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NY A06651
Bill
Status
4/25/2023
Primary Sponsor
Stacey Pheffer Amato
Click for details
AI Summary
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Exempts certain carpenter titles (carpenter, supervisor carpenter, ship carpenter, rigger, dockbuilder, and related supervisory positions) in the Age 57 Retirement Program from paying additional member contributions (AMCs) if they cannot accumulate 25 years of credited service by age 57.
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Provides immediate refunds of the employee portion (50%) of physically taxing AMCs plus interest to participants in eligible carpenter titles who already made these contributions prior to enactment and are ineligible to reach 25 years of service by age 57.
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Applies to members in the New York City Employees' Retirement System (NYCERS) and Board of Education Retirement System of the City of New York (BERS).
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Estimated to increase annual employer contributions by approximately $877,000 ($860,000 for NYCERS and $17,000 for BERS) initially.
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Takes effect immediately upon enactment.
Legislative Description
Relates to additional member contributions for certain members under the age fifty-seven retirement program; provides that members holding certain titles who due to their age at the time of enrollment in the age fifty-seven retirement program will not obtain twenty-five years of service credit and therefore will not be eligible for a refund of their additional member contributions shall not be required to make additional member contributions.
Last Action
substituted by s6097
6/9/2023