NY S03718

Extends the period for calculating reduced retirement age for certain TBTA employees (Bridge and Tunnel Officers, Sergeants, Lieutenants, Maintainers, and Laborers) from January 1, 2009 to January 1, 2012.

Allows covered TBTA employees to earn four months of retirement age reduction per year of service for employment through December 31, 2011 (previously ended December 31, 2008).

Increases the actuarial present value of benefits to NYCERS by approximately $260,000 and increases annual employer costs by approximately $90,000 per year.

Applies only to covered employment performed on or before December 31, 2011, with provisions affecting approximately 273 Tier IV members with average age 48.0 years and average service of 15.1 years as of June 30, 2008.

Takes effect immediately upon enactment and is deemed effective as of December 31, 2008.