Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
May 27, 2025 |
reported and committed to finance |
May 15, 2025 |
referred to civil service and pensions |
Senate Bill S8087
2025-2026 Legislative Session
Sponsored By
(D) 26th Senate District
Current Bill Status - In Senate Committee Finance 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
Actions
2025-S8087 (ACTIVE) - Details
2025-S8087 (ACTIVE) - Sponsor Memo
BILL NUMBER: S8087 SPONSOR: GOUNARDES TITLE OF BILL: An act to amend the retirement and social security law, in relation to the definition of overtime ceiling PURPOSE OR GENERAL IDEA OF BILL: To remove the cap on overtime used to calculate member contributions and pension benefits in the 55/25 NYC Transit Authority Tier 6 plan in the NYC Employees Retirement System (NYCERS) SUMMARY OF PROVISIONS: This legislation would amend chapter 368 of the Retirement and Social Security Law and remove the overtime ceiling for Tier 6 New York City Transit Authority (NYCTA) members subject to the 25-Year and Age 55 Retirement Program (the 55/25 NYCTA Plan) for wages used to calculate member contributions and pension benefits.
2025-S8087 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 8087 2025-2026 Regular Sessions I N S E N A T E May 15, 2025 ___________ 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 definition of overtime ceiling THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subdivision l of section 601 of the retirement and social security law, as amended by chapter 368 of the laws of 2017, is amended to read as follows: l. (a) "Wages" shall mean regular compensation earned by and paid to a member by a public employer, except that for members who first join the New York state and local employees' retirement system or the New York state teachers' retirement system on or after January first, two thou- sand ten, overtime compensation paid in any year in excess of the over- time ceiling, as defined by this subdivision, shall not be included in the definition of wages. (b) "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. (c) The "overtime ceiling" shall mean fifteen thousand dollars per annum on January first, two thousand ten, and shall be increased by three per cent each year thereafter, provided, however, that: (i) for members who first become members of a public retirement system of the state on or after April first, two thousand twelve, OTHER THAN A PENSION AUTHORIZED UNDER SECTION SIX HUNDRED FOUR-B OF THIS ARTICLE, "overtime ceiling" shall mean fifteen thousand dollars per annum on April first, two thousand twelve, and shall be increased each year ther- eafter by a percentage to be determined annually by reference to the EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD09452-02-5
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