Bill > S08401

This bill provides that certain members of the police and fire retirement system who first became members on or after April 1, 2012 shall have their final average salary calculated based on the regular compensation earned during the twelve months of actual service immediately preceding the date of their retirement, rather than the five-year average method typically used for Tier 6 members. This change would apply to members whose employers had previously elected to provide the one-year final average salary benefit to Tier 2 and Tier 5 members under the Retirement and Social Security Law. The bill would result in an estimated $3.1 million increase in annual contributions from the affected employers in the first year, with the cost varying in future years.

Budget and Finance, Labor and Employment

https://www.nysenate.gov/legislation/bills/2021/S8401