NY A08574

Increases the overtime compensation cap included in final average salary calculations from 15% to 30% of annual wages for Tier 5 and Tier 6 members of the New York State and Local Police and Fire Retirement System (NYSLPFRS)

Creates an estimated $611 million increase in the present value of pension benefits, with $576 million attributable to Tier 6 members and $35 million to Tiers 1-5

Raises annual employer contribution costs by approximately 1.2% of billable salary, totaling around $55 million per year ($10 million from New York State, $45 million from local employers)

Takes effect immediately upon enactment