Chapter 55 of the Laws of 2024 (Budget Bill: Part EE, Part GG, Part JJ, Part KK)

Part EE of Chapter 55 of the Laws of 2024 amends the RSSL by adding a new §604-j which establishes a 25-Year Retirement Program for Tier 4 and Tier 6 members of NYCERS employed by the City of New York or the New York City Fire Department in a title whose duties are those of a Fire Protection Inspector, Associate Fire Protection Inspector or the supervision of such employees (the FPI 25-Year Plans).  The FPI 25-Year Plans provide a service retirement benefit equal to 50% of FAS for the first 25 years of Allowable Service, and 2% of FAS for each additional year up to a total of 60% of FAS for 30 years of Allowable Service.

Part EE is effective April 20, 2024.

Part GG of Chapter 55 of the Laws of 2024 amends Part HH of Chapter 56 of the Laws of 2022, as amended by Part V of Chapter 55 of the Laws of 2023, by extending the retiree earnings limitation waiver for school employees under RSSL §§ 211 & 212 by one year to June 30, 2025.

Part GG is effective April 20, 2024.

Part JJ of Chapter 55 of the Laws of 2024 amends the RSSL to permit New York City Department of Environmental Protection Police Officers to transfer up to 10 years of service credit from NYCERS to the New York State and Local Police and Fire Retirement System after joining that system.

Part JJ is effective June 19, 2024.

Part KK of Chapter 55 of the Laws of 2024 amends Part SS of Chapter 56 of the Laws of 2022 by extending the revised earnings calculations under RSSL § 613 for an additional two plan years to December 31, 2026. This revision excludes pensionable earnings above the annual base wages of Tier 6 members, such as overtime payments, for purposes of calculating Basic Member Contribution (BMC) rates.

Part KK is effective April 20, 2024.

Chapter 56 of the Laws of 2024 (Budget Bill: Part QQ)

Part QQ of this Budget Bill amends the RSSL and the Administrative Code of the City of New York to reduce the number of years used to calculate the Final Average Salary (FAS), from 5 years to 3 years, for certain Tier 3 and Tier 6 members of NYCERS who joined on or after April 1, 2012. The Bill does not make changes to the 4-year lookback period for affected Tier 3 and Tier 6 members.

Part QQ is effective April 20, 2024 and applies to retirement dates on or after April 20, 2024.

Chapter 58 of the Laws of 2024 (Budget Bill: Part KK)

Part KK of Chapter 58 of the Laws of 2024 extends the repeal date of Part KK of Chapter 56 of the Laws of 2022 to July 1, 2026. Part KK amended the Public Officers Law to permit videoconferencing and remote participation in public meetings under certain circumstances and provided that a quorum of the public body must be present in physical locations where the public may attend. In addition, it continued the state of affairs prior to passage of the law through June 9, 2022 in which all-remote public meetings may be held.

Part KK is effective April 20, 2024.

Chapter 162 of the Laws of 2024 – Increases certain special accidental death benefits.

This law amends the Retirement and Social Security Law (RSSL) § 361-a(c) and General Municipal Law (GML) § 208-f(c) by increasing the deceased member’s salary used in the computation of the special accidental death benefit by adding to it an additional percentage. The beneficiaries of the following NYCERS members are covered: Correction Officers, Housing and Transit Police, Uniformed Sanitation members, certain EMTs and TBTA members. 

This law is effective as of July 1, 2024.