New York S09203 removes the 25-year requirement for Tier 3 escalation for service retirement of New York City Fire Department pension fund members.

New York S09203 amends the retirement and social security law to allow Tier 3 FIRE members to be eligible for Full Escalation at 20 years of service instead of 25 years. This change affects the eligibility for service retirement benefits for uniformed members of the New York City Fire Department pension fund. The act takes effect immediately, impacting both current and future members. The fiscal note estimates an increase in employer contributions and unfunded accrued liability.

New York S09203 removes the 25-year requirement for Tier 3 escalation for service retirement of New York City Fire Department pension fund members.

New York S09203 amends the retirement and social security law to allow Tier 3 FIRE members to be eligible for Full Escalation at 20 years of service instead of 25 years. This change affects the eligibility for service retirement benefits for uniformed members of the New York City Fire Department pension fund. The act takes effect immediately, impacting both current and future members. The fiscal note estimates an increase in employer contributions and unfunded accrued liability.