Chapter 285 – Increase in Special Accidental Death Benefit
This law increases the salary used in the computation of the special accidental death benefit provided under Section 208-f of the NYS General Municipal Law by 3%. The beneficiaries of the following NYCERS members are covered: members of the Uniformed Correction Force, Housing and Transit Police, Emergency Medical Technicians and Triborough Bridge and Tunnel Authority (TBTA) members. The benefit is payable to the widow, widower, or the children of the deceased (under 18 years of age or under 23 if the child is a student) if the widow or widower is deceased. Chapter 285 is deemed to have been in full force and effect on July 1, 2012.
Chapter 18 – Tier 6
This law amends the retirement benefits of public employees who establish membership in a public employee retirement system on or after April 1, 2012.
The law made changes to several areas including, but not limited to, contribution rates, buy-back costs, and minimum vesting requirements.
In general, contribution rates are calculated on a sliding scale from 3% to 6%, and Tier 6 members must contribute until retirement or separation from City service. The cost for some Tier 6 members to purchase previous service is increased from 3% to 6% of the wages earned during the period you are buying back. Ten years of Credited Service (or Allowable Service) are required in order to vest, and the Tier 6 law defines age 63 as the age by which all Tier 6 Basic Plan and Special Plan members are eligible to collect a Vested Retirement Benefit.