New York A 5879: Establishes an adjustment of income for certain taxpayers equal to the amount of principal and interest paid by the taxpayer on certain educational loans

Bill Text

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A05879 Summary:

BILL NOA05879A

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SAME ASSAME AS S04666-A

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SPONSORPheffer Amato

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COSPNSR

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MLTSPNSR

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Amd §§505, 511 & 516, R & SS L

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Provides that for New York city police/fire members, uniformed correction/sanitation revised plan and investigator revised plan members of the New York city employees' retirement system, the service retirement benefit shall not be reduced by the primary social security retirement benefit commencing at age sixty-two.

Go to top A05879 Actions:

BILL NOA05879A

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02/24/2025referred to governmental employees

01/07/2026referred to governmental employees

03/11/2026amend and recommit to governmental employees

03/11/2026print number 5879a

Go to topA05879 Committee&nbspVotes:

Go to topA05879 Floor&nbspVotes:

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

Go to topA05879 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 5879--A

 2025-2026 Regular Sessions

 IN ASSEMBLY

 February 24, 2025
 ___________

 Introduced by M. of A. PHEFFER AMATO -- read once and referred to the
 Committee on Governmental Employees -- recommitted to the Committee on
 Governmental Employees in accordance with Assembly Rule 3, sec. 2 --
 committee discharged, bill amended, ordered reprinted as amended and
 recommitted to said committee

 AN ACT to amend the retirement and social security law, in relation to
 service retirement benefits for certain 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. Section 505 of the retirement and social security law, as
 2 amended by chapter 18 of the laws of 2012, subdivision d as added by
 3 section 3 of part SS of chapter 55 of the laws of 2025, is amended to
 4 read as follows:
 5 § 505. Service retirement benefits; police/fire members, New York city
 6 uniformed correction/sanitation revised plan members and investigator
 7 revised plan members. a. The normal service retirement benefit for
 8 police/fire members, New York city uniformed correction/sanitation
 9 revised plan members and investigator revised plan members at normal
 10 retirement age shall be a pension equal to fifty percent of final aver-
 11 age salary, less fifty percent of the primary social security retirement
 12 benefit commencing at age sixty-two, as provided in section five hundred
 13 eleven of this article, except that for police/fire members of the New
 14 York city fire department pension fund or the New York city police
 15 pension fund, the New York city uniformed correction/sanitation revised
 16 plan members or investigator revised plan members of the New York city
 17 employees' retirement system, the normal service retirement benefit
 18 shall not be reduced by the primary social security retirement benefit
 19 commencing at age sixty-two as provided in section five hundred eleven
 20 of this article.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD04072-06-6

 A. 5879--A 2

 1 b. The early service retirement benefit for police/fire members, New
 2 York city uniformed correction/sanitation revised plan members and
 3 investigator revised plan members shall be a pension equal to two and
 4 one-tenths percent of final average salary times years of credited
 5 service at the completion of twenty years of service or upon attainment
 6 of age sixty-two, increased by one-third of one percent of final average
 7 salary for each month of service in excess of twenty years, but not in
 8 excess of fifty percent of final average salary, less fifty percent of
 9 the primary social security retirement benefit commencing at age sixty-
 10 two as provided in section five hundred eleven of this article,
 11 provided, however, that New York city police/fire revised plan members,
 12 New York city uniformed correction/sanitation revised plan members and
 13 investigator revised plan members shall not be eligible to retire for
 14 service prior to the attainment of twenty years of credited service, and
 15 provided further that for police/fire members of the New York city fire
 16 department pension fund or the New York city police pension fund, the
 17 N