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NY A05136
Bill
Status
3/2/2023
Primary Sponsor
Stacey Pheffer Amato
Click for details
AI Summary
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Amends the calculation of final average salary (FAS) for Tier 6 members of the New York State and Local Police and Fire Retirement System whose employers previously elected the one-year FAS benefit for Tiers 2 and 5.
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Changes FAS calculation from the average of five consecutive years (with a 10% annual increase cap) to earnings reported during the 12 months immediately preceding retirement.
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Applies only to members whose employers filed a resolution before April 1, 2012 electing the one-year FAS benefit, and members receive whichever calculation results in a greater benefit.
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Maintains the exclusion of wages exceeding the annual salary paid to the Governor from FAS calculations.
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Creates an estimated immediate past service cost of $23.4 million and annual contribution increases ranging from 1.6% to 2.4% depending on the plan type, affecting approximately 1,817 members.
Legislative Description
Provides that certain members of the police and fire retirement system shall have final average salary be calculated as the regular compensation earned during the twelve months of actual service immediately preceding the date of such member's retirement.
Last Action
substituted by s4972
6/10/2023