NY S07078

Allows SUNY employees in the professional, scientific and technical bargaining unit who were hired between January 1, 1994 and December 31, 2000 and are currently in the Optional Retirement Program to transfer to the New York State and Local Employees' Retirement System

Eligible employees must file an application by December 31, 2011 to become members of NYSLERS with membership retroactive to their original SUNY employment date

Transferring employees begin accruing service credit upon application but do not receive automatic credit for prior service in the Optional Retirement Program

Eligible employees may purchase credit for previous service by paying the full cost determined by the Comptroller, which can be paid through funds transferred from their Optional Retirement Program account, as a lump sum, or through payroll deduction over up to five years

The annual cost to the State is approximately 9.2% of salary for affected employees, plus individual past service costs that vary based on age, service, and salary