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December 17, 2017
To All PCNY Members 3-15-2012
Posted On: Mar 15, 2012

To All PCNY Members                                                        3/15/12

 

 

 

The senate and the assembly passed the Tier VI bill early this morning. The major components of the bill are effective April 1, 2012 new employees in the police and fire retirement system will contribute between 3 and 6 % of their salary toward their pension. The increases range from 3% for those making less than $45,000.00 to 6% for those making more than $100,000.00.

 

The final average salary will now be based on a five year average.

Overtime will count but there is a 10% cap for pension purposes, this however should be better than tier V because it is based on total earnings whereas the 15% cap in tier V is based on based salary.

 

No earnings over $179,000.00 (current Governors salary) will be included in pension calculations.

The 401K option has been removed.

This is not what we had hoped for but it is far less destructive than the original bill which had no overtime counted and contained the 401K component.

 

Richard Wells,

President

 


 
 
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