NY A09133

Changes final average salary calculation for Tier 6 members in New York State and Local Employees' Retirement System from a five-year average to a three-year average, effective April 1, 2024.

Modifies final average salary for Tier 4 members of New York City Retirement Systems from one-fifth of highest wages over five years to one-third of highest wages over three years of service credit.

Adjusts wage comparison thresholds: reduces from 10% excess over average of previous four years to 10% excess over average of previous two years for affected members.

Exempts provisions from Section 25 of the Retirement and Social Security Law, preventing standard actuarial review procedures from applying.

Estimated to increase present value of benefits by approximately $1.17 billion for NYSLERS and $341 million for NYSLPFRS, with initial annual employer contribution increases of $196.3 million for New York City retirement systems.