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.
Impact
If enacted, this legislation would facilitate the transfer of service credits into the New York City police pension fund, which could significantly influence the retirement benefits for current members. It means that eligible members can have their previous legal service recognized, thereby enhancing their overall retirement benefits. The bill outlines that this adjustment could result in nuanced changes to employer contributions and the calculation of present value benefits as it gears towards improving retirement security for police officers with prior legal experience.
Summary
Bill A10152 proposes amendments to the retirement and social security law, specifically aimed at the New York City police pension fund. The bill seeks to allow members of this fund to obtain service credit for time served as an assistant district attorney or as an examining attorney for the NYC Commission to Combat Police Corruption. This service credit will be considered as equivalent to actual service in the police uniform, impacting how retirement benefits are calculated and awarded to Tier 2 members of the police force.
Contention
Notably, the bill's passage aligns with broader discussions on policing and public service benefits, including potential implications for fiscal budgeting at the city level. While supporters argue it acknowledges and rewards past public service, there may be contention over the financial implications of increasing benefits for certain retired members. Critics may spotlight concerns regarding the adequacy of funding and resource allocation amidst broader pension reform debates within city management.
Fiscal_note
The fiscal note attached to the bill indicates that the immediate increase in employer contributions would be allocated entirely to New York City, emphasizing the economic impact this bill may have on the city's pension obligations over the upcoming years.
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 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.
Removes the twenty-five year requirement for tier three escalation for service retirement of members of the New York city fire department pension fund.