Extends the benefits of the variable supplements fund for transit police members of the New York city employees' retirement system for persons who retired on or after October 1, 1968.
STATE OF NEW YORK
________________________________________________________________________
8267
2025-2026 Regular Sessions
IN ASSEMBLY
May 6, 2025
___________
Introduced by M. of A. PHEFFER AMATO -- read once and referred to the
Committee on Governmental Employees
AN ACT to amend the administrative code of the city of New York, in
relation to extending the benefits of the variable supplements fund
for transit police members of the New York city employees' retirement
system
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Paragraph (c) of subdivision 1 of section 13-191 of the
2 administrative code of the city of New York, as amended by chapter 577
3 of the laws of 1992, is amended to read as follows:
4 (c) "Beneficiary". Any person who receives a retirement allowance by
5 reason of having retired, on or after [July first, nineteen hundred
6 eighty-seven] October first, nineteen hundred sixty-eight for service
7 (with credit for twenty or more years of service toward the minimum
8 period) as a transit police officer; provided, that no person who held a
9 rank or position as a transit police superior officer, as defined in
10 subdivision eighty-four of section 13-101 of this [title] chapter who,
11 on or after May first, nineteen hundred ninety-two, subsequently became
12 a transit police officer shall be considered a beneficiary unless such
13 person (1) subsequently performed at least three years of service as a
14 transit police officer or (2) returned to service, from the position of
15 sergeant, as a transit police officer during the eighteen month proba-
16 tionary period, or such other probationary period as may be applicable
17 or (3) returned to service as a transit police officer during the three
18 year period specified in paragraph (e) of subdivision one of section
19 seventy-five of the civil service law, or (4) returned to service as a
20 transit police officer as the result of a hearing conducted pursuant to
21 applicable law.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD06434-02-5
A. 8267 2
1 § 2. Paragraph (b) of subdivision 1 of section 13-192 of the adminis-
2 trative code of the city of New York, as amended by chapter 720 of the
3 laws of 1994, is amended to read as follows:
4 (b) "Beneficiary". Any person who receives a retirement allowance by
5 reason of having retired, on or after [July first, nineteen hundred
6 eighty-seven,] October first, nineteen hundred sixty-eight, for service
7 (with credit for twenty or more years of service toward the minimum
8 period) as a transit police member and as a transit police superior
9 officer; provided, however, that where a person who held or holds a rank
10 or position as a transit police superior officer, subsequently and on or
11 after May first, nineteen hundred ninety-two became or becomes a transit
12 police officer, and while a transit police officer, retired or retires
13 for service under such circumstances that [he or she] they would have
14 qualified as a beneficiary under the provisions of paragraph (c) of
15 subdivision one of section 13-191 of this [title] chapter (other than
16 the proviso thereof), but did not or does not qualify as a beneficiary
17 under such paragraph (c) because [he or she] such beneficiary was or is
18 disqualified by the terms of such proviso, such retiree shall neverthe-
19 less be deemed to be a beneficiary under the provisions of this section.
20 § 3. This act shall take effect immediately.
FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
SUMMARY: This proposed legislation would extend the eligibility for
the payment of Transit Police Officers' and Transit Police Superior
Officers' Variable Supplements Funds (VSF) benefits to former NYCERS
members who retired for service from the New York City Transit Police
between October 1, 1968 and June 30, 1987 with 20 or more years of
service.
EXPECTED INCREASE (DECREASE) IN EMPLOYER CONTRIBUTIONS
by Fiscal Year for the first 25 years ($ in Millions)
Year NYCERS
2026 18.1
2027 0.0
2028 0.0
2029 0.0
2030 0.0
2031 0.0
2032 0.0
2033 0.0
2034 0.0
2035 0.0
2036 0.0
2037 0.0
2038 0.0
2039 0.0
2040 0.0
2041 0.0
2042 0.0
2043 0.0
2044 0.0
2045 0.0
2046 0.0
2047 0.0
2048 0.0
2049 0.0
A. 8267 3
2050 0.0
The entire increase in employer contributions will be allocated to New
York City. There are no active Transit Police members of NYCERS and
therefore a transfer from NYCERS to the impacted VSFs, funded by a New
York City contribution, would be necessary to fund the additional VSF
benefit obligations.
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.
EXPECTED INCREASE (DECREASE) IN ACTUARIAL PRESENT VALUES
as of June 30, 2024 ($ in Millions)
Present Value (PV) NYCERS
(1) PV of Employer Contributions: 16.4
(2) PV of Employee Contributions: 0.0
Total PV of Benefits (1) + (2): 16.4
UNFUNDED ACCRUED LIABILITY (UAL): Actuarial Accrued Liabilities are
the portion of the Present Value of Benefits allocated to past service.
Since all members who would benefit are retired, the entire increase in
UAL would be recognized in the first year.
AMORTIZATION OF UNFUNDED ACCRUED LIABILITY
NYCERS
Increase (Decrease) in UAL: 16.4 M
Number of Payments: 1
Amortization Payment: 18.1 M
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
Receiving Members
- Number Count: 283
- Average Age: 83.4
IMPACT ON RETIREE BENEFITS: Currently, Transit Police Officers' and
Transit Police Superior Officers' VSFs provide supplemental non-pension
benefits to former NYCERS members who retired for service on or after
July 1, 1987 from New York City Transit Police with 20 or more years of
service.
The amount of VSF benefits paid is currently $12,000 per Calendar
Year. These VSF benefits are payable on an annual basis around December
15th to eligible former NYCERS members for their lifetimes. Upon the
death of the NYCERS retiree, VSF payments cease.
Under the proposed legislation, former NYCERS members who retired for
service from New York City Transit Police between October 1, 1968 and
June 30, 1987 with 20 or more years of service would become immediately
eligible for VSF benefits on the December 15th following the Effective
Date and for each year thereafter. For the purposes of this Fiscal Note,
it has been assumed that benefits payable under this proposed legis-
lation are prospective only.
A. 8267 4
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 2025-45 dated April 17,
2025 was prepared by the Chief Actuary for the New York City Retirement
Systems and Pension Funds and is intended for use only during the 2025
Legislative Session.
