S 10234 NY

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Bill No.: Summary Actions Committee&nbspVotes Floor&nbspVotes Memo Text LFIN Chamber&nbspVideo/Transcript S10234 Summary: BILL NO S10234 &nbsp SAME AS No Same As &nbsp SPONSOR LANZA &nbsp COSPNSR &nbsp MLTSPNSR &nbsp Amd §§650, 651 & 652, R & SS L; amd §2, Chap 511 of 1988 &nbsp Relates to a reduced retirement age for tier six Triborough bridge and tunnel authority employees; provides such retirement may be reduced by four months.

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STATE OF NEW YORK ________________________________________________________________________

10234

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 tier six 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. Section 650 of the retirement and social security law, as 2 amended by chapter 18 of the laws of 2012, is amended to read as 3 follows: 4 § 650. Application. This article shall apply to a member of the New 5 York city employees' retirement system (i) who holds the position of 6 bridge and tunnel officer, sergeant or lieutenant with the Triborough 7 bridge and tunnel authority, and has received or receives an appointment 8 to at least one such position from a competitive civil service list; or 9 (ii) who holds the position of assistant bridge and tunnel maintainer, 10 bridge and tunnel maintainer, senior bridge and tunnel maintainer or 11 laborer with the Triborough bridge and tunnel authority[ , provided, 12 however, that this article shall not apply to a New York city revised 13 plan member (as defined in subdivision m of section six hundred one of 14 this chapter) ]. 15 § 2. Paragraph (ii) of subdivision a and paragraph (i) of subdivision 16 b of section 651 of the retirement and social security law, paragraph 17 (ii) of subdivision a as amended by chapter 225 of the laws of 2006 and 18 paragraph (i) of subdivision b as added by chapter 511 of the laws of 19 1988, are amended to read as follows: 20 (ii) For each full year of covered employment [ occurring prior to 21 January first, two thousand nine ] which is subsequent to December thir- 22 ty-first, nineteen hundred seventy, [ his or her ] such member's normal 23 retirement age shall be reduced by four months. 24 (i) Shall permit a member of Tier one to retire, other than for disa- 25 bility, prior to the attainment of age fifty, or a member of Tier two,

EXPLANATION--Matter in italics (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD11354-03-6

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1 three [ or ] , four or six to retire, other than for disability, prior to 2 the attainment of age fifty-five; and 3 § 3. Subdivision a of section 652 of the retirement and social securi- 4 ty law, as added by chapter 511 of the laws of 1988, is amended and a 5 new subdivision g is added to read as follows: 6 a. The term "normal retirement age" shall mean age fifty-five for a 7 member of Tier one, [ and ] age sixty-two for a member of Tier two, three 8 or four , and age sixty-three for a member of Tier six . 9 g. The term "Tier six member" shall mean a member who first became a 10 member of the New York city employees' retirement system on or after 11 April first, two thousand twelve. 12 § 4. Section 2 of chapter 511 of the laws of 1988, amending the 13 retirement and social security law relating to a reduction in retirement 14 age for certain members, as amended by chapter 225 of the laws of 2006, 15 is amended to read as follows: 16 § 2. This act shall take effect immediately[ , and shall apply only to 17 covered employment performed on or before December 31, 2008 ]. 18 § 5. This act shall take effect immediately and shall be deemed to 19 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 in the case of Tier 4 members and prior to age 63 in the case of Tier 6 members, but no earlier than age 55.

EXPECTED INCREASE (DECREASE) IN EMPLOYER CONTRIBUTIONS by Fiscal Year for the first 25 years ($ in Millions) Year NYCERS 2027 1.4 2028 1.3 2029 1.4 2030 1.4 2031 1.4 2032 1.4 2033 1.5 2034 1.5 2035 1.5 2036 1.5 2037 1.5 2038 1.6 2039 1.6 2040 0.9 2041 0.9 2042 1.0 2043 1.0 2044 1.1 2045 1.1 2046 1.2 2047 1.2 2048 1.3 2049 1.3 2050 1.4 2051 1.4

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Projected contributions include future new hires that may be impacted. For Fiscal Year 2052 and beyond, the expected increase in normal cost as a level percent of pay for impacted new entrants is approximately 2.04%.

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 Millions) Present Value (PV) NYCERS (1) PV of Employer Contributions: 8.2 (2) PV of Employee Contributions: (1.8) Total PV of Benefits (1) + (2): 6.4

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: 6.3 M Number of Payments: 13 Amortization Payment: 0.8 M Additional One-time Payment: 0.1 M

CENSUS DATA: The estimates presented herein are based on preliminary census data collected as of June 30, 2025. The census data for the impacted population is summarized below.

NYCERS Active Members - Number Count: 242 - Average Age: 43.2 - Average Service: 8.9 - Average Salary: 105,000 Receiving Members - Number Count: 1 - Average Age: 57.0

IMPACT ON MEMBER BENEFITS: Currently, Tier 4 members of NYCERS employed in the TBTA job titles specified below are granted a four-month reduction in Normal Retirement Age (NRA) for each complete year of qual- ifying service earned prior to January 1, 2009. A reduction in NRA allows such members to commence their benefits without a reduction for early commencement earlier than age 62, but no earlier than age 55. The proposed legislation would provide for a four-month reduction in NRA for each complete year of qualifying service earned on or after January 1, 2009 for eligible Tier 4 members. The proposed legislation

S. 10234 4

would also provide a four-month reduction in NRA for each complete year of qualifying service to eligible Tier 6 members. The eligible TBTA job titles include bridge and tunnel officers, sergeants, lieutenants, assistant bridge and tunnel maintainers, bridge and tunnel maintainers, senior bridge and tunnel maintainers, and labor- ers. 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: * Retirement rates were adjusted to reflect earlier payability of the service retirement benefit associated with proposed legislation. * 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). This Fiscal Note does not reflect any chapter laws that may have been enacted during the current legislative session. 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 2026-65 dated April 17, 2026 was prepared by the Chief Actuary for the New York City Retirement Systems and Pension Funds and is intended for use only during the 2026 Legislative Session.

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