Bill > S06956

This bill increases the earnings limitation for retired public service workers from $35,000 to $50,000 beginning in the year 2025. Currently, retired public employees who return to work are restricted in how much they can earn annually without having their retirement benefits reduced. By raising the earnings cap to $50,000, the bill allows more retired workers to supplement their retirement income through continued public service employment. The fiscal note indicates this change could potentially impact retirement patterns, with some members potentially retiring earlier than they might have otherwise. The bill affects multiple New York retirement systems, including the New York State and Local Employees' Retirement System (NYSLERS), the New York State and Local Police and Fire Retirement System (NYSLPFRS), and the New York State Teachers' Retirement System. While the change provides more flexibility for retirees, it also comes with potential additional costs to the state and participating employers, estimated at approximately $11,250 to $12,000 per rehired retiree annually. Importantly, there is no earnings limitation for retirees who are 65 years of age and older.

Budget and Finance, Labor and Employment

https://www.nysenate.gov/legislation/bills/2025/S6956