New York A 11269: Relates to service retirement of members of the New York city fire department pension fund

Bill Text

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A11269 Summary:

BILL NOA11269 

&nbsp

SAME ASSAME AS S09204

&nbsp

SPONSORPheffer Amato

&nbsp

COSPNSR

&nbsp

MLTSPNSR

&nbsp

Amd §510, R & SS L

&nbsp

Provides that full escalation date means the first day of the month following the date on which a member completes or would have completed twenty-three years of credited service, with respect to service retirement benefits for uniformed members of the New York city fire department pension fund.

Go to top A11269 Actions:

BILL NOA11269 

&nbsp

05/04/2026referred to governmental employees

Go to topA11269 Committee&nbspVotes:

Go to topA11269 Floor&nbspVotes:

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

Go to topA11269 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 11269

 IN ASSEMBLY

 May 4, 2026
 ___________

 Introduced by M. of A. PHEFFER AMATO -- read once and referred to the
 Committee on Governmental Employees

 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 and a new paragraph 2-a is added to read as follows:
 4 2. 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 2-a. The first day of the month following the date on which a member
 12 completes or would have completed twenty-three years of credited
 13 service, with respect to service retirement benefits for uniformed
 14 members of the New York city fire department pension fund.
 15 § 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 23 years of service, and commencement of partial esca-
 lation for retirements with more than 20 years of service.

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

 Year FIRE

 2027 5.2

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD14825-02-6

 A. 11269 2

 2028 5.6
 2029 5.9
 2030 6.3
 2031 6.7
 2032 7.2
 2033 7.6
 2034 8.1
 2035 8.6
 2036 9.1
 2037 9.7
 2038 10.2
 2039 10.8
 2040 11.5
 2041 12.2
 2042 12.6
 2043 12.8
 2044 11.4
 2045 11.9
 2046 12.3
 2047 12.8
 2048 13.4
 2049 13.8
 2050 14.1
 2051 14.6

 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 0.45%.
 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: 56.1
 (2) PV of Employee Contributions: (1.8)
 Total PV of Benefits (1) + (2): 54.3

 UNFUNDED ACCRUED LIABILITY (UAL): Actuarial Accrued Liabilities are
 the portion of the Present Value of Benefits allocated to past service.
 Changes in UAL were amortized over the expected remaining working life-
 time of those impacted using level dollar payments.

 AMORTIZATION OF UNFUNDED ACCRUED LIABILITY
 FIRE

 Increase (Decrease) in UAL: 18.6 M
 Number of Payments: 17
 Amortization Pa