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History
- Referred to civil service and pensions
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Relates to member contributions to the New York city employees' retirement system
In Assembly Committee · Governmental Employees · Sponsor Peter Abbate
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to amend the retirement and social security law, in relation to member contributions to the New York city employees' retirement system
Purpose or general idea of bill
Relates to member contributions to the New York City employees' retirement system.
Summary of provisions
This legislation sets the contribution rates for the New York City employees' retirement system for eligible participants who in the twenty-five-year and age fifty-five retirement program.
Employee contributions who enrolled after April lst, 2013 shall be set at 3% with a salary of $45k or less. Greater than $45k to $55k the contribution rate shall be 3.5%. Greater than $55k to $75k the contribution rate shall be 4.5%. Greater than $75k to $100k the contribution rate shall be 5.75%. Greater than $100k the contribution rate shall be 6%.
Justification
When the 20/50 retirement plan for transit workers was swept away in the fiscal storms of the 1970's, it took a quarter century to rebuild a rational retirement plan for transit workers. That rebuilding has taken place in interaction between the MTA, TWU and the State Legislature. At each step, the MTA and TWU agreed to jointly support legislation. The state legislature shall now take up these negotiations.
Prior legislative history
None.
Fiscal implications
TBD.
Effective date
This act shall take effect immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.