Senate Bill S10234

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   10234
 
                             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 tier six 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.  Section 650 of the retirement and social security law, as
 amended by chapter 18 of the  laws  of  2012,  is  amended  to  read  as
 follows:
   §  650.  Application.  This article shall apply to a member of the New
 York city employees' retirement system (i) who  holds  the  position  of
 bridge  and  tunnel  officer, sergeant or lieutenant with the Triborough
 bridge and tunnel authority, and has received or receives an appointment
 to at least one such position from a competitive civil service list;  or
 (ii)  who  holds the position of assistant bridge and tunnel maintainer,
 bridge and tunnel maintainer, senior bridge  and  tunnel  maintainer  or
 laborer  with  the  Triborough  bridge  and tunnel authority[, provided,
 however, that this article shall not apply to a New  York  city  revised
 plan  member  (as defined in subdivision m of section six hundred one of
 this chapter)].
   § 2. Paragraph (ii) of subdivision a and paragraph (i) of  subdivision
 b  of  section  651 of the retirement and social security law, paragraph
 (ii) of subdivision a as amended by chapter 225 of the laws of 2006  and
 paragraph  (i)  of  subdivision b as added by chapter 511 of the laws of
 1988, are 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]  SUCH  MEMBER'S  normal
 retirement age shall be reduced by four months.
   (i)  Shall permit a member of Tier one to retire, other than for disa-
 bility, prior to the attainment of age fifty, or a member of  Tier  two,
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

                                                            LBD11354-03-6
 S. 10234                            2
 
 three  [or],  four OR SIX to retire, other than for disability, prior to
 the attainment of age fifty-five; and
   § 3. Subdivision a of section 652 of the retirement and social securi-
 ty  law,  as  added by chapter 511 of the laws of 1988, is amended and a
 new subdivision g is added to read as follows:
   a. The term "normal retirement age" shall mean age  fifty-five  for  a
 member  of Tier one, [and] age sixty-two for a member of Tier two, three
 or four, AND AGE SIXTY-THREE FOR A MEMBER OF TIER SIX.
   G. THE TERM "TIER SIX MEMBER" SHALL MEAN A MEMBER WHO FIRST  BECAME  A
 MEMBER  OF  THE  NEW  YORK CITY EMPLOYEES' RETIREMENT SYSTEM ON OR AFTER
 APRIL FIRST, TWO THOUSAND TWELVE.
   § 4. 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].
   §  5.  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 in the case of Tier 4 members and
 prior to age 63 in the case of Tier 6 members, but no earlier  than  age
 55.
 
          EXPECTED INCREASE (DECREASE) IN EMPLOYER CONTRIBUTIONS
           by Fiscal Year for the first 25 years ($ in Millions)
                          Year      NYCERS
                          2027         1.4
                          2028         1.3
                          2029         1.4
                          2030         1.4
                          2031         1.4
                          2032         1.4
                          2033         1.5
                          2034         1.5
                          2035         1.5
                          2036         1.5
                          2037         1.5
                          2038         1.6
                          2039         1.6
                          2040         0.9
                          2041         0.9
                          2042         1.0
                          2043         1.0
                          2044         1.1
                          2045         1.1
                          2046         1.2
                          2047         1.2
                          2048         1.3
                          2049         1.3
                          2050         1.4
                          2051         1.4
 S. 10234                            3
 
  Projected contributions include future new hires that may be impacted.
 For Fiscal Year 2052 and beyond, the expected increase in normal cost as
 a level percent of pay for impacted new entrants is approximately 2.04%.
 
   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 Millions)
                Present Value (PV)                   NYCERS
                (1) PV of Employer Contributions:       8.2
                (2) PV of Employee Contributions:      (1.8)
                Total PV of Benefits (1) + (2):         6.4
 
   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:       6.3 M
                Number of Payments:                   13
                Amortization Payment:               0.8 M
                Additional One-time Payment:        0.1 M
 
   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:              242
                     - Average Age:              43.2
                     - Average Service:           8.9
                     - Average Salary:        105,000
                     Receiving Members
                     - Number Count:                1
                     - Average Age:              57.0
 
   IMPACT ON  MEMBER  BENEFITS:  Currently,  Tier  4  members  of  NYCERS
 employed in the TBTA job titles specified below are granted a four-month
 reduction in Normal Retirement Age (NRA) for each complete year of qual-
 ifying  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 provide for a four-month reduction in
 NRA for each complete year of qualifying  service  earned  on  or  after
 January  1,  2009  for eligible Tier 4 members. The proposed legislation
 S. 10234                            4

 would also provide a four-month reduction in NRA for each complete  year
 of qualifying service to eligible Tier 6 members.
   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.
 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 2026-65 dated April 17,
 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.