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A08520 Summary:

BILL NOA08520
 
SAME ASSAME AS S07866-A
 
SPONSORPheffer Amato
 
COSPNSR
 
MLTSPNSR
 
Amd R & SS L, generally
 
Establishes a twenty-two year retirement program for deputy sheriff members who are employed by the city of New York as a deputy city sheriff level one, deputy city sheriff level two, supervising deputy sheriff or administrative sheriff.
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A08520 Actions:

BILL NOA08520
 
05/20/2025referred to governmental employees
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A08520 Memo:

NEW YORK STATE ASSEMBLY
MEMORANDUM IN SUPPORT OF LEGISLATION
submitted in accordance with Assembly Rule III, Sec 1(f)
 
BILL NUMBER: A8520
 
SPONSOR: Pheffer Amato
  TITLE OF BILL: An act to amend the retirement and social security law, in relation to establishing a twenty-two year retirement program for deputy sheriff members   PURPOSE OR GENERAL IDEA OF BILL:: Establishes a twenty-two year retirement program for New York City depu- ty sheriff members.   SUMMARY OF PROVISIONS:: Section one of this bill amends Retirement and Social Security Law section 501 to add New York City Deputy Sheriff revised plan members to the groups afforded the twenty-two-year retirement plan. Section two of this bill of this bill adds a new subdivision 29 to Retirement and Social Security Law section 509 to define "New York City Deputy Sheriff revised plan member." Section three of this bill amends Retirement and Social Security Law section 503 to add New York City Deputy Sheriff revised plan members to the groups afforded the twenty-two year retirement plan. Section four of this bill adds new section 504-e to the Retirement and Social Security Law. This new section creates the twenty-two-year plan for New York City Deputy Sheriff members. Members included in this plan are New York City Deputy Sheriff revised plan members. Section five of this bill amends Retirement and Social Security Law section 505 to add New York City Deputy Sheriff revised plan members to the groups afforded the twenty-two-year retirement plan. Section six of this bill adds new section 507-j to the Retirement and Social Security Law. This new section creates the accidental retirement benefits for New York City deputy sheriff members. Section seven of this bill amends Retirement and Social Security Law section 508 to add New York City Deputy Sheriff revised plan members to the groups afforded the twenty-two-year retirement plan. Section eight of this bill amends Retirement and Social Security Law section 510 to add New York City Deputy Sheriff revised plan members to the groups afforded the twenty-two-year retirement plan. Section nine of this bill amends Retirement and Social Security Law section 512 to add New York City Deputy Sheriff revised plan members to the groups afforded the twenty-two-year retirement plan. Section ten of this bill amends Retirement and Social Security Law section 516 to add New York City Deputy Sheriff revised plan members to the groups afforded the twenty-two-year retirement plan. Section eleven of this bill adds a new subdivision j to section 517 of the Retirement and Social Security Law concerning member contributions. Section twelve of this bill amends Retirement and Social Security Law section 517-c to add New York City Deputy Sheriff revised plan members to the groups afforded the twenty-two-year retirement plan. Section thirteen of this bill amends Retirement and Social Security Law section 600 to add New York City Deputy Sheriff revised plan members to the groups afforded the twenty-two-year retirement plan. Section fourteen of this bill amends Retirement and Social Security Law section 911 to add New York City Deputy Sheriff revised plan members to the groups afforded the twenty-two-year retirement plan. Section fifteen of this bill requires that the New York City Employees Retirement System create a form for eligible New York City Deputy Sher- iffs to elect the twenty-two-year retirement plan. Section sixteen of this bill provides that the Retirement and Social Security Law section twenty-five appropriation provisions do not apply to this legislation. Section seventeen of this bill provides that this act shall take effect immediately.   JUSTIFICATION:: Deputy Sheriff members perform some of the most dangerous and physically taxing law enforcement work including domestic violence enforcement, tax and revenue enforcement, vehicle and traffic safety enforcement, and narcotic investigations and enforcement. This bill would afford them the opportunity to retire with a full pension after 22 years of service, a standard similar to that governing other uniformed service personnel including New York City Sanitation and New York City Corrections. Currently, Deputy Sheriff members are entitled to retire after 25 years of service, regardless of age. The rights and obligations that Deputy Sheriff members have under the 25-year program vary by tier. However, all Deputy Sheriff members in the current program share a common right to retire after 25 years of service, regardless of age. This bill simply carries forward the rights and obligations that Deputy Sheriff members currently have with one salient change - Deputy Sheriff members will now have the right to retire after 22 years of service. Retirement after 22 years of service is a standard that other uniformed forces in New York City currently enjoy. New York City Deputy Sheriffs have just as physically taxing of a job as the work groups currently entitled to a 22-year plan. The average arrest-perofficer rate of A New York City Deputy Sheriff is significantly higher than rates experienced by other New York City and State law enforcement titles, yet Deputy Sheriffs are required to work a longer term of service. Deputy Sheriffs should be entitled to a fair, equitable, and equal career.   PRIOR LEGISLATIVE HISTORY:: New bill.   FISCAL IMPLICATIONS FOR STATE AND LOCAL GOVERNMENTS:: Please see fiscal note.   EFFECTIVE DATE:: This act shall take effect immediately.
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A08520 Text:



 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          8520
 
                               2025-2026 Regular Sessions
 
                   IN ASSEMBLY
 
                                      May 20, 2025
                                       ___________
 
        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
          establishing  a  twenty-two year retirement program for deputy sheriff
          members
 
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
 
     1    Section  1. Subdivisions 5, 7, 12 and 17 of section 501 of the retire-
     2  ment and social security law, subdivisions 5 and 12 as amended by  chap-
     3  ter  18  of the laws of 2012, subdivision 7 as amended by chapter 457 of
     4  the laws of 2017, and subdivision 17 as amended by section 1 of part  SS
     5  of chapter 55 of the laws of 2025, are amended to read as follows:
     6    5.  "Early  retirement  age"  shall  mean  age fifty-five, for general
     7  members, and the age on which a member completes or would have completed
     8  twenty  years  of  service,  for  police/fire  members,  New  York  city
     9  uniformed correction/sanitation revised plan members [and], investigator
    10  revised  plan  members  and  New  York  city deputy sheriff revised plan
    11  members.
    12    7. "Eligible beneficiary" for the purposes  of  section  five  hundred
    13  nine  of  this  article  shall  mean the following persons or classes of
    14  persons in the order set forth: (a)  a  surviving  spouse  who  has  not
    15  renounced  survivorship  rights  in a separation agreement, until remar-
    16  riage, (b) surviving  children  until  age  twenty-five,  (c)  dependent
    17  parents,  determined  under  regulations promulgated by the comptroller,
    18  (d) any other person who qualified as a dependent on the  final  federal
    19  income  tax  return  of the member or the return filed in the year imme-
    20  diately preceding the year of death, until such person  reaches  twenty-
    21  one  years  of  age,  (e)  with  respect to members of the New York city
    22  employees' retirement system (other  than  a  New  York  city  uniformed
    23  correction/sanitation  revised plan member [or], an investigator revised
    24  plan member or a New York city deputy sheriff revised plan  member)  and
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD10888-03-5

        A. 8520                             2
 
     1  the  board  of  education  retirement  system of the city of New York, a
     2  person whom the member shall have nominated in the  form  of  a  written
     3  designation, duly acknowledged and filed with the head of the retirement
     4  system for the purpose of section five hundred eight of this article. In
     5  the  event  that a class of eligible beneficiaries consists of more than
     6  one person, benefits shall be divided equally among the persons in  such
     7  class.  For  the  purposes of section five hundred eight of this article
     8  the term "eligible beneficiary" shall mean such  person  as  the  member
     9  shall  have  nominated to receive the benefits provided in this article.
    10  To be effective, such a nomination must be in  the  form  of  a  written
    11  designation, duly acknowledged and filed with the head of the retirement
    12  system for this specific purpose. In the event such designated benefici-
    13  ary does not survive [him] such member, or if [he] such member shall not
    14  have  so designated a beneficiary, such benefits shall be payable to the
    15  deceased member's estate or as provided in section  one  thousand  three
    16  hundred ten of the surrogate's court procedure act and (f) notwithstand-
    17  ing  any  other  provisions of law, "eligible beneficiary" of a New York
    18  city uniformed sanitation  revised  plan  member  for  the  purposes  of
    19  section  five  hundred  nine  of  this  article shall mean the following
    20  persons or classes of persons in the order set forth:  (i)  a  surviving
    21  spouse  who has not renounced survivorship rights in a separation agree-
    22  ment, (ii) surviving children until  age  twenty-five,  (iii)  dependent
    23  parents, determined under regulations promulgated by the comptroller and
    24  (iv)  any other person who qualified as a dependent on the final federal
    25  income tax return of the member or the return filed in  the  year  imme-
    26  diately  preceding  the year of death, until such person reaches twenty-
    27  one years of age.
    28    12. "General member" shall mean a member subject to the provisions  of
    29  this  article who is not a police/fire member, a New York city uniformed
    30  correction/sanitation revised plan member [or], an investigator  revised
    31  plan member or a New York city deputy sheriff revised plan member.
    32    17.  "Normal  retirement  age"  shall  be  age  sixty-two, for general
    33  members, and the age at which a member completes or would have completed
    34  twenty-two years of service, for  police/fire  members,  New  York  city
    35  uniformed correction/sanitation revised plan members [and], investigator
    36  revised  plan  members  and  New  York  city deputy sheriff revised plan
    37  members, except that for police/fire members of the New York city police
    38  pension fund, normal retirement age shall be the age at which  a  member
    39  completes or would have completed twenty years of service.
    40    §  2. Section 501 of the retirement and social security law is amended
    41  by adding a new subdivision 29 to read as follows:
    42    29. "New York city deputy sheriff revised plan member"  shall  mean  a
    43  member  who is performing the duties of a deputy sheriff in the New York
    44  city sheriff's department and who makes an election pursuant to  section
    45  five  hundred  four-e of this article to become a participant in the New
    46  York city deputy sheriff revised plan.
    47    § 3. Subdivisions c and d of section 503 of the retirement and  social
    48  security  law,  subdivision  c  as  amended by chapter 18 of the laws of
    49  2012, subdivision d as amended by section 2 of part SS of chapter 55  of
    50  the laws of 2025, are amended to read as follows:
    51    c.  A general member shall be eligible for early service retirement at
    52  age fifty-five with five years of credited service. A general member  in
    53  the  uniformed  correction  force  of  the  New  York city department of
    54  correction, who is not eligible for early service retirement pursuant to
    55  subdivision c of section five hundred four-a of this article or subdivi-
    56  sion c of section five hundred four-b of this article or  subdivision  c

        A. 8520                             3
 
     1  of  section  five hundred four-d of this article, or a general member in
     2  the uniformed personnel in institutions under the  jurisdiction  of  the
     3  department  of  corrections  and  community  supervision,  as defined in
     4  subdivision  i  of  section  eighty-nine  of  this chapter or serving in
     5  institutions who is also in a title defined in such subdivision and  who
     6  has  made an election pursuant to the provisions of article seventeen of
     7  this chapter, shall also be eligible for early service retirement  after
     8  twenty-five  years  of  credited  service,  provided,  however, that the
     9  provisions of this subdivision and subdivision a of this  section  shall
    10  not  apply  to  a  New York city uniformed correction/sanitation revised
    11  plan member [or], an investigator revised plan member or a New York city
    12  deputy sheriff revised plan member.
    13    d. The normal service retirement benefit  specified  in  section  five
    14  hundred  five  of this article shall be paid to police/fire members, New
    15  York city uniformed correction/sanitation revised  plan  members  [and],
    16  investigator  revised  plan  members  and  New  York city deputy sheriff
    17  revised plan members without regard to age upon retirement  after  twen-
    18  ty-two years of service, except that the normal service retirement bene-
    19  fit specified in section five hundred five of this article shall be paid
    20  to  police/fire  members of the New York city police pension fund, after
    21  twenty years of service. Early service  retirement  shall  be  permitted
    22  upon  retirement after twenty years of credited service or attainment of
    23  age sixty-two, provided, however, that New York city police/fire revised
    24  plan members, New York city uniformed correction/sanitation revised plan
    25  members [and], investigator revised plan members and New York city depu-
    26  ty sheriff revised plan members shall not  be  eligible  to  retire  for
    27  service prior to the attainment of twenty years of credited service.
    28    § 4. The retirement and social security law is amended by adding a new
    29  section 504-e to read as follows:
    30    §  504-e.  Twenty-two  year  retirement  program  for  deputy  sheriff
    31  members.  a. Definitions. The following words and  phrases  as  used  in
    32  this  section shall have the following meanings unless a different mean-
    33  ing is plainly required by the context.
    34    1. "Deputy sheriff" shall mean a member who is employed by the city of
    35  New York as a deputy city sheriff level one, deputy city  sheriff  level
    36  two, supervising deputy sheriff or administrative sheriff.
    37    2.  "Twenty-two  year retirement program" shall mean all the terms and
    38  conditions of this section.
    39    3. "Starting date of the twenty-two  year  retirement  program"  shall
    40  mean  the  effective  date  of  this  section, as such date is certified
    41  pursuant to section forty-one of the legislative law.
    42    4. "Participant in the twenty-two year retirement program" shall  mean
    43  any deputy sheriff member who, under the applicable provisions of subdi-
    44  vision b of this section, is entitled to the rights, benefits and privi-
    45  leges  and  is subject to the obligations of the twenty-two year retire-
    46  ment program, as applicable to such member.
    47    5. "Discontinued member" shall mean a participant  in  the  twenty-two
    48  year  retirement  program  who,  while  such member was a deputy sheriff
    49  member, discontinued service as such a member  and  has  a  right  to  a
    50  deferred vested benefit under subdivision d of this section.
    51    b. Participation in the twenty-two year retirement program. 1. Subject
    52  to  the  provisions  of  paragraphs five and six of this subdivision and
    53  notwithstanding any provision of law to the contrary, any person who  is
    54  a  deputy  sheriff  member  on  the starting date of the twenty-two year
    55  retirement program may elect to become a participant in  the  twenty-two
    56  year  retirement program by filing, within one hundred eighty days after

        A. 8520                             4
 
     1  the starting date of the twenty-two  year  retirement  program,  a  duly
     2  executed  application  for such participation with the retirement system
     3  of which such person is a member, provided such person is a deputy sher-
     4  iff member on the date such application is filed.
     5    2. Subject to the provisions of paragraphs five and six of this subdi-
     6  vision  and  notwithstanding  any  provision of law to the contrary, any
     7  person who becomes a deputy sheriff member after the  starting  date  of
     8  the  twenty-two  year  retirement program, may elect to become a partic-
     9  ipant in the twenty-two year retirement program by  filing,  within  one
    10  hundred  eighty days after becoming such a deputy sheriff member, a duly
    11  executed application for such participation with the  retirement  system
    12  for which such person is a member, provided such person is such a deputy
    13  sheriff member on the date such application is filed.
    14    3.  Any election to be a participant in the twenty-two year retirement
    15  program shall be irrevocable.
    16    4. Where any participant in the  twenty-two  year  retirement  program
    17  shall  cease  to be employed by the city of New York as a deputy sheriff
    18  member, such person shall cease to be  a  participant  and,  during  any
    19  period in which such member is not so employed, such member shall not be
    20  a participant in the twenty-two year retirement program and shall not be
    21  eligible for the benefits of subdivision c of this section.
    22    5.  Where  any  participant  in the twenty-two year retirement program
    23  terminates service as a  deputy  sheriff  member  and  returns  to  such
    24  service  as  a  deputy sheriff member at a later date, such member shall
    25  again become such a participant on that date.
    26    6. Notwithstanding any other provision of law  to  the  contrary,  any
    27  person  who  is eligible to elect to become a participant in the twenty-
    28  two year retirement program pursuant to paragraph one  or  two  of  this
    29  subdivision  for  the full one hundred eighty day period provided for in
    30  such applicable paragraph and who fails to timely file a  duly  executed
    31  application for such participation with the retirement system, shall not
    32  thereafter be eligible to become a participant in such program.
    33    7.  Notwithstanding  any  provision  of law to the contrary, no member
    34  electing to participate in the twenty-two year retirement program  shall
    35  be entitled to a refund of any contributions made prior to the effective
    36  date of such election.
    37    c.  Service  retirement benefits. A participant in the twenty-two year
    38  retirement program who:
    39    1. has completed twenty or more years of credited service; and
    40    2. who has paid, before the effective date of  retirement,  all  addi-
    41  tional  member  contributions and interest (if any) required by subdivi-
    42  sion e of this section; and
    43    3. who files with the retirement system of  which  such  person  is  a
    44  member an application for service retirement setting forth at what time,
    45  not  less than thirty days subsequent to the execution and filing there-
    46  of, such member desires to be retired; and
    47    4. who shall be  a  participant  in  the  twenty-two  year  retirement
    48  program  at the time so specified for such person's retirement; shall be
    49  retired pursuant to the provisions of section five hundred five of  this
    50  article.
    51    d.  Vesting.  1.  A  participant  in  the  twenty-two  year retirement
    52  program:
    53    (i) who discontinues service as such  a  participant,  other  than  by
    54  death or retirement; and
    55    (ii)  who  prior  to such discontinuance, completed five but less than
    56  twenty years of credited service; and

        A. 8520                             5
 
     1    (iii) who, subject to the provisions of paragraph seven of subdivision
     2  e of this section, has paid, prior to  such  discontinuance,  all  addi-
     3  tional  member  contributions and interest (if any) required by subdivi-
     4  sion e of this section; and
     5    (iv)  who  does  not  withdraw  in whole or in part such participant's
     6  accumulated member contributions pursuant to section five hundred seven-
     7  teen of this article  unless  such  participant  thereafter  returns  to
     8  public service and repays the amounts so withdrawn, together with inter-
     9  est,  pursuant  to such section five hundred seventeen shall be entitled
    10  to receive a deferred vested benefit.
    11    2. (i) Upon such discontinuance under the conditions and in compliance
    12  with the provisions of paragraph one of this subdivision, such  deferred
    13  vested benefit shall vest automatically.
    14    (ii)  Such vested benefit shall become payable on the earliest date on
    15  which such discontinued member could have retired for  service  if  such
    16  discontinuance had not occurred.
    17    3.  Subject  to  the provisions of paragraph seven of subdivision e of
    18  this section, such deferred vested benefit shall be a retirement  allow-
    19  ance as provided for in section five hundred sixteen of this article.
    20    e.  Additional  member  contributions.  1.  In  addition to the member
    21  contributions required by section five hundred seventeen of  this  arti-
    22  cle,  each  participant  in the twenty-two year retirement program shall
    23  contribute to the retirement system  of  which  such  participant  is  a
    24  member  (subject  to  subdivision j of section five hundred seventeen of
    25  this article) an additional  six  and  three-quarters  percent  of  such
    26  participant's  compensation  earned  from (i) all credited service, as a
    27  participant in the twenty-two year retirement program,  rendered  on  or
    28  after the starting date of such member's participation in the twenty-two
    29  year retirement program, and (ii) all credited service after such person
    30  ceases  to be a participant, but before such participant again becomes a
    31  participant pursuant to paragraph five of subdivision b of this section.
    32    2. A participant in  the  twenty-two  year  retirement  program  shall
    33  contribute  additional  member  contributions until the later of (i) the
    34  first anniversary of the starting date of the twenty-two year retirement
    35  program, or (ii) the date on which  such  participant  completes  thirty
    36  years of credited service as a deputy sheriff member.
    37    3.  Commencing  with  the  first full payroll period after each person
    38  becomes a participant in the twenty-two year retirement  program,  addi-
    39  tional  member  contributions  at the rate specified in paragraph one of
    40  this subdivision shall be deducted (subject to subdivision j of  section
    41  five  hundred  seventeen  of this article) from the compensation of such
    42  participant on each and every payroll of such participant for  each  and
    43  every payroll period for which such person is such a participant.
    44    4.  (i)  Each  participant  in  the twenty-two year retirement program
    45  shall be charged with a contribution deficiency consisting of the  total
    46  amounts  of  additional  member contributions such person is required to
    47  make pursuant to paragraphs one and two of this  subdivision  which  are
    48  not deducted from their compensation pursuant to paragraph three of this
    49  subdivision,  if any, together with interest thereon, compounded annual-
    50  ly, and computed in accordance with the provisions of subparagraphs (ii)
    51  and (iii) of this paragraph.
    52    (ii) (A) The interest required to be paid on each such  amount  speci-
    53  fied  in subparagraph (i) of this paragraph shall accrue from the end of
    54  the payroll period for which such amount would have been  deducted  from
    55  compensation  if  such person had been a participant at the beginning of

        A. 8520                             6
 
     1  that payroll period and  such  deduction  had  been  required  for  such
     2  payroll period, until such amount is paid to the retirement system.
     3    (B)  The rate of interest to be applied to each such amount during the
     4  period for which interest accrues on that amount shall be equal  to  the
     5  rate  or  rates  of interest required by law to be used during that same
     6  period to credit interest on the accumulated  deductions  of  retirement
     7  system members.
     8    (iii)  Except as otherwise provided in paragraph five of this subdivi-
     9  sion, no interest shall be due on any unpaid additional member  contrib-
    10  utions  which  are  not attributable to a period prior to the first full
    11  payroll period referred to in paragraph three of this subdivision.
    12    5. (i) Should any person who, pursuant to subparagraph (ii)  of  para-
    13  graph ten of this subdivision, has received a refund of their additional
    14  member  contributions including any interest paid on such contributions,
    15  again become a participant in the  twenty-two  year  retirement  program
    16  pursuant to paragraph six of subdivision b of this section, an appropri-
    17  ate  amount  shall  be included in such participant's contribution defi-
    18  ciency (including interest thereon as calculated  pursuant  to  subpara-
    19  graph  (ii)  of  this paragraph) for any credited service for which such
    20  person  received  a  refund  of  such  additional  member  contributions
    21  (including  any  amount  of  an  unpaid loan balance deemed to have been
    22  returned to such person pursuant to this subdivision), as if such  addi-
    23  tional member contributions never had been paid.
    24    (ii)(A)  Interest  on  a participant's additional member contributions
    25  included in  such  participant's  contribution  deficiency  pursuant  to
    26  subparagraph  (i) of this paragraph shall be calculated as if such addi-
    27  tional member contributions had never been paid by such participant, and
    28  such interest shall accrue from the end of the payroll period  to  which
    29  an amount of such additional member contributions is attributable, until
    30  such amount is paid to the retirement system.
    31    (B)  The rate of interest to be applied to each such amount during the
    32  period for which interest accrues on that amount shall be  five  percent
    33  per annum, compounded annually.
    34    6.  Where  a participant who is otherwise eligible for service retire-
    35  ment pursuant to subdivision c of this section did  not,  prior  to  the
    36  effective  date  of  retirement, pay the entire amount of a contribution
    37  deficiency chargeable to such participant pursuant  to  paragraphs  four
    38  and  five  of this subdivision, that participant, nevertheless, shall be
    39  eligible to retire pursuant to subdivision c of this section,  provided,
    40  however,  that  such participant's service retirement benefit calculated
    41  pursuant to paragraph two of such subdivision c shall be  reduced  by  a
    42  life  annuity  (calculated  in  accordance  with the method set forth in
    43  subdivision i of section six hundred thirteen-b of this  article)  which
    44  is actuarially equivalent to the amount of any unpaid contribution defi-
    45  ciency chargeable to such member pursuant to paragraphs four and five of
    46  this subdivision.
    47    7. Where a participant who is otherwise eligible for a vested right to
    48  a  deferred  benefit  pursuant to subdivision d of this section did not,
    49  prior to the date of discontinuance of service, pay the entire amount of
    50  a contribution deficiency chargeable to  such  participant  pursuant  to
    51  paragraphs  four and five of this subdivision, the participant neverthe-
    52  less, shall be eligible for a vested right to a deferred benefit  pursu-
    53  ant  to  subdivision  d  of  this  section,  provided, however, that the
    54  deferred vested benefit calculated pursuant to paragraph three  of  such
    55  subdivision  d shall be reduced by a life annuity (calculated in accord-
    56  ance with the method set forth in subdivision i of section five  hundred

        A. 8520                             7
 
     1  seventeen-b  of  this  article)  which  is actuarially equivalent to the
     2  amount of any unpaid contribution deficiency chargeable to  such  member
     3  pursuant to paragraphs four and five of this subdivision.
     4    8.  The head of a retirement system which includes participants in the
     5  twenty-two year retirement program in  its  membership  may,  consistent
     6  with  the provisions of this subdivision, promulgate regulations for the
     7  payment of such additional member contributions, and any interest there-
     8  on, by such participants (including the deduction of such contributions,
     9  and any interest thereon, from the participant's compensation).
    10    9. Subject to the provisions of  paragraphs  six  and  seven  of  this
    11  subdivision,  where  a participant has not paid in full any contribution
    12  deficiency chargeable to such participant pursuant  to  paragraphs  four
    13  and  five  of  this  subdivision,  and a benefit, other than a refund of
    14  member contributions pursuant to section five hundred seventeen of  this
    15  article  or  a  refund  of  additional  member contributions pursuant to
    16  subparagraph (ii) of paragraph ten of this subdivision, becomes  payable
    17  under this article to the participant or to their designated beneficiary
    18  or  estate,  the actuarial equivalent of any such unpaid amount shall be
    19  deducted from the benefit otherwise payable.
    20    10. (i) Such additional member contributions (and any interest  there-
    21  on)  shall  be  paid  into the contingent reserve fund of the retirement
    22  system of which the participant is  a  member  and  shall  not  for  any
    23  purpose  be  deemed  to  be member contributions or accumulated contrib-
    24  utions of a member under section five hundred seventeen of this  article
    25  or  otherwise  while such member is a participant in the twenty-two year
    26  retirement program or otherwise, except that, a surplus  of  such  addi-
    27  tional  member  contributions that are paid into the retirement system's
    28  contingent reserve fund may be used for the sole purpose of offsetting a
    29  deficit of basic member contributions.
    30    (ii) Should a participant in the twenty-two  year  retirement  program
    31  who  has  rendered  less than fifteen years of credited service cease to
    32  hold a position as a deputy sheriff member for  any  reason  whatsoever,
    33  such  participant's  accumulated  additional  member  contributions made
    34  pursuant to this subdivision (together with any interest thereon paid to
    35  the retirement system) may be withdrawn by such participant pursuant  to
    36  procedures  promulgated  in  regulations of the board of trustees of the
    37  retirement system, together with interest thereon at the  rate  of  five
    38  percent per annum, compounded annually.
    39    (iii)  Notwithstanding any other provision of law to the contrary, (A)
    40  no member shall be permitted to withdraw from the retirement system  any
    41  additional member contributions paid pursuant to this subdivision or any
    42  interest  paid  thereon,  except  pursuant to and in accordance with the
    43  preceding subparagraphs of this paragraph; and (B) no member, while such
    44  person is a participant in  the  twenty-five  year  retirement  program,
    45  shall  be permitted to withdraw any such additional member contributions
    46  or any interest paid thereon pursuant to any of the  preceding  subpara-
    47  graphs of this paragraph or otherwise.
    48    11.  No  member  of  a  public retirement system shall be permitted to
    49  borrow any portion of the additional member contributions (including any
    50  interest paid thereon by the participant)  which  are  subject  to  this
    51  subdivision.
    52    § 5. Section 505 of the retirement and social security law, as amended
    53  by  chapter  18 of the laws of 2012, subdivision d as added by section 3
    54  of part SS of chapter 55 of the laws of 2025,  is  amended  to  read  as
    55  follows:

        A. 8520                             8

     1    § 505. Service retirement benefits; police/fire members, New York city
     2  uniformed correction/sanitation revised plan members [and], investigator
     3  revised  plan  members  and  New  York  city deputy sheriff revised plan
     4  members. a.  The  normal  service  retirement  benefit  for  police/fire
     5  members,  New  York  city  uniformed  correction/sanitation revised plan
     6  members [and], investigator revised plan members and New York city depu-
     7  ty sheriff revised plan members at normal  retirement  age  shall  be  a
     8  pension  equal  to  fifty  percent  of  final average salary, less fifty
     9  percent of the primary social security retirement benefit commencing  at
    10  age  sixty-two, as provided in section five hundred eleven of this arti-
    11  cle.
    12    b. The early service retirement benefit for police/fire  members,  New
    13  York  city  uniformed  correction/sanitation revised plan members [and],
    14  investigator revised plan members  and  New  York  city  deputy  sheriff
    15  revised  plan  members  shall  be  a pension equal to two and one-tenths
    16  percent of final average salary times years of credited service  at  the
    17  completion  of  twenty years of service or upon attainment of age sixty-
    18  two, increased by one-third of one percent of final average  salary  for
    19  each  month  of  service in excess of twenty years, but not in excess of
    20  fifty percent of final average salary, less fifty percent of the primary
    21  social security  retirement  benefit  commencing  at  age  sixty-two  as
    22  provided  in  section  five  hundred  eleven  of this article, provided,
    23  however, that New York city police/fire revised plan members,  New  York
    24  city  uniformed correction/sanitation revised plan members [and], inves-
    25  tigator revised plan members and New York city  deputy  sheriff  revised
    26  plan  members  shall  not be eligible to retire for service prior to the
    27  attainment of twenty years of credited service.
    28    c.   A   police/fire   member,   a    New    York    city    uniformed
    29  correction/sanitation  revised plan member [or], an investigator revised
    30  plan member or a New York city deputy sheriff revised  plan  member  who
    31  retires  with  twenty-two  years  of credited service or less may become
    32  eligible for annual escalation of the service retirement benefit if [he]
    33  such member elects to have the payment of [his] their  benefit  commence
    34  on  the  date [he] such member would have completed twenty-two years and
    35  one month or more of service. In  such  event,  the  service  retirement
    36  benefit shall equal two percent of final average salary for each year of
    37  credited  service,  less  fifty  percent  of the primary social security
    38  retirement benefit commencing at age sixty-two as  provided  in  section
    39  five hundred eleven of this article.
    40    d.  Notwithstanding  anything  to  the  contrary  in  any  other  law,
    41  police/fire members of the New York city police pension  fund  shall  be
    42  eligible  for  a  normal  service retirement benefit in lieu of an early
    43  service retirement benefit  upon  completing  twenty  years  of  service
    44  pursuant to subdivision d of section five hundred three of this article.
    45    § 6. The retirement and social security law is amended by adding a new
    46  section 507-j to read as follows:
    47    § 507-j. Accidental disability retirement for deputy sheriffs employed
    48  by  the  city  of  New York. a. A member of the New York city employees'
    49  retirement system employed by the city of New  York  as  a  deputy  city
    50  sheriff,  level  one, deputy city sheriff, level two, supervising deputy
    51  sheriff or administrative sheriff, who becomes  physically  or  mentally
    52  incapacitated for the performance of duties as the natural and proximate
    53  result  of  an  accident,  sustained in the performance of such member's
    54  duties, not caused by such member's  willful  negligence,  sustained  in
    55  such service and while actually a member of the retirement system, shall
    56  be  paid  an  accidental disability retirement allowance equal to three-

        A. 8520                             9
 
     1  quarters of final average salary as  defined  in  section  five  hundred
     2  twelve  of  this article, subject to the provisions of section 13-176 of
     3  the administrative code of the city of New York.
     4    b.  1.  (i)  Notwithstanding  any provisions of this chapter or of any
     5  general, special or local law, charter, administrative code or  rule  or
     6  regulation  to the contrary, if any condition or impairment of health is
     7  caused by a qualifying World  Trade  Center  condition,  as  defined  in
     8  section  two  of  this chapter, it shall be presumptive evidence that it
     9  was incurred in the performance and discharge of duty  and  the  natural
    10  and  proximate  result  of  an  accident not caused by such member's own
    11  willful negligence, unless the contrary be proved by competent evidence.
    12    (ii) The head of the retirement system is hereby authorized to promul-
    13  gate rules and regulations to implement the  provisions  of  this  para-
    14  graph.
    15    2. (i) Notwithstanding the provisions of this chapter or of any gener-
    16  al,  special or local law, charter, administrative code or rule or regu-
    17  lation to the contrary, if a member  who  participated  in  World  Trade
    18  Center  rescue, recovery or cleanup operations as defined in section two
    19  of this chapter, and subsequently retired on a  service  retirement,  an
    20  ordinary disability retirement, a performance of duty disability retire-
    21  ment,  or  was  separated  from  service with a vested right to deferred
    22  payability of a retirement allowance and subsequent to  such  retirement
    23  or separation is determined by the head of the retirement system to have
    24  a  qualifying  World Trade Center condition as defined in section two of
    25  this chapter, upon such determination by  the  head  of  the  retirement
    26  system,  it  shall  be presumed that such disability was incurred in the
    27  performance and discharge of duty as the natural and proximate result of
    28  an accident not caused by such member's own willful negligence, and that
    29  the member would have been physically or mentally incapacitated for  the
    30  performance and discharge of duty of the position from which such member
    31  retired  had the condition been known and fully developed at the time of
    32  the member's retirement, unless the  contrary  is  proven  by  competent
    33  evidence.
    34    (ii)  The head of the retirement system shall consider a reclassifica-
    35  tion of the member's retirement or vesting as an  accidental  disability
    36  retirement effective as of the date of such reclassification.
    37    (iii) Such member's retirement option shall not be changed as a result
    38  of such reclassification.
    39    (iv)  The member's former employer at the time of the member's retire-
    40  ment shall have an opportunity to be heard on the  member's  application
    41  for  reclassification  by the head of the retirement system according to
    42  procedures developed by the comptroller.
    43    (v) The head of the retirement system is hereby authorized to  promul-
    44  gate  rules  and  regulations  to implement the provisions of this para-
    45  graph.
    46    c. Notwithstanding any other provision  of  this  chapter  or  of  any
    47  general,  special  or local law, charter, administrative code or rule or
    48  regulation to the contrary, if a retiree or vestee who:  (1) has met the
    49  criteria of subdivision b of this section and retired on  a  service  or
    50  disability  retirement,  would  have  met  the  criteria  if not already
    51  retired on an accidental disability, or was separated from service  with
    52  a vested right to deferred payability of a retirement allowance; and (2)
    53  has  not been retired for more than twenty-five years; and (3) dies from
    54  a qualifying World Trade Center condition as defined in section  two  of
    55  this  chapter,  as  determined  by the applicable head of the retirement
    56  system or applicable medical board, then unless the contrary  be  proven

        A. 8520                            10
 
     1  by  competent  evidence,  such retiree or vestee shall be deemed to have
     2  died as a natural and proximate result of an accident sustained  in  the
     3  performance  of  duty and not as a result of willful negligence on their
     4  part.   Such retiree's or vestee's eligible beneficiary, as set forth in
     5  section five hundred one of this article, shall be entitled to an  acci-
     6  dental  death  benefit  as provided by section five hundred nine of this
     7  article, however, for the purposes of determining the salary  base  upon
     8  which  the accidental death benefit is calculated, the retiree or vestee
     9  shall be deemed to have died on the date of their  retirement  or  sepa-
    10  ration  from  service with vested rights. Upon the retiree's or vestee's
    11  death, the eligible beneficiary shall make a written application to  the
    12  head  of the retirement system within the time for filing an application
    13  for an accidental death benefit as set forth  in  section  five  hundred
    14  nine  of  this  article requesting conversion of such retiree's service,
    15  vested right or disability retirement benefit  to  an  accidental  death
    16  benefit.  At the time of such conversion, the eligible beneficiary shall
    17  relinquish all rights to the  prospective  benefits  payable  under  the
    18  service  or disability retirement benefit, or vested right to such bene-
    19  fit, including any post-retirement death benefits, since  the  retiree's
    20  or vestee's death. If the eligible beneficiary is not the only benefici-
    21  ary  receiving  or  entitled  to  receive a benefit under the service or
    22  disability retirement benefit (including, but not limited  to,  post-re-
    23  tirement  death  benefits  or  benefits  paid or payable pursuant to the
    24  retiree's option selection), or that will be eligible under  the  vested
    25  right, the accidental death benefit payments to the eligible beneficiary
    26  will be reduced by any amounts paid or payable to any other beneficiary.
    27    d.  Notwithstanding  any  other  provision  of  this chapter or of any
    28  general, special or local law, charter, administrative code or  rule  or
    29  regulation to the contrary, if a member who: (1) has met the criteria of
    30  subdivision b of this section; (2) dies in active service or after sepa-
    31  rating  from  service  with  a  vested right to deferred payability of a
    32  retirement allowance, but prior to the  payability  of  that  retirement
    33  allowance;  and (3) dies from a qualifying World Trade Center condition,
    34  as defined in section two of this chapter, as determined by the applica-
    35  ble head of the retirement system or applicable medical  board  to  have
    36  been  caused  by  such  member's participation in the World Trade Center
    37  rescue, recovery or cleanup operations, as defined  in  section  two  of
    38  this  chapter, then unless the contrary be proven by competent evidence,
    39  such member shall be deemed to have died  as  a  natural  and  proximate
    40  result  of an accident sustained in the performance of duty and not as a
    41  result of willful negligence on such member's part. Such member's eligi-
    42  ble beneficiary, as set forth in section five hundred one of this  arti-
    43  cle,  shall  be  entitled  to  an accidental death benefit provided such
    44  member's eligible beneficiary makes written application to the  head  of
    45  the  retirement  system within the time for filing an application for an
    46  accidental death benefit as set forth in section five  hundred  nine  of
    47  this article.
    48    § 7. Subdivision b of section 508 of the retirement and social securi-
    49  ty  law,  as  amended  by chapter 476 of the laws of 2018, is amended to
    50  read as follows:
    51    b. A member of a retirement system subject to the provisions  of  this
    52  article who is a police officer, firefighter, correction officer, inves-
    53  tigator  revised  plan member [or], sanitation worker or a New York city
    54  deputy sheriff revised plan member and is in a plan which permits  imme-
    55  diate  retirement upon completion of a specified period of service with-
    56  out regard to age or who is subject to the provisions  of  section  five

        A. 8520                            11
 
     1  hundred four or five hundred five of this article, shall upon completion
     2  of  ninety  days  of  service be covered for financial protection in the
     3  event of death in service pursuant to this subdivision. Such death bene-
     4  fit shall be equal to three times the member's salary raised to the next
     5  highest  multiple  of  one  thousand  dollars,  but in no event shall it
     6  exceed three times the maximum salary specified in section  one  hundred
     7  thirty of the civil service law or, in the case of a member of a retire-
     8  ment  system  other than the New York city employees' retirement system,
     9  or in the case of a member of the New York  city  employees'  retirement
    10  system  who  is  a New York city uniformed correction/sanitation revised
    11  plan member [or], an investigator revised plan member or a New York city
    12  deputy sheriff revised plan member, the specific  limitations  specified
    13  for  age  of  entrance into service contained in subparagraphs (b), (c),
    14  (d), (e) and (f) of paragraph two of subdivision a of this section.
    15    § 8. Paragraph 2 of subdivision b of section 510 of the retirement and
    16  social security law, as amended by chapter 18 of the laws  of  2012,  is
    17  amended to read as follows:
    18    2.  The  first  day  of the month following the date on which a member
    19  completes or would have completed twenty-five years of credited service,
    20  with respect to service retirement benefits for police/fire members  and
    21  their  beneficiaries,  New  York  city  uniformed  correction/sanitation
    22  revised plan members and their beneficiaries [or], investigator  revised
    23  plan  members  or  New York city deputy sheriff revised plan members and
    24  their beneficiaries.
    25    § 9. Subdivisions c and d of section 512 of the retirement and  social
    26  security  law, as amended by chapter 18 of the laws of 2012, are amended
    27  to read as follows:
    28    c. Notwithstanding the provisions of subdivisions  a  and  b  of  this
    29  section,  the  final average salary of an employee who has been a member
    30  of the New York city employees' retirement system (other than a New York
    31  city correction/sanitation revised plan  member  [or],  an  investigator
    32  revised  plan  member  or  a  New  York city deputy sheriff revised plan
    33  member) or the New York city teacher's retirement system for  less  than
    34  one  year  shall  be the projected one year salary, with the calculation
    35  based upon a twelve month projection of the sums earned in  the  portion
    36  of the year worked. If a member has been employed for more than one year
    37  but less than two years, then the member's final average salary shall be
    38  the  average  of the first year and projected second year earnings based
    39  upon the calculation above, and if more than two years,  but  less  than
    40  three  years, then one-third the total of the first two years of employ-
    41  ment plus the projected third year's earnings, calculated  as  indicated
    42  above.
    43    d.  Subject  to  the  provisions of subdivision c of this section, and
    44  notwithstanding the provisions of subdivision a of  this  section,  with
    45  respect  to  members  of  the New York city employees' retirement system
    46  (other than a New York city uniformed correction/sanitation revised plan
    47  member [or], an investigator revised plan member  or  a  New  York  city
    48  deputy  sheriff  revised  plan  member)  and  the New York city board of
    49  education retirement system who are subject to the  provisions  of  this
    50  article, a member's final average salary shall be determined pursuant to
    51  the  provisions  of  paragraph  thirteen  of  subdivision  e  of section
    52  13-638.4 of the administrative code of the city of New York.
    53    § 10. Subdivision c of section 516 of the retirement and social  secu-
    54  rity  law,  as  amended by chapter 18 of the laws of 2012, is amended to
    55  read as follows:

        A. 8520                            12
 
     1    c. The deferred vested benefit of police/fire members, New  York  city
     2  police/fire    revised   plan   members,   New   York   city   uniformed
     3  correction/sanitation revised plan members  [or],  investigator  revised
     4  plan  members or New York city deputy sheriff revised plan members shall
     5  be  a  pension  commencing at early retirement age equal to two and one-
     6  tenths percent of final average salary times years of credited  service,
     7  less  fifty  percent  of  the primary social security retirement benefit
     8  commencing at age sixty-two, as provided in section five hundred  eleven
     9  of  this  article.  A  police/fire  member,  a New York city police/fire
    10  revised plan member, a New  York  city  uniformed  correction/sanitation
    11  revised plan member [or], investigator revised plan member or a New York
    12  city deputy sheriff revised plan member may elect to receive [his] their
    13  vested  benefit commencing at early retirement age or age fifty-five. If
    14  the vested benefit commences before early retirement  age,  the  benefit
    15  shall  be  reduced  by  one-fifteenth  for  each  year, if any, that the
    16  member's early retirement age is in excess of age  sixty,  and  by  one-
    17  thirtieth for each additional year by which the vested benefit commences
    18  prior  to early retirement age. If such vested benefit is deferred until
    19  after such member's normal retirement age, the benefit shall be computed
    20  and subject to annual escalation in the same manner as provided  for  an
    21  early  retirement  benefit  pursuant  to  subdivision  c of section five
    22  hundred five of this article.
    23    § 11. Section 517 of the retirement and social security law is amended
    24  by adding two new subdivisions j and k to read as follows:
    25    j. 1.  Notwithstanding any provision of law to the contrary, the  city
    26  of  New York shall, in the case of a deputy sheriff revised plan member,
    27  pick up and pay to the retirement system of which such participant is  a
    28  member  all  additional  member  contributions  which otherwise would be
    29  required to be deducted from  such  member's  compensation  pursuant  to
    30  paragraphs  one  and two of subdivision e of section five hundred four-e
    31  of this article (not including any additional member  contributions  due
    32  for  any  period  prior  to the first full payroll period referred to in
    33  such paragraph three of such subdivision e), and shall effect such  pick
    34  up  on  each  and  every  payroll of such participant for each and every
    35  payroll period with respect to which such paragraph three  would  other-
    36  wise require such deductions.
    37    2. An amount equal to the amount of additional contributions picked up
    38  pursuant to this subdivision shall be deducted by such employer from the
    39  compensation  of  such  member  (as  such  compensation  would be in the
    40  absence of a pick up program applicable to such  member  hereunder)  and
    41  shall not be paid to such member.
    42    3.  The  additional  member  contributions  picked up pursuant to this
    43  subdivision for any such member shall be paid by such employer  in  lieu
    44  of an equal amount of additional member contributions otherwise required
    45  to be paid by such member under the applicable provisions of subdivision
    46  e of section five hundred four-e of this article, and shall be deemed to
    47  be  and  treated as employer contributions pursuant to section 414(h) of
    48  the Internal Revenue Code.
    49    4. For the purpose of determining the retirement system rights,  bene-
    50  fits  and privileges of any member whose additional member contributions
    51  are picked up pursuant to this subdivision, such  picked  up  additional
    52  member  contributions  shall be deemed to be and treated as part of such
    53  member's additional member contributions under the applicable provisions
    54  of subdivision e of section five hundred four-e of this article.
    55    5. With the exception of federal income tax treatment, the  additional
    56  member  contributions picked up pursuant to paragraph one of this subdi-

        A. 8520                            13
 
     1  vision shall for all other purposes, including computation of retirement
     2  benefits and contributions by employers and employees, be deemed employ-
     3  ee salary. Nothing contained in this subdivision shall be  construed  as
     4  superseding  the  provisions  of section four hundred thirty-one of this
     5  chapter, or any similar provision of law which limits  the  salary  base
     6  for computing retirement benefits payable by a public retirement system.
     7    k. Notwithstanding any inconsistent provision of subdivision a of this
     8  section,  New  York  city  deputy  sheriff  revised  plan  members shall
     9  contribute three percent of annual wages to the pension  fund  in  which
    10  they  have  membership  and such contributions shall not be required for
    11  more than twenty-five years.
    12    § 12. Paragraph 1 of subdivision b of section 517-c of the  retirement
    13  and  social  security law, as amended by section 1 of part JJ of chapter
    14  55 of the laws of 2023, is amended to read as follows:
    15    1. A member of the New York  state  and  local  employees'  retirement
    16  system,  the New York state and local police and fire retirement system,
    17  the New York city employees' retirement system, the New York city  board
    18  of  education retirement system or the New York city police pension fund
    19  in active service who has credit for at least one year of member service
    20  may borrow, no more than once during each twelve month period, an amount
    21  not exceeding seventy-five  percent  of  the  total  contributions  made
    22  pursuant  to  section  five hundred seventeen of this article (including
    23  interest credited at the rate set forth in subdivision c of such section
    24  five hundred seventeen compounded annually) and not less than one  thou-
    25  sand  dollars,  provided,  however,  that the provisions of this section
    26  shall not apply to  a  New  York  city  uniformed  correction/sanitation
    27  revised  plan  member [or], an investigator revised plan member or a New
    28  York city deputy sheriff revised plan member.
    29    § 13. Paragraphs 5 and 6 of  subdivision  a  of  section  600  of  the
    30  retirement and social security law, paragraph 5 as amended and paragraph
    31  6  as  added  by  chapter  18 of the laws of 2012, are amended and a new
    32  paragraph 7 is added to read as follows:
    33    5. Investigator members of the New  York  city  employees'  retirement
    34  system; [and]
    35    6.  Members  of the uniformed force of the New York city department of
    36  sanitation who join or rejoin a public retirement system of the state on
    37  or after April first, two thousand twelve[.]; and
    38    7. Deputy sheriff members of the New York  city  sheriff's  department
    39  who  join  or rejoin a public retirement system of the state on or after
    40  the effective date of this paragraph and who make an  election  pursuant
    41  to  section  five hundred four-e of this chapter to become a participant
    42  in the New York city deputy sheriff revised plan.
    43    § 14. Paragraph 1-b of subdivision b of section 911 of the  retirement
    44  and  social security law, as added by chapter 18 of the laws of 2012, is
    45  amended to read as follows:
    46    1-b. The provisions of this subdivision shall not apply to a New  York
    47  city  uniformed correction/sanitation revised plan member (as defined in
    48  subdivision twenty-five of section five hundred one of this chapter), an
    49  investigator revised plan member (as defined in subdivision twenty-seven
    50  of section five hundred one of this  chapter)  [or],  a  New  York  city
    51  revised  plan member (as defined in subdivision m of section six hundred
    52  one of this chapter) or a New York  city  deputy  sheriff  revised  plan
    53  member  (as  defined  in subdivision twenty-nine of section five hundred
    54  one of this chapter).
    55    § 15. The New York city employees retirement  system  shall  make  the
    56  form  for  members  to make an election pursuant to section 504-e of the

        A. 8520                            14
 
     1  retirement and social security law available on  its  website  no  later
     2  than thirty days following the effective date of this act.
     3    § 16. Notwithstanding any other provision of law to the contrary, none
     4  of  the  provisions  of  this  act shall be subject to the appropriation
     5  requirement of section 25 of the retirement and social security law.
     6    § 17. This act shall take effect immediately.
          FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
          SUMMARY: This proposed legislation would establish a  Tier  3  22-Year
        Retirement  Program  for  NYCERS  Deputy  Sheriffs  (DS  22-Year  Plan).
        Participation is optional and requires Additional  Member  Contributions
        equal to 6.75% of compensation.
 
                 EXPECTED INCREASE (DECREASE) IN EMPLOYER CONTRIBUTIONS
                  by Fiscal Year for the first 25 years ($ in Millions)
                                 Year      NYCERS

                                 2026        0.8
                                 2027        0.8
                                 2028        0.8
                                 2029        0.8
                                 2030        0.9
                                 2031        0.9
                                 2032        0.9
                                 2033        0.9
                                 2034        0.9
                                 2035        0.9
                                 2036        1.0
                                 2037        1.0
                                 2038        1.0
                                 2039        0.5
                                 2040        0.5
                                 2041        0.6
                                 2042        0.6
                                 2043        0.6
                                 2044        0.6
                                 2045        0.7
                                 2046        0.7
                                 2047        0.7
                                 2048        0.8
                                 2049        0.8
                                 2050        0.8
        Projected  contributions  include future new hires that may be impacted.
        For Fiscal Year 2051 and beyond, the expected increase in normal cost as
        a level percent of pay for impacted new entrants is approximately 3.43%.
          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, 2024 ($ in Millions)
 
                     Present Value (PV)                 NYCERS
                     (1) PV of Employer Contributions:     6.6

        A. 8520                            15
 
                     (2) PV of Employee Contributions:    (2.8)
                     Total PV of Benefits (1) + (2):       3.8
 
          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
 
                                                        NYCERS
                     Increase (Decrease) in UAL:         3.9 M
                     Number of Payments:                  13
                     Amortization Payment:               0.5 M
 
          CENSUS DATA: The estimates presented herein are based  on  preliminary
        census data collected as of June 30, 2024. The census data for the depu-
        ty sheriffs assumed to elect the DS 22-Year Plan is summarized below.
 
                                                    NYCERS
                        Active Members
                        - Number Count:                 94
                        - Average Age:                39.0
                        - Average Service:             9.4
                        - Average Salary:           90,000
 
          IMPACT  ON MEMBER BENEFITS AND CONTRIBUTIONS: The proposed legislation
        would provide the following benefits to deputy sheriffs who  participate
        in the DS 22-Year Plan:
          *  Service retirement benefit of 42% of Final Average Salary (FAS) for
        the first 20 years of credited service, plus 4% of FAS  for  each  addi-
        tional year of credited service exceeding 20 years up to a maximum of 22
        years.   This benefit is subject to a social security offset starting at
        age 62.
          * Accidental disability retirement benefit equal to 75% of FAS without
        an offset for social security.
          * Vested benefit of 2.1% of FAS for each  year  of  credited  service,
        payable  on  the  date  they  would  have  attained 20 years of credited
        service, and subject to a social security offset starting at age 62.
          Benefits provided under the plan would be subject  to  the  applicable
        Cost-of-Living  Adjustment  (COLA)  or  Escalation  Adjustments. Current
        benefits are only subject to COLA provisions.
          Members of the DS 22-Year Plan would be required to pay  Basic  Member
        Contributions  of  3% for up to 25 years, and Additional Member Contrib-
        utions equal to 6.75% of compensation for all service as a Plan  partic-
        ipant  on and after the starting date of the Plan until the later of the
        one-year anniversary of the effective date of the Plan or  30  years  of
        Credited Service.
          ASSUMPTIONS  AND  METHODS:  The  estimates  presented herein have been
        calculated based on the Revised 2021 Actuarial Assumptions  and  Methods
        of the impacted retirement system. In addition:
          *  The rates of retirement for the DS 22-Year Plan were assigned based
        on members' eligibility to elect. The DS 22-Year Plan will  be  optional
        for current and future deputy sheriffs.
          *  New  entrants were assumed to replace exiting members so that total
        payroll for deputy sheriffs increases by 3% each year. New entrant demo-

        A. 8520                            16
 
        graphics were developed based on data for recent new hires and actuarial
        judgement.
          To  determine the impact of the elective nature of the proposed legis-
        lation, a subgroup of NYCERS deputy sheriffs was developed based on  who
        is  assumed to benefit actuarially by comparing the net present value of
        future employer costs of each member's benefit under their current  plan
        and under the DS 22-Year Plan.
          RISK  AND  UNCERTAINTY: The costs presented in this Fiscal Note depend
        highly on the actuarial assumptions, methods,  and  models  used,  demo-
        graphics  of  the  impacted population and other factors such as invest-
        ment, contribution, and other risks. If actual experience deviates  from
        actuarial   assumptions,  the  actual  costs  could  differ  from  those
        presented herein. Quantifying these risks is beyond the  scope  of  this
        Fiscal Note.
          This  Fiscal  Note  is intended to measure pension-related impacts and
        does not include other potential costs (e.g., administrative  and  Other
        Postemployment  Benefits). This Fiscal Note does not reflect any chapter
        laws that may have been enacted during the current legislative session.
          STATEMENT OF ACTUARIAL OPINION: Marek Tyszkiewicz and Gregory Zelikov-
        sky are members of the Society of Actuaries and the American Academy  of
        Actuaries.  We  are members of NYCERS, but do not believe it impairs our
        objectivity, and we meet the Qualification  Standards  of  the  American
        Academy  of  Actuaries to render the actuarial opinion contained herein.
        To the best of our knowledge, the results  contained  herein  have  been
        prepared  in accordance with generally accepted actuarial principles and
        procedures and with the Actuarial Standards of Practice  issued  by  the
        Actuarial Standards Board.
          FISCAL NOTE IDENTIFICATION: This Fiscal Note 2025-56 dated May 6, 2025
        was  prepared  by  the  Chief  Actuary  for the New York City Retirement
        Systems and Pension Funds and is intended for use only during  the  2025
        Legislative Session.
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