Bill > S07670

This bill amends the retirement and social security law to change how the "overtime ceiling," which is the maximum amount of overtime pay that can be counted towards retirement benefits, is increased for certain members of the New York State and Local Employees' Retirement System (NYSLERS). Specifically, for members who joined NYSLERS on or after April 1, 2012, starting January 1, 2027, the annual increase to this overtime ceiling will be the greater of three percent or the annual rate of inflation, as measured by the Consumer Price Index (CPI-U). Currently, for these members, the overtime ceiling is increased annually by the rate of inflation, and for other members, it was a fixed three percent increase annually. This change is expected to increase the present value of benefits by approximately $400 million and will be funded by an increase in employer contributions.

Labor and Employment

https://www.nysenate.gov/legislation/bills/2025/S7670