S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  8149--A
 
                        2025-2026 Regular Sessions
 
                             I N  S E N A T E
 
                               May 15, 2025
                                ___________
 
 Introduced  by  Sen. JACKSON -- read twice and ordered printed, and when
   printed to be committed to the Committee on Civil Service and Pensions
   -- committee discharged, bill amended, ordered  reprinted  as  amended
   and recommitted to said committee
 
 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
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD10890-02-5
              

 S. 8149--A                          2
 
 PREVIOUSLY PAID SUCH CONTRIBUTIONS, AND PROVIDED FURTHER THAT NO  INTER-
 EST  SHALL BE DUE OR OWING ON SUCH CONTRIBUTIONS. A MEMBER MAY REQUEST A
 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
 S. 8149--A                          3
 
                (1) PV of Employer Contributions:   1,445
                (2) PV of Employee Contributions:      50
                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
 S. 8149--A                          4
 
 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 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.