A11154 amends the definition of overtime ceiling for members joining public retirement systems on or after April 1, 2012.
A11154 modifies the definition of "overtime ceiling" in the retirement and social security law. It removes the overtime ceiling for members who join the New York state and local employees' retirement system or the New York state teachers' retirement system on or after April 1, 2012. This change means that overtime earnings exceeding the overtime ceiling will be included in determining member contribution rates and annual contributions. Members may receive higher annual pension benefits if these earnings increase their final average salary.
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