NY A07309

Modifies the overtime ceiling increase for Tier 6 members of the New York State and Local Employees' Retirement System (NYSLERS) beginning January 1, 2025, to be the greater of 3 percent or the annual inflation rate based on the Consumer Price Index (CPI-U)

Currently, Tier 6 members' overtime ceiling increases annually based solely on the CPI-U inflation rate; this bill establishes a minimum 3 percent annual increase floor

Applies the same overtime ceiling increase methodology to members of public retirement systems of the state who first became members on or after April 1, 2012

Estimated to increase present value benefits by approximately $263 million for Tier 6 members, with required annual contributions increasing by approximately $13 million for the State and $19 million for local participating employers

Takes effect immediately and exempts the bill from the appropriation requirement of Section 25 of the Retirement and Social Security Law