The DEA, SBA, and LBA put forth legislation to increase financial pension benefits for our active members in an effort to retain our most experienced and knowledgeable MOS of our respective ranks. After lobbying Albany for several months, our efforts were successful and the bill (S.4262/A.5376) has passed and was signed into law. It goes into effect immediately.
Under our bill, members will receive a pro rata increase in their pensions, the amount of which depends on years of service at retirement, with an automatic pension increase in the 25th, 30th, and/or 35th year, respectively. The additional money members will receive essentially acts as a retention bonus, providing incentive for members to stay on the job as long as possible. The bill is calculated in the following manner:
When an active member competes 25 years of service, he/she will receive a pension enhancement of 5%.
When an active member competes 30 years of service, he/she will receive a pension enhancement of 10%.
When an active member competes 35 years of service, he/she will receive a pension enhancement of 15%.
The pension enhancement at retirement is based upon top salary in the highest designation in the respective rank. For Detectives, this means First Grade, regardless of the member’s current rank designation at the time of retirement!
The bill was introduced by State Senator Robert Jackson with corresponding Assembly bill introduced by Stacey Pheffer Amato. The bill was supported by several members of each legislative body and signed into law by Governor Kathy Hochul.
DEA President Scott Munro asked PC Tisch to support this legislation. The DEA created an online petition to encourage members to contact their State representatives to support the bill as well. We are happy to report that all these efforts have paid off and the bill is now law.
