Public employees with ten or more years of service to contribute three percent of annual wages to their retirement.
The bill amends the retirement and social security law to set retirement contribution rates for public employees. Members with ten or more years of service will contribute three percent of their annual wages. The contribution rates vary based on annual wages, ranging from three percent for wages up to $45,000 to six percent for wages over $100,000. The head of each retirement system is responsible for implementing regulations regarding the deduction of contributions and the maintenance of special funds.
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