Bill > S08087

This bill modifies the definition of "overtime ceiling" for members who first join certain New York public retirement systems on or after April 1, 2012. Specifically, the bill adjusts how the overtime ceiling is calculated for these members by tying its annual increase to the Consumer Price Index (CPI-U), which measures inflation. Under the new provision, the overtime ceiling will start at $15,000 on April 1, 2012, and will be increased each year based on the annual inflation rate as determined by the U.S. Bureau of Labor Statistics. The bill also specifies that for members joining these retirement systems after this date, certain types of compensation will not be included in wage calculations, such as wages exceeding the governor's salary, lump-sum payments for deferred compensation, termination pay, and wages from multiple employers. This change primarily affects members of the New York State and Local Employees' Retirement System and the New York State Teachers' Retirement System, with a specific focus on New York City Transit Authority members in the 25-Year and Age 55 Retirement Program. The bill aims to provide a more dynamic and inflation-responsive method for calculating overtime compensation in public retirement systems.

Budget and Finance, Labor and Employment

https://www.nysenate.gov/legislation/bills/2025/S8087