Bill > A08352

This bill amends the retirement and social security law to change how the "overtime ceiling" is adjusted for certain members of the New York State and Local Employees' Retirement System (NYSLERS). The overtime ceiling is a limit on the amount of overtime pay that can be counted towards retirement benefits. Currently, for members who joined on or after April 1, 2012, this ceiling increases annually based on inflation, as measured by the Consumer Price Index (CPI-U). Beginning January 1, 2027, this bill will ensure that for these members, the overtime ceiling increase will be at least three percent each year, or the rate of inflation if it's higher, providing a guaranteed minimum increase to protect against the erosion of overtime benefit value due to inflation. 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/A8352