Loading chat...
NY A06449
Bill
Status
4/11/2023
Primary Sponsor
Michael Fitzpatrick
Click for details
AI Summary
-
Establishes a defined contribution plan administered by the Comptroller for non-civil service appointed employees and elected officials employed by New York State or participating public employers in the New York State and Local Employees' Retirement System.
-
Requires both employers and employees to contribute 3% of annual salary to the defined contribution plan, with employees permitted to contribute up to 100% of salary (not exceeding $22,500 annually).
-
Freezes current retirement plan accruals for affected non-civil service appointees and elected officials as of the effective date, though they retain previously accrued benefits upon retirement.
-
Authorizes the Comptroller to select financial organizations meeting specified criteria including fee structures, investment variety, financial stability, and reporting capabilities to administer the plan and manage investments.
-
Takes effect on the first day of the fiscal year following enactment, with immediate authorization for the Comptroller to adopt necessary rules and regulations.
Legislative Description
Establishes a defined contribution plan for all non-civil service appointees and elected officials of the New York state and local employees' retirement system who are not yet vested in a state retirement system or who are hired after the effective date of this section; authorizes elected officials to join such defined contribution plan; defines terms; provides for contributions to such defined contribution plan; authorizes the promulgation of any necessary rules and regulations.
Last Action
referred to governmental employees
1/3/2024