New York S08087 removes the overtime ceiling for certain NYCTA members, affecting pension benefits and contributions.
New York S08087 amends the definition of the overtime ceiling for members who first join a public retirement system on or after April 1, 2012. The bill removes the overtime ceiling for Tier 6 New York City Transit Authority (NYCTA) members under the 25-Year and Age 55 Retirement Program. This change means that overtime earnings exceeding the overtime ceiling will be included in determining member contribution rates and annual contributions. The bill also specifies that certain types of wages, such as lump sum payments and termination pay, will not be included in the definition of wages.
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