NY S09296

Reduces the service credit requirement from five years to two years for retired teachers who return to active service and want to combine their prior service credit with new service credit earned after restoration.

Allows retired teachers to elect to recalculate their pension benefit to include both their service credit from before retirement and service credit earned since returning to active public service.

Requires members to repay with interest the actuarial equivalent of pension benefits previously received, or accept a permanent reduction in their subsequent retirement allowance based on that amount.

Makes technical corrections to update gendered language throughout the statute from masculine pronouns to gender-neutral language.

Takes effect 60 days after becoming law, with estimated negligible annual cost to employers of the New York State Teachers' Retirement System.