uniform approach to pension benefits across the force. The move is positioned as a method to enhance retiree income stability, though it inherently challenges current budgetary frameworks and necessitates a reevaluation of fiscal resources allocated to retiree benefits.
Same As
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 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.
Provides that the normal service retirement benefit for police/fire members who are members of the New York city fire department pension fund shall be paid to such members of the New York city fire department pension fund without regard to age upon retirement after twenty years of service.
Provides that the normal service retirement benefit for police/fire members who are members of the New York city fire department pension fund shall be paid to such members of the New York city fire department pension fund without regard to age upon retirement after twenty years of service.
Relates to allowing certain members of the New York city fire department pension fund to receive a membership date in such fund attributable to service in the titles of police cadet program and police cadet program II in the New York city police department cadet program.
Relates to allowing certain members of the New York city fire department pension fund to receive a membership date in such fund attributable to service in the titles of police cadet program and police cadet program II in the New York city police department cadet program.