New York S 10392: Establishes a deferred retirement option plan for members of municipal police departments and fire departments/districts

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S10392 Summary:

BILL NOS10392 

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SAME ASNo Same As

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SPONSORCOONEY

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COSPNSR

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MLTSPNSR

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Add §384-f, R & SS L

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Establishes a deferred retirement option plan for members of municipal police departments and fire departments/districts.

Go to top S10392 Actions:

BILL NOS10392 

&nbsp

05/15/2026REFERRED TO CIVIL SERVICE AND PENSIONS

Go to topS10392 Committee&nbspVotes:

Go to topS10392 Floor&nbspVotes:

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

Go to topS10392 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 10392

 IN SENATE

 May 15, 2026
 ___________

 Introduced by Sen. COONEY -- 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
 establishing a deferred retirement option plan for certain municipal
 police and fire employees; and providing for the repeal of such
 provisions upon the expiration thereof

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

 1 Section 1. The retirement and social security law is amended by adding
 2 a new section 384-f to read as follows:
 3 § 384-f. Deferred retirement option plan payable to any member of the
 4 retirement system who is a firefighter, police officer or officer of any
 5 organized fire department or organized police force or police department
 6 of any county, city, town, village, fire district, or police district.
 7 a. Deferred retirement option plan. Deferred Retirement Option Plan,
 8 (hereinafter referred to as "DROP"), is a retirement plan under which an
 9 eligible member may elect to participate, deferring receipt of retire-
 10 ment benefits while continuing employment with their municipal police or
 11 fire department or district. For the purposes of this section, an
 12 "eligible member" is any member of the retirement system who is a fire-
 13 fighter, police officer or officer of any organized fire department or
 14 organized police force or police department of any county, city, town,
 15 village, fire district, or police district. During the period of contin-
 16 ued employment, the eligible member's monthly retirement benefit shall
 17 be deferred and held by the retirement system on behalf of the member
 18 plus interest at an effective rate of one-half percent for the specific
 19 period of participation in DROP as provided in subdivision c of this
 20 section. Upon completion of the DROP period, the eligible member shall
 21 receive the total amount of retirement benefits deferred under DROP
 22 without optional modification as permitted by subdivisions d and e of
 23 this section and shall begin to receive the previously determined normal
 24 service retirement benefit with optional modification as further
 25 provided in subdivision d of this section.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD15888-01-6

 S. 10392 2

 1 b. Participation in DROP. Any eligible member who is currently
 2 employed by the division of state police and qualifies to retire pursu-
 3 ant to section three hundred eighty-four-d of this title by reason of
 4 completing twenty years of creditable service may elect to participate
 5 in DROP.
 6 c. Election in DROP. Such election shall be on a form prepared by the
 7 comptroller and may be for any period of time not less than twelve
 8 months or more than thirty-six months duration. Any member who elects to
 9 participate in DROP shall be considered retired on the day following the
 10 expiration of the DROP period, provided, however, that all loans and
 11 excess contributions shall be resolved by the date of entry into DROP.
 12 Upon expiration of the time period selected by the eligible member, such
 13 member's participation in DROP shall terminate.
 14 d. Benefits payable under DROP. (1) Effective with the date of partic-
 15 ipation in DROP, the eligible member's normal service retirement benefit
 16 shall be calculated, using creditable service and final average salary
 17 as if the effective date of retirement was the date of entry into DROP.
 18 The amount deferred pursuant to DROP shall be calculated ba