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NY S08087
Bill
Status
12/19/2025
Primary Sponsor
Andrew Gounardes
Click for details
AI Summary
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Exempts Tier 6 New York City Transit Authority (NYCTA) members in the 25-Year/Age 55 Retirement Program (55/25 NYCTA Plan) from the overtime ceiling that normally limits how much overtime pay can count toward pension calculations
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Allows overtime earnings exceeding the current ceiling to be included in determining member contribution rates and Final Average Salary for pension benefits
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Increases employer contributions for NYCTA by approximately $20.2 million in FY 2026, rising to $35.7 million by FY 2041, with the entire cost allocated to the New York City Transit Authority
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Affects approximately 21,909 active NYCTA members with an average age of 43.2 years, average service of 5.4 years, and average salary of $86,000
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Creates an estimated $97 million increase in unfunded accrued liability, to be amortized over 16 annual payments of $10.6 million each
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
VETOED MEMO.158
12/19/2025