2024 Legislation

The following is a summary of 2024 NYSTRS-related legislation that has been signed into law.

Earnings in Retirement

Chapter 55 of the Laws of 2024 
Specifically Part GG
Signed into law April 20, 2024
Effective April 20, 2024
Expires June 30, 2025

Part GG is a one-year extension of Chapter 55 of the Laws of 2023 (Part V), which was due to expire June 30, 2024. The provision amends Section 211 of the Retirement and Social Security Law to allow 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 from April 9, 2022 to June 30, 2025 will not be applied to the standard Section 212 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.

Employee Contribution Rate for Tier 6 Members

Chapter 55 of the Laws of 2024 
Specifically Part KK
Signed into law April 20, 2024
Implementation Date: School year beginning July 1, 2024

Part KK is a two-year extension of Chapter 56 of the Laws of 2022 (Part SS), which was due to expire June 30, 2024. This provision amends the Retirement and Social Security Law to permit the employee contribution rate for Tier 6 members (members with a date of membership on or after April 1, 2012) to be calculated using only a member's annual base wages for contributions to be made during the two fiscal years ending June 30, 2025 and June 30, 2026. Compensation earned for extracurricular programs or any other pensionable earnings paid in addition to the annual base wages will not be included in the employee contribution rate determination, as it ordinarily would.

Note: Although the contribution percentage rate for those years will be calculated only on annual base wages, Tier 6 members must pay the applicable contribution rate on all of their pensionable earnings in those years.

Final Average Salary Calculation for Tier 6 

Chapter 56 of the Laws of 2024 
Specifically Part QQ
Signed into law April 20, 2024
Effective April 20, 2024

Part QQ amends the Retirement and Social Security Law to change the definition of final average salary (FAS) for Tier 6 members to be based on the wages earned during any three consecutive years which provide the highest average salary. This legislation also reduces the calculation lookback to the same requirements as applicable to Tier 4; namely, the FAS calculation will exclude any yearly increases in salary that exceeds 10% of the average of the previous two years' salaries.