Establishes a 25-year retirement program for NYC water supply police members, including employer pick-up of additional member contributions.
The bill establishes a 25-year retirement program for NYC water supply police members within the NYCERS. It mandates employer pick-up of additional member contributions for certain participants. Members contribute 6% of their compensation for 25 years or until they reach 30 years of service. The retirement benefit is 50% of final average salary for the first 25 years, plus 2% for each additional year. The bill also includes provisions for borrowing, withdrawal, and interest calculations on additional contributions.
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- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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