BILL NUMBER: S4706
SPONSOR: JACKSON
 
TITLE OF BILL:
An act to amend the retirement and social security law, in relation to
service retirement benefits for uniformed correction 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 corrections 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 corrections members.
Section 2 adds a new subdivision h to Section 511 of the Retirement and
Social Security Law to exempt Tier 3 corrections members from provisions
imposing the Social Security offset.
Section 3 amends subdivision c of Section 516 of the Retirement and
Social Security Law to remove the Social Security offset for the
deferred vested benefit of Tier 3 corrections 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
corrections members, retirees are subject to a reduction in retirement
benefits equal to 50% of the primary Social Security benefit commencing
at age 62. Uniformed corrections 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: S.5791A - Reported to Finance/ A.5929A - amended and recom-
mitted 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:
S4706: 505 retirement and social security law, 511 retirement and social security law