Increases pension calculation from 35% to 40% of final average salary for certain retirement systems.

This bill amends the Retirement and Social Security Law to increase the pension calculation for Tier 6 members of the New York State and Local Employees' Retirement System (NYSLERS) from 35% to 40% of final average salary. The change applies to members with 20 or more years of credited service. The benefit increase for each year of service credit beyond 20 would remain 2% of final average salary.

Increases pension calculation from 35% to 40% of final average salary for certain retirement systems.

This bill amends the Retirement and Social Security Law to increase the pension calculation for Tier 6 members of the New York State and Local Employees' Retirement System (NYSLERS) from 35% to 40% of final average salary. The change applies to members with 20 or more years of credited service. The benefit increase for each year of service credit beyond 20 would remain 2% of final average salary.