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NY A05754

Bill

Official Source

Status

Introduced

3/23/2023

Primary Sponsor

Stacey Pheffer Amato

Click for details

Origin

Assembly

2023-2024 General Assembly

AI Summary

  • Amends the retirement benefit formula for Tier 5 and 6 members of the New York State Teachers' Retirement System to match Tier 4 pension factors
  • Changes Tier 6 pension calculation for members with 20+ years of service from 35% plus 2% per year above 20 to a 2% formula matching Tier 4, except members with 40+ years retain the more favorable Tier 6 formula
  • Removes the 25-year service breakpoint for Tier 5 members and aligns it with Tier 4's 20-year breakpoint
  • Modifies Section 1312 benefit enhancement from 35% to 40% base pension for employees retiring at age 57 with 30+ years of service
  • Exempts these provisions from Section 25 of the Retirement and Social Security Law and takes effect immediately upon enactment

Legislative Description

Provides Tier 5 and 6 members of the New York state teachers' retirement system with the same service retirement pension factor as Tier 4.

Last Action

referred to governmental employees

1/3/2024

Committee Referrals

Governmental Employees3/23/2023

Full Bill Text

No bill text available