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NY A07359
Bill
Status
3/25/2025
Primary Sponsor
Stacey Pheffer Amato
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AI Summary
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Allows participants in the Automotive 25-Year/Age 50 retirement plan with more than 30 years of credited service who continue working past age 62 to elect a standard Tier IV service retirement benefit if it exceeds their current plan benefit
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Under current law, Auto 25-Year Plan members retiring with 30+ years receive 60% of Final Average Salary; this bill would allow eligible members to instead receive 60% plus 1.5% for each year beyond 30 years
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Makes the election to participate in the 25-year/age 50 program no longer fully irrevocable for members meeting the age and service thresholds
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Estimated to increase employer contributions by approximately $1.57 million annually for the first several years, with costs primarily borne by NYCERS ($1.5 million) and smaller amounts by BERS
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Affects approximately 438 active members in NYCERS and 3 in BERS, with an average age of 54 and average service of 17-21 years
Legislative Description
Relates to eligibility for participants in the automotive 25 year/age 50 pension plan with more than 30 years of credited service who remain in active service after age 62 to receive a service retirement benefit equivalent to the standard service retirement benefit received by Tier IV members with the same age and service.
Last Action
substituted by s6702
6/16/2025