Loading chat...
NY S06702
Bill
Status
12/19/2025
Primary Sponsor
Robert Jackson
Click for details
AI Summary
-
Allows Tier 4 members in the Automotive 25-Year/Age 50 retirement plan who have more than 30 years of credited service and remain working past age 62 to elect the standard Tier 4 service retirement benefit if it would be greater than their current plan benefit
-
Currently, eligible Auto 25-Year Plan members receive 60% of Final Average Salary at retirement; under this bill, those with 30+ years could receive 60% plus an additional 1.5% for each year of service beyond 30 years
-
Affects approximately 438 active members in NYCERS and 3 in BERS, with average ages around 54 years and average salaries of approximately $127,000
-
Estimated to increase employer contributions by approximately $1.57 million annually for the first 9 years, then declining to $74,000 by fiscal year 2050
-
Creates a present value liability increase of $10.7 million for NYCERS and $85,000 for BERS as of June 30, 2024
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
VETOED MEMO.151
12/19/2025