A06940

New York A06940 eliminates the 50% offset for primary social security retirement benefits in the New York City Fire Pension Fund.

New York A06940 amends the retirement and social security law to eliminate the 50% offset for primary social security retirement benefits in the New York City Fire Pension Fund. This change applies to normal service retirement, early service retirement, and vested retirement benefits for members of the New York City Fire Pension Fund. The bill ensures that these benefits are not reduced by the primary social security retirement benefit. The fiscal impact includes an increase in employer contributions and changes in actuarial present values and unfunded accrued liabilities.