Increases benefits payable by the correction officers' variable supplements fund to beneficiaries.

This bill amends the administrative code of the city of New York to increase benefits payable by the correction officers' variable supplements fund to beneficiaries. It provides a lump sum benefit, known as a Deferred Retirement Option Plan (DROP), to NYCERS correction officers who continue to work beyond their earliest service retirement eligibility date. The DROP consists of the annual COVSF payment each year beyond the later of their earliest service retirement eligibility date or January 1, 2026.

Increases benefits payable by the correction officers' variable supplements fund to beneficiaries.

This bill amends the administrative code of the city of New York to increase benefits payable by the correction officers' variable supplements fund to beneficiaries. It provides a lump sum benefit, known as a Deferred Retirement Option Plan (DROP), to NYCERS correction officers who continue to work beyond their earliest service retirement eligibility date. The DROP consists of the annual COVSF payment each year beyond the later of their earliest service retirement eligibility date or January 1, 2026.