Relates to service retirement of members of the New York city fire department pension fund

This bill modifies the pension rules for members of the New York City Fire Department to introduce annual escalation payments for their retirement benefits. Under the new provisions, eligible retirees will receive yearly increases to their benefits, capped at a maximum of three percent or the actual change in the cost-of-living index, whichever is lower. The legislation also ensures that deferred retirement benefits receive full escalation rates until they are paid out, while preventing benefit reductions below the initial amount even if inflation decreases. These changes apply immediately to the administrative code governing the department's pension fund.