New York A 8720: Relates to increasing the earnings limitation for positions of public service

Bill Text

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A08720 Summary:

BILL NOA08720B

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SAME ASSAME AS S06956-C

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SPONSORStirpe

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COSPNSRSteck, Bronson, Lupardo, McDonald, Manktelow, Schiavoni, Angelino, Romero, Griffin, Brabenec,
 Miller, Chludzinski, Buttenschon, Burdick, Levenberg, Hawley, Cunningham, Lunsford, Eachus, Beephan

&nbsp

MLTSPNSR

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Amd §212, R & SS L

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Relates to increasing the earnings limitation for positions of public service; increases the earnings limitation from $35,000 to $65,000 in 2027 and thereafter.

Go to top A08720 Actions:

BILL NOA08720B

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06/02/2025referred to governmental employees

06/10/2025amend and recommit to governmental employees

06/10/2025print number 8720a

01/07/2026referred to governmental employees

03/11/2026amend and recommit to governmental employees

03/11/2026print number 8720b

Go to topA08720 Committee&nbspVotes:

Go to topA08720 Floor&nbspVotes:

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

Go to topA08720 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 8720--B

 2025-2026 Regular Sessions

 IN ASSEMBLY

 June 2, 2025
 ___________

 Introduced by M. of A. STIRPE, STECK, BRONSON, LUPARDO, McDONALD, MANK-
 TELOW, SCHIAVONI, ANGELINO, ROMERO, GRIFFIN, BRABENEC, MILLER, CHLUD-
 ZINSKI, BUTTENSCHON -- read once and referred to the Committee on
 Governmental Employees -- committee discharged, bill amended, ordered
 reprinted as amended and recommitted to said committee -- recommitted
 to the Committee on Governmental Employees in accordance with Assembly
 Rule 3, sec. 2 -- committee discharged, bill amended, ordered
 reprinted as amended and recommitted to said committee

 AN ACT to amend the retirement and social security law, in relation to
 increasing the earning limitations for retired persons in positions of
 public service

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

 1 Section 1. Section 212 of the retirement and social security law is
 2 amended by adding a new subdivision 2-a to read as follows:
 3 2-a. Notwithstanding the provisions of subdivision two of this
 4 section, the earnings limitation for retired persons in a position of
 5 public service shall be increased to sixty-five thousand dollars from
 6 the year two thousand twenty-seven and thereafter.
 7 § 2. This act shall take effect immediately.
 FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
 Bill Description:
 This fiscal note is prepared for legislative bill draft #03695-08-6.
 This bill would add a new subdivision 2-a to Section 212 of the Retire-
 ment and Social Security Law to increase the earnings-after-retirement
 limitation to $65,000 for retired members who return to work in posi-
 tions of public employment for calendar year 2027 and thereafter.
 Currently this earnings limitation is $35,000. There is no earnings
 limitation for retirees age 65 and above.
 Cost:

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD03695-13-6

 A. 8720--B 2

 The annual cost to the participating employers of the New York State
 Teachers' Retirement System is estimated to be $86.3 million or 0.42% of
 payroll if this bill is enacted.
 Included in this cost is the expectation that this increase in the
 earnings-after-retirement limit will have an impact on the Retirement
 System's patterns of retirement resulting in some members retiring
 earlier than they otherwise would have. Earlier retirement generally
 increases plan costs since members will be receiving their benefits for
 a longer period. If retirement patterns shift more than expected, there
 will be additional costs.
 Data:
 Member data as of June 30, 2025, prepared for the most recent actuari-
 al valuation was used in determining this cost. The most recent data
 distributions and statistics can be found in the System's Annual Report
 for the fiscal year ended June 30, 2025. System assets are as reported
 in the System's financial statements which can be found in the System's
 Annual Report. This data will also be provided in the System's Actuarial
 Valuation Report as of June 30, 2025.
 Methods and Assumptions:
 A summary of actuarial assumptions and methods will be provided in the
 System's Actuarial Valuation Report