NY S08959

Allows registered nurses employed at SUNY Stony Brook Hospital between January 1, 1996 and December 31, 1999 to transfer from the Optional Retirement Program to the New York State and Local Employees' Retirement System by December 31, 2023.

Transfers their membership date to the state retirement system as of their original SUNY employment date, providing retroactive service credit.

Requires eligible employees to pay the full past service cost as determined by the Comptroller to purchase credit for time spent in the Optional Retirement Program, payable by lump sum transfer, one-time payment, or payroll deduction over up to five years.

Exempts the bill from section 25 of the Retirement and Social Security Law and takes effect immediately upon enactment.

Estimated annual cost of approximately 13% of affected employees' salaries beginning in fiscal year 2023, plus past service costs that vary based on age, service, and salary.