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NY A07131
Bill
Status
5/11/2023
Primary Sponsor
Stacey Pheffer Amato
Click for details
AI Summary
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Changes final average salary calculation for Tier 6 members of the New York State and Local Police and Fire Retirement System (NYSLPFRS) from a five-year average to a three-year average, effective April 1, 2024.
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Modifies the wage spike limit from 10 percent to 20 percent, allowing annual salary to exceed the previous two years' average by up to 20 percent before exclusion from calculations.
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Applies only to members who first became members on or after April 1, 2012; does not affect Tiers 1-5.
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Estimated to increase the present value of benefits by approximately $289 million, with annual contributions increasing by approximately $30 million ($6 million from State, $24 million from local employers).
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Takes effect immediately upon enactment.
Legislative Description
Relates to calculating the final average salary for members of the New York state and local police and fire retirement system; provides that final average salary shall be equal to one-third of the highest total wages earned during any continuous period of employment for which the member was credited with three years of service credit.
Last Action
referred to governmental employees
1/3/2024