NY A08352

Establishes a 3% minimum floor for annual overtime ceiling increases for Tier 6 members of the New York State and Local Employees' Retirement System (NYSLERS) who joined on or after April 1, 2012, effective January 1, 2026

The overtime ceiling increase will be the greater of 3% or the annual inflation rate based on CPI-U, replacing the current system that uses only inflation-based adjustments

Increases the present value of retirement benefits by approximately $290 million, with annual employer contributions rising by approximately $33 million ($13 million from the state, $20 million from local employers)

Affects approximately 295,617 Tier 6 members with combined annual salaries of approximately $14 billion

Exempts the provisions from the appropriation requirement under Section 25 of the Retirement and Social Security Law, allowing immediate implementation