NY A05580

Increases the public earnings cap for retired public employees returning to public service from $35,000 to $100,000, effective 2025 and thereafter

Allows New York State and Local Retirement System retirees to earn up to $100,000 annually in public employment while still receiving their full pension benefits

Also increases outside earnings permitted by members of the New York State Legislature to $100,000

Estimated annual cost of $32,000 per rehired retiree for the State Employees Retirement System, borne entirely by the State of New York

Estimated annual cost of $52,000 per rehired retiree for the Police and Fire Retirement System, shared by the state and participating employers