Grants service credit to members of the uniformed correction force of the New York city department of correction covered by provisions of law for over 25 years.
STATE OF NEW YORK
________________________________________________________________________
6633
2025-2026 Regular Sessions
IN ASSEMBLY
March 6, 2025
___________
Introduced by M. of A. PHEFFER AMATO -- read once and referred to the
Committee on Governmental Employees
AN ACT to amend the retirement and social security law, in relation to
retirement benefits for general members in the uniformed correction
force of the New York city department of correction
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Subdivision d of section 504 of the retirement and social
2 security law, as amended by chapter 18 of the laws of 2012, is amended
3 to read as follows:
4 d. The early service retirement benefit for general members in the
5 uniformed correction force of the New York city department of
6 correction, who are not entitled to an early service retirement benefit
7 pursuant to subdivision c of section five hundred four-a of this article
8 or subdivision c of section five hundred four-b of this article or
9 subdivision c of section five hundred four-d of this article, or for
10 general members in the uniformed personnel in institutions under the
11 jurisdiction of the department of corrections and community supervision,
12 as defined in subdivision i of section eighty-nine of this chapter,
13 shall be a pension equal to one-fiftieth of final average salary times
14 years of credited service at the completion of twenty-five years of
15 service, [but not in excess of fifty percent of final average salary]
16 plus one-sixtieth of final average salary times years of credited
17 service in excess of twenty-five, provided, however, that the provisions
18 of this section shall not apply to a New York city uniformed
19 correction/sanitation revised plan member.
20 § 2. This act shall take effect immediately.
FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
SUMMARY: This proposed legislation would increase the service retire-
ment benefit for credited service exceeding 25 years for uniformed
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD04085-02-5
A. 6633 2
employees of the New York City Department of Correction who joined
NYCERS prior to December 19, 1990 (Tier 3 CO-25 Plan Members).
EXPECTED INCREASE (DECREASE) IN EMPLOYER CONTRIBUTIONS
by Fiscal Year for the first 25 years ($ in Thousands)
Year NYCERS
2026 4,635
2027 12
2028 8
2029 4
2030 2
2031 1
2032 1
2033 0
2034 0
2035 0
2036 0
2037 0
2038 0
2039 0
2040 0
2041 0
2042 0
2043 0
2044 0
2045 0
2046 0
2047 0
2048 0
2049 0
2050 0
The entire increase in employer contributions will be allocated to New
York City.
PRESENT VALUE OF BENEFITS: The Present Value of Benefits is the
discounted expected value of benefits paid to current members if all
assumptions are met, including future service accrual and pay increases.
Future new hires are not included in this present value.
INITIAL INCREASE (DECREASE) IN ACTUARIAL PRESENT VALUES
as of June 30, 2024 ($ in Thousands)
Present Value (PV) NYCERS
(1) PV of Employer Contributions: 4,211
(2) PV of Employee Contributions: 0
Total PV of Benefits (1) + (2): 4,211
UNFUNDED ACCRUED LIABILITY (UAL): Actuarial Accrued Liabilities are
the portion of the Present Value of Benefits allocated to past service.
Changes in UAL were amortized over the expected remaining working life-
time of those impacted using level dollar payments.
AMORTIZATION OF UNFUNDED ACCRUED LIABILITY
NYCERS
A. 6633 3
Increase (Decrease) in UAL: 4,174 K
Number of Payments: 1
Amortization Payment: 4,619 K
CENSUS DATA: The estimates presented herein are based on preliminary
census data collected as of June 30, 2024. The census data for the
impacted population is summarized below.
NYCERS
Active Members
- Number Count: 19
- Average Age: 61.8
- Average Service: 34.6
- Average Salary: 169,100
IMPACT ON MEMBER BENEFITS: Currently, upon reaching 25 or more years
of credited service, CO-25 Plan Members are entitled to a service
retirement pension benefit equal to 50% of Final Average Salary (FAS).
Under the proposed legislation, CO-25 Plan Members who retire for
service under Retirement and Social Security Law section 504(d) after
the effective date of the proposed legislation with 25 or more years of
credited service would be equal to 50% of FAS for the first 25 years of
credited service, plus 1/60th of FAS for each additional year of credit-
ed service, or fraction thereof, exceeding 25 years.
ASSUMPTIONS AND METHODS: The estimates presented herein have been
calculated based on the Revised 2021 Actuarial Assumptions and Methods
of the impacted retirement systems.
RISK AND UNCERTAINTY: The costs presented in this Fiscal Note depend
highly on the actuarial assumptions, methods, and models used, demo-
graphics of the impacted population, and other factors such as invest-
ment, contribution, and other risks. If actual experience deviates from
actuarial assumptions, the actual costs could differ from those
presented herein. Quantifying these risks is beyond the scope of this
Fiscal Note.
This Fiscal Note is intended to measure pension-related impacts and
does not include other potential costs (e.g., administrative and Other
Postemployment Benefits). This Fiscal Note does not reflect any chapter
laws that may have been enacted during the current legislative session.
STATEMENT OF ACTUARIAL OPINION: Marek Tyszkiewicz and Gregory Zelikov-
sky are members of the Society of Actuaries and the American Academy of
Actuaries. We are members of NYCERS, but do not believe it impairs our
objectivity, and we meet the Qualification Standards of the American
Academy of Actuaries to render the actuarial opinion contained herein.
To the best of our knowledge, the results contained herein have been
prepared in accordance with generally accepted actuarial principles and
procedures and with the Actuarial Standards of Practice issued by the
Actuarial Standards Board.
FISCAL NOTE IDENTIFICATION: This Fiscal Note 2025-22 dated February
27, 2025 was prepared by the Chief Actuary for the New York City Retire-
ment Systems and Pension Funds and is intended for use only during the
2025 Legislative Session.
