Provides that for New York city uniformed correction revised plan members of the New York city employees' retirement system, the service retirement benefit shall not be reduced by the primary social security retirement benefit commencing at age sixty-two.
Impact
This proposed change would significantly impact the financial provisions concerning retirement for uniformed correction members. By removing the social security offset, members would likely see an increase in their pension benefits, which could improve their quality of life in retirement. The fiscal note attached to the bill indicates that this change is expected to lead to increased employer contributions over the following decades, with estimates suggesting incremental increases starting from approximately $26.8 million in 2027 to about $29.7 million by 2051. These adjustments in employer contributions reflect the anticipated higher payouts due to the expanded benefits.
Summary
Bill S04706, also known as the S04706-A, aims to amend the retirement and social security law specifically for uniformed correction members of the New York City Employees' Retirement System (NYCERS). The bill seeks to eliminate the existing offset that reduces service retirement benefits by fifty percent of the primary social security retirement benefit, which currently applies to Tier 3 correction members. This adjustment is intended to enhance the retirement benefits for these members by allowing them to receive the full service retirement benefit without reductions associated with social security claims.
Contention
There are likely points of contention related to the bill, particularly concerning the financial implications for the NYCERS and the broader budget. Opponents may argue that while enhancing retirement benefits for correction members is favorable, the resulting fiscal burden on employers could strain municipal budgets. Furthermore, critics might question whether such benefits are equitable compared to other public sector workers and whether they set a precedent for similar demands by different unions. Balancing these retirement enhancements while maintaining fiscal responsibility is a critical aspect of the ongoing legislative discussions.
Same As
Provides that for New York city uniformed correction revised plan members of the New York city employees' retirement system, the service retirement benefit shall not be reduced by the primary social security retirement benefit commencing at age sixty-two.
Provides that for New York city uniformed correction revised plan members of the New York city employees' retirement system, the service retirement benefit shall not be reduced by the primary social security retirement benefit commencing at age sixty-two.
Provides that for New York city uniformed sanitation revised plan members of the New York city employees' retirement system, the service retirement benefit shall not be reduced by the primary social security retirement benefit commencing at age sixty-two.
Provides that for New York city uniformed sanitation revised plan members of the New York city employees' retirement system, the service retirement benefit shall not be reduced by the primary social security retirement benefit commencing at age sixty-two.
Provides that for New York city police/fire members, uniformed correction/sanitation revised plan and investigator revised plan members of the New York city employees' retirement system, the service retirement benefit shall not be reduced by the primary social security retirement benefit commencing at age sixty-two.
Provides that service retirement benefits for members of the NYC police pension fund shall not be reduced by the primary social security retirement benefit commencing at age sixty-two.
Provides that service retirement benefits for members of the NYC police pension fund shall not be reduced by the primary social security retirement benefit commencing at age sixty-two.
Relates to primary social security retirement benefits for certain members; provides that in the computation of the normal service retirement benefit of members of the New York city fire department pension fund, there shall be no reduction for the primary social security retirement benefit.
Relates to service retirement benefits for certain members of the New York city employees' retirement system; provides that for New York city uniformed correction/sanitation revised plan members of the New York city employees' retirement system, the service retirement benefit shall not be reduced by the primary social security retirement benefit commencing at age sixty-two.
Relates to service retirement benefits for certain members of the New York city employees' retirement system; provides that for New York city uniformed correction/sanitation revised plan members of the New York city employees' retirement system, the service retirement benefit shall not be reduced by the primary social security retirement benefit commencing at age sixty-two.
Provides that for New York city police/fire members, uniformed correction/sanitation revised plan and investigator revised plan members of the New York city employees' retirement system, the service retirement benefit shall not be reduced by the primary social security retirement benefit commencing at age sixty-two.