New York S 10233: Relates to a reduced retirement age for certain Triborough bridge and tunnel authority employees

Bill Text

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S10233 Summary:

BILL NOS10233 

&nbsp

SAME ASNo Same As

&nbsp

SPONSORLANZA

&nbsp

COSPNSR

&nbsp

MLTSPNSR

&nbsp

Amd §651, R & SS L; amd §2, Chap 511 of 1988

&nbsp

Relates to a reduced retirement age for certain Triborough bridge and tunnel authority employees.

Go to top S10233 Actions:

BILL NOS10233 

&nbsp

05/07/2026REFERRED TO CIVIL SERVICE AND PENSIONS

Go to topS10233 Committee&nbspVotes:

Go to topS10233 Floor&nbspVotes:

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

Go to topS10233 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 10233

 IN SENATE

 May 7, 2026
 ___________

 Introduced by Sen. LANZA -- read twice and ordered printed, and when
 printed to be committed to the Committee on Civil Service and Pensions

 AN ACT to amend the retirement and social security law and chapter 511
 of the laws of 1988 amending the retirement and social security law
 relating to a reduction in retirement age for certain members, in
 relation to a reduced retirement age for certain Triborough bridge and
 tunnel authority employees

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

 1 Section 1. Paragraph (ii) of subdivision a of section 651 of the
 2 retirement and social security law, as amended by chapter 225 of the
 3 laws of 2006, is amended to read as follows:
 4 (ii) For each full year of covered employment [occurring prior to
 5 January first, two thousand nine] which is subsequent to December thir-
 6 ty-first, nineteen hundred seventy, [his or her] their normal retirement
 7 age shall be reduced by four months.
 8 § 2. Section 2 of chapter 511 of the laws of 1988, amending the
 9 retirement and social security law relating to a reduction in retirement
 10 age for certain members, as amended by chapter 225 of the laws of 2006,
 11 is amended to read as follows:
 12 § 2. This act shall take effect immediately[, and shall apply only to
 13 covered employment performed on or before December 31, 2008].
 14 § 3. This act shall take effect immediately and shall be deemed to
 15 have been in full force and effect on and after December 31, 2008.
 FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
 SUMMARY: This proposed legislation would reduce the Normal Retirement
 Age by four months for each year of qualifying service earned on or
 after January 1, 2009 for certain Triborough Bridge and Tunnel Authority
 (TBTA) members, allowing such members to retire without a reduction for
 early commencement prior to age 62, but no earlier than age 55.
 EXPECTED INCREASE (DECREASE) IN EMPLOYER CONTRIBUTIONS
 by Fiscal Year for the first 25 years ($ in Thousands)

 Year NYCERS

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD10478-03-6

 S. 10233 2

 2027 942
 2028 827
 2029 805
 2030 786
 2031 764
 2032 747
 2033 732
 2034 706
 2035 (21)
 2036 (41)
 2037 (56)
 2038 (62)
 2039 (61)
 2040 (57)
 2041 (47)
 2042 (36)
 2043 (36)
 2044 (44)
 2045 (54)
 2046 (63)
 2047 (67)
 2048 (70)
 2049 (72)
 2050 (68)
 2051 (61)

 Employer contribution impact beyond Fiscal Year 2051 is not shown.
 Costs for additional new entrants due to accelerated retirement are
 included above.
 The potential increases in employer contributions will be allocated to
 the TBTA.
 PRESENT VALUE OF BENEFITS: The Present Value of Benefits is the
 discounted expected value of benefits paid to current members if all
 assumptions are met, including future service accrual and pay increases.
 Future new hires are not included in this present value.

 INITIAL INCREASE (DECREASE) IN ACTUARIAL PRESENT VALUES
 as of June 30, 2025 ($ in Thousands)

 Present Value (PV) NYCERS
 (1) PV of Employer Contributions: 3,254
 (2) PV of Employee Contributions: 0
 Total PV of Benefits (1) + (2): 3,254

 UNFUNDED ACCRUED LIABILITY (UAL): Actuarial Accrued Liabilities are
 the portion of the Present Value of Benefits allocated to past service.
 Changes in UAL for active members were amortized over the expected
 remaining working lifetime of those impacted using level dollar
 payments. UAL attributable to inactive members was recognized in the
 first year.

 AMORTIZATION OF UNFUNDED ACCRUED LIABILITY

 NYCERS
 Unfunded Accrued Liabilities: