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NY A09925
Bill
Status
4/26/2024
Primary Sponsor
Stacey Pheffer Amato
Click for details
AI Summary
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Removes the overtime ceiling cap for Tier 6 NYC Transit Authority members in the 55/25 retirement plan, allowing overtime earnings exceeding the current limit to count toward pension calculations and member contributions.
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Applies specifically to members who first joined a public retirement system on or after April 1, 2012, excluding pensions authorized under section 604-b.
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Results in increased employer contributions to the NYC Employees' Retirement System (NYCERS), projected at $15.1 million in 2025 rising to $30 million by 2049.
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Creates an unfunded accrued liability of $71.9 million as of June 30, 2023, to be amortized over 16 years with the final payment in fiscal year 2040.
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Takes effect immediately upon enactment.
Legislative Description
Relates to the definition of overtime ceiling for members who first become members of a public retirement system of the state on or after April first, two thousand twelve.
Last Action
referred to governmental employees
4/26/2024