S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8765
 
                        2025-2026 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               June 2, 2025
                                ___________
 
 Introduced  by  M.  of A. PHEFFER AMATO -- read once and referred to the
   Committee on Governmental Employees
 
 AN ACT to amend the retirement and social security law, in  relation  to
   the  final average salary calculation for Triborough bridge and tunnel
   members
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Section  608 of the retirement and social security law is
 amended by adding a new subdivision f to read as follows:
   F. NOTWITHSTANDING THE PROVISIONS OF SUBDIVISIONS  A  AND  B  OF  THIS
 SECTION,  WITH  RESPECT  TO  A  TRIBOROUGH  BRIDGE AND TUNNEL MEMBER, AS
 DEFINED IN SUBDIVISION A OF SECTION SIX HUNDRED FOUR-C OF THIS  ARTICLE,
 AS  AMENDED BY CHAPTER SIX HUNDRED NINETY-THREE OF THE LAWS OF TWO THOU-
 SAND TWENTY-THREE, SUCH MEMBER'S FINAL AVERAGE SALARY  COMPUTATION  THAT
 INCLUDES  THE  PERIOD  BEGINNING WITH THE SECOND PAY PERIOD IN MARCH TWO
 THOUSAND TWENTY AND ENDING WITH THE SECOND PAY PERIOD  IN  DECEMBER  TWO
 THOUSAND  TWENTY-ONE,  SHALL  INCLUDE FOR SUCH PERIOD THE GREATER OF THE
 AMOUNT EARNED BY SUCH MEMBER DURING SUCH PERIOD OR COMPUTED  USING  SUCH
 MEMBER'S WAGES FOR SUCH PERIOD PLUS A PROJECTED AMOUNT OF OVERTIME EQUAL
 TO  THE  NUMBER  OF HOURS INCLUDED IN SUCH MEMBER'S PAY FOR THE SAME PAY
 PERIOD IN TWO THOUSAND TWENTY-TWO MULTIPLIED BY SUCH MEMBER'S WAGES  FOR
 THE  PAY  PERIOD FOR WHICH THE PROJECTION IS BEING MADE.  A MEMBER WHOSE
 RETIREMENT BENEFIT IS BASED UPON A FINAL AVERAGE  SALARY  THAT  INCLUDES
 PROJECTED  OVERTIME,  AS  COMPUTED  PURSUANT  TO THIS SUBDIVISION, SHALL
 REMIT TO THE NEW YORK CITY RETIREMENT SYSTEM ALL  MEMBER  CONTRIBUTIONS,
 BASIC  MEMBER  CONTRIBUTIONS,  AND  ADDITIONAL MEMBER CONTRIBUTIONS THAT
 WOULD HAVE BEEN DUE HAD SUCH  MEMBER  RENDERED  SUCH  OVERTIME  SERVICE,
 PROVIDED  THAT  SUCH MEMBER SHALL NOT BE REQUIRED TO REMIT SUCH CONTRIB-
 UTIONS FOR OVERTIME SERVICE FOR WHICH SUCH MEMBER  RENDERED  SERVED  AND
 PREVIOUSLY  PAID SUCH CONTRIBUTIONS, AND PROVIDED FURTHER THAT NO INTER-
 EST SHALL BE DUE OR OWING ON SUCH CONTRIBUTIONS. A MEMBER MAY REQUEST  A
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD10890-03-5
              

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 FINAL  AVERAGE  SALARY ESTIMATE AND A CONTRIBUTION ESTIMATE FROM THE NEW
 YORK CITY EMPLOYEES' RETIREMENT SYSTEM. SUCH ESTIMATE SHALL BE  PROVIDED
 TO THE REQUESTING MEMBER WITHIN SIXTY DAYS OF ITS REQUEST.
   § 2. This act shall take effect immediately.
   FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
   SUMMARY:  This  proposed  legislation would potentially increase Final
 Average Salary for Tier 4 and Tier 6 NYCERS members  in  the  Triborough
 Bridge  and  Tunnel Authority (TBTA) 20-Year Plans whose overtime during
 2022 exceeded overtime during the period beginning  in  March  2020  and
 ending in December 2021.
 
           EXPECTED INCREASE (DECREASE) IN EMPLOYER CONTRIBUTIONS
          by Fiscal Year for the first 25 years ($ in Thousands)
 
                             Year   NYCERS
                             2026    382.4
                             2027    374.2
                             2028    369.2
                             2029    364.8
                             2030    361.4
                             2031     11.2
                             2032      9.1
                             2033      7.2
                             2034      5.5
                             2035      4.0
                             2036      2.9
                             2037      2.0
                             2038      1.3
                             2039      0.8
                             2040      0.5
                             2041      0.3
                             2042      0.2
                             2043      0.1
                             2044      0.0
                             2045      0.0
                             2046      0.0
                             2047      0.0
                             2048      0.0
                             2049      0.0
                             2050      0.0

    Employer Contribution impact beyond Fiscal Year 2050 is not shown.
 
   The entire increase in employer contributions will be allocated to the
 Triborough Bridge and Tunnel Authority.
   PRESENT  VALUE  OF  BENEFITS:  The  Present  Value  of Benefits is the
 discounted expected value of benefits paid to  current  members  if  all
 assumptions are met, including future service accrual and pay increases.
 Future new hires are not included in this present value.
 
           INITIAL INCREASE (DECREASE) IN ACTUARIAL PRESENT VALUES
                   as of June 30, 2024 ($ in Thousands)
 
                Present Value (PV)                 NYCERS
                (1) PV of Employer Contributions:   1,445
                (2) PV of Employee Contributions:      50
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                Total PV of Benefits (1) + (2):     1,495
 
   UNFUNDED  ACCRUED  LIABILITY  (UAL): Actuarial Accrued Liabilities are
 the portion of the Present Value of Benefits allocated to past  service.
 Changes  in UAL were amortized over the expected remaining working life-
 time of those impacted using level dollar payments.
 
                 AMORTIZATION OF UNFUNDED ACCRUED LIABILITY
 
                                                   NYCERS
                Increase (Decrease) in UAL:        1,334 K
                Number of Payments:                    5
                Amortization Payment:                348 K
 
   CENSUS DATA: The estimates presented herein are based  on  preliminary
 census  data  collected  as  of  June  30, 2024. The census data for the
 impacted population is summarized below.
 
                                                   NYCERS
                Active Members
                - Number Count:                        161
                - Average Age:                        48.8
                - Average Service:                    18.3
                - Average Salary:                  134,700
 
   IMPACT ON MEMBER BENEFITS: Pension  benefits  for  TBTA  20-Year  Plan
 members may increase if the wages included in Final Average Salary (FAS)
 increase.
   Under the proposed legislation, members may, for purposes of determin-
 ing  FAS,  replace the actual overtime earnings during the period begin-
 ning with the second pay period in March 2020 and ending with the second
 pay period in December 2021 with projected overtime earnings  calculated
 based  on  the rate of pay during such period multiplied by the overtime
 hours earned during 2022.
   A member whose FAS includes projected overtime would  be  required  to
 pay  employee  contributions (without interest) that would have been due
 had the member rendered such additional overtime service.
   ASSUMPTIONS AND METHODS: The  estimates  presented  herein  have  been
 calculated  based  on the Revised 2021 Actuarial Assumptions and Methods
 of the impacted retirement systems.
   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). This Fiscal Note does not reflect any  chapter
 laws that may have been enacted during the current legislative session.
   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.
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 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 2025-64 dated May 16,
 2025 was prepared by the Chief Actuary for the New York City  Retirement
 Systems  and  Pension Funds and is intended for use only during the 2025
 Legislative Session.