Increases pension calculation for certain New York State retirement system members from thirty-five to forty per centum of final average salary.

This bill amends the Retirement and Social Security Law to enhance pension benefits for certain members of the New York State Teachers' Retirement System. Specifically, it increases the pension calculation for Tier 6 members with 20 or more years of credited service from thirty-five to forty per centum of their final average salary. The benefit for each additional year of service beyond 20 years remains at 2% of final average salary. This change is expected to increase the present value of benefits by approximately $2.5 billion and will be funded by increasing employer contributions.

Increases pension calculation for certain New York State retirement system members from thirty-five to forty per centum of final average salary.

This bill amends the Retirement and Social Security Law to enhance pension benefits for certain members of the New York State Teachers' Retirement System. Specifically, it increases the pension calculation for Tier 6 members with 20 or more years of credited service from thirty-five to forty per centum of their final average salary. The benefit for each additional year of service beyond 20 years remains at 2% of final average salary. This change is expected to increase the present value of benefits by approximately $2.5 billion and will be funded by increasing employer contributions.