NY A10335

Reduces employee pension contribution rates to a flat 3% of annual wages for Tier 5 and Tier 6 members across New York State retirement systems (NYSLERS, NYSLPFRS, NYSTRS, and NYC retirement systems).

Eliminates variable contribution schedules based on salary that previously ranged from 3% to 6% depending on annual compensation levels.

Applies contribution rate changes between April 1, 2022 and April 1, 2024 for members hired after April 1, 2012, using annual base wages (including regular pay, shift differential, location pay, and hiring rate pay, but excluding overtime).

Repeals subdivision g of section 613 of the Retirement and Social Security Law and removes certain contribution requirements for teachers retiring under specific age and service conditions.

Takes effect 60 days after enactment; does not permit refunds of member contributions made prior to the bill's effective date; estimated first-year cost of approximately $305 million to state and participating employers across affected retirement systems.