NY S08133

Simplifies retirement contribution rates for public employees who joined New York state retirement systems on or after April 1, 2012, replacing the previous five-tier wage-based contribution structure with a three-tier system effective April 1, 2025

Members earning $75,000 or less annually will contribute 3% of wages; those earning between $75,000 and $100,000 will contribute 4%; and those earning over $100,000 will contribute 5%

Eliminates the previous higher contribution rates of 5.75% and 6% that applied to higher earners, reducing maximum contributions from 6% to 5% for those earning over $100,000

Applies to members of multiple retirement systems including the New York State and Local Employees' Retirement System, New York State Teachers' Retirement System, New York City retirement systems, Police and Fire Retirement System, and optional retirement programs for education employees

Contribution rates are now determined by base wages as of April 1 (or December 31 for certain NYC systems) of the previous plan year, rather than the second preceding plan year under the old system