New York S06702 amends pension eligibility for certain Tier 4 members in NYCERS and BERS Automotive 25-Year/Age 50 Plans.

New York S06702 amends the retirement and social security law to allow certain Tier 4 members in 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. This change applies to members who remain in active service after age 62. The bill specifies that the service retirement benefit for such members with 30 or more years of service would be calculated as the greater of 60% of Final Average Salary (FAS) plus 1.5% of FAS for each year of service beyond 30 years.

New York S06702 amends pension eligibility for certain Tier 4 members in NYCERS and BERS Automotive 25-Year/Age 50 Plans.

New York S06702 amends the retirement and social security law to allow certain Tier 4 members in 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. This change applies to members who remain in active service after age 62. The bill specifies that the service retirement benefit for such members with 30 or more years of service would be calculated as the greater of 60% of Final Average Salary (FAS) plus 1.5% of FAS for each year of service beyond 30 years.