New York S10441 amends the administrative code to provide annual escalation payments for certain members of the New York City Fire Department pension.

New York S10441 amends the administrative code to introduce annual escalation payments for service retirement and survivor benefits for members and their beneficiaries of the New York City Fire Department pension fund. Benefits will increase annually at a rate equal to the lesser of three percent or the increase in the cost-of-living index. If the cost-of-living index decreases, the annual benefit will decrease by the lesser of three percent or the amount of the decrease.

New York S10441 amends the administrative code to provide annual escalation payments for certain members of the New York City Fire Department pension.

New York S10441 amends the administrative code to introduce annual escalation payments for service retirement and survivor benefits for members and their beneficiaries of the New York City Fire Department pension fund. Benefits will increase annually at a rate equal to the lesser of three percent or the increase in the cost-of-living index. If the cost-of-living index decreases, the annual benefit will decrease by the lesser of three percent or the amount of the decrease.