NY A06156

Allows active and retired New York City Council members and staff (Tier 2 and Tier 4 employees) who were employed on June 28, 1995 to join the age 55 improved benefit retirement program and 25-year early retirement program at any time after the bill's effective date, instead of the previous 90-day enrollment window.

Eliminates the 90-day deadline for City Council employees to elect participation in the 55/25 Plans, permitting retroactive enrollment for those who missed the original 1995 deadline.

Removes the active service requirement at time of retirement for retired City Council employees electing these plans, allowing already-retired employees to join and receive recalculated benefits with retroactive payments.

Requires participating members to pay all additional member contributions (ranging from 1.85% to 4.35% depending on service dates) with accrued interest as if they had originally enrolled in 1995.

Takes effect 90 days after enactment; expected to increase annual employer contributions to the NYC Employees' Retirement System by approximately $359,000 in year one and $167,000 in years two through five.