Bill > A07572

This bill amends the retirement and social security law to allow 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. The bill provides that these participants can elect to receive this higher benefit instead of the standard benefit under the Automotive 25 Year/Age 50 plan. The bill is expected to increase employer contributions to the New York City Employees' Retirement System (NYCERS) and the Board of Education Retirement System (BERS) by about $1.5 million annually.

Budget and Finance, Labor and Employment

https://www.nysenate.gov/legislation/bills/2023/A7572