NY A08720

Increases the earnings limitation for retired public employees who return to public service positions from $35,000 to $50,000 annually, effective 2025 and thereafter

Allows retirees under age 65 earning $50,000 or less in public employment to continue receiving their full retirement benefits without suspension

Estimated annual cost of $91.2 million (0.45% of payroll) to employers of New York State Teachers' Retirement System members

For the State and Local Employees' Retirement System, expected annual cost of $11,250 per rehired retiree; for Police and Fire Retirement System, $12,000 per retiree

Could shift retirement patterns if members retire earlier to take advantage of the higher earnings limit, potentially increasing average employer billing rates in service-based plans from 33.7% to 43.3%