BILL NUMBER: S9204
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 Tier 3 members of the New York City Fire
Department Pension Fund, and their beneficiaries, from the requirement
that a member complete twenty-five years of credited service in order
for their service retirement benefit to receive the full amount of annu-
al escalation. This amendment conforms the escalation provisions to
recent statutory changes that established a twenty-year normal service
retirement for these members.
Section 2 of this bill would add a new subsection to subdivision (b) of
section 510 of the retirement and social security law to provide that
uniformed members of the New York City Fire Department Pension Fund
shall be eligible to receive full escalation on their service retirement
benefits beginning on the first day of the thirty-sixth month following
the date the member completes twenty-three years of credited service.
Section 3 of this bill 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.