Establishes a twenty-five year retirement program for members of the NYC employees' retirement system employed as water supply police; provides for employer pick-up of certain additional member contributions required to be made by certain participants in the 25-year retirement programs.
Impact
The enactment of S07843 is expected to lead to increased employer contributions over the upcoming years as the new retirement benefits are implemented. Specifically, initial increases in employer contributions are anticipated, with an estimate that could reach over four million dollars in employer contributions based on projections. Furthermore, there are expected decreases in normal costs for future entrants into the plan, which aligns with fiscal prudence in managing public pension liabilities. This bill not only affects the individual benefits of the water supply police but may also set a precedent for retirement benefits for similar public service roles.
Summary
Bill S07843 aims to establish a twenty-five year retirement program for members of the New York City Employees' Retirement System who are employed as water supply police. This new program seeks to provide enhanced retirement benefits to these members, allowing them to retire after 25 years of credited service, with a pension calculation based on their final average salary (FAS). For the first 25 years, they would receive 50% of their FAS, and for each additional year worked beyond that, an extra 2% for up to 5 additional years is also proposed. This restructuring is intended to provide a more competitive retirement plan for these public servants, aligning with broader trends in retirement planning for governmental roles.
Contention
There remain points of contention around the bill, particularly concerning the fiscal implications of the increased pension obligations. Critics may argue that providing enhanced benefits could lead to budgetary constraints or increased taxes. The exact funding mechanisms for these projected benefits and the future sustainability of the pension fund when faced with fluctuating contributions from new employees are concerns that may arise during discussions. Additionally, questions of fairness in relation to other public service employees' retirement plans may provoke debate about perceived inequities in public sector retirement benefits.
Same As
Establishes a twenty-five year retirement program for members of the NYC employees' retirement system employed as water supply police; provides for employer pick-up of certain additional member contributions required to be made by certain participants in the 25-year retirement programs.
Provides for eligibility of certain participants in the New York City employees retirement system to opt into the twenty-five year retirement program for EMT members.
Provides for eligibility of certain participants in the New York City employees retirement system to opt into the twenty-five year retirement program for EMT members.
Provides for eligibility of certain participants in the New York City employees retirement system to opt into the twenty-five year retirement program for EMT members.
Establishes twenty-five year retirement programs for members of the New York city employees' retirement system employed as fire protection inspectors and associate fire protection inspectors.
Establishes twenty-five year retirement programs for members of the New York city employees' retirement system employed as fire protection inspectors and associate fire protection inspectors.
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.
Relates to additional member contributions for certain members under the age fifty-seven retirement program; provides that members holding certain titles who due to their age at the time of enrollment in the age fifty-seven retirement program will not obtain twenty-five years of service credit and therefore will not be eligible for a refund of their additional member contributions shall not be required to make additional member contributions.
Relates to additional member contributions for certain members under the age fifty-seven retirement program; provides that members holding certain titles who due to their age at the time of enrollment in the age fifty-seven retirement program will not obtain twenty-five years of service credit and therefore will not be eligible for a refund of their additional member contributions shall not be required to make additional member contributions.
Enables public employers to offer an age fifty-five with ten years of service or age fifty with twenty-five years of service temporary retirement incentives for certain public employees.
Establishes a twenty-five year retirement program for members of the NYC employees' retirement system employed as water supply police; provides for employer pick-up of certain additional member contributions required to be made by certain participants in the 25-year retirement programs.
Relates to the establishment of a twenty-two and one-half year retirement program for members of the New York city employees' retirement system employed as emergency medical technicians and advanced emergency medical technicians and to the establishment of such program for such members who are subject to articles 11 and 15 of the retirement and social security law.
Relates to the establishment of a twenty-two and one-half year retirement program for members of the New York city employees' retirement system employed as emergency medical technicians and advanced emergency medical technicians and to the establishment of such program for such members who are subject to articles 11 and 15 of the retirement and social security law.
Establishes a twenty-two year retirement program for deputy sheriff members who are employed by the city of New York as a deputy city sheriff level one, deputy city sheriff level two, supervising deputy sheriff or administrative sheriff.
Establishes a twenty-two year retirement program for deputy sheriff members who are employed by the city of New York as a deputy city sheriff level one, deputy city sheriff level two, supervising deputy sheriff or administrative sheriff.