Pending Legislation

Pending Legislation

A bill that alters public pension benefits must be initiated by the State Legislature, approved by both the Assembly and Senate, and signed into law by the governor.

NYSTRS constantly monitors pending legislation that would affect the retirement benefits of our members. Following is the status of currently pending legislation.

Increase to the Minimum Retirement Allowance

(S6569/A6662)
Passed Senate: June 6, 2021
Passed Assembly: June 7, 2021

This bill extends the minimum retirement benefit provided for in Education Law Section 532(e) to all NYSTRS members who retired prior to July 1, 1980, as opposed to July 1, 1970 under the current law, and increases said allowance to $550 per year of New York state service up to a 35-year maximum of $19,250.

If enacted, the legislation will be effective June 30, 2021.

Limits to Certain Tier 6 Member Loans

(S6512/A6663)
Passed Senate: June 6, 2021
Passed Assembly: June 7, 2021

This bill amends Retirement and Social Security Law Sections 517-b and 613-a to limit the maximum amount Tier 6 members who join NYSTRS on or after July 1, 2022 may borrow against their retirement contributions. The maximum amount to borrow is the lesser of 50% of the member’s total contribution balance or $50,000.

If enacted, this legislation will be effective immediately and apply to Tier 6 members joining on or after July 1, 2022.

Alternate Methods of Postal Mail

(S6513/A7181)
Passed Assembly: May 10, 2021
Passed Senate: June 1, 2021

This bill amends Education Law Section 508 to allow NYSTRS to accept alternate methods of postal mail and offer expanded options to members to submit and file forms and applications. This further enables NYSTRS to deem the forms filed with the System by statutory deadlines.

If enacted, NYSTRS will promulgate regulations necessary for implementation.

Post-Retirement Death Benefit

(S6618/A7182)
Passed Senate: June 2, 2021
Passed Assembly: June 7, 2021

This bill amends Retirement and Social Security Law Sections 448, 508 and 606 to remove the age 60 qualifier and provide NYSTRS retirees to be eligible for the post-retirement death benefit in the third and subsequent years following retirement at the rate of 10% of the benefit in force at the time of retirement.

If enacted, this legislation will be effective immediately and apply to deaths on or after the effective date.

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