NY S08655

Amends payability rules for non-NYC revised plan members in the Automotive 25-Year Plan, establishing earlier retirement eligibility based on age and years of service (age 62 with 10+ years, age 63 with 8-9 years, age 64 with 6-7 years, or age 65 with 5-5.99 years of credited service)

Maintains age 63 payability for NYC revised plan members with 10 years of credited service

Provides eligible vested members an additional life annuity benefit based on the difference between the 4.83% Additional Member Contributions (AMCs) paid by Auto 25-Year Plan members and the lower AMCs required in the Tier 4 55/25 Plan (1.85%-4.35% depending on service dates)

Increases annual employer contributions to NYCERS by approximately $3.0 million per year due to estimated $12.7 million increase in Unfunded Accrued Liability and $10.4 million increase in future Normal Cost

Takes effect immediately upon enactment