Amends the definition of overtime ceiling for public retirement system members joining on or after April 1, 2012.

This bill amends the definition of "overtime ceiling" for members who join a public retirement system on or after April 1, 2012. It sets the overtime ceiling at $15,000 for January 1, 2010, and increases it by 3% annually. Overtime compensation exceeding this ceiling will not be included in the definition of wages. The bill also specifies exclusions from the definition of wages, such as lump sum payments and termination pay. The changes affect member contributions and pension benefits for the New York City Transit Authority (NYCTA) Tier 6 55/25 Plan.

Amends the definition of overtime ceiling for public retirement system members joining on or after April 1, 2012.

This bill amends the definition of "overtime ceiling" for members who join a public retirement system on or after April 1, 2012. It sets the overtime ceiling at $15,000 for January 1, 2010, and increases it by 3% annually. Overtime compensation exceeding this ceiling will not be included in the definition of wages. The bill also specifies exclusions from the definition of wages, such as lump sum payments and termination pay. The changes affect member contributions and pension benefits for the New York City Transit Authority (NYCTA) Tier 6 55/25 Plan.