NY State Senate Bill 2023-S3614E

Archive: Last Bill Status - In Senate Committee Civil Service And Pensions Committee

Introduced
- In Committee Assembly
- In Committee Senate
- On Floor Calendar Assembly
- On Floor Calendar Senate
- Passed Assembly
- Passed Senate
Delivered to Governor
Signed By Governor

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Date of Action	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Mar 14, 2024	print number 3614e
Mar 14, 2024	amend and recommit to civil service and pensions
Feb 27, 2024	print number 3614d
Feb 27, 2024	amend and recommit to civil service and pensions
Feb 09, 2024	print number 3614c
Feb 09, 2024	amend and recommit to civil service and pensions
Jan 03, 2024	referred to civil service and pensions
Apr 20, 2023	print number 3614b
Apr 20, 2023	amend and recommit to civil service and pensions
Mar 15, 2023	print number 3614a
Mar 15, 2023	amend and recommit to civil service and pensions
Feb 01, 2023	referred to civil service and pensions

Bill Amendments

Original

E (Active)

2023-S3614 - Details

Current Committee:: Senate Civil Service And Pensions
Law Section:: Retirement and Social Security Law
Laws Affected:: Amd §§517, 613 & 1204, R & SS L; amd §§182, 392 & 6252, Ed L
Versions Introduced in Other Legislative Sessions:: 2019-2020: S5842
2021-2022: S4236

2023-S3614 - Summary

Increases the salary ranges tied to member contribution requirements; ties salary amount to inflation.

2023-S3614 - Sponsor Memo

                                 
BILL NUMBER: S3614

SPONSOR: GOUNARDES
 
TITLE OF BILL:

An act to amend the retirement and social security law and the education
law, in relation to member contribution per centum increases

 
PURPOSE OR GENERAL IDEA OF BILL:

This legislation amends the retirement and social security law to
increase the wage thresholds for contributions required to be made by
employees in Tier 6.

 
SUMMARY OF PROVISIONS:

This bill amends section 517, 613, and 1204 of the Retirement and Social
Security law and section 182, 392, and 6252 of the Education Law to
increase the wage thresholds for contributions that are required to be
made by employees in Tier 6. Such thresholds would immediately increase
by $5,000 and would thereafter increase by the rate of annual inflation,
not to exceed 3%.

 
EXISTING LAW:

Employees that are members of the tier 6 pension plan are required to
contribute a percentage of their wages based on how much they are paid
annually. The current brackets are:

Less than $45,000 - 3% of wages

$45,000 - $55,000 - 3.5%

$55,000 - $75,000 - 4.5%

$75,000-$100,000 - 5.75%

5.75% Over $100,000 - 6%

 
JUSTIFICATION:

The, current tier 6 contribution system requires employees to contribute
a percentage of their wages to pay for their pension.  While this system
is intended to ensure that lower income employees contribute a smaller
percentage of their income than those that make more, this will not be
the case over time. For example, an employee that currently makes
$40,000 per year will pay 3% of their wages for their pension. If they
receive a 2% raise annually, they would move into the 3.5% pension
contribution bracket within seven years. This effectively negates the
value of the raises, as with each income bracket they move into they
lose more of their money to the pension Rind. Furthermore, these wage
brackets set in statute do not account for inflation, meaning the value
of someone's income will decrease over time but they are still required
to contribute the same percent.  This legislation would fix this issue
by increasing each wage bracket by $5,000 immediately, and then tying it
to the rate of inflation, to both reflect the rising value of goods and
services and help public servants keep more of their own income.

 
PRIOR LEGISLATIVE HISTORY:
2022: S4236 - Died in Civil Service and Pensions

2021: S4236 - Died in Civil Service and Pensions

2020: S5842A - Died in Civil Service and Pensions

2019: S5842 - Died in Civil Service and Pensions

 
FISCAL IMPLICATIONS:

See bill.

 
EFFECTIVE DATE:
This act shall take effect immediately.

2023-S3614 - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   3614
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                             February 1, 2023
                                ___________
 
 Introduced by Sen. GOUNARDES -- read twice and ordered printed, and when
   printed to be committed to the Committee on Civil Service and Pensions
 
 AN ACT to amend the retirement and social security law and the education
   law, in relation to member contribution per centum increases

   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Paragraphs 1, 2, 3, 4 and 5 of subdivision a of section 517
 of the retirement and social security law, as added by chapter 18 of the
 laws of 2012, are amended to read as follows:
   1. members with wages of forty-five thousand dollars per annum or less
 shall contribute three per centum of annual wages.  ON  APRIL  ONE,  TWO
 THOUSAND  TWENTY-FOUR,  MEMBERS WITH WAGES OF FIFTY THOUSAND DOLLARS PER
 ANNUM OR LESS SHALL CONTRIBUTE THREE PER CENTUM  OF  ANNUAL  WAGES,  AND
 BEGINNING  ON  APRIL  ONE,  TWO  THOUSAND TWENTY-FIVE, THE WAGES IN THIS
 SUBPARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION,  AS  DETERMINED
 FROM  THE  INCREASE  IN  THE CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD
 ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL
 THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL
 NOT EXCEED THREE PERCENT;
   2. members with wages greater than forty-five thousand per annum,  but
 not  more  than fifty-five thousand per annum shall contribute three and
 one-half per centum of annual wages. ON APRIL ONE, TWO THOUSAND  TWENTY-
 FOUR,  MEMBERS WITH WAGES GREATER THAN FIFTY THOUSAND PER ANNUM, BUT NOT
 MORE THAN SIXTY THOUSAND PER ANNUM SHALL CONTRIBUTE THREE  AND  ONE-HALF
 PER  CENTUM  OF  ANNUAL  WAGES, AND BEGINNING ON APRIL ONE, TWO THOUSAND
 TWENTY-FIVE, THE WAGES IN THIS SUBPARAGRAPH SHALL BE  INCREASED  BY  THE
 ANNUAL  INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER PRICE
 INDEX IN THE ONE YEAR PERIOD ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR
 PRIOR. SAID PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER  ONE-
 TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT;
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD03315-02-3
 S. 3614                             2

 
   3.  members with wages greater than fifty-five thousand per annum, but
 not more than seventy-five thousand per annum shall contribute four  and
 one-half  per centum of annual wages. ON APRIL ONE, TWO THOUSAND TWENTY-
 FOUR, MEMBERS WITH WAGES GREATER THAN SIXTY THOUSAND PER ANNUM, BUT  NOT
 MORE  THAN  EIGHTY THOUSAND PER ANNUM SHALL CONTRIBUTE FOUR AND ONE-HALF
 PER CENTUM OF ANNUAL WAGES, AND BEGINNING ON  APRIL  ONE,  TWO  THOUSAND
 TWENTY-FIVE,  THE  WAGES  IN THIS SUBPARAGRAPH SHALL BE INCREASED BY THE
 ANNUAL INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER  PRICE
 INDEX IN THE ONE YEAR PERIOD ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR
 PRIOR.  SAID PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-
 TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT;
   4. members with wages greater than seventy-five thousand per annum but
 not more than one hundred thousand per annum shall contribute  five  and
 three-quarters  per  centum  of annual wages. ON APRIL ONE, TWO THOUSAND
 TWENTY-FOUR, MEMBERS WITH WAGES GREATER THAN EIGHTY THOUSAND DOLLARS PER
 ANNUM BUT NOT MORE THAN ONE HUNDRED  FIVE  THOUSAND  DOLLARS  PER  ANNUM
 SHALL CONTRIBUTE FIVE AND THREE-QUARTERS PER CENTUM OF ANNUAL WAGES, AND
 BEGINNING  ON  APRIL  ONE,  TWO  THOUSAND TWENTY-FIVE, THE WAGES IN THIS
 SUBPARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION,  AS  DETERMINED
 FROM  THE  INCREASE  IN  THE CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD
 ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL
 THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL
 NOT EXCEED THREE PERCENT; and
   5. members with wages greater than  one  hundred  thousand  per  annum
 shall contribute six per centum of annual wages. ON APRIL ONE, TWO THOU-
 SAND TWENTY-FOUR, MEMBERS WITH WAGES GREATER THAN ONE HUNDRED FIVE THOU-
 SAND  DOLLARS PER ANNUM SHALL CONTRIBUTE SIX PER CENTUM OF ANNUAL WAGES,
 AND BEGINNING ON APRIL ONE, TWO THOUSAND TWENTY-FIVE, THE WAGES IN  THIS
 SUBPARAGRAPH  SHALL  BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED
 FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN  THE  ONE  YEAR  PERIOD
 ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL
 THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL
 NOT EXCEED THREE PERCENT.
   §  2.  Subparagraphs  (i), (ii), (iii), (iv) and (v) of paragraph 1 of
 subdivision a, subparagraphs (i), (ii), (iii), (iv) and (v) of paragraph
 2 of subdivision a, paragraphs 1, 2, 3, 4 and 5  of  subdivision  f  and
 paragraphs  1,  2,  3,  4  and  5 of subdivision g of section 613 of the
 retirement and social security law, subparagraphs (i), (ii), (iii), (iv)
 and (v) of paragraph 1 and subparagraphs (i), (ii), (iii), (iv) and  (v)
 of paragraph 2 of subdivision a as amended by chapter 510 of the laws of
 2015  and paragraphs 1, 2, 3, 4 and 5 of subdivision f and paragraphs 1,
 2, 3, 4 and 5 of subdivision g as added by chapter 18  of  the  laws  of
 2012, are amended to read as follows:
   (i)  members  with  wages  of forty-five thousand dollars per annum or
 less shall contribute three per centum of annual wages.  ON  APRIL  ONE,
 TWO  THOUSAND  TWENTY-FOUR, MEMBERS WITH WAGES OF FIFTY THOUSAND DOLLARS
 PER ANNUM OR LESS SHALL CONTRIBUTE THREE PER CENTUM OF ANNUAL WAGES, AND
 BEGINNING ON APRIL ONE, TWO THOUSAND  TWENTY-FIVE,  THE  WAGES  IN  THIS
 SUBPARAGRAPH  SHALL  BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED
 FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN  THE  ONE  YEAR  PERIOD
 ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL
 THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL
 NOT EXCEED THREE PERCENT;
   (ii)  members  with  wages greater than forty-five thousand per annum,
 but not more than fifty-five thousand per annum shall  contribute  three
 and  one-half  per  centum  of  annual wages. ON APRIL ONE, TWO THOUSAND
 S. 3614                             3
 
 TWENTY-FOUR, MEMBERS WITH WAGES GREATER THAN FIFTY THOUSAND  PER  ANNUM,
 BUT  NOT  MORE THAN   OF SIXTY THOUSAND PER ANNUM SHALL CONTRIBUTE THREE
 AND ONE-HALF PER CENTUM OF ANNUAL WAGES, AND BEGINNING ON APRIL ONE, TWO
 THOUSAND  TWENTY-FIVE, THE WAGES IN THIS SUBPARAGRAPH SHALL BE INCREASED
 BY THE ANNUAL INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER
 PRICE INDEX IN THE ONE YEAR PERIOD ENDING ON  DECEMBER  THIRTY-FIRST  OF
 THE  YEAR  PRIOR.  SAID  PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT
 HIGHER ONE-TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT;
   (iii) members with wages greater than fifty-five thousand  per  annum,
 but  not more than seventy-five thousand per annum shall contribute four
 and one-half per centum of annual wages.  ON  APRIL  ONE,  TWO  THOUSAND
 TWENTY-FOUR,  MEMBERS  WITH WAGES GREATER THAN SIXTY THOUSAND PER ANNUM,
 BUT NOT MORE THAN EIGHTY THOUSAND PER ANNUM SHALL  CONTRIBUTE  FOUR  AND
 ONE-HALF  PER  CENTUM  OF  ANNUAL WAGES, AND BEGINNING ON APRIL ONE, TWO
 THOUSAND TWENTY-FIVE, THE WAGES IN THIS SUBPARAGRAPH SHALL BE  INCREASED
 BY THE ANNUAL INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER
 PRICE  INDEX  IN  THE ONE YEAR PERIOD ENDING ON DECEMBER THIRTY-FIRST OF
 THE YEAR PRIOR. SAID PERCENTAGE SHALL THEN BE ROUNDED  UP  TO  THE  NEXT
 HIGHER ONE-TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT;
   (iv)  members  with wages greater than seventy-five thousand per annum
 but not more than one hundred thousand per annum shall  contribute  five
 and  three-quarters  per centum of annual wages. ON APRIL ONE, TWO THOU-
 SAND TWENTY-FOUR,  MEMBERS  WITH  WAGES  GREATER  THAN  EIGHTY  THOUSAND
 DOLLARS  PER  ANNUM  BUT NOT MORE THAN ONE HUNDRED FIVE THOUSAND DOLLARS
 PER ANNUM SHALL CONTRIBUTE FIVE AND THREE-QUARTERS PER CENTUM OF  ANNUAL
 WAGES,  AND  BEGINNING ON APRIL ONE, TWO THOUSAND TWENTY-FIVE, THE WAGES
 IN THIS SUBPARAGRAPH SHALL BE INCREASED  BY  THE  ANNUAL  INFLATION,  AS
 DETERMINED FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN THE ONE YEAR
 PERIOD  ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENT-
 AGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT
 AND SHALL NOT EXCEED THREE PERCENT; and
   (v) members with wages greater than one  hundred  thousand  per  annum
 shall contribute six per centum of annual wages. ON APRIL ONE, TWO THOU-
 SAND TWENTY-FOUR, MEMBERS WITH WAGES GREATER THAN ONE HUNDRED FIVE THOU-
 SAND  DOLLARS PER ANNUM SHALL CONTRIBUTE SIX PER CENTUM OF ANNUAL WAGES,
 AND BEGINNING ON APRIL ONE, TWO THOUSAND TWENTY-FIVE, THE WAGES IN  THIS
 SUBPARAGRAPH  SHALL  BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED
 FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN  THE  ONE  YEAR  PERIOD
 ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL
 THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL
 NOT EXCEED THREE PERCENT.
   (i)  members  with  wages  of forty-five thousand dollars per annum or
 less shall contribute three per centum of annual wages.  ON  APRIL  ONE,
 TWO  THOUSAND  TWENTY-FOUR, MEMBERS WITH WAGES OF FIFTY THOUSAND DOLLARS
 PER ANNUM OR LESS SHALL CONTRIBUTE THREE PER CENTUM OF ANNUAL WAGES, AND
 BEGINNING ON APRIL ONE, TWO THOUSAND  TWENTY-FIVE,  THE  WAGES  IN  THIS
 SUBPARAGRAPH  SHALL  BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED
 FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN  THE  ONE  YEAR  PERIOD
 ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL
 THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL
 NOT EXCEED THREE PERCENT;
   (ii)  members  with  wages greater than forty-five thousand per annum,
 but not more than fifty-five thousand per annum shall  contribute  three
 and  one-half  per  centum  of  annual wages. ON APRIL ONE, TWO THOUSAND
 TWENTY-FOUR, MEMBERS WITH WAGES GREATER THAN FIFTY THOUSAND  PER  ANNUM,
 BUT  NOT  MORE THAN   OF SIXTY THOUSAND PER ANNUM SHALL CONTRIBUTE THREE
 S. 3614                             4
 
 AND ONE-HALF PER CENTUM OF ANNUAL WAGES, AND BEGINNING ON APRIL ONE, TWO
 THOUSAND TWENTY-FIVE, THE WAGES IN THIS SUBPARAGRAPH SHALL BE  INCREASED
 BY THE ANNUAL INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER
 PRICE  INDEX  IN  THE ONE YEAR PERIOD ENDING ON DECEMBER THIRTY-FIRST OF
 THE YEAR PRIOR. SAID PERCENTAGE SHALL THEN BE ROUNDED  UP  TO  THE  NEXT
 HIGHER ONE-TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT;
   (iii)  members  with wages greater than fifty-five thousand per annum,
 but not more than seventy-five thousand per annum shall contribute  four
 and  one-half  per  centum  of  annual wages. ON APRIL ONE, TWO THOUSAND
 TWENTY-FOUR, MEMBERS WITH WAGES GREATER THAN SIXTY THOUSAND  PER  ANNUM,
 BUT  NOT  MORE  THAN EIGHTY THOUSAND PER ANNUM SHALL CONTRIBUTE FOUR AND
 ONE-HALF PER CENTUM OF ANNUAL WAGES, AND BEGINNING  ON  APRIL  ONE,  TWO
 THOUSAND  TWENTY-FIVE, THE WAGES IN THIS SUBPARAGRAPH SHALL BE INCREASED
 BY THE ANNUAL INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER
 PRICE INDEX IN THE ONE YEAR PERIOD ENDING ON  DECEMBER  THIRTY-FIRST  OF
 THE  YEAR  PRIOR.  SAID  PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT
 HIGHER ONE-TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT;
   (iv) members with wages greater than seventy-five thousand  per  annum
 but  not  more than one hundred thousand per annum shall contribute five
 and three-quarters per centum of annual wages. ON APRIL ONE,  TWO  THOU-
 SAND  TWENTY-FOUR,  MEMBERS  WITH  WAGES  GREATER  THAN  EIGHTY THOUSAND
 DOLLARS PER ANNUM BUT NOT MORE THAN ONE HUNDRED  FIVE  THOUSAND  DOLLARS
 PER  ANNUM SHALL CONTRIBUTE FIVE AND THREE-QUARTERS PER CENTUM OF ANNUAL
 WAGES, AND BEGINNING ON APRIL ONE, TWO THOUSAND TWENTY-FIVE,  THE  WAGES
 IN  THIS  SUBPARAGRAPH  SHALL  BE  INCREASED BY THE ANNUAL INFLATION, AS
 DETERMINED FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN THE ONE YEAR
 PERIOD ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID  PERCENT-
 AGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT
 AND SHALL NOT EXCEED THREE PERCENT; and
   (v)  members  with  wages  greater than one hundred thousand per annum
 shall contribute six per centum of annual wages. ON APRIL ONE, TWO THOU-
 SAND TWENTY-FOUR, MEMBERS WITH WAGES GREATER THAN ONE HUNDRED FIVE THOU-
 SAND DOLLARS PER ANNUM SHALL CONTRIBUTE SIX PER CENTUM OF ANNUAL  WAGES,
 AND  BEGINNING ON APRIL ONE, TWO THOUSAND TWENTY-FIVE, THE WAGES IN THIS
 SUBPARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION,  AS  DETERMINED
 FROM  THE  INCREASE  IN  THE CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD
 ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL
 THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL
 NOT EXCEED THREE PERCENT.
   1. members with wages of forty-five thousand dollars per annum or less
 shall contribute three per centum of annual wages.  ON  APRIL  ONE,  TWO
 THOUSAND  TWENTY-FOUR,  MEMBERS WITH WAGES OF FIFTY THOUSAND DOLLARS PER
 ANNUM OR LESS SHALL CONTRIBUTE THREE PER CENTUM  OF  ANNUAL  WAGES,  AND
 BEGINNING  ON  APRIL  ONE,  TWO  THOUSAND TWENTY-FIVE, THE WAGES IN THIS
 SUBPARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION,  AS  DETERMINED
 FROM  THE  INCREASE  IN  THE CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD
 ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL
 THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL
 NOT EXCEED THREE PERCENT;
   2. members with wages greater than forty-five thousand per annum,  but
 not  more  than fifty-five thousand per annum shall contribute three and
 one-half per centum of annual wages. ON APRIL ONE, TWO THOUSAND  TWENTY-
 FOUR,  MEMBERS WITH WAGES GREATER THAN FIFTY THOUSAND PER ANNUM, BUT NOT
 MORE THAN  OF SIXTY THOUSAND PER ANNUM SHALL CONTRIBUTE THREE  AND  ONE-
 HALF  PER  CENTUM OF ANNUAL WAGES, AND BEGINNING ON APRIL ONE, TWO THOU-
 SAND TWENTY-FIVE, THE WAGES IN THIS SUBPARAGRAPH SHALL BE  INCREASED  BY
 S. 3614                             5
 
 THE  ANNUAL  INFLATION,  AS DETERMINED FROM THE INCREASE IN THE CONSUMER
 PRICE INDEX IN THE ONE YEAR PERIOD ENDING ON  DECEMBER  THIRTY-FIRST  OF
 THE  YEAR  PRIOR.  SAID  PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT
 HIGHER ONE-TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT;
   3.  members with wages greater than fifty-five thousand per annum, but
 not more than seventy-five thousand per annum shall contribute four  and
 one-half  per centum of annual wages. ON APRIL ONE, TWO THOUSAND TWENTY-
 FOUR, MEMBERS WITH WAGES GREATER THAN SIXTY THOUSAND PER ANNUM, BUT  NOT
 MORE  THAN  EIGHTY THOUSAND PER ANNUM SHALL CONTRIBUTE FOUR AND ONE-HALF
 PER CENTUM OF ANNUAL WAGES, AND BEGINNING ON  APRIL  ONE,  TWO  THOUSAND
 TWENTY-FIVE,  THE  WAGES  IN THIS SUBPARAGRAPH SHALL BE INCREASED BY THE
 ANNUAL INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER  PRICE
 INDEX IN THE ONE YEAR PERIOD ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR
 PRIOR.  SAID PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-
 TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT;
   4. members with wages greater than seventy-five thousand per annum but
 not more than one hundred thousand per annum shall contribute  five  and
 three-quarters  per  centum  of annual wages. ON APRIL ONE, TWO THOUSAND
 TWENTY-FOUR, MEMBERS WITH WAGES GREATER THAN EIGHTY THOUSAND DOLLARS PER
 ANNUM BUT NOT MORE THAN ONE HUNDRED  FIVE  THOUSAND  DOLLARS  PER  ANNUM
 SHALL CONTRIBUTE FIVE AND THREE-QUARTERS PER CENTUM OF ANNUAL WAGES, AND
 BEGINNING  ON  APRIL  ONE,  TWO  THOUSAND TWENTY-FIVE, THE WAGES IN THIS
 SUBPARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION,  AS  DETERMINED
 FROM  THE  INCREASE  IN  THE CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD
 ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL
 THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL
 NOT EXCEED THREE PERCENT; and
   5. members with wages greater than  one  hundred  thousand  per  annum
 shall contribute six per centum of annual wages. ON APRIL ONE, TWO THOU-
 SAND TWENTY-FOUR, MEMBERS WITH WAGES GREATER THAN ONE HUNDRED FIVE THOU-
 SAND  DOLLARS PER ANNUM SHALL CONTRIBUTE SIX PER CENTUM OF ANNUAL WAGES,
 AND BEGINNING ON APRIL ONE, TWO THOUSAND TWENTY-FIVE, THE WAGES IN  THIS
 SUBPARAGRAPH  SHALL  BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED
 FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN  THE  ONE  YEAR  PERIOD
 ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL
 THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL
 NOT EXCEED THREE PERCENT.
   1. members with wages of forty-five thousand dollars per annum or less
 shall  contribute  three  per  centum of annual wages. ON APRIL ONE, TWO
 THOUSAND TWENTY-FOUR, MEMBERS WITH WAGES OF FIFTY THOUSAND  DOLLARS  PER
 ANNUM  OR  LESS  SHALL  CONTRIBUTE THREE PER CENTUM OF ANNUAL WAGES, AND
 BEGINNING ON APRIL ONE, TWO THOUSAND  TWENTY-FIVE,  THE  WAGES  IN  THIS
 SUBPARAGRAPH  SHALL  BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED
 FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN  THE  ONE  YEAR  PERIOD
 ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL
 THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL
 NOT EXCEED THREE PERCENT;
   2.  members with wages greater than forty-five thousand per annum, but
 not more than fifty-five thousand per annum shall contribute  three  and
 one-half  per centum of annual wages. ON APRIL ONE, TWO THOUSAND TWENTY-
 FOUR, MEMBERS WITH WAGES GREATER THAN FIFTY THOUSAND PER ANNUM, BUT  NOT
 MORE  THAN   OF SIXTY THOUSAND PER ANNUM SHALL CONTRIBUTE THREE AND ONE-
 HALF PER CENTUM OF ANNUAL WAGES, AND BEGINNING ON APRIL ONE,  TWO  THOU-
 SAND  TWENTY-FIVE,  THE WAGES IN THIS SUBPARAGRAPH SHALL BE INCREASED BY
 THE ANNUAL INFLATION, AS DETERMINED FROM THE INCREASE  IN  THE  CONSUMER
 PRICE  INDEX  IN  THE ONE YEAR PERIOD ENDING ON DECEMBER THIRTY-FIRST OF
 S. 3614                             6

 THE YEAR PRIOR. SAID PERCENTAGE SHALL THEN BE ROUNDED  UP  TO  THE  NEXT
 HIGHER ONE-TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT;
   3.  members with wages greater than fifty-five thousand per annum, but
 not more than seventy-five thousand per annum shall contribute four  and
 one-half  per centum of annual wages. ON APRIL ONE, TWO THOUSAND TWENTY-
 FOUR, MEMBERS WITH WAGES GREATER THAN SIXTY THOUSAND PER ANNUM, BUT  NOT
 MORE  THAN  EIGHTY THOUSAND PER ANNUM SHALL CONTRIBUTE FOUR AND ONE-HALF
 PER CENTUM OF ANNUAL WAGES, AND BEGINNING ON  APRIL  ONE,  TWO  THOUSAND
 TWENTY-FIVE,  THE  WAGES  IN THIS SUBPARAGRAPH SHALL BE INCREASED BY THE
 ANNUAL INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER  PRICE
 INDEX IN THE ONE YEAR PERIOD ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR
 PRIOR.  SAID PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-
 TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT;
   4. members with wages greater than seventy-five thousand per annum but
 not more than one hundred thousand per annum shall contribute  five  and
 three-quarters  per  centum  of annual wages. ON APRIL ONE, TWO THOUSAND
 TWENTY-FOUR, MEMBERS WITH WAGES GREATER THAN EIGHTY THOUSAND DOLLARS PER
 ANNUM BUT NOT MORE THAN ONE HUNDRED  FIVE  THOUSAND  DOLLARS  PER  ANNUM
 SHALL CONTRIBUTE FIVE AND THREE-QUARTERS PER CENTUM OF ANNUAL WAGES, AND
 BEGINNING  ON  APRIL  ONE,  TWO  THOUSAND TWENTY-FIVE, THE WAGES IN THIS
 SUBPARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION,  AS  DETERMINED
 FROM  THE  INCREASE  IN  THE CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD
 ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL
 THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL
 NOT EXCEED THREE PERCENT; and
   5. members with wages greater than  one  hundred  thousand  per  annum
 shall contribute six per centum of annual wages. ON APRIL ONE, TWO THOU-
 SAND TWENTY-FOUR, MEMBERS WITH WAGES GREATER THAN ONE HUNDRED FIVE THOU-
 SAND  DOLLARS PER ANNUM SHALL CONTRIBUTE SIX PER CENTUM OF ANNUAL WAGES,
 AND BEGINNING ON APRIL ONE, TWO THOUSAND TWENTY-FIVE, THE WAGES IN  THIS
 SUBPARAGRAPH  SHALL  BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED
 FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN  THE  ONE  YEAR  PERIOD
 ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL
 THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL
 NOT EXCEED THREE PERCENT.
   §  3.  Subdivisions a, b, c, d and e of section 1204 of the retirement
 and social security law, as added by chapter 18 of the laws of 2012, are
 amended to read as follows:
   a. members with wages of forty-five thousand dollars per annum or less
 shall contribute three per centum of annual wages.  ON  APRIL  ONE,  TWO
 THOUSAND  TWENTY-FOUR,  MEMBERS WITH WAGES OF FIFTY THOUSAND DOLLARS PER
 ANNUM OR LESS SHALL CONTRIBUTE THREE PER CENTUM  OF  ANNUAL  WAGES,  AND
 BEGINNING  ON  APRIL  ONE,  TWO  THOUSAND TWENTY-FIVE, THE WAGES IN THIS
 SUBPARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION,  AS  DETERMINED
 FROM  THE  INCREASE  IN  THE CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD
 ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL
 THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL
 NOT EXCEED THREE PERCENT;
   b. members with wages greater than forty-five thousand per annum,  but
 not  more  than fifty-five thousand per annum shall contribute three and
 one-half per centum of annual wages. ON APRIL ONE, TWO THOUSAND  TWENTY-
 FOUR,  MEMBERS WITH WAGES GREATER THAN FIFTY THOUSAND PER ANNUM, BUT NOT
 MORE THAN  OF SIXTY THOUSAND PER ANNUM SHALL CONTRIBUTE THREE  AND  ONE-
 HALF  PER  CENTUM OF ANNUAL WAGES, AND BEGINNING ON APRIL ONE, TWO THOU-
 SAND TWENTY-FIVE, THE WAGES IN THIS SUBPARAGRAPH SHALL BE  INCREASED  BY
 THE  ANNUAL  INFLATION,  AS DETERMINED FROM THE INCREASE IN THE CONSUMER
 S. 3614                             7
 
 PRICE INDEX IN THE ONE YEAR PERIOD ENDING ON  DECEMBER  THIRTY-FIRST  OF
 THE  YEAR  PRIOR.  SAID  PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT
 HIGHER ONE-TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT;
   c.  members with wages greater than fifty-five thousand per annum, but
 not more than seventy-five thousand per annum shall contribute four  and
 one-half  per centum of annual wages. ON APRIL ONE, TWO THOUSAND TWENTY-
 FOUR, MEMBERS WITH WAGES GREATER THAN SIXTY THOUSAND PER ANNUM, BUT  NOT
 MORE  THAN  EIGHTY THOUSAND PER ANNUM SHALL CONTRIBUTE FOUR AND ONE-HALF
 PER CENTUM OF ANNUAL WAGES, AND BEGINNING ON  APRIL  ONE,  TWO  THOUSAND
 TWENTY-FIVE,  THE  WAGES  IN THIS SUBPARAGRAPH SHALL BE INCREASED BY THE
 ANNUAL INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER  PRICE
 INDEX IN THE ONE YEAR PERIOD ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR
 PRIOR.  SAID PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-
 TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT;
   d. members with wages greater than seventy-five thousand per annum but
 not more than one hundred thousand per annum shall contribute  five  and
 three-quarters  per  centum  of annual wages. ON APRIL ONE, TWO THOUSAND
 TWENTY-FOUR, MEMBERS WITH WAGES GREATER THAN EIGHTY THOUSAND DOLLARS PER
 ANNUM BUT NOT MORE THAN ONE HUNDRED  FIVE  THOUSAND  DOLLARS  PER  ANNUM
 SHALL CONTRIBUTE FIVE AND THREE-QUARTERS PER CENTUM OF ANNUAL WAGES, AND
 BEGINNING  ON  APRIL  ONE,  TWO  THOUSAND TWENTY-FIVE, THE WAGES IN THIS
 SUBPARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION,  AS  DETERMINED
 FROM  THE  INCREASE  IN  THE CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD
 ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL
 THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL
 NOT EXCEED THREE PERCENT; and
   e. members with wages greater than  one  hundred  thousand  per  annum
 shall contribute six per centum of annual wages. ON APRIL ONE, TWO THOU-
 SAND TWENTY-FOUR, MEMBERS WITH WAGES GREATER THAN ONE HUNDRED FIVE THOU-
 SAND  DOLLARS PER ANNUM SHALL CONTRIBUTE SIX PER CENTUM OF ANNUAL WAGES,
 AND BEGINNING ON APRIL ONE, TWO THOUSAND TWENTY-FIVE, THE WAGES IN  THIS
 SUBPARAGRAPH  SHALL  BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED
 FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN  THE  ONE  YEAR  PERIOD
 ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL
 THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL
 NOT EXCEED THREE PERCENT.
   § 4. Paragraphs (a), (b), (c), (d) and (e) of subdivision 2 of section
 182  of  the  education law, as added by chapter 18 of the laws of 2012,
 are amended to read as follows:
   (a) members with wages of forty-five thousand  dollars  per  annum  or
 less  shall  contribute  three per centum of annual wages. ON APRIL ONE,
 TWO THOUSAND TWENTY-FOUR, MEMBERS WITH WAGES OF FIFTY  THOUSAND  DOLLARS
 PER ANNUM OR LESS SHALL CONTRIBUTE THREE PER CENTUM OF ANNUAL WAGES, AND
 BEGINNING  ON  APRIL  ONE,  TWO  THOUSAND TWENTY-FIVE, THE WAGES IN THIS
 SUBPARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION,  AS  DETERMINED
 FROM  THE  INCREASE  IN  THE CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD
 ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL
 THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL
 NOT EXCEED THREE PERCENT;
   (b) members with wages greater than forty-five thousand per annum, but
 not more than fifty-five thousand per annum shall contribute  three  and
 one-half  per centum of annual wages. ON APRIL ONE, TWO THOUSAND TWENTY-
 FOUR, MEMBERS WITH WAGES GREATER THAN FIFTY THOUSAND PER ANNUM, BUT  NOT
 MORE  THAN   OF SIXTY THOUSAND PER ANNUM SHALL CONTRIBUTE THREE AND ONE-
 HALF PER CENTUM OF ANNUAL WAGES, AND BEGINNING ON APRIL ONE,  TWO  THOU-
 SAND  TWENTY-FIVE,  THE WAGES IN THIS SUBPARAGRAPH SHALL BE INCREASED BY
 S. 3614                             8
 
 THE ANNUAL INFLATION, AS DETERMINED FROM THE INCREASE  IN  THE  CONSUMER
 PRICE  INDEX  IN  THE ONE YEAR PERIOD ENDING ON DECEMBER THIRTY-FIRST OF
 THE YEAR PRIOR. SAID PERCENTAGE SHALL THEN BE ROUNDED  UP  TO  THE  NEXT
 HIGHER ONE-TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT;
   (c) members with wages greater than fifty-five thousand per annum, but
 not  more than seventy-five thousand per annum shall contribute four and
 one-half per centum of annual wages. ON APRIL ONE, TWO THOUSAND  TWENTY-
 FOUR,  MEMBERS WITH WAGES GREATER THAN SIXTY THOUSAND PER ANNUM, BUT NOT
 MORE THAN EIGHTY THOUSAND PER ANNUM SHALL CONTRIBUTE FOUR  AND  ONE-HALF
 PER  CENTUM  OF  ANNUAL  WAGES, AND BEGINNING ON APRIL ONE, TWO THOUSAND
 TWENTY-FIVE, THE WAGES IN THIS SUBPARAGRAPH SHALL BE  INCREASED  BY  THE
 ANNUAL  INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER PRICE
 INDEX IN THE ONE YEAR PERIOD ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR
 PRIOR. SAID PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER  ONE-
 TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT;
   (d)  members  with  wages greater than seventy-five thousand per annum
 but not more than one hundred thousand per annum shall  contribute  five
 and  three-quarters  per centum of annual wages. ON APRIL ONE, TWO THOU-
 SAND TWENTY-FOUR,  MEMBERS  WITH  WAGES  GREATER  THAN  EIGHTY  THOUSAND
 DOLLARS  PER  ANNUM  BUT NOT MORE THAN ONE HUNDRED FIVE THOUSAND DOLLARS
 PER ANNUM SHALL CONTRIBUTE FIVE AND THREE-QUARTERS PER CENTUM OF  ANNUAL
 WAGES,  AND  BEGINNING ON APRIL ONE, TWO THOUSAND TWENTY-FIVE, THE WAGES
 IN THIS SUBPARAGRAPH SHALL BE INCREASED  BY  THE  ANNUAL  INFLATION,  AS
 DETERMINED FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN THE ONE YEAR
 PERIOD  ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENT-
 AGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT
 AND SHALL NOT EXCEED THREE PERCENT; and
   (e) members with wages greater than one  hundred  thousand  per  annum
 shall contribute six per centum of annual wages. ON APRIL ONE, TWO THOU-
 SAND TWENTY-FOUR, MEMBERS WITH WAGES GREATER THAN ONE HUNDRED FIVE THOU-
 SAND  DOLLARS PER ANNUM SHALL CONTRIBUTE SIX PER CENTUM OF ANNUAL WAGES,
 AND BEGINNING ON APRIL ONE, TWO THOUSAND TWENTY-FIVE, THE WAGES IN  THIS
 SUBPARAGRAPH  SHALL  BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED
 FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN  THE  ONE  YEAR  PERIOD
 ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL
 THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL
 NOT EXCEED THREE PERCENT.
   §  5. Subparagraphs (i), (ii), (iii), (iv) and (v) of paragraph (d) of
 subdivision 2 of section 392 of the education law, as added  by  chapter
 18 of the laws of 2012, are amended to read as follows:
   (i)  members  with  wages  of forty-five thousand dollars per annum or
 less shall contribute three per centum of annual wages. ON JULY ONE, TWO
 THOUSAND TWENTY-THREE, MEMBERS WITH WAGES OF FIFTY THOUSAND DOLLARS  PER
 ANNUM  OR  LESS  SHALL  CONTRIBUTE THREE PER CENTUM OF ANNUAL WAGES, AND
 BEGINNING ON JULY ONE, TWO  THOUSAND  TWENTY-FOUR,  THE  WAGES  IN  THIS
 SUBPARAGRAPH  SHALL  BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED
 FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN  THE  ONE  YEAR  PERIOD
 ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL
 THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL
 NOT EXCEED THREE PERCENT;
   (ii)  members  with  wages greater than forty-five thousand per annum,
 but not more than fifty-five thousand per annum shall  contribute  three
 and one-half per centum of annual wages. ON JULY ONE, TWO THOUSAND TWEN-
 TY-THREE,  MEMBERS WITH WAGES GREATER THAN FIFTY THOUSAND PER ANNUM, BUT
 NOT MORE THAN  OF SIXTY THOUSAND PER ANNUM SHALL  CONTRIBUTE  THREE  AND
 ONE-HALF  PER  CENTUM  OF  ANNUAL  WAGES, AND BEGINNING ON JULY ONE, TWO
 S. 3614                             9
 
 THOUSAND TWENTY-FOUR, THE WAGES IN THIS SUBPARAGRAPH SHALL BE  INCREASED
 BY THE ANNUAL INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER
 PRICE  INDEX  IN  THE ONE YEAR PERIOD ENDING ON DECEMBER THIRTY-FIRST OF
 THE  YEAR  PRIOR.  SAID  PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT
 HIGHER ONE-TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT;
   (iii) members with wages greater than fifty-five thousand  per  annum,
 but  not more than seventy-five thousand per annum shall contribute four
 and one-half per centum of annual wages. ON JULY ONE, TWO THOUSAND TWEN-
 TY-THREE, MEMBERS WITH WAGES GREATER THAN SIXTY THOUSAND PER ANNUM,  BUT
 NOT  MORE  THAN EIGHTY THOUSAND PER ANNUM SHALL CONTRIBUTE FOUR AND ONE-
 HALF PER CENTUM OF ANNUAL WAGES, AND BEGINNING ON JULY ONE, TWO THOUSAND
 TWENTY-FOUR, THE WAGES IN THIS SUBPARAGRAPH SHALL BE  INCREASED  BY  THE
 ANNUAL  INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER PRICE
 INDEX IN THE ONE YEAR PERIOD ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR
 PRIOR. SAID PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER  ONE-
 TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT;
   (iv)  members  with wages greater than seventy-five thousand per annum
 but not more than one hundred thousand per annum shall  contribute  five
 and three-quarters per centum of annual wages. ON JULY ONE, TWO THOUSAND
 TWENTY-THREE,  MEMBERS  WITH  WAGES GREATER THAN EIGHTY THOUSAND DOLLARS
 PER ANNUM BUT NOT MORE THAN ONE HUNDRED FIVE THOUSAND DOLLARS PER  ANNUM
 SHALL CONTRIBUTE FIVE AND THREE-QUARTERS PER CENTUM OF ANNUAL WAGES, AND
 BEGINNING  ON  JULY  ONE,  TWO  THOUSAND  TWENTY-FOUR, THE WAGES IN THIS
 SUBPARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION,  AS  DETERMINED
 FROM  THE  INCREASE  IN  THE CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD
 ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL
 THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL
 NOT EXCEED THREE PERCENT; and
   (v) members with wages greater than one  hundred  thousand  per  annum
 shall  contribute six per centum of annual wages. ON JULY ONE, TWO THOU-
 SAND TWENTY-THREE, MEMBERS WITH WAGES  GREATER  THAN  ONE  HUNDRED  FIVE
 THOUSAND  DOLLARS  PER  ANNUM  SHALL CONTRIBUTE SIX PER CENTUM OF ANNUAL
 WAGES, AND BEGINNING ON JULY  ONE, TWO THOUSAND TWENTY-FOUR,  THE  WAGES
 IN  THIS  SUBPARAGRAPH  SHALL  BE  INCREASED BY THE ANNUAL INFLATION, AS
 DETERMINED FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN THE ONE YEAR
 PERIOD ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID  PERCENT-
 AGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT
 AND SHALL NOT EXCEED THREE PERCENT.
   §  6. Subparagraphs 1, 2, 3, 4 and 5 of paragraph (d) of subdivision 2
 of section 6252 of the education law, as added by chapter 18 of the laws
 of 2012, are amended to read as follows:
   (1) members with wages of forty-five thousand  dollars  per  annum  or
 less shall contribute three per centum of annual wages. ON JULY ONE, TWO
 THOUSAND  TWENTY-THREE, MEMBERS WITH WAGES OF FIFTY THOUSAND DOLLARS PER
 ANNUM OR LESS SHALL CONTRIBUTE THREE PER CENTUM  OF  ANNUAL  WAGES,  AND
 BEGINNING  ON  JULY  ONE,  TWO  THOUSAND  TWENTY-FOUR, THE WAGES IN THIS
 SUBPARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION,  AS  DETERMINED
 FROM  THE  INCREASE  IN  THE CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD
 ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL
 THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL
 NOT EXCEED THREE PERCENT;
   (2) members with wages greater than forty-five thousand per annum, but
 not more than fifty-five thousand per annum shall contribute  three  and
 one-half  per  centum of annual wages. ON JULY ONE, TWO THOUSAND TWENTY-
 THREE, MEMBERS WITH WAGES GREATER THAN FIFTY THOUSAND PER ANNUM, BUT NOT
 MORE THAN  OF SIXTY THOUSAND PER ANNUM SHALL CONTRIBUTE THREE  AND  ONE-
 S. 3614                            10

 HALF PER CENTUM OF ANNUAL WAGES, AND BEGINNING ON JULY ONE, TWO THOUSAND
 TWENTY-FOUR,  THE  WAGES  IN THIS SUBPARAGRAPH SHALL BE INCREASED BY THE
 ANNUAL INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER  PRICE
 INDEX IN THE ONE YEAR PERIOD ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR
 PRIOR.  SAID PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-
 TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT;
   (3) members with wages greater than fifty-five thousand per annum, but
 not more than seventy-five thousand per annum shall contribute four  and
 one-half  per  centum of annual wages. ON JULY ONE, TWO THOUSAND TWENTY-
 THREE, MEMBERS WITH WAGES GREATER THAN SIXTY THOUSAND PER ANNUM, BUT NOT
 MORE THAN EIGHTY THOUSAND PER ANNUM SHALL CONTRIBUTE FOUR  AND  ONE-HALF
 PER  CENTUM  OF  ANNUAL  WAGES,  AND BEGINNING ON JULY ONE, TWO THOUSAND
 TWENTY-FOUR, THE WAGES IN THIS SUBPARAGRAPH SHALL BE  INCREASED  BY  THE
 ANNUAL  INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER PRICE
 INDEX IN THE ONE YEAR PERIOD ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR
 PRIOR. SAID PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER  ONE-
 TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT;
   (4)  members  with  wages greater than seventy-five thousand per annum
 but not more than one hundred thousand per annum shall  contribute  five
 and three-quarters per centum of annual wages. ON JULY ONE, TWO THOUSAND
 TWENTY-THREE,  MEMBERS  WITH  WAGES GREATER THAN EIGHTY THOUSAND DOLLARS
 PER ANNUM BUT NOT MORE THAN ONE HUNDRED FIVE THOUSAND DOLLARS PER  ANNUM
 SHALL CONTRIBUTE FIVE AND THREE-QUARTERS PER CENTUM OF ANNUAL WAGES, AND
 BEGINNING  ON  JULY  ONE,  TWO  THOUSAND  TWENTY-FOUR, THE WAGES IN THIS
 SUBPARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION,  AS  DETERMINED
 FROM  THE  INCREASE  IN  THE CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD
 ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL
 THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL
 NOT EXCEED THREE PERCENT; and
   (5) members with wages greater than one  hundred  thousand  per  annum
 shall  contribute six per centum of annual wages. ON JULY ONE, TWO THOU-
 SAND TWENTY-THREE, MEMBERS WITH WAGES  GREATER  THAN  ONE  HUNDRED  FIVE
 THOUSAND  DOLLARS  PER  ANNUM  SHALL CONTRIBUTE SIX PER CENTUM OF ANNUAL
 WAGES, AND BEGINNING ON JULY  ONE, TWO THOUSAND TWENTY-FOUR,  THE  WAGES
 IN  THIS  SUBPARAGRAPH  SHALL  BE  INCREASED BY THE ANNUAL INFLATION, AS
 DETERMINED FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN THE ONE YEAR
 PERIOD ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID  PERCENT-
 AGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT
 AND SHALL NOT EXCEED THREE PERCENT.
   §  7. Notwithstanding any other provision of law to the contrary, none
 of the provisions of this act shall be subject  to  section  25  of  the
 retirement and social security law.
   § 8. This act shall take effect immediately.
   FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
   This  bill would increase the wage ranges to which member contribution
 rates are applied for Tier 6 members effective April 1, 2024 by  $5,000.
 Beginning  on April 1, 2025, the wage ranges would increase each year by
 the annual inflation rate rounded up to the next tenth of a percent, not
 to exceed 3%.
   The current contribution rates and wage ranges for Tier 6 members are:
   3% for wages of $45,000 or less
   3.5% for wages greater than $45,000 and less than or equal to $55,000
   4.5% for wages greater than $55,000 and less than or equal to $75,000
   5.75% for wages greater  than  $75,000  and  less  than  or  equal  to
 $100,000
   6.0% for wages greater than $100,000
 S. 3614                            11
 
   Insofar  as  this bill affects the New York State and Local Employees'
 Retirement System (NYSLERS), increased costs  would  be  shared  by  the
 State  of  New  York  and all participating employers in the NYSLERS. If
 this bill is enacted during the 2023 legislative session, there will  be
 an  increase  in the present value of future costs of approximately $588
 million.
   In the NYSLERS, this benefit improvement will be funded by  increasing
 the  billing rates charged annually. The annual contribution required of
 all participating employers in NYSLERS is approximately 0.2% of billable
 salary, or $26 million to the State of New York  and  approximately  $38
 million  to  the  local participating employers.   This PERMANENT ANNUAL
 COST will vary in subsequent billing cycles with  changes  in  the  wage
 ranges and salary of the affected members.
   Insofar  as  this bill affects the New York State and Local Police and
 Fire Retirement System (NYSLPFRS), increased costs would  be  shared  by
 the  State  of New York and all participating employers in the NYSLPFRS.
 If this bill is enacted during the 2023 legislative session, there  will
 be  an  increase  in  the present value of future costs of approximately
 $11.2 million.
   In the NYSLPFRS, this benefit improvement will be funded by increasing
 the billing rates charged annually. The annual contribution required  of
 all  participating  employers  in  NYSLERS is less than 0.1% of billable
 salary, or approximately $225,000 to the State of New York and  approxi-
 mately  $890,000  to  the  local participating employers. This PERMANENT
 ANNUAL COST will vary in subsequent billing cycles with changes  in  the
 wage ranges and salary of the affected members.
   Summary of relevant resources:
   Membership  data as of March 31, 2022 was used in measuring the impact
 of the proposed change, the same data used in the April 1, 2022 actuari-
 al valuation. Distributions and other statistics can  be  found  in  the
 2022  Report  of the Actuary and the 2022 Annual Comprehensive Financial
 Report.
   The actuarial assumptions and methods used are described in the  2020,
 2021,  and  2022  Annual  Report to the Comptroller on Actuarial Assump-
 tions, and the Codes, Rules and Regulations of the State  of  New  York:
 Audit and Control.
   The Market Assets and GASB Disclosures are found in the March 31, 2022
 New  York  State  and  Local  Retirement System Financial Statements and
 Supplementary Information.
   I am a member of the American Academy of Actuaries and meet the Quali-
 fication Standards to render the actuarial opinion contained herein.
   This fiscal note does not constitute a legal opinion on the  viability
 of  the  proposed change nor is it intended to serve as a substitute for
 the professional judgment of an attorney.
   This estimate, dated January 31,  2023,  and  intended  for  use  only
 during  the  2023  Legislative  Session,  is  Fiscal  Note  No. 2023-30,
 prepared by the Actuary for the New  York  State  and  Local  Retirement
 System.

2023-S3614A - Details

Current Committee:: Senate Civil Service And Pensions
Law Section:: Retirement and Social Security Law
Laws Affected:: Amd §§517, 613 & 1204, R & SS L; amd §§182, 392 & 6252, Ed L
Versions Introduced in Other Legislative Sessions:: 2019-2020: S5842
2021-2022: S4236

2023-S3614A - Summary

Increases the salary ranges tied to member contribution requirements; ties salary amount to inflation.

2023-S3614A - Sponsor Memo

                                 
BILL NUMBER: S3614A

SPONSOR: GOUNARDES
 
TITLE OF BILL:

An act to amend the retirement and social security law and the education
law, in relation to member contribution per centum increases

 
PURPOSE OR GENERAL IDEA OF BILL:

This legislation amends the retirement and social security law and
education law to increase the wage thresholds for contributions required
to be made by employees in Tier 6.

 
SUMMARY OF PROVISIONS:

This bill amends section 517, 613, and 1204 of the Retirement and Social
Security Law and sections 182, 392, and 6252 of the Education Law to
increase the wage thresholds for contributions that are required to be
made by employees in Tier 6. Such thresholds would immediately increase
by $5,000 and would thereafter increase by the rate of annual inflation,
not to exceed 3%.

 
EXISTING LAW:

Employees that are members of the Tier 6 pension plan are required to
contribute a percentage of their wages based on how much they are paid
annually. The current brackets are:

Less than $45,000 - 3% of wages

$45,000 - $55,000 - 3.5%

$55,000 - $75,000 - 4.5%

$75,000-$100,000 - 5.75%

5.75% Over $100,000 - 6%

 
JUSTIFICATION:

The current tier 6 contribution system requires employees to contribute
a percentage of their wages to pay for their pension.  While this system
is intended to ensure that lower income employees contribute a smaller
percentage of their income than those that make more, this will not be
the case over time. For example, an employee that currently makes
$40,000 per year will pay 3% of their wages for their pension. If they
receive a 2% raise annually, they would move into the 3.5% pension
contribution bracket within seven years. This effectively negates the
value of the raises, as with each income bracket they move into they
lose more of their money to the pension fund. Furthermore, these wage
brackets set in statute do not account for inflation, meaning the value
of someone's income will decrease over time but they are still required
to contribute the same percent.  This legislation would fix this issue
by increasing each wage bracket by $5,000 immediately, and then tying it
to the rate of inflation, to both reflect the rising value of goods and
services and help public servants keep more of their own income.

 
PRIOR LEGISLATIVE HISTORY:
2022: S4236 - Died in Civil Service and Pensions

2021: S4236 - Died in Civil Service and Pensions

2020: S5842A - Died in Civil Service and Pensions

2019: S5842 - Died in Civil Service and Pensions

 
FISCAL IMPLICATIONS:

See bill.

 
EFFECTIVE DATE:
This act shall take effect immediately.

2023-S3614A - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  3614--A
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                             February 1, 2023
                                ___________
 
 Introduced by Sen. GOUNARDES -- read twice and ordered printed, and when
   printed to be committed to the Committee on Civil Service and Pensions
   --  committee  discharged,  bill amended, ordered reprinted as amended
   and recommitted to said committee
 
 AN ACT to amend the retirement and social security law and the education
   law, in relation to member contribution per centum increases
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Paragraphs 1, 2, 3, 4 and 5 of subdivision a of section 517
 of the retirement and social security law, as added by chapter 18 of the
 laws of 2012, are amended to read as follows:
   1. members with wages of forty-five thousand dollars per annum or less
 shall  contribute  three  per  centum of annual wages. ON APRIL ONE, TWO
 THOUSAND TWENTY-FOUR, MEMBERS WITH WAGES OF FIFTY THOUSAND  DOLLARS  PER
 ANNUM  OR  LESS  SHALL  CONTRIBUTE THREE PER CENTUM OF ANNUAL WAGES, AND
 BEGINNING ON APRIL ONE, TWO THOUSAND  TWENTY-FIVE,  THE  WAGES  IN  THIS
 SUBPARAGRAPH  SHALL  BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED
 FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN  THE  ONE  YEAR  PERIOD
 ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL
 THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL
 NOT EXCEED THREE PERCENT;
   2.  members with wages greater than forty-five thousand per annum, but
 not more than fifty-five thousand per annum shall contribute  three  and
 one-half  per centum of annual wages. ON APRIL ONE, TWO THOUSAND TWENTY-
 FOUR, MEMBERS WITH WAGES GREATER THAN FIFTY THOUSAND PER ANNUM, BUT  NOT
 MORE  THAN  SIXTY THOUSAND PER ANNUM SHALL CONTRIBUTE THREE AND ONE-HALF
 PER CENTUM OF ANNUAL WAGES, AND BEGINNING ON  APRIL  ONE,  TWO  THOUSAND
 TWENTY-FIVE,  THE  WAGES  IN THIS SUBPARAGRAPH SHALL BE INCREASED BY THE
 ANNUAL INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER  PRICE
 INDEX IN THE ONE YEAR PERIOD ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD03315-03-3
 S. 3614--A                          2

 
 PRIOR.  SAID PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-
 TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT;
   3.  members with wages greater than fifty-five thousand per annum, but
 not more than seventy-five thousand per annum shall contribute four  and
 one-half  per centum of annual wages. ON APRIL ONE, TWO THOUSAND TWENTY-
 FOUR, MEMBERS WITH WAGES GREATER THAN SIXTY THOUSAND PER ANNUM, BUT  NOT
 MORE  THAN  EIGHTY THOUSAND PER ANNUM SHALL CONTRIBUTE FOUR AND ONE-HALF
 PER CENTUM OF ANNUAL WAGES, AND BEGINNING ON  APRIL  ONE,  TWO  THOUSAND
 TWENTY-FIVE,  THE  WAGES  IN THIS SUBPARAGRAPH SHALL BE INCREASED BY THE
 ANNUAL INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER  PRICE
 INDEX IN THE ONE YEAR PERIOD ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR
 PRIOR.  SAID PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-
 TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT;
   4. members with wages greater than seventy-five thousand per annum but
 not more than one hundred thousand per annum shall contribute  five  and
 three-quarters  per  centum  of annual wages. ON APRIL ONE, TWO THOUSAND
 TWENTY-FOUR, MEMBERS WITH WAGES GREATER THAN EIGHTY THOUSAND DOLLARS PER
 ANNUM BUT NOT MORE THAN ONE HUNDRED  FIVE  THOUSAND  DOLLARS  PER  ANNUM
 SHALL CONTRIBUTE FIVE AND THREE-QUARTERS PER CENTUM OF ANNUAL WAGES, AND
 BEGINNING  ON  APRIL  ONE,  TWO  THOUSAND TWENTY-FIVE, THE WAGES IN THIS
 SUBPARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION,  AS  DETERMINED
 FROM  THE  INCREASE  IN  THE CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD
 ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL
 THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL
 NOT EXCEED THREE PERCENT; and
   5. members with wages greater than  one  hundred  thousand  per  annum
 shall contribute six per centum of annual wages. ON APRIL ONE, TWO THOU-
 SAND TWENTY-FOUR, MEMBERS WITH WAGES GREATER THAN ONE HUNDRED FIVE THOU-
 SAND  DOLLARS PER ANNUM SHALL CONTRIBUTE SIX PER CENTUM OF ANNUAL WAGES,
 AND BEGINNING ON APRIL ONE, TWO THOUSAND TWENTY-FIVE, THE WAGES IN  THIS
 SUBPARAGRAPH  SHALL  BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED
 FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN  THE  ONE  YEAR  PERIOD
 ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL
 THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL
 NOT EXCEED THREE PERCENT.
   §  2.  Subparagraphs  (i), (ii), (iii), (iv) and (v) of paragraph 1 of
 subdivision a, subparagraphs (i), (ii), (iii), (iv) and (v) of paragraph
 2 of subdivision a, paragraphs 1, 2, 3, 4 and 5  of  subdivision  f  and
 paragraphs  1,  2,  3,  4  and  5 of subdivision g of section 613 of the
 retirement and social security law, subparagraphs (i), (ii), (iii), (iv)
 and (v) of paragraph 1 and subparagraphs (i), (ii), (iii), (iv) and  (v)
 of paragraph 2 of subdivision a as amended by chapter 510 of the laws of
 2015  and paragraphs 1, 2, 3, 4 and 5 of subdivision f and paragraphs 1,
 2, 3, 4 and 5 of subdivision g as added by chapter 18  of  the  laws  of
 2012, are amended to read as follows:
   (i)  members  with  wages  of forty-five thousand dollars per annum or
 less shall contribute three per centum of annual wages.  ON  APRIL  ONE,
 TWO  THOUSAND  TWENTY-FOUR, MEMBERS WITH WAGES OF FIFTY THOUSAND DOLLARS
 PER ANNUM OR LESS SHALL CONTRIBUTE THREE PER CENTUM OF ANNUAL WAGES, AND
 BEGINNING ON APRIL ONE, TWO THOUSAND  TWENTY-FIVE,  THE  WAGES  IN  THIS
 SUBPARAGRAPH  SHALL  BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED
 FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN  THE  ONE  YEAR  PERIOD
 ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL
 THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL
 NOT EXCEED THREE PERCENT;
 S. 3614--A                          3
 
   (ii)  members  with  wages greater than forty-five thousand per annum,
 but not more than fifty-five thousand per annum shall  contribute  three
 and  one-half  per  centum  of  annual wages. ON APRIL ONE, TWO THOUSAND
 TWENTY-FOUR, MEMBERS WITH WAGES GREATER THAN FIFTY THOUSAND  PER  ANNUM,
 BUT  NOT  MORE THAN   OF SIXTY THOUSAND PER ANNUM SHALL CONTRIBUTE THREE
 AND ONE-HALF PER CENTUM OF ANNUAL WAGES, AND BEGINNING ON APRIL ONE, TWO
 THOUSAND TWENTY-FIVE, THE WAGES IN THIS SUBPARAGRAPH SHALL BE  INCREASED
 BY THE ANNUAL INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER
 PRICE  INDEX  IN  THE ONE YEAR PERIOD ENDING ON DECEMBER THIRTY-FIRST OF
 THE YEAR PRIOR. SAID PERCENTAGE SHALL THEN BE ROUNDED  UP  TO  THE  NEXT
 HIGHER ONE-TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT;
   (iii)  members  with wages greater than fifty-five thousand per annum,
 but not more than seventy-five thousand per annum shall contribute  four
 and  one-half  per  centum  of  annual wages. ON APRIL ONE, TWO THOUSAND
 TWENTY-FOUR, MEMBERS WITH WAGES GREATER THAN SIXTY THOUSAND  PER  ANNUM,
 BUT  NOT  MORE  THAN EIGHTY THOUSAND PER ANNUM SHALL CONTRIBUTE FOUR AND
 ONE-HALF PER CENTUM OF ANNUAL WAGES, AND BEGINNING  ON  APRIL  ONE,  TWO
 THOUSAND  TWENTY-FIVE, THE WAGES IN THIS SUBPARAGRAPH SHALL BE INCREASED
 BY THE ANNUAL INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER
 PRICE INDEX IN THE ONE YEAR PERIOD ENDING ON  DECEMBER  THIRTY-FIRST  OF
 THE  YEAR  PRIOR.  SAID  PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT
 HIGHER ONE-TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT;
   (iv) members with wages greater than seventy-five thousand  per  annum
 but  not  more than one hundred thousand per annum shall contribute five
 and three-quarters per centum of annual wages. ON APRIL ONE,  TWO  THOU-
 SAND  TWENTY-FOUR,  MEMBERS  WITH  WAGES  GREATER  THAN  EIGHTY THOUSAND
 DOLLARS PER ANNUM BUT NOT MORE THAN ONE HUNDRED  FIVE  THOUSAND  DOLLARS
 PER  ANNUM SHALL CONTRIBUTE FIVE AND THREE-QUARTERS PER CENTUM OF ANNUAL
 WAGES, AND BEGINNING ON APRIL ONE, TWO THOUSAND TWENTY-FIVE,  THE  WAGES
 IN  THIS  SUBPARAGRAPH  SHALL  BE  INCREASED BY THE ANNUAL INFLATION, AS
 DETERMINED FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN THE ONE YEAR
 PERIOD ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID  PERCENT-
 AGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT
 AND SHALL NOT EXCEED THREE PERCENT; and
   (v)  members  with  wages  greater than one hundred thousand per annum
 shall contribute six per centum of annual wages. ON APRIL ONE, TWO THOU-
 SAND TWENTY-FOUR, MEMBERS WITH WAGES GREATER THAN ONE HUNDRED FIVE THOU-
 SAND DOLLARS PER ANNUM SHALL CONTRIBUTE SIX PER CENTUM OF ANNUAL  WAGES,
 AND  BEGINNING ON APRIL ONE, TWO THOUSAND TWENTY-FIVE, THE WAGES IN THIS
 SUBPARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION,  AS  DETERMINED
 FROM  THE  INCREASE  IN  THE CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD
 ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL
 THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL
 NOT EXCEED THREE PERCENT.
   (i) members with wages of forty-five thousand  dollars  per  annum  or
 less  shall  contribute  three per centum of annual wages. ON APRIL ONE,
 TWO THOUSAND TWENTY-FOUR, MEMBERS WITH WAGES OF FIFTY  THOUSAND  DOLLARS
 PER ANNUM OR LESS SHALL CONTRIBUTE THREE PER CENTUM OF ANNUAL WAGES, AND
 BEGINNING  ON  APRIL  ONE,  TWO  THOUSAND TWENTY-FIVE, THE WAGES IN THIS
 SUBPARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION,  AS  DETERMINED
 FROM  THE  INCREASE  IN  THE CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD
 ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL
 THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL
 NOT EXCEED THREE PERCENT;
   (ii) members with wages greater than forty-five  thousand  per  annum,
 but  not  more than fifty-five thousand per annum shall contribute three
 S. 3614--A                          4
 
 and one-half per centum of annual wages.  ON  APRIL  ONE,  TWO  THOUSAND
 TWENTY-FOUR,  MEMBERS  WITH WAGES GREATER THAN FIFTY THOUSAND PER ANNUM,
 BUT NOT MORE THAN  OF SIXTY THOUSAND PER ANNUM  SHALL  CONTRIBUTE  THREE
 AND ONE-HALF PER CENTUM OF ANNUAL WAGES, AND BEGINNING ON APRIL ONE, TWO
 THOUSAND  TWENTY-FIVE, THE WAGES IN THIS SUBPARAGRAPH SHALL BE INCREASED
 BY THE ANNUAL INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER
 PRICE INDEX IN THE ONE YEAR PERIOD ENDING ON  DECEMBER  THIRTY-FIRST  OF
 THE  YEAR  PRIOR.  SAID  PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT
 HIGHER ONE-TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT;
   (iii) members with wages greater than fifty-five thousand  per  annum,
 but  not more than seventy-five thousand per annum shall contribute four
 and one-half per centum of annual wages.  ON  APRIL  ONE,  TWO  THOUSAND
 TWENTY-FOUR,  MEMBERS  WITH WAGES GREATER THAN SIXTY THOUSAND PER ANNUM,
 BUT NOT MORE THAN EIGHTY THOUSAND PER ANNUM SHALL  CONTRIBUTE  FOUR  AND
 ONE-HALF  PER  CENTUM  OF  ANNUAL WAGES, AND BEGINNING ON APRIL ONE, TWO
 THOUSAND TWENTY-FIVE, THE WAGES IN THIS SUBPARAGRAPH SHALL BE  INCREASED
 BY THE ANNUAL INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER
 PRICE  INDEX  IN  THE ONE YEAR PERIOD ENDING ON DECEMBER THIRTY-FIRST OF
 THE YEAR PRIOR. SAID PERCENTAGE SHALL THEN BE ROUNDED  UP  TO  THE  NEXT
 HIGHER ONE-TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT;
   (iv)  members  with wages greater than seventy-five thousand per annum
 but not more than one hundred thousand per annum shall  contribute  five
 and  three-quarters  per centum of annual wages. ON APRIL ONE, TWO THOU-
 SAND TWENTY-FOUR,  MEMBERS  WITH  WAGES  GREATER  THAN  EIGHTY  THOUSAND
 DOLLARS  PER  ANNUM  BUT NOT MORE THAN ONE HUNDRED FIVE THOUSAND DOLLARS
 PER ANNUM SHALL CONTRIBUTE FIVE AND THREE-QUARTERS PER CENTUM OF  ANNUAL
 WAGES,  AND  BEGINNING ON APRIL ONE, TWO THOUSAND TWENTY-FIVE, THE WAGES
 IN THIS SUBPARAGRAPH SHALL BE INCREASED  BY  THE  ANNUAL  INFLATION,  AS
 DETERMINED FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN THE ONE YEAR
 PERIOD  ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENT-
 AGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT
 AND SHALL NOT EXCEED THREE PERCENT; and
   (v) members with wages greater than one  hundred  thousand  per  annum
 shall contribute six per centum of annual wages. ON APRIL ONE, TWO THOU-
 SAND TWENTY-FOUR, MEMBERS WITH WAGES GREATER THAN ONE HUNDRED FIVE THOU-
 SAND  DOLLARS PER ANNUM SHALL CONTRIBUTE SIX PER CENTUM OF ANNUAL WAGES,
 AND BEGINNING ON APRIL ONE, TWO THOUSAND TWENTY-FIVE, THE WAGES IN  THIS
 SUBPARAGRAPH  SHALL  BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED
 FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN  THE  ONE  YEAR  PERIOD
 ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL
 THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL
 NOT EXCEED THREE PERCENT.
   1. members with wages of forty-five thousand dollars per annum or less
 shall  contribute  three  per  centum of annual wages. ON APRIL ONE, TWO
 THOUSAND TWENTY-FOUR, MEMBERS WITH WAGES OF FIFTY THOUSAND  DOLLARS  PER
 ANNUM  OR  LESS  SHALL  CONTRIBUTE THREE PER CENTUM OF ANNUAL WAGES, AND
 BEGINNING ON APRIL ONE, TWO THOUSAND  TWENTY-FIVE,  THE  WAGES  IN  THIS
 SUBPARAGRAPH  SHALL  BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED
 FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN  THE  ONE  YEAR  PERIOD
 ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL
 THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL
 NOT EXCEED THREE PERCENT;
   2.  members with wages greater than forty-five thousand per annum, but
 not more than fifty-five thousand per annum shall contribute  three  and
 one-half  per centum of annual wages. ON APRIL ONE, TWO THOUSAND TWENTY-
 FOUR, MEMBERS WITH WAGES GREATER THAN FIFTY THOUSAND PER ANNUM, BUT  NOT
 S. 3614--A                          5
 
 MORE  THAN   OF SIXTY THOUSAND PER ANNUM SHALL CONTRIBUTE THREE AND ONE-
 HALF PER CENTUM OF ANNUAL WAGES, AND BEGINNING ON APRIL ONE,  TWO  THOU-
 SAND  TWENTY-FIVE,  THE WAGES IN THIS SUBPARAGRAPH SHALL BE INCREASED BY
 THE  ANNUAL  INFLATION,  AS DETERMINED FROM THE INCREASE IN THE CONSUMER
 PRICE INDEX IN THE ONE YEAR PERIOD ENDING ON  DECEMBER  THIRTY-FIRST  OF
 THE  YEAR  PRIOR.  SAID  PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT
 HIGHER ONE-TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT;
   3. members with wages greater than fifty-five thousand per annum,  but
 not  more than seventy-five thousand per annum shall contribute four and
 one-half per centum of annual wages. ON APRIL ONE, TWO THOUSAND  TWENTY-
 FOUR,  MEMBERS WITH WAGES GREATER THAN SIXTY THOUSAND PER ANNUM, BUT NOT
 MORE THAN EIGHTY THOUSAND PER ANNUM SHALL CONTRIBUTE FOUR  AND  ONE-HALF
 PER  CENTUM  OF  ANNUAL  WAGES, AND BEGINNING ON APRIL ONE, TWO THOUSAND
 TWENTY-FIVE, THE WAGES IN THIS SUBPARAGRAPH SHALL BE  INCREASED  BY  THE
 ANNUAL  INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER PRICE
 INDEX IN THE ONE YEAR PERIOD ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR
 PRIOR. SAID PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER  ONE-
 TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT;
   4. members with wages greater than seventy-five thousand per annum but
 not  more  than one hundred thousand per annum shall contribute five and
 three-quarters per centum of annual wages. ON APRIL  ONE,  TWO  THOUSAND
 TWENTY-FOUR, MEMBERS WITH WAGES GREATER THAN EIGHTY THOUSAND DOLLARS PER
 ANNUM  BUT  NOT  MORE  THAN  ONE HUNDRED FIVE THOUSAND DOLLARS PER ANNUM
 SHALL CONTRIBUTE FIVE AND THREE-QUARTERS PER CENTUM OF ANNUAL WAGES, AND
 BEGINNING ON APRIL ONE, TWO THOUSAND  TWENTY-FIVE,  THE  WAGES  IN  THIS
 SUBPARAGRAPH  SHALL  BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED
 FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN  THE  ONE  YEAR  PERIOD
 ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL
 THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL
 NOT EXCEED THREE PERCENT; and
   5.  members  with  wages  greater  than one hundred thousand per annum
 shall contribute six per centum of annual wages. ON APRIL ONE, TWO THOU-
 SAND TWENTY-FOUR, MEMBERS WITH WAGES GREATER THAN ONE HUNDRED FIVE THOU-
 SAND DOLLARS PER ANNUM SHALL CONTRIBUTE SIX PER CENTUM OF ANNUAL  WAGES,
 AND  BEGINNING ON APRIL ONE, TWO THOUSAND TWENTY-FIVE, THE WAGES IN THIS
 SUBPARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION,  AS  DETERMINED
 FROM  THE  INCREASE  IN  THE CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD
 ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL
 THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL
 NOT EXCEED THREE PERCENT.
   1. members with wages of forty-five thousand dollars per annum or less
 shall contribute three per centum of annual wages.  ON  APRIL  ONE,  TWO
 THOUSAND  TWENTY-FOUR,  MEMBERS WITH WAGES OF FIFTY THOUSAND DOLLARS PER
 ANNUM OR LESS SHALL CONTRIBUTE THREE PER CENTUM  OF  ANNUAL  WAGES,  AND
 BEGINNING  ON  APRIL  ONE,  TWO  THOUSAND TWENTY-FIVE, THE WAGES IN THIS
 SUBPARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION,  AS  DETERMINED
 FROM  THE  INCREASE  IN  THE CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD
 ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL
 THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL
 NOT EXCEED THREE PERCENT;
   2. members with wages greater than forty-five thousand per annum,  but
 not  more  than fifty-five thousand per annum shall contribute three and
 one-half per centum of annual wages. ON APRIL ONE, TWO THOUSAND  TWENTY-
 FOUR,  MEMBERS WITH WAGES GREATER THAN FIFTY THOUSAND PER ANNUM, BUT NOT
 MORE THAN  OF SIXTY THOUSAND PER ANNUM SHALL CONTRIBUTE THREE  AND  ONE-
 HALF  PER  CENTUM OF ANNUAL WAGES, AND BEGINNING ON APRIL ONE, TWO THOU-
 S. 3614--A                          6
 
 SAND TWENTY-FIVE, THE WAGES IN THIS SUBPARAGRAPH SHALL BE  INCREASED  BY
 THE  ANNUAL  INFLATION,  AS DETERMINED FROM THE INCREASE IN THE CONSUMER
 PRICE INDEX IN THE ONE YEAR PERIOD ENDING ON  DECEMBER  THIRTY-FIRST  OF
 THE  YEAR  PRIOR.  SAID  PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT
 HIGHER ONE-TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT;
   3. members with wages greater than fifty-five thousand per annum,  but
 not  more than seventy-five thousand per annum shall contribute four and
 one-half per centum of annual wages. ON APRIL ONE, TWO THOUSAND  TWENTY-
 FOUR,  MEMBERS WITH WAGES GREATER THAN SIXTY THOUSAND PER ANNUM, BUT NOT
 MORE THAN EIGHTY THOUSAND PER ANNUM SHALL CONTRIBUTE FOUR  AND  ONE-HALF
 PER  CENTUM  OF  ANNUAL  WAGES, AND BEGINNING ON APRIL ONE, TWO THOUSAND
 TWENTY-FIVE, THE WAGES IN THIS SUBPARAGRAPH SHALL BE  INCREASED  BY  THE
 ANNUAL  INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER PRICE
 INDEX IN THE ONE YEAR PERIOD ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR
 PRIOR. SAID PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER  ONE-
 TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT;
   4. members with wages greater than seventy-five thousand per annum but
 not  more  than one hundred thousand per annum shall contribute five and
 three-quarters per centum of annual wages. ON APRIL  ONE,  TWO  THOUSAND
 TWENTY-FOUR, MEMBERS WITH WAGES GREATER THAN EIGHTY THOUSAND DOLLARS PER
 ANNUM  BUT  NOT  MORE  THAN  ONE HUNDRED FIVE THOUSAND DOLLARS PER ANNUM
 SHALL CONTRIBUTE FIVE AND THREE-QUARTERS PER CENTUM OF ANNUAL WAGES, AND
 BEGINNING ON APRIL ONE, TWO THOUSAND  TWENTY-FIVE,  THE  WAGES  IN  THIS
 SUBPARAGRAPH  SHALL  BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED
 FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN  THE  ONE  YEAR  PERIOD
 ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL
 THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL
 NOT EXCEED THREE PERCENT; and
   5.  members  with  wages  greater  than one hundred thousand per annum
 shall contribute six per centum of annual wages. ON APRIL ONE, TWO THOU-
 SAND TWENTY-FOUR, MEMBERS WITH WAGES GREATER THAN ONE HUNDRED FIVE THOU-
 SAND DOLLARS PER ANNUM SHALL CONTRIBUTE SIX PER CENTUM OF ANNUAL  WAGES,
 AND  BEGINNING ON APRIL ONE, TWO THOUSAND TWENTY-FIVE, THE WAGES IN THIS
 SUBPARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION,  AS  DETERMINED
 FROM  THE  INCREASE  IN  THE CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD
 ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL
 THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL
 NOT EXCEED THREE PERCENT.
   § 3. Subdivisions a, b, c, d and e of section 1204 of  the  retirement
 and social security law, as added by chapter 18 of the laws of 2012, are
 amended to read as follows:
   a. members with wages of forty-five thousand dollars per annum or less
 shall  contribute  three  per  centum of annual wages. ON APRIL ONE, TWO
 THOUSAND TWENTY-FOUR, MEMBERS WITH WAGES OF FIFTY THOUSAND  DOLLARS  PER
 ANNUM  OR  LESS  SHALL  CONTRIBUTE THREE PER CENTUM OF ANNUAL WAGES, AND
 BEGINNING ON APRIL ONE, TWO THOUSAND  TWENTY-FIVE,  THE  WAGES  IN  THIS
 SUBPARAGRAPH  SHALL  BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED
 FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN  THE  ONE  YEAR  PERIOD
 ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL
 THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL
 NOT EXCEED THREE PERCENT;
   b.  members with wages greater than forty-five thousand per annum, but
 not more than fifty-five thousand per annum shall contribute  three  and
 one-half  per centum of annual wages. ON APRIL ONE, TWO THOUSAND TWENTY-
 FOUR, MEMBERS WITH WAGES GREATER THAN FIFTY THOUSAND PER ANNUM, BUT  NOT
 MORE  THAN   OF SIXTY THOUSAND PER ANNUM SHALL CONTRIBUTE THREE AND ONE-
 S. 3614--A                          7
 
 HALF PER CENTUM OF ANNUAL WAGES, AND BEGINNING ON APRIL ONE,  TWO  THOU-
 SAND  TWENTY-FIVE,  THE WAGES IN THIS SUBPARAGRAPH SHALL BE INCREASED BY
 THE ANNUAL INFLATION, AS DETERMINED FROM THE INCREASE  IN  THE  CONSUMER
 PRICE  INDEX  IN  THE ONE YEAR PERIOD ENDING ON DECEMBER THIRTY-FIRST OF
 THE YEAR PRIOR. SAID PERCENTAGE SHALL THEN BE ROUNDED  UP  TO  THE  NEXT
 HIGHER ONE-TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT;
   c.  members with wages greater than fifty-five thousand per annum, but
 not more than seventy-five thousand per annum shall contribute four  and
 one-half  per centum of annual wages. ON APRIL ONE, TWO THOUSAND TWENTY-
 FOUR, MEMBERS WITH WAGES GREATER THAN SIXTY THOUSAND PER ANNUM, BUT  NOT
 MORE  THAN  EIGHTY THOUSAND PER ANNUM SHALL CONTRIBUTE FOUR AND ONE-HALF
 PER CENTUM OF ANNUAL WAGES, AND BEGINNING ON  APRIL  ONE,  TWO  THOUSAND
 TWENTY-FIVE,  THE  WAGES  IN THIS SUBPARAGRAPH SHALL BE INCREASED BY THE
 ANNUAL INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER  PRICE
 INDEX IN THE ONE YEAR PERIOD ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR
 PRIOR.  SAID PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-
 TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT;
   d. members with wages greater than seventy-five thousand per annum but
 not more than one hundred thousand per annum shall contribute  five  and
 three-quarters  per  centum  of annual wages. ON APRIL ONE, TWO THOUSAND
 TWENTY-FOUR, MEMBERS WITH WAGES GREATER THAN EIGHTY THOUSAND DOLLARS PER
 ANNUM BUT NOT MORE THAN ONE HUNDRED  FIVE  THOUSAND  DOLLARS  PER  ANNUM
 SHALL CONTRIBUTE FIVE AND THREE-QUARTERS PER CENTUM OF ANNUAL WAGES, AND
 BEGINNING  ON  APRIL  ONE,  TWO  THOUSAND TWENTY-FIVE, THE WAGES IN THIS
 SUBPARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION,  AS  DETERMINED
 FROM  THE  INCREASE  IN  THE CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD
 ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL
 THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL
 NOT EXCEED THREE PERCENT; and
   e. members with wages greater than  one  hundred  thousand  per  annum
 shall contribute six per centum of annual wages. ON APRIL ONE, TWO THOU-
 SAND TWENTY-FOUR, MEMBERS WITH WAGES GREATER THAN ONE HUNDRED FIVE THOU-
 SAND  DOLLARS PER ANNUM SHALL CONTRIBUTE SIX PER CENTUM OF ANNUAL WAGES,
 AND BEGINNING ON APRIL ONE, TWO THOUSAND TWENTY-FIVE, THE WAGES IN  THIS
 SUBPARAGRAPH  SHALL  BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED
 FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN  THE  ONE  YEAR  PERIOD
 ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL
 THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL
 NOT EXCEED THREE PERCENT.
   § 4. Paragraphs (a), (b), (c), (d) and (e) of subdivision 2 of section
 182  of  the  education law, as added by chapter 18 of the laws of 2012,
 are amended to read as follows:
   (a) members with wages of forty-five thousand  dollars  per  annum  or
 less  shall  contribute  three per centum of annual wages. ON APRIL ONE,
 TWO THOUSAND TWENTY-FOUR, MEMBERS WITH WAGES OF FIFTY  THOUSAND  DOLLARS
 PER ANNUM OR LESS SHALL CONTRIBUTE THREE PER CENTUM OF ANNUAL WAGES, AND
 BEGINNING  ON  APRIL  ONE,  TWO  THOUSAND TWENTY-FIVE, THE WAGES IN THIS
 SUBPARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION,  AS  DETERMINED
 FROM  THE  INCREASE  IN  THE CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD
 ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL
 THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL
 NOT EXCEED THREE PERCENT;
   (b) members with wages greater than forty-five thousand per annum, but
 not more than fifty-five thousand per annum shall contribute  three  and
 one-half  per centum of annual wages. ON APRIL ONE, TWO THOUSAND TWENTY-
 FOUR, MEMBERS WITH WAGES GREATER THAN FIFTY THOUSAND PER ANNUM, BUT  NOT
 S. 3614--A                          8
 
 MORE  THAN   OF SIXTY THOUSAND PER ANNUM SHALL CONTRIBUTE THREE AND ONE-
 HALF PER CENTUM OF ANNUAL WAGES, AND BEGINNING ON APRIL ONE,  TWO  THOU-
 SAND  TWENTY-FIVE,  THE WAGES IN THIS SUBPARAGRAPH SHALL BE INCREASED BY
 THE  ANNUAL  INFLATION,  AS DETERMINED FROM THE INCREASE IN THE CONSUMER
 PRICE INDEX IN THE ONE YEAR PERIOD ENDING ON  DECEMBER  THIRTY-FIRST  OF
 THE  YEAR  PRIOR.  SAID  PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT
 HIGHER ONE-TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT;
   (c) members with wages greater than fifty-five thousand per annum, but
 not more than seventy-five thousand per annum shall contribute four  and
 one-half  per centum of annual wages. ON APRIL ONE, TWO THOUSAND TWENTY-
 FOUR, MEMBERS WITH WAGES GREATER THAN SIXTY THOUSAND PER ANNUM, BUT  NOT
 MORE  THAN  EIGHTY THOUSAND PER ANNUM SHALL CONTRIBUTE FOUR AND ONE-HALF
 PER CENTUM OF ANNUAL WAGES, AND BEGINNING ON  APRIL  ONE,  TWO  THOUSAND
 TWENTY-FIVE,  THE  WAGES  IN THIS SUBPARAGRAPH SHALL BE INCREASED BY THE
 ANNUAL INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER  PRICE
 INDEX IN THE ONE YEAR PERIOD ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR
 PRIOR.  SAID PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-
 TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT;
   (d) members with wages greater than seventy-five  thousand  per  annum
 but  not  more than one hundred thousand per annum shall contribute five
 and three-quarters per centum of annual wages. ON APRIL ONE,  TWO  THOU-
 SAND  TWENTY-FOUR,  MEMBERS  WITH  WAGES  GREATER  THAN  EIGHTY THOUSAND
 DOLLARS PER ANNUM BUT NOT MORE THAN ONE HUNDRED  FIVE  THOUSAND  DOLLARS
 PER  ANNUM SHALL CONTRIBUTE FIVE AND THREE-QUARTERS PER CENTUM OF ANNUAL
 WAGES, AND BEGINNING ON APRIL ONE, TWO THOUSAND TWENTY-FIVE,  THE  WAGES
 IN  THIS  SUBPARAGRAPH  SHALL  BE  INCREASED BY THE ANNUAL INFLATION, AS
 DETERMINED FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN THE ONE YEAR
 PERIOD ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID  PERCENT-
 AGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT
 AND SHALL NOT EXCEED THREE PERCENT; and
   (e)  members  with  wages  greater than one hundred thousand per annum
 shall contribute six per centum of annual wages. ON APRIL ONE, TWO THOU-
 SAND TWENTY-FOUR, MEMBERS WITH WAGES GREATER THAN ONE HUNDRED FIVE THOU-
 SAND DOLLARS PER ANNUM SHALL CONTRIBUTE SIX PER CENTUM OF ANNUAL  WAGES,
 AND  BEGINNING ON APRIL ONE, TWO THOUSAND TWENTY-FIVE, THE WAGES IN THIS
 SUBPARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION,  AS  DETERMINED
 FROM  THE  INCREASE  IN  THE CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD
 ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL
 THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL
 NOT EXCEED THREE PERCENT.
   § 5. Subparagraphs (i), (ii), (iii), (iv) and (v) of paragraph (d)  of
 subdivision  2  of section 392 of the education law, as added by chapter
 18 of the laws of 2012, are amended to read as follows:
   (i) members with wages of forty-five thousand  dollars  per  annum  or
 less shall contribute three per centum of annual wages. ON JULY ONE, TWO
 THOUSAND  TWENTY-THREE, MEMBERS WITH WAGES OF FIFTY THOUSAND DOLLARS PER
 ANNUM OR LESS SHALL CONTRIBUTE THREE PER CENTUM  OF  ANNUAL  WAGES,  AND
 BEGINNING  ON  JULY  ONE,  TWO  THOUSAND  TWENTY-FOUR, THE WAGES IN THIS
 SUBPARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION,  AS  DETERMINED
 FROM  THE  INCREASE  IN  THE CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD
 ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL
 THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL
 NOT EXCEED THREE PERCENT;
   (ii) members with wages greater than forty-five  thousand  per  annum,
 but  not  more than fifty-five thousand per annum shall contribute three
 and one-half per centum of annual wages. ON JULY ONE, TWO THOUSAND TWEN-
 S. 3614--A                          9
 
 TY-THREE, MEMBERS WITH WAGES GREATER THAN FIFTY THOUSAND PER ANNUM,  BUT
 NOT  MORE  THAN   OF SIXTY THOUSAND PER ANNUM SHALL CONTRIBUTE THREE AND
 ONE-HALF PER CENTUM OF ANNUAL WAGES, AND  BEGINNING  ON  JULY  ONE,  TWO
 THOUSAND  TWENTY-FOUR, THE WAGES IN THIS SUBPARAGRAPH SHALL BE INCREASED
 BY THE ANNUAL INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER
 PRICE INDEX IN THE ONE YEAR PERIOD ENDING ON  DECEMBER  THIRTY-FIRST  OF
 THE  YEAR  PRIOR.  SAID  PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT
 HIGHER ONE-TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT;
   (iii) members with wages greater than fifty-five thousand  per  annum,
 but  not more than seventy-five thousand per annum shall contribute four
 and one-half per centum of annual wages. ON JULY ONE, TWO THOUSAND TWEN-
 TY-THREE, MEMBERS WITH WAGES GREATER THAN SIXTY THOUSAND PER ANNUM,  BUT
 NOT  MORE  THAN EIGHTY THOUSAND PER ANNUM SHALL CONTRIBUTE FOUR AND ONE-
 HALF PER CENTUM OF ANNUAL WAGES, AND BEGINNING ON JULY ONE, TWO THOUSAND
 TWENTY-FOUR, THE WAGES IN THIS SUBPARAGRAPH SHALL BE  INCREASED  BY  THE
 ANNUAL  INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER PRICE
 INDEX IN THE ONE YEAR PERIOD ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR
 PRIOR. SAID PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER  ONE-
 TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT;
   (iv)  members  with wages greater than seventy-five thousand per annum
 but not more than one hundred thousand per annum shall  contribute  five
 and three-quarters per centum of annual wages. ON JULY ONE, TWO THOUSAND
 TWENTY-THREE,  MEMBERS  WITH  WAGES GREATER THAN EIGHTY THOUSAND DOLLARS
 PER ANNUM BUT NOT MORE THAN ONE HUNDRED FIVE THOUSAND DOLLARS PER  ANNUM
 SHALL CONTRIBUTE FIVE AND THREE-QUARTERS PER CENTUM OF ANNUAL WAGES, AND
 BEGINNING  ON  JULY  ONE,  TWO  THOUSAND  TWENTY-FOUR, THE WAGES IN THIS
 SUBPARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION,  AS  DETERMINED
 FROM  THE  INCREASE  IN  THE CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD
 ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL
 THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL
 NOT EXCEED THREE PERCENT; and
   (v) members with wages greater than one  hundred  thousand  per  annum
 shall  contribute six per centum of annual wages. ON JULY ONE, TWO THOU-
 SAND TWENTY-THREE, MEMBERS WITH WAGES  GREATER  THAN  ONE  HUNDRED  FIVE
 THOUSAND  DOLLARS  PER  ANNUM  SHALL CONTRIBUTE SIX PER CENTUM OF ANNUAL
 WAGES, AND BEGINNING ON JULY  ONE, TWO THOUSAND TWENTY-FOUR,  THE  WAGES
 IN  THIS  SUBPARAGRAPH  SHALL  BE  INCREASED BY THE ANNUAL INFLATION, AS
 DETERMINED FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN THE ONE YEAR
 PERIOD ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID  PERCENT-
 AGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT
 AND SHALL NOT EXCEED THREE PERCENT.
   §  6. Subparagraphs 1, 2, 3, 4 and 5 of paragraph (d) of subdivision 2
 of section 6252 of the education law, as added by chapter 18 of the laws
 of 2012, are amended to read as follows:
   (1) members with wages of forty-five thousand  dollars  per  annum  or
 less shall contribute three per centum of annual wages. ON JULY ONE, TWO
 THOUSAND  TWENTY-THREE, MEMBERS WITH WAGES OF FIFTY THOUSAND DOLLARS PER
 ANNUM OR LESS SHALL CONTRIBUTE THREE PER CENTUM  OF  ANNUAL  WAGES,  AND
 BEGINNING  ON  JULY  ONE,  TWO  THOUSAND  TWENTY-FOUR, THE WAGES IN THIS
 SUBPARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION,  AS  DETERMINED
 FROM  THE  INCREASE  IN  THE CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD
 ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL
 THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL
 NOT EXCEED THREE PERCENT;
   (2) members with wages greater than forty-five thousand per annum, but
 not more than fifty-five thousand per annum shall contribute  three  and
 S. 3614--A                         10
 
 one-half  per  centum of annual wages. ON JULY ONE, TWO THOUSAND TWENTY-
 THREE, MEMBERS WITH WAGES GREATER THAN FIFTY THOUSAND PER ANNUM, BUT NOT
 MORE THAN  OF SIXTY THOUSAND PER ANNUM SHALL CONTRIBUTE THREE  AND  ONE-
 HALF PER CENTUM OF ANNUAL WAGES, AND BEGINNING ON JULY ONE, TWO THOUSAND
 TWENTY-FOUR,  THE  WAGES  IN THIS SUBPARAGRAPH SHALL BE INCREASED BY THE
 ANNUAL INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER  PRICE
 INDEX IN THE ONE YEAR PERIOD ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR
 PRIOR.  SAID PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-
 TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT;
   (3) members with wages greater than fifty-five thousand per annum, but
 not more than seventy-five thousand per annum shall contribute four  and
 one-half  per  centum of annual wages. ON JULY ONE, TWO THOUSAND TWENTY-
 THREE, MEMBERS WITH WAGES GREATER THAN SIXTY THOUSAND PER ANNUM, BUT NOT
 MORE THAN EIGHTY THOUSAND PER ANNUM SHALL CONTRIBUTE FOUR  AND  ONE-HALF
 PER  CENTUM  OF  ANNUAL  WAGES,  AND BEGINNING ON JULY ONE, TWO THOUSAND
 TWENTY-FOUR, THE WAGES IN THIS SUBPARAGRAPH SHALL BE  INCREASED  BY  THE
 ANNUAL  INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER PRICE
 INDEX IN THE ONE YEAR PERIOD ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR
 PRIOR. SAID PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER  ONE-
 TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT;
   (4)  members  with  wages greater than seventy-five thousand per annum
 but not more than one hundred thousand per annum shall  contribute  five
 and three-quarters per centum of annual wages. ON JULY ONE, TWO THOUSAND
 TWENTY-THREE,  MEMBERS  WITH  WAGES GREATER THAN EIGHTY THOUSAND DOLLARS
 PER ANNUM BUT NOT MORE THAN ONE HUNDRED FIVE THOUSAND DOLLARS PER  ANNUM
 SHALL CONTRIBUTE FIVE AND THREE-QUARTERS PER CENTUM OF ANNUAL WAGES, AND
 BEGINNING  ON  JULY  ONE,  TWO  THOUSAND  TWENTY-FOUR, THE WAGES IN THIS
 SUBPARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION,  AS  DETERMINED
 FROM  THE  INCREASE  IN  THE CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD
 ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL
 THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL
 NOT EXCEED THREE PERCENT; and
   (5) members with wages greater than one  hundred  thousand  per  annum
 shall  contribute six per centum of annual wages. ON JULY ONE, TWO THOU-
 SAND TWENTY-THREE, MEMBERS WITH WAGES  GREATER  THAN  ONE  HUNDRED  FIVE
 THOUSAND  DOLLARS  PER  ANNUM  SHALL CONTRIBUTE SIX PER CENTUM OF ANNUAL
 WAGES, AND BEGINNING ON JULY  ONE, TWO THOUSAND TWENTY-FOUR,  THE  WAGES
 IN  THIS  SUBPARAGRAPH  SHALL  BE  INCREASED BY THE ANNUAL INFLATION, AS
 DETERMINED FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN THE ONE YEAR
 PERIOD ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID  PERCENT-
 AGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT
 AND SHALL NOT EXCEED THREE PERCENT.
   §  7. Notwithstanding any other provision of law to the contrary, none
 of the provisions of this act shall be subject  to  section  25  of  the
 retirement and social security law.
   § 8. This act shall take effect immediately.
   FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
   This  bill would increase the wage ranges to which member contribution
 rates are applied for Tier 6 members effective April 1, 2024 by  $5,000.
 Beginning  on April 1, 2025, the wage ranges would increase each year by
 the annual inflation rate rounded up to the next tenth of a percent, not
 to exceed 3%.
   The current contribution rates and wage ranges for Tier 6 members are:
   3% for wages of $45,000 or less
   3.5% for wages greater than $45,000 and less than or equal to $55,000
   4.5% for wages greater than $55,000 and less than or equal to $75,000
 S. 3614--A                         11
 
   5.75% for wages greater  than  $75,000  and  less  than  or  equal  to
 $100,000
   6.0% for wages greater than $100,000
   Insofar  as  this bill affects the New York State and Local Employees'
 Retirement System (NYSLERS), increased costs  would  be  shared  by  the
 State  of  New  York  and all participating employers in the NYSLERS. If
 this bill is enacted during the 2023 legislative session, there will  be
 an  increase  in the present value of future costs of approximately $588
 million.
   In the NYSLERS, this benefit improvement will be funded by  increasing
 the  billing rates charged annually. The annual contribution required of
 all participating employers in NYSLERS is approximately 0.2% of billable
 salary, or $26 million to the State of New York  and  approximately  $38
 million  to  the  local participating employers.   This PERMANENT ANNUAL
 COST will vary in subsequent billing cycles with  changes  in  the  wage
 ranges and salary of the affected members.
   Insofar  as  this bill affects the New York State and Local Police and
 Fire Retirement System (NYSLPFRS), increased costs would  be  shared  by
 the  State  of New York and all participating employers in the NYSLPFRS.
 If this bill is enacted during the 2023 legislative session, there  will
 be  an  increase  in  the present value of future costs of approximately
 $11.2 million.
   In the NYSLPFRS, this benefit improvement will be funded by increasing
 the billing rates charged annually. The annual contribution required  of
 all  participating  employers  in  NYSLERS is less than 0.1% of billable
 salary, or approximately $225,000 to the State of New York and  approxi-
 mately  $890,000  to  the  local participating employers. This PERMANENT
 ANNUAL COST will vary in subsequent billing cycles with changes  in  the
 wage ranges and salary of the affected members.
   Summary of relevant resources:
   Membership  data as of March 31, 2022 was used in measuring the impact
 of the proposed change, the same data used in the April 1, 2022 actuari-
 al valuation. Distributions and other statistics can  be  found  in  the
 2022  Report  of the Actuary and the 2022 Annual Comprehensive Financial
 Report.
   The actuarial assumptions and methods used are described in the  2020,
 2021,  and  2022  Annual  Report to the Comptroller on Actuarial Assump-
 tions, and the Codes, Rules and Regulations of the State  of  New  York:
 Audit and Control.
   The Market Assets and GASB Disclosures are found in the March 31, 2022
 New  York  State  and  Local  Retirement System Financial Statements and
 Supplementary Information.
   I am a member of the American Academy of Actuaries and meet the Quali-
 fication Standards to render the actuarial opinion contained herein.
   This fiscal note does not constitute a legal opinion on the  viability
 of  the  proposed change nor is it intended to serve as a substitute for
 the professional judgment of an attorney.
   This estimate, dated January 31,  2023,  and  intended  for  use  only
 during  the  2023  Legislative  Session,  is  Fiscal  Note  No. 2023-30,
 prepared by the Actuary for the New  York  State  and  Local  Retirement
 System.
   FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
   This  bill  would  amend various sections of the Retirement and Social
 Security Law and the Education Law to increase the salary ranges used in
 determining the employee contribution percentages  for  Tier  6  members
 thereby  decreasing  future required employee contributions. The current
 S. 3614--A                         12
 
 salary ranges would each increase by $5,000 on April 1, 2024.  Beginning
 on  April 1, 2025, salary ranges would then be increased annually by the
 increase in the consumer price index in the one year  period  ending  on
 December thirty-first of the year prior, not to exceed 3%.
   The  annual  cost  to  the  employers of members of the New York State
 Teachers' Retirement System for this benefit is estimated  to  be  $30.0
 million or 0.16% of payroll if this bill is enacted.
   The  System's "new entrant rate", a hypothetical employer contribution
 rate that would occur if we started a new Retirement System without  any
 assets, is equal to 5.15% of pay under the current Tier 6 benefit struc-
 ture.  This can be thought of as the long-term expected employer cost of
 Tier 6, based on current actuarial assumptions. For the proposed  change
 to  the  Tier 6 benefit structure under this bill, this new entrant rate
 is estimated to increase to 5.60% of pay, an increase of 0.45% of pay.
   Member data is from  the  System's  most  recent  actuarial  valuation
 files,  consisting  of  data provided by the employers to the Retirement
 System.  Data distributions and statistics can be found in the  System's
 Annual  Report.  System assets are as reported in the System's financial
 statements and can also be found in the System's Annual Report.  Actuar-
 ial assumptions and methods are provided in the System's Actuarial Valu-
 ation Report.
   The source of this estimate is Fiscal Note 2023-12 dated March 9, 2023
 prepared by the Office of the Actuary of the New  York  State  Teachers'
 Retirement  System and is intended for use only during the 2023 Legisla-
 tive Session. I, Richard A. Young, am the Chief Actuary for the New York
 State Teachers' Retirement System. I am a member of the American Academy
 of Actuaries and I meet the  Qualification  Standards  of  the  American
 Academy of Actuaries to render the actuarial opinion contained herein.

2023-S3614B - Details

Current Committee:: Senate Civil Service And Pensions
Law Section:: Retirement and Social Security Law
Laws Affected:: Amd §§517, 613 & 1204, R & SS L; amd §§182, 392 & 6252, Ed L
Versions Introduced in Other Legislative Sessions:: 2019-2020: S5842
2021-2022: S4236

2023-S3614B - Summary

Increases the salary ranges tied to member contribution requirements; ties salary amount to inflation.

2023-S3614B - Sponsor Memo

                                 
BILL NUMBER: S3614B

SPONSOR: GOUNARDES
 
TITLE OF BILL:

An act to amend the retirement and social security law and the education
law, in relation to member contribution per centum increases

 
PURPOSE OR GENERAL IDEA OF BILL:

This legislation amends the retirement and social security law and
education law to increase the wage thresholds for contributions required
to be made by employees in Tier 6.

 
SUMMARY OF PROVISIONS:

This bill amends section 517, 613, and 1204 of the Retirement and Social
Security Law and sections 182, 392, and 6252 of the Education Law to
increase the wage thresholds for contributions that are required to be
made by employees in Tier 6. Such thresholds would immediately increase
by $5,000 and would thereafter increase by the rate of annual inflation,
not to exceed 3%.

 
EXISTING LAW:

Employees that are members of the Tier 6 pension plan are required to
contribute a percentage of their wages based on how much they are paid
annually. The current brackets are:

Less than $45,000 - 3% of wages

$45,000 - $55,000 - 3.5%

$55,000 - $75,000 - 4.5%

$75,000-$100,000 -  5.75%

5.75% Over $100,000 - 6%

 
JUSTIFICATION:

The current tier 6 contribution system requires employees to contribute
a percentage of their wages to pay for their pension.  While this system
is intended to ensure that lower income employees contribute a smaller
percentage of their income than those that make more, this will not be
the case over time. For example, an employee that currently makes
$40,000 per year will pay 3% of their wages for their pension. If they
receive a 2% raise annually, they would move into the 3.5% pension
contribution bracket within seven years. This effectively negates the
value of the raises, as with each income bracket they move into they
lose more of their money to the pension fund. Furthermore, these wage
brackets set in statute do not account for inflation, meaning the value
of someone's income will decrease over time but they are still required
to contribute the same percent.  This legislation would fix this issue
by increasing each wage bracket by $5,000 immediately, and then tying it
to the rate of inflation, to both reflect the rising value of goods and
services and help public servants keep more of their own income.

 
PRIOR LEGISLATIVE HISTORY:
2022: S4236 - Died in Civil Service and Pensions

2021: S4236 - Died in Civil Service and Pensions

2020: S5842A - Died in Civil Service and Pensions

2019: S5842 - Died in Civil Service and Pensions

 
FISCAL IMPLICATIONS:

See bill.

 
EFFECTIVE DATE:
This act shall take effect immediately.

2023-S3614B - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  3614--B
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                             February 1, 2023
                                ___________
 
 Introduced by Sen. GOUNARDES -- read twice and ordered printed, and when
   printed to be committed to the Committee on Civil Service and Pensions
   --  committee  discharged,  bill amended, ordered reprinted as amended
   and recommitted  to  said  committee  --  committee  discharged,  bill
   amended,  ordered reprinted as amended and recommitted to said commit-
   tee
 
 AN ACT to amend the retirement and social security law and the education
   law, in relation to member contribution per centum increases
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Paragraphs 1, 2, 3, 4 and 5 of subdivision a of section 517
 of the retirement and social security law, as added by chapter 18 of the
 laws of 2012, are amended to read as follows:
   1. members with wages of forty-five thousand dollars per annum or less
 shall  contribute  three  per  centum of annual wages. ON APRIL ONE, TWO
 THOUSAND TWENTY-FOUR, MEMBERS WITH WAGES OF FIFTY THOUSAND  DOLLARS  PER
 ANNUM  OR  LESS  SHALL  CONTRIBUTE THREE PER CENTUM OF ANNUAL WAGES, AND
 BEGINNING ON APRIL ONE, TWO THOUSAND  TWENTY-FIVE,  THE  WAGES  IN  THIS
 SUBPARAGRAPH  SHALL  BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED
 FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN  THE  ONE  YEAR  PERIOD
 ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL
 THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL
 NOT EXCEED THREE PERCENT;
   2.  members with wages greater than forty-five thousand per annum, but
 not more than fifty-five thousand per annum shall contribute  three  and
 one-half  per centum of annual wages. ON APRIL ONE, TWO THOUSAND TWENTY-
 FOUR, MEMBERS WITH WAGES GREATER THAN FIFTY THOUSAND PER ANNUM, BUT  NOT
 MORE  THAN  SIXTY THOUSAND PER ANNUM SHALL CONTRIBUTE THREE AND ONE-HALF
 PER CENTUM OF ANNUAL WAGES, AND BEGINNING ON  APRIL  ONE,  TWO  THOUSAND
 TWENTY-FIVE,  THE  WAGES  IN THIS SUBPARAGRAPH SHALL BE INCREASED BY THE
 ANNUAL INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER  PRICE
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD03315-05-3

 S. 3614--B                          2
 
 INDEX IN THE ONE YEAR PERIOD ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR
 PRIOR.  SAID PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-
 TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT;
   3.  members with wages greater than fifty-five thousand per annum, but
 not more than seventy-five thousand per annum shall contribute four  and
 one-half  per centum of annual wages. ON APRIL ONE, TWO THOUSAND TWENTY-
 FOUR, MEMBERS WITH WAGES GREATER THAN SIXTY THOUSAND PER ANNUM, BUT  NOT
 MORE  THAN  EIGHTY THOUSAND PER ANNUM SHALL CONTRIBUTE FOUR AND ONE-HALF
 PER CENTUM OF ANNUAL WAGES, AND BEGINNING ON  APRIL  ONE,  TWO  THOUSAND
 TWENTY-FIVE,  THE  WAGES  IN THIS SUBPARAGRAPH SHALL BE INCREASED BY THE
 ANNUAL INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER  PRICE
 INDEX IN THE ONE YEAR PERIOD ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR
 PRIOR.  SAID PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-
 TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT;
   4. members with wages greater than seventy-five thousand per annum but
 not more than one hundred thousand per annum shall contribute  five  and
 three-quarters  per  centum  of annual wages. ON APRIL ONE, TWO THOUSAND
 TWENTY-FOUR, MEMBERS WITH WAGES GREATER THAN EIGHTY THOUSAND DOLLARS PER
 ANNUM BUT NOT MORE THAN ONE HUNDRED  FIVE  THOUSAND  DOLLARS  PER  ANNUM
 SHALL CONTRIBUTE FIVE AND THREE-QUARTERS PER CENTUM OF ANNUAL WAGES, AND
 BEGINNING  ON  APRIL  ONE,  TWO  THOUSAND TWENTY-FIVE, THE WAGES IN THIS
 SUBPARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION,  AS  DETERMINED
 FROM  THE  INCREASE  IN  THE CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD
 ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL
 THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL
 NOT EXCEED THREE PERCENT; and
   5. members with wages greater than  one  hundred  thousand  per  annum
 shall contribute six per centum of annual wages. ON APRIL ONE, TWO THOU-
 SAND TWENTY-FOUR, MEMBERS WITH WAGES GREATER THAN ONE HUNDRED FIVE THOU-
 SAND  DOLLARS PER ANNUM SHALL CONTRIBUTE SIX PER CENTUM OF ANNUAL WAGES,
 AND BEGINNING ON APRIL ONE, TWO THOUSAND TWENTY-FIVE, THE WAGES IN  THIS
 SUBPARAGRAPH  SHALL  BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED
 FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN  THE  ONE  YEAR  PERIOD
 ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL
 THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL
 NOT EXCEED THREE PERCENT.
   §  2.  Subparagraphs  (i), (ii), (iii), (iv) and (v) of paragraph 1 of
 subdivision a, subparagraphs (i), (ii), (iii), (iv) and (v) of paragraph
 2 of subdivision a, paragraphs 1, 2, 3, 4 and 5  of  subdivision  f  and
 paragraphs  1,  2,  3,  4  and  5 of subdivision g of section 613 of the
 retirement and social security law, subparagraphs (i), (ii), (iii), (iv)
 and (v) of paragraph 1 and subparagraphs (i), (ii), (iii), (iv) and  (v)
 of paragraph 2 of subdivision a as amended by chapter 510 of the laws of
 2015  and paragraphs 1, 2, 3, 4 and 5 of subdivision f and paragraphs 1,
 2, 3, 4 and 5 of subdivision g as added by chapter 18  of  the  laws  of
 2012, are amended to read as follows:
   (i)  members  with  wages  of forty-five thousand dollars per annum or
 less shall contribute three per centum of annual wages.  ON  APRIL  ONE,
 TWO  THOUSAND  TWENTY-FOUR, MEMBERS WITH WAGES OF FIFTY THOUSAND DOLLARS
 PER ANNUM OR LESS SHALL CONTRIBUTE THREE PER CENTUM OF ANNUAL WAGES, AND
 BEGINNING ON APRIL ONE, TWO THOUSAND  TWENTY-FIVE,  THE  WAGES  IN  THIS
 SUBPARAGRAPH  SHALL  BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED
 FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN  THE  ONE  YEAR  PERIOD
 ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL
 THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL
 NOT EXCEED THREE PERCENT;
 S. 3614--B                          3
 
   (ii)  members  with  wages greater than forty-five thousand per annum,
 but not more than fifty-five thousand per annum shall  contribute  three
 and  one-half  per  centum  of  annual wages. ON APRIL ONE, TWO THOUSAND
 TWENTY-FOUR, MEMBERS WITH WAGES GREATER THAN FIFTY THOUSAND  PER  ANNUM,
 BUT  NOT  MORE THAN   OF SIXTY THOUSAND PER ANNUM SHALL CONTRIBUTE THREE
 AND ONE-HALF PER CENTUM OF ANNUAL WAGES, AND BEGINNING ON APRIL ONE, TWO
 THOUSAND TWENTY-FIVE, THE WAGES IN THIS SUBPARAGRAPH SHALL BE  INCREASED
 BY THE ANNUAL INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER
 PRICE  INDEX  IN  THE ONE YEAR PERIOD ENDING ON DECEMBER THIRTY-FIRST OF
 THE YEAR PRIOR. SAID PERCENTAGE SHALL THEN BE ROUNDED  UP  TO  THE  NEXT
 HIGHER ONE-TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT;
   (iii)  members  with wages greater than fifty-five thousand per annum,
 but not more than seventy-five thousand per annum shall contribute  four
 and  one-half  per  centum  of  annual wages. ON APRIL ONE, TWO THOUSAND
 TWENTY-FOUR, MEMBERS WITH WAGES GREATER THAN SIXTY THOUSAND  PER  ANNUM,
 BUT  NOT  MORE  THAN EIGHTY THOUSAND PER ANNUM SHALL CONTRIBUTE FOUR AND
 ONE-HALF PER CENTUM OF ANNUAL WAGES, AND BEGINNING  ON  APRIL  ONE,  TWO
 THOUSAND  TWENTY-FIVE, THE WAGES IN THIS SUBPARAGRAPH SHALL BE INCREASED
 BY THE ANNUAL INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER
 PRICE INDEX IN THE ONE YEAR PERIOD ENDING ON  DECEMBER  THIRTY-FIRST  OF
 THE  YEAR  PRIOR.  SAID  PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT
 HIGHER ONE-TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT;
   (iv) members with wages greater than seventy-five thousand  per  annum
 but  not  more than one hundred thousand per annum shall contribute five
 and three-quarters per centum of annual wages. ON APRIL ONE,  TWO  THOU-
 SAND  TWENTY-FOUR,  MEMBERS  WITH  WAGES  GREATER  THAN  EIGHTY THOUSAND
 DOLLARS PER ANNUM BUT NOT MORE THAN ONE HUNDRED  FIVE  THOUSAND  DOLLARS
 PER  ANNUM SHALL CONTRIBUTE FIVE AND THREE-QUARTERS PER CENTUM OF ANNUAL
 WAGES, AND BEGINNING ON APRIL ONE, TWO THOUSAND TWENTY-FIVE,  THE  WAGES
 IN  THIS  SUBPARAGRAPH  SHALL  BE  INCREASED BY THE ANNUAL INFLATION, AS
 DETERMINED FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN THE ONE YEAR
 PERIOD ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID  PERCENT-
 AGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT
 AND SHALL NOT EXCEED THREE PERCENT; and
   (v)  members  with  wages  greater than one hundred thousand per annum
 shall contribute six per centum of annual wages. ON APRIL ONE, TWO THOU-
 SAND TWENTY-FOUR, MEMBERS WITH WAGES GREATER THAN ONE HUNDRED FIVE THOU-
 SAND DOLLARS PER ANNUM SHALL CONTRIBUTE SIX PER CENTUM OF ANNUAL  WAGES,
 AND  BEGINNING ON APRIL ONE, TWO THOUSAND TWENTY-FIVE, THE WAGES IN THIS
 SUBPARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION,  AS  DETERMINED
 FROM  THE  INCREASE  IN  THE CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD
 ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL
 THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL
 NOT EXCEED THREE PERCENT.
   (i) members with wages of forty-five thousand  dollars  per  annum  or
 less  shall  contribute  three per centum of annual wages. ON APRIL ONE,
 TWO THOUSAND TWENTY-FOUR, MEMBERS WITH WAGES OF FIFTY  THOUSAND  DOLLARS
 PER ANNUM OR LESS SHALL CONTRIBUTE THREE PER CENTUM OF ANNUAL WAGES, AND
 BEGINNING  ON  APRIL  ONE,  TWO  THOUSAND TWENTY-FIVE, THE WAGES IN THIS
 SUBPARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION,  AS  DETERMINED
 FROM  THE  INCREASE  IN  THE CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD
 ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL
 THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL
 NOT EXCEED THREE PERCENT;
   (ii) members with wages greater than forty-five  thousand  per  annum,
 but  not  more than fifty-five thousand per annum shall contribute three
 S. 3614--B                          4

 and one-half per centum of annual wages.  ON  APRIL  ONE,  TWO  THOUSAND
 TWENTY-FOUR,  MEMBERS  WITH WAGES GREATER THAN FIFTY THOUSAND PER ANNUM,
 BUT NOT MORE THAN  OF SIXTY THOUSAND PER ANNUM  SHALL  CONTRIBUTE  THREE
 AND ONE-HALF PER CENTUM OF ANNUAL WAGES, AND BEGINNING ON APRIL ONE, TWO
 THOUSAND  TWENTY-FIVE, THE WAGES IN THIS SUBPARAGRAPH SHALL BE INCREASED
 BY THE ANNUAL INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER
 PRICE INDEX IN THE ONE YEAR PERIOD ENDING ON  DECEMBER  THIRTY-FIRST  OF
 THE  YEAR  PRIOR.  SAID  PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT
 HIGHER ONE-TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT;
   (iii) members with wages greater than fifty-five thousand  per  annum,
 but  not more than seventy-five thousand per annum shall contribute four
 and one-half per centum of annual wages.  ON  APRIL  ONE,  TWO  THOUSAND
 TWENTY-FOUR,  MEMBERS  WITH WAGES GREATER THAN SIXTY THOUSAND PER ANNUM,
 BUT NOT MORE THAN EIGHTY THOUSAND PER ANNUM SHALL  CONTRIBUTE  FOUR  AND
 ONE-HALF  PER  CENTUM  OF  ANNUAL WAGES, AND BEGINNING ON APRIL ONE, TWO
 THOUSAND TWENTY-FIVE, THE WAGES IN THIS SUBPARAGRAPH SHALL BE  INCREASED
 BY THE ANNUAL INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER
 PRICE  INDEX  IN  THE ONE YEAR PERIOD ENDING ON DECEMBER THIRTY-FIRST OF
 THE YEAR PRIOR. SAID PERCENTAGE SHALL THEN BE ROUNDED  UP  TO  THE  NEXT
 HIGHER ONE-TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT;
   (iv)  members  with wages greater than seventy-five thousand per annum
 but not more than one hundred thousand per annum shall  contribute  five
 and  three-quarters  per centum of annual wages. ON APRIL ONE, TWO THOU-
 SAND TWENTY-FOUR,  MEMBERS  WITH  WAGES  GREATER  THAN  EIGHTY  THOUSAND
 DOLLARS  PER  ANNUM  BUT NOT MORE THAN ONE HUNDRED FIVE THOUSAND DOLLARS
 PER ANNUM SHALL CONTRIBUTE FIVE AND THREE-QUARTERS PER CENTUM OF  ANNUAL
 WAGES,  AND  BEGINNING ON APRIL ONE, TWO THOUSAND TWENTY-FIVE, THE WAGES
 IN THIS SUBPARAGRAPH SHALL BE INCREASED  BY  THE  ANNUAL  INFLATION,  AS
 DETERMINED FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN THE ONE YEAR
 PERIOD  ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENT-
 AGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT
 AND SHALL NOT EXCEED THREE PERCENT; and
   (v) members with wages greater than one  hundred  thousand  per  annum
 shall contribute six per centum of annual wages. ON APRIL ONE, TWO THOU-
 SAND TWENTY-FOUR, MEMBERS WITH WAGES GREATER THAN ONE HUNDRED FIVE THOU-
 SAND  DOLLARS PER ANNUM SHALL CONTRIBUTE SIX PER CENTUM OF ANNUAL WAGES,
 AND BEGINNING ON APRIL ONE, TWO THOUSAND TWENTY-FIVE, THE WAGES IN  THIS
 SUBPARAGRAPH  SHALL  BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED
 FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN  THE  ONE  YEAR  PERIOD
 ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL
 THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL
 NOT EXCEED THREE PERCENT.
   1. members with wages of forty-five thousand dollars per annum or less
 shall  contribute  three  per  centum of annual wages. ON APRIL ONE, TWO
 THOUSAND TWENTY-FOUR, MEMBERS WITH WAGES OF FIFTY THOUSAND  DOLLARS  PER
 ANNUM  OR  LESS  SHALL  CONTRIBUTE THREE PER CENTUM OF ANNUAL WAGES, AND
 BEGINNING ON APRIL ONE, TWO THOUSAND  TWENTY-FIVE,  THE  WAGES  IN  THIS
 SUBPARAGRAPH  SHALL  BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED
 FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN  THE  ONE  YEAR  PERIOD
 ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL
 THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL
 NOT EXCEED THREE PERCENT;
   2.  members with wages greater than forty-five thousand per annum, but
 not more than fifty-five thousand per annum shall contribute  three  and
 one-half  per centum of annual wages. ON APRIL ONE, TWO THOUSAND TWENTY-
 FOUR, MEMBERS WITH WAGES GREATER THAN FIFTY THOUSAND PER ANNUM, BUT  NOT
 S. 3614--B                          5
 
 MORE  THAN   OF SIXTY THOUSAND PER ANNUM SHALL CONTRIBUTE THREE AND ONE-
 HALF PER CENTUM OF ANNUAL WAGES, AND BEGINNING ON APRIL ONE,  TWO  THOU-
 SAND  TWENTY-FIVE,  THE WAGES IN THIS SUBPARAGRAPH SHALL BE INCREASED BY
 THE  ANNUAL  INFLATION,  AS DETERMINED FROM THE INCREASE IN THE CONSUMER
 PRICE INDEX IN THE ONE YEAR PERIOD ENDING ON  DECEMBER  THIRTY-FIRST  OF
 THE  YEAR  PRIOR.  SAID  PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT
 HIGHER ONE-TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT;
   3. members with wages greater than fifty-five thousand per annum,  but
 not  more than seventy-five thousand per annum shall contribute four and
 one-half per centum of annual wages. ON APRIL ONE, TWO THOUSAND  TWENTY-
 FOUR,  MEMBERS WITH WAGES GREATER THAN SIXTY THOUSAND PER ANNUM, BUT NOT
 MORE THAN EIGHTY THOUSAND PER ANNUM SHALL CONTRIBUTE FOUR  AND  ONE-HALF
 PER  CENTUM  OF  ANNUAL  WAGES, AND BEGINNING ON APRIL ONE, TWO THOUSAND
 TWENTY-FIVE, THE WAGES IN THIS SUBPARAGRAPH SHALL BE  INCREASED  BY  THE
 ANNUAL  INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER PRICE
 INDEX IN THE ONE YEAR PERIOD ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR
 PRIOR. SAID PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER  ONE-
 TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT;
   4. members with wages greater than seventy-five thousand per annum but
 not  more  than one hundred thousand per annum shall contribute five and
 three-quarters per centum of annual wages. ON APRIL  ONE,  TWO  THOUSAND
 TWENTY-FOUR, MEMBERS WITH WAGES GREATER THAN EIGHTY THOUSAND DOLLARS PER
 ANNUM  BUT  NOT  MORE  THAN  ONE HUNDRED FIVE THOUSAND DOLLARS PER ANNUM
 SHALL CONTRIBUTE FIVE AND THREE-QUARTERS PER CENTUM OF ANNUAL WAGES, AND
 BEGINNING ON APRIL ONE, TWO THOUSAND  TWENTY-FIVE,  THE  WAGES  IN  THIS
 SUBPARAGRAPH  SHALL  BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED
 FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN  THE  ONE  YEAR  PERIOD
 ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL
 THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL
 NOT EXCEED THREE PERCENT; and
   5.  members  with  wages  greater  than one hundred thousand per annum
 shall contribute six per centum of annual wages. ON APRIL ONE, TWO THOU-
 SAND TWENTY-FOUR, MEMBERS WITH WAGES GREATER THAN ONE HUNDRED FIVE THOU-
 SAND DOLLARS PER ANNUM SHALL CONTRIBUTE SIX PER CENTUM OF ANNUAL  WAGES,
 AND  BEGINNING ON APRIL ONE, TWO THOUSAND TWENTY-FIVE, THE WAGES IN THIS
 SUBPARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION,  AS  DETERMINED
 FROM  THE  INCREASE  IN  THE CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD
 ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL
 THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL
 NOT EXCEED THREE PERCENT.
   1. members with wages of forty-five thousand dollars per annum or less
 shall contribute three per centum of annual wages.  ON  APRIL  ONE,  TWO
 THOUSAND  TWENTY-FOUR,  MEMBERS WITH WAGES OF FIFTY THOUSAND DOLLARS PER
 ANNUM OR LESS SHALL CONTRIBUTE THREE PER CENTUM  OF  ANNUAL  WAGES,  AND
 BEGINNING  ON  APRIL  ONE,  TWO  THOUSAND TWENTY-FIVE, THE WAGES IN THIS
 SUBPARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION,  AS  DETERMINED
 FROM  THE  INCREASE  IN  THE CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD
 ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL
 THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL
 NOT EXCEED THREE PERCENT;
   2. members with wages greater than forty-five thousand per annum,  but
 not  more  than fifty-five thousand per annum shall contribute three and
 one-half per centum of annual wages. ON APRIL ONE, TWO THOUSAND  TWENTY-
 FOUR,  MEMBERS WITH WAGES GREATER THAN FIFTY THOUSAND PER ANNUM, BUT NOT
 MORE THAN  OF SIXTY THOUSAND PER ANNUM SHALL CONTRIBUTE THREE  AND  ONE-
 HALF  PER  CENTUM OF ANNUAL WAGES, AND BEGINNING ON APRIL ONE, TWO THOU-
 S. 3614--B                          6
 
 SAND TWENTY-FIVE, THE WAGES IN THIS SUBPARAGRAPH SHALL BE  INCREASED  BY
 THE  ANNUAL  INFLATION,  AS DETERMINED FROM THE INCREASE IN THE CONSUMER
 PRICE INDEX IN THE ONE YEAR PERIOD ENDING ON  DECEMBER  THIRTY-FIRST  OF
 THE  YEAR  PRIOR.  SAID  PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT
 HIGHER ONE-TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT;
   3. members with wages greater than fifty-five thousand per annum,  but
 not  more than seventy-five thousand per annum shall contribute four and
 one-half per centum of annual wages. ON APRIL ONE, TWO THOUSAND  TWENTY-
 FOUR,  MEMBERS WITH WAGES GREATER THAN SIXTY THOUSAND PER ANNUM, BUT NOT
 MORE THAN EIGHTY THOUSAND PER ANNUM SHALL CONTRIBUTE FOUR  AND  ONE-HALF
 PER  CENTUM  OF  ANNUAL  WAGES, AND BEGINNING ON APRIL ONE, TWO THOUSAND
 TWENTY-FIVE, THE WAGES IN THIS SUBPARAGRAPH SHALL BE  INCREASED  BY  THE
 ANNUAL  INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER PRICE
 INDEX IN THE ONE YEAR PERIOD ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR
 PRIOR. SAID PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER  ONE-
 TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT;
   4. members with wages greater than seventy-five thousand per annum but
 not  more  than one hundred thousand per annum shall contribute five and
 three-quarters per centum of annual wages. ON APRIL  ONE,  TWO  THOUSAND
 TWENTY-FOUR, MEMBERS WITH WAGES GREATER THAN EIGHTY THOUSAND DOLLARS PER
 ANNUM  BUT  NOT  MORE  THAN  ONE HUNDRED FIVE THOUSAND DOLLARS PER ANNUM
 SHALL CONTRIBUTE FIVE AND THREE-QUARTERS PER CENTUM OF ANNUAL WAGES, AND
 BEGINNING ON APRIL ONE, TWO THOUSAND  TWENTY-FIVE,  THE  WAGES  IN  THIS
 SUBPARAGRAPH  SHALL  BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED
 FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN  THE  ONE  YEAR  PERIOD
 ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL
 THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL
 NOT EXCEED THREE PERCENT; and
   5.  members  with  wages  greater  than one hundred thousand per annum
 shall contribute six per centum of annual wages. ON APRIL ONE, TWO THOU-
 SAND TWENTY-FOUR, MEMBERS WITH WAGES GREATER THAN ONE HUNDRED FIVE THOU-
 SAND DOLLARS PER ANNUM SHALL CONTRIBUTE SIX PER CENTUM OF ANNUAL  WAGES,
 AND  BEGINNING ON APRIL ONE, TWO THOUSAND TWENTY-FIVE, THE WAGES IN THIS
 SUBPARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION,  AS  DETERMINED
 FROM  THE  INCREASE  IN  THE CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD
 ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL
 THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL
 NOT EXCEED THREE PERCENT.
   § 3. Subdivisions a, b, c, d and e of section 1204 of  the  retirement
 and social security law, as added by chapter 18 of the laws of 2012, are
 amended to read as follows:
   a. members with wages of forty-five thousand dollars per annum or less
 shall  contribute  three  per  centum of annual wages. ON APRIL ONE, TWO
 THOUSAND TWENTY-FOUR, MEMBERS WITH WAGES OF FIFTY THOUSAND  DOLLARS  PER
 ANNUM  OR  LESS  SHALL  CONTRIBUTE THREE PER CENTUM OF ANNUAL WAGES, AND
 BEGINNING ON APRIL ONE, TWO THOUSAND  TWENTY-FIVE,  THE  WAGES  IN  THIS
 SUBPARAGRAPH  SHALL  BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED
 FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN  THE  ONE  YEAR  PERIOD
 ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL
 THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL
 NOT EXCEED THREE PERCENT;
   b.  members with wages greater than forty-five thousand per annum, but
 not more than fifty-five thousand per annum shall contribute  three  and
 one-half  per centum of annual wages. ON APRIL ONE, TWO THOUSAND TWENTY-
 FOUR, MEMBERS WITH WAGES GREATER THAN FIFTY THOUSAND PER ANNUM, BUT  NOT
 MORE  THAN   OF SIXTY THOUSAND PER ANNUM SHALL CONTRIBUTE THREE AND ONE-
 S. 3614--B                          7

 HALF PER CENTUM OF ANNUAL WAGES, AND BEGINNING ON APRIL ONE,  TWO  THOU-
 SAND  TWENTY-FIVE,  THE WAGES IN THIS SUBPARAGRAPH SHALL BE INCREASED BY
 THE ANNUAL INFLATION, AS DETERMINED FROM THE INCREASE  IN  THE  CONSUMER
 PRICE  INDEX  IN  THE ONE YEAR PERIOD ENDING ON DECEMBER THIRTY-FIRST OF
 THE YEAR PRIOR. SAID PERCENTAGE SHALL THEN BE ROUNDED  UP  TO  THE  NEXT
 HIGHER ONE-TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT;
   c.  members with wages greater than fifty-five thousand per annum, but
 not more than seventy-five thousand per annum shall contribute four  and
 one-half  per centum of annual wages. ON APRIL ONE, TWO THOUSAND TWENTY-
 FOUR, MEMBERS WITH WAGES GREATER THAN SIXTY THOUSAND PER ANNUM, BUT  NOT
 MORE  THAN  EIGHTY THOUSAND PER ANNUM SHALL CONTRIBUTE FOUR AND ONE-HALF
 PER CENTUM OF ANNUAL WAGES, AND BEGINNING ON  APRIL  ONE,  TWO  THOUSAND
 TWENTY-FIVE,  THE  WAGES  IN THIS SUBPARAGRAPH SHALL BE INCREASED BY THE
 ANNUAL INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER  PRICE
 INDEX IN THE ONE YEAR PERIOD ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR
 PRIOR.  SAID PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-
 TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT;
   d. members with wages greater than seventy-five thousand per annum but
 not more than one hundred thousand per annum shall contribute  five  and
 three-quarters  per  centum  of annual wages. ON APRIL ONE, TWO THOUSAND
 TWENTY-FOUR, MEMBERS WITH WAGES GREATER THAN EIGHTY THOUSAND DOLLARS PER
 ANNUM BUT NOT MORE THAN ONE HUNDRED  FIVE  THOUSAND  DOLLARS  PER  ANNUM
 SHALL CONTRIBUTE FIVE AND THREE-QUARTERS PER CENTUM OF ANNUAL WAGES, AND
 BEGINNING  ON  APRIL  ONE,  TWO  THOUSAND TWENTY-FIVE, THE WAGES IN THIS
 SUBPARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION,  AS  DETERMINED
 FROM  THE  INCREASE  IN  THE CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD
 ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL
 THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL
 NOT EXCEED THREE PERCENT; and
   e. members with wages greater than  one  hundred  thousand  per  annum
 shall contribute six per centum of annual wages. ON APRIL ONE, TWO THOU-
 SAND TWENTY-FOUR, MEMBERS WITH WAGES GREATER THAN ONE HUNDRED FIVE THOU-
 SAND  DOLLARS PER ANNUM SHALL CONTRIBUTE SIX PER CENTUM OF ANNUAL WAGES,
 AND BEGINNING ON APRIL ONE, TWO THOUSAND TWENTY-FIVE, THE WAGES IN  THIS
 SUBPARAGRAPH  SHALL  BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED
 FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN  THE  ONE  YEAR  PERIOD
 ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL
 THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL
 NOT EXCEED THREE PERCENT.
   § 4. Paragraphs (a), (b), (c), (d) and (e) of subdivision 2 of section
 182  of  the  education law, as added by chapter 18 of the laws of 2012,
 are amended to read as follows:
   (a) members with wages of forty-five thousand  dollars  per  annum  or
 less  shall  contribute  three per centum of annual wages. ON APRIL ONE,
 TWO THOUSAND TWENTY-FOUR, MEMBERS WITH WAGES OF FIFTY  THOUSAND  DOLLARS
 PER ANNUM OR LESS SHALL CONTRIBUTE THREE PER CENTUM OF ANNUAL WAGES, AND
 BEGINNING  ON  APRIL  ONE,  TWO  THOUSAND TWENTY-FIVE, THE WAGES IN THIS
 SUBPARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION,  AS  DETERMINED
 FROM  THE  INCREASE  IN  THE CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD
 ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL
 THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL
 NOT EXCEED THREE PERCENT;
   (b) members with wages greater than forty-five thousand per annum, but
 not more than fifty-five thousand per annum shall contribute  three  and
 one-half  per centum of annual wages. ON APRIL ONE, TWO THOUSAND TWENTY-
 FOUR, MEMBERS WITH WAGES GREATER THAN FIFTY THOUSAND PER ANNUM, BUT  NOT
 S. 3614--B                          8
 
 MORE  THAN   OF SIXTY THOUSAND PER ANNUM SHALL CONTRIBUTE THREE AND ONE-
 HALF PER CENTUM OF ANNUAL WAGES, AND BEGINNING ON APRIL ONE,  TWO  THOU-
 SAND  TWENTY-FIVE,  THE WAGES IN THIS SUBPARAGRAPH SHALL BE INCREASED BY
 THE  ANNUAL  INFLATION,  AS DETERMINED FROM THE INCREASE IN THE CONSUMER
 PRICE INDEX IN THE ONE YEAR PERIOD ENDING ON  DECEMBER  THIRTY-FIRST  OF
 THE  YEAR  PRIOR.  SAID  PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT
 HIGHER ONE-TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT;
   (c) members with wages greater than fifty-five thousand per annum, but
 not more than seventy-five thousand per annum shall contribute four  and
 one-half  per centum of annual wages. ON APRIL ONE, TWO THOUSAND TWENTY-
 FOUR, MEMBERS WITH WAGES GREATER THAN SIXTY THOUSAND PER ANNUM, BUT  NOT
 MORE  THAN  EIGHTY THOUSAND PER ANNUM SHALL CONTRIBUTE FOUR AND ONE-HALF
 PER CENTUM OF ANNUAL WAGES, AND BEGINNING ON  APRIL  ONE,  TWO  THOUSAND
 TWENTY-FIVE,  THE  WAGES  IN THIS SUBPARAGRAPH SHALL BE INCREASED BY THE
 ANNUAL INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER  PRICE
 INDEX IN THE ONE YEAR PERIOD ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR
 PRIOR.  SAID PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-
 TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT;
   (d) members with wages greater than seventy-five  thousand  per  annum
 but  not  more than one hundred thousand per annum shall contribute five
 and three-quarters per centum of annual wages. ON APRIL ONE,  TWO  THOU-
 SAND  TWENTY-FOUR,  MEMBERS  WITH  WAGES  GREATER  THAN  EIGHTY THOUSAND
 DOLLARS PER ANNUM BUT NOT MORE THAN ONE HUNDRED  FIVE  THOUSAND  DOLLARS
 PER  ANNUM SHALL CONTRIBUTE FIVE AND THREE-QUARTERS PER CENTUM OF ANNUAL
 WAGES, AND BEGINNING ON APRIL ONE, TWO THOUSAND TWENTY-FIVE,  THE  WAGES
 IN  THIS  SUBPARAGRAPH  SHALL  BE  INCREASED BY THE ANNUAL INFLATION, AS
 DETERMINED FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN THE ONE YEAR
 PERIOD ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID  PERCENT-
 AGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT
 AND SHALL NOT EXCEED THREE PERCENT; and
   (e)  members  with  wages  greater than one hundred thousand per annum
 shall contribute six per centum of annual wages. ON APRIL ONE, TWO THOU-
 SAND TWENTY-FOUR, MEMBERS WITH WAGES GREATER THAN ONE HUNDRED FIVE THOU-
 SAND DOLLARS PER ANNUM SHALL CONTRIBUTE SIX PER CENTUM OF ANNUAL  WAGES,
 AND  BEGINNING ON APRIL ONE, TWO THOUSAND TWENTY-FIVE, THE WAGES IN THIS
 SUBPARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION,  AS  DETERMINED
 FROM  THE  INCREASE  IN  THE CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD
 ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL
 THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL
 NOT EXCEED THREE PERCENT.
   § 5. Subparagraphs (i), (ii), (iii), (iv) and (v) of paragraph (d)  of
 subdivision  2  of section 392 of the education law, as added by chapter
 18 of the laws of 2012, are amended to read as follows:
   (i) members with wages of forty-five thousand  dollars  per  annum  or
 less shall contribute three per centum of annual wages. ON JULY ONE, TWO
 THOUSAND  TWENTY-THREE, MEMBERS WITH WAGES OF FIFTY THOUSAND DOLLARS PER
 ANNUM OR LESS SHALL CONTRIBUTE THREE PER CENTUM  OF  ANNUAL  WAGES,  AND
 BEGINNING  ON  JULY  ONE,  TWO  THOUSAND  TWENTY-FOUR, THE WAGES IN THIS
 SUBPARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION,  AS  DETERMINED
 FROM  THE  INCREASE  IN  THE CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD
 ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL
 THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL
 NOT EXCEED THREE PERCENT;
   (ii) members with wages greater than forty-five  thousand  per  annum,
 but  not  more than fifty-five thousand per annum shall contribute three
 and one-half per centum of annual wages. ON JULY ONE, TWO THOUSAND TWEN-
 S. 3614--B                          9
 
 TY-THREE, MEMBERS WITH WAGES GREATER THAN FIFTY THOUSAND PER ANNUM,  BUT
 NOT  MORE  THAN   OF SIXTY THOUSAND PER ANNUM SHALL CONTRIBUTE THREE AND
 ONE-HALF PER CENTUM OF ANNUAL WAGES, AND  BEGINNING  ON  JULY  ONE,  TWO
 THOUSAND  TWENTY-FOUR, THE WAGES IN THIS SUBPARAGRAPH SHALL BE INCREASED
 BY THE ANNUAL INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER
 PRICE INDEX IN THE ONE YEAR PERIOD ENDING ON  DECEMBER  THIRTY-FIRST  OF
 THE  YEAR  PRIOR.  SAID  PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT
 HIGHER ONE-TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT;
   (iii) members with wages greater than fifty-five thousand  per  annum,
 but  not more than seventy-five thousand per annum shall contribute four
 and one-half per centum of annual wages. ON JULY ONE, TWO THOUSAND TWEN-
 TY-THREE, MEMBERS WITH WAGES GREATER THAN SIXTY THOUSAND PER ANNUM,  BUT
 NOT  MORE  THAN EIGHTY THOUSAND PER ANNUM SHALL CONTRIBUTE FOUR AND ONE-
 HALF PER CENTUM OF ANNUAL WAGES, AND BEGINNING ON JULY ONE, TWO THOUSAND
 TWENTY-FOUR, THE WAGES IN THIS SUBPARAGRAPH SHALL BE  INCREASED  BY  THE
 ANNUAL  INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER PRICE
 INDEX IN THE ONE YEAR PERIOD ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR
 PRIOR. SAID PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER  ONE-
 TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT;
   (iv)  members  with wages greater than seventy-five thousand per annum
 but not more than one hundred thousand per annum shall  contribute  five
 and three-quarters per centum of annual wages. ON JULY ONE, TWO THOUSAND
 TWENTY-THREE,  MEMBERS  WITH  WAGES GREATER THAN EIGHTY THOUSAND DOLLARS
 PER ANNUM BUT NOT MORE THAN ONE HUNDRED FIVE THOUSAND DOLLARS PER  ANNUM
 SHALL CONTRIBUTE FIVE AND THREE-QUARTERS PER CENTUM OF ANNUAL WAGES, AND
 BEGINNING  ON  JULY  ONE,  TWO  THOUSAND  TWENTY-FOUR, THE WAGES IN THIS
 SUBPARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION,  AS  DETERMINED
 FROM  THE  INCREASE  IN  THE CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD
 ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL
 THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL
 NOT EXCEED THREE PERCENT; and
   (v) members with wages greater than one  hundred  thousand  per  annum
 shall  contribute six per centum of annual wages. ON JULY ONE, TWO THOU-
 SAND TWENTY-THREE, MEMBERS WITH WAGES  GREATER  THAN  ONE  HUNDRED  FIVE
 THOUSAND  DOLLARS  PER  ANNUM  SHALL CONTRIBUTE SIX PER CENTUM OF ANNUAL
 WAGES, AND BEGINNING ON JULY  ONE, TWO THOUSAND TWENTY-FOUR,  THE  WAGES
 IN  THIS  SUBPARAGRAPH  SHALL  BE  INCREASED BY THE ANNUAL INFLATION, AS
 DETERMINED FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN THE ONE YEAR
 PERIOD ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID  PERCENT-
 AGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT
 AND SHALL NOT EXCEED THREE PERCENT.
   §  6. Subparagraphs 1, 2, 3, 4 and 5 of paragraph (d) of subdivision 2
 of section 6252 of the education law, as added by chapter 18 of the laws
 of 2012, are amended to read as follows:
   (1) members with wages of forty-five thousand  dollars  per  annum  or
 less shall contribute three per centum of annual wages. ON JULY ONE, TWO
 THOUSAND  TWENTY-THREE, MEMBERS WITH WAGES OF FIFTY THOUSAND DOLLARS PER
 ANNUM OR LESS SHALL CONTRIBUTE THREE PER CENTUM  OF  ANNUAL  WAGES,  AND
 BEGINNING  ON  JULY  ONE,  TWO  THOUSAND  TWENTY-FOUR, THE WAGES IN THIS
 SUBPARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION,  AS  DETERMINED
 FROM  THE  INCREASE  IN  THE CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD
 ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL
 THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL
 NOT EXCEED THREE PERCENT;
   (2) members with wages greater than forty-five thousand per annum, but
 not more than fifty-five thousand per annum shall contribute  three  and
 S. 3614--B                         10
 
 one-half  per  centum of annual wages. ON JULY ONE, TWO THOUSAND TWENTY-
 THREE, MEMBERS WITH WAGES GREATER THAN FIFTY THOUSAND PER ANNUM, BUT NOT
 MORE THAN  OF SIXTY THOUSAND PER ANNUM SHALL CONTRIBUTE THREE  AND  ONE-
 HALF PER CENTUM OF ANNUAL WAGES, AND BEGINNING ON JULY ONE, TWO THOUSAND
 TWENTY-FOUR,  THE  WAGES  IN THIS SUBPARAGRAPH SHALL BE INCREASED BY THE
 ANNUAL INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER  PRICE
 INDEX IN THE ONE YEAR PERIOD ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR
 PRIOR.  SAID PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-
 TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT;
   (3) members with wages greater than fifty-five thousand per annum, but
 not more than seventy-five thousand per annum shall contribute four  and
 one-half  per  centum of annual wages. ON JULY ONE, TWO THOUSAND TWENTY-
 THREE, MEMBERS WITH WAGES GREATER THAN SIXTY THOUSAND PER ANNUM, BUT NOT
 MORE THAN EIGHTY THOUSAND PER ANNUM SHALL CONTRIBUTE FOUR  AND  ONE-HALF
 PER  CENTUM  OF  ANNUAL  WAGES,  AND BEGINNING ON JULY ONE, TWO THOUSAND
 TWENTY-FOUR, THE WAGES IN THIS SUBPARAGRAPH SHALL BE  INCREASED  BY  THE
 ANNUAL  INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER PRICE
 INDEX IN THE ONE YEAR PERIOD ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR
 PRIOR. SAID PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER  ONE-
 TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT;
   (4)  members  with  wages greater than seventy-five thousand per annum
 but not more than one hundred thousand per annum shall  contribute  five
 and three-quarters per centum of annual wages. ON JULY ONE, TWO THOUSAND
 TWENTY-THREE,  MEMBERS  WITH  WAGES GREATER THAN EIGHTY THOUSAND DOLLARS
 PER ANNUM BUT NOT MORE THAN ONE HUNDRED FIVE THOUSAND DOLLARS PER  ANNUM
 SHALL CONTRIBUTE FIVE AND THREE-QUARTERS PER CENTUM OF ANNUAL WAGES, AND
 BEGINNING  ON  JULY  ONE,  TWO  THOUSAND  TWENTY-FOUR, THE WAGES IN THIS
 SUBPARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION,  AS  DETERMINED
 FROM  THE  INCREASE  IN  THE CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD
 ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL
 THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL
 NOT EXCEED THREE PERCENT; and
   (5) members with wages greater than one  hundred  thousand  per  annum
 shall  contribute six per centum of annual wages. ON JULY ONE, TWO THOU-
 SAND TWENTY-THREE, MEMBERS WITH WAGES  GREATER  THAN  ONE  HUNDRED  FIVE
 THOUSAND  DOLLARS  PER  ANNUM  SHALL CONTRIBUTE SIX PER CENTUM OF ANNUAL
 WAGES, AND BEGINNING ON JULY  ONE, TWO THOUSAND TWENTY-FOUR,  THE  WAGES
 IN  THIS  SUBPARAGRAPH  SHALL  BE  INCREASED BY THE ANNUAL INFLATION, AS
 DETERMINED FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN THE ONE YEAR
 PERIOD ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID  PERCENT-
 AGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT
 AND SHALL NOT EXCEED THREE PERCENT.
   §  7. Notwithstanding any other provision of law to the contrary, none
 of the provisions of this act shall be subject  to  section  25  of  the
 retirement and social security law.
   § 8. This act shall take effect immediately.
   FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
   This  bill would increase the wage ranges to which member contribution
 rates are applied for Tier 6 members effective April 1, 2024 by  $5,000.
 Beginning  on April 1, 2025, the wage ranges would increase each year by
 the annual inflation rate rounded up to the next tenth of a percent, not
 to exceed 3%.
   The current contribution rates and wage ranges for Tier 6 members are:
   3% for wages of $45,000 or less
   3.5% for wages greater than $45,000 and less than or equal to $55,000
   4.5% for wages greater than $55,000 and less than or equal to $75,000
 S. 3614--B                         11
 
   5.75% for wages greater  than  $75,000  and  less  than  or  equal  to
 $100,000
   6.0% for wages greater than $100,000
   Insofar  as  this bill affects the New York State and Local Employees'
 Retirement System (NYSLERS), increased costs  would  be  shared  by  the
 State  of  New  York  and all participating employers in the NYSLERS. If
 this bill is enacted during the 2023 legislative session, there will  be
 an  increase  in the present value of future costs of approximately $588
 million.
   In the NYSLERS, this benefit improvement will be funded by  increasing
 the  billing rates charged annually. The annual contribution required of
 all participating employers in NYSLERS is approximately 0.2% of billable
 salary, or $26 million to the State of New York  and  approximately  $38
 million  to  the  local participating employers.   This PERMANENT ANNUAL
 COST will vary in subsequent billing cycles with  changes  in  the  wage
 ranges and salary of the affected members.
   Insofar  as  this bill affects the New York State and Local Police and
 Fire Retirement System (NYSLPFRS), increased costs would  be  shared  by
 the  State  of New York and all participating employers in the NYSLPFRS.
 If this bill is enacted during the 2023 legislative session, there  will
 be  an  increase  in  the present value of future costs of approximately
 $11.2 million.
   In the NYSLPFRS, this benefit improvement will be funded by increasing
 the billing rates charged annually. The annual contribution required  of
 all  participating  employers  in  NYSLERS is less than 0.1% of billable
 salary, or approximately $225,000 to the State of New York and  approxi-
 mately  $890,000  to  the  local participating employers. This PERMANENT
 ANNUAL COST will vary in subsequent billing cycles with changes  in  the
 wage ranges and salary of the affected members.
   Summary of relevant resources:
   Membership  data as of March 31, 2022 was used in measuring the impact
 of the proposed change, the same data used in the April 1, 2022 actuari-
 al valuation. Distributions and other statistics can  be  found  in  the
 2022  Report  of the Actuary and the 2022 Annual Comprehensive Financial
 Report.
   The actuarial assumptions and methods used are described in the  2020,
 2021,  and  2022  Annual  Report to the Comptroller on Actuarial Assump-
 tions, and the Codes, Rules and Regulations of the State  of  New  York:
 Audit and Control.
   The Market Assets and GASB Disclosures are found in the March 31, 2022
 New  York  State  and  Local  Retirement System Financial Statements and
 Supplementary Information.
   I am a member of the American Academy of Actuaries and meet the Quali-
 fication Standards to render the actuarial opinion contained herein.
   This fiscal note does not constitute a legal opinion on the  viability
 of  the  proposed change nor is it intended to serve as a substitute for
 the professional judgment of an attorney.
   This estimate, dated January 31,  2023,  and  intended  for  use  only
 during  the  2023  Legislative  Session,  is  Fiscal  Note  No. 2023-30,
 prepared by the Actuary for the New  York  State  and  Local  Retirement
 System.
   FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
   This  bill  would  amend various sections of the Retirement and Social
 Security Law and the Education Law to increase the salary ranges used in
 determining the employee contribution percentages  for  Tier  6  members
 thereby  decreasing  future required employee contributions. The current
 S. 3614--B                         12
 
 salary ranges would each increase by $5,000 on April 1, 2024.  Beginning
 on  April 1, 2025, salary ranges would then be increased annually by the
 increase in the consumer price index in the one year  period  ending  on
 December thirty-first of the year prior, not to exceed 3%.
   The  annual  cost  to  the  employers of members of the New York State
 Teachers' Retirement System for this benefit is estimated  to  be  $30.0
 million or 0.16% of payroll if this bill is enacted.
   The  System's "new entrant rate", a hypothetical employer contribution
 rate that would occur if we started a new Retirement System without  any
 assets, is equal to 5.15% of pay under the current Tier 6 benefit struc-
 ture.  This can be thought of as the long-term expected employer cost of
 Tier 6, based on current actuarial assumptions. For the proposed  change
 to  the  Tier 6 benefit structure under this bill, this new entrant rate
 is estimated to increase to 5.60% of pay, an increase of 0.45% of pay.
   Member data is from  the  System's  most  recent  actuarial  valuation
 files,  consisting  of  data provided by the employers to the Retirement
 System.  Data distributions and statistics can be found in the  System's
 Annual  Report.  System assets are as reported in the System's financial
 statements and can also be found in the System's Annual Report.  Actuar-
 ial assumptions and methods are provided in the System's Actuarial Valu-
 ation Report.
   The source of this estimate is Fiscal Note 2023-12 dated March 9, 2023
 prepared by the Office of the Actuary of the New  York  State  Teachers'
 Retirement  System and is intended for use only during the 2023 Legisla-
 tive Session. I, Richard A. Young, am the Chief Actuary for the New York
 State Teachers' Retirement System. I am a member of the American Academy
 of Actuaries and I meet the  Qualification  Standards  of  the  American
 Academy of Actuaries to render the actuarial opinion contained herein.
   FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
   SUMMARY  OF  BILL:  This proposed legislation as it relates to the New
 York City Retirement Systems and  Pension  Funds  (NYCRS),  would  amend
 Section 613 of the Retirement and Social Security Law (RSSL) to increase
 the salary bands used to determine contribution rates for Tier 6 members
 of the New York City Employees' Retirement System (NYCERS), the New York
 City  Teachers'  Retirement System (NYCTRS), and the New York City Board
 of Education Retirement System (BERS).
   Effective Date: Upon enactment.
   IMPACT ON MEMBER CONTRIBUTIONS: Currently, Tier 6 members  of  NYCERS,
 NYCTRS,  and  BERS  are generally required to make Basic Member Contrib-
 utions (BMC) ranging from 3% to 6% of annual wages, determined by  wages
 for a prior defined period.
   Under the proposed legislation, the salary bands used to determine BMC
 would  be  1) increased by specified amounts as shown in the table below
 on January 1, 2024, and  2)  increased  by  the  prior  calendar  year's
 increase in consumer price index (CPI). The increase due to CPI starting
 on January 1, 2025, and every year thereafter, is not to exceed 3%.
   The  result  of an increase in Tier 6 salary bands would be an overall
 decrease in employee contribution rates.
 
      Contribution                               New Salary Band as of
         Rate         Current Salary Band           January 1, 2024
        3.00%           $45,000 or less             $50,000 or less
        3.50%        $45,001 up to $55,000       $50,001 up to $60,000
        4.50%        $55,001 up to $75,000       $60,001 up to $80,000
        5.75%       $75,001 up to $100,000      $80,001 up to $105,000
        6.00%        Greater than $100,000       Greater than $105,000
 S. 3614--B                         13
 
   FINANCIAL IMPACT: Based on the census data and the  actuarial  assump-
 tions  and  methods  described  herein,  the  enactment of this proposed
 legislation would result in an initial increase in the present value  of
 future  employer  contributions  of  approximately  $174.8  million  for
 NYCERS,  $84.3 million for NYCTRS, and $14.3 million for BERS, resulting
 in a total increase of approximately $273.4 million for NYCRS.
   The  financial  impact  will  increase  as  the  impacted   population
 increases  over  time.  The  estimate of the increase in annual employer
 contributions for Fiscal Years 2024 through 2028 are shown in the  table
 below.
 
                   Increase in Employer Contributions
                            ($ Millions)
       Fiscal     NYCERS       NYCTRS       BERS         TOTAL
        Year
        2024      $ 15.4       $ 5.9        $ 1.3        $ 22.6*
        2025      $ 17.7       $ 6.6        $ 1.9        $ 26.2
        2026      $ 20.3       $ 7.3        $ 2.5        $ 30.1
        2027      $ 23.2       $ 8.3        $ 3.1        $ 34.6
        2028      $ 26.3       $ 9.3        $ 3.8        $ 39.4
 
   *  The  increase in the employer contributions for Fiscal Year 2024 is
 estimated to be $16.0 million for New York City and $6.6 million for the
 other obligors of NYCRS.
   New Unfunded Accrued Liability (UAL) attributable to  benefit  changes
 are  generally  amortized  over  the remaining working lifetime of those
 impacted by the benefit changes.  The  remaining  working  lifetime  for
 impacted  Tier  6 members is approximately 16 years for those in NYCERS,
 20 years for those in NYCTRS, and 14 years for those in BERS.
   The increase in UAL for NYCERS was therefore amortized over a  16-year
 period  (15  payments  under  the  One-Year Lag Methodology) using level
 dollar payments.  Under the same methodology the increase in the UAL for
 NYCTRS and BERS was amortized over 19 and 13 payments, respectively.
   CENSUS DATA: The estimates presented herein are based  on  the  census
 data  used  in the June 30, 2022 actuarial valuations of NYCERS, NYCTRS,
 and BERS to determine the Preliminary Fiscal Year 2024 employer contrib-
 utions.
   The table below contains a summary of the census data for active  Tier
 6 members in NYCERS, NYCTRS, and BERS as of June 30, 2022.
 
        NYCRS     Active       Average      Average      Average
                  Count          Age        Service      Salary
        NYCERS    77,127        41.9          4.2        $76,100
        NYCTRS    56,614        37.5          4.6        $77,000
        BERS      12,264        46.3          3.7        $53,100
 
   ACTUARIAL ASSUMPTIONS AND METHODS: The estimates presented herein have
 been  calculated based on the actuarial assumptions and methods used for
 the Preliminary Fiscal  Year  2024  employer  contributions  of  NYCERS,
 NYCTRS, and BERS.
   New  entrants  were projected to replace the members expected to leave
 the active population to maintain a steady-state population. New entrant
 demographics were developed based on data for recent new hires and actu-
 arial judgement.
   For the purposes of this Fiscal Note, it is assumed that  the  changes
 would  be  reflected  for  the first time in the June 30, 2022 actuarial
 S. 3614--B                         14
 
 valuations of NYCERS,  NYCTRS,  and  BERS  used  to  determine  employer
 contributions for Fiscal Year 2024.
   It  has  been  assumed that future increases in the salary bands under
 this proposed legislation would equal 2.5%, consistent  with  the  long-
 term CPI inflation rate assumption of 2.5%.
   RISK  AND  UNCERTAINTY: The costs presented in this Fiscal Note depend
 highly on the realization of the actuarial assumptions used,  demograph-
 ics  of  the  impacted population, and other factors such as investment,
 contribution, and other risks. If actual experience deviates from  actu-
 arial  assumptions,  the  actual costs could differ from those presented
 herein.
   Costs are also dependent on the actuarial methods used, and  therefore
 different actuarial methods could produce different results. Quantifying
 these risks is beyond the scope of this Fiscal Note.
   Not measured in this Fiscal Note are the following:
   *  The  initial  additional  administrative  costs  to  implement  the
 proposed legislation.
   * Pension costs for future members of NYCERS, NYCTRS, and  BERS  hired
 on or after 7/1/2026.
   STATEMENT  OF  ACTUARIAL  OPINION:  I, Marek Tyszkiewicz, am the Chief
 Actuary for, and independent of, the New York  City  Retirement  Systems
 and  Pension  Funds. I am an Associate of the Society of Actuaries and a
 Member of the American Academy of Actuaries. I am a member of NYCERS but
 do not believe it impairs my objectivity and I  meet  the  Qualification
 Standards  of  the American Academy of Actuaries to render the actuarial
 opinion contained herein. To the  best  of  my  knowledge,  the  results
 contained  herein  have  been  prepared  in  accordance  with  generally
 accepted actuarial principles and  procedures  and  with  the  Actuarial
 Standards of Practice issued by the Actuarial Standards Board.
   FISCAL  NOTE  IDENTIFICATION: This Fiscal Note 2023-34 dated April 18,
 2023 was prepared by the Chief Actuary for the New York City  Employees'
 Retirement  System,  the  New York City Teachers' Retirement System, and
 the New York City Board of Education Retirement System. This estimate is
 intended for use only during the 2023 Legislative Session.

2023-S3614C - Details

Current Committee:: Senate Civil Service And Pensions
Law Section:: Retirement and Social Security Law
Laws Affected:: Amd §§517, 613 & 1204, R & SS L; amd §§182, 392 & 6252, Ed L
Versions Introduced in Other Legislative Sessions:: 2019-2020: S5842
2021-2022: S4236

2023-S3614C - Summary

Increases the salary ranges tied to member contribution requirements; ties salary amount to inflation.

2023-S3614C - Sponsor Memo

                                 
BILL NUMBER: S3614C

SPONSOR: GOUNARDES
 
TITLE OF BILL:

An act to amend the retirement and social security law and the education
law, in relation to member contribution per centum increases

 
PURPOSE OR GENERAL IDEA OF BILL:

This legislation amends the retirement and social security law and
education law to increase the wage thresholds for contributions required
to be made by employees in Tier 6.

 
SUMMARY OF PROVISIONS:

This bill amends section 517, 613, and 1204 of the Retirement and Social
Security Law and sections 182, 392, and 6252 of the Education Law to
increase the wage thresholds for contributions that are required to be
made by employees in Tier 6. Such thresholds would immediately increase
by $5,000 and would thereafter increase by the rate of annual inflation,
not to exceed 3%.

 
EXISTING LAW:

Employees that are members of the Tier 6 pension plan are required to
contribute a percentage of their wages based on how much they are paid
annually. The current brackets are:

Less than $45,000 - 3% of wages

$45,000 - $55,000 - 3.5%

$55,000 - $75,000 - 4.5%

$75,000-$100,000 - 5.75%

5.75% Over $100,000 - 6%

 
JUSTIFICATION:

The current Tier 6 contribution system requires employees to contribute
a percentage of their wages to pay for their pension.  While this system
is intended to ensure that lower income employees contribute a smaller
percentage of their income than those that make more, this will not be
the case over time. For example, an employee that currently makes
$40,000 per year will pay 3% of their wages for their pension. If they
receive a 2% raise annually, they would move into the 3.5% pension
contribution bracket within seven years. This effectively negates the
value of the raises, as with each income bracket they move into they
lose more of their money to the pension fund. Furthermore, these wage
brackets set in statute do not account for inflation, meaning the value
of an employee's income will decrease over time, but they are still
required to contribute the same percent. This legislation would fix this
issue by increasing each wage bracket by $5,000 immediately, and then
tying it to the rate of inflation, to both reflect the rising value of
goods and services and help public servants keep more of their own
income.

 
PRIOR LEGISLATIVE HISTORY:

2023: S3614B - Died in Civil Service and Pensions

2022: S4236 - Died in Civil Service and Pensions

2021: S4236 - Died in Civil Service and Pensions

2020: S5842A - Died in Civil Service and Pensions

2019: S5842 - Died in Civil Service and Pensions

 
FISCAL IMPLICATIONS:

See bill.

 
EFFECTIVE DATE:
This act shall take effect immediately.

2023-S3614C - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  3614--C
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                             February 1, 2023
                                ___________
 
 Introduced by Sen. GOUNARDES -- read twice and ordered printed, and when
   printed to be committed to the Committee on Civil Service and Pensions
   --  committee  discharged,  bill amended, ordered reprinted as amended
   and recommitted  to  said  committee  --  committee  discharged,  bill
   amended,  ordered reprinted as amended and recommitted to said commit-
   tee -- recommitted to the Committee on Civil Service and  Pensions  in
   accordance  with  Senate  Rule 6, sec. 8 -- committee discharged, bill
   amended, ordered reprinted as amended and recommitted to said  commit-
   tee
 
 AN ACT to amend the retirement and social security law and the education
   law, in relation to member contribution per centum increases
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Paragraphs 1, 2, 3, 4 and 5 of subdivision a of section 517
 of the retirement and social security law, as added by chapter 18 of the
 laws of 2012, are amended to read as follows:
   1. members with wages of forty-five thousand dollars per annum or less
 shall contribute three per centum of annual wages.  ON  APRIL  ONE,  TWO
 THOUSAND  TWENTY-FIVE,  MEMBERS WITH WAGES OF FIFTY THOUSAND DOLLARS PER
 ANNUM OR LESS SHALL CONTRIBUTE THREE PER CENTUM  OF  ANNUAL  WAGES,  AND
 BEGINNING ON APRIL ONE, TWO THOUSAND TWENTY-SIX, THE WAGES IN THIS PARA-
 GRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED FROM THE
 INCREASE  IN  THE  CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD ENDING ON
 DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL  THEN  BE
 ROUNDED  UP  TO  THE  NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL NOT
 EXCEED THREE PERCENT;
   2. members with wages greater than forty-five thousand per annum,  but
 not  more  than fifty-five thousand per annum shall contribute three and
 one-half per centum of annual wages. ON APRIL ONE, TWO THOUSAND  TWENTY-
 FIVE,  MEMBERS WITH WAGES GREATER THAN FIFTY THOUSAND PER ANNUM, BUT NOT
 MORE THAN SIXTY THOUSAND PER ANNUM SHALL CONTRIBUTE THREE  AND  ONE-HALF
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD03315-09-4

 S. 3614--C                          2
 
 PER  CENTUM  OF  ANNUAL  WAGES, AND BEGINNING ON APRIL ONE, TWO THOUSAND
 TWENTY-SIX, THE WAGES IN THIS PARAGRAPH SHALL BE INCREASED BY THE ANNUAL
 INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER  PRICE  INDEX
 IN  THE  ONE  YEAR  PERIOD  ENDING  ON DECEMBER THIRTY-FIRST OF THE YEAR
 PRIOR. SAID PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER  ONE-
 TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT;
   3.  members with wages greater than fifty-five thousand per annum, but
 not more than seventy-five thousand per annum shall contribute four  and
 one-half  per centum of annual wages. ON APRIL ONE, TWO THOUSAND TWENTY-
 FIVE, MEMBERS WITH WAGES GREATER THAN SIXTY THOUSAND PER ANNUM, BUT  NOT
 MORE  THAN  EIGHTY THOUSAND PER ANNUM SHALL CONTRIBUTE FOUR AND ONE-HALF
 PER CENTUM OF ANNUAL WAGES, AND BEGINNING ON  APRIL  ONE,  TWO  THOUSAND
 TWENTY-SIX, THE WAGES IN THIS PARAGRAPH SHALL BE INCREASED BY THE ANNUAL
 INFLATION,  AS  DETERMINED FROM THE INCREASE IN THE CONSUMER PRICE INDEX
 IN THE ONE YEAR PERIOD ENDING  ON  DECEMBER  THIRTY-FIRST  OF  THE  YEAR
 PRIOR.  SAID PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-
 TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT;
   4. members with wages greater than seventy-five thousand per annum but
 not more than one hundred thousand per annum shall contribute  five  and
 three-quarters  per  centum  of annual wages. ON APRIL ONE, TWO THOUSAND
 TWENTY-FIVE, MEMBERS WITH WAGES GREATER THAN EIGHTY THOUSAND DOLLARS PER
 ANNUM BUT NOT MORE THAN ONE HUNDRED  FIVE  THOUSAND  DOLLARS  PER  ANNUM
 SHALL CONTRIBUTE FIVE AND THREE-QUARTERS PER CENTUM OF ANNUAL WAGES, AND
 BEGINNING ON APRIL ONE, TWO THOUSAND TWENTY-SIX, THE WAGES IN THIS PARA-
 GRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED FROM THE
 INCREASE  IN  THE  CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD ENDING ON
 DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL  THEN  BE
 ROUNDED  UP  TO  THE  NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL NOT
 EXCEED THREE PERCENT; and
   5. members with wages greater than  one  hundred  thousand  per  annum
 shall contribute six per centum of annual wages. ON APRIL ONE, TWO THOU-
 SAND TWENTY-FIVE, MEMBERS WITH WAGES GREATER THAN ONE HUNDRED FIVE THOU-
 SAND  DOLLARS PER ANNUM SHALL CONTRIBUTE SIX PER CENTUM OF ANNUAL WAGES,
 AND BEGINNING ON APRIL ONE, TWO THOUSAND TWENTY-SIX, THE WAGES  IN  THIS
 PARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED FROM
 THE  INCREASE  IN THE CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD ENDING
 ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE  SHALL  THEN
 BE  ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL NOT
 EXCEED THREE PERCENT.
   § 2. Subparagraphs (i), (ii), (iii), (iv) and (v) of  paragraph  1  of
 subdivision a, subparagraphs (i), (ii), (iii), (iv) and (v) of paragraph
 2  of  subdivision  a,  paragraphs 1, 2, 3, 4 and 5 of subdivision f and
 paragraphs 1, 2, 3, 4 and 5 of subdivision  g  of  section  613  of  the
 retirement and social security law, subparagraphs (i), (ii), (iii), (iv)
 and  (v) of paragraph 1 and subparagraphs (i), (ii), (iii), (iv) and (v)
 of paragraph 2 of subdivision a as amended by chapter 510 of the laws of
 2015 and paragraphs 1, 2, 3, 4 and 5 of subdivision f and paragraphs  1,
 2,  3,  4  and  5 of subdivision g as added by chapter 18 of the laws of
 2012, are amended to read as follows:
   (i) members with wages of forty-five thousand  dollars  per  annum  or
 less  shall  contribute  three per centum of annual wages. ON APRIL ONE,
 TWO THOUSAND TWENTY-FIVE, MEMBERS WITH WAGES OF FIFTY  THOUSAND  DOLLARS
 PER ANNUM OR LESS SHALL CONTRIBUTE THREE PER CENTUM OF ANNUAL WAGES, AND
 BEGINNING  ON  APRIL  ONE,  TWO  THOUSAND  TWENTY-SIX, THE WAGES IN THIS
 SUBPARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION,  AS  DETERMINED
 FROM  THE  INCREASE  IN  THE CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD
 S. 3614--C                          3
 
 ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL
 THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL
 NOT EXCEED THREE PERCENT;
   (ii)  members  with  wages greater than forty-five thousand per annum,
 but not more than fifty-five thousand per annum shall  contribute  three
 and  one-half  per  centum  of  annual wages. ON APRIL ONE, TWO THOUSAND
 TWENTY-FIVE, MEMBERS WITH WAGES GREATER THAN FIFTY THOUSAND  PER  ANNUM,
 BUT  NOT  MORE THAN  SIXTY THOUSAND PER ANNUM SHALL CONTRIBUTE THREE AND
 ONE-HALF PER CENTUM OF ANNUAL WAGES, AND BEGINNING  ON  APRIL  ONE,  TWO
 THOUSAND  TWENTY-SIX,  THE WAGES IN THIS SUBPARAGRAPH SHALL BE INCREASED
 BY THE ANNUAL INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER
 PRICE INDEX IN THE ONE YEAR PERIOD ENDING ON  DECEMBER  THIRTY-FIRST  OF
 THE  YEAR  PRIOR.  SAID  PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT
 HIGHER ONE-TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT;
   (iii) members with wages greater than fifty-five thousand  per  annum,
 but  not more than seventy-five thousand per annum shall contribute four
 and one-half per centum of annual wages.  ON  APRIL  ONE,  TWO  THOUSAND
 TWENTY-FIVE,  MEMBERS  WITH WAGES GREATER THAN SIXTY THOUSAND PER ANNUM,
 BUT NOT MORE THAN EIGHTY THOUSAND PER ANNUM SHALL  CONTRIBUTE  FOUR  AND
 ONE-HALF  PER  CENTUM  OF  ANNUAL WAGES, AND BEGINNING ON APRIL ONE, TWO
 THOUSAND TWENTY-SIX, THE WAGES IN THIS SUBPARAGRAPH SHALL  BE  INCREASED
 BY THE ANNUAL INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER
 PRICE  INDEX  IN  THE ONE YEAR PERIOD ENDING ON DECEMBER THIRTY-FIRST OF
 THE YEAR PRIOR. SAID PERCENTAGE SHALL THEN BE ROUNDED  UP  TO  THE  NEXT
 HIGHER ONE-TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT;
   (iv)  members  with wages greater than seventy-five thousand per annum
 but not more than one hundred thousand per annum shall  contribute  five
 and  three-quarters  per centum of annual wages. ON APRIL ONE, TWO THOU-
 SAND TWENTY-FIVE,  MEMBERS  WITH  WAGES  GREATER  THAN  EIGHTY  THOUSAND
 DOLLARS  PER  ANNUM  BUT NOT MORE THAN ONE HUNDRED FIVE THOUSAND DOLLARS
 PER ANNUM SHALL CONTRIBUTE FIVE AND THREE-QUARTERS PER CENTUM OF  ANNUAL
 WAGES, AND BEGINNING ON APRIL ONE, TWO THOUSAND TWENTY-SIX, THE WAGES IN
 THIS  SUBPARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION, AS DETER-
 MINED FROM THE INCREASE IN THE CONSUMER PRICE  INDEX  IN  THE  ONE  YEAR
 PERIOD  ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENT-
 AGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT
 AND SHALL NOT EXCEED THREE PERCENT; and
   (v) members with wages greater than one  hundred  thousand  per  annum
 shall contribute six per centum of annual wages. ON APRIL ONE, TWO THOU-
 SAND TWENTY-FIVE, MEMBERS WITH WAGES GREATER THAN ONE HUNDRED FIVE THOU-
 SAND  DOLLARS PER ANNUM SHALL CONTRIBUTE SIX PER CENTUM OF ANNUAL WAGES,
 AND BEGINNING ON APRIL ONE, TWO THOUSAND TWENTY-SIX, THE WAGES  IN  THIS
 SUBPARAGRAPH  SHALL  BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED
 FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN  THE  ONE  YEAR  PERIOD
 ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL
 THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL
 NOT EXCEED THREE PERCENT.
   (i)  members  with  wages  of forty-five thousand dollars per annum or
 less shall contribute three per centum of annual wages.  ON  APRIL  ONE,
 TWO  THOUSAND  TWENTY-FIVE, MEMBERS WITH WAGES OF FIFTY THOUSAND DOLLARS
 PER ANNUM OR LESS SHALL CONTRIBUTE THREE PER CENTUM OF ANNUAL WAGES, AND
 BEGINNING ON APRIL ONE, TWO  THOUSAND  TWENTY-SIX,  THE  WAGES  IN  THIS
 SUBPARAGRAPH  SHALL  BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED
 FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN  THE  ONE  YEAR  PERIOD
 ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL
 S. 3614--C                          4

 THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL
 NOT EXCEED THREE PERCENT;
   (ii)  members  with  wages greater than forty-five thousand per annum,
 but not more than fifty-five thousand per annum shall  contribute  three
 and  one-half  per  centum  of  annual wages. ON APRIL ONE, TWO THOUSAND
 TWENTY-FIVE, MEMBERS WITH WAGES GREATER THAN FIFTY THOUSAND  PER  ANNUM,
 BUT  NOT  MORE  THAN SIXTY THOUSAND PER ANNUM SHALL CONTRIBUTE THREE AND
 ONE-HALF PER CENTUM OF ANNUAL WAGES, AND BEGINNING  ON  APRIL  ONE,  TWO
 THOUSAND  TWENTY-SIX,  THE WAGES IN THIS SUBPARAGRAPH SHALL BE INCREASED
 BY THE ANNUAL INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER
 PRICE INDEX IN THE ONE YEAR PERIOD ENDING ON  DECEMBER  THIRTY-FIRST  OF
 THE  YEAR  PRIOR.  SAID  PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT
 HIGHER ONE-TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT;
   (iii) members with wages greater than fifty-five thousand  per  annum,
 but  not more than seventy-five thousand per annum shall contribute four
 and one-half per centum of annual wages.  ON  APRIL  ONE,  TWO  THOUSAND
 TWENTY-FIVE,  MEMBERS  WITH WAGES GREATER THAN SIXTY THOUSAND PER ANNUM,
 BUT NOT MORE THAN EIGHTY THOUSAND PER ANNUM SHALL  CONTRIBUTE  FOUR  AND
 ONE-HALF  PER  CENTUM  OF  ANNUAL WAGES, AND BEGINNING ON APRIL ONE, TWO
 THOUSAND TWENTY-SIX, THE WAGES IN THIS SUBPARAGRAPH SHALL  BE  INCREASED
 BY THE ANNUAL INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER
 PRICE  INDEX  IN  THE ONE YEAR PERIOD ENDING ON DECEMBER THIRTY-FIRST OF
 THE YEAR PRIOR. SAID PERCENTAGE SHALL THEN BE ROUNDED  UP  TO  THE  NEXT
 HIGHER ONE-TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT;
   (iv)  members  with wages greater than seventy-five thousand per annum
 but not more than one hundred thousand per annum shall  contribute  five
 and  three-quarters  per centum of annual wages. ON APRIL ONE, TWO THOU-
 SAND TWENTY-FIVE,  MEMBERS  WITH  WAGES  GREATER  THAN  EIGHTY  THOUSAND
 DOLLARS  PER  ANNUM  BUT NOT MORE THAN ONE HUNDRED FIVE THOUSAND DOLLARS
 PER ANNUM SHALL CONTRIBUTE FIVE AND THREE-QUARTERS PER CENTUM OF  ANNUAL
 WAGES, AND BEGINNING ON APRIL ONE, TWO THOUSAND TWENTY-SIX, THE WAGES IN
 THIS  SUBPARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION, AS DETER-
 MINED FROM THE INCREASE IN THE CONSUMER PRICE  INDEX  IN  THE  ONE  YEAR
 PERIOD  ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENT-
 AGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT
 AND SHALL NOT EXCEED THREE PERCENT; and
   (v) members with wages greater than one  hundred  thousand  per  annum
 shall contribute six per centum of annual wages. ON APRIL ONE, TWO THOU-
 SAND TWENTY-FIVE, MEMBERS WITH WAGES GREATER THAN ONE HUNDRED FIVE THOU-
 SAND  DOLLARS PER ANNUM SHALL CONTRIBUTE SIX PER CENTUM OF ANNUAL WAGES,
 AND BEGINNING ON APRIL ONE, TWO THOUSAND TWENTY-SIX, THE WAGES  IN  THIS
 SUBPARAGRAPH  SHALL  BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED
 FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN  THE  ONE  YEAR  PERIOD
 ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL
 THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL
 NOT EXCEED THREE PERCENT.
   1. members with wages of forty-five thousand dollars per annum or less
 shall  contribute  three  per  centum of annual wages. ON APRIL ONE, TWO
 THOUSAND TWENTY-FIVE, MEMBERS WITH WAGES OF FIFTY THOUSAND  DOLLARS  PER
 ANNUM  OR  LESS  SHALL  CONTRIBUTE THREE PER CENTUM OF ANNUAL WAGES, AND
 BEGINNING ON APRIL ONE, TWO THOUSAND TWENTY-SIX, THE WAGES IN THIS PARA-
 GRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED FROM THE
 INCREASE IN THE CONSUMER PRICE INDEX IN THE ONE YEAR  PERIOD  ENDING  ON
 DECEMBER  THIRTY-FIRST  OF THE YEAR PRIOR. SAID PERCENTAGE SHALL THEN BE
 ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE  PERCENT  AND  SHALL  NOT
 EXCEED THREE PERCENT;
 S. 3614--C                          5
 
   2.  members with wages greater than forty-five thousand per annum, but
 not more than fifty-five thousand per annum shall contribute  three  and
 one-half  per centum of annual wages. ON APRIL ONE, TWO THOUSAND TWENTY-
 FIVE, MEMBERS WITH WAGES GREATER THAN FIFTY THOUSAND PER ANNUM, BUT  NOT
 MORE  THAN  SIXTY THOUSAND PER ANNUM SHALL CONTRIBUTE THREE AND ONE-HALF
 PER CENTUM OF ANNUAL WAGES, AND BEGINNING ON  APRIL  ONE,  TWO  THOUSAND
 TWENTY-SIX, THE WAGES IN THIS PARAGRAPH SHALL BE INCREASED BY THE ANNUAL
 INFLATION,  AS  DETERMINED FROM THE INCREASE IN THE CONSUMER PRICE INDEX
 IN THE ONE YEAR PERIOD ENDING  ON  DECEMBER  THIRTY-FIRST  OF  THE  YEAR
 PRIOR.  SAID PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-
 TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT;
   3. members with wages greater than fifty-five thousand per annum,  but
 not  more than seventy-five thousand per annum shall contribute four and
 one-half per centum of annual wages. ON APRIL ONE, TWO THOUSAND  TWENTY-
 FIVE,  MEMBERS WITH WAGES GREATER THAN SIXTY THOUSAND PER ANNUM, BUT NOT
 MORE THAN EIGHTY THOUSAND PER ANNUM SHALL CONTRIBUTE FOUR  AND  ONE-HALF
 PER  CENTUM  OF  ANNUAL  WAGES, AND BEGINNING ON APRIL ONE, TWO THOUSAND
 TWENTY-SIX, THE WAGES IN THIS PARAGRAPH SHALL BE INCREASED BY THE ANNUAL
 INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER  PRICE  INDEX
 IN  THE  ONE  YEAR  PERIOD  ENDING  ON DECEMBER THIRTY-FIRST OF THE YEAR
 PRIOR. SAID PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER  ONE-
 TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT;
   4. members with wages greater than seventy-five thousand per annum but
 not  more  than one hundred thousand per annum shall contribute five and
 three-quarters per centum of annual wages. ON APRIL  ONE,  TWO  THOUSAND
 TWENTY-FIVE, MEMBERS WITH WAGES GREATER THAN EIGHTY THOUSAND DOLLARS PER
 ANNUM  BUT  NOT  MORE  THAN  ONE HUNDRED FIVE THOUSAND DOLLARS PER ANNUM
 SHALL CONTRIBUTE FIVE AND THREE-QUARTERS PER CENTUM OF ANNUAL WAGES, AND
 BEGINNING ON APRIL ONE, TWO THOUSAND TWENTY-SIX, THE WAGES IN THIS PARA-
 GRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED FROM THE
 INCREASE IN THE CONSUMER PRICE INDEX IN THE ONE YEAR  PERIOD  ENDING  ON
 DECEMBER  THIRTY-FIRST  OF THE YEAR PRIOR. SAID PERCENTAGE SHALL THEN BE
 ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE  PERCENT  AND  SHALL  NOT
 EXCEED THREE PERCENT; and
   5.  members  with  wages  greater  than one hundred thousand per annum
 shall contribute six per centum of annual wages. ON APRIL ONE, TWO THOU-
 SAND TWENTY-FIVE, MEMBERS WITH WAGES GREATER THAN ONE HUNDRED FIVE THOU-
 SAND DOLLARS PER ANNUM SHALL CONTRIBUTE SIX PER CENTUM OF ANNUAL  WAGES,
 AND  BEGINNING  ON APRIL ONE, TWO THOUSAND TWENTY-SIX, THE WAGES IN THIS
 PARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED FROM
 THE INCREASE IN THE CONSUMER PRICE INDEX IN THE ONE YEAR  PERIOD  ENDING
 ON  DECEMBER  THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL THEN
 BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL  NOT
 EXCEED THREE PERCENT.
   1. members with wages of forty-five thousand dollars per annum or less
 shall  contribute  three  per  centum of annual wages. ON APRIL ONE, TWO
 THOUSAND TWENTY-FIVE, MEMBERS WITH WAGES OF FIFTY THOUSAND  DOLLARS  PER
 ANNUM  OR  LESS  SHALL  CONTRIBUTE THREE PER CENTUM OF ANNUAL WAGES, AND
 BEGINNING ON APRIL ONE, TWO THOUSAND TWENTY-SIX, THE WAGES IN THIS PARA-
 GRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED FROM THE
 INCREASE IN THE CONSUMER PRICE INDEX IN THE ONE YEAR  PERIOD  ENDING  ON
 DECEMBER  THIRTY-FIRST  OF THE YEAR PRIOR. SAID PERCENTAGE SHALL THEN BE
 ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE  PERCENT  AND  SHALL  NOT
 EXCEED THREE PERCENT;
   2.  members with wages greater than forty-five thousand per annum, but
 not more than fifty-five thousand per annum shall contribute  three  and
 S. 3614--C                          6
 
 one-half  per centum of annual wages. ON APRIL ONE, TWO THOUSAND TWENTY-
 FIVE, MEMBERS WITH WAGES GREATER THAN FIFTY THOUSAND PER ANNUM, BUT  NOT
 MORE  THAN  SIXTY THOUSAND PER ANNUM SHALL CONTRIBUTE THREE AND ONE-HALF
 PER  CENTUM  OF  ANNUAL  WAGES, AND BEGINNING ON APRIL ONE, TWO THOUSAND
 TWENTY-SIX, THE WAGES IN THIS PARAGRAPH SHALL BE INCREASED BY THE ANNUAL
 INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER  PRICE  INDEX
 IN  THE  ONE  YEAR  PERIOD  ENDING  ON DECEMBER THIRTY-FIRST OF THE YEAR
 PRIOR. SAID PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER  ONE-
 TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT;
   3.  members with wages greater than fifty-five thousand per annum, but
 not more than seventy-five thousand per annum shall contribute four  and
 one-half  per centum of annual wages. ON APRIL ONE, TWO THOUSAND TWENTY-
 FIVE, MEMBERS WITH WAGES GREATER THAN SIXTY THOUSAND PER ANNUM, BUT  NOT
 MORE  THAN  EIGHTY THOUSAND PER ANNUM SHALL CONTRIBUTE FOUR AND ONE-HALF
 PER CENTUM OF ANNUAL WAGES, AND BEGINNING ON  APRIL  ONE,  TWO  THOUSAND
 TWENTY-SIX, THE WAGES IN THIS PARAGRAPH SHALL BE INCREASED BY THE ANNUAL
 INFLATION,  AS  DETERMINED FROM THE INCREASE IN THE CONSUMER PRICE INDEX
 IN THE ONE YEAR PERIOD ENDING  ON  DECEMBER  THIRTY-FIRST  OF  THE  YEAR
 PRIOR.  SAID PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-
 TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT;
   4. members with wages greater than seventy-five thousand per annum but
 not more than one hundred thousand per annum shall contribute  five  and
 three-quarters  per  centum  of annual wages. ON APRIL ONE, TWO THOUSAND
 TWENTY-FIVE, MEMBERS WITH WAGES GREATER THAN EIGHTY THOUSAND DOLLARS PER
 ANNUM BUT NOT MORE THAN ONE HUNDRED  FIVE  THOUSAND  DOLLARS  PER  ANNUM
 SHALL CONTRIBUTE FIVE AND THREE-QUARTERS PER CENTUM OF ANNUAL WAGES, AND
 BEGINNING ON APRIL ONE, TWO THOUSAND TWENTY-SIX, THE WAGES IN THIS PARA-
 GRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED FROM THE
 INCREASE  IN  THE  CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD ENDING ON
 DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL  THEN  BE
 ROUNDED  UP  TO  THE  NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL NOT
 EXCEED THREE PERCENT; and
   5. members with wages greater than  one  hundred  thousand  per  annum
 shall contribute six per centum of annual wages. ON APRIL ONE, TWO THOU-
 SAND TWENTY-FIVE, MEMBERS WITH WAGES GREATER THAN ONE HUNDRED FIVE THOU-
 SAND  DOLLARS PER ANNUM SHALL CONTRIBUTE SIX PER CENTUM OF ANNUAL WAGES,
 AND BEGINNING ON APRIL ONE, TWO THOUSAND TWENTY-SIX, THE WAGES  IN  THIS
 PARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED FROM
 THE  INCREASE  IN THE CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD ENDING
 ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE  SHALL  THEN
 BE  ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL NOT
 EXCEED THREE PERCENT.
   § 3. Subdivisions a, b, c, d and e of section 1204 of  the  retirement
 and social security law, as added by chapter 18 of the laws of 2012, are
 amended to read as follows:
   a. members with wages of forty-five thousand dollars per annum or less
 shall  contribute  three  per  centum of annual wages. ON APRIL ONE, TWO
 THOUSAND TWENTY-FIVE, MEMBERS WITH WAGES OF FIFTY THOUSAND  DOLLARS  PER
 ANNUM  OR  LESS  SHALL  CONTRIBUTE THREE PER CENTUM OF ANNUAL WAGES, AND
 BEGINNING ON APRIL ONE, TWO  THOUSAND  TWENTY-SIX,  THE  WAGES  IN  THIS
 SUBDIVISION  SHALL  BE  INCREASED BY THE ANNUAL INFLATION, AS DETERMINED
 FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN  THE  ONE  YEAR  PERIOD
 ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL
 THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL
 NOT EXCEED THREE PERCENT;
 S. 3614--C                          7
 
   b.  members with wages greater than forty-five thousand per annum, but
 not more than fifty-five thousand per annum shall contribute  three  and
 one-half  per centum of annual wages. ON APRIL ONE, TWO THOUSAND TWENTY-
 FIVE, MEMBERS WITH WAGES GREATER THAN FIFTY THOUSAND PER ANNUM, BUT  NOT
 MORE  THAN  SIXTY THOUSAND PER ANNUM SHALL CONTRIBUTE THREE AND ONE-HALF
 PER CENTUM OF ANNUAL WAGES, AND BEGINNING ON  APRIL  ONE,  TWO  THOUSAND
 TWENTY-SIX,  THE  WAGES  IN  THIS  SUBDIVISION SHALL BE INCREASED BY THE
 ANNUAL INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER  PRICE
 INDEX IN THE ONE YEAR PERIOD ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR
 PRIOR.  SAID PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-
 TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT;
   c. members with wages greater than fifty-five thousand per annum,  but
 not  more than seventy-five thousand per annum shall contribute four and
 one-half per centum of annual wages. ON APRIL ONE, TWO THOUSAND  TWENTY-
 FIVE,  MEMBERS WITH WAGES GREATER THAN SIXTY THOUSAND PER ANNUM, BUT NOT
 MORE THAN EIGHTY THOUSAND PER ANNUM SHALL CONTRIBUTE FOUR  AND  ONE-HALF
 PER  CENTUM  OF  ANNUAL  WAGES, AND BEGINNING ON APRIL ONE, TWO THOUSAND
 TWENTY-SIX, THE WAGES IN THIS SUBDIVISION  SHALL  BE  INCREASED  BY  THE
 ANNUAL  INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER PRICE
 INDEX IN THE ONE YEAR PERIOD ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR
 PRIOR. SAID PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER  ONE-
 TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT;
   d. members with wages greater than seventy-five thousand per annum but
 not  more  than one hundred thousand per annum shall contribute five and
 three-quarters per centum of annual wages. ON APRIL  ONE,  TWO  THOUSAND
 TWENTY-FIVE, MEMBERS WITH WAGES GREATER THAN EIGHTY THOUSAND DOLLARS PER
 ANNUM  BUT  NOT  MORE  THAN  ONE HUNDRED FIVE THOUSAND DOLLARS PER ANNUM
 SHALL CONTRIBUTE FIVE AND THREE-QUARTERS PER CENTUM OF ANNUAL WAGES, AND
 BEGINNING ON APRIL ONE, TWO  THOUSAND  TWENTY-SIX,  THE  WAGES  IN  THIS
 SUBDIVISION  SHALL  BE  INCREASED BY THE ANNUAL INFLATION, AS DETERMINED
 FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN  THE  ONE  YEAR  PERIOD
 ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL
 THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL
 NOT EXCEED THREE PERCENT; and
   e.  members  with  wages  greater  than one hundred thousand per annum
 shall contribute six per centum of annual wages. ON APRIL ONE, TWO THOU-
 SAND TWENTY-FIVE, MEMBERS WITH WAGES GREATER THAN ONE HUNDRED FIVE THOU-
 SAND DOLLARS PER ANNUM SHALL CONTRIBUTE SIX PER CENTUM OF ANNUAL  WAGES,
 AND  BEGINNING  ON APRIL ONE, TWO THOUSAND TWENTY-SIX, THE WAGES IN THIS
 SUBDIVISION SHALL BE INCREASED BY THE ANNUAL  INFLATION,  AS  DETERMINED
 FROM  THE  INCREASE  IN  THE CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD
 ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL
 THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL
 NOT EXCEED THREE PERCENT.
   § 4. Paragraphs (a), (b), (c), (d) and (e) of subdivision 2 of section
 182 of the education law, as added by chapter 18 of the  laws  of  2012,
 are amended to read as follows:
   (a)  members  with  wages  of forty-five thousand dollars per annum or
 less shall contribute three per centum of annual wages.  ON  APRIL  ONE,
 TWO  THOUSAND  TWENTY-FIVE, MEMBERS WITH WAGES OF FIFTY THOUSAND DOLLARS
 PER ANNUM OR LESS SHALL CONTRIBUTE THREE PER CENTUM OF ANNUAL WAGES, AND
 BEGINNING ON APRIL ONE, TWO THOUSAND TWENTY-SIX, THE WAGES IN THIS PARA-
 GRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED FROM THE
 INCREASE IN THE CONSUMER PRICE INDEX IN THE ONE YEAR  PERIOD  ENDING  ON
 DECEMBER  THIRTY-FIRST  OF THE YEAR PRIOR. SAID PERCENTAGE SHALL THEN BE
 S. 3614--C                          8
 
 ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE  PERCENT  AND  SHALL  NOT
 EXCEED THREE PERCENT;
   (b) members with wages greater than forty-five thousand per annum, but
 not  more  than fifty-five thousand per annum shall contribute three and
 one-half per centum of annual wages. ON APRIL ONE, TWO THOUSAND  TWENTY-
 FIVE,  MEMBERS WITH WAGES GREATER THAN FIFTY THOUSAND PER ANNUM, BUT NOT
 MORE THAN SIXTY THOUSAND PER ANNUM SHALL CONTRIBUTE THREE  AND  ONE-HALF
 PER  CENTUM  OF  ANNUAL  WAGES, AND BEGINNING ON APRIL ONE, TWO THOUSAND
 TWENTY-SIX, THE WAGES IN THIS PARAGRAPH SHALL BE INCREASED BY THE ANNUAL
 INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER  PRICE  INDEX
 IN  THE  ONE  YEAR  PERIOD  ENDING  ON DECEMBER THIRTY-FIRST OF THE YEAR
 PRIOR. SAID PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER  ONE-
 TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT;
   (c) members with wages greater than fifty-five thousand per annum, but
 not  more than seventy-five thousand per annum shall contribute four and
 one-half per centum of annual wages. ON APRIL ONE, TWO THOUSAND  TWENTY-
 FIVE,  MEMBERS WITH WAGES GREATER THAN SIXTY THOUSAND PER ANNUM, BUT NOT
 MORE THAN EIGHTY THOUSAND PER ANNUM SHALL CONTRIBUTE FOUR  AND  ONE-HALF
 PER  CENTUM  OF  ANNUAL  WAGES, AND BEGINNING ON APRIL ONE, TWO THOUSAND
 TWENTY-SIX, THE WAGES IN THIS PARAGRAPH SHALL BE INCREASED BY THE ANNUAL
 INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER  PRICE  INDEX
 IN  THE  ONE  YEAR  PERIOD  ENDING  ON DECEMBER THIRTY-FIRST OF THE YEAR
 PRIOR. SAID PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER  ONE-
 TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT;
   (d)  members  with  wages greater than seventy-five thousand per annum
 but not more than one hundred thousand per annum shall  contribute  five
 and  three-quarters  per centum of annual wages. ON APRIL ONE, TWO THOU-
 SAND TWENTY-FIVE,  MEMBERS  WITH  WAGES  GREATER  THAN  EIGHTY  THOUSAND
 DOLLARS  PER  ANNUM  BUT NOT MORE THAN ONE HUNDRED FIVE THOUSAND DOLLARS
 PER ANNUM SHALL CONTRIBUTE FIVE AND THREE-QUARTERS PER CENTUM OF  ANNUAL
 WAGES, AND BEGINNING ON APRIL ONE, TWO THOUSAND TWENTY-SIX, THE WAGES IN
 THIS PARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED
 FROM  THE  INCREASE  IN  THE CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD
 ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL
 THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL
 NOT EXCEED THREE PERCENT; and
   (e) members with wages greater than one  hundred  thousand  per  annum
 shall contribute six per centum of annual wages. ON APRIL ONE, TWO THOU-
 SAND TWENTY-FIVE, MEMBERS WITH WAGES GREATER THAN ONE HUNDRED FIVE THOU-
 SAND  DOLLARS PER ANNUM SHALL CONTRIBUTE SIX PER CENTUM OF ANNUAL WAGES,
 AND BEGINNING ON APRIL ONE, TWO THOUSAND TWENTY-SIX, THE WAGES  IN  THIS
 PARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED FROM
 THE  INCREASE  IN THE CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD ENDING
 ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE  SHALL  THEN
 BE  ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL NOT
 EXCEED THREE PERCENT.
   § 5. Subparagraphs (i), (ii), (iii), (iv) and (v) of paragraph (d)  of
 subdivision  2  of section 392 of the education law, as added by chapter
 18 of the laws of 2012, are amended to read as follows:
   (i) members with wages of forty-five thousand  dollars  per  annum  or
 less shall contribute three per centum of annual wages. ON JULY ONE, TWO
 THOUSAND  TWENTY-FIVE,  MEMBERS WITH WAGES OF FIFTY THOUSAND DOLLARS PER
 ANNUM OR LESS SHALL CONTRIBUTE THREE PER CENTUM  OF  ANNUAL  WAGES,  AND
 BEGINNING  ON  JULY  ONE,  TWO  THOUSAND  TWENTY-SIX,  THE WAGES IN THIS
 SUBPARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION,  AS  DETERMINED
 FROM  THE  INCREASE  IN  THE CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD
 S. 3614--C                          9
 
 ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL
 THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL
 NOT EXCEED THREE PERCENT;
   (ii)  members  with  wages greater than forty-five thousand per annum,
 but not more than fifty-five thousand per annum shall  contribute  three
 and one-half per centum of annual wages. ON JULY ONE, TWO THOUSAND TWEN-
 TY-FIVE,  MEMBERS  WITH WAGES GREATER THAN FIFTY THOUSAND PER ANNUM, BUT
 NOT MORE THAN SIXTY THOUSAND PER ANNUM SHALL CONTRIBUTE THREE  AND  ONE-
 HALF PER CENTUM OF ANNUAL WAGES, AND BEGINNING ON JULY ONE, TWO THOUSAND
 TWENTY-SIX,  THE  WAGES  IN  THIS SUBPARAGRAPH SHALL BE INCREASED BY THE
 ANNUAL INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER  PRICE
 INDEX IN THE ONE YEAR PERIOD ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR
 PRIOR.  SAID PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-
 TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT;
   (iii) members with wages greater than fifty-five thousand  per  annum,
 but  not more than seventy-five thousand per annum shall contribute four
 and one-half per centum of annual wages. ON JULY ONE, TWO THOUSAND TWEN-
 TY-FIVE, MEMBERS WITH WAGES GREATER THAN SIXTY THOUSAND PER  ANNUM,  BUT
 NOT  MORE  THAN EIGHTY THOUSAND PER ANNUM SHALL CONTRIBUTE FOUR AND ONE-
 HALF PER CENTUM OF ANNUAL WAGES, AND BEGINNING ON JULY ONE, TWO THOUSAND
 TWENTY-SIX, THE WAGES IN THIS SUBPARAGRAPH SHALL  BE  INCREASED  BY  THE
 ANNUAL  INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER PRICE
 INDEX IN THE ONE YEAR PERIOD ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR
 PRIOR. SAID PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER  ONE-
 TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT;
   (iv)  members  with wages greater than seventy-five thousand per annum
 but not more than one hundred thousand per annum shall  contribute  five
 and three-quarters per centum of annual wages. ON JULY ONE, TWO THOUSAND
 TWENTY-FIVE, MEMBERS WITH WAGES GREATER THAN EIGHTY THOUSAND DOLLARS PER
 ANNUM  BUT  NOT  MORE  THAN  ONE HUNDRED FIVE THOUSAND DOLLARS PER ANNUM
 SHALL CONTRIBUTE FIVE AND THREE-QUARTERS PER CENTUM OF ANNUAL WAGES, AND
 BEGINNING ON JULY ONE,  TWO  THOUSAND  TWENTY-SIX,  THE  WAGES  IN  THIS
 SUBPARAGRAPH  SHALL  BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED
 FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN  THE  ONE  YEAR  PERIOD
 ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL
 THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL
 NOT EXCEED THREE PERCENT; and
   (v)  members  with  wages  greater than one hundred thousand per annum
 shall contribute six per centum of annual wages. ON JULY ONE, TWO  THOU-
 SAND TWENTY-FIVE, MEMBERS WITH WAGES GREATER THAN ONE HUNDRED FIVE THOU-
 SAND  DOLLARS PER ANNUM SHALL CONTRIBUTE SIX PER CENTUM OF ANNUAL WAGES,
 AND BEGINNING ON JULY  ONE, TWO THOUSAND TWENTY-SIX, THE WAGES  IN  THIS
 SUBPARAGRAPH  SHALL  BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED
 FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN  THE  ONE  YEAR  PERIOD
 ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL
 THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL
 NOT EXCEED THREE PERCENT.
   §  6. Subparagraphs 1, 2, 3, 4 and 5 of paragraph (d) of subdivision 2
 of section 6252 of the education law, as added by chapter 18 of the laws
 of 2012, are amended to read as follows:
   (1) members with wages of forty-five thousand  dollars  per  annum  or
 less shall contribute three per centum of annual wages. ON JULY ONE, TWO
 THOUSAND  TWENTY-FIVE,  MEMBERS WITH WAGES OF FIFTY THOUSAND DOLLARS PER
 ANNUM OR LESS SHALL CONTRIBUTE THREE PER CENTUM  OF  ANNUAL  WAGES,  AND
 BEGINNING  ON  JULY  ONE,  TWO  THOUSAND  TWENTY-SIX,  THE WAGES IN THIS
 SUBPARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION,  AS  DETERMINED
 S. 3614--C                         10
 
 FROM  THE  INCREASE  IN  THE CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD
 ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL
 THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL
 NOT EXCEED THREE PERCENT;
   (2) members with wages greater than forty-five thousand per annum, but
 not  more  than fifty-five thousand per annum shall contribute three and
 one-half per centum of annual wages. ON JULY ONE, TWO  THOUSAND  TWENTY-
 FIVE,  MEMBERS WITH WAGES GREATER THAN FIFTY THOUSAND PER ANNUM, BUT NOT
 MORE THAN SIXTY THOUSAND PER ANNUM SHALL CONTRIBUTE THREE  AND  ONE-HALF
 PER  CENTUM  OF  ANNUAL  WAGES,  AND BEGINNING ON JULY ONE, TWO THOUSAND
 TWENTY-SIX, THE WAGES IN THIS SUBPARAGRAPH SHALL  BE  INCREASED  BY  THE
 ANNUAL  INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER PRICE
 INDEX IN THE ONE YEAR PERIOD ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR
 PRIOR. SAID PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER  ONE-
 TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT;
   (3) members with wages greater than fifty-five thousand per annum, but
 not  more than seventy-five thousand per annum shall contribute four and
 one-half per centum of annual wages. ON JULY ONE, TWO  THOUSAND  TWENTY-
 FIVE,  MEMBERS WITH WAGES GREATER THAN SIXTY THOUSAND PER ANNUM, BUT NOT
 MORE THAN EIGHTY THOUSAND PER ANNUM SHALL CONTRIBUTE FOUR  AND  ONE-HALF
 PER  CENTUM  OF  ANNUAL  WAGES,  AND BEGINNING ON JULY ONE, TWO THOUSAND
 TWENTY-SIX, THE WAGES IN THIS SUBPARAGRAPH SHALL  BE  INCREASED  BY  THE
 ANNUAL  INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER PRICE
 INDEX IN THE ONE YEAR PERIOD ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR
 PRIOR. SAID PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER  ONE-
 TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT;
   (4)  members  with  wages greater than seventy-five thousand per annum
 but not more than one hundred thousand per annum shall  contribute  five
 and three-quarters per centum of annual wages. ON JULY ONE, TWO THOUSAND
 TWENTY-FIVE, MEMBERS WITH WAGES GREATER THAN EIGHTY THOUSAND DOLLARS PER
 ANNUM  BUT  NOT  MORE  THAN  ONE HUNDRED FIVE THOUSAND DOLLARS PER ANNUM
 SHALL CONTRIBUTE FIVE AND THREE-QUARTERS PER CENTUM OF ANNUAL WAGES, AND
 BEGINNING ON JULY ONE,  TWO  THOUSAND  TWENTY-SIX,  THE  WAGES  IN  THIS
 SUBPARAGRAPH  SHALL  BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED
 FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN  THE  ONE  YEAR  PERIOD
 ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL
 THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL
 NOT EXCEED THREE PERCENT; and
   (5)  members  with  wages  greater than one hundred thousand per annum
 shall contribute six per centum of annual wages. ON JULY ONE, TWO  THOU-
 SAND TWENTY-FIVE, MEMBERS WITH WAGES GREATER THAN ONE HUNDRED FIVE THOU-
 SAND  DOLLARS PER ANNUM SHALL CONTRIBUTE SIX PER CENTUM OF ANNUAL WAGES,
 AND BEGINNING ON JULY  ONE, TWO THOUSAND TWENTY-SIX, THE WAGES  IN  THIS
 SUBPARAGRAPH  SHALL  BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED
 FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN  THE  ONE  YEAR  PERIOD
 ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL
 THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL
 NOT EXCEED THREE PERCENT.
   §  7. Notwithstanding any other provision of law to the contrary, none
 of the provisions of this act shall be subject  to  section  25  of  the
 retirement and social security law.
   § 8. This act shall take effect immediately.
   FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
   This  bill  would  amend various sections of the Retirement and Social
 Security Law and the Education Law to increase the salary ranges used in
 determining the employee contribution percentages  for  Tier  6  members
 S. 3614--C                         11
 
 thereby  decreasing  future required employee contributions. The current
 salary ranges would each increase by $5,000 on April 1, 2025.  Beginning
 on  April 1, 2026, salary ranges would then be increased annually by the
 increase  in  the  consumer price index in the one-year period ending on
 December thirty-first of the year prior, not to exceed 3%.
   The annual cost to the employers of members  of  the  New  York  State
 Teachers'  Retirement  System  for this benefit is estimated to be $28.7
 million or 0.15% of payroll if this bill is enacted.
   The System's "new entrant rate", a hypothetical employer  contribution
 rate  that would occur if we started a new Retirement System without any
 assets, is equal to 5.31% of pay under the current Tier 6 benefit struc-
 ture. This can be thought of as the long-term expected employer cost  of
 Tier  6, based on current actuarial assumptions. For the proposed change
 to the Tier 6 benefit structure under this bill, this new  entrant  rate
 is estimated to increase to 5.67% of pay, an increase of 0.36% of pay.
   Member data is from the System's most recent actuarial valuation files
 as of June 30, 2023, consisting of data provided by the employers to the
 Retirement System. The most recent data distributions and statistics can
 be  found  in  the System's Annual Report for fiscal year ended June 30,
 2023. System assets are as reported in the System's financial statements
 and can also be found in the System's Annual Report.  Actuarial  assump-
 tions  and  methods  are  provided  in  the System's Actuarial Valuation
 Report as of June 30, 2023.
   The source of this estimate is Fiscal Note 2024-7  dated  February  2,
 2024  prepared by the Office of the Actuary of the New York State Teach-
 ers' Retirement System and is intended for  use  only  during  the  2024
 Legislative  Session.  I, Richard A. Young, am the Chief Actuary for the
 New York State Teachers' Retirement System. I am a member of the  Ameri-
 can  Academy  of Actuaries and I meet the Qualification Standards of the
 American Academy of Actuaries to render the actuarial opinion  contained
 herein.

2023-S3614D - Details

Current Committee:: Senate Civil Service And Pensions
Law Section:: Retirement and Social Security Law
Laws Affected:: Amd §§517, 613 & 1204, R & SS L; amd §§182, 392 & 6252, Ed L
Versions Introduced in Other Legislative Sessions:: 2019-2020: S5842
2021-2022: S4236

2023-S3614D - Summary

Increases the salary ranges tied to member contribution requirements; ties salary amount to inflation.

2023-S3614D - Sponsor Memo

                                 
BILL NUMBER: S3614D

SPONSOR: GOUNARDES
 
TITLE OF BILL:

An act to amend the retirement and social security law and the education
law, in relation to member contribution per centum increases

 
PURPOSE OR GENERAL IDEA OF BILL:

This legislation amends the retirement and social security law and
education law to increase the wage thresholds for contributions required
to be made by employees in Tier 6.

 
SUMMARY OF PROVISIONS:

This bill amends section 517, 613, and 1204 of the Retirement and Social
Security Law and sections 182, 392, and 6252 of the Education Law to
increase the wage thresholds for contributions that are required to be
made by employees in Tier 6. Such thresholds would immediately increase
by $5,000 and would thereafter increase by the rate of annual inflation,
not to exceed 3%.

 
EXISTING LAW:


Employees that are members of the Tier 6 pension plan are required to
contribute a percentage of their wages based on how much they are paid
annually. The current brackets are:

Less than $45,000 - 3% of wages

$45,000 - $55,000 - 3.5%

$55,000 - $75,000 - 4.5%

$75,000-$100,000 - 5.75%

5.75% Over $100,000 - 6%

 
JUSTIFICATION:

The current Tier 6 contribution system requires employees to contribute
a percentage of their wages to pay for their pension.  While this system
is intended to ensure that lower income employees contribute a smaller
percentage of their income than those that make more, this will not be
the case over time. For example, an employee that currently makes
$40,000 per year will pay 3% of their wages for their pension. If they
receive a 2% raise annually, they would move into the 3.5% pension
contribution bracket within seven years. This effectively negates the
value of the raises, as with each income bracket they move into they
lose more of their money to the pension fund. Furthermore, these wage
brackets set in statute do not account for inflation, meaning the value
of an employee's income will decrease over time, but they are still
required to contribute the same percent. This legislation would fix this
issue by increasing each wage bracket by $5,000 immediately, and then
tying it to the rate of inflation, to both reflect the rising value of
goods and services and help public servants keep more of their own
income.
 
PRIOR LEGISLATIVE HISTORY:

2023: S3614B - Died in Civil Service and Pensions

2022: S4236 - Died in Civil Service and Pensions

2021: S4236 - Died in Civil Service and Pensions

2020: S5842A - Died in Civil Service and Pensions

2019: S5842 - Died in Civil Service and Pensions

 
FISCAL IMPLICATIONS:

See bill.

 
EFFECTIVE DATE:
This act shall take effect immediately.

2023-S3614D - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  3614--D
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                             February 1, 2023
                                ___________
 
 Introduced by Sen. GOUNARDES -- read twice and ordered printed, and when
   printed to be committed to the Committee on Civil Service and Pensions
   --  committee  discharged,  bill amended, ordered reprinted as amended
   and recommitted  to  said  committee  --  committee  discharged,  bill
   amended,  ordered reprinted as amended and recommitted to said commit-
   tee -- recommitted to the Committee on Civil Service and  Pensions  in
   accordance  with  Senate  Rule 6, sec. 8 -- committee discharged, bill
   amended, ordered reprinted as amended and recommitted to said  commit-
   tee  --  committee  discharged,  bill  amended,  ordered  reprinted as
   amended and recommitted to said committee
 
 AN ACT to amend the retirement and social security law and the education
   law, in relation to member contribution per centum increases
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Paragraphs 1, 2, 3, 4 and 5 of subdivision a of section 517
 of the retirement and social security law, as added by chapter 18 of the
 laws of 2012, are amended to read as follows:
   1. members with wages of forty-five thousand dollars per annum or less
 shall  contribute  three  per  centum of annual wages. ON APRIL ONE, TWO
 THOUSAND TWENTY-FIVE, MEMBERS WITH WAGES OF FIFTY THOUSAND  DOLLARS  PER
 ANNUM  OR  LESS  SHALL  CONTRIBUTE THREE PER CENTUM OF ANNUAL WAGES, AND
 BEGINNING ON APRIL ONE, TWO THOUSAND TWENTY-SIX, THE WAGES IN THIS PARA-
 GRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED FROM THE
 INCREASE IN THE CONSUMER PRICE INDEX IN THE ONE YEAR  PERIOD  ENDING  ON
 DECEMBER  THIRTY-FIRST  OF THE YEAR PRIOR. SAID PERCENTAGE SHALL THEN BE
 ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE  PERCENT  AND  SHALL  NOT
 EXCEED THREE PERCENT;
   2.  members with wages greater than forty-five thousand per annum, but
 not more than fifty-five thousand per annum shall contribute  three  and
 one-half  per centum of annual wages. ON APRIL ONE, TWO THOUSAND TWENTY-
 FIVE, MEMBERS WITH WAGES GREATER THAN FIFTY THOUSAND PER ANNUM, BUT  NOT
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD03315-11-4

 S. 3614--D                          2
 
 MORE  THAN  SIXTY THOUSAND PER ANNUM SHALL CONTRIBUTE THREE AND ONE-HALF
 PER CENTUM OF ANNUAL WAGES, AND BEGINNING ON  APRIL  ONE,  TWO  THOUSAND
 TWENTY-SIX, THE WAGES IN THIS PARAGRAPH SHALL BE INCREASED BY THE ANNUAL
 INFLATION,  AS  DETERMINED FROM THE INCREASE IN THE CONSUMER PRICE INDEX
 IN THE ONE YEAR PERIOD ENDING  ON  DECEMBER  THIRTY-FIRST  OF  THE  YEAR
 PRIOR.  SAID PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-
 TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT;
   3. members with wages greater than fifty-five thousand per annum,  but
 not  more than seventy-five thousand per annum shall contribute four and
 one-half per centum of annual wages. ON APRIL ONE, TWO THOUSAND  TWENTY-
 FIVE,  MEMBERS WITH WAGES GREATER THAN SIXTY THOUSAND PER ANNUM, BUT NOT
 MORE THAN EIGHTY THOUSAND PER ANNUM SHALL CONTRIBUTE FOUR  AND  ONE-HALF
 PER  CENTUM  OF  ANNUAL  WAGES, AND BEGINNING ON APRIL ONE, TWO THOUSAND
 TWENTY-SIX, THE WAGES IN THIS PARAGRAPH SHALL BE INCREASED BY THE ANNUAL
 INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER  PRICE  INDEX
 IN  THE  ONE  YEAR  PERIOD  ENDING  ON DECEMBER THIRTY-FIRST OF THE YEAR
 PRIOR. SAID PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER  ONE-
 TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT;
   4. members with wages greater than seventy-five thousand per annum but
 not  more  than one hundred thousand per annum shall contribute five and
 three-quarters per centum of annual wages. ON APRIL  ONE,  TWO  THOUSAND
 TWENTY-FIVE, MEMBERS WITH WAGES GREATER THAN EIGHTY THOUSAND DOLLARS PER
 ANNUM  BUT  NOT  MORE  THAN  ONE HUNDRED FIVE THOUSAND DOLLARS PER ANNUM
 SHALL CONTRIBUTE FIVE AND THREE-QUARTERS PER CENTUM OF ANNUAL WAGES, AND
 BEGINNING ON APRIL ONE, TWO THOUSAND TWENTY-SIX, THE WAGES IN THIS PARA-
 GRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED FROM THE
 INCREASE IN THE CONSUMER PRICE INDEX IN THE ONE YEAR  PERIOD  ENDING  ON
 DECEMBER  THIRTY-FIRST  OF THE YEAR PRIOR. SAID PERCENTAGE SHALL THEN BE
 ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE  PERCENT  AND  SHALL  NOT
 EXCEED THREE PERCENT; and
   5.  members  with  wages  greater  than one hundred thousand per annum
 shall contribute six per centum of annual wages. ON APRIL ONE, TWO THOU-
 SAND TWENTY-FIVE, MEMBERS WITH WAGES GREATER THAN ONE HUNDRED FIVE THOU-
 SAND DOLLARS PER ANNUM SHALL CONTRIBUTE SIX PER CENTUM OF ANNUAL  WAGES,
 AND  BEGINNING  ON APRIL ONE, TWO THOUSAND TWENTY-SIX, THE WAGES IN THIS
 PARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED FROM
 THE INCREASE IN THE CONSUMER PRICE INDEX IN THE ONE YEAR  PERIOD  ENDING
 ON  DECEMBER  THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL THEN
 BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL  NOT
 EXCEED THREE PERCENT.
   §  2.  Subparagraphs  (i), (ii), (iii), (iv) and (v) of paragraph 1 of
 subdivision a, subparagraphs (i), (ii), (iii), (iv) and (v) of paragraph
 2 of subdivision a, paragraphs 1, 2, 3, 4 and 5  of  subdivision  f  and
 paragraphs  1,  2,  3,  4  and  5 of subdivision g of section 613 of the
 retirement and social security law, subparagraphs (i), (ii), (iii), (iv)
 and (v) of paragraph 1 and subparagraphs (i), (ii), (iii), (iv) and  (v)
 of paragraph 2 of subdivision a as amended by chapter 510 of the laws of
 2015  and paragraphs 1, 2, 3, 4 and 5 of subdivision f and paragraphs 1,
 2, 3, 4 and 5 of subdivision g as added by chapter 18  of  the  laws  of
 2012, are amended to read as follows:
   (i)  members  with  wages  of forty-five thousand dollars per annum or
 less shall contribute three per centum of annual wages.  ON  APRIL  ONE,
 TWO  THOUSAND  TWENTY-FIVE, MEMBERS WITH WAGES OF FIFTY THOUSAND DOLLARS
 PER ANNUM OR LESS SHALL CONTRIBUTE THREE PER CENTUM OF ANNUAL WAGES, AND
 BEGINNING ON APRIL ONE, TWO  THOUSAND  TWENTY-SIX,  THE  WAGES  IN  THIS
 SUBPARAGRAPH  SHALL  BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED
 S. 3614--D                          3
 
 FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN  THE  ONE  YEAR  PERIOD
 ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL
 THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL
 NOT EXCEED THREE PERCENT;
   (ii)  members  with  wages greater than forty-five thousand per annum,
 but not more than fifty-five thousand per annum shall  contribute  three
 and  one-half  per  centum  of  annual wages. ON APRIL ONE, TWO THOUSAND
 TWENTY-FIVE, MEMBERS WITH WAGES GREATER THAN FIFTY THOUSAND  PER  ANNUM,
 BUT  NOT  MORE THAN  SIXTY THOUSAND PER ANNUM SHALL CONTRIBUTE THREE AND
 ONE-HALF PER CENTUM OF ANNUAL WAGES, AND BEGINNING  ON  APRIL  ONE,  TWO
 THOUSAND  TWENTY-SIX,  THE WAGES IN THIS SUBPARAGRAPH SHALL BE INCREASED
 BY THE ANNUAL INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER
 PRICE INDEX IN THE ONE YEAR PERIOD ENDING ON  DECEMBER  THIRTY-FIRST  OF
 THE  YEAR  PRIOR.  SAID  PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT
 HIGHER ONE-TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT;
   (iii) members with wages greater than fifty-five thousand  per  annum,
 but  not more than seventy-five thousand per annum shall contribute four
 and one-half per centum of annual wages.  ON  APRIL  ONE,  TWO  THOUSAND
 TWENTY-FIVE,  MEMBERS  WITH WAGES GREATER THAN SIXTY THOUSAND PER ANNUM,
 BUT NOT MORE THAN EIGHTY THOUSAND PER ANNUM SHALL  CONTRIBUTE  FOUR  AND
 ONE-HALF  PER  CENTUM  OF  ANNUAL WAGES, AND BEGINNING ON APRIL ONE, TWO
 THOUSAND TWENTY-SIX, THE WAGES IN THIS SUBPARAGRAPH SHALL  BE  INCREASED
 BY THE ANNUAL INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER
 PRICE  INDEX  IN  THE ONE YEAR PERIOD ENDING ON DECEMBER THIRTY-FIRST OF
 THE YEAR PRIOR. SAID PERCENTAGE SHALL THEN BE ROUNDED  UP  TO  THE  NEXT
 HIGHER ONE-TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT;
   (iv)  members  with wages greater than seventy-five thousand per annum
 but not more than one hundred thousand per annum shall  contribute  five
 and  three-quarters  per centum of annual wages. ON APRIL ONE, TWO THOU-
 SAND TWENTY-FIVE,  MEMBERS  WITH  WAGES  GREATER  THAN  EIGHTY  THOUSAND
 DOLLARS  PER  ANNUM  BUT NOT MORE THAN ONE HUNDRED FIVE THOUSAND DOLLARS
 PER ANNUM SHALL CONTRIBUTE FIVE AND THREE-QUARTERS PER CENTUM OF  ANNUAL
 WAGES, AND BEGINNING ON APRIL ONE, TWO THOUSAND TWENTY-SIX, THE WAGES IN
 THIS  SUBPARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION, AS DETER-
 MINED FROM THE INCREASE IN THE CONSUMER PRICE  INDEX  IN  THE  ONE  YEAR
 PERIOD  ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENT-
 AGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT
 AND SHALL NOT EXCEED THREE PERCENT; and
   (v) members with wages greater than one  hundred  thousand  per  annum
 shall contribute six per centum of annual wages. ON APRIL ONE, TWO THOU-
 SAND TWENTY-FIVE, MEMBERS WITH WAGES GREATER THAN ONE HUNDRED FIVE THOU-
 SAND  DOLLARS PER ANNUM SHALL CONTRIBUTE SIX PER CENTUM OF ANNUAL WAGES,
 AND BEGINNING ON APRIL ONE, TWO THOUSAND TWENTY-SIX, THE WAGES  IN  THIS
 SUBPARAGRAPH  SHALL  BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED
 FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN  THE  ONE  YEAR  PERIOD
 ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL
 THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL
 NOT EXCEED THREE PERCENT.
   (i)  members  with  wages  of forty-five thousand dollars per annum or
 less shall contribute three per centum of annual wages.  ON  APRIL  ONE,
 TWO  THOUSAND  TWENTY-FIVE, MEMBERS WITH WAGES OF FIFTY THOUSAND DOLLARS
 PER ANNUM OR LESS SHALL CONTRIBUTE THREE PER CENTUM OF ANNUAL WAGES, AND
 BEGINNING ON APRIL ONE, TWO  THOUSAND  TWENTY-SIX,  THE  WAGES  IN  THIS
 SUBPARAGRAPH  SHALL  BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED
 FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN  THE  ONE  YEAR  PERIOD
 ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL
 S. 3614--D                          4
 
 THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL
 NOT EXCEED THREE PERCENT;
   (ii)  members  with  wages greater than forty-five thousand per annum,
 but not more than fifty-five thousand per annum shall  contribute  three
 and  one-half  per  centum  of  annual wages. ON APRIL ONE, TWO THOUSAND
 TWENTY-FIVE, MEMBERS WITH WAGES GREATER THAN FIFTY THOUSAND  PER  ANNUM,
 BUT  NOT  MORE  THAN SIXTY THOUSAND PER ANNUM SHALL CONTRIBUTE THREE AND
 ONE-HALF PER CENTUM OF ANNUAL WAGES, AND BEGINNING  ON  APRIL  ONE,  TWO
 THOUSAND  TWENTY-SIX,  THE WAGES IN THIS SUBPARAGRAPH SHALL BE INCREASED
 BY THE ANNUAL INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER
 PRICE INDEX IN THE ONE YEAR PERIOD ENDING ON  DECEMBER  THIRTY-FIRST  OF
 THE  YEAR  PRIOR.  SAID  PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT
 HIGHER ONE-TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT;
   (iii) members with wages greater than fifty-five thousand  per  annum,
 but  not more than seventy-five thousand per annum shall contribute four
 and one-half per centum of annual wages.  ON  APRIL  ONE,  TWO  THOUSAND
 TWENTY-FIVE,  MEMBERS  WITH WAGES GREATER THAN SIXTY THOUSAND PER ANNUM,
 BUT NOT MORE THAN EIGHTY THOUSAND PER ANNUM SHALL  CONTRIBUTE  FOUR  AND
 ONE-HALF  PER  CENTUM  OF  ANNUAL WAGES, AND BEGINNING ON APRIL ONE, TWO
 THOUSAND TWENTY-SIX, THE WAGES IN THIS SUBPARAGRAPH SHALL  BE  INCREASED
 BY THE ANNUAL INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER
 PRICE  INDEX  IN  THE ONE YEAR PERIOD ENDING ON DECEMBER THIRTY-FIRST OF
 THE YEAR PRIOR. SAID PERCENTAGE SHALL THEN BE ROUNDED  UP  TO  THE  NEXT
 HIGHER ONE-TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT;
   (iv)  members  with wages greater than seventy-five thousand per annum
 but not more than one hundred thousand per annum shall  contribute  five
 and  three-quarters  per centum of annual wages. ON APRIL ONE, TWO THOU-
 SAND TWENTY-FIVE,  MEMBERS  WITH  WAGES  GREATER  THAN  EIGHTY  THOUSAND
 DOLLARS  PER  ANNUM  BUT NOT MORE THAN ONE HUNDRED FIVE THOUSAND DOLLARS
 PER ANNUM SHALL CONTRIBUTE FIVE AND THREE-QUARTERS PER CENTUM OF  ANNUAL
 WAGES, AND BEGINNING ON APRIL ONE, TWO THOUSAND TWENTY-SIX, THE WAGES IN
 THIS  SUBPARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION, AS DETER-
 MINED FROM THE INCREASE IN THE CONSUMER PRICE  INDEX  IN  THE  ONE  YEAR
 PERIOD  ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENT-
 AGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT
 AND SHALL NOT EXCEED THREE PERCENT; and
   (v) members with wages greater than one  hundred  thousand  per  annum
 shall contribute six per centum of annual wages. ON APRIL ONE, TWO THOU-
 SAND TWENTY-FIVE, MEMBERS WITH WAGES GREATER THAN ONE HUNDRED FIVE THOU-
 SAND  DOLLARS PER ANNUM SHALL CONTRIBUTE SIX PER CENTUM OF ANNUAL WAGES,
 AND BEGINNING ON APRIL ONE, TWO THOUSAND TWENTY-SIX, THE WAGES  IN  THIS
 SUBPARAGRAPH  SHALL  BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED
 FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN  THE  ONE  YEAR  PERIOD
 ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL
 THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL
 NOT EXCEED THREE PERCENT.
   1. members with wages of forty-five thousand dollars per annum or less
 shall  contribute  three  per  centum of annual wages. ON APRIL ONE, TWO
 THOUSAND TWENTY-FIVE, MEMBERS WITH WAGES OF FIFTY THOUSAND  DOLLARS  PER
 ANNUM  OR  LESS  SHALL  CONTRIBUTE THREE PER CENTUM OF ANNUAL WAGES, AND
 BEGINNING ON APRIL ONE, TWO THOUSAND TWENTY-SIX, THE WAGES IN THIS PARA-
 GRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED FROM THE
 INCREASE IN THE CONSUMER PRICE INDEX IN THE ONE YEAR  PERIOD  ENDING  ON
 DECEMBER  THIRTY-FIRST  OF THE YEAR PRIOR. SAID PERCENTAGE SHALL THEN BE
 ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE  PERCENT  AND  SHALL  NOT
 EXCEED THREE PERCENT;
 S. 3614--D                          5
 
   2.  members with wages greater than forty-five thousand per annum, but
 not more than fifty-five thousand per annum shall contribute  three  and
 one-half  per centum of annual wages. ON APRIL ONE, TWO THOUSAND TWENTY-
 FIVE, MEMBERS WITH WAGES GREATER THAN FIFTY THOUSAND PER ANNUM, BUT  NOT
 MORE  THAN  SIXTY THOUSAND PER ANNUM SHALL CONTRIBUTE THREE AND ONE-HALF
 PER CENTUM OF ANNUAL WAGES, AND BEGINNING ON  APRIL  ONE,  TWO  THOUSAND
 TWENTY-SIX, THE WAGES IN THIS PARAGRAPH SHALL BE INCREASED BY THE ANNUAL
 INFLATION,  AS  DETERMINED FROM THE INCREASE IN THE CONSUMER PRICE INDEX
 IN THE ONE YEAR PERIOD ENDING  ON  DECEMBER  THIRTY-FIRST  OF  THE  YEAR
 PRIOR.  SAID PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-
 TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT;
   3. members with wages greater than fifty-five thousand per annum,  but
 not  more than seventy-five thousand per annum shall contribute four and
 one-half per centum of annual wages. ON APRIL ONE, TWO THOUSAND  TWENTY-
 FIVE,  MEMBERS WITH WAGES GREATER THAN SIXTY THOUSAND PER ANNUM, BUT NOT
 MORE THAN EIGHTY THOUSAND PER ANNUM SHALL CONTRIBUTE FOUR  AND  ONE-HALF
 PER  CENTUM  OF  ANNUAL  WAGES, AND BEGINNING ON APRIL ONE, TWO THOUSAND
 TWENTY-SIX, THE WAGES IN THIS PARAGRAPH SHALL BE INCREASED BY THE ANNUAL
 INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER  PRICE  INDEX
 IN  THE  ONE  YEAR  PERIOD  ENDING  ON DECEMBER THIRTY-FIRST OF THE YEAR
 PRIOR. SAID PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER  ONE-
 TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT;
   4. members with wages greater than seventy-five thousand per annum but
 not  more  than one hundred thousand per annum shall contribute five and
 three-quarters per centum of annual wages. ON APRIL  ONE,  TWO  THOUSAND
 TWENTY-FIVE, MEMBERS WITH WAGES GREATER THAN EIGHTY THOUSAND DOLLARS PER
 ANNUM  BUT  NOT  MORE  THAN  ONE HUNDRED FIVE THOUSAND DOLLARS PER ANNUM
 SHALL CONTRIBUTE FIVE AND THREE-QUARTERS PER CENTUM OF ANNUAL WAGES, AND
 BEGINNING ON APRIL ONE, TWO THOUSAND TWENTY-SIX, THE WAGES IN THIS PARA-
 GRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED FROM THE
 INCREASE IN THE CONSUMER PRICE INDEX IN THE ONE YEAR  PERIOD  ENDING  ON
 DECEMBER  THIRTY-FIRST  OF THE YEAR PRIOR. SAID PERCENTAGE SHALL THEN BE
 ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE  PERCENT  AND  SHALL  NOT
 EXCEED THREE PERCENT; and
   5.  members  with  wages  greater  than one hundred thousand per annum
 shall contribute six per centum of annual wages. ON APRIL ONE, TWO THOU-
 SAND TWENTY-FIVE, MEMBERS WITH WAGES GREATER THAN ONE HUNDRED FIVE THOU-
 SAND DOLLARS PER ANNUM SHALL CONTRIBUTE SIX PER CENTUM OF ANNUAL  WAGES,
 AND  BEGINNING  ON APRIL ONE, TWO THOUSAND TWENTY-SIX, THE WAGES IN THIS
 PARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED FROM
 THE INCREASE IN THE CONSUMER PRICE INDEX IN THE ONE YEAR  PERIOD  ENDING
 ON  DECEMBER  THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL THEN
 BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL  NOT
 EXCEED THREE PERCENT.
   1. members with wages of forty-five thousand dollars per annum or less
 shall  contribute  three  per  centum of annual wages. ON APRIL ONE, TWO
 THOUSAND TWENTY-FIVE, MEMBERS WITH WAGES OF FIFTY THOUSAND  DOLLARS  PER
 ANNUM  OR  LESS  SHALL  CONTRIBUTE THREE PER CENTUM OF ANNUAL WAGES, AND
 BEGINNING ON APRIL ONE, TWO THOUSAND TWENTY-SIX, THE WAGES IN THIS PARA-
 GRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED FROM THE
 INCREASE IN THE CONSUMER PRICE INDEX IN THE ONE YEAR  PERIOD  ENDING  ON
 DECEMBER  THIRTY-FIRST  OF THE YEAR PRIOR. SAID PERCENTAGE SHALL THEN BE
 ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE  PERCENT  AND  SHALL  NOT
 EXCEED THREE PERCENT;
   2.  members with wages greater than forty-five thousand per annum, but
 not more than fifty-five thousand per annum shall contribute  three  and
 S. 3614--D                          6
 
 one-half  per centum of annual wages. ON APRIL ONE, TWO THOUSAND TWENTY-
 FIVE, MEMBERS WITH WAGES GREATER THAN FIFTY THOUSAND PER ANNUM, BUT  NOT
 MORE  THAN  SIXTY THOUSAND PER ANNUM SHALL CONTRIBUTE THREE AND ONE-HALF
 PER  CENTUM  OF  ANNUAL  WAGES, AND BEGINNING ON APRIL ONE, TWO THOUSAND
 TWENTY-SIX, THE WAGES IN THIS PARAGRAPH SHALL BE INCREASED BY THE ANNUAL
 INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER  PRICE  INDEX
 IN  THE  ONE  YEAR  PERIOD  ENDING  ON DECEMBER THIRTY-FIRST OF THE YEAR
 PRIOR. SAID PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER  ONE-
 TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT;
   3.  members with wages greater than fifty-five thousand per annum, but
 not more than seventy-five thousand per annum shall contribute four  and
 one-half  per centum of annual wages. ON APRIL ONE, TWO THOUSAND TWENTY-
 FIVE, MEMBERS WITH WAGES GREATER THAN SIXTY THOUSAND PER ANNUM, BUT  NOT
 MORE  THAN  EIGHTY THOUSAND PER ANNUM SHALL CONTRIBUTE FOUR AND ONE-HALF
 PER CENTUM OF ANNUAL WAGES, AND BEGINNING ON  APRIL  ONE,  TWO  THOUSAND
 TWENTY-SIX, THE WAGES IN THIS PARAGRAPH SHALL BE INCREASED BY THE ANNUAL
 INFLATION,  AS  DETERMINED FROM THE INCREASE IN THE CONSUMER PRICE INDEX
 IN THE ONE YEAR PERIOD ENDING  ON  DECEMBER  THIRTY-FIRST  OF  THE  YEAR
 PRIOR.  SAID PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-
 TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT;
   4. members with wages greater than seventy-five thousand per annum but
 not more than one hundred thousand per annum shall contribute  five  and
 three-quarters  per  centum  of annual wages. ON APRIL ONE, TWO THOUSAND
 TWENTY-FIVE, MEMBERS WITH WAGES GREATER THAN EIGHTY THOUSAND DOLLARS PER
 ANNUM BUT NOT MORE THAN ONE HUNDRED  FIVE  THOUSAND  DOLLARS  PER  ANNUM
 SHALL CONTRIBUTE FIVE AND THREE-QUARTERS PER CENTUM OF ANNUAL WAGES, AND
 BEGINNING ON APRIL ONE, TWO THOUSAND TWENTY-SIX, THE WAGES IN THIS PARA-
 GRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED FROM THE
 INCREASE  IN  THE  CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD ENDING ON
 DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL  THEN  BE
 ROUNDED  UP  TO  THE  NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL NOT
 EXCEED THREE PERCENT; and
   5. members with wages greater than  one  hundred  thousand  per  annum
 shall contribute six per centum of annual wages. ON APRIL ONE, TWO THOU-
 SAND TWENTY-FIVE, MEMBERS WITH WAGES GREATER THAN ONE HUNDRED FIVE THOU-
 SAND  DOLLARS PER ANNUM SHALL CONTRIBUTE SIX PER CENTUM OF ANNUAL WAGES,
 AND BEGINNING ON APRIL ONE, TWO THOUSAND TWENTY-SIX, THE WAGES  IN  THIS
 PARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED FROM
 THE  INCREASE  IN THE CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD ENDING
 ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE  SHALL  THEN
 BE  ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL NOT
 EXCEED THREE PERCENT.
   § 3. Subdivisions a, b, c, d and e of section 1204 of  the  retirement
 and social security law, as added by chapter 18 of the laws of 2012, are
 amended to read as follows:
   a. members with wages of forty-five thousand dollars per annum or less
 shall  contribute  three  per  centum of annual wages. ON APRIL ONE, TWO
 THOUSAND TWENTY-FIVE, MEMBERS WITH WAGES OF FIFTY THOUSAND  DOLLARS  PER
 ANNUM  OR  LESS  SHALL  CONTRIBUTE THREE PER CENTUM OF ANNUAL WAGES, AND
 BEGINNING ON APRIL ONE, TWO  THOUSAND  TWENTY-SIX,  THE  WAGES  IN  THIS
 SUBDIVISION  SHALL  BE  INCREASED BY THE ANNUAL INFLATION, AS DETERMINED
 FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN  THE  ONE  YEAR  PERIOD
 ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL
 THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL
 NOT EXCEED THREE PERCENT;
 S. 3614--D                          7
 
   b.  members with wages greater than forty-five thousand per annum, but
 not more than fifty-five thousand per annum shall contribute  three  and
 one-half  per centum of annual wages. ON APRIL ONE, TWO THOUSAND TWENTY-
 FIVE, MEMBERS WITH WAGES GREATER THAN FIFTY THOUSAND PER ANNUM, BUT  NOT
 MORE  THAN  SIXTY THOUSAND PER ANNUM SHALL CONTRIBUTE THREE AND ONE-HALF
 PER CENTUM OF ANNUAL WAGES, AND BEGINNING ON  APRIL  ONE,  TWO  THOUSAND
 TWENTY-SIX,  THE  WAGES  IN  THIS  SUBDIVISION SHALL BE INCREASED BY THE
 ANNUAL INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER  PRICE
 INDEX IN THE ONE YEAR PERIOD ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR
 PRIOR.  SAID PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-
 TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT;
   c. members with wages greater than fifty-five thousand per annum,  but
 not  more than seventy-five thousand per annum shall contribute four and
 one-half per centum of annual wages. ON APRIL ONE, TWO THOUSAND  TWENTY-
 FIVE,  MEMBERS WITH WAGES GREATER THAN SIXTY THOUSAND PER ANNUM, BUT NOT
 MORE THAN EIGHTY THOUSAND PER ANNUM SHALL CONTRIBUTE FOUR  AND  ONE-HALF
 PER  CENTUM  OF  ANNUAL  WAGES, AND BEGINNING ON APRIL ONE, TWO THOUSAND
 TWENTY-SIX, THE WAGES IN THIS SUBDIVISION  SHALL  BE  INCREASED  BY  THE
 ANNUAL  INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER PRICE
 INDEX IN THE ONE YEAR PERIOD ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR
 PRIOR. SAID PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER  ONE-
 TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT;
   d. members with wages greater than seventy-five thousand per annum but
 not  more  than one hundred thousand per annum shall contribute five and
 three-quarters per centum of annual wages. ON APRIL  ONE,  TWO  THOUSAND
 TWENTY-FIVE, MEMBERS WITH WAGES GREATER THAN EIGHTY THOUSAND DOLLARS PER
 ANNUM  BUT  NOT  MORE  THAN  ONE HUNDRED FIVE THOUSAND DOLLARS PER ANNUM
 SHALL CONTRIBUTE FIVE AND THREE-QUARTERS PER CENTUM OF ANNUAL WAGES, AND
 BEGINNING ON APRIL ONE, TWO  THOUSAND  TWENTY-SIX,  THE  WAGES  IN  THIS
 SUBDIVISION  SHALL  BE  INCREASED BY THE ANNUAL INFLATION, AS DETERMINED
 FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN  THE  ONE  YEAR  PERIOD
 ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL
 THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL
 NOT EXCEED THREE PERCENT; and
   e.  members  with  wages  greater  than one hundred thousand per annum
 shall contribute six per centum of annual wages. ON APRIL ONE, TWO THOU-
 SAND TWENTY-FIVE, MEMBERS WITH WAGES GREATER THAN ONE HUNDRED FIVE THOU-
 SAND DOLLARS PER ANNUM SHALL CONTRIBUTE SIX PER CENTUM OF ANNUAL  WAGES,
 AND  BEGINNING  ON APRIL ONE, TWO THOUSAND TWENTY-SIX, THE WAGES IN THIS
 SUBDIVISION SHALL BE INCREASED BY THE ANNUAL  INFLATION,  AS  DETERMINED
 FROM  THE  INCREASE  IN  THE CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD
 ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL
 THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL
 NOT EXCEED THREE PERCENT.
   § 4. Paragraphs (a), (b), (c), (d) and (e) of subdivision 2 of section
 182 of the education law, as added by chapter 18 of the  laws  of  2012,
 are amended to read as follows:
   (a)  members  with  wages  of forty-five thousand dollars per annum or
 less shall contribute three per centum of annual wages.  ON  APRIL  ONE,
 TWO  THOUSAND  TWENTY-FIVE, MEMBERS WITH WAGES OF FIFTY THOUSAND DOLLARS
 PER ANNUM OR LESS SHALL CONTRIBUTE THREE PER CENTUM OF ANNUAL WAGES, AND
 BEGINNING ON APRIL ONE, TWO THOUSAND TWENTY-SIX, THE WAGES IN THIS PARA-
 GRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED FROM THE
 INCREASE IN THE CONSUMER PRICE INDEX IN THE ONE YEAR  PERIOD  ENDING  ON
 DECEMBER  THIRTY-FIRST  OF THE YEAR PRIOR. SAID PERCENTAGE SHALL THEN BE
 S. 3614--D                          8
 
 ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE  PERCENT  AND  SHALL  NOT
 EXCEED THREE PERCENT;
   (b) members with wages greater than forty-five thousand per annum, but
 not  more  than fifty-five thousand per annum shall contribute three and
 one-half per centum of annual wages. ON APRIL ONE, TWO THOUSAND  TWENTY-
 FIVE,  MEMBERS WITH WAGES GREATER THAN FIFTY THOUSAND PER ANNUM, BUT NOT
 MORE THAN SIXTY THOUSAND PER ANNUM SHALL CONTRIBUTE THREE  AND  ONE-HALF
 PER  CENTUM  OF  ANNUAL  WAGES, AND BEGINNING ON APRIL ONE, TWO THOUSAND
 TWENTY-SIX, THE WAGES IN THIS PARAGRAPH SHALL BE INCREASED BY THE ANNUAL
 INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER  PRICE  INDEX
 IN  THE  ONE  YEAR  PERIOD  ENDING  ON DECEMBER THIRTY-FIRST OF THE YEAR
 PRIOR. SAID PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER  ONE-
 TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT;
   (c) members with wages greater than fifty-five thousand per annum, but
 not  more than seventy-five thousand per annum shall contribute four and
 one-half per centum of annual wages. ON APRIL ONE, TWO THOUSAND  TWENTY-
 FIVE,  MEMBERS WITH WAGES GREATER THAN SIXTY THOUSAND PER ANNUM, BUT NOT
 MORE THAN EIGHTY THOUSAND PER ANNUM SHALL CONTRIBUTE FOUR  AND  ONE-HALF
 PER  CENTUM  OF  ANNUAL  WAGES, AND BEGINNING ON APRIL ONE, TWO THOUSAND
 TWENTY-SIX, THE WAGES IN THIS PARAGRAPH SHALL BE INCREASED BY THE ANNUAL
 INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER  PRICE  INDEX
 IN  THE  ONE  YEAR  PERIOD  ENDING  ON DECEMBER THIRTY-FIRST OF THE YEAR
 PRIOR. SAID PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER  ONE-
 TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT;
   (d)  members  with  wages greater than seventy-five thousand per annum
 but not more than one hundred thousand per annum shall  contribute  five
 and  three-quarters  per centum of annual wages. ON APRIL ONE, TWO THOU-
 SAND TWENTY-FIVE,  MEMBERS  WITH  WAGES  GREATER  THAN  EIGHTY  THOUSAND
 DOLLARS  PER  ANNUM  BUT NOT MORE THAN ONE HUNDRED FIVE THOUSAND DOLLARS
 PER ANNUM SHALL CONTRIBUTE FIVE AND THREE-QUARTERS PER CENTUM OF  ANNUAL
 WAGES, AND BEGINNING ON APRIL ONE, TWO THOUSAND TWENTY-SIX, THE WAGES IN
 THIS PARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED
 FROM  THE  INCREASE  IN  THE CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD
 ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL
 THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL
 NOT EXCEED THREE PERCENT; and
   (e) members with wages greater than one  hundred  thousand  per  annum
 shall contribute six per centum of annual wages. ON APRIL ONE, TWO THOU-
 SAND TWENTY-FIVE, MEMBERS WITH WAGES GREATER THAN ONE HUNDRED FIVE THOU-
 SAND  DOLLARS PER ANNUM SHALL CONTRIBUTE SIX PER CENTUM OF ANNUAL WAGES,
 AND BEGINNING ON APRIL ONE, TWO THOUSAND TWENTY-SIX, THE WAGES  IN  THIS
 PARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED FROM
 THE  INCREASE  IN THE CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD ENDING
 ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE  SHALL  THEN
 BE  ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL NOT
 EXCEED THREE PERCENT.
   § 5. Subparagraphs (i), (ii), (iii), (iv) and (v) of paragraph (d)  of
 subdivision  2  of section 392 of the education law, as added by chapter
 18 of the laws of 2012, are amended to read as follows:
   (i) members with wages of forty-five thousand  dollars  per  annum  or
 less shall contribute three per centum of annual wages. ON JULY ONE, TWO
 THOUSAND  TWENTY-FIVE,  MEMBERS WITH WAGES OF FIFTY THOUSAND DOLLARS PER
 ANNUM OR LESS SHALL CONTRIBUTE THREE PER CENTUM  OF  ANNUAL  WAGES,  AND
 BEGINNING  ON  JULY  ONE,  TWO  THOUSAND  TWENTY-SIX,  THE WAGES IN THIS
 SUBPARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION,  AS  DETERMINED
 FROM  THE  INCREASE  IN  THE CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD
 S. 3614--D                          9
 
 ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL
 THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL
 NOT EXCEED THREE PERCENT;
   (ii)  members  with  wages greater than forty-five thousand per annum,
 but not more than fifty-five thousand per annum shall  contribute  three
 and one-half per centum of annual wages. ON JULY ONE, TWO THOUSAND TWEN-
 TY-FIVE,  MEMBERS  WITH WAGES GREATER THAN FIFTY THOUSAND PER ANNUM, BUT
 NOT MORE THAN SIXTY THOUSAND PER ANNUM SHALL CONTRIBUTE THREE  AND  ONE-
 HALF PER CENTUM OF ANNUAL WAGES, AND BEGINNING ON JULY ONE, TWO THOUSAND
 TWENTY-SIX,  THE  WAGES  IN  THIS SUBPARAGRAPH SHALL BE INCREASED BY THE
 ANNUAL INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER  PRICE
 INDEX IN THE ONE YEAR PERIOD ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR
 PRIOR.  SAID PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-
 TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT;
   (iii) members with wages greater than fifty-five thousand  per  annum,
 but  not more than seventy-five thousand per annum shall contribute four
 and one-half per centum of annual wages. ON JULY ONE, TWO THOUSAND TWEN-
 TY-FIVE, MEMBERS WITH WAGES GREATER THAN SIXTY THOUSAND PER  ANNUM,  BUT
 NOT  MORE  THAN EIGHTY THOUSAND PER ANNUM SHALL CONTRIBUTE FOUR AND ONE-
 HALF PER CENTUM OF ANNUAL WAGES, AND BEGINNING ON JULY ONE, TWO THOUSAND
 TWENTY-SIX, THE WAGES IN THIS SUBPARAGRAPH SHALL  BE  INCREASED  BY  THE
 ANNUAL  INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER PRICE
 INDEX IN THE ONE YEAR PERIOD ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR
 PRIOR. SAID PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER  ONE-
 TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT;
   (iv)  members  with wages greater than seventy-five thousand per annum
 but not more than one hundred thousand per annum shall  contribute  five
 and three-quarters per centum of annual wages. ON JULY ONE, TWO THOUSAND
 TWENTY-FIVE, MEMBERS WITH WAGES GREATER THAN EIGHTY THOUSAND DOLLARS PER
 ANNUM  BUT  NOT  MORE  THAN  ONE HUNDRED FIVE THOUSAND DOLLARS PER ANNUM
 SHALL CONTRIBUTE FIVE AND THREE-QUARTERS PER CENTUM OF ANNUAL WAGES, AND
 BEGINNING ON JULY ONE,  TWO  THOUSAND  TWENTY-SIX,  THE  WAGES  IN  THIS
 SUBPARAGRAPH  SHALL  BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED
 FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN  THE  ONE  YEAR  PERIOD
 ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL
 THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL
 NOT EXCEED THREE PERCENT; and
   (v)  members  with  wages  greater than one hundred thousand per annum
 shall contribute six per centum of annual wages. ON JULY ONE, TWO  THOU-
 SAND TWENTY-FIVE, MEMBERS WITH WAGES GREATER THAN ONE HUNDRED FIVE THOU-
 SAND  DOLLARS PER ANNUM SHALL CONTRIBUTE SIX PER CENTUM OF ANNUAL WAGES,
 AND BEGINNING ON JULY  ONE, TWO THOUSAND TWENTY-SIX, THE WAGES  IN  THIS
 SUBPARAGRAPH  SHALL  BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED
 FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN  THE  ONE  YEAR  PERIOD
 ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL
 THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL
 NOT EXCEED THREE PERCENT.
   §  6. Subparagraphs 1, 2, 3, 4 and 5 of paragraph (d) of subdivision 2
 of section 6252 of the education law, as added by chapter 18 of the laws
 of 2012, are amended to read as follows:
   (1) members with wages of forty-five thousand  dollars  per  annum  or
 less shall contribute three per centum of annual wages. ON JULY ONE, TWO
 THOUSAND  TWENTY-FIVE,  MEMBERS WITH WAGES OF FIFTY THOUSAND DOLLARS PER
 ANNUM OR LESS SHALL CONTRIBUTE THREE PER CENTUM  OF  ANNUAL  WAGES,  AND
 BEGINNING  ON  JULY  ONE,  TWO  THOUSAND  TWENTY-SIX,  THE WAGES IN THIS
 SUBPARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION,  AS  DETERMINED
 S. 3614--D                         10
 
 FROM  THE  INCREASE  IN  THE CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD
 ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL
 THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL
 NOT EXCEED THREE PERCENT;
   (2) members with wages greater than forty-five thousand per annum, but
 not  more  than fifty-five thousand per annum shall contribute three and
 one-half per centum of annual wages. ON JULY ONE, TWO  THOUSAND  TWENTY-
 FIVE,  MEMBERS WITH WAGES GREATER THAN FIFTY THOUSAND PER ANNUM, BUT NOT
 MORE THAN SIXTY THOUSAND PER ANNUM SHALL CONTRIBUTE THREE  AND  ONE-HALF
 PER  CENTUM  OF  ANNUAL  WAGES,  AND BEGINNING ON JULY ONE, TWO THOUSAND
 TWENTY-SIX, THE WAGES IN THIS SUBPARAGRAPH SHALL  BE  INCREASED  BY  THE
 ANNUAL  INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER PRICE
 INDEX IN THE ONE YEAR PERIOD ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR
 PRIOR. SAID PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER  ONE-
 TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT;
   (3) members with wages greater than fifty-five thousand per annum, but
 not  more than seventy-five thousand per annum shall contribute four and
 one-half per centum of annual wages. ON JULY ONE, TWO  THOUSAND  TWENTY-
 FIVE,  MEMBERS WITH WAGES GREATER THAN SIXTY THOUSAND PER ANNUM, BUT NOT
 MORE THAN EIGHTY THOUSAND PER ANNUM SHALL CONTRIBUTE FOUR  AND  ONE-HALF
 PER  CENTUM  OF  ANNUAL  WAGES,  AND BEGINNING ON JULY ONE, TWO THOUSAND
 TWENTY-SIX, THE WAGES IN THIS SUBPARAGRAPH SHALL  BE  INCREASED  BY  THE
 ANNUAL  INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER PRICE
 INDEX IN THE ONE YEAR PERIOD ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR
 PRIOR. SAID PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER  ONE-
 TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT;
   (4)  members  with  wages greater than seventy-five thousand per annum
 but not more than one hundred thousand per annum shall  contribute  five
 and three-quarters per centum of annual wages. ON JULY ONE, TWO THOUSAND
 TWENTY-FIVE, MEMBERS WITH WAGES GREATER THAN EIGHTY THOUSAND DOLLARS PER
 ANNUM  BUT  NOT  MORE  THAN  ONE HUNDRED FIVE THOUSAND DOLLARS PER ANNUM
 SHALL CONTRIBUTE FIVE AND THREE-QUARTERS PER CENTUM OF ANNUAL WAGES, AND
 BEGINNING ON JULY ONE,  TWO  THOUSAND  TWENTY-SIX,  THE  WAGES  IN  THIS
 SUBPARAGRAPH  SHALL  BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED
 FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN  THE  ONE  YEAR  PERIOD
 ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL
 THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL
 NOT EXCEED THREE PERCENT; and
   (5)  members  with  wages  greater than one hundred thousand per annum
 shall contribute six per centum of annual wages. ON JULY ONE, TWO  THOU-
 SAND TWENTY-FIVE, MEMBERS WITH WAGES GREATER THAN ONE HUNDRED FIVE THOU-
 SAND  DOLLARS PER ANNUM SHALL CONTRIBUTE SIX PER CENTUM OF ANNUAL WAGES,
 AND BEGINNING ON JULY  ONE, TWO THOUSAND TWENTY-SIX, THE WAGES  IN  THIS
 SUBPARAGRAPH  SHALL  BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED
 FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN  THE  ONE  YEAR  PERIOD
 ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL
 THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL
 NOT EXCEED THREE PERCENT.
   §  7. Notwithstanding any other provision of law to the contrary, none
 of the provisions of this act shall be subject  to  section  25  of  the
 retirement and social security law.
   § 8. This act shall take effect immediately.
   FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
   This  bill  would  amend various sections of the Retirement and Social
 Security Law and the Education Law to increase the salary ranges used in
 determining the employee contribution percentages  for  Tier  6  members
 S. 3614--D                         11
 
 thereby  decreasing  future required employee contributions. The current
 salary ranges would each increase by $5,000 on April 1, 2025.  Beginning
 on  April 1, 2026, salary ranges would then be increased annually by the
 increase  in  the  consumer price index in the one-year period ending on
 December thirty-first of the year prior, not to exceed 3%.
   The annual cost to the employers of members  of  the  New  York  State
 Teachers'  Retirement  System  for this benefit is estimated to be $28.7
 million or 0.15% of payroll if this bill is enacted.
   The System's "new entrant rate", a hypothetical employer  contribution
 rate  that would occur if we started a new Retirement System without any
 assets, is equal to 5.31% of pay under the current Tier 6 benefit struc-
 ture. This can be thought of as the long-term expected employer cost  of
 Tier  6, based on current actuarial assumptions. For the proposed change
 to the Tier 6 benefit structure under this bill, this new  entrant  rate
 is estimated to increase to 5.67% of pay, an increase of 0.36% of pay.
   Member data is from the System's most recent actuarial valuation files
 as of June 30, 2023, consisting of data provided by the employers to the
 Retirement System. The most recent data distributions and statistics can
 be  found  in  the System's Annual Report for fiscal year ended June 30,
 2023. System assets are as reported in the System's financial statements
 and can also be found in the System's Annual Report.  Actuarial  assump-
 tions  and  methods  are  provided  in  the System's Actuarial Valuation
 Report as of June 30, 2023.
   The source of this estimate is Fiscal Note 2024-7  dated  February  2,
 2024  prepared by the Office of the Actuary of the New York State Teach-
 ers' Retirement System and is intended for  use  only  during  the  2024
 Legislative  Session.  I, Richard A. Young, am the Chief Actuary for the
 New York State Teachers' Retirement System. I am a member of the  Ameri-
 can  Academy  of Actuaries and I meet the Qualification Standards of the
 American Academy of Actuaries to render the actuarial opinion  contained
 herein.
   FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
   This  bill  would  increase  the  wage  ranges  to which Tier 6 member
 contribution rates are  applied  effective  April  1,  2025  by  $5,000.
 Beginning  on April 1, 2026, the wage ranges would increase each year by
 the annual inflation rate rounded up to the next tenth of a percent, not
 to exceed three percent.
   The current contribution rates and wage ranges for Tier 6 members are:
   * three (3) percent for wages of $45,000 or less,
   * three and one-half (3.5) percent for wages greater than $45,000  but
 not more than $55,000,
   *  four  and one-half (4.5) percent for wages greater than $55,000 but
 not more than $75,000,
   * five and  three-quarters  (5.75)  percent  for  wages  greater  than
 $75,000 but not more than $100,000, or
   * six (6) percent for wages greater than $100,000.
   Insofar  as  this bill affects the New York State and Local Employees'
 Retirement System (NYSLERS), if this legislation is enacted  during  the
 2024  Legislative  Session,  there  would  be an increase in the present
 value of future costs of  approximately  $660  million  which  would  be
 shared by the State of New York and all local participating employers in
 the  NYSLERS.  These  costs  will be funded by increasing Tier 6 billing
 rates by an average 0.5% of salary.
   The increased billing rates will result  in  a  recurring,  increasing
 annual  contribution  beginning in the fiscal year ending March 31, 2026
 of approximately $38 million to the State of New York and  approximately
 S. 3614--D                         12
 
 $54 million to local participating employers in the NYSLERS. THESE ANNU-
 AL COSTS ARE EXPECTED TO INCREASE SIGNIFICANTLY IN FUTURE YEARS and will
 vary  by  employer  based  upon the plan coverage and salary reported in
 Tier 6.
   Insofar  as  this bill affects the New York State and Local Police and
 Fire Retirement System (NYSLPFRS), if this legislation is enacted during
 the 2024 Legislative Session, there would be an increase in the  present
 value of future costs of approximately $11 million which would be shared
 by  the  State  of New York and all local participating employers in the
 NYSLPFRS. These costs will be funded by increasing Tier 6 billing  rates
 by an average 0.1% of salary.
   The  increased  billing  rates  will result in a recurring, increasing
 annual contribution beginning in the fiscal year ending March  31,  2026
 of  approximately  $400,000  to  the State of New York and approximately
 $1.4 million to local participating employers  in  the  NYSLPFRS.  THESE
 ANNUAL  COSTS ARE EXPECTED TO INCREASE SIGNIFICANTLY IN FUTURE YEARS and
 will vary by employer based upon the plan coverage and  salary  reported
 in Tier 6.
   Summary of relevant resources:
   Membership  data as of March 31, 2023 was used in measuring the impact
 of the proposed change, the same data used in the April 1, 2023 actuari-
 al valuation. Distributions and other statistics can  be  found  in  the
 2023  Report  of the Actuary and the 2023 Annual Comprehensive Financial
 Report.
   The actuarial assumptions and methods used are described in  the  2023
 Annual  Report  to  the  Comptroller  on  Actuarial Assumptions, and the
 Codes, Rules and Regulations  of  the  State  of  New  York:  Audit  and
 Control.
   The Market Assets and GASB Disclosures are found in the March 31, 2023
 New  York  State  and  Local  Retirement System Financial Statements and
 Supplementary Information.
   I am a member of the American Academy of Actuaries and meet the Quali-
 fication Standards to render the actuarial opinion contained herein.
   This fiscal note does not constitute a legal opinion on the  viability
 of  the  proposed change nor is it intended to serve as a substitute for
 the professional judgment of an attorney.
   This estimate, dated February 14, 2024,  and  intended  for  use  only
 during  the  2024  Legislative  Session,  is  Fiscal  Note No. 2024-123,
 prepared by the Actuary for the New  York  State  and  Local  Retirement
 System.

2023-S3614E (ACTIVE) - Details

Current Committee:: Senate Civil Service And Pensions
Law Section:: Retirement and Social Security Law
Laws Affected:: Amd §§517, 613 & 1204, R & SS L; amd §§182, 392 & 6252, Ed L
Versions Introduced in Other Legislative Sessions:: 2019-2020: S5842
2021-2022: S4236

2023-S3614E (ACTIVE) - Summary

Increases the salary ranges tied to member contribution requirements; ties salary amount to inflation.

2023-S3614E (ACTIVE) - Sponsor Memo

                                 
BILL NUMBER: S3614E

SPONSOR: GOUNARDES
 
TITLE OF BILL:

An act to amend the retirement and social security law and the education
law, in relation to member contribution per centum increases

 
PURPOSE OR GENERAL IDEA OF BILL:

This legislation amends the retirement and social security law and
education law to increase the wage thresholds for contributions required
to be made by employees in Tier 6.

 
SUMMARY OF PROVISIONS:

This bill amends section 517, 613, and 1204 of the Retirement and Social
Security Law and sections 182, 392, and 6252 of the Education Law to
increase the wage thresholds for contributions that are required to be
made by employees in Tier 6. Such thresholds would immediately increase
by $5,000 and would thereafter increase by the rate of annual inflation,
not to exceed 3%.

 
EXISTING LAW:

Employees that are members of the Tier 6 pension plan are required to
contribute a percentage of their wages based on how much they are paid
annually. The current brackets are:

Less than $45,000 - 3% of wages

$45,000 - $55,000 - 3.5%

$55,000 - $75,000 - 4.5%

$75,000-$100,000 -  1

5.75% 5.75% Over $100,000 - 6%

 
JUSTIFICATION:

The current Tier 6 contribution system requires employees to contribute
a percentage of their wages to pay for their pension.  While this system
is intended to ensure that lower income employees contribute a smaller
percentage of their income than those that make more, this will not be
the case over time. For example, an employee that currently makes
$40,000 per year will pay 3% of their wages for their pension. If they
receive a 2% raise annually, they would move into the 3.5% pension
contribution bracket within seven years. This effectively negates the
value of the raises, as with each income bracket they move into they
lose more of their money to the pension fund. Furthermore, these wage
brackets set in statute do not account for inflation, meaning the value
of an employee's income will decrease over time, but they are still
required to contribute the same percent. This legislation would fix this
issue by increasing each wage bracket by $5,000 immediately, and then
tying it to the rate of inflation, to both reflect the rising value of
goods and services and help public servants keep more of their own
income.

 
PRIOR LEGISLATIVE HISTORY:

2023: S3614B - Died in Civil Service and Pensions

2022: S4236 - Died in Civil Service and Pensions

2021: S4236 - Died in Civil Service and Pensions

2020: S5842A - Died in Civil Service and Pensions

2019: S5842 - Died in Civil Service and Pensions

 
FISCAL IMPLICATIONS:

See bill.

 
EFFECTIVE DATE:
This act shall take effect immediately.

2023-S3614E (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  3614--E
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                             February 1, 2023
                                ___________
 
 Introduced by Sen. GOUNARDES -- read twice and ordered printed, and when
   printed to be committed to the Committee on Civil Service and Pensions
   --  committee  discharged,  bill amended, ordered reprinted as amended
   and recommitted  to  said  committee  --  committee  discharged,  bill
   amended,  ordered reprinted as amended and recommitted to said commit-
   tee -- recommitted to the Committee on Civil Service and  Pensions  in
   accordance  with  Senate  Rule 6, sec. 8 -- committee discharged, bill
   amended, ordered reprinted as amended and recommitted to said  commit-
   tee  --  committee  discharged,  bill  amended,  ordered  reprinted as
   amended and recommitted to said  committee  --  committee  discharged,
   bill  amended,  ordered  reprinted  as amended and recommitted to said
   committee
 
 AN ACT to amend the retirement and social security law and the education
   law, in relation to member contribution per centum increases
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Paragraphs 1, 2, 3, 4 and 5 of subdivision a of section 517
 of the retirement and social security law, as added by chapter 18 of the
 laws of 2012, are amended to read as follows:
   1. members with wages of forty-five thousand dollars per annum or less
 shall  contribute  three  per  centum of annual wages. ON APRIL ONE, TWO
 THOUSAND TWENTY-FIVE, MEMBERS WITH WAGES OF FIFTY THOUSAND  DOLLARS  PER
 ANNUM  OR  LESS  SHALL  CONTRIBUTE THREE PER CENTUM OF ANNUAL WAGES, AND
 BEGINNING ON APRIL ONE, TWO THOUSAND TWENTY-SIX, THE WAGES IN THIS PARA-
 GRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED FROM THE
 INCREASE IN THE CONSUMER PRICE INDEX IN THE ONE YEAR  PERIOD  ENDING  ON
 DECEMBER  THIRTY-FIRST  OF THE YEAR PRIOR. SAID PERCENTAGE SHALL THEN BE
 ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE  PERCENT  AND  SHALL  NOT
 EXCEED THREE PERCENT;
   2.  members with wages greater than forty-five thousand per annum, but
 not more than fifty-five thousand per annum shall contribute  three  and
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD03315-13-4

 S. 3614--E                          2
 
 one-half  per centum of annual wages. ON APRIL ONE, TWO THOUSAND TWENTY-
 FIVE, MEMBERS WITH WAGES GREATER THAN FIFTY THOUSAND PER ANNUM, BUT  NOT
 MORE  THAN  SIXTY THOUSAND PER ANNUM SHALL CONTRIBUTE THREE AND ONE-HALF
 PER  CENTUM  OF  ANNUAL  WAGES, AND BEGINNING ON APRIL ONE, TWO THOUSAND
 TWENTY-SIX, THE WAGES IN THIS PARAGRAPH SHALL BE INCREASED BY THE ANNUAL
 INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER  PRICE  INDEX
 IN  THE  ONE  YEAR  PERIOD  ENDING  ON DECEMBER THIRTY-FIRST OF THE YEAR
 PRIOR. SAID PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER  ONE-
 TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT;
   3.  members with wages greater than fifty-five thousand per annum, but
 not more than seventy-five thousand per annum shall contribute four  and
 one-half  per centum of annual wages. ON APRIL ONE, TWO THOUSAND TWENTY-
 FIVE, MEMBERS WITH WAGES GREATER THAN SIXTY THOUSAND PER ANNUM, BUT  NOT
 MORE  THAN  EIGHTY THOUSAND PER ANNUM SHALL CONTRIBUTE FOUR AND ONE-HALF
 PER CENTUM OF ANNUAL WAGES, AND BEGINNING ON  APRIL  ONE,  TWO  THOUSAND
 TWENTY-SIX, THE WAGES IN THIS PARAGRAPH SHALL BE INCREASED BY THE ANNUAL
 INFLATION,  AS  DETERMINED FROM THE INCREASE IN THE CONSUMER PRICE INDEX
 IN THE ONE YEAR PERIOD ENDING  ON  DECEMBER  THIRTY-FIRST  OF  THE  YEAR
 PRIOR.  SAID PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-
 TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT;
   4. members with wages greater than seventy-five thousand per annum but
 not more than one hundred thousand per annum shall contribute  five  and
 three-quarters  per  centum  of annual wages. ON APRIL ONE, TWO THOUSAND
 TWENTY-FIVE, MEMBERS WITH WAGES GREATER THAN EIGHTY THOUSAND DOLLARS PER
 ANNUM BUT NOT MORE THAN ONE HUNDRED  FIVE  THOUSAND  DOLLARS  PER  ANNUM
 SHALL CONTRIBUTE FIVE AND THREE-QUARTERS PER CENTUM OF ANNUAL WAGES, AND
 BEGINNING ON APRIL ONE, TWO THOUSAND TWENTY-SIX, THE WAGES IN THIS PARA-
 GRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED FROM THE
 INCREASE  IN  THE  CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD ENDING ON
 DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL  THEN  BE
 ROUNDED  UP  TO  THE  NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL NOT
 EXCEED THREE PERCENT; and
   5. members with wages greater than  one  hundred  thousand  per  annum
 shall contribute six per centum of annual wages. ON APRIL ONE, TWO THOU-
 SAND TWENTY-FIVE, MEMBERS WITH WAGES GREATER THAN ONE HUNDRED FIVE THOU-
 SAND  DOLLARS PER ANNUM SHALL CONTRIBUTE SIX PER CENTUM OF ANNUAL WAGES,
 AND BEGINNING ON APRIL ONE, TWO THOUSAND TWENTY-SIX, THE WAGES  IN  THIS
 PARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED FROM
 THE  INCREASE  IN THE CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD ENDING
 ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE  SHALL  THEN
 BE  ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL NOT
 EXCEED THREE PERCENT.
   § 2. Subparagraphs (i), (ii), (iii), (iv) and (v) of  paragraph  1  of
 subdivision a, subparagraphs (i), (ii), (iii), (iv) and (v) of paragraph
 2  of  subdivision  a,  paragraphs 1, 2, 3, 4 and 5 of subdivision f and
 paragraphs 1, 2, 3, 4 and 5 of subdivision  g  of  section  613  of  the
 retirement and social security law, subparagraphs (i), (ii), (iii), (iv)
 and  (v) of paragraph 1 and subparagraphs (i), (ii), (iii), (iv) and (v)
 of paragraph 2 of subdivision a as amended by chapter 510 of the laws of
 2015 and paragraphs 1, 2, 3, 4 and 5 of subdivision f and paragraphs  1,
 2,  3,  4  and  5 of subdivision g as added by chapter 18 of the laws of
 2012, are amended to read as follows:
   (i) members with wages of forty-five thousand  dollars  per  annum  or
 less  shall  contribute  three per centum of annual wages. ON APRIL ONE,
 TWO THOUSAND TWENTY-FIVE, MEMBERS WITH WAGES OF FIFTY  THOUSAND  DOLLARS
 PER ANNUM OR LESS SHALL CONTRIBUTE THREE PER CENTUM OF ANNUAL WAGES, AND
 S. 3614--E                          3
 
 BEGINNING  ON  APRIL  ONE,  TWO  THOUSAND  TWENTY-SIX, THE WAGES IN THIS
 SUBPARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION,  AS  DETERMINED
 FROM  THE  INCREASE  IN  THE CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD
 ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL
 THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL
 NOT EXCEED THREE PERCENT;
   (ii)  members  with  wages greater than forty-five thousand per annum,
 but not more than fifty-five thousand per annum shall  contribute  three
 and  one-half  per  centum  of  annual wages. ON APRIL ONE, TWO THOUSAND
 TWENTY-FIVE, MEMBERS WITH WAGES GREATER THAN FIFTY THOUSAND  PER  ANNUM,
 BUT  NOT  MORE THAN  SIXTY THOUSAND PER ANNUM SHALL CONTRIBUTE THREE AND
 ONE-HALF PER CENTUM OF ANNUAL WAGES, AND BEGINNING  ON  APRIL  ONE,  TWO
 THOUSAND  TWENTY-SIX,  THE WAGES IN THIS SUBPARAGRAPH SHALL BE INCREASED
 BY THE ANNUAL INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER
 PRICE INDEX IN THE ONE YEAR PERIOD ENDING ON  DECEMBER  THIRTY-FIRST  OF
 THE  YEAR  PRIOR.  SAID  PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT
 HIGHER ONE-TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT;
   (iii) members with wages greater than fifty-five thousand  per  annum,
 but  not more than seventy-five thousand per annum shall contribute four
 and one-half per centum of annual wages.  ON  APRIL  ONE,  TWO  THOUSAND
 TWENTY-FIVE,  MEMBERS  WITH WAGES GREATER THAN SIXTY THOUSAND PER ANNUM,
 BUT NOT MORE THAN EIGHTY THOUSAND PER ANNUM SHALL  CONTRIBUTE  FOUR  AND
 ONE-HALF  PER  CENTUM  OF  ANNUAL WAGES, AND BEGINNING ON APRIL ONE, TWO
 THOUSAND TWENTY-SIX, THE WAGES IN THIS SUBPARAGRAPH SHALL  BE  INCREASED
 BY THE ANNUAL INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER
 PRICE  INDEX  IN  THE ONE YEAR PERIOD ENDING ON DECEMBER THIRTY-FIRST OF
 THE YEAR PRIOR. SAID PERCENTAGE SHALL THEN BE ROUNDED  UP  TO  THE  NEXT
 HIGHER ONE-TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT;
   (iv)  members  with wages greater than seventy-five thousand per annum
 but not more than one hundred thousand per annum shall  contribute  five
 and  three-quarters  per centum of annual wages. ON APRIL ONE, TWO THOU-
 SAND TWENTY-FIVE,  MEMBERS  WITH  WAGES  GREATER  THAN  EIGHTY  THOUSAND
 DOLLARS  PER  ANNUM  BUT NOT MORE THAN ONE HUNDRED FIVE THOUSAND DOLLARS
 PER ANNUM SHALL CONTRIBUTE FIVE AND THREE-QUARTERS PER CENTUM OF  ANNUAL
 WAGES, AND BEGINNING ON APRIL ONE, TWO THOUSAND TWENTY-SIX, THE WAGES IN
 THIS  SUBPARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION, AS DETER-
 MINED FROM THE INCREASE IN THE CONSUMER PRICE  INDEX  IN  THE  ONE  YEAR
 PERIOD  ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENT-
 AGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT
 AND SHALL NOT EXCEED THREE PERCENT; and
   (v) members with wages greater than one  hundred  thousand  per  annum
 shall contribute six per centum of annual wages. ON APRIL ONE, TWO THOU-
 SAND TWENTY-FIVE, MEMBERS WITH WAGES GREATER THAN ONE HUNDRED FIVE THOU-
 SAND  DOLLARS PER ANNUM SHALL CONTRIBUTE SIX PER CENTUM OF ANNUAL WAGES,
 AND BEGINNING ON APRIL ONE, TWO THOUSAND TWENTY-SIX, THE WAGES  IN  THIS
 SUBPARAGRAPH  SHALL  BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED
 FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN  THE  ONE  YEAR  PERIOD
 ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL
 THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL
 NOT EXCEED THREE PERCENT.
   (i)  members  with  wages  of forty-five thousand dollars per annum or
 less shall contribute three per centum of annual wages.  ON  APRIL  ONE,
 TWO  THOUSAND  TWENTY-FIVE, MEMBERS WITH WAGES OF FIFTY THOUSAND DOLLARS
 PER ANNUM OR LESS SHALL CONTRIBUTE THREE PER CENTUM OF ANNUAL WAGES, AND
 BEGINNING ON APRIL ONE, TWO  THOUSAND  TWENTY-SIX,  THE  WAGES  IN  THIS
 SUBPARAGRAPH  SHALL  BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED
 S. 3614--E                          4

 FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN  THE  ONE  YEAR  PERIOD
 ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL
 THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL
 NOT EXCEED THREE PERCENT;
   (ii)  members  with  wages greater than forty-five thousand per annum,
 but not more than fifty-five thousand per annum shall  contribute  three
 and  one-half  per  centum  of  annual wages. ON APRIL ONE, TWO THOUSAND
 TWENTY-FIVE, MEMBERS WITH WAGES GREATER THAN FIFTY THOUSAND  PER  ANNUM,
 BUT  NOT  MORE  THAN SIXTY THOUSAND PER ANNUM SHALL CONTRIBUTE THREE AND
 ONE-HALF PER CENTUM OF ANNUAL WAGES, AND BEGINNING  ON  APRIL  ONE,  TWO
 THOUSAND  TWENTY-SIX,  THE WAGES IN THIS SUBPARAGRAPH SHALL BE INCREASED
 BY THE ANNUAL INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER
 PRICE INDEX IN THE ONE YEAR PERIOD ENDING ON  DECEMBER  THIRTY-FIRST  OF
 THE  YEAR  PRIOR.  SAID  PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT
 HIGHER ONE-TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT;
   (iii) members with wages greater than fifty-five thousand  per  annum,
 but  not more than seventy-five thousand per annum shall contribute four
 and one-half per centum of annual wages.  ON  APRIL  ONE,  TWO  THOUSAND
 TWENTY-FIVE,  MEMBERS  WITH WAGES GREATER THAN SIXTY THOUSAND PER ANNUM,
 BUT NOT MORE THAN EIGHTY THOUSAND PER ANNUM SHALL  CONTRIBUTE  FOUR  AND
 ONE-HALF  PER  CENTUM  OF  ANNUAL WAGES, AND BEGINNING ON APRIL ONE, TWO
 THOUSAND TWENTY-SIX, THE WAGES IN THIS SUBPARAGRAPH SHALL  BE  INCREASED
 BY THE ANNUAL INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER
 PRICE  INDEX  IN  THE ONE YEAR PERIOD ENDING ON DECEMBER THIRTY-FIRST OF
 THE YEAR PRIOR. SAID PERCENTAGE SHALL THEN BE ROUNDED  UP  TO  THE  NEXT
 HIGHER ONE-TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT;
   (iv)  members  with wages greater than seventy-five thousand per annum
 but not more than one hundred thousand per annum shall  contribute  five
 and  three-quarters  per centum of annual wages. ON APRIL ONE, TWO THOU-
 SAND TWENTY-FIVE,  MEMBERS  WITH  WAGES  GREATER  THAN  EIGHTY  THOUSAND
 DOLLARS  PER  ANNUM  BUT NOT MORE THAN ONE HUNDRED FIVE THOUSAND DOLLARS
 PER ANNUM SHALL CONTRIBUTE FIVE AND THREE-QUARTERS PER CENTUM OF  ANNUAL
 WAGES, AND BEGINNING ON APRIL ONE, TWO THOUSAND TWENTY-SIX, THE WAGES IN
 THIS  SUBPARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION, AS DETER-
 MINED FROM THE INCREASE IN THE CONSUMER PRICE  INDEX  IN  THE  ONE  YEAR
 PERIOD  ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENT-
 AGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT
 AND SHALL NOT EXCEED THREE PERCENT; and
   (v) members with wages greater than one  hundred  thousand  per  annum
 shall contribute six per centum of annual wages. ON APRIL ONE, TWO THOU-
 SAND TWENTY-FIVE, MEMBERS WITH WAGES GREATER THAN ONE HUNDRED FIVE THOU-
 SAND  DOLLARS PER ANNUM SHALL CONTRIBUTE SIX PER CENTUM OF ANNUAL WAGES,
 AND BEGINNING ON APRIL ONE, TWO THOUSAND TWENTY-SIX, THE WAGES  IN  THIS
 SUBPARAGRAPH  SHALL  BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED
 FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN  THE  ONE  YEAR  PERIOD
 ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL
 THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL
 NOT EXCEED THREE PERCENT.
   1. members with wages of forty-five thousand dollars per annum or less
 shall  contribute  three  per  centum of annual wages. ON APRIL ONE, TWO
 THOUSAND TWENTY-FIVE, MEMBERS WITH WAGES OF FIFTY THOUSAND  DOLLARS  PER
 ANNUM  OR  LESS  SHALL  CONTRIBUTE THREE PER CENTUM OF ANNUAL WAGES, AND
 BEGINNING ON APRIL ONE, TWO THOUSAND TWENTY-SIX, THE WAGES IN THIS PARA-
 GRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED FROM THE
 INCREASE IN THE CONSUMER PRICE INDEX IN THE ONE YEAR  PERIOD  ENDING  ON
 DECEMBER  THIRTY-FIRST  OF THE YEAR PRIOR. SAID PERCENTAGE SHALL THEN BE
 S. 3614--E                          5
 
 ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE  PERCENT  AND  SHALL  NOT
 EXCEED THREE PERCENT;
   2.  members with wages greater than forty-five thousand per annum, but
 not more than fifty-five thousand per annum shall contribute  three  and
 one-half  per centum of annual wages. ON APRIL ONE, TWO THOUSAND TWENTY-
 FIVE, MEMBERS WITH WAGES GREATER THAN FIFTY THOUSAND PER ANNUM, BUT  NOT
 MORE  THAN  SIXTY THOUSAND PER ANNUM SHALL CONTRIBUTE THREE AND ONE-HALF
 PER CENTUM OF ANNUAL WAGES, AND BEGINNING ON  APRIL  ONE,  TWO  THOUSAND
 TWENTY-SIX, THE WAGES IN THIS PARAGRAPH SHALL BE INCREASED BY THE ANNUAL
 INFLATION,  AS  DETERMINED FROM THE INCREASE IN THE CONSUMER PRICE INDEX
 IN THE ONE YEAR PERIOD ENDING  ON  DECEMBER  THIRTY-FIRST  OF  THE  YEAR
 PRIOR.  SAID PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-
 TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT;
   3. members with wages greater than fifty-five thousand per annum,  but
 not  more than seventy-five thousand per annum shall contribute four and
 one-half per centum of annual wages. ON APRIL ONE, TWO THOUSAND  TWENTY-
 FIVE,  MEMBERS WITH WAGES GREATER THAN SIXTY THOUSAND PER ANNUM, BUT NOT
 MORE THAN EIGHTY THOUSAND PER ANNUM SHALL CONTRIBUTE FOUR  AND  ONE-HALF
 PER  CENTUM  OF  ANNUAL  WAGES, AND BEGINNING ON APRIL ONE, TWO THOUSAND
 TWENTY-SIX, THE WAGES IN THIS PARAGRAPH SHALL BE INCREASED BY THE ANNUAL
 INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER  PRICE  INDEX
 IN  THE  ONE  YEAR  PERIOD  ENDING  ON DECEMBER THIRTY-FIRST OF THE YEAR
 PRIOR. SAID PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER  ONE-
 TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT;
   4. members with wages greater than seventy-five thousand per annum but
 not  more  than one hundred thousand per annum shall contribute five and
 three-quarters per centum of annual wages. ON APRIL  ONE,  TWO  THOUSAND
 TWENTY-FIVE, MEMBERS WITH WAGES GREATER THAN EIGHTY THOUSAND DOLLARS PER
 ANNUM  BUT  NOT  MORE  THAN  ONE HUNDRED FIVE THOUSAND DOLLARS PER ANNUM
 SHALL CONTRIBUTE FIVE AND THREE-QUARTERS PER CENTUM OF ANNUAL WAGES, AND
 BEGINNING ON APRIL ONE, TWO THOUSAND TWENTY-SIX, THE WAGES IN THIS PARA-
 GRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED FROM THE
 INCREASE IN THE CONSUMER PRICE INDEX IN THE ONE YEAR  PERIOD  ENDING  ON
 DECEMBER  THIRTY-FIRST  OF THE YEAR PRIOR. SAID PERCENTAGE SHALL THEN BE
 ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE  PERCENT  AND  SHALL  NOT
 EXCEED THREE PERCENT; and
   5.  members  with  wages  greater  than one hundred thousand per annum
 shall contribute six per centum of annual wages. ON APRIL ONE, TWO THOU-
 SAND TWENTY-FIVE, MEMBERS WITH WAGES GREATER THAN ONE HUNDRED FIVE THOU-
 SAND DOLLARS PER ANNUM SHALL CONTRIBUTE SIX PER CENTUM OF ANNUAL  WAGES,
 AND  BEGINNING  ON APRIL ONE, TWO THOUSAND TWENTY-SIX, THE WAGES IN THIS
 PARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED FROM
 THE INCREASE IN THE CONSUMER PRICE INDEX IN THE ONE YEAR  PERIOD  ENDING
 ON  DECEMBER  THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL THEN
 BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL  NOT
 EXCEED THREE PERCENT.
   1. members with wages of forty-five thousand dollars per annum or less
 shall  contribute  three  per  centum of annual wages. ON APRIL ONE, TWO
 THOUSAND TWENTY-FIVE, MEMBERS WITH WAGES OF FIFTY THOUSAND  DOLLARS  PER
 ANNUM  OR  LESS  SHALL  CONTRIBUTE THREE PER CENTUM OF ANNUAL WAGES, AND
 BEGINNING ON APRIL ONE, TWO THOUSAND TWENTY-SIX, THE WAGES IN THIS PARA-
 GRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED FROM THE
 INCREASE IN THE CONSUMER PRICE INDEX IN THE ONE YEAR  PERIOD  ENDING  ON
 DECEMBER  THIRTY-FIRST  OF THE YEAR PRIOR. SAID PERCENTAGE SHALL THEN BE
 ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE  PERCENT  AND  SHALL  NOT
 EXCEED THREE PERCENT;
 S. 3614--E                          6
 
   2.  members with wages greater than forty-five thousand per annum, but
 not more than fifty-five thousand per annum shall contribute  three  and
 one-half  per centum of annual wages. ON APRIL ONE, TWO THOUSAND TWENTY-
 FIVE, MEMBERS WITH WAGES GREATER THAN FIFTY THOUSAND PER ANNUM, BUT  NOT
 MORE  THAN  SIXTY THOUSAND PER ANNUM SHALL CONTRIBUTE THREE AND ONE-HALF
 PER CENTUM OF ANNUAL WAGES, AND BEGINNING ON  APRIL  ONE,  TWO  THOUSAND
 TWENTY-SIX, THE WAGES IN THIS PARAGRAPH SHALL BE INCREASED BY THE ANNUAL
 INFLATION,  AS  DETERMINED FROM THE INCREASE IN THE CONSUMER PRICE INDEX
 IN THE ONE YEAR PERIOD ENDING  ON  DECEMBER  THIRTY-FIRST  OF  THE  YEAR
 PRIOR.  SAID PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-
 TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT;
   3. members with wages greater than fifty-five thousand per annum,  but
 not  more than seventy-five thousand per annum shall contribute four and
 one-half per centum of annual wages. ON APRIL ONE, TWO THOUSAND  TWENTY-
 FIVE,  MEMBERS WITH WAGES GREATER THAN SIXTY THOUSAND PER ANNUM, BUT NOT
 MORE THAN EIGHTY THOUSAND PER ANNUM SHALL CONTRIBUTE FOUR  AND  ONE-HALF
 PER  CENTUM  OF  ANNUAL  WAGES, AND BEGINNING ON APRIL ONE, TWO THOUSAND
 TWENTY-SIX, THE WAGES IN THIS PARAGRAPH SHALL BE INCREASED BY THE ANNUAL
 INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER  PRICE  INDEX
 IN  THE  ONE  YEAR  PERIOD  ENDING  ON DECEMBER THIRTY-FIRST OF THE YEAR
 PRIOR. SAID PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER  ONE-
 TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT;
   4. members with wages greater than seventy-five thousand per annum but
 not  more  than one hundred thousand per annum shall contribute five and
 three-quarters per centum of annual wages. ON APRIL  ONE,  TWO  THOUSAND
 TWENTY-FIVE, MEMBERS WITH WAGES GREATER THAN EIGHTY THOUSAND DOLLARS PER
 ANNUM  BUT  NOT  MORE  THAN  ONE HUNDRED FIVE THOUSAND DOLLARS PER ANNUM
 SHALL CONTRIBUTE FIVE AND THREE-QUARTERS PER CENTUM OF ANNUAL WAGES, AND
 BEGINNING ON APRIL ONE, TWO THOUSAND TWENTY-SIX, THE WAGES IN THIS PARA-
 GRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED FROM THE
 INCREASE IN THE CONSUMER PRICE INDEX IN THE ONE YEAR  PERIOD  ENDING  ON
 DECEMBER  THIRTY-FIRST  OF THE YEAR PRIOR. SAID PERCENTAGE SHALL THEN BE
 ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE  PERCENT  AND  SHALL  NOT
 EXCEED THREE PERCENT; and
   5.  members  with  wages  greater  than one hundred thousand per annum
 shall contribute six per centum of annual wages. ON APRIL ONE, TWO THOU-
 SAND TWENTY-FIVE, MEMBERS WITH WAGES GREATER THAN ONE HUNDRED FIVE THOU-
 SAND DOLLARS PER ANNUM SHALL CONTRIBUTE SIX PER CENTUM OF ANNUAL  WAGES,
 AND  BEGINNING  ON APRIL ONE, TWO THOUSAND TWENTY-SIX, THE WAGES IN THIS
 PARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED FROM
 THE INCREASE IN THE CONSUMER PRICE INDEX IN THE ONE YEAR  PERIOD  ENDING
 ON  DECEMBER  THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL THEN
 BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL  NOT
 EXCEED THREE PERCENT.
   §  3.  Subdivisions a, b, c, d and e of section 1204 of the retirement
 and social security law, as added by chapter 18 of the laws of 2012, are
 amended to read as follows:
   a. members with wages of forty-five thousand dollars per annum or less
 shall contribute three per centum of annual wages.  ON  APRIL  ONE,  TWO
 THOUSAND  TWENTY-FIVE,  MEMBERS WITH WAGES OF FIFTY THOUSAND DOLLARS PER
 ANNUM OR LESS SHALL CONTRIBUTE THREE PER CENTUM  OF  ANNUAL  WAGES,  AND
 BEGINNING  ON  APRIL  ONE,  TWO  THOUSAND  TWENTY-SIX, THE WAGES IN THIS
 SUBDIVISION SHALL BE INCREASED BY THE ANNUAL  INFLATION,  AS  DETERMINED
 FROM  THE  INCREASE  IN  THE CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD
 ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL
 S. 3614--E                          7
 
 THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL
 NOT EXCEED THREE PERCENT;
   b.  members with wages greater than forty-five thousand per annum, but
 not more than fifty-five thousand per annum shall contribute  three  and
 one-half  per centum of annual wages. ON APRIL ONE, TWO THOUSAND TWENTY-
 FIVE, MEMBERS WITH WAGES GREATER THAN FIFTY THOUSAND PER ANNUM, BUT  NOT
 MORE  THAN  SIXTY THOUSAND PER ANNUM SHALL CONTRIBUTE THREE AND ONE-HALF
 PER CENTUM OF ANNUAL WAGES, AND BEGINNING ON  APRIL  ONE,  TWO  THOUSAND
 TWENTY-SIX,  THE  WAGES  IN  THIS  SUBDIVISION SHALL BE INCREASED BY THE
 ANNUAL INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER  PRICE
 INDEX IN THE ONE YEAR PERIOD ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR
 PRIOR.  SAID PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-
 TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT;
   c. members with wages greater than fifty-five thousand per annum,  but
 not  more than seventy-five thousand per annum shall contribute four and
 one-half per centum of annual wages. ON APRIL ONE, TWO THOUSAND  TWENTY-
 FIVE,  MEMBERS WITH WAGES GREATER THAN SIXTY THOUSAND PER ANNUM, BUT NOT
 MORE THAN EIGHTY THOUSAND PER ANNUM SHALL CONTRIBUTE FOUR  AND  ONE-HALF
 PER  CENTUM  OF  ANNUAL  WAGES, AND BEGINNING ON APRIL ONE, TWO THOUSAND
 TWENTY-SIX, THE WAGES IN THIS SUBDIVISION  SHALL  BE  INCREASED  BY  THE
 ANNUAL  INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER PRICE
 INDEX IN THE ONE YEAR PERIOD ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR
 PRIOR. SAID PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER  ONE-
 TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT;
   d. members with wages greater than seventy-five thousand per annum but
 not  more  than one hundred thousand per annum shall contribute five and
 three-quarters per centum of annual wages. ON APRIL  ONE,  TWO  THOUSAND
 TWENTY-FIVE, MEMBERS WITH WAGES GREATER THAN EIGHTY THOUSAND DOLLARS PER
 ANNUM  BUT  NOT  MORE  THAN  ONE HUNDRED FIVE THOUSAND DOLLARS PER ANNUM
 SHALL CONTRIBUTE FIVE AND THREE-QUARTERS PER CENTUM OF ANNUAL WAGES, AND
 BEGINNING ON APRIL ONE, TWO  THOUSAND  TWENTY-SIX,  THE  WAGES  IN  THIS
 SUBDIVISION  SHALL  BE  INCREASED BY THE ANNUAL INFLATION, AS DETERMINED
 FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN  THE  ONE  YEAR  PERIOD
 ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL
 THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL
 NOT EXCEED THREE PERCENT; and
   e.  members  with  wages  greater  than one hundred thousand per annum
 shall contribute six per centum of annual wages. ON APRIL ONE, TWO THOU-
 SAND TWENTY-FIVE, MEMBERS WITH WAGES GREATER THAN ONE HUNDRED FIVE THOU-
 SAND DOLLARS PER ANNUM SHALL CONTRIBUTE SIX PER CENTUM OF ANNUAL  WAGES,
 AND  BEGINNING  ON APRIL ONE, TWO THOUSAND TWENTY-SIX, THE WAGES IN THIS
 SUBDIVISION SHALL BE INCREASED BY THE ANNUAL  INFLATION,  AS  DETERMINED
 FROM  THE  INCREASE  IN  THE CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD
 ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL
 THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL
 NOT EXCEED THREE PERCENT.
   § 4. Paragraphs (a), (b), (c), (d) and (e) of subdivision 2 of section
 182 of the education law, as added by chapter 18 of the  laws  of  2012,
 are amended to read as follows:
   (a)  members  with  wages  of forty-five thousand dollars per annum or
 less shall contribute three per centum of annual wages.  ON  APRIL  ONE,
 TWO  THOUSAND  TWENTY-FIVE, MEMBERS WITH WAGES OF FIFTY THOUSAND DOLLARS
 PER ANNUM OR LESS SHALL CONTRIBUTE THREE PER CENTUM OF ANNUAL WAGES, AND
 BEGINNING ON APRIL ONE, TWO THOUSAND TWENTY-SIX, THE WAGES IN THIS PARA-
 GRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED FROM THE
 INCREASE IN THE CONSUMER PRICE INDEX IN THE ONE YEAR  PERIOD  ENDING  ON
 S. 3614--E                          8
 
 DECEMBER  THIRTY-FIRST  OF THE YEAR PRIOR. SAID PERCENTAGE SHALL THEN BE
 ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE  PERCENT  AND  SHALL  NOT
 EXCEED THREE PERCENT;
   (b) members with wages greater than forty-five thousand per annum, but
 not  more  than fifty-five thousand per annum shall contribute three and
 one-half per centum of annual wages. ON APRIL ONE, TWO THOUSAND  TWENTY-
 FIVE,  MEMBERS WITH WAGES GREATER THAN FIFTY THOUSAND PER ANNUM, BUT NOT
 MORE THAN SIXTY THOUSAND PER ANNUM SHALL CONTRIBUTE THREE  AND  ONE-HALF
 PER  CENTUM  OF  ANNUAL  WAGES, AND BEGINNING ON APRIL ONE, TWO THOUSAND
 TWENTY-SIX, THE WAGES IN THIS PARAGRAPH SHALL BE INCREASED BY THE ANNUAL
 INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER  PRICE  INDEX
 IN  THE  ONE  YEAR  PERIOD  ENDING  ON DECEMBER THIRTY-FIRST OF THE YEAR
 PRIOR. SAID PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER  ONE-
 TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT;
   (c) members with wages greater than fifty-five thousand per annum, but
 not  more than seventy-five thousand per annum shall contribute four and
 one-half per centum of annual wages. ON APRIL ONE, TWO THOUSAND  TWENTY-
 FIVE,  MEMBERS WITH WAGES GREATER THAN SIXTY THOUSAND PER ANNUM, BUT NOT
 MORE THAN EIGHTY THOUSAND PER ANNUM SHALL CONTRIBUTE FOUR  AND  ONE-HALF
 PER  CENTUM  OF  ANNUAL  WAGES, AND BEGINNING ON APRIL ONE, TWO THOUSAND
 TWENTY-SIX, THE WAGES IN THIS PARAGRAPH SHALL BE INCREASED BY THE ANNUAL
 INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER  PRICE  INDEX
 IN  THE  ONE  YEAR  PERIOD  ENDING  ON DECEMBER THIRTY-FIRST OF THE YEAR
 PRIOR. SAID PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER  ONE-
 TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT;
   (d)  members  with  wages greater than seventy-five thousand per annum
 but not more than one hundred thousand per annum shall  contribute  five
 and  three-quarters  per centum of annual wages. ON APRIL ONE, TWO THOU-
 SAND TWENTY-FIVE,  MEMBERS  WITH  WAGES  GREATER  THAN  EIGHTY  THOUSAND
 DOLLARS  PER  ANNUM  BUT NOT MORE THAN ONE HUNDRED FIVE THOUSAND DOLLARS
 PER ANNUM SHALL CONTRIBUTE FIVE AND THREE-QUARTERS PER CENTUM OF  ANNUAL
 WAGES, AND BEGINNING ON APRIL ONE, TWO THOUSAND TWENTY-SIX, THE WAGES IN
 THIS PARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED
 FROM  THE  INCREASE  IN  THE CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD
 ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL
 THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL
 NOT EXCEED THREE PERCENT; and
   (e) members with wages greater than one  hundred  thousand  per  annum
 shall contribute six per centum of annual wages. ON APRIL ONE, TWO THOU-
 SAND TWENTY-FIVE, MEMBERS WITH WAGES GREATER THAN ONE HUNDRED FIVE THOU-
 SAND  DOLLARS PER ANNUM SHALL CONTRIBUTE SIX PER CENTUM OF ANNUAL WAGES,
 AND BEGINNING ON APRIL ONE, TWO THOUSAND TWENTY-SIX, THE WAGES  IN  THIS
 PARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED FROM
 THE  INCREASE  IN THE CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD ENDING
 ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE  SHALL  THEN
 BE  ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL NOT
 EXCEED THREE PERCENT.
   § 5. Subparagraphs (i), (ii), (iii), (iv) and (v) of paragraph (d)  of
 subdivision  2  of section 392 of the education law, as added by chapter
 18 of the laws of 2012, are amended to read as follows:
   (i) members with wages of forty-five thousand  dollars  per  annum  or
 less shall contribute three per centum of annual wages. ON JULY ONE, TWO
 THOUSAND  TWENTY-FIVE,  MEMBERS WITH WAGES OF FIFTY THOUSAND DOLLARS PER
 ANNUM OR LESS SHALL CONTRIBUTE THREE PER CENTUM  OF  ANNUAL  WAGES,  AND
 BEGINNING  ON  JULY  ONE,  TWO  THOUSAND  TWENTY-SIX,  THE WAGES IN THIS
 SUBPARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION,  AS  DETERMINED
 S. 3614--E                          9
 
 FROM  THE  INCREASE  IN  THE CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD
 ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL
 THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL
 NOT EXCEED THREE PERCENT;
   (ii)  members  with  wages greater than forty-five thousand per annum,
 but not more than fifty-five thousand per annum shall  contribute  three
 and one-half per centum of annual wages. ON JULY ONE, TWO THOUSAND TWEN-
 TY-FIVE,  MEMBERS  WITH WAGES GREATER THAN FIFTY THOUSAND PER ANNUM, BUT
 NOT MORE THAN SIXTY THOUSAND PER ANNUM SHALL CONTRIBUTE THREE  AND  ONE-
 HALF PER CENTUM OF ANNUAL WAGES, AND BEGINNING ON JULY ONE, TWO THOUSAND
 TWENTY-SIX,  THE  WAGES  IN  THIS SUBPARAGRAPH SHALL BE INCREASED BY THE
 ANNUAL INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER  PRICE
 INDEX IN THE ONE YEAR PERIOD ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR
 PRIOR.  SAID PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-
 TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT;
   (iii) members with wages greater than fifty-five thousand  per  annum,
 but  not more than seventy-five thousand per annum shall contribute four
 and one-half per centum of annual wages. ON JULY ONE, TWO THOUSAND TWEN-
 TY-FIVE, MEMBERS WITH WAGES GREATER THAN SIXTY THOUSAND PER  ANNUM,  BUT
 NOT  MORE  THAN EIGHTY THOUSAND PER ANNUM SHALL CONTRIBUTE FOUR AND ONE-
 HALF PER CENTUM OF ANNUAL WAGES, AND BEGINNING ON JULY ONE, TWO THOUSAND
 TWENTY-SIX, THE WAGES IN THIS SUBPARAGRAPH SHALL  BE  INCREASED  BY  THE
 ANNUAL  INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER PRICE
 INDEX IN THE ONE YEAR PERIOD ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR
 PRIOR. SAID PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER  ONE-
 TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT;
   (iv)  members  with wages greater than seventy-five thousand per annum
 but not more than one hundred thousand per annum shall  contribute  five
 and three-quarters per centum of annual wages. ON JULY ONE, TWO THOUSAND
 TWENTY-FIVE, MEMBERS WITH WAGES GREATER THAN EIGHTY THOUSAND DOLLARS PER
 ANNUM  BUT  NOT  MORE  THAN  ONE HUNDRED FIVE THOUSAND DOLLARS PER ANNUM
 SHALL CONTRIBUTE FIVE AND THREE-QUARTERS PER CENTUM OF ANNUAL WAGES, AND
 BEGINNING ON JULY ONE,  TWO  THOUSAND  TWENTY-SIX,  THE  WAGES  IN  THIS
 SUBPARAGRAPH  SHALL  BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED
 FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN  THE  ONE  YEAR  PERIOD
 ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL
 THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL
 NOT EXCEED THREE PERCENT; and
   (v)  members  with  wages  greater than one hundred thousand per annum
 shall contribute six per centum of annual wages. ON JULY ONE, TWO  THOU-
 SAND TWENTY-FIVE, MEMBERS WITH WAGES GREATER THAN ONE HUNDRED FIVE THOU-
 SAND  DOLLARS PER ANNUM SHALL CONTRIBUTE SIX PER CENTUM OF ANNUAL WAGES,
 AND BEGINNING ON JULY  ONE, TWO THOUSAND TWENTY-SIX, THE WAGES  IN  THIS
 SUBPARAGRAPH  SHALL  BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED
 FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN  THE  ONE  YEAR  PERIOD
 ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL
 THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL
 NOT EXCEED THREE PERCENT.
   §  6. Subparagraphs 1, 2, 3, 4 and 5 of paragraph (d) of subdivision 2
 of section 6252 of the education law, as added by chapter 18 of the laws
 of 2012, are amended to read as follows:
   (1) members with wages of forty-five thousand  dollars  per  annum  or
 less shall contribute three per centum of annual wages. ON JULY ONE, TWO
 THOUSAND  TWENTY-FIVE,  MEMBERS WITH WAGES OF FIFTY THOUSAND DOLLARS PER
 ANNUM OR LESS SHALL CONTRIBUTE THREE PER CENTUM  OF  ANNUAL  WAGES,  AND
 BEGINNING  ON  JULY  ONE,  TWO  THOUSAND  TWENTY-SIX,  THE WAGES IN THIS
 S. 3614--E                         10
 
 SUBPARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION,  AS  DETERMINED
 FROM  THE  INCREASE  IN  THE CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD
 ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL
 THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL
 NOT EXCEED THREE PERCENT;
   (2) members with wages greater than forty-five thousand per annum, but
 not  more  than fifty-five thousand per annum shall contribute three and
 one-half per centum of annual wages. ON JULY ONE, TWO  THOUSAND  TWENTY-
 FIVE,  MEMBERS WITH WAGES GREATER THAN FIFTY THOUSAND PER ANNUM, BUT NOT
 MORE THAN SIXTY THOUSAND PER ANNUM SHALL CONTRIBUTE THREE  AND  ONE-HALF
 PER  CENTUM  OF  ANNUAL  WAGES,  AND BEGINNING ON JULY ONE, TWO THOUSAND
 TWENTY-SIX, THE WAGES IN THIS SUBPARAGRAPH SHALL  BE  INCREASED  BY  THE
 ANNUAL  INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER PRICE
 INDEX IN THE ONE YEAR PERIOD ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR
 PRIOR. SAID PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER  ONE-
 TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT;
   (3) members with wages greater than fifty-five thousand per annum, but
 not  more than seventy-five thousand per annum shall contribute four and
 one-half per centum of annual wages. ON JULY ONE, TWO  THOUSAND  TWENTY-
 FIVE,  MEMBERS WITH WAGES GREATER THAN SIXTY THOUSAND PER ANNUM, BUT NOT
 MORE THAN EIGHTY THOUSAND PER ANNUM SHALL CONTRIBUTE FOUR  AND  ONE-HALF
 PER  CENTUM  OF  ANNUAL  WAGES,  AND BEGINNING ON JULY ONE, TWO THOUSAND
 TWENTY-SIX, THE WAGES IN THIS SUBPARAGRAPH SHALL  BE  INCREASED  BY  THE
 ANNUAL  INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER PRICE
 INDEX IN THE ONE YEAR PERIOD ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR
 PRIOR. SAID PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER  ONE-
 TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT;
   (4)  members  with  wages greater than seventy-five thousand per annum
 but not more than one hundred thousand per annum shall  contribute  five
 and three-quarters per centum of annual wages. ON JULY ONE, TWO THOUSAND
 TWENTY-FIVE, MEMBERS WITH WAGES GREATER THAN EIGHTY THOUSAND DOLLARS PER
 ANNUM  BUT  NOT  MORE  THAN  ONE HUNDRED FIVE THOUSAND DOLLARS PER ANNUM
 SHALL CONTRIBUTE FIVE AND THREE-QUARTERS PER CENTUM OF ANNUAL WAGES, AND
 BEGINNING ON JULY ONE,  TWO  THOUSAND  TWENTY-SIX,  THE  WAGES  IN  THIS
 SUBPARAGRAPH  SHALL  BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED
 FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN  THE  ONE  YEAR  PERIOD
 ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL
 THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL
 NOT EXCEED THREE PERCENT; and
   (5)  members  with  wages  greater than one hundred thousand per annum
 shall contribute six per centum of annual wages. ON JULY ONE, TWO  THOU-
 SAND TWENTY-FIVE, MEMBERS WITH WAGES GREATER THAN ONE HUNDRED FIVE THOU-
 SAND  DOLLARS PER ANNUM SHALL CONTRIBUTE SIX PER CENTUM OF ANNUAL WAGES,
 AND BEGINNING ON JULY  ONE, TWO THOUSAND TWENTY-SIX, THE WAGES  IN  THIS
 SUBPARAGRAPH  SHALL  BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED
 FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN  THE  ONE  YEAR  PERIOD
 ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL
 THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL
 NOT EXCEED THREE PERCENT.
   §  7. Notwithstanding any other provision of law to the contrary, none
 of the provisions of this act shall be subject  to  section  25  of  the
 retirement and social security law.
   § 8. This act shall take effect immediately.
   FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
   This  bill  would  amend various sections of the Retirement and Social
 Security Law and the Education Law to increase the salary ranges used in
 S. 3614--E                         11
 
 determining the employee contribution percentages  for  Tier  6  members
 thereby  decreasing  future required employee contributions. The current
 salary ranges would each increase by $5,000 on April 1, 2025.  Beginning
 on  April 1, 2026, salary ranges would then be increased annually by the
 increase in the consumer price index in the one-year  period  ending  on
 December thirty-first of the year prior, not to exceed 3%.
   The  annual  cost  to  the  employers of members of the New York State
 Teachers' Retirement System for this benefit is estimated  to  be  $28.7
 million or 0.15% of payroll if this bill is enacted.
   The  System's "new entrant rate", a hypothetical employer contribution
 rate that would occur if we started a new Retirement System without  any
 assets, is equal to 5.31% of pay under the current Tier 6 benefit struc-
 ture.  This can be thought of as the long-term expected employer cost of
 Tier 6, based on current actuarial assumptions. For the proposed  change
 to  the  Tier 6 benefit structure under this bill, this new entrant rate
 is estimated to increase to 5.67% of pay, an increase of 0.36% of pay.
   Member data is from the System's most recent actuarial valuation files
 as of June 30, 2023, consisting of data provided by the employers to the
 Retirement System. The most recent data distributions and statistics can
 be found in the System's Annual Report for fiscal year  ended  June  30,
 2023. System assets are as reported in the System's financial statements
 and  can  also be found in the System's Annual Report. Actuarial assump-
 tions and methods are  provided  in  the  System's  Actuarial  Valuation
 Report as of June 30, 2023.
   The  source  of  this estimate is Fiscal Note 2024-7 dated February 2,
 2024 prepared by the Office of the Actuary of the New York State  Teach-
 ers'  Retirement  System  and  is  intended for use only during the 2024
 Legislative Session. I, Richard A. Young, am the Chief Actuary  for  the
 New  York State Teachers' Retirement System. I am a member of the Ameri-
 can Academy of Actuaries and I meet the Qualification Standards  of  the
 American  Academy of Actuaries to render the actuarial opinion contained
 herein.
   FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
   This bill would increase the  wage  ranges  to  which  Tier  6  member
 contribution  rates  are  applied  effective  April  1,  2025 by $5,000.
 Beginning on April 1, 2026, the wage ranges would increase each year  by
 the annual inflation rate rounded up to the next tenth of a percent, not
 to exceed three percent.
   The current contribution rates and wage ranges for Tier 6 members are:
   * three (3) percent for wages of $45,000 or less,
   * three and one-half (3.5)  percent for wages greater than $45,000 but
 not more than $55,000,
   * four and one-half (4.5) percent for wages greater than  $55,000  but
 not more than $75,000,
   * five  and  three-quarters  (5.75)  percent  for  wages  greater than
 $75,000 but not more than $100,000, or
   * six (6) percent for wages greater than $100,000.
   Insofar as this bill affects the New York State and  Local  Employees'
 Retirement  System  (NYSLERS), if this legislation is enacted during the
 2024 Legislative Session, there would be  an  increase  in  the  present
 value  of  future  costs  of  approximately  $660 million which would be
 shared by the State of New York and all local participating employers in
 the NYSLERS. These costs will be funded by  increasing  Tier  6  billing
 rates by an average 0.5% of salary.
   The  increased  billing  rates  will result in a recurring, increasing
 annual contribution beginning in the fiscal year ending March  31,  2026
 S. 3614--E                         12
 
 of  approximately $38 million to the State of New York and approximately
 $54 million to local participating employers in the NYSLERS. THESE ANNU-
 AL COSTS ARE EXPECTED TO INCREASE SIGNIFICANTLY IN FUTURE YEARS and will
 vary  by  employer  based  upon the plan coverage and salary reported in
 Tier 6.
   Insofar as this bill affects the New York State and Local  Police  and
 Fire Retirement System (NYSLPFRS), if this legislation is enacted during
 the  2024 Legislative Session, there would be an increase in the present
 value of future costs of approximately $11 million which would be shared
 by the State of New York and all local participating  employers  in  the
 NYSLPFRS.  These costs will be funded by increasing Tier 6 billing rates
 by an average 0.1% of salary.
   The increased billing rates will result  in  a  recurring,  increasing
 annual  contribution  beginning in the fiscal year ending March 31, 2026
 of approximately $400,000 to the State of  New  York  and  approximately
 $1.4  million  to  local  participating employers in the NYSLPFRS. THESE
 ANNUAL COSTS ARE EXPECTED TO INCREASE SIGNIFICANTLY IN FUTURE YEARS  and
 will  vary  by employer based upon the plan coverage and salary reported
 in Tier 6.
   Summary of relevant resources:
   Membership data as of March 31, 2023 was used in measuring the  impact
 of the proposed change, the same data used in the April 1, 2023 actuari-
 al  valuation.  Distributions  and  other statistics can be found in the
 2023 Report of the Actuary and the 2023 Annual  Comprehensive  Financial
 Report.
   The  actuarial  assumptions and methods used are described in the 2023
 Annual Report to the  Comptroller  on  Actuarial  Assumptions,  and  the
 Codes,  Rules  and  Regulations  of  the  State  of  New York: Audit and
 Control.
   The Market Assets and GASB Disclosures are found in the March 31, 2023
 New York State and Local  Retirement  System  Financial  Statements  and
 Supplementary Information.
   I am a member of the American Academy of Actuaries and meet the Quali-
 fication Standards to render the actuarial opinion contained herein.
   This  fiscal note does not constitute a legal opinion on the viability
 of the proposed change nor is it intended to serve as a  substitute  for
 the professional judgment of an attorney.
   This  estimate,  dated  February  14,  2024, and intended for use only
 during the 2024  Legislative  Session,  is  Fiscal  Note  No.  2024-123,
 prepared  by  the  Actuary  for  the New York State and Local Retirement
 System.
   FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
   SUMMARY:  This proposed legislation, as it relates  to  the  New  York
 City  Retirement  Systems  and Pension Funds (NYCRS), would introduce an
 annual increase based on inflation for the salary bands used  to  deter-
 mine contribution rates for Tier 6 members of NYCERS, TRS, and BERS.
 
          EXPECTED INCREASE (DECREASE) IN EMPLOYER CONTRIBUTIONS
           by Fiscal Year for the first 25 years ($ in Millions)
 
      Year    NYCERS      TRS       BERS           TOTAL

      2025      15.6      6.1        1.3           23.0
      2026      17.6      6.5        1.5           25.6
      2027      19.7      7.1        1.6           28.4
      2028      21.8      7.6        1.8           31.2
 S. 3614--E                         13
 
      2029      24.0      8.2        1.9           34.1
      2030      26.1      8.9        2.1           37.1
      2031      28.2      9.5        2.2           39.9
      2032      30.4      10.2       2.4           43.0
      2033      32.6      11.0       2.6           46.2
      2034      34.8      11.8       2.8           49.4
      2035      37.0      12.6       2.9           52.5
      2036      39.3      13.5       3.1           55.9
      2037      41.5      14.4       3.3           59.2
      2038      43.8      15.3       3.0           62.1
      2039      46.1      16.3       3.2           65.6
      2040      43.8      17.4       3.4           64.6
      2041      46.1      18.5       3.6           68.2
      2042      48.5      19.6       3.8           71.9
      2043      50.9      20.7       4.0           75.6
      2044      53.3      20.1       4.2           77.6
      2045      55.7      21.2       4.4           81.3
      2046      58.1      22.3       4.6           85.0
      2047      60.5      23.3       4.8           88.6
      2048      62.9      24.3       5.0           92.2
      2049      65.3      25.4       5.2           95.9
    Employer Contribution impact beyond Fiscal Year 2049 is not shown.
  Projected contributions include future new hires that may be impacted.
 
   The  initial  increase  in  employer contributions of $23.0 million is
 estimated to be $16.2 million for New York City and $6.8 million for the
 other obligors of NYCRS.
 
           INITIAL INCREASE (DECREASE) IN ACTUARIAL LIABILITIES
                    as of June 30, 2023 ($ in Millions)
 
 Present Value (PV)                 NYCERS              TRS            BERS
 PV of Benefits:                    (13.1)              (6.9)          (1.1)
 PV of Employee Contributions:      (189.9)             (92.3)         (15.0)
 PV of Employer Contributions:      176.8               85.4           13.9
 Unfunded Accrued Liabilities:      41.1                16.8           3.5
 
                AMORTIZATION OF UNFUNDED ACCRUED LIABILITY
 
                                    NYCERS              TRS            BERS
 Number of Payments:                15                  19             13
 Fiscal Year of Last Payment:       2039                2043           2037
 Amortization Payment:              4.7M                1.7M           0.4M
 
   Unfunded Accrued Liability increases were amortized over the  expected
 remaining  working  lifetime  of  those  impacted by the benefit changes
 using level dollar payments.
   CENSUS DATA: The estimates presented herein are based  on  preliminary
 census  data  collected  as  of  June  30, 2023. The census data for the
 impacted population is summarized below.
 
                                    NYCERS              TRS            BERS
 Active Members
 - Number Count:                    85,203              60,663         12,932
 - Average Age:                     42.4                38.1           46.9
 - Average Service:                 4.4                 5.0            4.0
 S. 3614--E                         14

 - Average Salary:                  78900               80,000         56,200
 
   IMPACT  ON MEMBER CONTRIBUTIONS:  Currently, Tier 6 members of NYCERS,
 TRS, and BERS are generally required to make Basic Member  Contributions
 (BMC)  ranging  from 3% to 6% of annual wages, determined by wages for a
 prior defined period.
   Under the proposed legislation, the salary bands used to determine BMC
 would be increased by specified amounts as shown in the table  below  on
 April 1, 2025.
 
 Contribution    Current Salary Band         New Salary Band
 Rate
 3.00%           $45,000 or less             $50,000 or less
 3.50%           $45,001 up to $55,000       $50,001 up to $60,000
 4.50%           $55,001 up to $75,000       $60,001 up to $80,000
 5.75%           $75,001 up to $100,000      $80,001 up to $105,000
 6.00%           Greater than $100,000       Greater than $105,000

   Beginning  April  1, 2026, and every year thereafter, the salary bands
 will increase by the prior calendar year's increase  in  consumer  price
 index  (CPI),  rounded to the next higher one-tenth of a percent, not to
 exceed 3% in any year. The result of an increase in Tier 6 salary  bands
 would be an overall decrease in employee contribution rates.
   ASSUMPTIONS  AND  METHODS:  The  estimates  presented herein have been
 calculated based on the Revised 2021 Actuarial Assumptions  and  Methods
 of the impacted retirement systems. In addition:
   *  New  entrants were assumed to replace exiting members so that total
 payroll increases by 3% each year for impacted groups. New entrant demo-
 graphics were developed based on data for recent new hires and actuarial
 judgement.
   * Future salary bands were assumed to increase 2.5% annually, consist-
 ent with the long-term CPI inflation rate assumption of 2.5%.
   RISK AND UNCERTAINTY: The costs presented in this Fiscal  Note  depend
 highly  on  the  actuarial  assumptions, methods, and models used, demo-
 graphics of the impacted population, and other factors such  as  invest-
 ment,  contribution, and other risks. If actual experience deviates from
 actuarial  assumptions,  the  actual  costs  could  differ  from   those
 presented  herein.  Quantifying  these risks is beyond the scope of this
 Fiscal Note.
   This Fiscal Note is intended to measure  pension-related  impacts  and
 does  not  include other potential costs (e.g., administrative and Other
 Postemployment Benefits).
   STATEMENT OF ACTUARIAL OPINION: Marek Tyszkiewicz and Gregory Zelikov-
 sky are members of the Society of Actuaries and the American Academy  of
 Actuaries.  We  are  members of NYCERS but do not believe it impairs our
 objectivity and we meet the  Qualification  Standards  of  the  American
 Academy  of  Actuaries to render the actuarial opinion contained herein.
 To the best of our knowledge, the results  contained  herein  have  been
 prepared  in accordance with generally accepted actuarial principles and
 procedures and with the Actuarial Standards of Practice  issued  by  the
 Actuarial Standards Board.
   FISCAL  NOTE  IDENTIFICATION:  This Fiscal Note 2024-18 dated March 8,
 2024 was prepared by the Chief Actuary for the New York City  Retirement
 Systems and Pension Funds. This estimate is intended for use only during
 the 2024 Legislative Session.

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