Proposed legislation to adjust final average salary calculation for certain Triborough Bridge and Tunnel Authority members.

This bill proposes an alternate final average salary calculation for certain Triborough Bridge and Tunnel Authority members. Specifically, it allows members to replace actual overtime earnings from March 2020 to December 2021 with projected overtime earnings from 2022. This change could potentially increase pension benefits for affected members. The bill also outlines the actuarial assumptions and methods used to estimate the financial impact, including the present value of benefits and employer contributions. The changes would apply only to current members, not future hires.

Proposed legislation to adjust final average salary calculation for certain Triborough Bridge and Tunnel Authority members.

This bill proposes an alternate final average salary calculation for certain Triborough Bridge and Tunnel Authority members. Specifically, it allows members to replace actual overtime earnings from March 2020 to December 2021 with projected overtime earnings from 2022. This change could potentially increase pension benefits for affected members. The bill also outlines the actuarial assumptions and methods used to estimate the financial impact, including the present value of benefits and employer contributions. The changes would apply only to current members, not future hires.