NY A09527

Reduces Tier 6 member contribution rates effective April 1, 2024, across multiple New York retirement systems, lowering rates from a range of 3%-6% to a simplified 3%-5% structure based on salary thresholds.

Raises salary threshold boundaries for contribution rates: members earning $75,000 or less contribute 3%, those earning $75,001-$100,000 contribute 4%, and those earning over $100,000 contribute 5%.

Changes contribution rate determination from a two-year wage lookback to a one-year lookback (using wages as of April 1 of the previous plan year).

Redefines "base wages" to exclude overtime payments and extracurricular compensation, with new members using wage projections for their first year instead of first three years.

Applies changes to New York State and Local Employees' Retirement System, State and Local Police and Fire Retirement System, State Teachers' Retirement System, and New York City retirement systems (NYCERS, TRS, BERS).