Bill > S06638

This bill amends the New York State Retirement and Social Security Law to increase the pension calculation for certain public employees, specifically those in Tier 6 of the New York City Employees' Retirement System (NYCERS), Teachers' Retirement System (TRS), and Board of Education Retirement System (BERS). Currently, members with 20 or more years of credited service receive a pension equal to 35% of their final average salary, plus 2% for each year of service beyond 20 years. The bill increases this base percentage from 35% to 40%, effectively boosting the retirement benefits for these public employees. This change applies to members who first become part of these retirement systems on or after April 1, 2012, and who reach normal retirement age (defined as age 63 for members who joined after that date). The fiscal note estimates that this change will increase employer contributions, with an initial increase of $152.3 million across these retirement systems, and will incrementally rise over the next 25 years. The bill aims to provide more substantial retirement benefits for long-serving public employees in these New York State retirement systems.

Labor and Employment

https://www.nysenate.gov/legislation/bills/2025/S6638