NY A06839

Creates a study group led by the state treasurer, including the commissioners of taxation and finance, superintendent of financial services, and comptroller to examine pension and retirement plan options for not-for-profit human services corporations.

Study group must consult with commissioners of mental health, addiction services, developmental disabilities, children and family services, temporary disability services, and health, as well as statewide human services provider associations.

Report must review existing pension and retirement plan types (defined benefit, defined contribution, 401(k), 403(b), etc.), ERISA compliance, current plans used by nonprofits, employer/employee contributions, vesting, tax implications, and plan termination protections.

Report must include final recommendations on optimal pension plans to improve recruitment and retention of employees at not-for-profit human services corporations and actions the state may take to develop and implement such plans.

Study group must submit report to governor and legislature by November 15, 2024, with results posted on member agencies' public websites.