BILL NUMBER: S5058
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 New York city
fire department pension fund with an increased pension benefit for each
year of additional service beyond their required minimum service; and to
amend the retirement and social security law, in relation to affording
certain police/fire members of the New York city fire department pension
fund to continue in service past normal retirement age with an addi-
tional pension benefit for each year of additional service beyond their
required minimum service
 
PURPOSE:
Adoption of this legislation would afford certain improved benefits plan
members of the NYC 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, as well as afford certain police/fire
members who are members of the fire department pension fund to continue
in service beyond their required minimum service with an additional
pension benefit for each year of additional service.
 
SUMMARY OF PROVISIONS:
Section 1 of this bill would amend Section § 13-359, subdivision a. 2.
(a) of the Administrative Code of the City of New York to provide
certain Tier II 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 addi-
tional year of service, or a fraction thereof, computed at a rate of
one-fortieth of his or her final salary.
Section 2 of this bill would create a new section of the NYS Retirement
and Social Security Law, 503-A, which allows for any Tier III police or
fire member of the New York City Fire Department Pension Fund, upon
serving past retirement age to have an added pension credit which shall
be computed at a rate of one-fortieth of their salary for each year of
additional service.
 
JUSTIFICATION:
Currently, we face a serious retention and hiring problem in our public
sector. As we work to fix that issue, we need to protect the brave indi-
viduals who risk their lives to protect us, even after they have the
option to retire. This bill would incentivize members to remain in
service past beyond his or her required minimum service, by affording
them an increased amount added to their pension for each additional year
of service.
 
LEGISLATIVE HISTORY:
New Bill 1
 
FISCAL IMPLICATIONS:
See Fiscal Note
 
EFFECTIVE DATE:
This Act shall take effect immediately.