The following is a summary of 2023 NYSTRS-related legislation that has been signed into law.
Transfer of Employer Reserves Between Retirement Systems
Chapter 717 of the Laws of 2023 (S7512/A7444-A)
Signed into law December 8, 2023
Effective December 8, 2023
This legislation amends various provisions of law to require the transfer of employer pension reserves between retirement systems as a required step in completing a transfer of membership between New York state public retirement systems for members with 10 or more years of credited service. This law requires the retirement systems to calculate the actuarial reserve to fund each covered membership being transferred, and to transfer this reserve in addition to the member's own contributions and interest. The provisions exclude members transferring within and between the New York City retirement systems. This legislation does not require any action on the part of transferring members.
This act takes effect immediately and applies to any covered membership transfer initiated on or after the effective date of this act, December 8, 2023.
Earnings in Retirement
Chapter 55 of the Laws of 2023 (S4005-C/A3005-C)
Specifically Part V
Signed into law May 3, 2023
Effective Date: May 3, 2023
Expires: June 30, 2024
Part V is a one-year extension of Chapter 56 of the Laws of 2022 (Part HH). The provisions amended Section 211 of the Retirement and Social Security Law to waive the §211 and 212 limitations allowing a NYSTRS retiree to be employed and earn compensation in a position at a school district or board of cooperative educational services (BOCES) without suspension or diminution of their retirement allowance. Earnings received through June 30, 2024 will not be applied to the standard earnings after retirement limitation of $35,000 in New York State public employment per calendar year.
Post-retirement employment with a charter school, community college, SUNY, or any other public employment is not covered by this law and is still subject to the $35,000 calendar year earnings limitation.