NY A09623

Establishes a new optional 20-Year Retirement Program for Tier 4 NYC Employees' Retirement System members employed by the Triborough Bridge and Tunnel Authority as bridge and tunnel officers, sergeants, or lieutenants in non-managerial positions.

Permits eligible members to retire after 20 years of credited service regardless of age, with a pension of 50% of final average salary for the first 20 years plus 1.5% for each additional year (capped at 30 years total).

Requires participating members to make additional contributions of 5.5% of compensation for officers and 6.0% for sergeants and lieutenants, in addition to standard Tier 4 contributions, for up to 3 years or until 20 years of service.

Establishes vesting provisions allowing members with 5-19 years of service to receive a deferred benefit of 2.5% of final average salary per year of service, payable when they would have completed 20 years.

Increases annual employer contributions to the Triborough Bridge and Tunnel Authority by approximately $1.7 million per year beginning in Fiscal Year 2023.