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S05579 Summary:

BILL NOS05579
 
SAME ASNo Same As
 
SPONSORLANZA
 
COSPNSRBORRELLO, GALLIVAN, GRIFFO, HELMING, MATTERA, OBERACKER, ROLISON, SKOUFIS, WEIK
 
MLTSPNSR
 
Amd §212, R & SS L
 
Increases the amount of money a public retirement system retiree may earn in a position of public service in the year 2026 and thereafter to $50,000.
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S05579 Text:



 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          5579
 
                               2025-2026 Regular Sessions
 
                    IN SENATE
 
                                    February 25, 2025
                                       ___________
 
        Introduced by Sens. LANZA, BORRELLO, GALLIVAN, GRIFFO, HELMING, MATTERA,
          OBERACKER,  ROLISON,  SKOUFIS, WEIK -- 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, in  relation  to
          increasing the retiree public earnings cap

          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
 
     1    Section 1. Subdivision 2 of section 212 of the retirement  and  social
     2  security  law, as amended by chapter 589 of the laws of 2019, is amended
     3  to read as follows:
     4    2. The earning limitations for retired persons in positions of  public
     5  service  under  this  section  shall be in accordance with the following
     6  table:
 
     7          For the year               Earnings limitation
     8              1996                         $12,500
     9              1997                         $13,500
    10              1998                         $14,500
    11              1999                         $15,500
    12              2000                         $17,000
    13              2001                         $18,500
    14              2002                         $20,000
    15              2003                         $25,000
    16              2004                         $27,500
    17              2005 and 2006                $27,500
    18              2007 through 2019            $30,000
    19              2020 [and thereafter]
    20              through 2025                 $35,000
    21              2026 and thereafter          $50,000
    22    § 2. This act shall take effect immediately.
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD09658-01-5
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