NY A09921

Allows eligible NYC Transit Authority employees to receive refunds of additional member contributions paid under the Twenty-Five Year Early Retirement Program and Age Fifty-Seven Retirement Program, with 5% annual compound interest.

Eligible participants must have been employed by NYC Transit Authority in a station supervisory title as of October 1, 2006, and participated in one of the Chapter 96/95 retirement programs before elimination of additional member contributions.

Refunds cover only the employee portion of additional member contributions and physically-taxing additional member contributions (50% of total contributions paid).

Eligible participants must submit an application following procedures established by the Retirement System Board of Trustees to receive the refund.

Estimated annual employer cost increase of approximately $40,000 per year, with increased contributions beginning in fiscal year 2012 or 2013 depending on enactment date.