Bill > A07359

This bill modifies pension eligibility rules for participants in the automotive 25 year/age 50 pension plan who have more than 30 years of credited service and continue working after age 62. Specifically, the bill allows these participants to elect to receive a service retirement benefit equivalent to the standard Tier IV retirement benefit if that calculation would result in a higher benefit. Under current rules, these participants were limited to a specific retirement benefit calculation for the automotive plan. The bill enables eligible members to choose the more favorable benefit calculation, which for those at least 62 years old would be 60% of their Final Average Salary (FAS) plus 1.5% of FAS for each year of service beyond 30 years. This change applies to members of the New York City Employees' Retirement System (NYCERS) and the Board of Education Retirement System (BERS) in the Automotive 25-Year Plan. The fiscal note estimates this will result in an initial increase in employer contributions of approximately $1.6 million, with $1.5 million attributed to New York City and $0.1 million to other obligors of the retirement system.

Budget and Finance, Labor and Employment

https://www.nysenate.gov/legislation/bills/2025/A7359