BILL NUMBER: S4727
SPONSOR: JACKSON
 
TITLE OF BILL:
An act to amend the retirement and social security law, in relation to
normal retirement age for police/fire members of the New York city fire
department pension fund
 
PURPOSE:
To provide a twenty-year service retirement benefit for Tier 3 plan
members in the NYC Fire Department Pension Fund to align with Tier 2
members who are receiving that benefit.
 
SUMMARY OF PROVISIONS:
Section 1 of the bill would amend subdivision 17 of Section 501 of the
Retirement and Social Security Law, and subdivision d of Section 503 of
the Retirement and Social Security Law, to provide that members in the
New York City Fire Department Pension Fund will receive a service
retirement benefit after 20 years of service, regardless of age, and
further provides that the bill shall take effect immediately.
Section 2 of the bill amends section 503 subdivision d of the Retirement
and Social Security Law to provide that members in the New York City
Fire Department Pension Fund will receive a service retirement benefit
after 20 years of service, regardless of age, and further provides that
the bill shall take effect immediately.
Section 3 is a notwithstanding section 13-379 of the administrative code
clarification.
Section 4 is the enactment clause.
 
JUSTIFICATION:
The existing statute provides for a normal service retirement benefit
for Tier 3 plan members after serving twenty-two years of service.
However, members of the NYC Fire Department Pension Fund in Tier 3 work
alongside Tier 2 members who must only serve twenty years to receive the
same service retirement benefit.
This bill seeks to align the service retirement benefit for Tier 3
members of the NYC Fire Department Pension Fund with their Tier 2 coun-
terparts so that there is equity amongst Tier 3 and Tier 2 employees who
work in the same profession.
The current disparity in service retirement eligibility must be
addressed by this legislation because it creates the same 20-year
retirement benefit eligibility Tier 3 members within the NYC Department
Pension Fund as Tier 2 members within the same Fund. This measure would
ensure fairness amongst Tier 3 and Tier 2 employees in the same work-
force by creating a uniform normal service retirement benefit.
This legislative amendment would also improve the recruitment and
retention of experienced employees by creating an incentive for our
dedicated employees based upon equality under the retirement laws.
These statutory changes would demonstrate that we value the commitment
of these employees regardless of when they were hired, and regardless of
their age or tier classification, which will ensure the continued deliv-
ery of high-quality public service to our citizens.
 
LEGISLATIVE HISTORY:
2024- S.8818 - REPORTED AND COMMITTED TO FINANCE
 
FISCAL IMPLICATIONS:
To be determined
 
EFFECTIVE DATE:
This bill would take effect immediately.

Statutes affected:
S4727: 501 retirement and social security law, 501(17) retirement and social security law