Assembly Actions -
Senate Actions - UPPERCASE
|May 23, 2023||
reported and committed to finance
|Apr 17, 2023||
referred to civil service and pensions
Senate Bill S6343
2023-2024 Legislative Session
Current Bill Status - In Senate Committee Finance Committee
- In Committee Assembly
- On Floor Calendar Assembly
- Passed Assembly
- Delivered to Governor
- Signed By Governor
2023-S6343 (ACTIVE) - Details
2023-S6343 (ACTIVE) - Sponsor Memo
BILL NUMBER: S6343 SPONSOR: GOUNARDES TITLE OF BILL: An act to amend the retirement and social security law, in relation to the limitation of overtime compensation in final average salary calcu- lations SUMMARY OF PROVISIONS: Section 1 amends section 1203 of the Retirement and Social Security Law to lift the cap on overtime used in the calculation of final average salary from 15% to 30%. Section two of the bill provides the effective date. JUSTIFICATION: Police officers and firefighters have a very unique and dangerous profession. They face some of the most stressful situations every day and are often ordered to work overtime for the safety of the residents
2023-S6343 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 6343 2023-2024 Regular Sessions I N S E N A T E April 17, 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, in relation to the limitation of overtime compensation in final average salary calcu- lations THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Section 1203 of the retirement and social security law, as added by section 1 of part A of chapter 504 of the laws of 2009, is amended to read as follows: § 1203. Overtime. A member's final average salary shall be calculated in accordance with such provisions of article eight or article eleven of this chapter as govern the member's benefits INCLUDING OVERTIME, except that earnings classified as overtime compensation in an amount in excess of [fifteen] THIRTY percent of a member's annual wages not classified as overtime compensation shall be excluded from such calculation. "Overtime compensation" shall mean, for purposes of this section, compensation paid under any law or policy under which employees are paid at a rate greater than their standard rate for additional hours worked beyond those required, including compensation paid under section one hundred thirty-four of the civil service law and section ninety of the general municipal law. § 2. This act shall take effect immediately. FISCAL NOTE.--Pursuant to Legislative Law, Section 50: This bill would increase the allowable overtime compensation included in the final average salary calculation to 30 percent of a member's annual wages for Tier 5 and Tier 6 members in the New York State and Local Police and Fire Retirement System. The current limit is 15 percent. Insofar as this bill affects the New York State and Local Police and Fire Retirement System (NYSLPFRS), increased costs would be shared by EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD08426-02-3
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