2002 Legislation

Highlights of Chapter 695 of the Laws of 2002:

• The mandatory 30-day filing requirement for service retirement applications is eliminated. Members can now file an application up until the effective date of their retirement. (The maximum 90-day filing window still  applies.)
• Members can withdraw their service retirement application up to 14 days after their date of retirement.
• Members have 30 days from their date of retirement to select or change their benefit payment choice.
• Tier 1 and 2 members can withdraw their Annuity Savings Fund (ASF) up to 30 days after their date of retirement.

Signed into Law: January 30, 2003
Effective Date: June 30, 2002

Highlights of Chapter 667 of the Laws of 2002:

• For Tier 1 and 2 members who transfer from the New York City Teachers' Retirement System with at least 20 years of total service credit, this law allows NYSTRS to allocate to their Annuity Savings Fund (ASF) any excess Increased-Take-Home Pay (ITHP) reserves not needed to fund their benefit. At retirement, members can receive this amount in a lump sum or as part of their monthly retirement benefit.
• The law is retroactive to July 1, 1998. Members who retired on  or after July 1, 1998 will receive a lump sum payment of any excess ITHP plus 5% annual interest from their date of retirement to their payment date.

Signed into Law: December 3, 2002
Effective Date: July 1, 1998

Highlights of Chapter 547 of the Laws of 2002: Permits a refund of payment made by veterans to purchase military  service credit if, at retirement, the military service credit does not produce a greater benefit.

Signed into Law: September 17, 2002
Effective Date:  December 21, 1998

Highlights of Chapter 474 of the Laws of 2002: Lowers the age at which public retirees can re-enter New York  State public employment without affecting their retirement benefits from age 70  to 65. 

Signed into Law: August 20, 2002.
Effective Immediately

Highlights of Chapter 353 of the Laws of 2002: Allows Tier 1 and 2 members who were in active service for at least 20 days in any one school year on or after July 1, 1992 to be eligible for Article 19 credit if they retire or die on or after June 1, 2000. 

Signed into Law: August 13, 2002
Effective Date: June 1, 2000

Highlights of Chapter 352 of the Laws of 2002: Allows members to obtain service credit for teaching in New York  City public schools at a time when they were NYSTRS members and were prohibited from joining a NYC retirement system. Any such service prior to July 1, 1990,  would be creditable. To obtain credit, members need at least two years of NYSTRS service. In addition, Tier 3 and 4 members would have to pay 3% member contributions for the service plus 5% annual interest from the date of service until payment is made.

Signed into Law: August 13, 2002
Effective Date: June 30, 2002

Highlights of Chapter 351 of the Laws of 2002: Simplifies rules originally enacted to prevent "double credit" for the same service for NYSTRS members who join the optional retirement program.

Signed into Law: August 13, 2002
Effective Date: June 30, 2002

Highlights of Chapter 310 of the Laws of 2002: Increases the earnings limit for New York State public employment  under Section 212 of the Retirement and Social Security Law to $25,000 a year for calendar year 2003.

Signed into Law: August 6, 2002 
Effective Date: January 1, 2003

Highlights of Chapter 106 of the Laws of 2002: Creates a window during which eligible NYSTRS members who were employed as permanent substitute teachers by the New York City Board of Education can obtain a retroactive date of membership. To be eligible, a member must have taught in a NYC school for a period of not less than 20 days during a school year and must have been in active service on or after June 30, 2002. The window for applying will close on June 30, 2003.

Signed into Law: June 28, 2002. Effective Immediately

Highlights of Chapter 69 of the Laws of 2002: School districts have the option of whether or not to offer Part A of the incentive. Part B is available to all Tier 2, 3 and 4 members. Members eligible for both Part A and Part B can elect only one part of the incentive.

Part A

• Provides one-twelfth of a year of additional service credit to an eligible member for each year of service  credited at retirement, to a maximum of three years of additional credit. (This is in addition to the two years of service credit for which Tier 1 and 2 members may be eligible under Benefit Enhancement Credit / Article 19.) 
• To be eligible, members must be age 50 or older with 10 or more years of service, or age 55 with five or more years of service. In addition, members must have been in active service on Feb. 1, 2002, and remained in  continuous active service through the end of the school year or the beginning of their employer's open period.
• Districts that choose to offer Part A of the incentive have to specify a 30- to 90-day window for eligible employees to file for retirement.
• The window for school districts cannot extend beyond Aug. 31, 2002; beyond Dec. 31, 2002, for community colleges and SUNY; and beyond March 31, 2003, for the State Education Department. 

Part B

• Allows Tier 2, 3, and 4 members age 55 or older with 25 years or more of service to retire without an age reduction. To be eligible, members must have been in active service on Feb. 1, 2002, and must remain in continuous active service through the end of the school year or the beginning of their employer's open period.
• The open period for school districts was June 3, 2002, through Aug. 31, 2002. The 90-day open period for community colleges, SUNY and State Education Department employees cannot extend beyond March 31,  2003.

Signed into Law: May 20, 2002. Effective Immediately.