NY A09748

Amends Retirement and Social Security Law sections 604-c and 604-d to allow New York City Transit Authority members employed as "Transit Manager" to receive refunds of Additional Member Contributions (AMC) paid to early retirement programs.

Eligible participants must have been employed as Transit Manager on October 1, 2006 and participated in either the Twenty-Five Year Early Retirement Program or the Age Fifty-Seven Retirement Program before contributions were eliminated.

Refunds include the employee portion of AMC contributions plus accrued interest at 5% per annum, compounded annually, payable upon application through procedures established by the retirement system board of trustees.

Fiscal impact includes approximately $1,335,000 net increase in unfunded actuarial liability as of June 30, 2013, with estimated annual employer cost increases of approximately $340,000 per year for 5 years.

Act takes effect immediately upon enactment.