New York S 6639: Relates to civil penalties for certain fraud or misrepresentation of a material fact with respect to a financial product or service

Bill Text

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 Speaker Carl E. Heastie

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S06639 Summary:

BILL NOS06639A

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SAME ASSAME AS A08574-A

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SPONSORGOUNARDES

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COSPNSRADDABBO, ASHBY, BROUK, GALLIVAN, JACKSON, MAYER, RAMOS, RHOADS, RYAN C, WEBB

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MLTSPNSR

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Amd §1203, R & SS L

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Increases the limitation of overtime compensation in final average salary calculations from fifteen percent to thirty percent.

Go to top S06639 Actions:

BILL NOS06639A

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03/19/2025REFERRED TO CIVIL SERVICE AND PENSIONS

04/08/2025REPORTED AND COMMITTED TO FINANCE

01/07/2026REFERRED TO CIVIL SERVICE AND PENSIONS

03/19/2026AMEND AND RECOMMIT TO CIVIL SERVICE AND PENSIONS

03/19/2026PRINT NUMBER 6639A

Go to topS06639 Committee&nbspVotes:

Go to topS06639 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topS06639 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 6639--A

 2025-2026 Regular Sessions

 IN SENATE

 March 19, 2025
 ___________

 Introduced by Sens. GOUNARDES, ADDABBO, ASHBY, BROUK, GALLIVAN, JACKSON,
 MAYER, RHOADS, C. RYAN, WEBB -- read twice and ordered printed, and
 when printed to be committed to the Committee on Civil Service and
 Pensions -- recommitted to the Committee on Civil Service and Pensions
 in accordance with Senate Rule 6, sec. 8 -- committee discharged, bill
 amended, ordered reprinted as amended and recommitted to said commit-
 tee

 AN ACT to amend the retirement and social security law, in relation to
 the limitation of overtime compensation in final average salary calcu-
 lations

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

 1 Section 1. Section 1203 of the retirement and social security law, as
 2 added by section 1 of part A of chapter 504 of the laws of 2009, is
 3 amended to read as follows:
 4 § 1203. Overtime. A member's final average salary shall be calculated
 5 in accordance with such provisions of article eight or article eleven of
 6 this chapter as govern the member's benefits including overtime, except
 7 that earnings classified as overtime compensation in an amount in excess
 8 of [fifteen] thirty percent of a member's annual wages not classified as
 9 overtime compensation shall be excluded from such calculation. "Overtime
 10 compensation" shall mean, for purposes of this section, compensation
 11 paid under any law or policy under which employees are paid at a rate
 12 greater than their standard rate for additional hours worked beyond
 13 those required, including compensation paid under section one hundred
 14 thirty-four of the civil service law and section ninety of the general
 15 municipal law.
 16 § 2. This act shall take effect immediately.
 FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
 This bill would increase the limit on overtime compensation used in
 the calculation of final average salary to 30 percent of annual wages

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD08189-04-6

 S. 6639--A 2

 for Tier 5 and 6 members in the New York State and Local Police and Fire
 Retirement System (NYSLPFRS). The current limit is 15 percent.
 Insofar as this bill affects NYSLPFRS, the present value of benefits
 would increase by approximately $331 million.

 NYSLPFRS Increase in present Increase in required
 value of benefits contributions
 Actives Tiers 1-5 (Closed) $ 35.6 mn $ 50.3 mn
 Actives Tier 6 (Open) $ 295.1 mn $ 280.3 mn
 Total $ 330.7 mn $ 330.7 mn

 Benefit improvements will be funded by increasing the billing rates
 charged annually. The annual contribution required of all participating
 employers in NYSLPFRS would increase 0.7% of billable salary, or approx-
 imately $6 million to the state of New York and $27 million to the local
 participating employers. This permanent annual cost will vary in future
 billing cycles with changes in the billing rate and salary of the
 affected members.
 The number of current and future members who could be affected by this
 legislation cannot be readily determined.
 Summary of relevant resources:
 Membership data as of March 31, 2025 was used to measure the impact of
 the bill, the same data used in the Actuarial Valuations dated April 1,
 2025. Distributions and other statistics can be found in the 2025 Repor