Relates to contributions required of members for the twenty-year/age fifty program for Triborough bridge and tunnel members

2 Co-sponsors

• Joseph P. Addabbo Jr.
• Martin Malavé Dilan

BILL NUMBER:S7439

Title of bill

An act to amend the retirement and social security law, in relation to members of the twenty-year/age fifty retirement program for Triborough bridge and tunnel members

Summary of provisions

Section 1- requires that a member that returns to a position that makes them eligible to participate in a 20 year/age 50 program repay the Addi- tional Member Contributions that would have been collected during the period the member was in the managerial position.

Section 2 - Immediate Effective Date

Purpose

This bill would require a member who spends a portion of his or her career in a non-participating managerial position and then returns to a TBTA Eligible position to contribute the additional member contributions (AMC) required for the enhanced 20 year/age 50 retirement plan.

Justification

This bill will correct problem in the TBTA 20 year/age 50 plan within the New York City Employees Retirement System (NYCERS). It addresses the members that leave the 20 year/age 50 plan to take a managerial position. Those members stop making the AMCs which can range from 5.5% - 6% depending on their rank prior to taking the managerial position. The member can at a later date return to the 20 year/age 50 plan and retire taking advantage of using the time as a manager toward the 20 years required to retire. In many cases it has been as much as 10 years without making any Additional Member contributions toward their pension.

This legislation would correct the funding imbalance caused by this anomaly and maintain parity for plan members who do not receive manage- rial positions

Legislative history

New Bill

Fiscal implications

The estimated total savings to the plan would be approximately $1,200,000 for the current group of managerial employees.

Effective date

Immediately.