BILL NUMBER: S4668
SPONSOR: JACKSON
 
TITLE OF BILL:
An act to amend the retirement and social security law, in relation to
service retirement benefits for certain members of the New York city
employees' retirement system
 
PURPOSE:
To remove a statutory reduction totaling 50% of the primary social secu-
rity benefit imposed on the early service, normal service, and vested
retirement benefits for Tier 3 Sanitation and Correction members of the
New York City Employees Retirement System (NYCERS).
 
SUMMARY OF PROVISIONS:
Section 1 amends section 505 of the Retirement and Social Security Law
to remove the Social Security offset for the normal service and early
service benefit of Tier 3 Sanitations and Correction members.
Section 2 amends 511 of the Retirement and Social Security Law to exempt
Tier 3 Sanitations and Correction members from provisions imposing the
Social Security offset.
Section 3 amends Section 516 of the Retirement and Social Security Law
to remove the Social Security offset for the deferred vested benefit of
Tier 3 Sanitations and Correction members.
Section 4 - shall not apply to the calculation of such participating
employer's contribution rate for the purposes of subdivision c of
section 500 of the retirement and social security law.
Section 5 is the effective date.
 
JUSTIFICATION:
Under the New York City Tier 3 original, revised, and enhanced plans for
Sanitation and Correction members, retirees are subject to a reduction
in retirement benefits equal to 50% of the primary Social
Security benefit commencing at age 62. Uniformed correction and sanita-
tion officers who were employed prior to 2012 are not subject to this
offset. Therefore, this legislation would establish equity in the
pension system.
 
LEGISLATIVE HISTORY:
2023-2024: 5.5492 - Referred to Civil Service and Pensions
2021-2022: S.6371-A - Amend and Recommit to Civil Service and
Pensions/A.6955-A - Amend and Recommit to Governmental Employees
 
STATE AND LOCAL FISCAL IMPLICATIONS:
See fiscal note.
 
EFFECTIVE DATE:
This act shall take effect on the sixtieth day after it shall have
become a law.

Statutes affected:
S4668: 505 retirement and social security law, 511 retirement and social security law