BILL NUMBER: S9203
SPONSOR: JACKSON
 
TITLE OF BILL:
An act to amend the retirement and social security law, in relation to
service retirement of members of the New York city fire department
pension fund
 
SUMMARY OF PROVISIONS:
Section 1 of this bill would amend Section 510 of the Retirement and
Social Security Law to exempt uniformed members of the New York City
Fire Department Pension Fund and their beneficiaries from the require-
ment that a member complete twenty-five years of credited service in
order for their service retirement benefits to receive the full amount
of annual escalation.
Section 2 of this bill would add a new subsection to subdivision (b) of
Section 510 to provide that uniformed members of the New York City Fire
Department Pension Fund shall be eligible for full annual escalation of
their service retirement benefits beginning on the first day of the
month following the date on which the member becomes eligible for
service retirement.
Section 3 provides for the effective date of the act.
 
JUSTIFICATION:
The removal of the strict 25-year completion of credited service
requirement would help to address workforce needs such as retention of
experienced personnel for longer periods during critical staffing short-
ages, and also to allow these members to retire from service based upon
individual decision-making, as opposed to a more inflexible time limit
that does not align with the member's personal circumstances.
 
LEGISLATIVE HISTORY:
New Bill.
 
FISCAL IMPLICATIONS:
See Fiscal Note.
 
EFFECTIVE DATE:
This Act shall take effect immediately.