Bill > S08133

This bill, effective April 1, 2026, revises the retirement contribution rates for certain public employees, particularly those who joined retirement systems on or after April 1, 2012, and are classified as "Tier 6" members. It adjusts the percentage of annual wages that these members contribute to their retirement systems based on their salary levels, generally lowering the contribution rates for those earning over $75,000 annually, with the highest earners contributing 5% instead of up to 6%. The bill also permanently excludes overtime pay from the calculation of wages used for determining these contributions, a provision that was previously set to expire. Additionally, for certain employees in optional retirement programs within the education system, the state will contribute an additional 1% of the employee's contribution starting April 1, 2026. The bill also extends the period during which contribution rates are determined by wages from the second preceding plan year until April 1, 2028, for some members.

Labor and Employment

https://www.nysenate.gov/legislation/bills/2025/S8133