Loading chat...
NY S08859
Bill
Status
6/19/2018
Primary Sponsor
Martin Golden
Click for details
AI Summary
-
Exempts certain carpenter titles (carpenter, supervisor carpenter, ship carpenter, rigger, dockbuilder, and supervisory dockbuilder) from the Age 57 Retirement Program's additional member contributions if they cannot accumulate 25 years of service by age 57.
-
Provides refunds of the employee portion (50%) of previously paid additional member contributions plus interest to eligible participants who meet the age and service criteria.
-
Affected participants remain responsible for basic member contributions and non-physically taxing additional member contributions.
-
Applies to participants in the New York City Employees' Retirement System (NYCERS) and Board of Education Retirement System (BERS).
-
Increases annual employer contributions by approximately $526,000 ($514,000 for NYCERS and $12,000 for BERS) with an unfunded accrued liability increase of $496,000.
Legislative Description
Relates to additional member contributions for certain members under the age fifty-seven retirement program; provides that members holding certain titles who due to their age at the time of enrollment in the age fifty-seven retirement program will not obtain twenty-five years of service credit and therefore will not be eligible for a refund of their additional member contributions shall not be required to make additional member contributions.
Last Action
referred to governmental employees
6/19/2018