RETIREMENT UPGRADE

Also please be advised that 384e the age limit was raised to 65 from 62!!

          On Tuesday, August 28, 2007 Governor Spitzer signed into law an upgrade in pension for Tier II employees. The maximum service retirement benefit for Tier II firefighters was increased from 30 to 32 years. Members will now be eligible to receive two more years of increased benefits at 1/60^th per year.

Previously, the maximum retirement benefit maxed out at 66 2/3% of a combination of a member’s best three consecutive years. With this new upgrade members may now max out at 69.8% of their best three consecutive years.

The NYSPFFA had strongly lobbied for several years for this benefit. Although the Senate and Assembly supported us in its passage, ex-Governor Pataki continuously vetoed it.

As this law takes effect immediately, some members may wish to rethink their retirement plans.

I have attached the bill text for your information, or you may access it online at www.assembly.state.ny.us Senate Bill # S01262.