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NY A08652
Bill
Status
5/22/2025
Primary Sponsor
Stacey Pheffer Amato
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AI Summary
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Removes the overtime ceiling for Tier 6 New York City Transit Authority (NYCTA) members enrolled in the 25-Year and Age 55 Retirement Program (55/25 NYCTA Plan), allowing overtime earnings to count toward pension calculations
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Affected employees would have overtime exceeding the current ceiling included in determining both their contribution rates and final average salary for pension benefits
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Estimated to increase employer contributions by $20.2 million in fiscal year 2026, rising to approximately $34.3 million by 2050, with all costs allocated to the New York City Transit Authority
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Initial actuarial impact includes a $97 million increase in unfunded accrued liability to be amortized over 16 years at $10.6 million annually
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Affects approximately 21,909 active NYCERS members with an average age of 43.2 years, average service of 5.4 years, and average salary of $86,000
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
substituted by s8087
6/16/2025