New York A05853 amends pension benefits for certain New York City Fire Department members, increasing annual pension for each year of additional.

New York A05853 amends pension benefits for certain New York City Fire Department members. For Tier 2 members, it increases the annual pension from 1/60th to 1/40th of average annual earnings from the date of eligibility for retirement to the actual date of retirement. For Tier 3 members, it increases the annual pension by 1/40th of Final Salary for each additional year of credited service beyond 20 years. The fiscal note indicates an increase in employer contributions and actuarial present values, with the entire increase allocated to New York City.

New York A05853 amends pension benefits for certain New York City Fire Department members, increasing annual pension for each year of additional.

New York A05853 amends pension benefits for certain New York City Fire Department members. For Tier 2 members, it increases the annual pension from 1/60th to 1/40th of average annual earnings from the date of eligibility for retirement to the actual date of retirement. For Tier 3 members, it increases the annual pension by 1/40th of Final Salary for each additional year of credited service beyond 20 years. The fiscal note indicates an increase in employer contributions and actuarial present values, with the entire increase allocated to New York City.