New York S 9203: Relate to service retirement of members of the New York city fire department pension fund

Bill Text

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S09203 Summary:

BILL NOS09203 

&nbsp

SAME ASSAME AS A10254

&nbsp

SPONSORJACKSON

&nbsp

COSPNSRMARTINEZ, MARTINS, PALUMBO, RHOADS, CANZONERI-FITZPATRICK, WEIK, SCARCELLA-SPANTON

&nbsp

MLTSPNSR

&nbsp

Amd §510, R & SS L

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Removes the twenty-five year requirement for tier three escalation for service retirement of members of the New York city fire department pension fund.

Go to top S09203 Actions:

BILL NOS09203 

&nbsp

02/13/2026REFERRED TO CIVIL SERVICE AND PENSIONS

Go to topS09203 Committee&nbspVotes:

Go to topS09203 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topS09203 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 9203

 IN SENATE

 February 13, 2026
 ___________

 Introduced by Sens. JACKSON, MARTINEZ, MARTINS, PALUMBO, RHOADS, CANZON-
 ERI-FITZPATRICK, WEIK -- read twice and ordered printed, and when
 printed to be committed to the Committee on Civil Service and Pensions

 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

 The People of the State of New York, represented in Senate and Assem-
 bly, do enact as follows:

 1 Section 1. Paragraph 2 of subdivision b of section 510 of the retire-
 2 ment and social security law, as amended by chapter 18 of the laws of
 3 2012, is amended to read as follows:
 4 2. (i) The first day of the month following the date on which a member
 5 completes or would have completed twenty-five years of credited service,
 6 with respect to service retirement benefits for police/fire members and
 7 their beneficiaries, New York city uniformed correction/sanitation
 8 revised plan members and their beneficiaries or investigator revised
 9 plan members and their beneficiaries, except for uniformed members of
 10 the New York city fire department pension fund and their beneficiaries.
 11 (ii) The first day of the month following the date on which the
 12 uniformed member becomes eligible for service retirement benefits for
 13 uniformed members of the New York city fire department pension fund.
 14 § 2. This act shall take effect immediately.
 FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
 SUMMARY: This proposed legislation grants earlier Escalation eligibil-
 ity for Tier 3 FIRE members who retire for service by allowing for Full
 Escalation at 20 years of service instead of 25 years of service.

 EXPECTED INCREASE (DECREASE) IN EMPLOYER CONTRIBUTIONS
 by Fiscal Year for the first 25 years ($ in Millions)

 Year FIRE
 2027 22.6
 2028 23.3
 2029 24.8

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD13847-02-6

 S. 9203 2

 2030 26.4
 2031 28.1
 2032 29.9
 2033 31.8
 2034 33.7
 2035 35.7
 2036 37.9
 2037 40.2
 2038 42.6
 2039 44.7
 2040 46.7
 2041 48.8
 2042 50.7
 2043 52.4
 2044 46.1
 2045 48.1
 2046 49.9
 2047 51.7
 2048 53.5
 2049 55.3
 2050 57.2
 2051 59.2
 Projected contributions include future new hires that may be impacted.
 For Fiscal Year 2052 and beyond, the expected increase in normal cost as
 a level percent of pay for impacted new entrants is approximately 1.82%.
 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, 2025 ($ in Millions)

 Present Value (PV) FIRE

 (1) PV of Employer Contributions: 246.5
 (2) PV of Employee Contributions: (7.5)
 Total PV of Benefits (1) + (2): 239.0

 UNFUNDED ACCRUED LIABILITY (UAL): Actuarial Accrued Liabilities are
 the portion of the Present Value of Benefits allocated to past service.
 Changes in UAL for active members were amortized over the expected
 remaining working lifetime of those impacted using level dollar
 payments. UAL attributable to inactive members was recognized in the
 first year.

 AMORTIZATION OF UNFUNDED ACCRUED LIABILITY

 FIRE

 Increase (Decrease) in UAL: 79.3 M
 Number of Payments: 17
 Amortization Payment: 8