NY S05731

Exempts Tier 6 members of the New York City Transit Authority's 25-Year and Age 55 Retirement Program from the overtime ceiling cap on wages used to calculate pension contributions and benefits.

Removes the $15,000 annual overtime ceiling (adjusted annually for inflation via Consumer Price Index) that currently applies to other Tier 6 public retirement system members hired after April 1, 2012.

Allows Tier 6 55/25 NYCTA Plan participants to include all overtime earnings in determining contribution rates and calculating Final Average Salary for pension calculations.

Increases New York City Employees' Retirement System employer contributions by an estimated $4.7 million in Fiscal Year 2019, growing to $8.3 million by Fiscal Year 2023, based on 9,822 affected transit members.

Takes effect immediately upon enactment.