Increases the limit on overtime compensation used in final average salary calculations for retirement benefits.
This bill amends the retirement and social security law to increase the limit on overtime compensation used in the calculation of final average salary from fifteen percent to thirty percent. This change affects members of the New York State and Local Police and Fire Retirement System (NYSLPFRS). The present value of benefits is estimated to increase by approximately $331 million. The bill does not specify how this change will be funded.
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