A 7346 New York Assembly · 2025 Regular Session

Relates to increasing benefits payable by the correction officers' variable supplements fund to beneficiaries

This bill increases payments from the correction officers' variable supplements fund to beneficiaries. It requires the city to pay beneficiaries an amount equal to what they would have received if they retired on their earliest eligibility date, starting from January 1, 2025, up to their actual retirement date. The change applies to beneficiaries retiring after January 1, 2025, and covers the period between their earliest retirement eligibility date (or 2025, whichever is later) and their actual retirement. The bill takes effect immediately and was referred to the Governmental Employees committee.

Issues: ✓ Labor & Employment

Bill status in committee 1 of 4 stages cleared

Introduction

Mar 2025

Committee Review

Floor Vote

Governor

Introduced Mar 25, 2025 Last action Mar 5, 2026

Maddy AI version diff · 1 comparison

What changed between versions

A7346 → A7346A · 5 edits

MODERATE

This bill was amended to update its effective date from January 1, 2025 to January 1, 2026, and to revise the fiscal projections and actuarial data based on the most recent census information. The changes reflect updated financial estimates for employer contributions, benefit values, and unfunded liabilities as of June 30, 2025, rather than the previous June 30, 2024 figures.

Scope change

The bill's scope remains the same, but the financial data and effective date have been updated to reflect current conditions.

TIMELINE

The effective date for benefit calculations was changed from January 1, 2025 to January 1, 2026.

FISCAL

Projected employer contribution amounts were updated to reflect new fiscal year estimates, with the first year showing $11.3 million instead of $10.3 million.

The actuarial present value of employer contributions increased from $75.5 million to $80.7 million based on updated data.

The unfunded accrued liability increased from $45.2 million to $51.5 million, and the annual amortization payment rose from $7.2 million to $8.2 million.

TECHNICAL

Census data was updated to reflect June 30, 2025 statistics, showing a decrease in active members from 5,716 to 5,422 and an increase in average age from 43.4 to 43.9.

Floor votes

How they voted

No floor votes recorded yet.

Full legislative history

Actions timeline

Total actions

Key actions

Committee

Amendments

Mar 5, 2026

Lower · Passed

PRINT NUMBER 7346A

lower

Mar 5, 2026

Lower · Passed

AMEND AND RECOMMIT TO GOVERNMENTAL EMPLOYEES

lower

Jan 7, 2026

Committee

REFERRED TO GOVERNMENTAL EMPLOYEES

lower

Mar 25, 2025

Committee

REFERRED TO GOVERNMENTAL EMPLOYEES

lower

1 primary · 0 co-sponsors