Allows certain NYCERS and BERS Auto 25-Year Plan members with over 30 years of service to receive a higher retirement benefit.

This bill amends the retirement and social security law to allow certain Tier 4 members in the NYCERS and BERS Automotive 25-Year/Age 50 Plans with 30 or more years of service to receive a service retirement benefit calculated under the Tier 4 basic plan, if greater. Specifically, it allows members who remain in active service after age 62 to receive a benefit equivalent to the standard service retirement benefit received by Tier IV members with the same age and service. The benefit is calculated as 60% of Final Average Salary (FAS) plus 1.5% of FAS for each year of service beyond 30 years.

Allows certain NYCERS and BERS Auto 25-Year Plan members with over 30 years of service to receive a higher retirement benefit.

This bill amends the retirement and social security law to allow certain Tier 4 members in the NYCERS and BERS Automotive 25-Year/Age 50 Plans with 30 or more years of service to receive a service retirement benefit calculated under the Tier 4 basic plan, if greater. Specifically, it allows members who remain in active service after age 62 to receive a benefit equivalent to the standard service retirement benefit received by Tier IV members with the same age and service. The benefit is calculated as 60% of Final Average Salary (FAS) plus 1.5% of FAS for each year of service beyond 30 years.