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NY A07599

Bill

Official Source

Status

Introduced

5/3/2017

Primary Sponsor

Peter Abbate

Click for details

Origin

Assembly

2017-2018 General Assembly

AI Summary

  • Exempts Tier 6 members of the New York City Transit Authority (NYCTA) 25-Year and Age 55 Retirement Program from the overtime ceiling cap when calculating pension benefits.

  • Removes the $15,000 annual overtime ceiling (adjusted annually for inflation via Consumer Price Index) that previously applied to NYCTA Tier 6 participants' overtime compensation.

  • Allows overtime earnings exceeding the overtime ceiling to be included in determining Tier 6 contribution rates and calculating Final Average Salary for pension purposes.

  • Increases projected employer contributions to the New York City Employees' Retirement System (NYCERS) by $4.7 million in Fiscal Year 2019, growing to $8.3 million by Fiscal Year 2023.

  • Takes effect immediately upon enactment.

Legislative Description

Relates to the definition of overtime ceiling for members who first become members of a public retirement system of the state on or after April first, two thousand twelve.

Last Action

substituted by s5731a

6/19/2018

Committee Referrals

Rules6/11/2018
Ways and Means6/5/2018
Governmental Employees5/3/2017

Full Bill Text

No bill text available