Bill > A09925

This bill amends the Retirement and Social Security Law to modify the definition of "overtime ceiling" for members who first became members of a public retirement system of the state on or after April 1, 2012, excluding those under the pension authorized under Section 604-b. The overtime ceiling, which limits the amount of overtime compensation that can be included in the definition of wages for pension calculation purposes, would be increased annually based on the consumer price index, rather than a fixed 3% increase. Additionally, the bill excludes certain types of compensation, such as wages exceeding the governor's salary, from the definition of wages for these members.