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
Should this bill be enacted, it would have a significant impact on the eligibility criteria for police retirement benefits. Previously, service with non-police entities, such as the role of an assistant district attorney, was not considered for retirement credit. By recognizing these past services as creditable, the bill would potentially increase the retirement benefits for qualifying members, thereby ensuring that their contributions to public safety while in various roles in law enforcement are formally acknowledged. The financial implications for New York City could involve shifts in employer contributions due to the recalculated benefits owed to these members.
Summary
Bill S09069 aims to amend the retirement and social security law by allowing members of the New York City police pension fund to obtain credit for prior service as an assistant district attorney or examining attorney for the NYC Commission to Combat Police Corruption. This legislation is particularly targeted at Tier 2 members of the police force, ensuring that time served in these judicial roles can be recognized as creditable service for retirement benefits. The bill emphasizes inclusivity for professionals who transitioned from legal roles into the police force, validating their previous contributions to law enforcement as part of their pension calculations.
Contention
While proponents of S09069 argue for the fairness of recognizing past legal service in the calculations for police pensions, critics may express concerns about the financial strain this could place on public funds due to increased employer obligations. The debate may revolve around prioritizing public sector budgets and the potential interpretations of what constitutes creditable service. Additionally, there could be discussions concerning the equity of retroactively attributing retirement benefits for service in a different capacity, posing a question of fairness among existing service members.
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.