Increases the limit on overtime compensation in final average salary calculations for certain retirees.

This bill amends the retirement and social security law to increase the limit on overtime compensation in final average salary calculations from 15 percent to 30 percent for Tier 5 and 6 members in the New York State and Local Police and Fire Retirement System (NYSLPFRS). The current limit is 15 percent. This change will affect the calculation of final average salary, which includes overtime compensation. The fiscal note estimates that this change will increase the present value of benefits by approximately $331 million.

Increases the limit on overtime compensation in final average salary calculations for certain retirees.

This bill amends the retirement and social security law to increase the limit on overtime compensation in final average salary calculations from 15 percent to 30 percent for Tier 5 and 6 members in the New York State and Local Police and Fire Retirement System (NYSLPFRS). The current limit is 15 percent. This change will affect the calculation of final average salary, which includes overtime compensation. The fiscal note estimates that this change will increase the present value of benefits by approximately $331 million.