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NY A07311
Bill
Status
5/17/2023
Primary Sponsor
Stacey Pheffer Amato
Click for details
AI Summary
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Allows employees with concurrent eligible employment to join a second New York City retirement system (NYCERS, TRS, or BERS) while suspending membership in their first system.
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Requires written election filed with both retirement systems, effective on the earlier of the mandatory enrollment date or application date, and remains irrevocable while employed in the eligible position.
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Suspends all rights, benefits, privileges, and obligations in the suspended system, including loan eligibility and service credit accrual, though existing loan payments continue and contributions plus interest are returned.
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Permits members to accrue service credit in only one system for any period of concurrent employment, with death benefits paid exclusively from the active system.
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Takes effect immediately upon enactment with expected de minimis costs due to small affected population and primarily administrative nature of changes.
Legislative Description
Permits a member of the New York city teachers' retirement system, the New York city employees' retirement system, or the New York city board of education retirement system who is eligible to join any other retirement system maintained by the city due to a separate, concurrent eligible employment with a participating employer to become a member of the subsequent city funded retirement system provided such benefits in the first system of membership are suspended during their active membership in the subsequent retirement system.
Last Action
substituted by s6877
6/10/2023