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Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
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| Jan 03, 2024 |
referred to governmental employees |
| Apr 20, 2023 |
print number 5209b |
| Apr 20, 2023 |
amend and recommit to governmental employees |
| Mar 17, 2023 |
print number 5209a |
| Mar 17, 2023 |
amend and recommit to governmental employees |
| Mar 06, 2023 |
referred to governmental employees |
Assembly Bill A5209B
2023-2024 Legislative Session
Relates to member contribution per centum increases
download bill text pdfSponsored By
PHEFFER AMATO
Current Bill Status - In Assembly Committee
- Introduced
-
- In Committee Assembly
- In Committee Senate
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- On Floor Calendar Assembly
- On Floor Calendar Senate
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- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
Bill Amendments
2023-A5209 - Details
2023-A5209 - Bill Text download pdf
S T A T E O F N E W Y O R K
________________________________________________________________________
5209
2023-2024 Regular Sessions
I N A S S E M B L Y
March 6, 2023
___________
Introduced by M. of A. PHEFFER AMATO -- read once and referred to the
Committee on Governmental Employees
AN ACT to amend the retirement and social security law and the education
law, in relation to member contribution per centum increases
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. Paragraphs 1, 2, 3, 4 and 5 of subdivision a of section 517
of the retirement and social security law, as added by chapter 18 of the
laws of 2012, are amended to read as follows:
1. members with wages of forty-five thousand dollars per annum or less
shall contribute three per centum of annual wages. ON APRIL ONE, TWO
THOUSAND TWENTY-FOUR, MEMBERS WITH WAGES OF FIFTY THOUSAND DOLLARS PER
ANNUM OR LESS SHALL CONTRIBUTE THREE PER CENTUM OF ANNUAL WAGES, AND
BEGINNING ON APRIL ONE, TWO THOUSAND TWENTY-FIVE, THE WAGES IN THIS
SUBPARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED
FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD
ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL
THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL
NOT EXCEED THREE PERCENT;
2. members with wages greater than forty-five thousand per annum, but
not more than fifty-five thousand per annum shall contribute three and
one-half per centum of annual wages. ON APRIL ONE, TWO THOUSAND TWENTY-
FOUR, MEMBERS WITH WAGES GREATER THAN FIFTY THOUSAND PER ANNUM, BUT NOT
MORE THAN SIXTY THOUSAND PER ANNUM SHALL CONTRIBUTE THREE AND ONE-HALF
PER CENTUM OF ANNUAL WAGES, AND BEGINNING ON APRIL ONE, TWO THOUSAND
TWENTY-FIVE, THE WAGES IN THIS SUBPARAGRAPH SHALL BE INCREASED BY THE
ANNUAL INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER PRICE
INDEX IN THE ONE YEAR PERIOD ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR
PRIOR. SAID PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-
TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT;
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD03315-02-3
A. 5209 2
3. members with wages greater than fifty-five thousand per annum, but not more than seventy-five thousand per annum shall contribute four and one-half per centum of annual wages. ON APRIL ONE, TWO THOUSAND TWENTY- FOUR, MEMBERS WITH WAGES GREATER THAN SIXTY THOUSAND PER ANNUM, BUT NOT MORE THAN EIGHTY THOUSAND PER ANNUM SHALL CONTRIBUTE FOUR AND ONE-HALF PER CENTUM OF ANNUAL WAGES, AND BEGINNING ON APRIL ONE, TWO THOUSAND TWENTY-FIVE, THE WAGES IN THIS SUBPARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER ONE- TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT; 4. members with wages greater than seventy-five thousand per annum but not more than one hundred thousand per annum shall contribute five and three-quarters per centum of annual wages. ON APRIL ONE, TWO THOUSAND TWENTY-FOUR, MEMBERS WITH WAGES GREATER THAN EIGHTY THOUSAND DOLLARS PER ANNUM BUT NOT MORE THAN ONE HUNDRED FIVE THOUSAND DOLLARS PER ANNUM SHALL CONTRIBUTE FIVE AND THREE-QUARTERS PER CENTUM OF ANNUAL WAGES, AND BEGINNING ON APRIL ONE, TWO THOUSAND TWENTY-FIVE, THE WAGES IN THIS SUBPARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT; and 5. members with wages greater than one hundred thousand per annum shall contribute six per centum of annual wages. ON APRIL ONE, TWO THOU- SAND TWENTY-FOUR, MEMBERS WITH WAGES GREATER THAN ONE HUNDRED FIVE THOU- SAND DOLLARS PER ANNUM SHALL CONTRIBUTE SIX PER CENTUM OF ANNUAL WAGES, AND BEGINNING ON APRIL ONE, TWO THOUSAND TWENTY-FIVE, THE WAGES IN THIS SUBPARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT. § 2. Subparagraphs (i), (ii), (iii), (iv) and (v) of paragraph 1 of subdivision a, subparagraphs (i), (ii), (iii), (iv) and (v) of paragraph 2 of subdivision a, paragraphs 1, 2, 3, 4 and 5 of subdivision f and paragraphs 1, 2, 3, 4 and 5 of subdivision g of section 613 of the retirement and social security law, subparagraphs (i), (ii), (iii), (iv) and (v) of paragraph 1 and subparagraphs (i), (ii), (iii), (iv) and (v) of paragraph 2 of subdivision a as amended by chapter 510 of the laws of 2015 and paragraphs 1, 2, 3, 4 and 5 of subdivision f and paragraphs 1, 2, 3, 4 and 5 of subdivision g as added by chapter 18 of the laws of 2012, are amended to read as follows: (i) members with wages of forty-five thousand dollars per annum or less shall contribute three per centum of annual wages. ON APRIL ONE, TWO THOUSAND TWENTY-FOUR, MEMBERS WITH WAGES OF FIFTY THOUSAND DOLLARS PER ANNUM OR LESS SHALL CONTRIBUTE THREE PER CENTUM OF ANNUAL WAGES, AND BEGINNING ON APRIL ONE, TWO THOUSAND TWENTY-FIVE, THE WAGES IN THIS SUBPARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT; (ii) members with wages greater than forty-five thousand per annum, but not more than fifty-five thousand per annum shall contribute three and one-half per centum of annual wages. ON APRIL ONE, TWO THOUSAND A. 5209 3 TWENTY-FOUR, MEMBERS WITH WAGES GREATER THAN FIFTY THOUSAND PER ANNUM, BUT NOT MORE THAN OF SIXTY THOUSAND PER ANNUM SHALL CONTRIBUTE THREE AND ONE-HALF PER CENTUM OF ANNUAL WAGES, AND BEGINNING ON APRIL ONE, TWO THOUSAND TWENTY-FIVE, THE WAGES IN THIS SUBPARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT; (iii) members with wages greater than fifty-five thousand per annum, but not more than seventy-five thousand per annum shall contribute four and one-half per centum of annual wages. ON APRIL ONE, TWO THOUSAND TWENTY-FOUR, MEMBERS WITH WAGES GREATER THAN SIXTY THOUSAND PER ANNUM, BUT NOT MORE THAN EIGHTY THOUSAND PER ANNUM SHALL CONTRIBUTE FOUR AND ONE-HALF PER CENTUM OF ANNUAL WAGES, AND BEGINNING ON APRIL ONE, TWO THOUSAND TWENTY-FIVE, THE WAGES IN THIS SUBPARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT; (iv) members with wages greater than seventy-five thousand per annum but not more than one hundred thousand per annum shall contribute five and three-quarters per centum of annual wages. ON APRIL ONE, TWO THOU- SAND TWENTY-FOUR, MEMBERS WITH WAGES GREATER THAN EIGHTY THOUSAND DOLLARS PER ANNUM BUT NOT MORE THAN ONE HUNDRED FIVE THOUSAND DOLLARS PER ANNUM SHALL CONTRIBUTE FIVE AND THREE-QUARTERS PER CENTUM OF ANNUAL WAGES, AND BEGINNING ON APRIL ONE, TWO THOUSAND TWENTY-FIVE, THE WAGES IN THIS SUBPARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENT- AGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT; and (v) members with wages greater than one hundred thousand per annum shall contribute six per centum of annual wages. ON APRIL ONE, TWO THOU- SAND TWENTY-FOUR, MEMBERS WITH WAGES GREATER THAN ONE HUNDRED FIVE THOU- SAND DOLLARS PER ANNUM SHALL CONTRIBUTE SIX PER CENTUM OF ANNUAL WAGES, AND BEGINNING ON APRIL ONE, TWO THOUSAND TWENTY-FIVE, THE WAGES IN THIS SUBPARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT. (i) members with wages of forty-five thousand dollars per annum or less shall contribute three per centum of annual wages. ON APRIL ONE, TWO THOUSAND TWENTY-FOUR, MEMBERS WITH WAGES OF FIFTY THOUSAND DOLLARS PER ANNUM OR LESS SHALL CONTRIBUTE THREE PER CENTUM OF ANNUAL WAGES, AND BEGINNING ON APRIL ONE, TWO THOUSAND TWENTY-FIVE, THE WAGES IN THIS SUBPARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT; (ii) members with wages greater than forty-five thousand per annum, but not more than fifty-five thousand per annum shall contribute three and one-half per centum of annual wages. ON APRIL ONE, TWO THOUSAND TWENTY-FOUR, MEMBERS WITH WAGES GREATER THAN FIFTY THOUSAND PER ANNUM, BUT NOT MORE THAN OF SIXTY THOUSAND PER ANNUM SHALL CONTRIBUTE THREE A. 5209 4 AND ONE-HALF PER CENTUM OF ANNUAL WAGES, AND BEGINNING ON APRIL ONE, TWO THOUSAND TWENTY-FIVE, THE WAGES IN THIS SUBPARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT; (iii) members with wages greater than fifty-five thousand per annum, but not more than seventy-five thousand per annum shall contribute four and one-half per centum of annual wages. ON APRIL ONE, TWO THOUSAND TWENTY-FOUR, MEMBERS WITH WAGES GREATER THAN SIXTY THOUSAND PER ANNUM, BUT NOT MORE THAN EIGHTY THOUSAND PER ANNUM SHALL CONTRIBUTE FOUR AND ONE-HALF PER CENTUM OF ANNUAL WAGES, AND BEGINNING ON APRIL ONE, TWO THOUSAND TWENTY-FIVE, THE WAGES IN THIS SUBPARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT; (iv) members with wages greater than seventy-five thousand per annum but not more than one hundred thousand per annum shall contribute five and three-quarters per centum of annual wages. ON APRIL ONE, TWO THOU- SAND TWENTY-FOUR, MEMBERS WITH WAGES GREATER THAN EIGHTY THOUSAND DOLLARS PER ANNUM BUT NOT MORE THAN ONE HUNDRED FIVE THOUSAND DOLLARS PER ANNUM SHALL CONTRIBUTE FIVE AND THREE-QUARTERS PER CENTUM OF ANNUAL WAGES, AND BEGINNING ON APRIL ONE, TWO THOUSAND TWENTY-FIVE, THE WAGES IN THIS SUBPARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENT- AGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT; and (v) members with wages greater than one hundred thousand per annum shall contribute six per centum of annual wages. ON APRIL ONE, TWO THOU- SAND TWENTY-FOUR, MEMBERS WITH WAGES GREATER THAN ONE HUNDRED FIVE THOU- SAND DOLLARS PER ANNUM SHALL CONTRIBUTE SIX PER CENTUM OF ANNUAL WAGES, AND BEGINNING ON APRIL ONE, TWO THOUSAND TWENTY-FIVE, THE WAGES IN THIS SUBPARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT. 1. members with wages of forty-five thousand dollars per annum or less shall contribute three per centum of annual wages. ON APRIL ONE, TWO THOUSAND TWENTY-FOUR, MEMBERS WITH WAGES OF FIFTY THOUSAND DOLLARS PER ANNUM OR LESS SHALL CONTRIBUTE THREE PER CENTUM OF ANNUAL WAGES, AND BEGINNING ON APRIL ONE, TWO THOUSAND TWENTY-FIVE, THE WAGES IN THIS SUBPARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT; 2. members with wages greater than forty-five thousand per annum, but not more than fifty-five thousand per annum shall contribute three and one-half per centum of annual wages. ON APRIL ONE, TWO THOUSAND TWENTY- FOUR, MEMBERS WITH WAGES GREATER THAN FIFTY THOUSAND PER ANNUM, BUT NOT MORE THAN OF SIXTY THOUSAND PER ANNUM SHALL CONTRIBUTE THREE AND ONE- HALF PER CENTUM OF ANNUAL WAGES, AND BEGINNING ON APRIL ONE, TWO THOU- SAND TWENTY-FIVE, THE WAGES IN THIS SUBPARAGRAPH SHALL BE INCREASED BY A. 5209 5 THE ANNUAL INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT; 3. members with wages greater than fifty-five thousand per annum, but not more than seventy-five thousand per annum shall contribute four and one-half per centum of annual wages. ON APRIL ONE, TWO THOUSAND TWENTY- FOUR, MEMBERS WITH WAGES GREATER THAN SIXTY THOUSAND PER ANNUM, BUT NOT MORE THAN EIGHTY THOUSAND PER ANNUM SHALL CONTRIBUTE FOUR AND ONE-HALF PER CENTUM OF ANNUAL WAGES, AND BEGINNING ON APRIL ONE, TWO THOUSAND TWENTY-FIVE, THE WAGES IN THIS SUBPARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER ONE- TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT; 4. members with wages greater than seventy-five thousand per annum but not more than one hundred thousand per annum shall contribute five and three-quarters per centum of annual wages. ON APRIL ONE, TWO THOUSAND TWENTY-FOUR, MEMBERS WITH WAGES GREATER THAN EIGHTY THOUSAND DOLLARS PER ANNUM BUT NOT MORE THAN ONE HUNDRED FIVE THOUSAND DOLLARS PER ANNUM SHALL CONTRIBUTE FIVE AND THREE-QUARTERS PER CENTUM OF ANNUAL WAGES, AND BEGINNING ON APRIL ONE, TWO THOUSAND TWENTY-FIVE, THE WAGES IN THIS SUBPARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT; and 5. members with wages greater than one hundred thousand per annum shall contribute six per centum of annual wages. ON APRIL ONE, TWO THOU- SAND TWENTY-FOUR, MEMBERS WITH WAGES GREATER THAN ONE HUNDRED FIVE THOU- SAND DOLLARS PER ANNUM SHALL CONTRIBUTE SIX PER CENTUM OF ANNUAL WAGES, AND BEGINNING ON APRIL ONE, TWO THOUSAND TWENTY-FIVE, THE WAGES IN THIS SUBPARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT. 1. members with wages of forty-five thousand dollars per annum or less shall contribute three per centum of annual wages. ON APRIL ONE, TWO THOUSAND TWENTY-FOUR, MEMBERS WITH WAGES OF FIFTY THOUSAND DOLLARS PER ANNUM OR LESS SHALL CONTRIBUTE THREE PER CENTUM OF ANNUAL WAGES, AND BEGINNING ON APRIL ONE, TWO THOUSAND TWENTY-FIVE, THE WAGES IN THIS SUBPARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT; 2. members with wages greater than forty-five thousand per annum, but not more than fifty-five thousand per annum shall contribute three and one-half per centum of annual wages. ON APRIL ONE, TWO THOUSAND TWENTY- FOUR, MEMBERS WITH WAGES GREATER THAN FIFTY THOUSAND PER ANNUM, BUT NOT MORE THAN OF SIXTY THOUSAND PER ANNUM SHALL CONTRIBUTE THREE AND ONE- HALF PER CENTUM OF ANNUAL WAGES, AND BEGINNING ON APRIL ONE, TWO THOU- SAND TWENTY-FIVE, THE WAGES IN THIS SUBPARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD ENDING ON DECEMBER THIRTY-FIRST OF A. 5209 6 THE YEAR PRIOR. SAID PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT; 3. members with wages greater than fifty-five thousand per annum, but not more than seventy-five thousand per annum shall contribute four and one-half per centum of annual wages. ON APRIL ONE, TWO THOUSAND TWENTY- FOUR, MEMBERS WITH WAGES GREATER THAN SIXTY THOUSAND PER ANNUM, BUT NOT MORE THAN EIGHTY THOUSAND PER ANNUM SHALL CONTRIBUTE FOUR AND ONE-HALF PER CENTUM OF ANNUAL WAGES, AND BEGINNING ON APRIL ONE, TWO THOUSAND TWENTY-FIVE, THE WAGES IN THIS SUBPARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER ONE- TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT; 4. members with wages greater than seventy-five thousand per annum but not more than one hundred thousand per annum shall contribute five and three-quarters per centum of annual wages. ON APRIL ONE, TWO THOUSAND TWENTY-FOUR, MEMBERS WITH WAGES GREATER THAN EIGHTY THOUSAND DOLLARS PER ANNUM BUT NOT MORE THAN ONE HUNDRED FIVE THOUSAND DOLLARS PER ANNUM SHALL CONTRIBUTE FIVE AND THREE-QUARTERS PER CENTUM OF ANNUAL WAGES, AND BEGINNING ON APRIL ONE, TWO THOUSAND TWENTY-FIVE, THE WAGES IN THIS SUBPARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT; and 5. members with wages greater than one hundred thousand per annum shall contribute six per centum of annual wages. ON APRIL ONE, TWO THOU- SAND TWENTY-FOUR, MEMBERS WITH WAGES GREATER THAN ONE HUNDRED FIVE THOU- SAND DOLLARS PER ANNUM SHALL CONTRIBUTE SIX PER CENTUM OF ANNUAL WAGES, AND BEGINNING ON APRIL ONE, TWO THOUSAND TWENTY-FIVE, THE WAGES IN THIS SUBPARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT. § 3. Subdivisions a, b, c, d and e of section 1204 of the retirement and social security law, as added by chapter 18 of the laws of 2012, are amended to read as follows: a. members with wages of forty-five thousand dollars per annum or less shall contribute three per centum of annual wages. ON APRIL ONE, TWO THOUSAND TWENTY-FOUR, MEMBERS WITH WAGES OF FIFTY THOUSAND DOLLARS PER ANNUM OR LESS SHALL CONTRIBUTE THREE PER CENTUM OF ANNUAL WAGES, AND BEGINNING ON APRIL ONE, TWO THOUSAND TWENTY-FIVE, THE WAGES IN THIS SUBPARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT; b. members with wages greater than forty-five thousand per annum, but not more than fifty-five thousand per annum shall contribute three and one-half per centum of annual wages. ON APRIL ONE, TWO THOUSAND TWENTY- FOUR, MEMBERS WITH WAGES GREATER THAN FIFTY THOUSAND PER ANNUM, BUT NOT MORE THAN OF SIXTY THOUSAND PER ANNUM SHALL CONTRIBUTE THREE AND ONE- HALF PER CENTUM OF ANNUAL WAGES, AND BEGINNING ON APRIL ONE, TWO THOU- SAND TWENTY-FIVE, THE WAGES IN THIS SUBPARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER A. 5209 7 PRICE INDEX IN THE ONE YEAR PERIOD ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT; c. members with wages greater than fifty-five thousand per annum, but not more than seventy-five thousand per annum shall contribute four and one-half per centum of annual wages. ON APRIL ONE, TWO THOUSAND TWENTY- FOUR, MEMBERS WITH WAGES GREATER THAN SIXTY THOUSAND PER ANNUM, BUT NOT MORE THAN EIGHTY THOUSAND PER ANNUM SHALL CONTRIBUTE FOUR AND ONE-HALF PER CENTUM OF ANNUAL WAGES, AND BEGINNING ON APRIL ONE, TWO THOUSAND TWENTY-FIVE, THE WAGES IN THIS SUBPARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER ONE- TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT; d. members with wages greater than seventy-five thousand per annum but not more than one hundred thousand per annum shall contribute five and three-quarters per centum of annual wages. ON APRIL ONE, TWO THOUSAND TWENTY-FOUR, MEMBERS WITH WAGES GREATER THAN EIGHTY THOUSAND DOLLARS PER ANNUM BUT NOT MORE THAN ONE HUNDRED FIVE THOUSAND DOLLARS PER ANNUM SHALL CONTRIBUTE FIVE AND THREE-QUARTERS PER CENTUM OF ANNUAL WAGES, AND BEGINNING ON APRIL ONE, TWO THOUSAND TWENTY-FIVE, THE WAGES IN THIS SUBPARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT; and e. members with wages greater than one hundred thousand per annum shall contribute six per centum of annual wages. ON APRIL ONE, TWO THOU- SAND TWENTY-FOUR, MEMBERS WITH WAGES GREATER THAN ONE HUNDRED FIVE THOU- SAND DOLLARS PER ANNUM SHALL CONTRIBUTE SIX PER CENTUM OF ANNUAL WAGES, AND BEGINNING ON APRIL ONE, TWO THOUSAND TWENTY-FIVE, THE WAGES IN THIS SUBPARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT. § 4. Paragraphs (a), (b), (c), (d) and (e) of subdivision 2 of section 182 of the education law, as added by chapter 18 of the laws of 2012, are amended to read as follows: (a) members with wages of forty-five thousand dollars per annum or less shall contribute three per centum of annual wages. ON APRIL ONE, TWO THOUSAND TWENTY-FOUR, MEMBERS WITH WAGES OF FIFTY THOUSAND DOLLARS PER ANNUM OR LESS SHALL CONTRIBUTE THREE PER CENTUM OF ANNUAL WAGES, AND BEGINNING ON APRIL ONE, TWO THOUSAND TWENTY-FIVE, THE WAGES IN THIS SUBPARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT; (b) members with wages greater than forty-five thousand per annum, but not more than fifty-five thousand per annum shall contribute three and one-half per centum of annual wages. ON APRIL ONE, TWO THOUSAND TWENTY- FOUR, MEMBERS WITH WAGES GREATER THAN FIFTY THOUSAND PER ANNUM, BUT NOT MORE THAN OF SIXTY THOUSAND PER ANNUM SHALL CONTRIBUTE THREE AND ONE- HALF PER CENTUM OF ANNUAL WAGES, AND BEGINNING ON APRIL ONE, TWO THOU- SAND TWENTY-FIVE, THE WAGES IN THIS SUBPARAGRAPH SHALL BE INCREASED BY A. 5209 8 THE ANNUAL INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT; (c) members with wages greater than fifty-five thousand per annum, but not more than seventy-five thousand per annum shall contribute four and one-half per centum of annual wages. ON APRIL ONE, TWO THOUSAND TWENTY- FOUR, MEMBERS WITH WAGES GREATER THAN SIXTY THOUSAND PER ANNUM, BUT NOT MORE THAN EIGHTY THOUSAND PER ANNUM SHALL CONTRIBUTE FOUR AND ONE-HALF PER CENTUM OF ANNUAL WAGES, AND BEGINNING ON APRIL ONE, TWO THOUSAND TWENTY-FIVE, THE WAGES IN THIS SUBPARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER ONE- TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT; (d) members with wages greater than seventy-five thousand per annum but not more than one hundred thousand per annum shall contribute five and three-quarters per centum of annual wages. ON APRIL ONE, TWO THOU- SAND TWENTY-FOUR, MEMBERS WITH WAGES GREATER THAN EIGHTY THOUSAND DOLLARS PER ANNUM BUT NOT MORE THAN ONE HUNDRED FIVE THOUSAND DOLLARS PER ANNUM SHALL CONTRIBUTE FIVE AND THREE-QUARTERS PER CENTUM OF ANNUAL WAGES, AND BEGINNING ON APRIL ONE, TWO THOUSAND TWENTY-FIVE, THE WAGES IN THIS SUBPARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENT- AGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT; and (e) members with wages greater than one hundred thousand per annum shall contribute six per centum of annual wages. ON APRIL ONE, TWO THOU- SAND TWENTY-FOUR, MEMBERS WITH WAGES GREATER THAN ONE HUNDRED FIVE THOU- SAND DOLLARS PER ANNUM SHALL CONTRIBUTE SIX PER CENTUM OF ANNUAL WAGES, AND BEGINNING ON APRIL ONE, TWO THOUSAND TWENTY-FIVE, THE WAGES IN THIS SUBPARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT. § 5. Subparagraphs (i), (ii), (iii), (iv) and (v) of paragraph (d) of subdivision 2 of section 392 of the education law, as added by chapter 18 of the laws of 2012, are amended to read as follows: (i) members with wages of forty-five thousand dollars per annum or less shall contribute three per centum of annual wages. ON JULY ONE, TWO THOUSAND TWENTY-THREE, MEMBERS WITH WAGES OF FIFTY THOUSAND DOLLARS PER ANNUM OR LESS SHALL CONTRIBUTE THREE PER CENTUM OF ANNUAL WAGES, AND BEGINNING ON JULY ONE, TWO THOUSAND TWENTY-FOUR, THE WAGES IN THIS SUBPARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT; (ii) members with wages greater than forty-five thousand per annum, but not more than fifty-five thousand per annum shall contribute three and one-half per centum of annual wages. ON JULY ONE, TWO THOUSAND TWEN- TY-THREE, MEMBERS WITH WAGES GREATER THAN FIFTY THOUSAND PER ANNUM, BUT NOT MORE THAN OF SIXTY THOUSAND PER ANNUM SHALL CONTRIBUTE THREE AND ONE-HALF PER CENTUM OF ANNUAL WAGES, AND BEGINNING ON JULY ONE, TWO A. 5209 9 THOUSAND TWENTY-FOUR, THE WAGES IN THIS SUBPARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT; (iii) members with wages greater than fifty-five thousand per annum, but not more than seventy-five thousand per annum shall contribute four and one-half per centum of annual wages. ON JULY ONE, TWO THOUSAND TWEN- TY-THREE, MEMBERS WITH WAGES GREATER THAN SIXTY THOUSAND PER ANNUM, BUT NOT MORE THAN EIGHTY THOUSAND PER ANNUM SHALL CONTRIBUTE FOUR AND ONE- HALF PER CENTUM OF ANNUAL WAGES, AND BEGINNING ON JULY ONE, TWO THOUSAND TWENTY-FOUR, THE WAGES IN THIS SUBPARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER ONE- TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT; (iv) members with wages greater than seventy-five thousand per annum but not more than one hundred thousand per annum shall contribute five and three-quarters per centum of annual wages. ON JULY ONE, TWO THOUSAND TWENTY-THREE, MEMBERS WITH WAGES GREATER THAN EIGHTY THOUSAND DOLLARS PER ANNUM BUT NOT MORE THAN ONE HUNDRED FIVE THOUSAND DOLLARS PER ANNUM SHALL CONTRIBUTE FIVE AND THREE-QUARTERS PER CENTUM OF ANNUAL WAGES, AND BEGINNING ON JULY ONE, TWO THOUSAND TWENTY-FOUR, THE WAGES IN THIS SUBPARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT; and (v) members with wages greater than one hundred thousand per annum shall contribute six per centum of annual wages. ON JULY ONE, TWO THOU- SAND TWENTY-THREE, MEMBERS WITH WAGES GREATER THAN ONE HUNDRED FIVE THOUSAND DOLLARS PER ANNUM SHALL CONTRIBUTE SIX PER CENTUM OF ANNUAL WAGES, AND BEGINNING ON JULY ONE, TWO THOUSAND TWENTY-FOUR, THE WAGES IN THIS SUBPARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENT- AGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT. § 6. Subparagraphs 1, 2, 3, 4 and 5 of paragraph (d) of subdivision 2 of section 6252 of the education law, as added by chapter 18 of the laws of 2012, are amended to read as follows: (1) members with wages of forty-five thousand dollars per annum or less shall contribute three per centum of annual wages. ON JULY ONE, TWO THOUSAND TWENTY-THREE, MEMBERS WITH WAGES OF FIFTY THOUSAND DOLLARS PER ANNUM OR LESS SHALL CONTRIBUTE THREE PER CENTUM OF ANNUAL WAGES, AND BEGINNING ON JULY ONE, TWO THOUSAND TWENTY-FOUR, THE WAGES IN THIS SUBPARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT; (2) members with wages greater than forty-five thousand per annum, but not more than fifty-five thousand per annum shall contribute three and one-half per centum of annual wages. ON JULY ONE, TWO THOUSAND TWENTY- THREE, MEMBERS WITH WAGES GREATER THAN FIFTY THOUSAND PER ANNUM, BUT NOT MORE THAN OF SIXTY THOUSAND PER ANNUM SHALL CONTRIBUTE THREE AND ONE- A. 5209 10 HALF PER CENTUM OF ANNUAL WAGES, AND BEGINNING ON JULY ONE, TWO THOUSAND TWENTY-FOUR, THE WAGES IN THIS SUBPARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER ONE- TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT; (3) members with wages greater than fifty-five thousand per annum, but not more than seventy-five thousand per annum shall contribute four and one-half per centum of annual wages. ON JULY ONE, TWO THOUSAND TWENTY- THREE, MEMBERS WITH WAGES GREATER THAN SIXTY THOUSAND PER ANNUM, BUT NOT MORE THAN EIGHTY THOUSAND PER ANNUM SHALL CONTRIBUTE FOUR AND ONE-HALF PER CENTUM OF ANNUAL WAGES, AND BEGINNING ON JULY ONE, TWO THOUSAND TWENTY-FOUR, THE WAGES IN THIS SUBPARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER ONE- TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT; (4) members with wages greater than seventy-five thousand per annum but not more than one hundred thousand per annum shall contribute five and three-quarters per centum of annual wages. ON JULY ONE, TWO THOUSAND TWENTY-THREE, MEMBERS WITH WAGES GREATER THAN EIGHTY THOUSAND DOLLARS PER ANNUM BUT NOT MORE THAN ONE HUNDRED FIVE THOUSAND DOLLARS PER ANNUM SHALL CONTRIBUTE FIVE AND THREE-QUARTERS PER CENTUM OF ANNUAL WAGES, AND BEGINNING ON JULY ONE, TWO THOUSAND TWENTY-FOUR, THE WAGES IN THIS SUBPARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT; and (5) members with wages greater than one hundred thousand per annum shall contribute six per centum of annual wages. ON JULY ONE, TWO THOU- SAND TWENTY-THREE, MEMBERS WITH WAGES GREATER THAN ONE HUNDRED FIVE THOUSAND DOLLARS PER ANNUM SHALL CONTRIBUTE SIX PER CENTUM OF ANNUAL WAGES, AND BEGINNING ON JULY ONE, TWO THOUSAND TWENTY-FOUR, THE WAGES IN THIS SUBPARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENT- AGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT. § 7. Notwithstanding any other provision of law to the contrary, none of the provisions of this act shall be subject to section 25 of the retirement and social security law. § 8. This act shall take effect immediately. FISCAL NOTE.--Pursuant to Legislative Law, Section 50: This bill would increase the wage ranges to which member contribution rates are applied for Tier 6 members effective April 1, 2024 by $5,000. Beginning on April 1, 2025, the wage ranges would increase each year by the annual inflation rate rounded up to the next tenth of a percent, not to exceed 3%. The current contribution rates and wage ranges for Tier 6 members are: 3% for wages of $45,000 or less 3.5% for wages greater than $45,000 and less than or equal to $55,000 4.5% for wages greater than $55,000 and less than or equal to $75,000 5.75% for wages greater than $75,000 and less than or equal to $100,000 6.0% for wages greater than $100,000 A. 5209 11 Insofar as this bill affects the New York State and Local Employees' Retirement System (NYSLERS), increased costs would be shared by the State of New York and all participating employers in the NYSLERS. If this bill is enacted during the 2023 legislative session, there will be an increase in the present value of future costs of approximately $588 million. In the NYSLERS, this benefit improvement will be funded by increasing the billing rates charged annually. The annual contribution required of all participating employers in NYSLERS is approximately 0.2% of billable salary, or $26 million to the State of New York and approximately $38 million to the local participating employers. This PERMANENT ANNUAL COST will vary in subsequent billing cycles with changes in the wage ranges and salary of the affected members. Insofar as this bill affects the New York State and Local Police and Fire Retirement System (NYSLPFRS), increased costs would be shared by the State of New York and all participating employers in the NYSLPFRS. If this bill is enacted during the 2023 legislative session, there will be an increase in the present value of future costs of approximately $11.2 million. In the NYSLPFRS, this benefit improvement will be funded by increasing the billing rates charged annually. The annual contribution required of all participating employers in NYSLERS is less than 0.1% of billable salary, or approximately $225,000 to the State of New York and approxi- mately $890,000 to the local participating employers. This PERMANENT ANNUAL COST will vary in subsequent billing cycles with changes in the wage ranges and salary of the affected members. Summary of relevant resources: Membership data as of March 31, 2022 was used in measuring the impact of the proposed change, the same data used in the April 1, 2022 actuari- al valuation. Distributions and other statistics can be found in the 2022 Report of the Actuary and the 2022 Annual Comprehensive Financial Report. The actuarial assumptions and methods used are described in the 2020, 2021, and 2022 Annual Report to the Comptroller on Actuarial Assump- tions, and the Codes, Rules and Regulations of the State of New York: Audit and Control. The Market Assets and GASB Disclosures are found in the March 31, 2022 New York State and Local Retirement System Financial Statements and Supplementary Information. I am a member of the American Academy of Actuaries and meet the Quali- fication Standards to render the actuarial opinion contained herein. This fiscal note does not constitute a legal opinion on the viability of the proposed change nor is it intended to serve as a substitute for the professional judgment of an attorney. This estimate, dated January 31, 2023, and intended for use only during the 2023 Legislative Session, is Fiscal Note No. 2023-30, prepared by the Actuary for the New York State and Local Retirement System.
2023-A5209A - Details
2023-A5209A - Bill Text download pdf
S T A T E O F N E W Y O R K
________________________________________________________________________
5209--A
2023-2024 Regular Sessions
I N A S S E M B L Y
March 6, 2023
___________
Introduced by M. of A. PHEFFER AMATO -- read once and referred to the
Committee on Governmental Employees -- committee discharged, bill
amended, ordered reprinted as amended and recommitted to said commit-
tee
AN ACT to amend the retirement and social security law and the education
law, in relation to member contribution per centum increases
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. Paragraphs 1, 2, 3, 4 and 5 of subdivision a of section 517
of the retirement and social security law, as added by chapter 18 of the
laws of 2012, are amended to read as follows:
1. members with wages of forty-five thousand dollars per annum or less
shall contribute three per centum of annual wages. ON APRIL ONE, TWO
THOUSAND TWENTY-FOUR, MEMBERS WITH WAGES OF FIFTY THOUSAND DOLLARS PER
ANNUM OR LESS SHALL CONTRIBUTE THREE PER CENTUM OF ANNUAL WAGES, AND
BEGINNING ON APRIL ONE, TWO THOUSAND TWENTY-FIVE, THE WAGES IN THIS
SUBPARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED
FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD
ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL
THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL
NOT EXCEED THREE PERCENT;
2. members with wages greater than forty-five thousand per annum, but
not more than fifty-five thousand per annum shall contribute three and
one-half per centum of annual wages. ON APRIL ONE, TWO THOUSAND TWENTY-
FOUR, MEMBERS WITH WAGES GREATER THAN FIFTY THOUSAND PER ANNUM, BUT NOT
MORE THAN SIXTY THOUSAND PER ANNUM SHALL CONTRIBUTE THREE AND ONE-HALF
PER CENTUM OF ANNUAL WAGES, AND BEGINNING ON APRIL ONE, TWO THOUSAND
TWENTY-FIVE, THE WAGES IN THIS SUBPARAGRAPH SHALL BE INCREASED BY THE
ANNUAL INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER PRICE
INDEX IN THE ONE YEAR PERIOD ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD03315-04-3
A. 5209--A 2
PRIOR. SAID PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER ONE- TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT; 3. members with wages greater than fifty-five thousand per annum, but not more than seventy-five thousand per annum shall contribute four and one-half per centum of annual wages. ON APRIL ONE, TWO THOUSAND TWENTY- FOUR, MEMBERS WITH WAGES GREATER THAN SIXTY THOUSAND PER ANNUM, BUT NOT MORE THAN EIGHTY THOUSAND PER ANNUM SHALL CONTRIBUTE FOUR AND ONE-HALF PER CENTUM OF ANNUAL WAGES, AND BEGINNING ON APRIL ONE, TWO THOUSAND TWENTY-FIVE, THE WAGES IN THIS SUBPARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER ONE- TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT; 4. members with wages greater than seventy-five thousand per annum but not more than one hundred thousand per annum shall contribute five and three-quarters per centum of annual wages. ON APRIL ONE, TWO THOUSAND TWENTY-FOUR, MEMBERS WITH WAGES GREATER THAN EIGHTY THOUSAND DOLLARS PER ANNUM BUT NOT MORE THAN ONE HUNDRED FIVE THOUSAND DOLLARS PER ANNUM SHALL CONTRIBUTE FIVE AND THREE-QUARTERS PER CENTUM OF ANNUAL WAGES, AND BEGINNING ON APRIL ONE, TWO THOUSAND TWENTY-FIVE, THE WAGES IN THIS SUBPARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT; and 5. members with wages greater than one hundred thousand per annum shall contribute six per centum of annual wages. ON APRIL ONE, TWO THOU- SAND TWENTY-FOUR, MEMBERS WITH WAGES GREATER THAN ONE HUNDRED FIVE THOU- SAND DOLLARS PER ANNUM SHALL CONTRIBUTE SIX PER CENTUM OF ANNUAL WAGES, AND BEGINNING ON APRIL ONE, TWO THOUSAND TWENTY-FIVE, THE WAGES IN THIS SUBPARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT. § 2. Subparagraphs (i), (ii), (iii), (iv) and (v) of paragraph 1 of subdivision a, subparagraphs (i), (ii), (iii), (iv) and (v) of paragraph 2 of subdivision a, paragraphs 1, 2, 3, 4 and 5 of subdivision f and paragraphs 1, 2, 3, 4 and 5 of subdivision g of section 613 of the retirement and social security law, subparagraphs (i), (ii), (iii), (iv) and (v) of paragraph 1 and subparagraphs (i), (ii), (iii), (iv) and (v) of paragraph 2 of subdivision a as amended by chapter 510 of the laws of 2015 and paragraphs 1, 2, 3, 4 and 5 of subdivision f and paragraphs 1, 2, 3, 4 and 5 of subdivision g as added by chapter 18 of the laws of 2012, are amended to read as follows: (i) members with wages of forty-five thousand dollars per annum or less shall contribute three per centum of annual wages. ON APRIL ONE, TWO THOUSAND TWENTY-FOUR, MEMBERS WITH WAGES OF FIFTY THOUSAND DOLLARS PER ANNUM OR LESS SHALL CONTRIBUTE THREE PER CENTUM OF ANNUAL WAGES, AND BEGINNING ON APRIL ONE, TWO THOUSAND TWENTY-FIVE, THE WAGES IN THIS SUBPARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT; A. 5209--A 3 (ii) members with wages greater than forty-five thousand per annum, but not more than fifty-five thousand per annum shall contribute three and one-half per centum of annual wages. ON APRIL ONE, TWO THOUSAND TWENTY-FOUR, MEMBERS WITH WAGES GREATER THAN FIFTY THOUSAND PER ANNUM, BUT NOT MORE THAN OF SIXTY THOUSAND PER ANNUM SHALL CONTRIBUTE THREE AND ONE-HALF PER CENTUM OF ANNUAL WAGES, AND BEGINNING ON APRIL ONE, TWO THOUSAND TWENTY-FIVE, THE WAGES IN THIS SUBPARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT; (iii) members with wages greater than fifty-five thousand per annum, but not more than seventy-five thousand per annum shall contribute four and one-half per centum of annual wages. ON APRIL ONE, TWO THOUSAND TWENTY-FOUR, MEMBERS WITH WAGES GREATER THAN SIXTY THOUSAND PER ANNUM, BUT NOT MORE THAN EIGHTY THOUSAND PER ANNUM SHALL CONTRIBUTE FOUR AND ONE-HALF PER CENTUM OF ANNUAL WAGES, AND BEGINNING ON APRIL ONE, TWO THOUSAND TWENTY-FIVE, THE WAGES IN THIS SUBPARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT; (iv) members with wages greater than seventy-five thousand per annum but not more than one hundred thousand per annum shall contribute five and three-quarters per centum of annual wages. ON APRIL ONE, TWO THOU- SAND TWENTY-FOUR, MEMBERS WITH WAGES GREATER THAN EIGHTY THOUSAND DOLLARS PER ANNUM BUT NOT MORE THAN ONE HUNDRED FIVE THOUSAND DOLLARS PER ANNUM SHALL CONTRIBUTE FIVE AND THREE-QUARTERS PER CENTUM OF ANNUAL WAGES, AND BEGINNING ON APRIL ONE, TWO THOUSAND TWENTY-FIVE, THE WAGES IN THIS SUBPARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENT- AGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT; and (v) members with wages greater than one hundred thousand per annum shall contribute six per centum of annual wages. ON APRIL ONE, TWO THOU- SAND TWENTY-FOUR, MEMBERS WITH WAGES GREATER THAN ONE HUNDRED FIVE THOU- SAND DOLLARS PER ANNUM SHALL CONTRIBUTE SIX PER CENTUM OF ANNUAL WAGES, AND BEGINNING ON APRIL ONE, TWO THOUSAND TWENTY-FIVE, THE WAGES IN THIS SUBPARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT. (i) members with wages of forty-five thousand dollars per annum or less shall contribute three per centum of annual wages. ON APRIL ONE, TWO THOUSAND TWENTY-FOUR, MEMBERS WITH WAGES OF FIFTY THOUSAND DOLLARS PER ANNUM OR LESS SHALL CONTRIBUTE THREE PER CENTUM OF ANNUAL WAGES, AND BEGINNING ON APRIL ONE, TWO THOUSAND TWENTY-FIVE, THE WAGES IN THIS SUBPARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT; (ii) members with wages greater than forty-five thousand per annum, but not more than fifty-five thousand per annum shall contribute three A. 5209--A 4 and one-half per centum of annual wages. ON APRIL ONE, TWO THOUSAND TWENTY-FOUR, MEMBERS WITH WAGES GREATER THAN FIFTY THOUSAND PER ANNUM, BUT NOT MORE THAN OF SIXTY THOUSAND PER ANNUM SHALL CONTRIBUTE THREE AND ONE-HALF PER CENTUM OF ANNUAL WAGES, AND BEGINNING ON APRIL ONE, TWO THOUSAND TWENTY-FIVE, THE WAGES IN THIS SUBPARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT; (iii) members with wages greater than fifty-five thousand per annum, but not more than seventy-five thousand per annum shall contribute four and one-half per centum of annual wages. ON APRIL ONE, TWO THOUSAND TWENTY-FOUR, MEMBERS WITH WAGES GREATER THAN SIXTY THOUSAND PER ANNUM, BUT NOT MORE THAN EIGHTY THOUSAND PER ANNUM SHALL CONTRIBUTE FOUR AND ONE-HALF PER CENTUM OF ANNUAL WAGES, AND BEGINNING ON APRIL ONE, TWO THOUSAND TWENTY-FIVE, THE WAGES IN THIS SUBPARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT; (iv) members with wages greater than seventy-five thousand per annum but not more than one hundred thousand per annum shall contribute five and three-quarters per centum of annual wages. ON APRIL ONE, TWO THOU- SAND TWENTY-FOUR, MEMBERS WITH WAGES GREATER THAN EIGHTY THOUSAND DOLLARS PER ANNUM BUT NOT MORE THAN ONE HUNDRED FIVE THOUSAND DOLLARS PER ANNUM SHALL CONTRIBUTE FIVE AND THREE-QUARTERS PER CENTUM OF ANNUAL WAGES, AND BEGINNING ON APRIL ONE, TWO THOUSAND TWENTY-FIVE, THE WAGES IN THIS SUBPARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENT- AGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT; and (v) members with wages greater than one hundred thousand per annum shall contribute six per centum of annual wages. ON APRIL ONE, TWO THOU- SAND TWENTY-FOUR, MEMBERS WITH WAGES GREATER THAN ONE HUNDRED FIVE THOU- SAND DOLLARS PER ANNUM SHALL CONTRIBUTE SIX PER CENTUM OF ANNUAL WAGES, AND BEGINNING ON APRIL ONE, TWO THOUSAND TWENTY-FIVE, THE WAGES IN THIS SUBPARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT. 1. members with wages of forty-five thousand dollars per annum or less shall contribute three per centum of annual wages. ON APRIL ONE, TWO THOUSAND TWENTY-FOUR, MEMBERS WITH WAGES OF FIFTY THOUSAND DOLLARS PER ANNUM OR LESS SHALL CONTRIBUTE THREE PER CENTUM OF ANNUAL WAGES, AND BEGINNING ON APRIL ONE, TWO THOUSAND TWENTY-FIVE, THE WAGES IN THIS SUBPARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT; 2. members with wages greater than forty-five thousand per annum, but not more than fifty-five thousand per annum shall contribute three and one-half per centum of annual wages. ON APRIL ONE, TWO THOUSAND TWENTY- FOUR, MEMBERS WITH WAGES GREATER THAN FIFTY THOUSAND PER ANNUM, BUT NOT A. 5209--A 5 MORE THAN OF SIXTY THOUSAND PER ANNUM SHALL CONTRIBUTE THREE AND ONE- HALF PER CENTUM OF ANNUAL WAGES, AND BEGINNING ON APRIL ONE, TWO THOU- SAND TWENTY-FIVE, THE WAGES IN THIS SUBPARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT; 3. members with wages greater than fifty-five thousand per annum, but not more than seventy-five thousand per annum shall contribute four and one-half per centum of annual wages. ON APRIL ONE, TWO THOUSAND TWENTY- FOUR, MEMBERS WITH WAGES GREATER THAN SIXTY THOUSAND PER ANNUM, BUT NOT MORE THAN EIGHTY THOUSAND PER ANNUM SHALL CONTRIBUTE FOUR AND ONE-HALF PER CENTUM OF ANNUAL WAGES, AND BEGINNING ON APRIL ONE, TWO THOUSAND TWENTY-FIVE, THE WAGES IN THIS SUBPARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER ONE- TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT; 4. members with wages greater than seventy-five thousand per annum but not more than one hundred thousand per annum shall contribute five and three-quarters per centum of annual wages. ON APRIL ONE, TWO THOUSAND TWENTY-FOUR, MEMBERS WITH WAGES GREATER THAN EIGHTY THOUSAND DOLLARS PER ANNUM BUT NOT MORE THAN ONE HUNDRED FIVE THOUSAND DOLLARS PER ANNUM SHALL CONTRIBUTE FIVE AND THREE-QUARTERS PER CENTUM OF ANNUAL WAGES, AND BEGINNING ON APRIL ONE, TWO THOUSAND TWENTY-FIVE, THE WAGES IN THIS SUBPARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT; and 5. members with wages greater than one hundred thousand per annum shall contribute six per centum of annual wages. ON APRIL ONE, TWO THOU- SAND TWENTY-FOUR, MEMBERS WITH WAGES GREATER THAN ONE HUNDRED FIVE THOU- SAND DOLLARS PER ANNUM SHALL CONTRIBUTE SIX PER CENTUM OF ANNUAL WAGES, AND BEGINNING ON APRIL ONE, TWO THOUSAND TWENTY-FIVE, THE WAGES IN THIS SUBPARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT. 1. members with wages of forty-five thousand dollars per annum or less shall contribute three per centum of annual wages. ON APRIL ONE, TWO THOUSAND TWENTY-FOUR, MEMBERS WITH WAGES OF FIFTY THOUSAND DOLLARS PER ANNUM OR LESS SHALL CONTRIBUTE THREE PER CENTUM OF ANNUAL WAGES, AND BEGINNING ON APRIL ONE, TWO THOUSAND TWENTY-FIVE, THE WAGES IN THIS SUBPARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT; 2. members with wages greater than forty-five thousand per annum, but not more than fifty-five thousand per annum shall contribute three and one-half per centum of annual wages. ON APRIL ONE, TWO THOUSAND TWENTY- FOUR, MEMBERS WITH WAGES GREATER THAN FIFTY THOUSAND PER ANNUM, BUT NOT MORE THAN OF SIXTY THOUSAND PER ANNUM SHALL CONTRIBUTE THREE AND ONE- HALF PER CENTUM OF ANNUAL WAGES, AND BEGINNING ON APRIL ONE, TWO THOU- A. 5209--A 6 SAND TWENTY-FIVE, THE WAGES IN THIS SUBPARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT; 3. members with wages greater than fifty-five thousand per annum, but not more than seventy-five thousand per annum shall contribute four and one-half per centum of annual wages. ON APRIL ONE, TWO THOUSAND TWENTY- FOUR, MEMBERS WITH WAGES GREATER THAN SIXTY THOUSAND PER ANNUM, BUT NOT MORE THAN EIGHTY THOUSAND PER ANNUM SHALL CONTRIBUTE FOUR AND ONE-HALF PER CENTUM OF ANNUAL WAGES, AND BEGINNING ON APRIL ONE, TWO THOUSAND TWENTY-FIVE, THE WAGES IN THIS SUBPARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER ONE- TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT; 4. members with wages greater than seventy-five thousand per annum but not more than one hundred thousand per annum shall contribute five and three-quarters per centum of annual wages. ON APRIL ONE, TWO THOUSAND TWENTY-FOUR, MEMBERS WITH WAGES GREATER THAN EIGHTY THOUSAND DOLLARS PER ANNUM BUT NOT MORE THAN ONE HUNDRED FIVE THOUSAND DOLLARS PER ANNUM SHALL CONTRIBUTE FIVE AND THREE-QUARTERS PER CENTUM OF ANNUAL WAGES, AND BEGINNING ON APRIL ONE, TWO THOUSAND TWENTY-FIVE, THE WAGES IN THIS SUBPARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT; and 5. members with wages greater than one hundred thousand per annum shall contribute six per centum of annual wages. ON APRIL ONE, TWO THOU- SAND TWENTY-FOUR, MEMBERS WITH WAGES GREATER THAN ONE HUNDRED FIVE THOU- SAND DOLLARS PER ANNUM SHALL CONTRIBUTE SIX PER CENTUM OF ANNUAL WAGES, AND BEGINNING ON APRIL ONE, TWO THOUSAND TWENTY-FIVE, THE WAGES IN THIS SUBPARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT. § 3. Subdivisions a, b, c, d and e of section 1204 of the retirement and social security law, as added by chapter 18 of the laws of 2012, are amended to read as follows: a. members with wages of forty-five thousand dollars per annum or less shall contribute three per centum of annual wages. ON APRIL ONE, TWO THOUSAND TWENTY-FOUR, MEMBERS WITH WAGES OF FIFTY THOUSAND DOLLARS PER ANNUM OR LESS SHALL CONTRIBUTE THREE PER CENTUM OF ANNUAL WAGES, AND BEGINNING ON APRIL ONE, TWO THOUSAND TWENTY-FIVE, THE WAGES IN THIS SUBPARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT; b. members with wages greater than forty-five thousand per annum, but not more than fifty-five thousand per annum shall contribute three and one-half per centum of annual wages. ON APRIL ONE, TWO THOUSAND TWENTY- FOUR, MEMBERS WITH WAGES GREATER THAN FIFTY THOUSAND PER ANNUM, BUT NOT MORE THAN OF SIXTY THOUSAND PER ANNUM SHALL CONTRIBUTE THREE AND ONE- A. 5209--A 7 HALF PER CENTUM OF ANNUAL WAGES, AND BEGINNING ON APRIL ONE, TWO THOU- SAND TWENTY-FIVE, THE WAGES IN THIS SUBPARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT; c. members with wages greater than fifty-five thousand per annum, but not more than seventy-five thousand per annum shall contribute four and one-half per centum of annual wages. ON APRIL ONE, TWO THOUSAND TWENTY- FOUR, MEMBERS WITH WAGES GREATER THAN SIXTY THOUSAND PER ANNUM, BUT NOT MORE THAN EIGHTY THOUSAND PER ANNUM SHALL CONTRIBUTE FOUR AND ONE-HALF PER CENTUM OF ANNUAL WAGES, AND BEGINNING ON APRIL ONE, TWO THOUSAND TWENTY-FIVE, THE WAGES IN THIS SUBPARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER ONE- TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT; d. members with wages greater than seventy-five thousand per annum but not more than one hundred thousand per annum shall contribute five and three-quarters per centum of annual wages. ON APRIL ONE, TWO THOUSAND TWENTY-FOUR, MEMBERS WITH WAGES GREATER THAN EIGHTY THOUSAND DOLLARS PER ANNUM BUT NOT MORE THAN ONE HUNDRED FIVE THOUSAND DOLLARS PER ANNUM SHALL CONTRIBUTE FIVE AND THREE-QUARTERS PER CENTUM OF ANNUAL WAGES, AND BEGINNING ON APRIL ONE, TWO THOUSAND TWENTY-FIVE, THE WAGES IN THIS SUBPARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT; and e. members with wages greater than one hundred thousand per annum shall contribute six per centum of annual wages. ON APRIL ONE, TWO THOU- SAND TWENTY-FOUR, MEMBERS WITH WAGES GREATER THAN ONE HUNDRED FIVE THOU- SAND DOLLARS PER ANNUM SHALL CONTRIBUTE SIX PER CENTUM OF ANNUAL WAGES, AND BEGINNING ON APRIL ONE, TWO THOUSAND TWENTY-FIVE, THE WAGES IN THIS SUBPARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT. § 4. Paragraphs (a), (b), (c), (d) and (e) of subdivision 2 of section 182 of the education law, as added by chapter 18 of the laws of 2012, are amended to read as follows: (a) members with wages of forty-five thousand dollars per annum or less shall contribute three per centum of annual wages. ON APRIL ONE, TWO THOUSAND TWENTY-FOUR, MEMBERS WITH WAGES OF FIFTY THOUSAND DOLLARS PER ANNUM OR LESS SHALL CONTRIBUTE THREE PER CENTUM OF ANNUAL WAGES, AND BEGINNING ON APRIL ONE, TWO THOUSAND TWENTY-FIVE, THE WAGES IN THIS SUBPARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT; (b) members with wages greater than forty-five thousand per annum, but not more than fifty-five thousand per annum shall contribute three and one-half per centum of annual wages. ON APRIL ONE, TWO THOUSAND TWENTY- FOUR, MEMBERS WITH WAGES GREATER THAN FIFTY THOUSAND PER ANNUM, BUT NOT A. 5209--A 8 MORE THAN OF SIXTY THOUSAND PER ANNUM SHALL CONTRIBUTE THREE AND ONE- HALF PER CENTUM OF ANNUAL WAGES, AND BEGINNING ON APRIL ONE, TWO THOU- SAND TWENTY-FIVE, THE WAGES IN THIS SUBPARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT; (c) members with wages greater than fifty-five thousand per annum, but not more than seventy-five thousand per annum shall contribute four and one-half per centum of annual wages. ON APRIL ONE, TWO THOUSAND TWENTY- FOUR, MEMBERS WITH WAGES GREATER THAN SIXTY THOUSAND PER ANNUM, BUT NOT MORE THAN EIGHTY THOUSAND PER ANNUM SHALL CONTRIBUTE FOUR AND ONE-HALF PER CENTUM OF ANNUAL WAGES, AND BEGINNING ON APRIL ONE, TWO THOUSAND TWENTY-FIVE, THE WAGES IN THIS SUBPARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER ONE- TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT; (d) members with wages greater than seventy-five thousand per annum but not more than one hundred thousand per annum shall contribute five and three-quarters per centum of annual wages. ON APRIL ONE, TWO THOU- SAND TWENTY-FOUR, MEMBERS WITH WAGES GREATER THAN EIGHTY THOUSAND DOLLARS PER ANNUM BUT NOT MORE THAN ONE HUNDRED FIVE THOUSAND DOLLARS PER ANNUM SHALL CONTRIBUTE FIVE AND THREE-QUARTERS PER CENTUM OF ANNUAL WAGES, AND BEGINNING ON APRIL ONE, TWO THOUSAND TWENTY-FIVE, THE WAGES IN THIS SUBPARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENT- AGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT; and (e) members with wages greater than one hundred thousand per annum shall contribute six per centum of annual wages. ON APRIL ONE, TWO THOU- SAND TWENTY-FOUR, MEMBERS WITH WAGES GREATER THAN ONE HUNDRED FIVE THOU- SAND DOLLARS PER ANNUM SHALL CONTRIBUTE SIX PER CENTUM OF ANNUAL WAGES, AND BEGINNING ON APRIL ONE, TWO THOUSAND TWENTY-FIVE, THE WAGES IN THIS SUBPARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT. § 5. Subparagraphs (i), (ii), (iii), (iv) and (v) of paragraph (d) of subdivision 2 of section 392 of the education law, as added by chapter 18 of the laws of 2012, are amended to read as follows: (i) members with wages of forty-five thousand dollars per annum or less shall contribute three per centum of annual wages. ON JULY ONE, TWO THOUSAND TWENTY-THREE, MEMBERS WITH WAGES OF FIFTY THOUSAND DOLLARS PER ANNUM OR LESS SHALL CONTRIBUTE THREE PER CENTUM OF ANNUAL WAGES, AND BEGINNING ON JULY ONE, TWO THOUSAND TWENTY-FOUR, THE WAGES IN THIS SUBPARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT; (ii) members with wages greater than forty-five thousand per annum, but not more than fifty-five thousand per annum shall contribute three and one-half per centum of annual wages. ON JULY ONE, TWO THOUSAND TWEN- A. 5209--A 9 TY-THREE, MEMBERS WITH WAGES GREATER THAN FIFTY THOUSAND PER ANNUM, BUT NOT MORE THAN OF SIXTY THOUSAND PER ANNUM SHALL CONTRIBUTE THREE AND ONE-HALF PER CENTUM OF ANNUAL WAGES, AND BEGINNING ON JULY ONE, TWO THOUSAND TWENTY-FOUR, THE WAGES IN THIS SUBPARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT; (iii) members with wages greater than fifty-five thousand per annum, but not more than seventy-five thousand per annum shall contribute four and one-half per centum of annual wages. ON JULY ONE, TWO THOUSAND TWEN- TY-THREE, MEMBERS WITH WAGES GREATER THAN SIXTY THOUSAND PER ANNUM, BUT NOT MORE THAN EIGHTY THOUSAND PER ANNUM SHALL CONTRIBUTE FOUR AND ONE- HALF PER CENTUM OF ANNUAL WAGES, AND BEGINNING ON JULY ONE, TWO THOUSAND TWENTY-FOUR, THE WAGES IN THIS SUBPARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER ONE- TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT; (iv) members with wages greater than seventy-five thousand per annum but not more than one hundred thousand per annum shall contribute five and three-quarters per centum of annual wages. ON JULY ONE, TWO THOUSAND TWENTY-THREE, MEMBERS WITH WAGES GREATER THAN EIGHTY THOUSAND DOLLARS PER ANNUM BUT NOT MORE THAN ONE HUNDRED FIVE THOUSAND DOLLARS PER ANNUM SHALL CONTRIBUTE FIVE AND THREE-QUARTERS PER CENTUM OF ANNUAL WAGES, AND BEGINNING ON JULY ONE, TWO THOUSAND TWENTY-FOUR, THE WAGES IN THIS SUBPARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT; and (v) members with wages greater than one hundred thousand per annum shall contribute six per centum of annual wages. ON JULY ONE, TWO THOU- SAND TWENTY-THREE, MEMBERS WITH WAGES GREATER THAN ONE HUNDRED FIVE THOUSAND DOLLARS PER ANNUM SHALL CONTRIBUTE SIX PER CENTUM OF ANNUAL WAGES, AND BEGINNING ON JULY ONE, TWO THOUSAND TWENTY-FOUR, THE WAGES IN THIS SUBPARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENT- AGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT. § 6. Subparagraphs 1, 2, 3, 4 and 5 of paragraph (d) of subdivision 2 of section 6252 of the education law, as added by chapter 18 of the laws of 2012, are amended to read as follows: (1) members with wages of forty-five thousand dollars per annum or less shall contribute three per centum of annual wages. ON JULY ONE, TWO THOUSAND TWENTY-THREE, MEMBERS WITH WAGES OF FIFTY THOUSAND DOLLARS PER ANNUM OR LESS SHALL CONTRIBUTE THREE PER CENTUM OF ANNUAL WAGES, AND BEGINNING ON JULY ONE, TWO THOUSAND TWENTY-FOUR, THE WAGES IN THIS SUBPARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT; (2) members with wages greater than forty-five thousand per annum, but not more than fifty-five thousand per annum shall contribute three and A. 5209--A 10 one-half per centum of annual wages. ON JULY ONE, TWO THOUSAND TWENTY- THREE, MEMBERS WITH WAGES GREATER THAN FIFTY THOUSAND PER ANNUM, BUT NOT MORE THAN OF SIXTY THOUSAND PER ANNUM SHALL CONTRIBUTE THREE AND ONE- HALF PER CENTUM OF ANNUAL WAGES, AND BEGINNING ON JULY ONE, TWO THOUSAND TWENTY-FOUR, THE WAGES IN THIS SUBPARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER ONE- TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT; (3) members with wages greater than fifty-five thousand per annum, but not more than seventy-five thousand per annum shall contribute four and one-half per centum of annual wages. ON JULY ONE, TWO THOUSAND TWENTY- THREE, MEMBERS WITH WAGES GREATER THAN SIXTY THOUSAND PER ANNUM, BUT NOT MORE THAN EIGHTY THOUSAND PER ANNUM SHALL CONTRIBUTE FOUR AND ONE-HALF PER CENTUM OF ANNUAL WAGES, AND BEGINNING ON JULY ONE, TWO THOUSAND TWENTY-FOUR, THE WAGES IN THIS SUBPARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER ONE- TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT; (4) members with wages greater than seventy-five thousand per annum but not more than one hundred thousand per annum shall contribute five and three-quarters per centum of annual wages. ON JULY ONE, TWO THOUSAND TWENTY-THREE, MEMBERS WITH WAGES GREATER THAN EIGHTY THOUSAND DOLLARS PER ANNUM BUT NOT MORE THAN ONE HUNDRED FIVE THOUSAND DOLLARS PER ANNUM SHALL CONTRIBUTE FIVE AND THREE-QUARTERS PER CENTUM OF ANNUAL WAGES, AND BEGINNING ON JULY ONE, TWO THOUSAND TWENTY-FOUR, THE WAGES IN THIS SUBPARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT; and (5) members with wages greater than one hundred thousand per annum shall contribute six per centum of annual wages. ON JULY ONE, TWO THOU- SAND TWENTY-THREE, MEMBERS WITH WAGES GREATER THAN ONE HUNDRED FIVE THOUSAND DOLLARS PER ANNUM SHALL CONTRIBUTE SIX PER CENTUM OF ANNUAL WAGES, AND BEGINNING ON JULY ONE, TWO THOUSAND TWENTY-FOUR, THE WAGES IN THIS SUBPARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENT- AGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT. § 7. Notwithstanding any other provision of law to the contrary, none of the provisions of this act shall be subject to section 25 of the retirement and social security law. § 8. This act shall take effect immediately. FISCAL NOTE.--Pursuant to Legislative Law, Section 50: This bill would increase the wage ranges to which member contribution rates are applied for Tier 6 members effective April 1, 2024 by $5,000. Beginning on April 1, 2025, the wage ranges would increase each year by the annual inflation rate rounded up to the next tenth of a percent, not to exceed 3%. The current contribution rates and wage ranges for Tier 6 members are: 3% for wages of $45,000 or less 3.5% for wages greater than $45,000 and less than or equal to $55,000 4.5% for wages greater than $55,000 and less than or equal to $75,000 A. 5209--A 11 5.75% for wages greater than $75,000 and less than or equal to $100,000 6.0% for wages greater than $100,000 Insofar as this bill affects the New York State and Local Employees' Retirement System (NYSLERS), increased costs would be shared by the State of New York and all participating employers in the NYSLERS. If this bill is enacted during the 2023 legislative session, there will be an increase in the present value of future costs of approximately $588 million. In the NYSLERS, this benefit improvement will be funded by increasing the billing rates charged annually. The annual contribution required of all participating employers in NYSLERS is approximately 0.2% of billable salary, or $26 million to the State of New York and approximately $38 million to the local participating employers. This PERMANENT ANNUAL COST will vary in subsequent billing cycles with changes in the wage ranges and salary of the affected members. Insofar as this bill affects the New York State and Local Police and Fire Retirement System (NYSLPFRS), increased costs would be shared by the State of New York and all participating employers in the NYSLPFRS. If this bill is enacted during the 2023 legislative session, there will be an increase in the present value of future costs of approximately $11.2 million. In the NYSLPFRS, this benefit improvement will be funded by increasing the billing rates charged annually. The annual contribution required of all participating employers in NYSLERS is less than 0.1% of billable salary, or approximately $225,000 to the State of New York and approxi- mately $890,000 to the local participating employers. This PERMANENT ANNUAL COST will vary in subsequent billing cycles with changes in the wage ranges and salary of the affected members. Summary of relevant resources: Membership data as of March 31, 2022 was used in measuring the impact of the proposed change, the same data used in the April 1, 2022 actuari- al valuation. Distributions and other statistics can be found in the 2022 Report of the Actuary and the 2022 Annual Comprehensive Financial Report. The actuarial assumptions and methods used are described in the 2020, 2021, and 2022 Annual Report to the Comptroller on Actuarial Assump- tions, and the Codes, Rules and Regulations of the State of New York: Audit and Control. The Market Assets and GASB Disclosures are found in the March 31, 2022 New York State and Local Retirement System Financial Statements and Supplementary Information. I am a member of the American Academy of Actuaries and meet the Quali- fication Standards to render the actuarial opinion contained herein. This fiscal note does not constitute a legal opinion on the viability of the proposed change nor is it intended to serve as a substitute for the professional judgment of an attorney. This estimate, dated January 31, 2023, and intended for use only during the 2023 Legislative Session, is Fiscal Note No. 2023-30, prepared by the Actuary for the New York State and Local Retirement System. FISCAL NOTE.--Pursuant to Legislative Law, Section 50: This bill would amend various sections of the Retirement and Social Security Law and the Education Law to increase the salary ranges used in determining the employee contribution percentages for Tier 6 members thereby decreasing future required employee contributions. The current A. 5209--A 12 salary ranges would each increase by $5,000 on April 1, 2024. Beginning on April 1, 2025, salary ranges would then be increased annually by the increase in the consumer price index in the one year period ending on December thirty-first of the year prior, not to exceed 3%. The annual cost to the employers of members of the New York State Teachers' Retirement System for this benefit is estimated to be $30.0 million or 0.16% of payroll if this bill is enacted. The System's "new entrant rate", a hypothetical employer contribution rate that would occur if we started a new Retirement System without any assets, is equal to 5.15% of pay under the current Tier 6 benefit struc- ture. This can be thought of as the long-term expected employer cost of Tier 6, based on current actuarial assumptions. For the proposed change to the Tier 6 benefit structure under this bill, this new entrant rate is estimated to increase to 5.60% of pay, an increase of 0.45% of pay. Member data is from the System's most recent actuarial valuation files, consisting of data provided by the employers to the Retirement System. Data distributions and statistics can be found in the System's Annual Report. System assets are as reported in the System's financial statements and can also be found in the System's Annual Report. Actuar- ial assumptions and methods are provided in the System's Actuarial Valu- ation Report. The source of this estimate is Fiscal Note 2023-12 dated March 9, 2023 prepared by the Office of the Actuary of the New York State Teachers' Retirement System and is intended for use only during the 2023 Legisla- tive Session. I, Richard A. Young, am the Chief Actuary for the New York State Teachers' Retirement System. I am a member of the American Academy of Actuaries and I meet the Qualification Standards of the American Academy of Actuaries to render the actuarial opinion contained herein.
2023-A5209B (ACTIVE) - Details
2023-A5209B (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K
________________________________________________________________________
5209--B
2023-2024 Regular Sessions
I N A S S E M B L Y
March 6, 2023
___________
Introduced by M. of A. PHEFFER AMATO -- read once and referred to the
Committee on Governmental Employees -- committee discharged, bill
amended, ordered reprinted as amended and recommitted to said commit-
tee -- again reported from said committee with amendments, ordered
reprinted as amended and recommitted to said committee
AN ACT to amend the retirement and social security law and the education
law, in relation to member contribution per centum increases
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. Paragraphs 1, 2, 3, 4 and 5 of subdivision a of section 517
of the retirement and social security law, as added by chapter 18 of the
laws of 2012, are amended to read as follows:
1. members with wages of forty-five thousand dollars per annum or less
shall contribute three per centum of annual wages. ON APRIL ONE, TWO
THOUSAND TWENTY-FOUR, MEMBERS WITH WAGES OF FIFTY THOUSAND DOLLARS PER
ANNUM OR LESS SHALL CONTRIBUTE THREE PER CENTUM OF ANNUAL WAGES, AND
BEGINNING ON APRIL ONE, TWO THOUSAND TWENTY-FIVE, THE WAGES IN THIS
SUBPARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED
FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD
ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL
THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL
NOT EXCEED THREE PERCENT;
2. members with wages greater than forty-five thousand per annum, but
not more than fifty-five thousand per annum shall contribute three and
one-half per centum of annual wages. ON APRIL ONE, TWO THOUSAND TWENTY-
FOUR, MEMBERS WITH WAGES GREATER THAN FIFTY THOUSAND PER ANNUM, BUT NOT
MORE THAN SIXTY THOUSAND PER ANNUM SHALL CONTRIBUTE THREE AND ONE-HALF
PER CENTUM OF ANNUAL WAGES, AND BEGINNING ON APRIL ONE, TWO THOUSAND
TWENTY-FIVE, THE WAGES IN THIS SUBPARAGRAPH SHALL BE INCREASED BY THE
ANNUAL INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER PRICE
INDEX IN THE ONE YEAR PERIOD ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD03315-06-3
A. 5209--B 2
PRIOR. SAID PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-
TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT;
3. members with wages greater than fifty-five thousand per annum, but
not more than seventy-five thousand per annum shall contribute four and
one-half per centum of annual wages. ON APRIL ONE, TWO THOUSAND TWENTY-
FOUR, MEMBERS WITH WAGES GREATER THAN SIXTY THOUSAND PER ANNUM, BUT NOT
MORE THAN EIGHTY THOUSAND PER ANNUM SHALL CONTRIBUTE FOUR AND ONE-HALF
PER CENTUM OF ANNUAL WAGES, AND BEGINNING ON APRIL ONE, TWO THOUSAND
TWENTY-FIVE, THE WAGES IN THIS SUBPARAGRAPH SHALL BE INCREASED BY THE
ANNUAL INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER PRICE
INDEX IN THE ONE YEAR PERIOD ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR
PRIOR. SAID PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-
TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT;
4. members with wages greater than seventy-five thousand per annum but
not more than one hundred thousand per annum shall contribute five and
three-quarters per centum of annual wages. ON APRIL ONE, TWO THOUSAND
TWENTY-FOUR, MEMBERS WITH WAGES GREATER THAN EIGHTY THOUSAND DOLLARS PER
ANNUM BUT NOT MORE THAN ONE HUNDRED FIVE THOUSAND DOLLARS PER ANNUM
SHALL CONTRIBUTE FIVE AND THREE-QUARTERS PER CENTUM OF ANNUAL WAGES, AND
BEGINNING ON APRIL ONE, TWO THOUSAND TWENTY-FIVE, THE WAGES IN THIS
SUBPARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED
FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD
ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL
THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL
NOT EXCEED THREE PERCENT; and
5. members with wages greater than one hundred thousand per annum
shall contribute six per centum of annual wages. ON APRIL ONE, TWO THOU-
SAND TWENTY-FOUR, MEMBERS WITH WAGES GREATER THAN ONE HUNDRED FIVE THOU-
SAND DOLLARS PER ANNUM SHALL CONTRIBUTE SIX PER CENTUM OF ANNUAL WAGES,
AND BEGINNING ON APRIL ONE, TWO THOUSAND TWENTY-FIVE, THE WAGES IN THIS
SUBPARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED
FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD
ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL
THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL
NOT EXCEED THREE PERCENT.
§ 2. Subparagraphs (i), (ii), (iii), (iv) and (v) of paragraph 1 of
subdivision a, subparagraphs (i), (ii), (iii), (iv) and (v) of paragraph
2 of subdivision a, paragraphs 1, 2, 3, 4 and 5 of subdivision f and
paragraphs 1, 2, 3, 4 and 5 of subdivision g of section 613 of the
retirement and social security law, subparagraphs (i), (ii), (iii), (iv)
and (v) of paragraph 1 and subparagraphs (i), (ii), (iii), (iv) and (v)
of paragraph 2 of subdivision a as amended by chapter 510 of the laws of
2015 and paragraphs 1, 2, 3, 4 and 5 of subdivision f and paragraphs 1,
2, 3, 4 and 5 of subdivision g as added by chapter 18 of the laws of
2012, are amended to read as follows:
(i) members with wages of forty-five thousand dollars per annum or
less shall contribute three per centum of annual wages. ON APRIL ONE,
TWO THOUSAND TWENTY-FOUR, MEMBERS WITH WAGES OF FIFTY THOUSAND DOLLARS
PER ANNUM OR LESS SHALL CONTRIBUTE THREE PER CENTUM OF ANNUAL WAGES, AND
BEGINNING ON APRIL ONE, TWO THOUSAND TWENTY-FIVE, THE WAGES IN THIS
SUBPARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED
FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD
ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL
THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL
NOT EXCEED THREE PERCENT;
A. 5209--B 3
(ii) members with wages greater than forty-five thousand per annum,
but not more than fifty-five thousand per annum shall contribute three
and one-half per centum of annual wages. ON APRIL ONE, TWO THOUSAND
TWENTY-FOUR, MEMBERS WITH WAGES GREATER THAN FIFTY THOUSAND PER ANNUM,
BUT NOT MORE THAN OF SIXTY THOUSAND PER ANNUM SHALL CONTRIBUTE THREE
AND ONE-HALF PER CENTUM OF ANNUAL WAGES, AND BEGINNING ON APRIL ONE, TWO
THOUSAND TWENTY-FIVE, THE WAGES IN THIS SUBPARAGRAPH SHALL BE INCREASED
BY THE ANNUAL INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER
PRICE INDEX IN THE ONE YEAR PERIOD ENDING ON DECEMBER THIRTY-FIRST OF
THE YEAR PRIOR. SAID PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT
HIGHER ONE-TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT;
(iii) members with wages greater than fifty-five thousand per annum,
but not more than seventy-five thousand per annum shall contribute four
and one-half per centum of annual wages. ON APRIL ONE, TWO THOUSAND
TWENTY-FOUR, MEMBERS WITH WAGES GREATER THAN SIXTY THOUSAND PER ANNUM,
BUT NOT MORE THAN EIGHTY THOUSAND PER ANNUM SHALL CONTRIBUTE FOUR AND
ONE-HALF PER CENTUM OF ANNUAL WAGES, AND BEGINNING ON APRIL ONE, TWO
THOUSAND TWENTY-FIVE, THE WAGES IN THIS SUBPARAGRAPH SHALL BE INCREASED
BY THE ANNUAL INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER
PRICE INDEX IN THE ONE YEAR PERIOD ENDING ON DECEMBER THIRTY-FIRST OF
THE YEAR PRIOR. SAID PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT
HIGHER ONE-TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT;
(iv) members with wages greater than seventy-five thousand per annum
but not more than one hundred thousand per annum shall contribute five
and three-quarters per centum of annual wages. ON APRIL ONE, TWO THOU-
SAND TWENTY-FOUR, MEMBERS WITH WAGES GREATER THAN EIGHTY THOUSAND
DOLLARS PER ANNUM BUT NOT MORE THAN ONE HUNDRED FIVE THOUSAND DOLLARS
PER ANNUM SHALL CONTRIBUTE FIVE AND THREE-QUARTERS PER CENTUM OF ANNUAL
WAGES, AND BEGINNING ON APRIL ONE, TWO THOUSAND TWENTY-FIVE, THE WAGES
IN THIS SUBPARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION, AS
DETERMINED FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN THE ONE YEAR
PERIOD ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENT-
AGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT
AND SHALL NOT EXCEED THREE PERCENT; and
(v) members with wages greater than one hundred thousand per annum
shall contribute six per centum of annual wages. ON APRIL ONE, TWO THOU-
SAND TWENTY-FOUR, MEMBERS WITH WAGES GREATER THAN ONE HUNDRED FIVE THOU-
SAND DOLLARS PER ANNUM SHALL CONTRIBUTE SIX PER CENTUM OF ANNUAL WAGES,
AND BEGINNING ON APRIL ONE, TWO THOUSAND TWENTY-FIVE, THE WAGES IN THIS
SUBPARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED
FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD
ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL
THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL
NOT EXCEED THREE PERCENT.
(i) members with wages of forty-five thousand dollars per annum or
less shall contribute three per centum of annual wages. ON APRIL ONE,
TWO THOUSAND TWENTY-FOUR, MEMBERS WITH WAGES OF FIFTY THOUSAND DOLLARS
PER ANNUM OR LESS SHALL CONTRIBUTE THREE PER CENTUM OF ANNUAL WAGES, AND
BEGINNING ON APRIL ONE, TWO THOUSAND TWENTY-FIVE, THE WAGES IN THIS
SUBPARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED
FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD
ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL
THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL
NOT EXCEED THREE PERCENT;
(ii) members with wages greater than forty-five thousand per annum,
but not more than fifty-five thousand per annum shall contribute three
A. 5209--B 4
and one-half per centum of annual wages. ON APRIL ONE, TWO THOUSAND
TWENTY-FOUR, MEMBERS WITH WAGES GREATER THAN FIFTY THOUSAND PER ANNUM,
BUT NOT MORE THAN OF SIXTY THOUSAND PER ANNUM SHALL CONTRIBUTE THREE
AND ONE-HALF PER CENTUM OF ANNUAL WAGES, AND BEGINNING ON APRIL ONE, TWO
THOUSAND TWENTY-FIVE, THE WAGES IN THIS SUBPARAGRAPH SHALL BE INCREASED
BY THE ANNUAL INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER
PRICE INDEX IN THE ONE YEAR PERIOD ENDING ON DECEMBER THIRTY-FIRST OF
THE YEAR PRIOR. SAID PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT
HIGHER ONE-TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT;
(iii) members with wages greater than fifty-five thousand per annum,
but not more than seventy-five thousand per annum shall contribute four
and one-half per centum of annual wages. ON APRIL ONE, TWO THOUSAND
TWENTY-FOUR, MEMBERS WITH WAGES GREATER THAN SIXTY THOUSAND PER ANNUM,
BUT NOT MORE THAN EIGHTY THOUSAND PER ANNUM SHALL CONTRIBUTE FOUR AND
ONE-HALF PER CENTUM OF ANNUAL WAGES, AND BEGINNING ON APRIL ONE, TWO
THOUSAND TWENTY-FIVE, THE WAGES IN THIS SUBPARAGRAPH SHALL BE INCREASED
BY THE ANNUAL INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER
PRICE INDEX IN THE ONE YEAR PERIOD ENDING ON DECEMBER THIRTY-FIRST OF
THE YEAR PRIOR. SAID PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT
HIGHER ONE-TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT;
(iv) members with wages greater than seventy-five thousand per annum
but not more than one hundred thousand per annum shall contribute five
and three-quarters per centum of annual wages. ON APRIL ONE, TWO THOU-
SAND TWENTY-FOUR, MEMBERS WITH WAGES GREATER THAN EIGHTY THOUSAND
DOLLARS PER ANNUM BUT NOT MORE THAN ONE HUNDRED FIVE THOUSAND DOLLARS
PER ANNUM SHALL CONTRIBUTE FIVE AND THREE-QUARTERS PER CENTUM OF ANNUAL
WAGES, AND BEGINNING ON APRIL ONE, TWO THOUSAND TWENTY-FIVE, THE WAGES
IN THIS SUBPARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION, AS
DETERMINED FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN THE ONE YEAR
PERIOD ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENT-
AGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT
AND SHALL NOT EXCEED THREE PERCENT; and
(v) members with wages greater than one hundred thousand per annum
shall contribute six per centum of annual wages. ON APRIL ONE, TWO THOU-
SAND TWENTY-FOUR, MEMBERS WITH WAGES GREATER THAN ONE HUNDRED FIVE THOU-
SAND DOLLARS PER ANNUM SHALL CONTRIBUTE SIX PER CENTUM OF ANNUAL WAGES,
AND BEGINNING ON APRIL ONE, TWO THOUSAND TWENTY-FIVE, THE WAGES IN THIS
SUBPARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED
FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD
ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL
THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL
NOT EXCEED THREE PERCENT.
1. members with wages of forty-five thousand dollars per annum or less
shall contribute three per centum of annual wages. ON APRIL ONE, TWO
THOUSAND TWENTY-FOUR, MEMBERS WITH WAGES OF FIFTY THOUSAND DOLLARS PER
ANNUM OR LESS SHALL CONTRIBUTE THREE PER CENTUM OF ANNUAL WAGES, AND
BEGINNING ON APRIL ONE, TWO THOUSAND TWENTY-FIVE, THE WAGES IN THIS
SUBPARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED
FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD
ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL
THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL
NOT EXCEED THREE PERCENT;
2. members with wages greater than forty-five thousand per annum, but
not more than fifty-five thousand per annum shall contribute three and
one-half per centum of annual wages. ON APRIL ONE, TWO THOUSAND TWENTY-
FOUR, MEMBERS WITH WAGES GREATER THAN FIFTY THOUSAND PER ANNUM, BUT NOT
A. 5209--B 5
MORE THAN OF SIXTY THOUSAND PER ANNUM SHALL CONTRIBUTE THREE AND ONE-
HALF PER CENTUM OF ANNUAL WAGES, AND BEGINNING ON APRIL ONE, TWO THOU-
SAND TWENTY-FIVE, THE WAGES IN THIS SUBPARAGRAPH SHALL BE INCREASED BY
THE ANNUAL INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER
PRICE INDEX IN THE ONE YEAR PERIOD ENDING ON DECEMBER THIRTY-FIRST OF
THE YEAR PRIOR. SAID PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT
HIGHER ONE-TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT;
3. members with wages greater than fifty-five thousand per annum, but
not more than seventy-five thousand per annum shall contribute four and
one-half per centum of annual wages. ON APRIL ONE, TWO THOUSAND TWENTY-
FOUR, MEMBERS WITH WAGES GREATER THAN SIXTY THOUSAND PER ANNUM, BUT NOT
MORE THAN EIGHTY THOUSAND PER ANNUM SHALL CONTRIBUTE FOUR AND ONE-HALF
PER CENTUM OF ANNUAL WAGES, AND BEGINNING ON APRIL ONE, TWO THOUSAND
TWENTY-FIVE, THE WAGES IN THIS SUBPARAGRAPH SHALL BE INCREASED BY THE
ANNUAL INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER PRICE
INDEX IN THE ONE YEAR PERIOD ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR
PRIOR. SAID PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-
TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT;
4. members with wages greater than seventy-five thousand per annum but
not more than one hundred thousand per annum shall contribute five and
three-quarters per centum of annual wages. ON APRIL ONE, TWO THOUSAND
TWENTY-FOUR, MEMBERS WITH WAGES GREATER THAN EIGHTY THOUSAND DOLLARS PER
ANNUM BUT NOT MORE THAN ONE HUNDRED FIVE THOUSAND DOLLARS PER ANNUM
SHALL CONTRIBUTE FIVE AND THREE-QUARTERS PER CENTUM OF ANNUAL WAGES, AND
BEGINNING ON APRIL ONE, TWO THOUSAND TWENTY-FIVE, THE WAGES IN THIS
SUBPARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED
FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD
ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL
THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL
NOT EXCEED THREE PERCENT; and
5. members with wages greater than one hundred thousand per annum
shall contribute six per centum of annual wages. ON APRIL ONE, TWO THOU-
SAND TWENTY-FOUR, MEMBERS WITH WAGES GREATER THAN ONE HUNDRED FIVE THOU-
SAND DOLLARS PER ANNUM SHALL CONTRIBUTE SIX PER CENTUM OF ANNUAL WAGES,
AND BEGINNING ON APRIL ONE, TWO THOUSAND TWENTY-FIVE, THE WAGES IN THIS
SUBPARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED
FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD
ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL
THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL
NOT EXCEED THREE PERCENT.
1. members with wages of forty-five thousand dollars per annum or less
shall contribute three per centum of annual wages. ON APRIL ONE, TWO
THOUSAND TWENTY-FOUR, MEMBERS WITH WAGES OF FIFTY THOUSAND DOLLARS PER
ANNUM OR LESS SHALL CONTRIBUTE THREE PER CENTUM OF ANNUAL WAGES, AND
BEGINNING ON APRIL ONE, TWO THOUSAND TWENTY-FIVE, THE WAGES IN THIS
SUBPARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED
FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD
ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL
THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL
NOT EXCEED THREE PERCENT;
2. members with wages greater than forty-five thousand per annum, but
not more than fifty-five thousand per annum shall contribute three and
one-half per centum of annual wages. ON APRIL ONE, TWO THOUSAND TWENTY-
FOUR, MEMBERS WITH WAGES GREATER THAN FIFTY THOUSAND PER ANNUM, BUT NOT
MORE THAN OF SIXTY THOUSAND PER ANNUM SHALL CONTRIBUTE THREE AND ONE-
HALF PER CENTUM OF ANNUAL WAGES, AND BEGINNING ON APRIL ONE, TWO THOU-
A. 5209--B 6
SAND TWENTY-FIVE, THE WAGES IN THIS SUBPARAGRAPH SHALL BE INCREASED BY
THE ANNUAL INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER
PRICE INDEX IN THE ONE YEAR PERIOD ENDING ON DECEMBER THIRTY-FIRST OF
THE YEAR PRIOR. SAID PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT
HIGHER ONE-TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT;
3. members with wages greater than fifty-five thousand per annum, but
not more than seventy-five thousand per annum shall contribute four and
one-half per centum of annual wages. ON APRIL ONE, TWO THOUSAND TWENTY-
FOUR, MEMBERS WITH WAGES GREATER THAN SIXTY THOUSAND PER ANNUM, BUT NOT
MORE THAN EIGHTY THOUSAND PER ANNUM SHALL CONTRIBUTE FOUR AND ONE-HALF
PER CENTUM OF ANNUAL WAGES, AND BEGINNING ON APRIL ONE, TWO THOUSAND
TWENTY-FIVE, THE WAGES IN THIS SUBPARAGRAPH SHALL BE INCREASED BY THE
ANNUAL INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER PRICE
INDEX IN THE ONE YEAR PERIOD ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR
PRIOR. SAID PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-
TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT;
4. members with wages greater than seventy-five thousand per annum but
not more than one hundred thousand per annum shall contribute five and
three-quarters per centum of annual wages. ON APRIL ONE, TWO THOUSAND
TWENTY-FOUR, MEMBERS WITH WAGES GREATER THAN EIGHTY THOUSAND DOLLARS PER
ANNUM BUT NOT MORE THAN ONE HUNDRED FIVE THOUSAND DOLLARS PER ANNUM
SHALL CONTRIBUTE FIVE AND THREE-QUARTERS PER CENTUM OF ANNUAL WAGES, AND
BEGINNING ON APRIL ONE, TWO THOUSAND TWENTY-FIVE, THE WAGES IN THIS
SUBPARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED
FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD
ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL
THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL
NOT EXCEED THREE PERCENT; and
5. members with wages greater than one hundred thousand per annum
shall contribute six per centum of annual wages. ON APRIL ONE, TWO THOU-
SAND TWENTY-FOUR, MEMBERS WITH WAGES GREATER THAN ONE HUNDRED FIVE THOU-
SAND DOLLARS PER ANNUM SHALL CONTRIBUTE SIX PER CENTUM OF ANNUAL WAGES,
AND BEGINNING ON APRIL ONE, TWO THOUSAND TWENTY-FIVE, THE WAGES IN THIS
SUBPARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED
FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD
ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL
THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL
NOT EXCEED THREE PERCENT.
§ 3. Subdivisions a, b, c, d and e of section 1204 of the retirement
and social security law, as added by chapter 18 of the laws of 2012, are
amended to read as follows:
a. members with wages of forty-five thousand dollars per annum or less
shall contribute three per centum of annual wages. ON APRIL ONE, TWO
THOUSAND TWENTY-FOUR, MEMBERS WITH WAGES OF FIFTY THOUSAND DOLLARS PER
ANNUM OR LESS SHALL CONTRIBUTE THREE PER CENTUM OF ANNUAL WAGES, AND
BEGINNING ON APRIL ONE, TWO THOUSAND TWENTY-FIVE, THE WAGES IN THIS
SUBPARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED
FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD
ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL
THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL
NOT EXCEED THREE PERCENT;
b. members with wages greater than forty-five thousand per annum, but
not more than fifty-five thousand per annum shall contribute three and
one-half per centum of annual wages. ON APRIL ONE, TWO THOUSAND TWENTY-
FOUR, MEMBERS WITH WAGES GREATER THAN FIFTY THOUSAND PER ANNUM, BUT NOT
MORE THAN OF SIXTY THOUSAND PER ANNUM SHALL CONTRIBUTE THREE AND ONE-
A. 5209--B 7
HALF PER CENTUM OF ANNUAL WAGES, AND BEGINNING ON APRIL ONE, TWO THOU-
SAND TWENTY-FIVE, THE WAGES IN THIS SUBPARAGRAPH SHALL BE INCREASED BY
THE ANNUAL INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER
PRICE INDEX IN THE ONE YEAR PERIOD ENDING ON DECEMBER THIRTY-FIRST OF
THE YEAR PRIOR. SAID PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT
HIGHER ONE-TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT;
c. members with wages greater than fifty-five thousand per annum, but
not more than seventy-five thousand per annum shall contribute four and
one-half per centum of annual wages. ON APRIL ONE, TWO THOUSAND TWENTY-
FOUR, MEMBERS WITH WAGES GREATER THAN SIXTY THOUSAND PER ANNUM, BUT NOT
MORE THAN EIGHTY THOUSAND PER ANNUM SHALL CONTRIBUTE FOUR AND ONE-HALF
PER CENTUM OF ANNUAL WAGES, AND BEGINNING ON APRIL ONE, TWO THOUSAND
TWENTY-FIVE, THE WAGES IN THIS SUBPARAGRAPH SHALL BE INCREASED BY THE
ANNUAL INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER PRICE
INDEX IN THE ONE YEAR PERIOD ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR
PRIOR. SAID PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-
TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT;
d. members with wages greater than seventy-five thousand per annum but
not more than one hundred thousand per annum shall contribute five and
three-quarters per centum of annual wages. ON APRIL ONE, TWO THOUSAND
TWENTY-FOUR, MEMBERS WITH WAGES GREATER THAN EIGHTY THOUSAND DOLLARS PER
ANNUM BUT NOT MORE THAN ONE HUNDRED FIVE THOUSAND DOLLARS PER ANNUM
SHALL CONTRIBUTE FIVE AND THREE-QUARTERS PER CENTUM OF ANNUAL WAGES, AND
BEGINNING ON APRIL ONE, TWO THOUSAND TWENTY-FIVE, THE WAGES IN THIS
SUBPARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED
FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD
ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL
THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL
NOT EXCEED THREE PERCENT; and
e. members with wages greater than one hundred thousand per annum
shall contribute six per centum of annual wages. ON APRIL ONE, TWO THOU-
SAND TWENTY-FOUR, MEMBERS WITH WAGES GREATER THAN ONE HUNDRED FIVE THOU-
SAND DOLLARS PER ANNUM SHALL CONTRIBUTE SIX PER CENTUM OF ANNUAL WAGES,
AND BEGINNING ON APRIL ONE, TWO THOUSAND TWENTY-FIVE, THE WAGES IN THIS
SUBPARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED
FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD
ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL
THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL
NOT EXCEED THREE PERCENT.
§ 4. Paragraphs (a), (b), (c), (d) and (e) of subdivision 2 of section
182 of the education law, as added by chapter 18 of the laws of 2012,
are amended to read as follows:
(a) members with wages of forty-five thousand dollars per annum or
less shall contribute three per centum of annual wages. ON APRIL ONE,
TWO THOUSAND TWENTY-FOUR, MEMBERS WITH WAGES OF FIFTY THOUSAND DOLLARS
PER ANNUM OR LESS SHALL CONTRIBUTE THREE PER CENTUM OF ANNUAL WAGES, AND
BEGINNING ON APRIL ONE, TWO THOUSAND TWENTY-FIVE, THE WAGES IN THIS
SUBPARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED
FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD
ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL
THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL
NOT EXCEED THREE PERCENT;
(b) members with wages greater than forty-five thousand per annum, but
not more than fifty-five thousand per annum shall contribute three and
one-half per centum of annual wages. ON APRIL ONE, TWO THOUSAND TWENTY-
FOUR, MEMBERS WITH WAGES GREATER THAN FIFTY THOUSAND PER ANNUM, BUT NOT
A. 5209--B 8
MORE THAN OF SIXTY THOUSAND PER ANNUM SHALL CONTRIBUTE THREE AND ONE-
HALF PER CENTUM OF ANNUAL WAGES, AND BEGINNING ON APRIL ONE, TWO THOU-
SAND TWENTY-FIVE, THE WAGES IN THIS SUBPARAGRAPH SHALL BE INCREASED BY
THE ANNUAL INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER
PRICE INDEX IN THE ONE YEAR PERIOD ENDING ON DECEMBER THIRTY-FIRST OF
THE YEAR PRIOR. SAID PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT
HIGHER ONE-TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT;
(c) members with wages greater than fifty-five thousand per annum, but
not more than seventy-five thousand per annum shall contribute four and
one-half per centum of annual wages. ON APRIL ONE, TWO THOUSAND TWENTY-
FOUR, MEMBERS WITH WAGES GREATER THAN SIXTY THOUSAND PER ANNUM, BUT NOT
MORE THAN EIGHTY THOUSAND PER ANNUM SHALL CONTRIBUTE FOUR AND ONE-HALF
PER CENTUM OF ANNUAL WAGES, AND BEGINNING ON APRIL ONE, TWO THOUSAND
TWENTY-FIVE, THE WAGES IN THIS SUBPARAGRAPH SHALL BE INCREASED BY THE
ANNUAL INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER PRICE
INDEX IN THE ONE YEAR PERIOD ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR
PRIOR. SAID PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-
TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT;
(d) members with wages greater than seventy-five thousand per annum
but not more than one hundred thousand per annum shall contribute five
and three-quarters per centum of annual wages. ON APRIL ONE, TWO THOU-
SAND TWENTY-FOUR, MEMBERS WITH WAGES GREATER THAN EIGHTY THOUSAND
DOLLARS PER ANNUM BUT NOT MORE THAN ONE HUNDRED FIVE THOUSAND DOLLARS
PER ANNUM SHALL CONTRIBUTE FIVE AND THREE-QUARTERS PER CENTUM OF ANNUAL
WAGES, AND BEGINNING ON APRIL ONE, TWO THOUSAND TWENTY-FIVE, THE WAGES
IN THIS SUBPARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION, AS
DETERMINED FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN THE ONE YEAR
PERIOD ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENT-
AGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT
AND SHALL NOT EXCEED THREE PERCENT; and
(e) members with wages greater than one hundred thousand per annum
shall contribute six per centum of annual wages. ON APRIL ONE, TWO THOU-
SAND TWENTY-FOUR, MEMBERS WITH WAGES GREATER THAN ONE HUNDRED FIVE THOU-
SAND DOLLARS PER ANNUM SHALL CONTRIBUTE SIX PER CENTUM OF ANNUAL WAGES,
AND BEGINNING ON APRIL ONE, TWO THOUSAND TWENTY-FIVE, THE WAGES IN THIS
SUBPARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED
FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD
ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL
THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL
NOT EXCEED THREE PERCENT.
§ 5. Subparagraphs (i), (ii), (iii), (iv) and (v) of paragraph (d) of
subdivision 2 of section 392 of the education law, as added by chapter
18 of the laws of 2012, are amended to read as follows:
(i) members with wages of forty-five thousand dollars per annum or
less shall contribute three per centum of annual wages. ON JULY ONE, TWO
THOUSAND TWENTY-THREE, MEMBERS WITH WAGES OF FIFTY THOUSAND DOLLARS PER
ANNUM OR LESS SHALL CONTRIBUTE THREE PER CENTUM OF ANNUAL WAGES, AND
BEGINNING ON JULY ONE, TWO THOUSAND TWENTY-FOUR, THE WAGES IN THIS
SUBPARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED
FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD
ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL
THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL
NOT EXCEED THREE PERCENT;
(ii) members with wages greater than forty-five thousand per annum,
but not more than fifty-five thousand per annum shall contribute three
and one-half per centum of annual wages. ON JULY ONE, TWO THOUSAND TWEN-
A. 5209--B 9
TY-THREE, MEMBERS WITH WAGES GREATER THAN FIFTY THOUSAND PER ANNUM, BUT
NOT MORE THAN OF SIXTY THOUSAND PER ANNUM SHALL CONTRIBUTE THREE AND
ONE-HALF PER CENTUM OF ANNUAL WAGES, AND BEGINNING ON JULY ONE, TWO
THOUSAND TWENTY-FOUR, THE WAGES IN THIS SUBPARAGRAPH SHALL BE INCREASED
BY THE ANNUAL INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER
PRICE INDEX IN THE ONE YEAR PERIOD ENDING ON DECEMBER THIRTY-FIRST OF
THE YEAR PRIOR. SAID PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT
HIGHER ONE-TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT;
(iii) members with wages greater than fifty-five thousand per annum,
but not more than seventy-five thousand per annum shall contribute four
and one-half per centum of annual wages. ON JULY ONE, TWO THOUSAND TWEN-
TY-THREE, MEMBERS WITH WAGES GREATER THAN SIXTY THOUSAND PER ANNUM, BUT
NOT MORE THAN EIGHTY THOUSAND PER ANNUM SHALL CONTRIBUTE FOUR AND ONE-
HALF PER CENTUM OF ANNUAL WAGES, AND BEGINNING ON JULY ONE, TWO THOUSAND
TWENTY-FOUR, THE WAGES IN THIS SUBPARAGRAPH SHALL BE INCREASED BY THE
ANNUAL INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER PRICE
INDEX IN THE ONE YEAR PERIOD ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR
PRIOR. SAID PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-
TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT;
(iv) members with wages greater than seventy-five thousand per annum
but not more than one hundred thousand per annum shall contribute five
and three-quarters per centum of annual wages. ON JULY ONE, TWO THOUSAND
TWENTY-THREE, MEMBERS WITH WAGES GREATER THAN EIGHTY THOUSAND DOLLARS
PER ANNUM BUT NOT MORE THAN ONE HUNDRED FIVE THOUSAND DOLLARS PER ANNUM
SHALL CONTRIBUTE FIVE AND THREE-QUARTERS PER CENTUM OF ANNUAL WAGES, AND
BEGINNING ON JULY ONE, TWO THOUSAND TWENTY-FOUR, THE WAGES IN THIS
SUBPARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED
FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD
ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL
THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL
NOT EXCEED THREE PERCENT; and
(v) members with wages greater than one hundred thousand per annum
shall contribute six per centum of annual wages. ON JULY ONE, TWO THOU-
SAND TWENTY-THREE, MEMBERS WITH WAGES GREATER THAN ONE HUNDRED FIVE
THOUSAND DOLLARS PER ANNUM SHALL CONTRIBUTE SIX PER CENTUM OF ANNUAL
WAGES, AND BEGINNING ON JULY ONE, TWO THOUSAND TWENTY-FOUR, THE WAGES
IN THIS SUBPARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION, AS
DETERMINED FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN THE ONE YEAR
PERIOD ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENT-
AGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT
AND SHALL NOT EXCEED THREE PERCENT.
§ 6. Subparagraphs 1, 2, 3, 4 and 5 of paragraph (d) of subdivision 2
of section 6252 of the education law, as added by chapter 18 of the laws
of 2012, are amended to read as follows:
(1) members with wages of forty-five thousand dollars per annum or
less shall contribute three per centum of annual wages. ON JULY ONE, TWO
THOUSAND TWENTY-THREE, MEMBERS WITH WAGES OF FIFTY THOUSAND DOLLARS PER
ANNUM OR LESS SHALL CONTRIBUTE THREE PER CENTUM OF ANNUAL WAGES, AND
BEGINNING ON JULY ONE, TWO THOUSAND TWENTY-FOUR, THE WAGES IN THIS
SUBPARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED
FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD
ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL
THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL
NOT EXCEED THREE PERCENT;
(2) members with wages greater than forty-five thousand per annum, but
not more than fifty-five thousand per annum shall contribute three and
A. 5209--B 10
one-half per centum of annual wages. ON JULY ONE, TWO THOUSAND TWENTY-
THREE, MEMBERS WITH WAGES GREATER THAN FIFTY THOUSAND PER ANNUM, BUT NOT
MORE THAN OF SIXTY THOUSAND PER ANNUM SHALL CONTRIBUTE THREE AND ONE-
HALF PER CENTUM OF ANNUAL WAGES, AND BEGINNING ON JULY ONE, TWO THOUSAND
TWENTY-FOUR, THE WAGES IN THIS SUBPARAGRAPH SHALL BE INCREASED BY THE
ANNUAL INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER PRICE
INDEX IN THE ONE YEAR PERIOD ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR
PRIOR. SAID PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-
TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT;
(3) members with wages greater than fifty-five thousand per annum, but
not more than seventy-five thousand per annum shall contribute four and
one-half per centum of annual wages. ON JULY ONE, TWO THOUSAND TWENTY-
THREE, MEMBERS WITH WAGES GREATER THAN SIXTY THOUSAND PER ANNUM, BUT NOT
MORE THAN EIGHTY THOUSAND PER ANNUM SHALL CONTRIBUTE FOUR AND ONE-HALF
PER CENTUM OF ANNUAL WAGES, AND BEGINNING ON JULY ONE, TWO THOUSAND
TWENTY-FOUR, THE WAGES IN THIS SUBPARAGRAPH SHALL BE INCREASED BY THE
ANNUAL INFLATION, AS DETERMINED FROM THE INCREASE IN THE CONSUMER PRICE
INDEX IN THE ONE YEAR PERIOD ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR
PRIOR. SAID PERCENTAGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-
TENTH OF ONE PERCENT AND SHALL NOT EXCEED THREE PERCENT;
(4) members with wages greater than seventy-five thousand per annum
but not more than one hundred thousand per annum shall contribute five
and three-quarters per centum of annual wages. ON JULY ONE, TWO THOUSAND
TWENTY-THREE, MEMBERS WITH WAGES GREATER THAN EIGHTY THOUSAND DOLLARS
PER ANNUM BUT NOT MORE THAN ONE HUNDRED FIVE THOUSAND DOLLARS PER ANNUM
SHALL CONTRIBUTE FIVE AND THREE-QUARTERS PER CENTUM OF ANNUAL WAGES, AND
BEGINNING ON JULY ONE, TWO THOUSAND TWENTY-FOUR, THE WAGES IN THIS
SUBPARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION, AS DETERMINED
FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN THE ONE YEAR PERIOD
ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENTAGE SHALL
THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT AND SHALL
NOT EXCEED THREE PERCENT; and
(5) members with wages greater than one hundred thousand per annum
shall contribute six per centum of annual wages. ON JULY ONE, TWO THOU-
SAND TWENTY-THREE, MEMBERS WITH WAGES GREATER THAN ONE HUNDRED FIVE
THOUSAND DOLLARS PER ANNUM SHALL CONTRIBUTE SIX PER CENTUM OF ANNUAL
WAGES, AND BEGINNING ON JULY ONE, TWO THOUSAND TWENTY-FOUR, THE WAGES
IN THIS SUBPARAGRAPH SHALL BE INCREASED BY THE ANNUAL INFLATION, AS
DETERMINED FROM THE INCREASE IN THE CONSUMER PRICE INDEX IN THE ONE YEAR
PERIOD ENDING ON DECEMBER THIRTY-FIRST OF THE YEAR PRIOR. SAID PERCENT-
AGE SHALL THEN BE ROUNDED UP TO THE NEXT HIGHER ONE-TENTH OF ONE PERCENT
AND SHALL NOT EXCEED THREE PERCENT.
§ 7. Notwithstanding any other provision of law to the contrary, none
of the provisions of this act shall be subject to section 25 of the
retirement and social security law.
§ 8. This act shall take effect immediately.
FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
This bill would increase the wage ranges to which member contribution
rates are applied for Tier 6 members effective April 1, 2024 by $5,000.
Beginning on April 1, 2025, the wage ranges would increase each year by
the annual inflation rate rounded up to the next tenth of a percent, not
to exceed 3%.
The current contribution rates and wage ranges for Tier 6 members are:
3% for wages of $45,000 or less
3.5% for wages greater than $45,000 and less than or equal to $55,000
4.5% for wages greater than $55,000 and less than or equal to $75,000
A. 5209--B 11
5.75% for wages greater than $75,000 and less than or equal to
$100,000
6.0% for wages greater than $100,000
Insofar as this bill affects the New York State and Local Employees'
Retirement System (NYSLERS), increased costs would be shared by the
State of New York and all participating employers in the NYSLERS. If
this bill is enacted during the 2023 legislative session, there will be
an increase in the present value of future costs of approximately $588
million.
In the NYSLERS, this benefit improvement will be funded by increasing
the billing rates charged annually. The annual contribution required of
all participating employers in NYSLERS is approximately 0.2% of billable
salary, or $26 million to the State of New York and approximately $38
million to the local participating employers. This PERMANENT ANNUAL
COST will vary in subsequent billing cycles with changes in the wage
ranges and salary of the affected members.
Insofar as this bill affects the New York State and Local Police and
Fire Retirement System (NYSLPFRS), increased costs would be shared by
the State of New York and all participating employers in the NYSLPFRS.
If this bill is enacted during the 2023 legislative session, there will
be an increase in the present value of future costs of approximately
$11.2 million.
In the NYSLPFRS, this benefit improvement will be funded by increasing
the billing rates charged annually. The annual contribution required of
all participating employers in NYSLERS is less than 0.1% of billable
salary, or approximately $225,000 to the State of New York and approxi-
mately $890,000 to the local participating employers. This PERMANENT
ANNUAL COST will vary in subsequent billing cycles with changes in the
wage ranges and salary of the affected members.
Summary of relevant resources:
Membership data as of March 31, 2022 was used in measuring the impact
of the proposed change, the same data used in the April 1, 2022 actuari-
al valuation. Distributions and other statistics can be found in the
2022 Report of the Actuary and the 2022 Annual Comprehensive Financial
Report.
The actuarial assumptions and methods used are described in the 2020,
2021, and 2022 Annual Report to the Comptroller on Actuarial Assump-
tions, and the Codes, Rules and Regulations of the State of New York:
Audit and Control.
The Market Assets and GASB Disclosures are found in the March 31, 2022
New York State and Local Retirement System Financial Statements and
Supplementary Information.
I am a member of the American Academy of Actuaries and meet the Quali-
fication Standards to render the actuarial opinion contained herein.
This fiscal note does not constitute a legal opinion on the viability
of the proposed change nor is it intended to serve as a substitute for
the professional judgment of an attorney.
This estimate, dated January 31, 2023, and intended for use only
during the 2023 Legislative Session, is Fiscal Note No. 2023-30,
prepared by the Actuary for the New York State and Local Retirement
System.
FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
This bill would amend various sections of the Retirement and Social
Security Law and the Education Law to increase the salary ranges used in
determining the employee contribution percentages for Tier 6 members
thereby decreasing future required employee contributions. The current
A. 5209--B 12
salary ranges would each increase by $5,000 on April 1, 2024. Beginning
on April 1, 2025, salary ranges would then be increased annually by the
increase in the consumer price index in the one year period ending on
December thirty-first of the year prior, not to exceed 3%.
The annual cost to the employers of members of the New York State
Teachers' Retirement System for this benefit is estimated to be $30.0
million or 0.16% of payroll if this bill is enacted.
The System's "new entrant rate", a hypothetical employer contribution
rate that would occur if we started a new Retirement System without any
assets, is equal to 5.15% of pay under the current Tier 6 benefit struc-
ture. This can be thought of as the long-term expected employer cost of
Tier 6, based on current actuarial assumptions. For the proposed change
to the Tier 6 benefit structure under this bill, this new entrant rate
is estimated to increase to 5.60% of pay, an increase of 0.45% of pay.
Member data is from the System's most recent actuarial valuation
files, consisting of data provided by the employers to the Retirement
System. Data distributions and statistics can be found in the System's
Annual Report. System assets are as reported in the System's financial
statements and can also be found in the System's Annual Report. Actuar-
ial assumptions and methods are provided in the System's Actuarial Valu-
ation Report.
The source of this estimate is Fiscal Note 2023-12 dated March 9, 2023
prepared by the Office of the Actuary of the New York State Teachers'
Retirement System and is intended for use only during the 2023 Legisla-
tive Session. I, Richard A. Young, am the Chief Actuary for the New York
State Teachers' Retirement System. I am a member of the American Academy
of Actuaries and I meet the Qualification Standards of the American
Academy of Actuaries to render the actuarial opinion contained herein.
FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
SUMMARY OF BILL: This proposed legislation as it relates to the New
York City Retirement Systems and Pension Funds (NYCRS), would amend
Section 613 of the Retirement and Social Security Law (RSSL) to increase
the salary bands used to determine contribution rates for Tier 6 members
of the New York City Employees' Retirement System (NYCERS), the New York
City Teachers' Retirement System (NYCTRS), and the New York City Board
of Education Retirement System (BERS).
Effective Date: Upon enactment.
IMPACT ON MEMBER CONTRIBUTIONS: Currently, Tier 6 members of NYCERS,
NYCTRS, and BERS are generally required to make Basic Member Contrib-
utions (BMC) ranging from 3% to 6% of annual wages, determined by wages
for a prior defined period.
Under the proposed legislation, the salary bands used to determine BMC
would be 1) increased by specified amounts as shown in the table below
on January 1, 2024, and 2) increased by the prior calendar year's
increase in consumer price index (CPI). The increase due to CPI starting
on January 1, 2025, and every year thereafter, is not to exceed 3%.
The result of an increase in Tier 6 salary bands would be an overall
decrease in employee contribution rates.
Contribution New Salary Band as of
Rate Current Salary Band January 1, 2024
3.00% $45,000 or less $50,000 or less
3.50% $45,001 up to $55,000 $50,001 up to $60,000
4.50% $55,001 up to $75,000 $60,001 up to $80,000
5.75% $75,001 up to $100,000 $80,001 up to $105,000
6.00% Greater than $100,000 Greater than $105,000
A. 5209--B 13
FINANCIAL IMPACT: Based on the census data and the actuarial assump-
tions and methods described herein, the enactment of this proposed
legislation would result in an initial increase in the present value of
future employer contributions of approximately $174.8 million for
NYCERS, $84.3 million for NYCTRS, and $14.3 million for BERS, resulting
in a total increase of approximately $273.4 million for NYCRS.
The financial impact will increase as the impacted population
increases over time. The estimate of the increase in annual employer
contributions for Fiscal Years 2024 through 2028 are shown in the table
below.
Increase in Employer Contributions
($ Millions)
Fiscal NYCERS NYCTRS BERS TOTAL
Year
2024 $ 15.4 $ 5.9 $ 1.3 $ 22.6*
2025 $ 17.7 $ 6.6 $ 1.9 $ 26.2
2026 $ 20.3 $ 7.3 $ 2.5 $ 30.1
2027 $ 23.2 $ 8.3 $ 3.1 $ 34.6
2028 $ 26.3 $ 9.3 $ 3.8 $ 39.4
* The increase in the employer contributions for Fiscal Year 2024 is
estimated to be $16.0 million for New York City and $6.6 million for the
other obligors of NYCRS.
New Unfunded Accrued Liability (UAL) attributable to benefit changes
are generally amortized over the remaining working lifetime of those
impacted by the benefit changes. The remaining working lifetime for
impacted Tier 6 members is approximately 16 years for those in NYCERS,
20 years for those in NYCTRS, and 14 years for those in BERS.
The increase in UAL for NYCERS was therefore amortized over a 16-year
period (15 payments under the One-Year Lag Methodology) using level
dollar payments. Under the same methodology the increase in the UAL for
NYCTRS and BERS was amortized over 19 and 13 payments, respectively.
CENSUS DATA: The estimates presented herein are based on the census
data used in the June 30, 2022 actuarial valuations of NYCERS, NYCTRS,
and BERS to determine the Preliminary Fiscal Year 2024 employer contrib-
utions.
The table below contains a summary of the census data for active Tier
6 members in NYCERS, NYCTRS, and BERS as of June 30, 2022.
NYCRS Active Average Average Average
Count Age Service Salary
NYCERS 77,127 41.9 4.2 $76,100
NYCTRS 56,614 37.5 4.6 $77,000
BERS 12,264 46.3 3.7 $53,100
ACTUARIAL ASSUMPTIONS AND METHODS: The estimates presented herein have
been calculated based on the actuarial assumptions and methods used for
the Preliminary Fiscal Year 2024 employer contributions of NYCERS,
NYCTRS, and BERS.
New entrants were projected to replace the members expected to leave
the active population to maintain a steady-state population. New entrant
demographics were developed based on data for recent new hires and actu-
arial judgement.
For the purposes of this Fiscal Note, it is assumed that the changes
would be reflected for the first time in the June 30, 2022 actuarial
A. 5209--B 14
valuations of NYCERS, NYCTRS, and BERS used to determine employer
contributions for Fiscal Year 2024.
It has been assumed that future increases in the salary bands under
this proposed legislation would equal 2.5%, consistent with the long-
term CPI inflation rate assumption of 2.5%.
RISK AND UNCERTAINTY: The costs presented in this Fiscal Note depend
highly on the realization of the actuarial assumptions used, demograph-
ics of the impacted population, and other factors such as investment,
contribution, and other risks. If actual experience deviates from actu-
arial assumptions, the actual costs could differ from those presented
herein.
Costs are also dependent on the actuarial methods used, and therefore
different actuarial methods could produce different results. Quantifying
these risks is beyond the scope of this Fiscal Note.
Not measured in this Fiscal Note are the following:
* The initial additional administrative costs to implement the
proposed legislation.
* Pension costs for future members of NYCERS, NYCTRS, and BERS hired
on or after 7/1/2026.
STATEMENT OF ACTUARIAL OPINION: I, Marek Tyszkiewicz, am the Chief
Actuary for, and independent of, the New York City Retirement Systems
and Pension Funds. I am an Associate of the Society of Actuaries and a
Member of the American Academy of Actuaries. I am a member of NYCERS but
do not believe it impairs my objectivity and I meet the Qualification
Standards of the American Academy of Actuaries to render the actuarial
opinion contained herein. To the best of my knowledge, the results
contained herein have been prepared in accordance with generally
accepted actuarial principles and procedures and with the Actuarial
Standards of Practice issued by the Actuarial Standards Board.
FISCAL NOTE IDENTIFICATION: This Fiscal Note 2023-34 dated April 18,
2023 was prepared by the Chief Actuary for the New York City Employees'
Retirement System, the New York City Teachers' Retirement System, and
the New York City Board of Education Retirement System. This estimate is
intended for use only during the 2023 Legislative Session.
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