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S05579 Summary:

BILL NOS05579A
 
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 $65,000.
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S05579 Text:



 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                         5579--A
 
                               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 -- 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 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          $65,000
    22    § 2. This act shall take effect immediately.
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD09658-02-5
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