BILL NUMBER: S9593
SPONSOR: JACKSON
 
TITLE OF BILL:
An act to amend the administrative code of the city of New York, in
relation to affording certain uniformed members of the fire department
pension fund with an increased pension benefit for each year of addi-
tional service beyond their required minimum service
 
PURPOSE:
Adoption of this legislation would afford certain improved benefits plan
members of the fire department pension fund an increased pension benefit
for each year of continued service beyond their required minimum
service, or a fraction thereof, computed at a rate of one-fortieth of
their final average salary.
 
SUMMARY OF PROVISIONS:
This bill would amend Section § 13-359, subdivision a. 2. (a) of the
Administrative Code of the City of New York to provide certain improved
benefits plan members of the New York City Fire Department Pension Fund
who continue in service beyond required minimum service to receive an
increased added pension benefit for each additional year of service, or
a fraction thereof, computed at a rate of one-fortieth of their final
salary.
 
JUSTIFICATION:
This bill would incentivize members to remain in service past beyond
their required minimum service, by affording them an increased amount
added to their pension for each additional year of service.
 
LEGISLATIVE HISTORY:
New bill.
 
FISCAL IMPLICATIONS:
See Fiscal Note.
 
EFFECTIVE DATE:
This act shall take effect immediately.