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.
Earlier Recalculation for Retirees Who Suspend Pension
S9296 – Passed the Senate May 23, 2022
A7184A – Passed the Assembly June 3, 2022
This bill amends Section 503 (subdivision 11) of the Education Law to allow a NYSTRS service retiree who: a) returns to active service, b) suspends their pension benefit, and c) earns at least two years of service credit after their restoration to active service, to elect a full recalculation upon retiring again. That recalculation would combine the service credit and salary they earned before their initial retirement with the service credit and salary they earned after their restoration to active service. Under current law, members must attain five years of service credit since restoration to active service to be eligible for a full recalculation.
With this recalculation election, the member must return the amount of pension previously received plus interest, either in a lump sum or by an actuarial reduction of their recalculated pension.
If enacted, the legislation would take effect 60 days after it shall become a law.
Investments Made by Public Pension Funds
S8532A – Passed the Senate May 23, 2022
A9668A – Passed Assembly May 31, 2022
Amends Section 177 of the Retirement and Social Security Law to increase the percentage of assets which may be invested by a public retirement system of the state of New York under the “basket clause” provision from 25% to 35%.