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NY S09373
Bill
Status
6/6/2024
Primary Sponsor
Andrew Gounardes
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AI Summary
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Removes the overtime ceiling for Tier 6 NYC Transit Authority (NYCTA) members in the 55/25 retirement plan, allowing all overtime earnings to be included in pension calculations and member contributions.
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Modifies the definition of "overtime ceiling" in the Retirement and Social Security Law to exclude NYCTA pension participants authorized under section 604-b from the current $15,000 annual overtime cap (adjusted for inflation).
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Results in increased employer contributions to the NYC Employees' Retirement System (NYCERS), ranging from $15.1 million in 2025 to $30.0 million by 2049, with an unfunded liability of $71.9 million as of June 30, 2023.
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Allows affected NYCTA members to potentially receive higher annual pension benefits if increased overtime earnings raise their Final Average Salary used in benefit calculations.
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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
6/7/2024