Bill > A09273

This bill amends the Retirement and Social Security Law to increase the pension calculation for certain members of public retirement systems, specifically those who are Tier 6 members of the New York State and Local Employees' Retirement System (NYSLERS), the New York State Teachers' Retirement System (NYSTRS), and the New York State and Local Police and Fire Retirement System (NYSLPF). The key change is that the pension benefit for these members with twenty or more years of credited service will now be calculated as forty percent of their final average salary (FAS) plus an additional amount for each year of service beyond twenty, instead of the previous thirty-five percent. Final average salary (FAS) is generally the average of the highest salaries earned over a specific period, typically three or five years, before retirement. This adjustment aims to enhance retirement benefits for a significant group of public employees.

Labor and Employment

https://www.nysenate.gov/legislation/bills/2025/A9273