Establishes a 25-year retirement program for NYC water supply police members.
The bill establishes a 25-year retirement program for NYC water supply police members within the NYCERS. It allows eligible members to elect participation within 180 days of the program's start. Members contribute an additional 6% of their compensation. Employers can pick up these contributions. The program provides benefits based on years of service, with a maximum benefit at 30 years. The bill also outlines provisions for withdrawals, loans, and vesting of benefits.
Included in complete analysis
- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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