S 10441 NY
Relates to service retirement of members of the New York city fire department pension fund
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Summary
This bill provides escalation payments for service retirement and survivor benefits of members of the New York City Fire Department pension fund. Benefits will be increased annually at an escalation rate equal to the lesser of three percent or the increase in the cost-of-living index, or decreased by the lesser of three percent or any decrease in the cost-of-living index, but the benefit will never be reduced below the initial amount. The escalation applies starting from a member's "full escalation date," defined as the first day of the month following the date the member becomes eligible for service retirement benefits. Members whose benefits commence before the full escalation date receive reduced escalation rates based on how many months earlier the benefit commenced. Cost-of-living adjustments are computed on a cumulative basis and applied each April based on the December 31 cost-of-living index. Members may defer their retirement benefit after separation from service to become eligible for escalation rates.
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Official abstract
Provides for escalation payments for certain members of the New York city fire department pension fund.
Sponsor (1)
- Robert Jackson Democratic · primary
Action history (1)
- May 15, 2026 REFERRED TO CIVIL SERVICE AND PENSIONS · upper
Text versions (2)
Full text
Full text imported from assembly.state.ny.us
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Bill No.: Summary Actions Committee Votes Floor Votes Memo Text LFIN Chamber Video/Transcript S10441 Summary: BILL NO S10441   SAME AS No Same As   SPONSOR JACKSON   COSPNSR   MLTSPNSR   Amd §13-696, NYC Ad Cd   Provides for escalation payments for certain members of the New York city fire department pension fund.
Go to top S10441 Text:
STATE OF NEW YORK ________________________________________________________________________
10441
IN SENATE
May 15, 2026 ___________
Introduced by Sen. JACKSON -- read twice and ordered printed, and when printed to be committed to the Committee on Civil Service and Pensions
AN ACT to amend the administrative code of the city of New York, in relation to service retirement of members of the New York city fire department pension fund
The People of the State of New York, represented in Senate and Assem- bly, do enact as follows:
1 Section 1. Section 13-696 of the administrative code of the city of 2 New York is amended by adding a new subdivision l to read as follows: 3 l. (1) Service retirement and survivor benefits for members and their 4 beneficiaries of the New York city fire department pension fund provided 5 pursuant to article eleven of the retirement and social security law 6 shall continue to be subject to the cost-of-living adjustment provided 7 in this section, unless such cost-of-living adjustment is exceeded by 8 the escalation of benefit calculation defined in the following subdivi- 9 sion, in which case only escalation shall be paid. 10 (2)(i) As used in this subdivision, the term "full escalation date" 11 shall mean the first day of the month following the date on which a 12 uniformed member becomes eligible for service retirement benefits for 13 uniformed members of the New York city fire department pension fund. 14 (ii) If the payment of benefits commences on the full escalation date, 15 the benefit shall be increased annually at an escalation rate equal to 16 the lesser of three percent or the increase in the cost-of-living index 17 as provided in subparagraph (iii) of this paragraph. In the event of a 18 decrease in the cost-of-living index, the annual benefit shall be 19 decreased by the lesser of three percent or the amount of the decrease 20 in the cost-of-living index, as provided in subparagraph (iii) of this 21 paragraph, provided that the benefit, in any event, shall not be reduced 22 below the benefit payable at the initial commencement date. For each 23 month that the benefit commencement date precedes the full escalation 24 date, the escalation rate shall be reduced by one thirty-sixth, and 25 there shall be no escalation where benefits commence more than three 26 years prior to the full escalation date.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD13850-01-5
S. 10441 2
1 (iii) Cost-of-living index changes shall be computed on a cumulative 2 basis so that any increases or decreases not reflected in an adjustment 3 to the benefit level shall be carried forward and applied in subsequent 4 years. Benefits shall be escalated commencing with the payment due for 5 the month of April, based on the cost-of-living index as of December 6 thirty-first of the preceding year. If the initial benefit commencement 7 date is May first or later, the initial escalation adjustment for the 8 following April shall be reduced by one-twelfth for benefits commencing 9 on May first, plus a further reduction of one-twelfth for each month the 10 initial benefit commences thereafter. 11 (iv) If a member elects to defer the service retirement benefit, after 12 separation from service, for the purpose of becoming eligible for annual 13 escalation, the benefit so deferred shall be escalated at the full esca- 14 lation rate until the deferred payment date, and thereafter shall be 15 subject to annual escalation as provided in this section. 16 § 2. This act shall take effect immediately.
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