Restores 20-year service retirement eligibility for New York City police officers.

This bill restores the eligibility for a normal service retirement benefit for New York City police officers after 20 years of service. Previously, officers could retire early after 20 years of service, but this bill ensures they receive a normal service retirement benefit instead. The retirement benefit is calculated based on the Final Average Salary (FAS), with a maximum benefit of 50% of FAS after 22 years of service. The bill also includes fiscal notes detailing the expected impact on employer contributions and actuarial assumptions.

Restores 20-year service retirement eligibility for New York City police officers.

This bill restores the eligibility for a normal service retirement benefit for New York City police officers after 20 years of service. Previously, officers could retire early after 20 years of service, but this bill ensures they receive a normal service retirement benefit instead. The retirement benefit is calculated based on the Final Average Salary (FAS), with a maximum benefit of 50% of FAS after 22 years of service. The bill also includes fiscal notes detailing the expected impact on employer contributions and actuarial assumptions.