Bill Text: NY A09527 | 2023-2024 | General Assembly | Introduced

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Bill Title: Provides that retirement contributions of certain public employees shall be three per centum of annual wages.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced) 2024-03-20 - referred to governmental employees [A09527 Detail]

Download: New_York-2023-A09527-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          9527

                   IN ASSEMBLY

                                     March 20, 2024
                                       ___________

        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 the  retirement  contributions  of  career  public
          employees

          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:

     1    Section 1. Subdivision a of section 517 of the retirement  and  social
     2  security  law,  as amended by chapter 18 of the laws of 2012, the second
     3  undesignated paragraph as amended by section 1 of part SS of chapter  56
     4  of the laws of 2022, is amended to read as follows:
     5    a.  Members  shall  contribute  three  percent  of annual wages to the
     6  retirement system in which they  have  membership,  provided  that  such
     7  contributions  shall  not  be  required  for more than thirty years, for
     8  general members, or twenty-five years, for police/fire members,  [except
     9  that  beginning April first, two thousand thirteen for members who first
    10  become members of the New York state  and  local  employees'  retirement
    11  system  on  or after April first, two thousand twelve, the rate at which
    12  each such member shall contribute in any current plan year (April  first
    13  to  March thirty-first) shall be determined by reference to the wages of
    14  such member in the second plan year (April first to March  thirty-first)
    15  preceding such current plan year as follows:
    16    1. members with wages of forty-five thousand dollars per annum or less
    17  shall contribute three per centum of annual wages;
    18    2.  members with wages greater than forty-five thousand per annum, but
    19  not more than fifty-five thousand per annum shall contribute  three  and
    20  one-half per centum of annual wages;
    21    3.  members with wages greater than fifty-five thousand per annum, but
    22  not more than seventy-five thousand per annum shall contribute four  and
    23  one-half per centum of annual wages;
    24    4. members with wages greater than seventy-five thousand per annum but
    25  not  more  than one hundred thousand per annum shall contribute five and
    26  three-quarters per centum of annual wages; and

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD14515-04-4
        A. 9527                             2

     1    5. members with wages greater than  one  hundred  thousand  per  annum
     2  shall contribute six per centum of annual wages.
     3    Notwithstanding  the  foregoing,  during  each of the first three plan
     4  years (April first to March  thirty-first)  in  which  such  member  has
     5  established  membership  in  the  New  York  state  and local employees'
     6  retirement system, such member shall contribute a percentage  of  annual
     7  wages  in accordance with the preceding schedule based upon a projection
     8  of annual wages provided by the employer. Notwithstanding the foregoing,
     9  when determining the rate at which each such member who became a  member
    10  of the New York state and local employees' retirement system on or after
    11  April  first,  two  thousand  twelve  shall contribute for any plan year
    12  (April first to March thirty-first) between April  first,  two  thousand
    13  twenty-two and April first, two thousand twenty-four, such rate shall be
    14  determined by reference to employees annual base wages of such member in
    15  the  second plan year (April first to March thirty-first) preceding such
    16  current plan year] except that beginning on and after April  first,  two
    17  thousand  twenty-four,  for  members  who  joined the New York state and
    18  local employees' retirement system on or after April first, two thousand
    19  twelve, the contributions in any current plan year (April first to March
    20  thirty-first) shall be determined by reference to the base wages of such
    21  member as of April first in the previous plan year as follows:
    22    1. members with base wages of seventy-five thousand dollars per  annum
    23  or less shall contribute three per centum of annual wages;
    24    2.  members  with  base  wages  greater than seventy-five thousand per
    25  annum, but not more than one hundred thousand per annum shall contribute
    26  four per centum of annual wages; and
    27    3. members with base wages greater than one hundred thousand per annum
    28  shall contribute five per centum of annual wages.
    29    Notwithstanding the foregoing, in the first year in which a member has
    30  established membership in  the  New  York  state  and  local  employees'
    31  retirement  system,  such member shall contribute a percentage of annual
    32  wages in accordance with the preceding schedule based upon a  projection
    33  of annual wages provided by the employer. Base wages shall include regu-
    34  lar  pay, shift differential pay, location pay, and any increased hiring
    35  rate pay, but shall not include any overtime payments.
    36    The head of each retirement system shall promulgate  such  regulations
    37  as  may  be  necessary  and appropriate with respect to the deduction of
    38  such contribution from members' wages and for  the  maintenance  of  any
    39  special fund or funds with respect to amounts so contributed.
    40    § 2. Paragraphs 1 and 2 of subdivision a of section 613 of the retire-
    41  ment  and  social security law, as amended by chapter 510 of the laws of
    42  2015, the second undesignated  paragraphs  of  paragraphs  1  and  2  as
    43  amended  by  section 2 of part SS of chapter 56 of the laws of 2022, are
    44  amended to read as follows:
    45    1. Except as provided by paragraph two of  this  subdivision,  members
    46  shall  contribute three percent of annual wages to the retirement system
    47  in which they have membership, [except that beginning April  first,  two
    48  thousand  thirteen  for  members  who  first  become members of a public
    49  retirement system of the state on or after  April  first,  two  thousand
    50  twelve,  the  rate  at  which  each  such member shall contribute in any
    51  current plan year (April first to March thirty-first, except for members
    52  of the New York city employees' retirement system, New York city  teach-
    53  ers'  retirement  system and New York city board of education retirement
    54  system, plan year shall mean January first through December thirty-first
    55  commencing with the January first next succeeding the effective date  of
    56  the  chapter of the laws of two thousand fifteen that amended this para-
        A. 9527                             3

     1  graph) shall be determined by reference to the wages of such  member  in
     2  the  second  plan  year  (April  first to March thirty-first, except for
     3  members of the New York city employees' retirement system, New York city
     4  teachers' retirement system and New York city board of education retire-
     5  ment  system,  plan year shall mean January first through December thir-
     6  ty-first commencing with the January first next succeeding the effective
     7  date of the chapter of the laws of two  thousand  fifteen  that  amended
     8  this paragraph) preceding such current plan year as follows:
     9    (i)  members  with  wages  of forty-five thousand dollars per annum or
    10  less shall contribute three per centum of annual wages;
    11    (ii) members with wages greater than forty-five  thousand  per  annum,
    12  but  not  more than fifty-five thousand per annum shall contribute three
    13  and one-half per centum of annual wages;
    14    (iii) members with wages greater than fifty-five thousand  per  annum,
    15  but  not more than seventy-five thousand per annum shall contribute four
    16  and one-half per centum of annual wages;
    17    (iv) members with wages greater than seventy-five thousand  per  annum
    18  but  not  more than one hundred thousand per annum shall contribute five
    19  and three-quarters per centum of annual wages; and
    20    (v) members with wages greater than one  hundred  thousand  per  annum
    21  shall contribute six per centum of annual wages.
    22    Notwithstanding  the  foregoing,  during  each of the first three plan
    23  years (April first to March thirty-first, except for members of New York
    24  city employees' retirement system, New York  city  teachers'  retirement
    25  system and New York city board of education retirement system, plan year
    26  shall  mean  January first through December thirty-first commencing with
    27  the January first next succeeding the effective  date  of  chapter  five
    28  hundred  ten  of  the laws of two thousand fifteen) in which such member
    29  has established membership in a public retirement system of  the  state,
    30  such  member shall contribute a percentage of annual wages in accordance
    31  with the preceding schedule based upon  a  projection  of  annual  wages
    32  provided  by the employer. Notwithstanding the foregoing, when determin-
    33  ing the rate at which each such member who became a member  of  the  New
    34  York state and local employees' retirement system, New York city employ-
    35  ees'  retirement  system,  New York city teachers' retirement system and
    36  New York city board of education retirement system, on  or  after  April
    37  first,  two  thousand  twelve  shall contribute for any plan year (April
    38  first to March thirty-first, except for members of  the  New  York  city
    39  employees'  retirement system, New York city teachers' retirement system
    40  and New York city board of education retirement system, plan year  shall
    41  mean January first through December thirty-first commencing with January
    42  first  next succeeding the effective date of chapter five hundred ten of
    43  the laws of two thousand fifteen)  between  April  first,  two  thousand
    44  twenty-two and April first, two thousand twenty-four, such rate shall be
    45  determined by reference to employees annual base wages of such member in
    46  the  second plan year (April first to March thirty-first) preceding such
    47  current plan year] except that beginning on and after April  first,  two
    48  thousand  twenty-four,  for members of a public retirement system of the
    49  state who joined on or after  April  first,  two  thousand  twelve,  the
    50  contributions  in  any  current  plan year (April first to March thirty-
    51  first, except for members of New York city employees' retirement system,
    52  New York city teachers' retirement system and New  York  city  board  of
    53  education  retirement system, plan year shall mean January first through
    54  December thirty-first) shall be determined  by  reference  to  the  base
    55  wages  of  such member as of April first (except for members of New York
    56  city employees' retirement system, New York  city  teachers'  retirement
        A. 9527                             4

     1  system  and  New  York  city  board of education retirement system,  the
     2  contributions of members in any plan year shall be determined by  refer-
     3  ence  to  the  base wages of such member as of December thirty-first) in
     4  the previous plan year as follows:
     5    1.  members with base wages of seventy-five thousand dollars per annum
     6  or less shall contribute three per centum of annual wages;
     7    2. members with base wages  greater  than  seventy-five  thousand  per
     8  annum, but not more than one hundred thousand per annum shall contribute
     9  four per centum of annual wages; and
    10    3. members with base wages greater than one hundred thousand per annum
    11  shall contribute five per centum of annual wages.
    12    Notwithstanding the foregoing, in the first year in which a member has
    13  established  membership in a public retirement system of the state, such
    14  member shall contribute a percentage of annual wages in accordance  with
    15  the  preceding schedule based upon a projection of annual wages provided
    16  by the employer. Base wages shall include regular pay,  shift  differen-
    17  tial pay, location pay, and any increased hiring rate pay, but shall not
    18  include any overtime payments or compensation earned for extracurricular
    19  programs or any other pensionable earnings paid in addition to the annu-
    20  al base wages.
    21    The  head  of each retirement system shall promulgate such regulations
    22  as may be necessary and appropriate with respect  to  the  deduction  of
    23  such  contribution  from  members'  wages and for the maintenance of any
    24  special fund or funds with respect to amounts so contributed.
    25    2. A member of the New York city employees' retirement system  who  is
    26  eligible  to be a participant in the twenty-five-year and age fifty-five
    27  retirement program, as defined by paragraph five  of  subdivision  a  of
    28  section  six hundred four-b of this article shall contribute two percent
    29  of annual wages to such system effective on the  starting  date  of  the
    30  elimination  of  additional  member  contributions,  as  defined  in  an
    31  election made pursuant to paragraph ten of subdivision e of section  six
    32  hundred  four-b of this article, [except that beginning April first, two
    33  thousand thirteen for members who first become members of the  New  York
    34  city  employees' retirement system on or after April first, two thousand
    35  twelve, the rate at which each  such  member  shall  contribute  in  any
    36  current plan year (April first to March thirty-first, provided, however,
    37  that  plan  year  shall mean January first through December thirty-first
    38  commencing with the January first next succeeding the effective date  of
    39  the  chapter of the laws of two thousand fifteen that amended this para-
    40  graph) shall be determined by reference to the wages of such  member  in
    41  the  second  plan  year  (April  first  to March thirty-first, provided,
    42  however, that plan year shall mean January first through December  thir-
    43  ty-first commencing with the January first next succeeding the effective
    44  date  of  the  chapter  of the laws of two thousand fifteen that amended
    45  this paragraph) preceding such current plan year as follows:
    46    (i) members with wages of forty-five thousand  dollars  per  annum  or
    47  less shall contribute three per centum of annual wages;
    48    (ii)  members  with  wages greater than forty-five thousand per annum,
    49  but not more than fifty-five thousand per annum shall  contribute  three
    50  and one-half per centum of annual wages;
    51    (iii)  members  with wages greater than fifty-five thousand per annum,
    52  but not more than seventy-five thousand per annum shall contribute  four
    53  and one-half per centum of annual wages;
    54    (iv)  members  with wages greater than seventy-five thousand per annum
    55  but not more than one hundred thousand per annum shall  contribute  five
    56  and three-quarters per centum of annual wages; and
        A. 9527                             5

     1    (v)  members  with  wages  greater than one hundred thousand per annum
     2  shall contribute six per centum of annual wages.
     3    Notwithstanding  the  foregoing,  during  each of the first three plan
     4  years (April first to March thirty-first, provided, however,  that  plan
     5  year  shall  mean January first through December thirty-first commencing
     6  with the January first next succeeding the  effective  date  of  chapter
     7  five  hundred  ten  of  the  laws of two thousand fifteen) in which such
     8  member has established  membership  in  the  New  York  city  employees'
     9  retirement  system,  such member shall contribute a percentage of annual
    10  wages in accordance with the preceding schedule based upon a  projection
    11  of annual wages provided by the employer. Notwithstanding the foregoing,
    12  when  determining the rate at which each such member who became a member
    13  of, New York city employees' retirement system, on or after April first,
    14  two thousand twelve shall contribute for any plan year (April  first  to
    15  March thirty-first, provided, however, that plan year shall mean January
    16  first  through  December  thirty-first commencing with the January first
    17  next succeeding the effective date of chapter five hundred  ten  of  the
    18  laws  of two thousand fifteen) between April first, two thousand twenty-
    19  two and April first, two thousand twenty-four, such rate shall be deter-
    20  mined by reference to employees annual base wages of such member in  the
    21  second  plan  year  (April  first  to March thirty-first) preceding such
    22  current plan year] except that beginning on and after April  first,  two
    23  thousand twenty-four, for members of New York city employees' retirement
    24  system  who  joined  on  or  after April first, two thousand twelve, the
    25  contributions in any current plan year (April  first  to  March  thirty-
    26  first) shall be determined by reference to the base wages of such member
    27  as of April first in the previous plan year as follows:
    28    1.  members with base wages of seventy-five thousand dollars per annum
    29  or less shall contribute three per centum of annual wages;
    30    2. members with base wages  greater  than  seventy-five  thousand  per
    31  annum, but not more than one hundred thousand per annum shall contribute
    32  four per centum of annual wages; and
    33    3. members with base wages greater than one hundred thousand per annum
    34  shall contribute five per centum of annual wages.
    35    Notwithstanding the foregoing, in the first year in which a member has
    36  established  membership  in  the  New  York  city  employees' retirement
    37  system, such member shall contribute a percentage  of  annual  wages  in
    38  accordance with the preceding schedule based upon a projection of annual
    39  wages  provided  by  the employer. Base wages shall include regular pay,
    40  shift differential pay, location pay, and any increased hiring rate pay,
    41  but shall not include any overtime payments.
    42    § 3. Subdivisions f and g of section 613 of the retirement and  social
    43  security  law,  as  amended  by  chapter 18 of the laws of 2012, and the
    44  second undesignated paragraphs of subdivisions f and  g  as  amended  by
    45  section  2  of part SS of chapter 56 of the laws of 2022, are amended to
    46  read as follows:
    47    f. Anything in subdivision a of this section to the contrary  notwith-
    48  standing a member employed as a uniformed court officer or peace officer
    49  in the unified court system who first joins the New York state and local
    50  employees' retirement system on or after January first, two thousand ten
    51  shall  contribute four percent of annual wages to the New York state and
    52  local employees' retirement system, [except that beginning April  first,
    53  two  thousand  thirteen  for members who first become members of the New
    54  York state and local employees' retirement  system  on  or  after  April
    55  first,  two  thousand  twelve,  the rate at which each such member shall
    56  contribute in any current plan year (April first to March  thirty-first)
        A. 9527                             6

     1  shall  be  determined  by  reference  to the wages of such member in the
     2  second plan year (April first  to  March  thirty-first)  preceding  such
     3  current plan year as follows:
     4    1. members with wages of forty-five thousand dollars per annum or less
     5  shall contribute three per centum of annual wages;
     6    2.  members with wages greater than forty-five thousand per annum, but
     7  not more than fifty-five thousand per annum shall contribute  three  and
     8  one-half per centum of annual wages;
     9    3.  members with wages greater than fifty-five thousand per annum, but
    10  not more than seventy-five thousand per annum shall contribute four  and
    11  one-half per centum of annual wages;
    12    4. members with wages greater than seventy-five thousand per annum but
    13  not  more  than one hundred thousand per annum shall contribute five and
    14  three-quarters per centum of annual wages; and
    15    5. members with wages greater than  one  hundred  thousand  per  annum
    16  shall contribute six per centum of annual wages.
    17    Notwithstanding  the  foregoing,  during  each of the first three plan
    18  years (April first to March  thirty-first)  in  which  such  member  has
    19  established  membership  in  the  New  York  state  and local employees'
    20  retirement system, such member shall contribute a percentage  of  annual
    21  wages  in accordance with the preceding schedule based upon a projection
    22  of annual wages provided by the employer. Notwithstanding the foregoing,
    23  when determining the rate at which each such member who became a  member
    24  of the New York state and local employees' retirement system on or after
    25  April  first,  two  thousand  twelve  shall contribute for any plan year
    26  (April first to March thirty-first) between April  first,  two  thousand
    27  twenty-two and April first, two thousand twenty-four, such rate shall be
    28  determined by reference to employees annual base wages of such member in
    29  the  second plan year (April first to March thirty-first) preceding such
    30  current plan year] except that beginning on and after April  first,  two
    31  thousand  twenty-four, for members employed as a uniformed court officer
    32  or peace officer in the unified court system who first join the New York
    33  state and local employees' retirement system on or  after  April  first,
    34  two  thousand  twelve, the contributions in any current plan year (April
    35  first to March thirty-first) shall be determined  by  reference  to  the
    36  base wages of such member as of April first in the previous plan year as
    37  follows:
    38    1.  members  with  wages of seventy-five thousand dollars per annum or
    39  less shall contribute three per centum of annual wages;
    40    2. members with wages greater than seventy-five  thousand  per  annum,
    41  but  not  more than one hundred thousand per annum shall contribute four
    42  per centum of annual wages; and
    43    3. members with wages greater than  one  hundred  thousand  per  annum
    44  shall contribute five per centum of annual wages.
    45    Notwithstanding the foregoing, in the first year in which a member has
    46  established  membership in a public retirement system, such member shall
    47  contribute a percentage of annual wages in accordance with the preceding
    48  schedule based upon a projection of annual wages provided by the employ-
    49  er.   Base wages shall include  regular  pay,  shift  differential  pay,
    50  location  pay,  and any increased hiring rate pay, but shall not include
    51  any overtime payments.
    52    The head of the New York state and local employees' retirement  system
    53  shall  promulgate  such  regulations as may be necessary and appropriate
    54  with respect to the deduction of such contribution from  members'  wages
    55  and  for  the  maintenance  of any special fund or funds with respect to
    56  amounts so contributed.
        A. 9527                             7

     1    g. Members who first join the  New  York  state  teachers'  retirement
     2  system  on  or  after  January  first, two thousand ten shall contribute
     3  three and one-half percent of annual wages to the New York state  teach-
     4  ers' retirement system, [except that beginning April first, two thousand
     5  thirteen  for  members  who  first  become members of the New York state
     6  teachers' retirement system  on  or  after  April  first,  two  thousand
     7  twelve,  the  rate  at  which  each  such member shall contribute in any
     8  current plan year (July first to June thirtieth) shall be determined  by
     9  reference  to  the  wages  of  such member in the second plan year (July
    10  first to June thirtieth) preceding such current plan year as follows:
    11    1. members with wages of forty-five thousand dollars per annum or less
    12  shall contribute three per centum of annual wages;
    13    2. members with wages greater than forty-five thousand per annum,  but
    14  not  more  than fifty-five thousand per annum shall contribute three and
    15  one-half per centum of annual wages;
    16    3. members with wages greater than fifty-five thousand per annum,  but
    17  not  more than seventy-five thousand per annum shall contribute four and
    18  one-half per centum of annual wages;
    19    4. members with wages greater than seventy-five thousand per annum but
    20  not more than one hundred thousand per annum shall contribute  five  and
    21  three-quarters per centum of annual wages; and
    22    5.  members  with  wages  greater  than one hundred thousand per annum
    23  shall contribute six per centum of annual wages.
    24    Notwithstanding the foregoing, during each of  the  first  three  plan
    25  years  (July  first  to  June thirtieth) in which such member has estab-
    26  lished membership in the New York  state  teachers'  retirement  system,
    27  such  member shall contribute a percentage of annual wages in accordance
    28  with the preceding schedule based upon  a  projection  of  annual  wages
    29  provided  by the employer. Notwithstanding the foregoing, when determin-
    30  ing the contribution rate at which a member of the New York state teach-
    31  ers' retirement system with a date  of  membership  on  or  after  April
    32  first,  two  thousand twelve shall contribute for plan years (July first
    33  to June thirtieth) between July first, two thousand twenty-two and  July
    34  first, two thousand twenty-four, such rate shall be determined by refer-
    35  ence  to  the  member's  annual base wages in the second plan year (July
    36  first to June thirtieth) preceding such current plan year]  except  that
    37  beginning  on  and  after  April  first,  two  thousand twenty-four, for
    38  members who first joined the New York state teachers' retirement  system
    39  on  or  after  April first, two thousand twelve, the contribution in any
    40  current plan year (April first to March thirty-first)  shall  be  deter-
    41  mined by reference to the base wages of such member as of April first in
    42  the previous plan year as follows:
    43    1.  members  with  wages of seventy-five thousand dollars per annum or
    44  less shall contribute three per centum of annual wages;
    45    2. members with wages greater than seventy-five  thousand  per  annum,
    46  but  not  more than one hundred thousand per annum shall contribute four
    47  per centum of annual wages; and
    48    3. members with wages greater than  one  hundred  thousand  per  annum
    49  shall contribute five per centum of annual wages.
    50    Notwithstanding the foregoing, in the first year in which a member has
    51  established  membership  in  the  New  York  state  teachers' retirement
    52  system, such member shall contribute a percentage  of  annual  wages  in
    53  accordance with the preceding schedule based upon a projection of annual
    54  wages  provided  by  the employer.   Annual base wages shall not include
    55  compensation earned for extracurricular programs or any other  pensiona-
    56  ble earnings paid in addition to the annual base wages.
        A. 9527                             8

     1    The  head  of  the  New  York  state teachers' retirement system shall
     2  promulgate such regulations as may be  necessary  and  appropriate  with
     3  respect  to  the  deduction of such contribution from members' wages and
     4  for the maintenance of any special fund or funds with respect to amounts
     5  so contributed.
     6    §  4.  Section  1204  of  the  retirement  and social security law, as
     7  amended by chapter 18 of the laws of 2012, the second undesignated para-
     8  graph as amended by section 3 of part SS of chapter 56 of  the  laws  of
     9  2022, is amended to read as follows:
    10    §   1204.  Member  contributions.  Members  who  are  subject  to  the
    11  provisions of this article shall  contribute  three  percent  of  annual
    12  wages  to  the  retirement system in which they have membership, [except
    13  that beginning April first, two thousand thirteen for members who  first
    14  become  members  of the New York state and local police and fire retire-
    15  ment system on or after April first, two thousand twelve,  the  rate  at
    16  which  each such member shall contribute in any current plan year (April
    17  first to March thirty-first) shall be determined  by  reference  to  the
    18  wages of such member in the second plan year (April first to March thir-
    19  ty-first) preceding such current plan year as follows:
    20    a. members with wages of forty-five thousand dollars per annum or less
    21  shall contribute three per centum of annual wages;
    22    b.  members with wages greater than forty-five thousand per annum, but
    23  not more than fifty-five thousand per annum shall contribute  three  and
    24  one-half per centum of annual wages;
    25    c.  members with wages greater than fifty-five thousand per annum, but
    26  not more than seventy-five thousand per annum shall contribute four  and
    27  one-half per centum of annual wages;
    28    d. members with wages greater than seventy-five thousand per annum but
    29  not  more  than one hundred thousand per annum shall contribute five and
    30  three-quarters per centum of annual wages; and
    31    e. members with wages greater than  one  hundred  thousand  per  annum
    32  shall contribute six per centum of annual wages.
    33    Notwithstanding  the  foregoing,  during  each of the first three plan
    34  years (April first to March  thirty-first)  in  which  such  member  has
    35  established  membership  in the New York state and local police and fire
    36  retirement system, such member shall contribute a percentage  of  annual
    37  wages  in accordance with the preceding schedule based upon a projection
    38  of annual wages provided by the employer. Notwithstanding the foregoing,
    39  when determining the rate at which each such member who became a  member
    40  of  the New York state and local police and fire retirement system on or
    41  after April first, two thousand twelve shall  contribute  for  any  plan
    42  year  (April first to March thirty-first) between April first, two thou-
    43  sand twenty-two and April first, two  thousand  twenty-four,  such  rate
    44  shall  be determined by reference to employees annual base wages of such
    45  member in the second plan  year  (April  first  to  March  thirty-first)
    46  preceding  such  current  plan  year] except that beginning on and after
    47  April first, two thousand twenty-four, for members of the New York state
    48  and local police and fire retirement system who first joined on or after
    49  April first, two thousand twelve, the contribution in any  current  plan
    50  year  (April  first to March thirty-first) shall be determined by refer-
    51  ence to the base wages of such member as of April first in the  previous
    52  plan year as follows:
    53    1.  members  with  wages of seventy-five thousand dollars per annum or
    54  less shall contribute three per centum of annual wages;
        A. 9527                             9

     1    2. members with wages greater than seventy-five  thousand  per  annum,
     2  but  not  more than one hundred thousand per annum shall contribute four
     3  per centum of annual wages; and
     4    3.    members  with  wages greater than one hundred thousand per annum
     5  shall contribute five per centum of annual wages.
     6    Notwithstanding the foregoing, in the first year in which a member has
     7  established membership in the New York state and local police  and  fire
     8  retirement  system,  such member shall contribute a percentage of annual
     9  wages in accordance with the preceding schedule based upon a  projection
    10  of annual wages provided by the employer. Base wages shall include regu-
    11  lar  pay, shift differential pay, location pay, and any increased hiring
    12  rate pay, but shall not include any overtime payments.  Effective  April
    13  first,  two  thousand  twelve,  all members subject to the provisions of
    14  this article shall not be required to make member contributions on annu-
    15  al wages excluded from the calculation of final average salary  pursuant
    16  to  section  twelve  hundred  three  of  this  article.  Nothing in this
    17  section, however, shall be construed  or  deemed  to  allow  members  to
    18  receive a refund of any member contributions on such wages paid prior to
    19  April first, two thousand twelve.
    20    Members  who  are enrolled in a retirement plan that limits the amount
    21  of creditable service a member can accrue shall not be required to  make
    22  contributions pursuant to this section after accruing the maximum amount
    23  of  service  credit  allowed  by  the  retirement plan in which they are
    24  enrolled. The state comptroller shall promulgate such regulations as may
    25  be necessary and appropriate with  respect  to  the  deduction  of  such
    26  contribution  from members' wages and for the maintenance of any special
    27  fund or funds with respect to amounts so contributed. In  no  way  shall
    28  the  member  contributions  made  pursuant  to  this  section be used to
    29  provide for pension increases or annuities of any kind.
    30    § 5. Subdivision 2 of section 182 of the education law, as amended  by
    31  chapter 18 of the laws of 2012, is amended to read as follows:
    32    2.  Employee  contributions.  In  the  case  of any electing employee,
    33  contributions at the rate of three per centum of his state salary  shall
    34  be  deducted  by  the  state  comptroller  as the employee contribution,
    35  provided however, that such employee contribution shall be made  by  the
    36  state  in  accordance  with  subdivision one of this section during such
    37  period as (a) either section seventy-a  of  the  retirement  and  social
    38  security law or section five hundred twenty-eight of this title provides
    39  that  the  contribution  of each member of the New York state employees'
    40  retirement system or the New York state teachers' retirement  system  in
    41  the employ of the state shall be reduced by at least eight per centum of
    42  his  compensation,  or  (b) employee contributions to either such system
    43  are no longer required by reason of such system becoming noncontributory
    44  for state employees.
    45    Notwithstanding any other law to the contrary, [beginning April first,
    46  two thousand thirteen any electing employee appointed on or after  April
    47  first,  two  thousand twelve, the rate at which each such employee shall
    48  contribute in any current plan year (January first to  December  thirty-
    49  first)  shall  be determined by reference to the wages of such member in
    50  the second plan year (January first to December thirty-first)  preceding
    51  such current plan year as follows:
    52    (a)  members  with  wages  of forty-five thousand dollars per annum or
    53  less shall contribute three per centum of annual wages;
    54    (b) members with wages greater than forty-five thousand per annum, but
    55  not more than fifty-five thousand per annum shall contribute  three  and
    56  one-half per centum of annual wages;
        A. 9527                            10

     1    (c) members with wages greater than fifty-five thousand per annum, but
     2  not  more than seventy-five thousand per annum shall contribute four and
     3  one-half per centum of annual wages;
     4    (d)  members  with  wages greater than seventy-five thousand per annum
     5  but not more than one hundred thousand per annum shall  contribute  five
     6  and three-quarters per centum of annual wages; and
     7    (e)  members  with  wages  greater than one hundred thousand per annum
     8  shall contribute six per centum of annual wages.
     9    Notwithstanding the foregoing, during each of  the  first  three  plan
    10  years  (January first to December thirty-first) in which such member has
    11  established membership in the Education Department  Optional  Retirement
    12  Program,  such  employee  shall  contribute a percent of annual wages in
    13  accordance with the preceding schedule based upon a projection of annual
    14  wages provided by the employer]  beginning  April  first,  two  thousand
    15  twenty-four,  for  any  electing  employee  of  the Education Department
    16  Optional Retirement Program appointed on or after April first, two thou-
    17  sand twelve, the contributions in the current plan year (April first  to
    18  March  thirty-first)  shall be determined by reference to the base wages
    19  of such member as of April first in the previous plan year as follows:
    20    (a) members with wages of seventy-five thousand dollars per  annum  or
    21  less shall contribute three per centum of annual wages;
    22    (b)  members  with wages greater than seventy-five thousand per annum,
    23  but not more than one hundred thousand per annum shall  contribute  four
    24  per centum of annual wages; and
    25    (c)  members  with  wages  greater than one hundred thousand per annum
    26  shall contribute five per centum of annual wages.
    27    Notwithstanding the foregoing, in the first year in which a member has
    28  established membership in the Education Department  Optional  Retirement
    29  Program,  such  member  shall contribute a percentage of annual wages in
    30  accordance with the preceding schedule based upon a projection of annual
    31  wages provided by the employer.
    32    § 6. Paragraph (d) of subdivision 2 of section 392  of  the  education
    33  law,  as  added by chapter 18 of the laws of 2012, is amended to read as
    34  follows:
    35    (d) Notwithstanding any other law to the  contrary,  [beginning  April
    36  first, two thousand thirteen any electing employee appointed on or after
    37  April  first,  two thousand twelve, the rate at which each such employee
    38  shall contribute in any current plan year  (January  first  to  December
    39  thirty-first)  shall  be  determined  by  reference to the wages of such
    40  member in the second plan year (January first to December  thirty-first)
    41  preceding such current plan year as follows:
    42    (i)  members  with  wages  of forty-five thousand dollars per annum or
    43  less shall contribute three per centum of annual wages;
    44    (ii) members with wages greater than forty-five  thousand  per  annum,
    45  but  not  more than fifty-five thousand per annum shall contribute three
    46  and one-half per centum of annual wages;
    47    (iii) members with wages greater than fifty-five thousand  per  annum,
    48  but  not more than seventy-five thousand per annum shall contribute four
    49  and one-half per centum of annual wages;
    50    (iv) members with wages greater than seventy-five thousand  per  annum
    51  but  not  more than one hundred thousand per annum shall contribute five
    52  and three-quarters per centum of annual wages; and
    53    (v) members with wages greater than one  hundred  thousand  per  annum
    54  shall contribute six per centum of annual wages.
    55    Notwithstanding  the  foregoing,  during  each of the first three plan
    56  years (January first to December thirty-first) in which such member  has
        A. 9527                            11

     1  established  membership  in  the  State  University  Optional Retirement
     2  Program, such employee shall contribute a percent  of  annual  wages  in
     3  accordance with the preceding schedule based upon a projection of annual
     4  wages  provided by the employer] beginning on and after April first, two
     5  thousand twenty-four, for any electing employee of the State  University
     6  Optional Retirement Program appointed on or after April first, two thou-
     7  sand  twelve, the contributions in the current plan year (April first to
     8  March thirty-first) shall be determined by reference to the  base  wages
     9  of such member as of April first in the previous plan year as follows:
    10    (i)  members  with wages of seventy-five thousand dollars per annum or
    11  less shall contribute three per centum of annual wages;
    12    (ii) members with wages greater than seventy-five thousand per  annum,
    13  but  not  more than one hundred thousand per annum shall contribute four
    14  per centum of annual wages; and
    15    (iii) members with wages greater than one hundred thousand  per  annum
    16  shall contribute five per centum of annual wages.
    17    (iv)  Notwithstanding  the  foregoing,  in  the  first year in which a
    18  member has established  membership  in  the  State  University  Optional
    19  Retirement  Program, such member shall contribute a percentage of annual
    20  wages in accordance with the preceding schedule based upon a  projection
    21  of annual wages provided by the employer.
    22    §  7.  Paragraph (d) of subdivision 2 of section 6252 of the education
    23  law, as added by chapter 18 of the laws of 2012, is amended to  read  as
    24  follows:
    25    (d)  Notwithstanding  any  other law to the contrary, [beginning April
    26  first, two thousand thirteen any electing employee appointed on or after
    27  April first, two thousand twelve, the rate at which each  such  employee
    28  shall  contribute  in  any  current plan year (January first to December
    29  thirty-first) shall be determined by reference  to  the  wages  of  such
    30  member  in the second plan year (January first to December thirty-first)
    31  preceding such current plan year as follows:
    32    (1) members with wages of forty-five thousand  dollars  per  annum  or
    33  less shall contribute three per centum of annual wages;
    34    (2) members with wages greater than forty-five thousand per annum, but
    35  not  more  than fifty-five thousand per annum shall contribute three and
    36  one-half per centum of annual wages;
    37    (3) members with wages greater than fifty-five thousand per annum, but
    38  not more than seventy-five thousand per annum shall contribute four  and
    39  one-half per centum of annual wages;
    40    (4)  members  with  wages greater than seventy-five thousand per annum
    41  but not more than one hundred thousand per annum shall  contribute  five
    42  and three-quarters per centum of annual wages; and
    43    (5)  members  with  wages  greater than one hundred thousand per annum
    44  shall contribute six per centum of annual wages.
    45    Notwithstanding the foregoing, during each of  the  first  three  plan
    46  years  (January first to December thirty-first) in which such member has
    47  established membership in the Board of Higher Education Optional Retire-
    48  ment Program, such employee shall contribute a percent of  annual  wages
    49  in  accordance  with  the  preceding schedule based upon a projection of
    50  annual wages provided by the employer] for any electing employee of  the
    51  Board  of  Higher  Education Optional Retirement Program appointed on or
    52  after April first, two thousand twelve, the contributions in the current
    53  plan year (April first to March thirty-first)  shall  be  determined  by
    54  reference  to  the  base  wages  of such member as of April first in the
    55  previous plan year as follows:
        A. 9527                            12

     1    (1) members with wages of seventy-five thousand dollars per  annum  or
     2  less shall contribute three per centum of annual wages;
     3    (2)  members  with wages greater than seventy-five thousand per annum,
     4  but not more than one hundred thousand per annum shall  contribute  four
     5  per centum of annual wages; and
     6    (3)  members  with  wages  greater than one hundred thousand per annum
     7  shall contribute five per centum of annual wages.
     8    Notwithstanding the foregoing, in the first year in which a member has
     9  established membership in the Board of Higher Education Optional Retire-
    10  ment Program, such member shall contribute a percentage of annual  wages
    11  in  accordance  with  the  preceding schedule based upon a projection of
    12  annual wages provided by the employer.
    13    § 8. Notwithstanding any other provision of law to the contrary,  none
    14  of  the  provisions  of  this  act shall be subject to section 25 of the
    15  retirement and social security law.
    16    § 9. This act shall take effect April 1, 2024; provided,  however,  if
    17  this  act  shall become a law after such date it shall take effect imme-
    18  diately and shall be deemed to have been in full force and effect on and
    19  after April 1, 2024.
          FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
          This bill would change the member contribution  rates,  and  the  wage
        ranges  to  which  member  contribution  rates  are  applied, for Tier 6
        members effective April 1, 2024.
          The proposed contribution rates and wage ranges  for  Tier  6  members
        are:
            * three (3) percent for wages of $75,000 or less,
            *  four (4) percent for wages greater than $75,000 but not more than
        $100,000, or
            * five (5) percent for wages greater than $100,000.
          The current contribution rates and wage ranges for Tier 6 members are:
            * three (3) percent for wages of $45,000 or less,
            * three and one-half (3.5) percent for wages  greater  than  $45,000
        but not more than $55,000,
            * four and one-half (4.5) percent for wages greater than $55,000 but
        not more than $75,000,
            *  five  and  three-quarters  (5.75)  percent for wages greater than
        $75,000 but not more than $100,000, or
            * six (6) percent for wages greater than $100,000.
          It is anticipated that this proposal will not become law  until  after
        the  effective  date of April 1, 2024, in which case member contribution
        rates will need to be revised retroactively. This will result in signif-
        icant administrative costs to the New York State  and  Local  Retirement
        System and its more than 3,000 participating employers.
          Insofar  as  this bill affects the New York State and Local Employees'
        Retirement System (NYSLERS), if this legislation is enacted  during  the
        2024  Legislative  Session,  there  would  be an increase in the present
        value of future costs of  approximately  $1.6  billion  which  would  be
        shared by the State of New York and all local participating employers in
        the  NYSLERS.  These  costs  will be funded by increasing Tier 6 billing
        rates by an average 0.9% of salary.
          The increased billing rates will result  in  a  recurring,  increasing
        annual  contribution  beginning in the fiscal year ending March 31, 2026
        of approximately $67 million to the State of New York and  approximately
        $90 million to local participating employers in the NYSLERS. These annu-
        al costs are expected to increase significantly in future years and will
        A. 9527                            13

        vary  by  employer  based  upon the plan coverage and salary reported in
        Tier 6.
          Insofar  as  this bill affects the New York State and Local Police and
        Fire Retirement System (NYSLPFRS), if this legislation is enacted during
        the 2024 Legislative Session, there would be an increase in the  present
        value  of  future  costs  of  approximately  $255 million which would be
        shared by the State of New York and all local participating employers in
        the NYSLPFRS. These costs will be funded by increasing  Tier  6  billing
        rates by an average 1.0% of salary.
          The  increased  billing  rates  will result in a recurring, increasing
        annual contribution beginning in the fiscal year ending March  31,  2026
        of  approximately  $5 million to the State of New York and approximately
        $18 million to local participating  employers  in  the  NYSLPFRS.  These
        annual  costs are expected to increase significantly in future years and
        will vary by employer based upon the plan coverage and  salary  reported
        in Tier 6.
          These  estimated costs are based on 265,533 Tier 6 members with annual
        salary of approximately $12 billion in the NYSLERS  and  16,538  Tier  6
        members  with  annual  salary  of  approximately  $1.5  billion  in  the
        NYSLPFRS, as of March 31, 2023.
          Summary of relevant resources:
          Membership data as of March 31, 2023 was used in measuring the  impact
        of the proposed change, the same data used in the April 1, 2023 actuari-
        al  valuation.  Distributions  and  other statistics can be found in the
        2023 Report of the Actuary and the 2023 Annual  Comprehensive  Financial
        Report.
          The  actuarial  assumptions and methods used are described in the 2023
        Annual Report to the  Comptroller  on  Actuarial  Assumptions,  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, 2023
        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 March 4, 2024, and intended for use only during
        the 2024 Legislative Session, is Fiscal Note No.  2024-96,  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  reduce  the  required  employee
        contribution for Tier 6 members. The salary ranges and employee contrib-
        ution  rates  for Tier 6 members would be changed to the following as of
        April 1, 2024:
          Salary                             Employee Contribution Rate
        $75,000 and less                     3.00%
        More than $75,000 to $100,000        4.00%
        More than $100,000                   5.00%
          The annual cost to the employers of members  of  the  New  York  State
        Teachers'  Retirement  System  for this benefit is estimated to be $81.5
        million or 0.42% 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
        A. 9527                            14

        assets, is equal to 5.31% 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 6.13% of pay, an increase of 0.82% of pay.
          Member data is from the System's most recent actuarial valuation files
        as of June 30, 2023, consisting of data provided by the employers to the
        Retirement System. The most recent data distributions and statistics can
        be found in the System's Annual Report for fiscal year  ended  June  30,
        2023. System assets are as reported in the System's financial statements
        and  can also be found in the System's Annual Report.  Actuarial assump-
        tions and methods are  provided  in  the  System's  Actuarial  Valuation
        Report as of June 30, 2023.
          The  source of this estimate is Fiscal Note 2024-18 dated February 27,
        2024 prepared by the Office of the Actuary of the New York State  Teach-
        ers'  Retirement  System  and  is  intended for use only during the 2024
        Legislative Session. I, Richard A. Young, am the Chief Actuary  for  the
        New  York State Teachers' Retirement System. I am a member of the Ameri-
        can 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: This proposed legislation, as it relates to the New York City
        Retirement Systems and Pension Funds (NYCRS) would reduce  the  required
        Basic Member Contribution (BMC) rates for Tier 6 members of NYCERS, TRS,
        and BERS.

                 EXPECTED INCREASE (DECREASE) IN EMPLOYER CONTRIBUTIONS
                  by Fiscal Year for the first 25 years ($ in Millions)

                      Year      NYCERS     TRS       BERS      TOTAL
                      2025      74.9       55.2      6.4       136.5
                      2026      81.9       58.8      6.9       147.6
                      2027      89.3       62.8      7.5       159.6
                      2028      97.0       67.1      8.1       172.2
                      2029      105.1      71.8      8.8       185.7
                      2030      113.3      76.8      9.5       199.6
                      2031      121.7      82.2      10.2      214.1
                      2032      130.2      88.0      10.9      229.1
                      2033      138.8      94.2      11.7      244.7
                      2034      147.7      100.9     12.5      261.1
                      2035      156.8      107.9     13.3      278.0
                      2036      165.9      115.3     14.1      295.3
                      2037      175.2      123.1     15.0      313.3
                      2038      184.6      131.4     13.5      329.5
                      2039      194.2      140.3     14.4      348.9
                      2040      178.7      149.5     15.3      343.5
                      2041      188.5      159.1     16.2      363.8
                      2042      198.4      168.8     17.2      384.4
                      2043      208.4      178.5     18.2      405.1
                      2044      218.6      169.3     19.1      407.0
                      2045      228.8      178.9     20.1      427.8
                      2046      239.1      188.4     21.1      448.6
                      2047      249.4      197.8     22.2      469.4
                      2048      259.8      207.0     23.2      490.0
                      2049      270.2      216.2     24.2      510.6
        A. 9527                            15

        Employer Contribution impact beyond Fiscal year 2049 is not shown.
        Projected contributions include future new hires that may be impacted.

        The initial increase in employer contributions of $136.5 million is
        estimated to be $94.4 million for New York City and $42.1 million for
        the other obligors of NYCRS.

                  INITIAL INCREASE (DECREASE) IN ACTUARIAL LIABILITIES
                           as of June 30, 2023 ($ in Millions)
        Present Value (PV)                 NYCERS    TRS     BERS
        PV of Benefits:                    (70.1)    (63.7)  (6.4)
        PV of Employee Contributions:      (900.6)   (847.6) (72.9)
        PV of Employer Contributions:      830.5     783.9   66.6
        Unfunded Accrued Liabilities:      222.0     189.2   19.1

                       AMORTIZATION OF UNFUNDED ACCRUED LIABILITY
                                           NYCERS    TRS     BERS
        Number of Payments:                15        19      13
        Fiscal Year of Last Payment:       2039      2043    2037
        Amortization Payment:              25.2 M    18.9 M  2.4 M

          Unfunded  Accrued Liability increases were amortized over the expected
        remaining working lifetime of those  impacted  by  the  benefit  changes
        using level dollar payments.
          CENSUS  DATA:  The estimates presented herein are based on preliminary
        census data collected as of June 30,  2023.  The  census  data  for  the
        impacted population is summarized below.
                                      NYCERS    TRS     BERS
        Active Members
        - Number Count:               85,203    60,663  12,932
        - Average Age:                42.4      38.1    46.9
        - Average Service:            4.4       5.0     4.0
        - Average Salary:             78,900    80,000  56,200

          IMPACT  ON  MEMBER CONTRIBUTIONS: Currently, Tier 6 members of NYCERS,
        TRS, and BERS are generally required to make Basic Member  Contributions
        (BMC)  ranging from 3% to 6% of annual wages, determined by the member's
        annual wages for the second prior calendar year.
          Under the proposed legislation, effective April 1, 2024:
          * The required BMC rates for each salary band above $45,000  would  be
        reduced as shown in the table below.

                  Salary Band              Current Rate   Proposed Rate
                  $45,000 or less          3.00%          3.00%
                  $45,001 up to $55,000    3.50%          3.00%
                  $55,001 up to $75,000    4.50%          3.00%
                  $75,001 up to $100,000   5.75%          4.00%
                  Greater than $100,000    6.00%          5.00%

          *  The determination of the member's rate will use a one-year lookback
        instead of a two-year lookback.
          * The annual wages used for the determination of the  member's  salary
        band  would exclude overtime and compensation earned for extracurricular
        activities for all years. Currently, this exclusion is set to expire  on
        January 1, 2025.
        A. 9527                            16

          *  New  members  would  use a projection of wages for their first year
        instead of their first three years.
          For  purposes  of  this  Fiscal Note, it has been assumed that members
        will retain rights to current rules  for  determining  the  contribution
        rate  for  a  given calendar year if they result in a lower contribution
        rate than under the proposed legislation.
          ASSUMPTIONS AND METHODS: The  estimates  presented  herein  have  been
        calculated  based  on the Revised 2021 Actuarial Assumptions and Methods
        of the impacted retirement systems. In addition:
          * New entrants were assumed to replace exiting members so  that  total
        payroll increases by 3% each year for impacted groups. New entrant demo-
        graphics were developed based on data for recent new hires and actuarial
        judgement.
          RISK  AND  UNCERTAINTY: The costs presented in this Fiscal Note depend
        highly on the actuarial assumptions, methods,  and  models  used,  demo-
        graphics  of  the  impacted population and other factors such as invest-
        ment, contribution, and other risks. If actual experience deviates  from
        actuarial   assumptions,  the  actual  costs  could  differ  from  those
        presented herein. Quantifying these risks is beyond the  scope  of  this
        Fiscal Note.
          This  Fiscal  Note  is intended to measure pension-related impacts and
        does not include other potential costs (e.g., administrative  and  Other
        Postemployment Benefits).
          STATEMENT OF ACTUARIAL OPINION: Marek Tyszkiewicz and Gregory Zelikov-
        sky  are members of the Society of Actuaries and the American Academy of
        Actuaries. We are members of NYCERS but do not believe  it  impairs  our
        objectivity  and  we  meet  the  Qualification Standards of the American
        Academy of Actuaries to render the actuarial opinion  contained  herein.
        To  the  best  of  our 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 2024-19  dated  March  6,
        2024  was prepared by the Chief Actuary for the New York City Retirement
        Systems and Pension Funds. This estimate is intended for use only during
        the 2024 Legislative Session.