New York A 7346: Relates to increasing benefits payable by the correction officers' variable supplements fund to beneficiaries

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A07346 Summary:

BILL NOA07346A

&nbsp

SAME ASSAME AS S06434-A

&nbsp

SPONSORPheffer Amato

&nbsp

COSPNSR

&nbsp

MLTSPNSR

&nbsp

Amd §13-194, NYC Ad Cd

&nbsp

Increases benefits payable by the correction officers' variable supplements fund to beneficiaries.

Go to top A07346 Actions:

BILL NOA07346A

&nbsp

03/25/2025referred to governmental employees

01/07/2026referred to governmental employees

03/05/2026amend and recommit to governmental employees

03/05/2026print number 7346a

Go to topA07346 Committee&nbspVotes:

Go to topA07346 Floor&nbspVotes:

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

Go to topA07346 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 7346--A

 2025-2026 Regular Sessions

 IN ASSEMBLY

 March 25, 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 administrative code of the city of New York, in
 relation to increasing benefits payable by the correction officers'
 variable supplements fund to beneficiaries

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

 1 Section 1. Section 13-194 of the administrative code of the city of
 2 New York is amended by adding a new subdivision 12 to read as follows:
 3 12. In addition to the payments set forth in paragraphs (c) and (d) of
 4 subdivision four of this section, there shall be paid to each benefici-
 5 ary on or about the December fifteenth next succeeding their date of
 6 retirement, an amount equal to the variable supplements payments,
 7 subject to the provisions of items (i) and (ii) of subparagraph one of
 8 paragraph (e) of subdivision four of this section, that they would have
 9 received, had such beneficiary retired on the date of their earliest
 10 eligibility for service retirement, in the period measured from (1) the
 11 later of (i) such earliest eligibility date and (ii) January first, two
 12 thousand twenty-six and (2) their date of retirement.
 13 § 2. This act shall take effect immediately.
 FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
 SUMMARY: This proposed legislation would provide certain NYCERS
 Correction Officers a lump sum benefit upon retirement, commonly
 referred to as a Deferred Retirement Option Plan (DROP), equal to the
 amount of Correction Officer Variable Supplements Fund (COVSF) payments
 such officer would have received if he or she had retired at the later
 of their respective earliest service retirement eligibility date or
 January 1, 2026.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD04098-06-6

 A. 7346--A 2

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

 Year NYCERS

 2027 11.3
 2028 11.4
 2029 11.6
 2030 11.7
 2031 11.9
 2032 12.0
 2033 12.1
 2034 12.3
 2035 12.4
 2036 4.3
 2037 4.4
 2038 4.5
 2039 4.5
 2040 4.5
 2041 4.4
 2042 4.4
 2043 4.3
 2044 4.2
 2045 4.1
 2046 4.0
 2047 4.0
 2048 4.1
 2049 4.1
 2050 4.1
 2051 4.1
 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 0.16%.

 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) NYCERS

 (1) PV of Employer Contributions: 80.7
 (2) PV of Employee Contributions: 0.0
 Total PV of Benefits (1) + (2): 80.7

 UNFUNDED ACCRUED LIABILITY (UAL): Actuarial Accrued Liabilities are
 the portion of the Present Value of Benefits allocated to past service.
 Changes in UAL were amortize