S 3005Enacts into law major components of legislation necessary to implement the state public protection and general government budget for the 2025-2026 state fiscal year

Latest change summary

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This legislative package enacts two major changes. First, it comprehensively restructures New York City's pension funding for three retirement systems (NYCERS, NYCTRS, and BERS) by canceling all pre-2023 unfunded liability installments due on or after July 1, 2024, establishing a new baseline unfunded accrued liability calculation as of June 30, 2023, and implementing a 20-year declining amortization schedule beginning fiscal year 2024-2025 with annual payments declining by 5% of the first installment. The restructuring also changes investment gain/loss recognition from a five-year phase-in using actuarial asset values to immediate recognition with Market Value of Assets and a modified 20-installment schedule featuring five-year ramp-up and ramp-down periods. Second, the bill creates a mandatory body-worn camera program for the Department of Corrections and Community Supervision, requiring all correction officers, security supervisors, and designated civilian staff to wear and activate cameras at all times on duty, with mandatory activation during specific incidents including use of force, interactions with incarcerated individuals and visitors, escorts and transports, disciplinary hearings without fixed video, emergency response team activations, and when weapons are removed from holsters.