A07727 Summary:
| BILL NO | A07727 |
| SAME AS | SAME AS S06976 |
| SPONSOR | Abbate |
| COSPNSR | |
| MLTSPNSR | |
| Amd §604-c, R & SS L | |
| Modifies the retirement program for Triborough bridge and tunnel members to a twenty-year retirement program. | |
A07727 Memo:
Go to topNEW YORK STATE ASSEMBLY
MEMORANDUM IN SUPPORT OF LEGISLATION
submitted in accordance with Assembly Rule III, Sec 1(f)
TITLE OF BILL: An act to amend the retirement and social security law, in relation to modifying the retirement program for Triborough bridge and tunnel members PURPOSE OR GENERAL IDEA OF BILL: This bill would provide a modified 20 year retirement plan for Tribor- ough bridge and tunnel members. SUMMARY OF PROVISIONS: This bill would modify the existing twenty year/ age 50 to remove the age qualifier and permit Tier IV members of the New York city employees' retirement system employed by the Triborough bridge and tunnel authority as a bridge and tunnel officer, sergeant, or lieutenant in a non-manag- erial position to retire with twenty years. DIFFERENCE BETWEEN ORIGINAL AND AMENDED VERSION (IF APPLICABLE): JUSTIFICATION: Enacting this bill will assist in reducing the financial burden the Pandemic has caused to the MTA by lowering its payroll obligations to Bridge and Tunnel Officers, Sergeants, and Lieutenants who are currently covered under the TBTA special 20 / 50 pension. By lifting the age requirement, employees who have been employed for 20 years and are no longer required to make contributions to NYCERS, will be allowed to retire. The cost savings are realized by the TBTA as retirees are currently not being replaced. NYCERS will also realize a long term cost savings as these employees will generally retire at lower salaries and therefore receive lower pension benefits then if they had remained employed. PRIOR LEGISLATIVE HISTORY: New bill FISCAL IMPLICATIONS FOR STATE AND LOCAL GOVERNMENTS: see fiscal note EFFECTIVE DATE: Immediately