Senate Bill S10233

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   10233
 
                             I N  S E N A T E
 
                                May 7, 2026
                                ___________
 
 Introduced  by  Sen.  LANZA  -- 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  chapter  511
   of  the  laws  of 1988 amending the retirement and social security law
   relating to a reduction in retirement  age  for  certain  members,  in
   relation to a reduced retirement age for certain Triborough bridge and
   tunnel authority employees
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Paragraph (ii) of subdivision  a  of  section  651  of  the
 retirement  and  social  security  law, as amended by chapter 225 of the
 laws of 2006, is amended to read as follows:
   (ii) For each full year of  covered  employment  [occurring  prior  to
 January  first, two thousand nine] which is subsequent to December thir-
 ty-first, nineteen hundred seventy, [his or her] THEIR normal retirement
 age shall be reduced by four months.
   § 2. Section 2 of chapter 511  of  the  laws  of  1988,  amending  the
 retirement and social security law relating to a reduction in retirement
 age  for certain members, as amended by chapter 225 of the laws of 2006,
 is amended to read as follows:
   § 2. This act shall take effect immediately[, and shall apply only  to
 covered employment performed on or before December 31, 2008].
   §  3.  This  act  shall take effect immediately and shall be deemed to
 have been in full force and effect on and after December 31, 2008.
   FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
   SUMMARY: This proposed legislation would reduce the Normal  Retirement
 Age  by  four  months  for  each year of qualifying service earned on or
 after January 1, 2009 for certain Triborough Bridge and Tunnel Authority
 (TBTA) members, allowing such members to retire without a reduction  for
 early commencement prior to age 62, but no earlier than age 55.
           EXPECTED INCREASE (DECREASE) IN EMPLOYER CONTRIBUTIONS
          by Fiscal Year for the first 25 years ($ in Thousands)
 
                          Year         NYCERS
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

                                                            LBD10478-03-6
 S. 10233                            2
 
                          2027            942
                          2028            827
                          2029            805
                          2030            786
                          2031            764
                          2032            747
                          2033            732
                          2034            706
                          2035           (21)
                          2036           (41)
                          2037           (56)
                          2038           (62)
                          2039           (61)
                          2040           (57)
                          2041           (47)
                          2042           (36)
                          2043           (36)
                          2044           (44)
                          2045           (54)
                          2046           (63)
                          2047           (67)
                          2048           (70)
                          2049           (72)
                          2050           (68)
                          2051           (61)
 
   Employer  contribution  impact  beyond  Fiscal Year 2051 is not shown.
 Costs for additional new entrants  due  to  accelerated  retirement  are
 included above.
   The potential increases in employer contributions will be allocated to
 the TBTA.
   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, 2025 ($ in Thousands)
 
                Present Value (PV)                      NYCERS
                (1) PV of Employer Contributions:        3,254
                (2) PV of Employee Contributions:            0
                Total PV of Benefits (1) + (2):          3,254
 
   UNFUNDED  ACCRUED  LIABILITY  (UAL): Actuarial Accrued Liabilities are
 the portion of the Present Value of Benefits allocated to past  service.
 Changes  in  UAL  for  active  members  were amortized over the expected
 remaining  working  lifetime  of  those  impacted  using  level   dollar
 payments.  UAL  attributable  to  inactive members was recognized in the
 first year.
 
                AMORTIZATION OF UNFUNDED ACCRUED LIABILITY
 
                                                         NYCERS
                Unfunded Accrued Liabilities:           4,096 K
                Number of Payments:                         8
 S. 10233                            3
 
                Amortization Payment:                     700 K
                Additional One-time Payment:               62 K
 
   CENSUS  DATA:  The estimates presented herein are based on preliminary
 census data collected as of June 30,  2025.  The  census  data  for  the
 impacted population is summarized below.
 
                                                            NYCERS
                Active Members
                - Number Count:                                 71
                - Average Age:                                49.0
                - Average Service:                            17.9
                - Average Salary:                          122,400
                Receiving Members
                - Number Count:                                  1
                - Average Age:                                57.0
 
   IMPACT ON MEMBER BENEFITS: Currently, members of NYCERS (except Tier 6
 members)  employed  in the TBTA job titles specified below are granted a
 four-month reduction in Normal Retirement Age (NRA)  for  each  complete
 year  of qualifying service earned prior to January 1, 2009. A reduction
 in NRA  allows  such  members  to  commence  their  benefits  without  a
 reduction  for  early  commencement  earlier than age 62, but no earlier
 than age 55.
   The proposed legislation would extend this benefit for eligible Tier 4
 members by providing a four-month reduction in  NRA  for  each  complete
 year of qualifying service earned on or after January 1, 2009.
   The  eligible  TBTA  job  titles  include  bridge and tunnel officers,
 sergeants, lieutenants, assistant bridge and tunnel maintainers,  bridge
 and tunnel maintainers, senior bridge and tunnel maintainers, and labor-
 ers.
   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:
   *  Retirement rates were adjusted to reflect earlier payability of the
 service retirement benefit associated with proposed legislation.
   * 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.
   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.
 S. 10233                            4
 
 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 2026-60 dated April 8,
 2026 was prepared by the Chief Actuary for the New York City  Retirement
 Systems  and  Pension Funds and is intended for use only during the 2026
 Legislative Session.