Bill > S06702

This bill addresses pension eligibility for participants in the automotive 25-year/age 50 pension plan who have more than 30 years of credited service and remain actively employed after age 62. Specifically, the legislation allows these participants to elect to receive a service retirement benefit equivalent to the standard service retirement benefit received by Tier IV members with the same age and service, which could potentially provide a more favorable calculation of their retirement benefits. The bill modifies existing retirement and social security law to give participants an option to calculate their benefits under a potentially more advantageous formula, essentially providing them flexibility in how their retirement benefits are determined. The changes are primarily focused on members of the New York City Employees' Retirement System (NYCERS) and the Board of Education Retirement System (BERS) who are in the Automotive 25-Year Plan. The fiscal note indicates that this could result in an initial increase in employer contributions of approximately $1.6 million, with $1.5 million attributed to New York City and the remainder to other obligors, and the changes are designed to provide more favorable retirement benefit calculations for eligible long-serving members.

Budget and Finance, Labor and Employment

https://www.nysenate.gov/legislation/bills/2025/S6702