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Bill

A 7359

Relates to eligibility for participants in the automotive 25 year/age 50 pension plan with more than 30 years of credited service who remain in active service after age 62 to receive a service retirement benefit

2025 Regular Session Introduced by Stacey Pheffer Amato and 1 co-sponsor

Allows New York automotive pension plan members with 30+ years of service to collect retirement benefits while continuing work after age 62.

SUBSTITUTED BY S6702
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Bill Summary · A 7359

Legislative bill overview

Bill A 7359 modifies New York's pension eligibility rules for automotive workers, allowing those in the "25 year/age 50" pension plan with over 30 years of credited service to collect retirement benefits even if they continue working past age 62. Previously, continuing to work past this age may have delayed or affected their benefit eligibility.

Why is this important

This change affects workers in a specialized pension plan, potentially allowing them to receive pension income while still employed and earning wages. This can provide significant financial relief for long-tenured workers nearing retirement age and may incentivize retaining experienced workers in the automotive industry.

Potential points of contention

  • Pension fund solvency: Allowing early pension receipt while workers continue earning may increase unfunded liabilities if not properly actuarially adjusted, potentially affecting other plan participants or taxpayers
  • Fairness across sectors: Workers in other pension plans or non-unionized sectors may not have equivalent "work-and-collect" provisions, raising equity concerns
  • Fiscal impact uncertainty: The bill's cost to the automotive pension fund and whether it requires additional employer contributions or state funding is unclear from available information

Compiled from official sources — confirm details with the bill’s official record.

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