Bill > S08133

This bill modifies the retirement contribution rates for various public employees in New York state who were hired on or after April 1, 2012, beginning April 1, 2025. The key changes create a new tiered contribution system based on base wages, with three contribution levels: employees earning $75,000 or less will contribute 3% of annual wages, those earning between $75,000 and $100,000 will contribute 4%, and those earning over $100,000 will contribute 5%. The bill applies to multiple retirement systems, including the New York State and Local Employees' Retirement System, New York State Teachers' Retirement System, New York State and Local Police and Fire Retirement System, and several optional retirement programs for education employees. Base wages are defined to include regular pay, shift differential pay, location pay, and increased hiring rate pay, but exclude overtime payments and other additional compensation. In the first year of membership, employees will contribute based on a projected wage provided by their employer. The bill aims to adjust retirement contributions to reflect different wage levels while maintaining a consistent approach across various public employee retirement systems, with the changes set to take effect on April 1, 2025.

Labor and Employment

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