Loading chat...

NY S03144

Bill

Official Source

Status

Engrossed

6/8/2023

Primary Sponsor

John Mannion

Click for details

Origin

Senate

2023-2024 General Assembly

AI Summary

  • Increases the earnings-after-retirement limitation for retired persons in positions of public employment from $35,000 to $50,000 effective for calendar year 2024 and thereafter
  • Adds new subdivision 2-a to Section 212 of the Retirement and Social Security Law
  • Estimated annual cost to employers of New York State Teachers' Retirement System members is $87.6 million or 0.45% of payroll
  • Expected to result in some members retiring earlier than otherwise anticipated, which generally increases plan costs due to longer benefit payment periods
  • Takes effect immediately upon enactment

Legislative Description

Relates to increasing the earnings limitation for positions of public service; increases the earnings limitation from $35,000 to $50,000 in 2024 and thereafter.

Last Action

referred to governmental employees

6/6/2024

Committee Referrals

Governmental Employees6/6/2024
Rules6/6/2024
Civil Service and Pensions1/3/2024
Governmental Employees6/8/2023
Rules6/8/2023
Civil Service and Pensions1/27/2023

Full Bill Text

No bill text available