Bill > A08652

This bill modifies the definition of "overtime ceiling" for members who first join a public retirement system of the state on or after April 1, 2012. Specifically, the bill changes how the overtime ceiling is calculated for these members. 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 Consumer Price Index for All Urban Consumers (CPI-U), which measures annual inflation. This means the overtime ceiling will adjust annually to reflect changes in the cost of living. The bill also specifies that for members joining on or after this date, certain types of compensation will not be included in the definition of wages, such as wages exceeding the governor's salary, lump sum payments for deferred compensation, termination pay, and wages from multiple employers. The change appears to impact 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 under 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 pension calculations.

Budget and Finance, Labor and Employment

https://www.nysenate.gov/legislation/bills/2025/A8652